The teams at a Midwestern ETF-in-a-box shop and a Florida thematic and LETF specialist are teaming up again, this time focusing on investors who are thirsty for a particular digital insurance company.

Last week, the Defiance ETFs [profile] team unveiled the launch of the Defiance Daily Target 2X Long LMND ETF (LMNX on the Nasdaq). Milwaukee-based Tidal Investments LLC [profile] serves as investment advisor to LMNX, and Miami-based Defiance ETFs, LLC serves as sponsor.

LMNX's inception date was last Wednesday, October 15. The new ETF comes with an expense ratio of 131 basis points, and as of Friday (October 17) the fund had about $830,000 in AUM.

Like some other Defiance funds, LMNX is designed to offer magnified returns based on a single security. In this case, the new ETF is intended to provide twice the daily returns (positive or negative) of the stock of Lemonade, Inc. (LMND on the NYSE). LMNX's PM team includes two Tidal portfolio managers:

Qiao Duan; and

Christopher Mullen.

LMNX is an actively managed, non-diversified series of Tidal Trust II. The new fund's other service providers include:

Cohen & Company, Ltd. as independent accounting firm;

ACA's Foreside Fund Services, LLC as distributor;

Sullivan & Worcester LLP as counsel;

Tidal ETF Services LLC as administrator;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, sub-administrator, and transfer agent; and

U.S. Bank N.A. as custodian.

 

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