MPL
Defiance Daily Target 2X Long MP ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
Daily Target 2X Long MP (MP Materials) ETF
Overview
The Defiance Daily Target 2X Long MP ETF (MPL) provides investors with amplified long exposure to MP Materials Corp. (NYSE: MP), the only integrated rare earth mining and processing company of scale in North America. MP seeks to deliver 200% of the daily performance of MP Materials’ stock, offering active traders a tactical way to express bullish views on the rare earth and clean energy sectors—without the need for a margin account.
Investment Objective
The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of MP Materials Corp. (NYSE: MP). The Fund does not seek to accomplish its stated objective over periods other than a single trading day.
Underlying Stock: MP Materials Corp.
MP Materials Corp. is a producer of rare earth materials essential to electric vehicles, wind turbines, and other advanced technologies that power the global energy transition. Operating the Mountain Pass Mine in California—the only integrated rare earth mining and processing facility in the Western Hemisphere—MP Materials plays a critical role in strengthening the U.S. supply chain for strategic minerals. The company’s performance is influenced by demand for clean energy technologies, commodity pricing, and international trade policy.
An investment in the Fund is not an investment in MP Materials Corp.
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 (2X) investment results, understand the risks associated with the use of leverage, 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 investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from 200% of the return of MP over the same period. It is possible investors could lose their entire principal within a single trading day.
MPLMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | 26.35% | 26.35% | -29.12% | xx.xx% | -60.20% |
| Total Return NAV (%) | 26.16% | 26.16% | -28.94% | xx.xx% | -60.21% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -36.19% | xx.xx% | xx.xx% | -68.46% |
| Market Price (%) | xx.xx% | -36.04% | xx.xx% | xx.xx% | -68.50% |
| 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% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | xx.xx% | -12.29% | xx.xx% | xx.xx% | -50.75% |
| Total Return NAV (%) | xx.xx% | -11.73% | xx.xx% | xx.xx% | -50.57% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -43.85% |
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -44.01% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2025 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
Fund Details
Data as of 02/17/2026Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Mp Materials Corp Swap Cantor | 553368101-TRS-11/01/28-L-MPL | $57.94 | 59.53% | 59,669 | $3,457,222 |
| Mp Materials Swap Cs – L | 553368101-TRS-11/25/27-L-MPL | $57.94 | 50.51% | 50,626 | $2,933,270 |
| Mp Materials Swap Marex | 553368101-TRS-10/26/28-L-MPL | $57.94 | 49.00% | 49,119 | $2,845,955 |
| Mp Materials Corp Swap Nomura-l | 553368101-TRS-12/11/28-L-MPL | $57.94 | 40.90% | 41,000 | $2,375,540 |
| United States Treasury Bill 03/19/2026 | 912797PV3 | $99.72 | 9.27% | 540,000 | $538,481 |
| United States Treasury Bill 02/19/2026 | 912797PM3 | $100.00 | 7.06% | 410,000 | $410,000 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 6.48% | 376,270 | $376,270 |
| Cash & Other | Cash&Other | $1.00 | -122.81% | -7,132,327 | $-7,132,327 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
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 — |
-% |
