Defiance Daily Target 2X Long MP ETF (Defiance Daily Target 2X Long M) ETF

The fund is an actively managed ETF, fund manager 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. The management aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.” The fund is non-diversified.