VIXI

Defiance Enhanced Long Vol ETF seeks total returns during periods of low market volatility and market increases. The fund is an actively managed exchange-traded fund ("ETF") that employs a dual-strategy approach that seeks to enhance total return by combining a volatility premium income strategy with leveraged long exposure to the S&P 500 Index. Under normal circumstances, the fund invests at least 80% of its net assets in financial instruments that provide exposure to U.S. equity market volatility and/or instruments that provide enhanced (i.e., leveraged) long exposure to the U.S. equity markets. The fund is non-diversified.