Defiance Daily Target 2X Long CVNA ETF

The Defiance Daily Target 2X Long CVNA ETF (the “Fund”) seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change in the share price of Carvana Co. (NYSE: CVNA) (the “Underlying Security” or “CVNA”).

CVNX does not invest directly in CVNA. Because the Fund seeks daily 200% leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. There is no guarantee that the Fund will meet its stated objective. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from 200% of the return of the Underlying Security for that period.

Underlying Stock: Carvana Co. (NYSE: CVNA)

Carvana Co. is a leading e-commerce platform for buying and selling used cars, leveraging an end-to-end digital model to streamline vehicle transactions. The company has redefined used car retail by offering customers the ability to browse, finance, purchase, and schedule delivery entirely online. As of its most recent Form 10-K filing, Carvana reported first-quarter 2025 revenues of $4.23 billion and a market capitalization of approximately $14.7 billion as of June 30, 2024. With its innovative logistics network and data-driven approach, Carvana is recognized for its rapid growth and is reshaping the automotive retail landscape.

The Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.