Defiance Leveraged Long + Income MSTR ETF

Investment Objective

The Defiance Leveraged Long + Income MSTR ETF (the “Fund”) seeks long-term capital appreciation, with a secondary objective to seek current income.

What Makes $MST Stand Out?

Leveraged Exposure: $MST aims to deliver approximately 150% to 200% of the daily price performance of MicroStrategy Inc. (MSTR), enabling investors to potentially capitalize on the stock’s volatility and growth characteristics.

Income Strategy: The Fund seeks to generate premium income through the use of a credit call spread strategy. This strategy complements the Fund’s leveraged exposure by aiming to manage risk and support the Fund’s objective of current income.

Indirect Bitcoin Sensitivity: Because MicroStrategy’s business strategy includes holding a substantial amount of Bitcoin, the Fund’s performance may be indirectly influenced by Bitcoin market trends. However, the Fund does not directly invest in Bitcoin or Bitcoin futures, and any such sensitivity is incidental to the Fund’s exposure to MSTR.

The Fund may not achieve daily investment results, before fees and expenses, that correspond to 150% to 200% of the 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 leverage target range, both intraday and at the close of trading, potentially resulting in significantly lower returns. While the Fund’s strategies are designed to enhance potential returns, the strategy to generate income through credit call spreads may limit the upside performance of the leveraged strategy on the portion of exposure covered by the spreads.

Distribution from MST includes the following estimated return of capital per the 05/21/2026 19-a1 Notice: 37.10%. Distributions which include return of capital decrease the Fund’s NAV and trading price which over time can result in losses on an investment.