MSTX ETF Profile

Family:	Defiance ETFs
Name:	Defiance Daily Target 1.75X Long MSTR ETF

Inception Date:	14-Aug-2024
Termination Date:
Investment Objective:	The Defiance Daily Target 1.75X Long MSTR ETF (the "Fund") seeks daily leveraged investment results of 1.75 (175%) the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the "Underlying Security" or "MSTR"). Because the fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. The fund should not be expected to provide 1.75X times the cumulative return of MSTR for periods greater than a day. The Fund will enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security's share price

Prospectus

Top 10 Holdings
MICROSTRATEGY INC SWAP CS - L	MSTR	74.1900%
Cash & Other		-70.0400%
MICROSTRATEGY INC SWAP MAR - L	MSTR	66.8000%
MICROSTRATEGY INC SWAP - L- CANTOR		19.2800%
MSTR 04/09/2025 220.01 C		6.6900%
MicroStrategy Inc	MSTR	2.9600%
	Top 10 Holdings Weight:	99.9%