Defiance Daily Target 2X Long PURR ETF

Frequently Asked Questions About PUR

What does PUR invest in?

Defiance Daily Target 2X Long PURR ETF is an actively managed fund that seeks daily investment results, before fees and expenses, of 200% (2x) the daily percentage change in the share price of Hyperliquid Strategies Inc. (Nasdaq: PURR), a digital asset treasury and investment company focused on the Hyperliquid Layer-1 blockchain ecosystem and its native HYPE token. The Fund pursues this exposure primarily through swap agreements and listed options contracts, rebalancing daily, and is the first ETF designed to provide 2x daily leveraged exposure to PURR. Returns over periods longer than a single trading day will differ from 200% of PURR's cumulative performance due to daily compounding.

What is the expense ratio of PUR?

Defiance Daily Target 2X Long PURR ETF (PUR) charges an expense ratio of 1.31%. This is the annual fee deducted from fund assets to cover management and operations.

What is the duration of PUR?

Effective duration measures PUR's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PUR's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of PUR?

PUR's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of PUR?

Yield to maturity (YTM) is the total return you'd earn from PUR if every bond in the portfolio is held to maturity at the current price. PUR's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.

Is PUR a good long-term hold?

PUR is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.