Defiance Nasdaq 100 Income Target ETF (Defiance Nasdaq 100 Income Targ) ETF

The fund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. It’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. The fund is non-diversified.