Defiance ETFs introduced the “Defiance Daily Target 2X Long PM ETF,” an exchange-traded fund (ETF) under the NYSE symbol ZYN. The company clarified that the investment was not a purchase of Philip Morris International (PMI) stock, but an investment in a fund that offers investors twice the daily exposure to PMI. The leveraged product uses swaps and options to achieve its objectives, giving retail investors access to amplified PMI performance without the need for margin accounts.
PMI, Defiance said, is positioning itself for a future beyond combustible cigarettes, and that the launch reflects investor appetite for targeted exposure to global tobacco majors as they expand their portfolios into smoke-free categories. Defiance said ZYN is designed for sophisticated investors who understand the risks of daily leveraged funds.