The Defiance Daily Target 2X Short SMCI ETF, referred to as "the Fund," aims to achieve daily investment performance, prior to the deduction of fees and expenses, that corresponds to two times the inverse (-200%) movement of Super Micro Computer, Inc.'s (NASDAQ: SMCI) stock price on any given trading day. This specialized approach, targeting daily inverse leveraged returns, distinguishes it significantly from most typical exchange-traded funds, and there is no assurance that it will successfully meet its stated objective. Therefore, investors should not anticipate the Fund to mirror -200% of SMCI's cumulative returns over periods extending beyond a single trading day.