Share-split context: A reverse split was recorded on Sep 10, 2026 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Education Report: DEFIANCE DAILY TARGET 2X SHORT AMD ETF (DAMD)

What this ETF is trying to do

The DAMD ETF is a specialized investment tool. It is both "leveraged" and "inverse." This means it uses financial strategies to try to move in the opposite direction of a specific stock (AMD) by twice the amount. Because it is an inverse fund, if the underlying stock goes up, this ETF is designed to go down.

What the numbers show

As of October 7, 2026, the current price of DAMD is $7.95.

The data shows a significant year-to-date (YTD) price return of approximately -96.78%. Because no distributions were paid, the YTD total return is also approximately -96.78%. This means the share price has dropped significantly since the start of the year.

It is important to note that this ETF has a history of a "reverse split." In a reverse split, multiple old shares are combined into fewer new shares. This causes the price per share to rise mechanically. However, this mechanical increase does not restore any lost investment value. Because this ETF has a split history, we use the supplied split-adjusted percentage returns to understand its performance rather than looking at old raw prices.

Income and distribution explanation

Some investors look for ETFs that pay them cash regularly, known as distributions. For DAMD, the distribution yield is 0%. No distributions were detected over the last 12 months.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in an ETF decreases. While a falling share price can sometimes be related to this, they are not the same thing. For this ETF, the erosion score is currently withheld due to insufficient verified price history. There is no "severe erosion-risk flag" active for this fund at this time.

Top Holdings

The following is the top holding reported for this ETF (as of October 8, 2026):

• FIRST AMERICAN GOVERNMENT OBLIGS X: 3.03%

Pros

• The fund provides a way to bet against a specific stock using leverage.

Cons

• The fund has experienced a very large YTD price decline of approximately -96.78%.

• The fund is highly complex due to its leveraged and inverse nature.

Beginner takeaway

This ETF is a highly specialized tool designed to move in the opposite direction of AMD. It is important to understand that leveraged and inverse funds can experience very rapid and large changes in price. This fund has shown a significant share-price decline so far this year and does not currently provide any cash income to investors.