Defiance Gold Enhanced Options Income ETF GOLI Strategy

The investment seeks current income; the secondary objective being exposure to the performance of SPDR® Gold Shares subject to a limit on potential investment gains. The fund is an actively managed ETF that seeks current income while maintaining the opportunity for indirect exposure to the share price of SPDR Gold Shares, subject to a limit on potential gains related to increases in the price of GLD’s shares. While maintaining indirect exposure to the underlying ETP, the fund aims to generate additional income from its options investments when GLD’s share price rises, based on the specific put options it sold. The fund is non-diversified.