Defiance Nasdaq 100 Income Target ETF QQQT Strategy

The investment seeks current income; the secondary investment objective being exposure to the performance of the Nasdaq 100 Index. The fund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. It’s strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the index (“Index ETFs”) and selling daily credit call spreads on the index. The fund is non-diversified.