Defiance Daily Target 2x Long PM ETF(NASDAQ:XPM)

XPM uses swap agreements and short-dated listed call options to make bullish bets on the share price of Philip Morris International Inc. (NYSE: PM). PM manufactures and distributes cigarettes, tobacco products, and other nicotine items. The company also offers combustible tobacco products (e-vapor, heat-not-burn, and oral nicotine), wellness and healthcare products, and consumer accessories such as lighters and matches. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in PM price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects. XPM expects to invest in US Government securities, money market funds, short-term bond ETFs, and corporate debt as collateral. Before October 30, 2025, the fund traded under the ticker ZYN.