TRIL

The Defiance Daily Target 2X Long TSLA ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of Tesla, Inc. (NASDAQ: TSLA). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds and there is no guarantee that the Fund will meet its stated objective. The Fund should not be expected to provide 2 times the cumulative return of TSLA for periods greater than a single trading day.