SMCZ | Defiance Daily Target 2X Short SMCI ETF
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SMCZ

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Defiance Daily Target 2X Short SMCI ETF

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Defiance Daily Target 2X Short SMCI ETF

The Defiance Daily Target 2X Short SMCI ETF (the “Fund”) seeks daily inverse investment results of -2 times (-200%) the daily percentage change in the share price of Super Micro Computer, Inc. (NASDAQ: SMCI) (the “Underlying Security” or “SMCI”).

SMCZ does not invest directly in SMCI. Because the Fund seeks daily 200% inverse investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use a short strategy. 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% the return of the Underlying Security for that period.

Underlying Stock: Super Micro Computer, Inc. (NASDAQ: SMCI).

Super Micro Computer, Inc. (NASDAQ: SMCI), known as Supermicro, is a leading provider of high-performance server and storage solutions, with a strong emphasis on enabling artificial intelligence (AI) technologies. The company designs and manufactures cutting-edge servers that are specifically optimized for AI workloads, including deep learning, data analytics, and machine learning applications. Supermicro’s innovative hardware solutions are crucial in powering the complex computations required by AI, making the company a pivotal player in the rapidly growing AI industry. With its focus on delivering scalable, energy-efficient infrastructure tailored for AI, Supermicro is at the forefront of the technological advancements driving the future of AI and offers significant growth potential in this dynamic sector.

The Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) 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.

Fund Details

 Data as of 05/13/2025
Net Assets $1.02M
Premium/discount 0.00%
NAV $10.21
Closing Price $10.21
Shares Outstanding 100,000
Median 30 Day Spread 0.47%
Fund inception 03/31/2025
Ticker SMCZ
Primary Exchange NASDAQ
CUSIP 88636V504
Fund Holdings 3
NAV Symbol SMCZ.NV
Expense Ratio 1.29%
30 Day SEC Yield* --%
* Yield as of 04-30-2025
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

SMCZMarket Price

Performance

YTD 1 Month 3 Months 6 Months Since Inception
Total Return NAV (%) xx.xx% -14.62% xx.xx% xx.xx% -14.62%
Market Price (%) xx.xx% -14.15% xx.xx% xx.xx% -14.15%
1 Year 3 Years 5 Years Since Inception
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Total Return NAV (%) xx.xx% xx.xx% xx.xx% xx.xx% 0.00%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx% 0.00%
1 Year 3 Years 5 Years Since Inception
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Cash & Other Cash&Other $1.00 299.52% 52,388,396 $52,388,396
First American Government Obligations Fund 12/01/2031 FGXXX $100.00 0.54% 94,545 $94,545
Super Micro Computer Inc Marex 86800U302-TRS-05/01/26-S $45.00 -200.06% -777,601 $-34,992,045
Data as of 05/15/2025. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
Download Fund Documents
Prospectus
Summary Prospectus
SAI
2025 Distribution Schedule
Premium Discount Graph

Distributions

2025 Distribution Schedule
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
— — — — —
Distribution Rate *
Payable As of —		 -%
Distribution Frequency Monthly
30-Day SEC Yield **
As of —		 -%