SOUX | Defiance Daily Target 2X Long SOUN ETF
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SOUX

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Defiance Daily Target 2X Long SOUN ETF

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30-Day SEC Yield **
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Defiance Daily Target 2X Long SOUN ETF

The Defiance Daily Target 2X Long SOUN ETF (the “Fund”) seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change in the share price of SoundHound AI, Inc. (NASDAQ: SOUN) (the “Underlying Security” or “SOUN”).

SOUX does not invest directly in SOUN. Because the Fund seeks daily 200% leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. There is no guarantee that the Fund will meet its stated objective. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period.

Underlying Stock: SoundHound AI, Inc. (NASDAQ: SOUN)

SoundHound AI, Inc. is a provider of voice AI and natural language understanding technology. Its Houndify platform allows developers and businesses to integrate conversational intelligence into products across industries including automotive, hospitality, and IoT. The company holds a large portfolio of voice AI patents and is listed on The Nasdaq Stock Market LLC (“NASDAQ”). According to its most recent Form 10-K, the aggregate market value of SoundHound’s publicly held common equity as of June 30, 2024, was approximately $734.4 million.

The Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leveraged exposure may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower or more volatile returns.

The fund attempts to provide daily investment results that correspond to two times the performance of an underlying exchange-traded fund (an “Underlying Security”). The Fund is not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund is very different from most mutual funds and exchange-traded funds.

The Funds’ investment adviser will not attempt to position the Funds portfolio to ensure that the Funds do not gain or lose more than a maximum percentage of their net asset value on a given trading day. As a consequence, if the share price of a Fund’s underlying security increases by more than 50% on a given trading day, a Fund’s investors would lose all of their money.

SOUXMarket Price

Performance

YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) -32.66% -32.66% -81.53% -59.53% -55.91%
Total Return NAV (%) -32.53% -32.53% -81.48% -59.47% -55.90%
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% -35.54% -70.04% -48.12% -34.63%
Market Price (%) xx.xx% -35.66% -70.08% -48.04% -34.53%
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
Total Return NAV (%) xx.xx% -57.42% -33.59% xx.xx% 1.40%
Market Price (%) xx.xx% -57.37% -33.32% xx.xx% 1.75%
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% 9.09% 119.10% xx.xx% 138.70%
Total Return NAV (%) xx.xx% 9.14% 118.84% xx.xx% 138.12%
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% 43.38% 73.65% xx.xx% 118.80%
Total Return NAV (%) xx.xx% 42.90% 73.17% xx.xx% 118.17%
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% 40.07% xx.xx% xx.xx% 52.60%
Total Return NAV (%) xx.xx% 40.31% xx.xx% xx.xx% 52.68%
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%
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 02/17/2026
Net Assets $10.51M
Premium/discount 0.07%
NAV $5.18
Closing Price $5.18
Shares Outstanding 2,030,000
Median 30 Day Spread 0.58%
Fund inception 06/23/2025
Ticker SOUX
Primary Exchange NASDAQ
CUSIP 88636R156
Fund Holdings 10
NAV Symbol SOUX.NV
Expense Ratio 1.31%
30 Day SEC Yield* -1.37%
* Yield as of 01-31-2026


Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Soundhound Ai Inc Swap Nbc-l 836100107-TRS-02/25/27-L-SOUX $7.54 43.18% 700,000 $5,278,000
Soundhound Ai Inc Swap Nm 836100107-TRS-09/21/26-L-SOUX $7.54 34.55% 560,000 $4,222,400
Soundhound Ai Inc Swap Cs-l 836100107-TRS-03/14/28-L-SOUX $7.54 34.00% 551,061 $4,155,000
Soundhound Ai Inc Swap Cantor 836100107-TRS-09/08/28-L-SOUX $7.54 33.90% 549,521 $4,143,388
Soundhound Ai Inc Swap Marex 836100107-TRS-07/24/26-L $7.54 32.11% 520,515 $3,924,683
Soundhound Ai Inc Swap Bmo-l 836100107-TRS-01/29/27-L-SOUX $7.54 22.21% 360,000 $2,714,400
United States Treasury Bill 02/19/2026 912797PM3 $100.00 16.04% 1,960,000 $1,960,000
United States Treasury Bill 03/19/2026 912797PV3 $99.72 11.10% 1,360,000 $1,356,173
First American Government Obligations Fund 12/01/2031 FGXXX $100.00 3.21% 391,742 $391,742
Cash & Other Cash&Other $1.00 -130.39% -15,936,800 $-15,936,800
Data as of 02/19/2026. 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
2025 Distribution Schedule
Premium Discount Graph
Q1 Holdings 07-31-2025
10-31-25 Semi-Annual TSR
Semi-Annual 10-31-25 Financial Statements

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
$–
12/29/2025
12/30/2025
12/30/2025
12/31/2025
$2.20875938
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
12/29/2025 12/30/2025 12/30/2025 12/31/2025 $2.20875938
Distribution Rate *
Payable As of 		-%
Distribution Frequency Monthly
30-Day SEC Yield **
As of —		 -%