SPYT

Defiance S&P 500 Target Income ETF seeks current income; the secondary investment objective being exposure to the performance of the S&P 500 Index. The fund's strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the index ("Index ETFs") and selling daily credit call spreads on the index. Its daily credit call spread strategy consists of selling a call option and simultaneously buying another call option at a higher strike price for income generation. The fund is non-diversified.