ASTN | Daily Target 2X Short ASTS ETF
$ASTN

ASTN

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Daily Target 2X Short ASTS ETF

Name(Required)
Distribution Rate *
-%
Payable As of
Distribution Frequency
Monthly
30-Day SEC Yield **
As of —
-%
rating

Defiance Daily Target 2X Short ASTS (AST SpaceMobile Inc) ETF

Overview

The Defiance Daily Target 2X Short ASTS ETF (ASTN) provides traders with amplified inverse (-2X) daily exposure to AST SpaceMobile, Inc. (Nasdaq: ASTS), a company developing a satellite-based cellular network that connects standard mobile phones directly to spaceborne platforms.

Investment Objective

The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of AST SpaceMobile, Inc. (Nasdaq: ASTS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

Underlying Stock: AST SpaceMobile Inc.

AST SpaceMobile, Inc. is developing a space-based cellular broadband network using low Earth orbit (LEO) satellites, which orbit close to Earth to reduce latency. The company’s progress depends on successful satellite constellation deployment, securing partnerships with mobile network operators, winning regulatory approvals, expanding coverage to underserved regions, and favorable industry recognition. Positive developments in any of these areas may significantly increase ASTS’s share price, thereby posing meaningful loss risk to ASTN investors. The Fund is not an investment in AST SpaceMobile, Inc., and investors in the Fund do not possess voting rights, dividend rights, or any other shareholder privileges related to the underlying company.

An investment in ASTN is not an investment in AST SpaceMobile Inc.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged inverse (-2X) investment results, understand the risks associated with the use of leverage and derivatives, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues daily leveraged inverse investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the inverse performance of the Underlying Security—AST SpaceMobile, Inc.—and is designed strictly for short-term use. Because the Fund resets its exposure daily, its performance for periods longer than a single trading day will be the result of compounded daily returns, which will very likely differ from –200% of the return of ASTS over the same period. In periods of elevated volatility, the effects of compounding may be particularly pronounced. An investor could lose the full principal value of his/her
investment within a single day.

ASTNMarket Price

Performance

YTD 1 Month 3 Months 6 Months Since Inception
Total Return NAV (%) xx.xx% xx.xx% xx.xx% xx.xx% 18.20%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx% 17.90%
1 Year 3 Years 5 Years Since Inception
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Fund Details

 Data as of 03/12/2026
Net Assets $2.02M
Premium/discount 1.06%
NAV $16.80
Closing Price $16.98
Shares Outstanding 120,000
Median 30 Day Spread 0.69%
Fund inception 02/05/2026
Ticker ASTN
Primary Exchange NYSE
CUSIP 88636W585
Fund Holdings 5
NAV Symbol ASTN.NV
Expense Ratio 1.31%
30 Day SEC Yield* --%
* Yield as of 02-28-2026


Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Cash & Other Cash&Other $1.00 294.56% 5,531,042 $5,531,042
United States Treasury Bill 03/19/2026 912797PV3 $99.97 5.32% 100,000 $99,970
Ast Spacemobile Swap Marex-s 00217D100-TRS-02/06/29-S-ASTN $86.34 -63.91% -13,900 $-1,200,126
Ast Spacemobile Swap Cs-s 00217D100-TRS-03/07/28-S-ASTN $86.34 -67.59% -14,699 $-1,269,112
Ast Spacemobile Swap Cf-s 00217D100-TRS-09/08/28-S-ASTN $86.34 -68.43% -14,881 $-1,284,826
Data as of 03/16/2026. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
Download Fund Documents
Prospectus
Summary Prospectus
SAI

Distributions

2026 Distribution Schedule
entries per page
Declaration Date
Ex-Div Date
Record Date
Payable Date
Amount ($)
12/29/2026
12/30/2026
12/30/2026
12/31/2026
$–
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
12/29/2025 12/30/2025 12/30/2025 12/31/2025 —
Distribution Rate *
Payable As of 		-%
Distribution Frequency Monthly
30-Day SEC Yield **
As of —		 -%