MRNX

The Defiance Daily Target 2X Long MRNA ETF (MRNX) provides investors with amplified long exposure to Moderna, Inc. (NASDAQ: MRNA), a biotechnology company focused on the development and commercialization of messenger RNA (mRNA)-based medicines and vaccines. Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Moderna, Inc. (NASDAQ: MRNA). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. The Fund is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts.