Daily Target 2X Long HIMS ETF

The Defiance Daily Target 2X Short HIMS ETF (the “Fund”) seeks daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily percentage change in the share price of Hims & Hers Health, Inc. (NYSE: HIMS). Because the Fund seeks daily inverse leveraged investment results, it is very different from most other exchange-traded funds and there is no guarantee that the Fund will meet its stated objective. The Fund should not be expected to provide -200% of the cumulative return of HIMS for periods greater than a single trading day.