Defiance Daily Target 2X Long XOVR ETF

Overview

The Defiance Daily Target 2X Long XOVR ETF (XOVL) provides investors with amplified long exposure to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), an exchange-traded fund that blends a concentrated portfolio of entrepreneurial U.S. public companies with a measured allocation to select late-stage private companies. XOVR is built around ERShares’ proprietary Entrepreneur Factor® framework and ER30TR Index¹, and offers daily-liquidity ETF access to pre-IPO names — historically including holdings such as SpaceX and Anduril — alongside public innovators across technology, communications, and other growth-oriented sectors.

XOVL seeks to deliver 200% of the daily performance of XOVR, offering active traders a tactical way to express short-term bullish views on entrepreneurial U.S. growth companies, the pre-IPO and venture-backed economy, public-private crossover investing, and broader innovation and technology themes — without the need for a margin account.

Investment Objective

The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the ERShares Private-Public Crossover ETF (NASDAQ: XOVR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

An investment in XOVL is not a direct investment in the ERShares Private-Public Crossover ETF.

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 daily leveraged (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. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from 200% of the return of XOVR over the same period. It is possible that investors could lose their entire principal within a single trading day.