The Defiance Daily Target 2X Long IONQ ETF, referred to as "the Fund," is structured to deliver daily investment outcomes equivalent to two times (200%) the daily percentage movement in the stock price of IonQ, Inc. (NYSE: IONQ). Due to its goal of achieving daily leveraged returns, this Fund operates quite differently from most other exchange-traded funds, and there is no guarantee it will always meet its specified objective. It is important to note that the Fund is not designed to provide two times the cumulative performance of IONQ for any period longer than a single trading day.