SMST ETF Profile

Family:	Defiance ETFs
Name:	Defiance Daily Target 1.5X Short MSTR ETF

Inception Date:	20-Aug-2024
Termination Date:
Investment Objective:	The Fund seeks daily inverse investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR"). 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. The Fund is an actively managed exchange traded fund that attempts to achieve 1.5 times the inverse (-150%) of the daily percentage change in the price of the Underlying Security by entering into swap agreements on the Underlying Security. The Fund aims to generate 1.5 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. 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
Cash & Other		300.2100%
MICROSTRATEGY SWAP MAR - S	MSTR	-139.2400%
MICROSTRATEGY INC SWAP - S- CANTOR		-61.0400%
	Top 10 Holdings Weight:	99.9%