<div id="readability-page-1">Defiance ETFs today launched the Defiance Daily Target 2X Long STX ETF (STXL), a daily leveraged product offering 200% exposure to the daily percentage change in Seagate Technology Holdings (STX),¹ giving traders a new instrument for amplified short-term positioning on one of the year's most closely watched storage and memory names.<h3>Claim 30% Off TipRanks</h3>Forget margin or options. Here's how the pros trade WDC The timing is notable. Memory and storage stocks have been among the strongest performers in U.S. equity markets in 2026, fueled by unprecedented demand for data center hardware as the artificial intelligence infrastructure buildout accelerates. Seagate shares traded near $503 as of April 13, 2026, having risen sharply from a 52-week low of $71.30.² <h2>The Memory Supercycle: Why Storage Stocks Are Drawing Capital</h2> The AI infrastructure buildout has created demand for hardware at every layer of the data center stack — from high-bandwidth memory to NAND flash storage to high-capacity nearline hard disk drives. As AI applications have scaled to mass deployment, the volume of data requiring storage has grown considerably. According to analyst commentary, eight of the ten best-performing U.S. stocks in early 2026 were memory-related.³ Micron Technology (MU) reported record quarterly revenue of $23.86 billion in its fiscal Q2 2026, with gross margins of 74.4%.⁴ Management indicated that its 2026 supply of next-generation high-bandwidth memory was fully committed, with customers competing for 2027 allocations.⁵ SanDisk (SNDK), which separated from Western Digital in February 2025, reported Q2 revenue of $3.03 billion with datacenter revenue increasing 64% sequentially, reflecting strong enterprise demand for NAND flash storage.⁶ SanDisk was recently added to the Nasdaq-100 index.⁷ Seagate Technology (STX), the underlying stock for STXL, posted fiscal Q2 2026 revenue of $2.83 billion — a 22% year-over-year increase — with non-GAAP gross margins reaching a company record of 42.2% and free cash flow of $607 million.⁸ Fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. For STXL's current holdings, visit defianceetfs.com/stxl. These results reflect broad strength across the memory sector, though investors should note that recent performance in any individual stock or sector is not indicative of future results, and past performance does not guarantee future returns. <h2>Seagate's Role in the AI Storage Supply Chain</h2> Seagate's relevance to the AI infrastructure theme centers on its position as a leading supplier of nearline hard disk drives — the high-capacity storage units used in hyperscale cloud data centers. The company's proprietary HAMR (Heat-Assisted Magnetic Recording) technology enables higher storage density per drive platter, with a development roadmap toward 50TB drives.⁹ Five major cloud customers have qualified on Seagate's Mozaic HAMR platform, and management has stated that nearline HDD capacity is committed through calendar 2026, with long-term agreements extending into 2027.¹⁰ On TipRanks, Seagate carried a Strong Buy consensus rating from 17 Wall Street analysts as of April 14, 2026, based on 13 Buy and 4 Hold ratings.¹¹ Several analysts, including Morgan Stanley, Bernstein, and Citi, have recently raised their outlooks on the company.¹² Analyst opinions represent individual assessments that may not be realized and should not be the sole basis for investment decisions. Seagate's trailing price-to-earnings ratio stood at approximately 57x as of mid-April 2026.¹³ Investors evaluating STX should consider whether current valuations adequately reflect both the growth opportunity and the risks inherent in the memory sector's historically cyclical nature. <h2>How STXL Works</h2> STXL seeks to deliver daily investment results equal to 200% of the daily percentage change in Seagate's share price. The fund uses swap agreements and other financial instruments to achieve this objective. Because the fund seeks daily leveraged 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 the fund will meet its stated objective. STXL joins Defiance's growing suite of single-stock leveraged ETFs, which spans multiple sectors. An investment in STXL is not a direct investment in Seagate Technology Holdings plc. 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 Seagate Technology Holdings plc (NASDAQ: STX) (the &#34;Underlying Security&#34;) 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 STX over the same period. It is possible that investors could lose their entire principal within a single trading day. <h2>Other Ways to Access the AI Infrastructure Theme</h2> Investors interested in the AI infrastructure theme but seeking diversified exposure without single-stock concentration or daily leverage mechanics may want to evaluate other approaches. The Defiance Quantum ETF (QTUM) holds approximately 83–85 securities across quantum computing, machine learning, AI chips, and cloud infrastructure, using a modified equal-weight methodology that caps individual positions near 2%.¹⁵ The Defiance AI Power &amp; Infrastructure ETF (AIPO) targets the physical layer of the AI buildout — spanning electrical equipment, nuclear energy, grid infrastructure, and data center operators across 59 holdings.¹⁶ Each fund carries its own distinct risk profile and may not be suitable for all investors. Investors should read each fund's prospectus carefully before investing. For QTUM's standardized performance and full holdings, visit defianceetfs.com/qtum. For AIPO's standardized performance and full holdings, visit defianceetfs.com/aipo. 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. For STXL's standardized performance, visit defianceetfs.com/stxl. Sources ¹ Defiance ETFs SEC filing via ETF Hearsay (@ETFhearsay); effective date April 22, 2026. ² Yahoo Finance / Investing.com, STX stock data as of April 13, 2026. ³ 24/7 Wall St., analyst commentary on memory market performance, as of January 16, 2026. ⁴ Micron Technology fiscal Q2 2026 earnings report, as of March 2026. ⁵ FinancialContent market analysis, as of April 7, 2026. ⁶ SanDisk fiscal Q2 2026 earnings; Parameter.io analysis, as of April 2026. ⁷ Invezz, SanDisk Nasdaq-100 index addition, as of April 13, 2026. ⁸ Seagate fiscal Q2 2026 earnings; Nasdaq/Zacks, as of January 28, 2026. ⁹ Seeking Alpha, Seagate HAMR technology analysis, as of January 3, 2026. ¹⁰ Seagate Q1 FY2026 earnings call transcript; The Motley Fool, as of October 28, 2025. ¹¹ TipRanks, STX analyst consensus, as of April 14, 2026. ¹² Morgan Stanley ($582, April 6, 2026); Bernstein ($620, March 31, 2026); Citi ($595, April 10, 2026); via TipRanks and Benzinga. ¹³ Yahoo Finance / Robinhood, STX P/E ratio as of April 13, 2026. ¹⁴ FinancialContent, market analysis referencing Google TurboQuant research, as of April 7, 2026. ¹⁵ Defiance ETFs, QTUM fund page, as of April 2026. For full details visit defianceetfs.com/qtum. ¹⁶ Defiance ETFs, AIPO fund page, as of April 2026. For full details visit defianceetfs.com/aipo. Important Disclosures This article is sponsored content created in partnership with Defiance ETFs. It is intended for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. Investors should consider their own financial situation, risk tolerance, and investment objectives before making any investment decisions. Defiance ETFs LLC is the ETF sponsor. The Fund's investment adviser is Tidal Investments, LLC (&#34;Tidal&#34; or the &#34;Adviser&#34;). 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, including the possible loss of principal. The Fund is subject to the risks of investing in equity securities and the specific risks associated with investing in a single company. The use of swap agreements and other derivative instruments introduces counterparty risk, leverage risk, and liquidity risk. The Fund's use of daily leveraged investment strategies results in compounding of returns, which can lead to returns that differ significantly from the underlying security's cumulative return over periods longer than one day. Investors considering STXL should carefully weigh the following risks, which are not exhaustive. The fund's prospectus contains a more complete discussion of risk factors. Single-Stock Concentration. STXL provides leveraged exposure to a single company. Any adverse development affecting Seagate — including earnings shortfalls, HAMR technology delays, competitive shifts from SSD adoption, contract cancellations, or management changes — would be magnified at 2X. There is no diversification benefit. Daily Compounding and Leverage Risk. The compounding of daily returns over time means STXL's performance will likely differ from 2X the cumulative return of STX over any period longer than one day. In volatile markets, this effect can be substantial and may result in losses even if the underlying stock is flat or modestly positive over the measurement period. An investor could lose the full principal value of their investment within a single day. Memory Sector Cyclicality. Despite the current favorable demand environment, memory and storage have historically been among the most cyclical segments of the semiconductor industry. Prior cycles have included sharp declines in pricing, margins, and stock valuations. Seagate's current trailing P/E of approximately 57x embeds significant growth expectations that may not be met.¹³ Valuation and Sentiment Risk. Memory stocks as a group have attracted significant momentum capital in 2026. Rapid sentiment shifts — such as the brief sector-wide selloff in late March 2026 triggered by a research publication suggesting AI memory requirements could be significantly reduced — illustrate how quickly valuations can contract.¹⁴ Counterparty and Derivative Risk. The fund uses swap agreements and other derivatives, introducing counterparty risk, liquidity risk, and the possibility that the fund may not achieve its target leverage during periods of extreme volatility or market disruption. STX 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 Seagate Technology Holdings plc (NASDAQ: STX) (the &#34;Underlying Security&#34;). 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 STX Risk. Seagate Technology Holdings plc is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Seagate Technology Holdings plc has no obligation to consider the Fund or its shareholders in taking any actions that might affect the value of Fund shares. STX Trading Risk. The trading price of STX may be subject to volatility and could experience wide fluctuations due to company-specific developments, broader market conditions, or external factors. Market perception, short selling activity, and macroeconomic events may disproportionately impact STX's share price and, in turn, the Fund's performance. STX Performance Risk. STX may fail to meet publicly announced expectations or guidance, which could cause its share price to decline. Predicting business performance is inherently uncertain, and any deviation from expectations could materially impact the value of the Fund. STX Operations and Business Risk. Seagate operates in a highly competitive and rapidly evolving technology environment. Risks include supply chain disruptions, component shortages, pricing pressures, technological obsolescence, and the ability to innovate and maintain market share. These factors may adversely impact STX's financial performance and stock price. Technology Sector Risk. Companies in the technology sector may experience rapid changes in product cycles, intense competition, and evolving consumer demand. These companies may also be affected by supply chain disruptions, intellectual property risks, and changes in interest rates, which may adversely impact STX's performance. 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 STX than funds that invest in a broader range of issuers. Options Contracts Risk. The use of options introduces additional risks, including volatility, time decay, and the possibility that options positions expire worthless, potentially resulting in significant losses. Swap Agreements Risk. The Fund's use of swap agreements depends on the availability and willingness of counterparties. If suitable counterparties are unavailable or contracts are terminated, the Fund may not achieve its objective. Rebalancing Risk. The Fund seeks to rebalance daily to maintain its target exposure. If it is unable to do so effectively, its exposure may deviate from its intended objective, increasing risk. Intra-Day Investment Risk. Investors purchasing shares intra-day may experience returns that differ from the Fund's stated objective due to changes in STX's price throughout the trading day. Liquidity Risk. Market disruptions or volatility may impair the Fund's ability to buy or sell instruments at desired prices, potentially impacting performance and increasing trading costs. High Portfolio Turnover Risk. Daily rebalancing is expected to result in high portfolio turnover, which may increase transaction costs and taxable distributions. Non-Diversification Risk. The Fund is non-diversified and may invest a larger portion of its assets in a single issuer, increasing sensitivity to STX-specific risks. New Fund Risk. The Fund is recently organized and has limited operating history, making it more difficult for investors to evaluate performance expectations. Market and Economic Risk. Broader economic conditions, interest rates, geopolitical events, and market volatility may negatively impact STX and the Fund. Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage commissions may be charged on trades. Seagate Technology Holdings plc (STX) is listed on the Nasdaq Global Select Market. STX is not affiliated with Defiance ETFs or any of its affiliates. The Defiance Daily Target 2X Long STX ETF is distributed by Foreside Fund Services, LLC, which is not affiliated with Defiance ETFs or any of its affiliates.</div>

MSTX

Defiance ETFs has launched the Defiance Daily Target 2X Long STX ETF (STXL), providing 200% exposure to Seagate Technology's daily price changes. This launch comes amid a surge in memory and storage stocks, driven by increased demand for data center hardware due to AI infrastructure growth. Seagate's recent fiscal results show a 22% revenue increase year-over-year, with strong gross margins. STXL is designed for knowledgeable investors seeking short-term leveraged exposure to Seagate, but it carries higher risks compared to traditional ETFs.

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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CITIGROUP INC 6.250 NON CUM SER II PFD WI

Defiance Launches STXL, 2X Leveraged ETF on Seagate, as Memory Stocks Lead the AI Boom