AMDU

Defiance Leveraged Long + Income AMD ETF seeks long-term capital appreciation, with a secondary objective to seek current income. The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective through a combination of a Leveraged Strategy and an Income Generation Strategy. The Leveraged Strategy aims to amplify returns by employing derivatives to achieve exposure to the share price of the common stock of Advanced Micro Devices, Inc. ("AMD" or the "Underlying Security") at daily levels ranging from 150% to 200% of the fund's net assets. It is non-diversified.