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Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security

download icon SIXG Holdings

download icon WDTE Holdings

download icon SPYT Holdings

download icon QQQT Holdings

download icon SMST Holdings

download icon AVGX Holdings

download icon NVOX Holdings

download icon SOFX Holdings

download icon IONX Holdings

download icon HIMZ Holdings

download icon RGTX Holdings

download icon GLDY Holdings

download icon MST Holdings

download icon QTUM Holdings

download icon QQQY Holdings

download icon IWMY Holdings

download icon USOY Holdings

download icon MSTX Holdings

download icon SMCX Holdings

download icon XMAG Holdings

download icon RIOX Holdings

download icon ORCX Holdings

download icon RKLX Holdings

download icon HOOX Holdings

download icon SMCZ Holdings

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Understanding Return of Capital (ROC) in ETFs

Defiance ETFs acts as an investment adviser to certain exchange-traded funds (“ETFs”) and holds economic interests in additional ETFs for which it does not serve as an investment adviser.

Adviser Role
For ETFs where Defiance ETFs serves as the investment adviser, Defiance ETFs provides investment management services. These ETFs include SIXG, and QTUM.

Economic Interest
For ETFs in which Defiance ETFs holds an economic interest but does not act as the investment adviser, Defiance ETFs may derive financial benefits related to its economic interest. These ETFs include QQQY, WDTE, IWMY, USOY, SPYT, QQQT, MSTX, SMST, SMCX, AVGX, LLYX, NVOX, XMAG, RIOX, SOFX, ORCX, ELON, IONX, HIMZ, RKLX, HOOX, RGTX, SMCZ, GLDY, and MST

For more information, please refer to the prospectus and statement of additional information of the respective ETF or call 833.333.9383.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Defiance Shifts to Weekly Distributions and Name Changes for the 0DTE Income ETF Suite, effective Sept 26th, 2024. Also effective Sept 26th is JEPY ticker change to WDTE. Read More Here.

The Defiance Next Gen Connectivity ETF (NYSE: FIVG) was renamed the Defiance Connective Technologies ETF (NASDAQ: SIXG) to better reflect its focus on disruptive technologies in connective infrastructure and their pivotal role in the AI revolution. These changes became effective at the market opening on July 22, 2024.

Click here for the QQQY Prospectus.
Click here for the WDTE Prospectus.
Click here for the IWMY Prospectus.
Click here for the SPYT Prospectus.
Click here for the USOY Prospectus.
Click here for the QQQT Prospectus.
Click here for the GLDY Prospectus.
Click here for the MST Prospectus.

ABOUT DEFIANCE: Defiance Group Holdings, LLC (“Defiance”) is the parent holding company of Defiance ETFs, LLC (“DE”), and Defiance Analytics, LLC (”DA”). DE is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser and manages proprietary exchange-traded funds (“Defiance ETFs”).

Important Disclosures:

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectuses contain this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 833.333.9383.

Past performance is no guarantee of future results. High ratings does not assure favorable performance.

Risk Considerations:

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Funds SIXG, and QTUM are not actively managed and would not sell a security due to current or projected under performance unless that security is removed from the Index or is required upon a reconstitution of the Index.

A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk. The Funds are considered to be non-diversified, so they may invest more of its assets in the securities of a single issuer or a smaller number of issuers. Investments in foreign securities involve certain risks including risk of loss due to foreign currency fluctuations or to political or economic instability. This risk is magnified in emerging markets. Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

Defiance Connective Technologies ETF (SIXG)

The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Defiance Quantum ETF (QTUM)

The value of stocks of information technology companies are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

QQQY, WDTE, IWMY, USOY, and GLDY Disclosures: The fund is new with a limited operating history on which to evaluate an investment. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. Distribution Risk: As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of the Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. Derivatives Risk: Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Price Participation Risk. The Fund employs an investment strategy that includes the sale of in-the-money put option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Index over the Call Period (typically, one day, but may range up to one week). Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing strategy will impact the extent that the Fund participates in the positive price returns of the Index and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods. Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

SPYT, QQQT, and MST Disclosures: The fund is new with a limited operating history on which to evaluate an investment. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. Distribution Risk: As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of the Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. Derivatives Risk: Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

Additional MST Disclosures: The underlying security is subject to many risks that can negatively impact the Fund. Leverage Risk. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Compounding and Market Volatility Risk. To achieve its objective, the Fund seeks to generate daily returns of approximately 150% to 200% of the performance of MSTR, before fees and expenses. However, due to the effects of compounding, the Fund’s performance over periods longer than a single trading day is likely to differ from this targeted range. Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

LLYX, MSTX, SMST, SMCX, AVGX, NVOX, RIOX, SOFX, ORCX, IONX, HIMZ, RKLX, HOOX, RGTX and SMCZ Disclosures: None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of the Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. Underlying Security Risk. The underlying security is subject to many risks that can negatively impact the Fund. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. Leverage Risk. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Derivatives Risk. Derivatives may be more sensitive to changes in market conditions and may amplify risks. Foreign and Emerging Markets Risks. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Fund performance, before fees and expenses. Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

XMAG Disclosures: The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”). Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Market Events Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors. Passive Investment Risk. The Fund is not actively managed and does not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to the Index.

—

SIXG tracks the BlueStar® Connective Technologies Index which is a thematic index tracking the performance of US-listed companies offering hardware, software, or services to the rollout of 5G, or 6G networks, and other connective technologies. The index includes companies whose business activity, products, or services meet the technical standards for, are used in the development of, or are otherwise instrumental in the rollout of 5G, or 6G networks, and other connective technologies so long as companies derive at least 50% of their revenue from the following technologies: Core carrier grade networking equipment including cellular antennas, routers, related semiconductor devices and satellite-based internet technology/providers, mobile network operators, enhanced mobile broadband chips and smart phone manufacturers, new radio technology, wireless network test and optimization equipment, cloud computing equipment, software defined networking or network functions virtualization, including network/cloud analytics and monitoring platforms, and/or cell tower or data center real estate investment trusts (”REITs”).

QTUM tracks the BlueStar Quantum Computing and Machine Learning Index, which is comprised of equity securities of leading global companies engaged in the research and development or commercialization of systems and materials used in quantum computing: advanced traditional computing hardware, high powered computing data connectivity solutions and cooling systems, and companies that specialize in the perception, collection and management of heterogeneous big data used in machine learning.

QQQY tracks The Nasdaq 100 Index: a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This makes it a large-cap index, meaning its constituents have a high market value, often in the billions of dollars. The Index includes companies from various industries but is heavily weighted towards the technology sector. This reflects the Nasdaq’s historic strength as a listing venue for tech companies. Other sectors represented include consumer discretionary, health care, communication services, and industrials, among others.

WDTE & SPYT track the S&P 500 Index: a widely recognized benchmark index that tracks the performance of 500 of the largest U.S-based companies listed on the New York Stock Exchange or Nasdaq. These companies represent approximately 80% of the total U.S. equities market by capitalization making it a large-cap index.

IWMY tracks The Russell 2000 Index: a widely recognized benchmark index that tracks the performance of approximately 2000 small-cap companies in the United States. These are the smallest companies listed in the Russell 3000 Index, representing about 10% of that index’s total market capitalization.

It is not possible to invest directly in an index.

The Defiance ETFs are distributed by Foreside Fund Services, LLC. and are not affiliated with the other entities mentioned in this communication

© 2025 Defiance ETFs, LLC

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