MST

The Defiance Leveraged Long + Income MSTR ETF (the "Fund") 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 Fund seeks to achieve its investment objective by entering into derivatives transactions (i.e., swap agreements and options contracts) to gain long exposure to MSTR. The Fund uses leverage to seek to provide daily returns of approximately 150% to 200% of the performance of MSTR, before fees and expenses. The Fund will write (sell) credit call spreads (described below) to generate premium income and manage risk associated with its leveraged exposure to the Underlying Security's share price. A credit call spread involves selling a call option while simultaneously buying a call option with a higher strike price, both with the same expiration date. By writing credit call spreads, the Fund can potentially offset losses incurred from its short call positions if the Underlying Security's share price rises above the upper strike price.