The Fund seeks daily leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of an actively managed group of “pure quantum” company securities (described below)(the “Target Portfolio”) by employing derivatives, namely swap agreements and/or listed options contracts. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day, generally 4:00 p.m. Eastern Time.

The Fund seeks to gain leveraged 2X exposure to the Target Portfolio securities primarily through swap agreements or listed options strategies (described below).

The Fund defines “Pure Quantum Companies” as companies with at least 50% of their (i) annual revenue derived from, or (ii) operating activity engaged in, the development of quantum computing or machine learning. This includes, but is not limited to, companies engaged in:

The term “quantum computing” refers to a type of computing that uses the principles of physics involving subatomic particles to process information faster and in more flexible ways than traditional computers. In traditional computing, a bit is limited to storing only a zero or a one, while a subatomic particle can store and process an infinite number of values at the same time, allowing it to solve large and complex problems much faster By taking advantage of quantum properties like superposition (the ability of a quantum system to exist in multiple states at once) and entanglement (a connection between particles where the state of one instantly influences the state of another, even at a distance), quantum computers may lead to progress in a wide range of fields, including data security, scientific research, advanced manufacturing, and next-generation technologies.

If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Target Portfolio, 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.

Target Portfolio Selection

The Adviser employs a thematic and qualitative approach to identify and select a focused portfolio of generally between 5 and 10 companies aligned with the Fund’s quantum computing investment theme. The selection process emphasizes companies that demonstrate meaningful participation in the quantum computing technologies. Subject to the Fund’s 80% policy, if the Adviser determines there are insufficient Pure Quantum Companies, the Fund may invest in “secondary technology companies,” which are companies that develop, support, or are involved in the application of quantum computing. The companies in the Target Portfolio are primarily U.S. large-capitalization companies that are listed on U.S. exchanges, including American Depositary Receipts (“ADRs”) of foreign companies.

The Adviser evaluates companies using a combination of thematic criteria, including:

Based on a proprietary evaluation framework, the Adviser constructs the Fund’s portfolio with generally between 5 and 10 holdings. The Fund invests in derivative instruments that provide exposure to the securities that comprise the Target Portfolio, and does not invest directly in the securities of the Target Portfolio companies. The number of Fund portfolio holdings may be influenced by the availability of eligible pure quantum companies, the suitability of secondary selections, and on the Fund’s ability to source the required leverage for each security. Each trading day, the Target Portfolio will generally be rebalanced so that each underlying security is equally weighted. To manage overall portfolio risk, the Adviser may adjust individual weightings to mitigate exposure to securities exhibiting extreme volatility, high correlations, or other characteristics that could disproportionately affect performance. Additionally, if regulatory constraints arise from the Target Portfolio’s composition prevent the Fund’s derivatives portfolio from achieving 2X returns, the Adviser may adjust the Target Portfolio to enhance the Fund’s ability to achieve its investment objective.

The Fund generally employs an equal-weighting methodology across its holdings. Adjustments may be made to account for liquidity constraints, market conditions, or specific company risk factors.

To maintain alignment with advancements in quantum computing technologies, shifts in company focus, and emerging opportunities, the Adviser will, at least quarterly, either reconfirm the construction of the Target Portfolio or establish a new Target Portfolio with different underlying securities.

The Adviser may, at its discretion, make adjustments to the Target Portfolio at any time, including between scheduled rebalancing periods. These adjustments may include adding or removing securities based on developments deemed material by the Adviser, including companies making significant breakthroughs, announcing material developments, or benefiting from advancements in the quantum sector. Additionally, if regulatory constraints arise from the Target Portfolio’s composition that prevent the Fund’s derivatives portfolio from achieving 2X returns, the Adviser may adjust the Target Portfolio to enhance the Fund’s ability to achieve its investment objective.

Each trading day, the Fund’s current portfolio holdings will be published on the Fund’s website at www.defianceetfs.com.

Derivatives Portfolio Selection

The Fund will enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on a particular security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the underlying security in the Target Portfolio. If the Fund is unable to obtain the necessary exposure through swaps or other derivatives, or encounters other constraints (e.g., market or regulatory), the Fund may not always achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Fund’s Target Portfolio, and may return substantially less during such periods.

At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure of approximately 200% to the aggregate performance of the Fund’s Target Portfolio.

For examples of a hypothetical investment in the Fund, see the prospectus section entitled “Additional Information About the Fund – Principal Investment Strategies.”

Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the volatility of the Target Portfolio; b) the performance of the Target Portfolio; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Target Portfolio securities. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of one or more Target Portfolio securities, offering immediate intrinsic value). A “strike price” is the predetermined price at which the holder of an option can buy (call) or sell (put) the underlying security. Additionally, the Fund may use other option strategies to produce similar exposure to the Target Portfolio securities, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. See the provision in the Prospectus entitled “Additional Information About the Fund,” for more information about the Fund’s use of options.

Collateral

The Fund will hold assets to serve as collateral for the Fund’s derivatives transactions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.

Fund Attributes

The Fund is classified as “non-diversified” under the 1940 Act. The Fund has adopted a policy of investing at least 80% of its net assets in securities or financial instruments designed to provide 2X the daily performance of a portfolio of Pure Quantum Companies.

The Fund will be concentrated in the quantum computing industry or group of industries.

Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Target Portfolio over the same period. The Fund will lose money if the Target Portfolio’s performance is flat over time, and because of daily rebalancing, the volatility of the Target Portfolio and the effects of compounding, the Fund may lose money over time while the Target Portfolio’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.

The Fund is an actively managed exchange-traded fund (“ETF”) designed to provide targeted exposure to companies that appear positioned to benefit from the economic, regulatory, and policy environment shaped by the Trump administration and its potential future impact. The Fund’s portfolio will consist of seven companies (the “MAGA Seven”), selected based on their alignment with key themes such as deregulation, domestic economic growth, energy independence, infrastructure spending, artificial intelligence investment, and national security. By maintaining a focused, equal-weighted portfolio, the Fund seeks to capture opportunities within industries expected to benefit from these policies. To achieve its investment objective, the Fund will invest in the MAGA Seven primarily synthetically through derivatives, and secondarily, by direct investments.

Investment Selection Process

The Adviser, actively selects and manages the Fund’s MAGA Seven portfolio based on both qualitative and quantitative factors. The Adviser evaluates companies based on their alignment with policies and initiatives promoted by President Trump and his administration, including those expected to persist even after his tenure in office. Specifically, the Adviser will assess:

From this broader universe of companies, the Adviser selects the seven companies it determines appear best positioned for growth based on their alignment with Trump-era policies. This selection process considers factors such as regulatory positioning, economic exposure, and geopolitical advantages to identify companies expected to benefit most from policy-driven tailwinds. The final selection is dynamic and may evolve based on shifts in the political and economic landscape, seeking to ensure that the Fund’s portfolio remains responsive to key policy developments and market conditions.

Portfolio Construction

The Fund follows an equal-weight methodology, ensuring that each of the seven selected companies maintains an approximately equal position in the portfolio. The selection of the MAGA Seven companies is dynamic and will evolve based on changing market conditions, emerging policy developments, and corporate strategies that demonstrate continued alignment with these themes. The Adviser reallocates and reconstitutes the Fund’s portfolio on at least a quarterly basis. In addition, individual security changes may trigger additional portfolio changes, which may include:

Derivatives

The Fund will primarily gain exposure to the selected companies through total return swaps. Additionally, the Fund may employ listed option contracts as to achieve long exposure to the companies on an as-needed basis. The Fund will create this synthetic long asset by purchasing at-the-money (ATM) calls and selling an equivalent number of ATM puts with the same expiration date. This approach provides flexibility for the Fund to adjust its exposure in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements.

Portfolio Attributes

The Fund invests in U.S. companies that meet the MAGA Seven selection criteria. In addition to gaining synthetic exposure to these companies through swaps and options, the Fund may also invest directly in their common stocks.

As of the date of this prospectus, the Fund’s exposure is expected to be heavily weighted toward specific sectors, particularly energy, defense, infrastructure, and technology. The Fund’s investments may include small-, medium- and large-capitalization companies.

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and swaps that provide exposure to MAGA Seven companies.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a high percentage of its assets in a fewer number of issuers.