Defiance Launches XOVL (2X XOVR ETF): The First Leveraged ETF with SpaceX Exposure

MIAMI, May 05, 2026 (GLOBE NEWSWIRE) -- Defiance ETFs today announced the launch of the Defiance Daily Target 2X Long XOVR ETF (XOVL), expanding its lineup of leveraged products designed for active traders seeking amplified exposure to entrepreneurial U.S. growth companies and the public-private crossover space.

XOVL is designed for traders seeking magnified, short-term bullish exposure to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), an exchange-traded fund that blends a concentrated portfolio of entrepreneurial U.S. public companies with a measured allocation to select late-stage private companies. By seeking to deliver 200% of the daily percentage change in the share price of XOVR, the Fund allows investors to express tactical upside views on innovation-driven public companies and pre-IPO exposure within the accessibility and transparency of an exchange-traded fund.

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 the ERShares Private-Public Crossover ETF (NASDAQ: XOVR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

Underlying ETF: ERShares Private-Public Crossover ETF

The ERShares Private-Public Crossover ETF is an actively managed exchange-traded fund that combines a rules-driven public equity sleeve, informed by ERShares' proprietary ER30TR Index of entrepreneurial U.S. companies, with a measured, policy-capped private sleeve that provides ETF-based access to select late-stage private companies. XOVR is built on ERShares' proprietary Entrepreneur Factor® research framework and offers daily liquidity, with private holdings marked into daily NAV.

An investment in XOVL is not a direct investment in the ERShares Private-Public Crossover ETF.

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 XOVR over the same period. It is possible that investors could lose their entire principal within a single trading day.

Media Contact:
Sylvia Jablonski
info@defianceetfs.com
833.333.9383

IMPORTANT DISCLOSURES

Defiance ETFs LLC is the ETF sponsor. The Fund's investment adviser is Tidal Investments, LLC ("Tidal" or the "Adviser").

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single issuer may be subject to a higher degree of risk. There is no guarantee the Fund's strategy will be properly implemented, and an investor may lose some or all of its investment.

XOVR Price Decline Risk. As part of the Fund's leveraged investment strategy, the Fund enters into swap agreements and options contracts based on the share price of the ERShares Private-Public Crossover ETF (NASDAQ: XOVR) (the "Underlying Security"). This strategy subjects the Fund to certain of the same risks as if it owned shares of the Underlying Security, even though it does not. By virtue of the Fund's indirect 2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security's share price declines. If the share price of the Underlying Security decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks:

Indirect Investment in XOVR Risk. The ERShares Private-Public Crossover ETF is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates, and is not involved with this offering in any way. The ERShares Private-Public Crossover ETF has no obligation to consider the Fund or its shareholders in taking any actions that might affect the value of Fund shares.

XOVR Poor Performance Risk. The market value of the ERShares Private-Public Crossover ETF may decline due to adverse developments affecting its underlying holdings, including entrepreneurial public companies and select private companies, changes in investor sentiment toward growth and innovation-oriented equities, broader market developments, or changes in the valuation of private holdings. XOVR's portfolio can be significantly affected by sector concentration in technology and communications, shifts in venture capital and private market conditions, interest rate environments, regulatory changes, and competition. Adverse developments specific to XOVR's holdings could negatively impact the Fund's performance.

Underlying Security Risk. The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):

Private Company Investment Risks: XOVR holds investments in select private, late-stage companies that are not publicly traded. These investments are inherently less liquid, less transparent, and more difficult to value than publicly traded securities. Valuations of private companies rely on inputs and methodologies that are subject to greater uncertainty and potential adjustment than market quotations. Private holdings may also be subject to longer holding periods, restrictions on transfer, and limited information availability, all of which may negatively affect XOVR's net asset value and, by extension, the Fund's performance.

Growth and Innovation Sector Risks: XOVR's portfolio is concentrated in entrepreneurial growth companies, including significant exposure to the technology and communications sectors. Such companies may be subject to rapid technological change, evolving competitive dynamics, shifting consumer preferences, and elevated valuation sensitivity to changes in interest rates and market sentiment. Growth-oriented securities may be more volatile than the broader market and may experience sharp price declines during periods of risk aversion or sector rotation.

Concentration and Single-Holding Risks: XOVR has at times maintained substantial portfolio exposure to individual private holdings, which may represent a significant percentage of the fund's net assets. Adverse developments affecting a single large holding — including changes in valuation, delays in liquidity events such as initial public offerings, or company-specific operational issues — may have an outsized negative impact on XOVR's performance and, indirectly, on the Fund.

IPO and Liquidity Event Risks: Returns associated with private holdings may depend in part on the timing, terms, and market reception of liquidity events such as initial public offerings or acquisitions. There is no guarantee that any private holding will achieve a liquidity event, that such an event will occur on favorable terms, or that the public market will value the company at or above the carrying value reflected in XOVR's NAV.

Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment that diversifies risk or tracks the market generally. The Fund's value may fluctuate more sharply in response to events affecting the ERShares Private-Public Crossover ETF than funds that invest in a broader range of issuers.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.

Compounding and Market Volatility Risk. The Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Underlying Security's performance.

Daily Correlation and Tracking Risk. There is no guarantee that the Fund will achieve a high degree of correlation with 200% of the daily performance of the ERShares Private-Public Crossover ETF. Market disruptions, extreme volatility, liquidity constraints, or limitations in the availability of derivatives may cause the Fund's performance to deviate from its daily leveraged investment objective.

Derivatives Risk. The Fund's use of swap agreements and options contracts involves risks different from, and potentially greater than, those associated with direct investments in securities. These risks include increased volatility, imperfect correlation with the Underlying Security, liquidity constraints, valuation challenges, and the potential for losses exceeding the amount initially invested.

Counterparty Risk. The Fund is subject to counterparty risk due to its use of derivatives. If a counterparty to a swap agreement or other derivative instrument fails to meet its contractual obligations, the Fund may experience losses, delays in recovering assets, or reduced exposure, which could negatively impact its performance.

Rebalancing Risk. The Fund seeks to rebalance its exposure daily to maintain its target leveraged exposure. If the Fund is unable to rebalance properly or in a timely manner due to market conditions, operational issues, or regulatory constraints, the Fund's exposure may differ materially from its intended objective, increasing risk and potential losses.

Non-Diversification Risk. The Fund is classified as non-diversified and may invest a greater percentage of its assets in a single issuer than a diversified fund. As a result, the Fund may be more sensitive to adverse economic, regulatory, or market developments affecting the ERShares Private-Public Crossover ETF.

High Portfolio Turnover Risk. Daily rebalancing of the Fund's holdings is expected to result in high portfolio turnover, which may increase transaction costs and potentially result in higher taxable distributions for shareholders.

Liquidity Risk. During periods of market stress or volatility, certain financial instruments held by the Fund may become less liquid, making it difficult to adjust exposure or meet the Fund's investment objective. Reduced liquidity may also result in wider bid-ask spreads and increased trading costs for investors.

New Fund Risk. The Fund is recently organized and has a limited operating history. As a result, there is limited performance history upon which investors can evaluate the Fund's ability to achieve its investment objective.

Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

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