ASTN

The Defiance Daily Target 2X Short ASTS ETF (the "Fund") seeks daily inverse investment results of -2 times (-200%) the daily percentage change of the common stock of AST SpaceMobile, Inc. (Nasdaq: ASTS) (the "Underlying Security" or "ASTS"). Because the Fund seeks daily 200% inverse investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use a short strategy. The return for investors that invest for periods longer or shorter than a trading day should not be expected to be -200% the performance of the Underlying Security for the period. The return of the Fund for a period longer than a trading day will be the result of each trading day's compounded return over the period, which will very likely differ from -200% the return of the Underlying Security for that period. Longer holding periods, higher volatility of the Underlying Security and leverage increase the impact of compounding on an investor's returns. During periods of higher underlying security volatility, the volatility of the Underlying Security may affect the Fund's return as much as, or more than, the return of the Underlying Security.