08/30/2024 | Press release | Distributed by Public on 08/30/2024 14:57
Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
Defiance Daily Target 1.5X Short MSTR ETF (SMST)
listed on NYSE Arca Inc.
August 30, 2024
Supplement to the Statutory Prospectus and Statement of Additional Information
each dated June 17, 2024, as previously supplemented
and
Supplement to the Summary Prospectus dated August 20, 2024
Important Notice Regarding Change in Investment Objective, Investment Policy and Name
Notice of changes to investment objective and 80% policy of the Defiance Daily Target 1.5X Short MSTR ETF (the "Fund").
The Fund desires to change its investment objective, which relates to inverse results of the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the "Underlying Security" or "MSTR").
Current Objective | New Objective |
Seeks daily inverse investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change in the share price of MSTR. | Seeks daily inverse investment results, before fees and expenses, of -2.0 times (-200%) the daily percentage change in the share price of |
Similarly, the Fund desires to revise its 80% policy to reflect the foregoing.
Current 80% Policy | New 80% Policy |
Have at least 80% of its investment exposure to financial instruments with economic characteristics that should provide 1.5 times the inverse exposure to the daily performance of the Underlying Security. | Have at least 80% of its investment exposure to financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. |
The Fund's proposed changes to its investment objective and 80% policy are expected to become effective on or about October 29, 2024. As of the effective date of such change, the Fund's name will be changed to the Defiance Daily Target 2X Short MSTR ETF. The Fund's ticker symbol will remain unchanged.
Please retain this Supplement for future reference.