Defiance Files for 2X ETF Targeting Tanker Freight Exposure Through BWET

Defiance has filed for the Defiance Daily Target 2X Long BWET ETF, an actively managed fund seeking twice the daily share-price performance of the Breakwave Tanker Shipping ETF through swaps and listed options. BWET provides exposure to crude oil tanker freight futures covering Persian Gulf-to-China and West Africa-to-Europe routes. The proposed fund would rebalance daily and may use a Cayman Islands subsidiary for commodity-linked derivatives. Its leverage target applies to a single trading day; compounding and volatility can cause longer-term returns to diverge substantially from twice BWET’s performance. Limited derivative availability could also prevent the fund from reaching its daily target.