The Defiance Daily Target 2X Long SMCI ETF, referred to as the "Fund," aims to achieve daily investment outcomes that are double (200%) the daily percentage movement of Super Micro Computer, Inc.'s (NASDAQ: SMCI) stock price. Due to its pursuit of daily leveraged performance, this fund is structured quite differently from the majority of other exchange-traded funds, and there is no guarantee that it will consistently fulfill its stated objective. Moreover, investors should not expect the Fund's cumulative returns to be two times that of SMCI over holding periods longer than a single trading day.