08/30/2024 | Press release | Distributed by Public on 08/30/2024 15:12
Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
Defiance Daily Target 1.75X Long MSTR ETF (MSTX)
Defiance Daily Target 2X Long AVGO ETF (AVGX)
Defiance Daily Target 2X Long SMCI ETF (SMCX)
listed on The Nasdaq Stock Market, LLC
Defiance Daily Target 2X Long LLY ETF (LLYX)
Defiance Daily Target 2X Long NVO ETF (NVOX)
listed on NYSE Arca Inc.
August 30, 2024
Supplement to the Summary Prospectus, Statutory Prospectus, and Statement of Additional Information
each 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 1.75X Long MSTR ETF (the "Fund").
The Fund desires to change its investment objective, which relates to the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the "Underlying Security" or "MSTR").
Current Objective | New Objective |
Seeks daily leveraged investment results of 1.75 (175%) the daily percentage change in the share price of MSTR. | Seeks daily leveraged investment results of 2.00 (200%) the daily percentage change in the share price of MSTR |
Similarly, the Fund desires to revise its 80% policy to reflect the foregoing.
Current 80% Policy | New 80% Policy |
Have at least 80% exposure to financial instruments with economic characteristics that should perform 1.75X the daily performance of the Underlying Security's shares. | Have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. |
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 Long MSTR ETF. The Fund's ticker symbol will remain unchanged.
Please retain this Supplement for future reference.