SPYT

About SPYT

TheFund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. The Fund’sstrategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the Index (“IndexETFs”) and selling daily credit call spreads on the Index. The Fund’s daily credit call spread strategy consists ofselling a call option and simultaneously buying another call option at a higher strike price for income generation. TheFund’s investment approach is designed to generate income through option premiums derived from selling Index call spreads,which will be the primary driver of the Fund’s yield. To retain upside growth potential (if the value of the Index increases)and seek a target annual income level of 20% (the “Annual Target”), the Fund sells at-the-money or near-the-moneycall spreads. The sold call spreads generate premium and also allow the Fund to benefit if the Index’s value increases abovethe call spreads cap (described below) via its Index ETF holdings. Additionally, the Fund will maintain a minor allocation tocash or U.S. Treasuries, not exceeding ten percent of its total assets. TheFund will employ its investment strategy regardless of fluctuating market, economic, or other conditions, and will not seek totake temporary defensive positions during such periods. Each day, the Fund will sell Index call spreads to generate net incomefrom the options premiums. These spreads will be designed to seek the Annual Target level of income while maintaining exposureto the value of the Index. Eachday, the Fund will sell credit call spreads on the Index, focusing on options with near-term expiration. This involves sellingcall options at a strike price at or near the money and buying call options above that strike price. If the Index’s valuerises above the upper strike price (the call spreads cap), the Fund will profit from further upside appreciation in the valueof the Index. TheFund aims for consistent monthly distributions, primarily relying on the income generated from selling the call spreads. If theanticipated daily income from these activities surpasses a set threshold, ZEGA Financial, LLC (Sub-Adviser), may adjust the strategyto seek to meet a daily income target that will enable the Fund to, in turn, achieve the Annual Target, although there is no guaranteethat the Fund will be able to achieve its Annual Target. Thisstrategy seeks to offer an “enhanced” yield compared to traditional option-based strategies by focusing on short-termoptions, which typically yield higher income than equivalent longer-term options. Inaddition to options trading, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose:providing collateral for the options strategy and contributing to the Fund’s income generation. Dividendspaid by the Fund’s Index ETF holdings will contribute to the Fund’s income generation. TheFund’s options contracts will:   ● Generate current income from option premiums.   ● Limit the Fund’s indirect participation in gains, if any, of the Index’s value. Formore information, see the section “The Fund’s Use of Index Option Contracts” below. Whyinvest in the Fund? ●The Fund seeks to generate monthly income at the Annual Target, which is not dependent on the value of the Index.●The Fund seeks to participate in some of the potential gains experienced by increases in the value of the Index.    ● The Fund will not participate directly in approximately the first 0%-0.50% of any daily gains in the Index (or the Index ETFs). Instead, the Fund will seek to generate income (through options premiums) in lieu of market participation.   ● If the Index’s value experiences gains above that day’s upper call strike level, the Fund would participate in the Index’s gains after that point (via its Index ETF holdings). Thatis, although the Fund will not fully participate in gains in the value of the Index, the Fund’s portfolio is designed togenerate income and benefit if the Index’s value increases above the call spreads cap (via its Index ETF holdings). Aninvestment in the Fund is not an investment in the Index, nor is the Fund an investment in a traditional passively managed indexfund. TheFund’s strategy is subject to all potential losses if the Index loses value, which may not be offset by income receivedby the Fund. Additionalinformation regarding the Index is also set forth below. TheFund’s Use of Index Option Contracts TheFund’s approach to Index option contracts entails selling daily Index credit call spreads. The Fund will earn net premiumincome, with an opportunity to gain from the time decay of options. FundPortfolio TheFund’s portfolio is comprised mainly of:   ● Shares of Index ETFs.   ● Sold Index call option contracts, generally at or near the money.   ● Bought Index call options contracts, with strike prices above the strike prices of the sold options.   ● Limited holdings of U.S. Treasury Securities and Cash (less than 10% of Fund assets) for collateral and income generation. Defiance S&P 500 Income Target ETF – Principal Holdings Portfolio Holdings (All options are based on the value of the Index) Investment Terms Expected Target Maturity Index ETF shares   N/A N/A Sold call option contracts “at (or near)-the money” (i.e., the strike price is equal to or near the then-current price of the Index at the time of sale)   Sold call option contracts provide inverse exposure to the full extent of any increases in the value experienced by the Index minus the premium received. Typically, 1 day, but may extend to one-week expiration dates Bought call option contracts “out-the-money” (i.e., the strike price is above the then-current price of the Index at the time of sale).   Bought call option contracts provide exposure to the full extent of any increases in the value experienced by the Index above the option’s strike price. Typically, 1 day, but may extend to one-week expiration dates U.S Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government.   These instruments are used as collateral for the Fund’s derivative investments.   They will also generate income. The Fund will generally hold US Treasuries to maturity. 6-month to 2-year maturities at the time of purchase. TheFund intends to invest in cash-settled options, which means the holder of the option doesn’t receive securities when theoption is exercised or expires. Instead, any payments are made in cash. TheFund is classified as “non-diversified” under the 1940 Act. Undernormal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes,in financial instruments and economic interests that provide exposure to the value of the Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. THEFUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE INDEX. IndexOverview: The S&P 500 Index is a widely recognized benchmark index that tracks the performance of 500 of the largest U.S.-basedcompanies listed on the New York Stock Exchange or Nasdaq. These companies represent approximately 80% of the total U.S. equitiesmarket by capitalization, making it a large-cap index. TheS&P 500 is diversified across all sectors of the economy, including technology, healthcare, consumer discretionary, financials,industrials, and others. This distribution can vary over time as the market value of the sectors change. Regardingvolatility, the S&P 500, like all market indices, has experienced periods of significant daily price movements. Historicallynotable periods of volatility include the Black Monday crash in 1987, the dot-com bubble burst around 2000, the financial crisisof 2008, and the market reactions to the COVID-19 pandemic in early 2020. However, the specific degree of volatility can varyand is subject to change based on overall market conditions. Despite these periods of volatility, the Index has shown long-termgrowth over its history.