Core Viewpoint - Defiance ETFs has launched the Defiance Enhanced Long Vol ETF (VIXI), which aims to provide enhanced total returns by combining long exposure to VIX futures with leveraged short exposure to the S&P 500 Index, targeting periods of high volatility and declining equity markets [1][2]. Group 1: Fund Strategy - VIXI offers active investors a method to gain targeted exposure to market volatility while hedging against downturns in U.S. equities by pairing long VIX futures with a leveraged short position on the S&P 500 [2]. - The fund's long position in VIX futures is designed to capitalize on spikes in volatility, while its leveraged short exposure to the S&P 500 aims to enhance downside protection during equity sell-offs, leveraging the historically inverse relationship between equity markets and volatility [3]. Group 2: Company Background - Defiance, founded in 2018, is recognized for its innovation in the ETF space, specializing in thematic, leveraged, and volatility-based ETFs, including first-mover leveraged single-stock ETFs that allow investors to pursue amplified positions in high-growth companies [6].

Financial Performance - The company reported a net loss of $0.29 per share for Q2 2025, compared to a net income of $0.18 per share in Q1 2025 [11] - Book value decreased from $7.94 in Q1 2025 to $7.21 in Q2 2025 [11] - Average MBS balances increased from $5,996 million in Q1 2025 to $6,866 million in Q2 2025 [15] - Economic leverage ratio remained constant at 7.8 in both Q1 and Q2 2025 [15] - Liquidity increased from 52.2% in Q1 2025 to 54.0% in Q2 2025 [15] Portfolio & Hedging - The company increased its allocation to 30yr 5.5%, 6.0%, and 6.5% coupons by $555 million, $145 million, and $86 million, respectively, while decreasing allocation to 30yr 4.0% and 5.0% by $334 million and $137 million, respectively [47] - Total notional balance of hedge positions was $(4,881.8) million [59] - Interest rate swaps had a notional balance of $(3,843.3) million with a weighted average pay fix rate of 3.30% [59] - The company's hedge positions covered 58% of its repo funding liability [59]

Core Viewpoint - Defiance ETFs has launched the first leveraged MicroStrategy ETF, $MST, which aims to provide amplified exposure to MicroStrategy's stock performance while generating consistent weekly income through an options-driven strategy [1]. Group 1: ETF Features - **Leveraged Exposure**: $MST seeks to deliver approximately 150% to 200% of MicroStrategy's daily price performance, offering amplified exposure to its volatility and growth potential [2]. - **Weekly Income**: The ETF utilizes a credit call spreads strategy to generate high income distributed weekly, providing investors with regular cash flow [2]. - **Indirect Bitcoin Access**: Through MicroStrategy's significant Bitcoin holdings, $MST offers indirect exposure to Bitcoin's market trends without direct cryptocurrency ownership [3]. Group 2: Distribution Details - **Distribution Rate**: The distribution rate is calculated by multiplying the ETF's distribution per share by 52 and dividing by the ETF's most recent NAV [8]. - **Distribution Amount**: The distribution for $MST is set at $0.3350 per share, with an estimated return of capital as of May 22, 2025, at 99.29% [10][11]. - **Key Dates**: The ex-dividend date is May 21, 2025, and the payable date is May 22, 2025 [10]. Group 3: Company Background - **Defiance ETFs Overview**: Founded in 2018, Defiance ETFs is a leader in thematic, income, and leveraged ETFs, continuing to innovate with products like $MST to offer investors amplified exposure to high-growth companies [12].

Core Viewpoint - Defiance ETFs has launched the Defiance Leveraged Long + Income MSTR ETF (MST), which combines leveraged exposure to MicroStrategy with a unique weekly income payout feature, targeting retail investors seeking both growth and income [1][2]. Investment Objective - The Fund aims for long-term capital appreciation while also seeking current income through an Income Generation Strategy that utilizes credit call spreads to manage risk and generate premium income [3]. Unique Features of MST - MST aims to deliver approximately 150% to 200% of MicroStrategy's daily price performance, providing leveraged exposure to its volatility and growth potential [9]. - The ETF generates high income through a credit call spreads strategy, distributing income to investors weekly, thus offering regular cash flow [9]. - By investing in MicroStrategy, known for its significant Bitcoin holdings, MST provides indirect access to Bitcoin market trends without direct cryptocurrency ownership [9]. MicroStrategy's Performance - MicroStrategy has experienced over 4,000% growth since its December 2022 low, driven by its Bitcoin-focused strategy and leadership in data analytics [5]. - Previous MSTR-based ETFs from Defiance have surpassed $1 billion in combined assets, indicating strong market interest and performance [5]. Company Background - Defiance, founded in 2018, is recognized for its innovative ETF offerings, specializing in thematic, income, and leveraged ETFs, allowing investors to take amplified positions in high-growth companies without needing a margin account [6].

Core Viewpoint - Defiance ETFs has launched RGTX, a 2X leveraged single-stock ETF aimed at providing amplified exposure to Rigetti Computing, Inc. (NASDAQ:RGTI), allowing traders to seek enhanced returns without needing a margin account [1][3]. Company Overview - Rigetti Computing is recognized as a pioneer in quantum computing, known for its innovative technology and cutting-edge research [2]. - The company is actively developing proprietary quantum processors and expanding its Quantum Computing as a Service (QCaaS) platform [3]. ETF Details - RGTX aims to achieve daily investment results that correspond to twice (200%) the daily percentage change of Rigetti Computing's stock [2]. - The ETF is designed for investors looking for leveraged exposure to Rigetti Computing's market performance [3]. - Defiance ETFs specializes in thematic, income, and leveraged ETFs, positioning itself as a leader in ETF innovation since its founding in 2018 [5]. Investment Strategy - The ETF provides a trading tool for investors who wish to engage with Rigetti Computing's market performance without the complexities of margin accounts [3]. - RGTX is intended for knowledgeable investors who understand the risks associated with leveraged investments and are willing to actively manage their portfolios [4].