Share-split context: A reverse split was recorded on Mar 19, 2026 with coefficient 0.071429. 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.

Understanding the DEFIANCE DAILY TARGET 2X LONG HIMS ETF (HIMZ)

What this ETF is trying to do

The HIMZ ETF is a leveraged exchange-traded fund. This means it uses financial tools to try to achieve a goal that is twice (2x) the daily performance of its target. It is not an inverse fund, so it seeks to move in the same direction as its target, but with more intensity.

What the numbers show

The recent performance data for HIMZ shows a significant decline in share price.

• Year-to-Date (YTD): The YTD price return is approximately -66.79%. The YTD total return is also -66.79%.

• One-Year Performance: The one-year price return is approximately -91.65%. The one-year total return is approximately -91.45%.

Because this ETF has a history of reverse splits, we use split-adjusted returns to understand its performance. A reverse split occurs when multiple old shares are combined into fewer new shares, which causes the quoted per-share price to rise mechanically. This mechanical increase does not restore lost investment value.

Income and distribution explanation

HIMZ has a distribution yield of approximately 0.53%. The trailing distributions are 0.1415. The data shows that the distribution frequency is "Irregular / less frequent," with only one payout recorded in the last 12 months. It is important to remember that a distribution yield describes cash paid out relative to the price, but it is not the same as total return.

NAV erosion explanation

This ETF has a severe erosion-risk flag. The data shows an erosion score of 10, which is labeled as "Severe price erosion." This means the split-adjusted price trend and the erosion score have triggered a severe erosion-risk warning.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price has dropped significantly, we cannot use these price-based measurements to prove whether the Net Asset Value (NAV) itself has collapsed.

Pros

• The fund provides a way to seek leveraged exposure to its target.

Cons

• High Risk: The fund is flagged with a severe erosion-risk warning.

• Price Decline: There has been a very large decline in share price over the last year.

• Inconsistent Income: Distributions are irregular and infrequent.

Beginner takeaway

HIMZ is a highly volatile, leveraged ETF that has experienced significant share-price declines recently. It carries a severe erosion-risk flag based on its price history. Investors should be aware that high volatility and leveraged strategies can lead to rapid changes in value, and a high distribution yield does not protect against the loss of principal.