RCAX – Defiance Daily Target 2X Long RCAT ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Red Cat Holdings, Inc. (NASDAQ: RCAT). The fund is an actively managed exchange traded fund (“ETF”) where the fund manager attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. It aims to achieve this daily percentage change for a single day, and not for any other period. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
RCAX	Defiance Daily Target 2X Long RCAT ETF	ETF	Open	—	—	Feb 2, 2026	$2.16M	1.300%	—	—	—

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