Defiance Launches VIXI: Enhanced Long Volatility ETF with Leveraged Short S&P 500 Exposure

What are the liquidity and redemption mechanisms for the ETF (e.g., creation/redemption process, authorized participants)? What is the anticipated impact of VIXI on the broader ETF market and on existing long‑volatility strategies? What risks are associated with the leveraged short exposure, especially in an upward‑trending equity market? How will the ETF’s structure affect its volatility exposure during periods of extreme market stress? What are the tax implications of holding the leveraged short S&P 500 exposure within the ETF? What is the expected tracking error for VIXI under various market conditions? How liquid is VIXI expected to be—what are the anticipated bid‑ask spreads and average daily volume? How does VIXI’s performance compare historically to similar products like VIXY, VIXM, or SVIX? How does the sentiment rating (30) influence market perception of the new ETF? What is the expense ratio and fee structure for VIXI, and how does it compare to other long‑volatility ETFs? What is the underlying index or methodology used to construct the enhanced long‑volatility exposure? What regulatory approvals or restrictions apply to this enhanced ETF structure? How exactly does the leveraged short S&P 500 exposure work—what is the leverage factor and reset frequency? What are the margin/collateral requirements for investors using VIXI as a hedge? Who are the main market makers or participants expected to provide liquidity for VIXI?