The Defiance Daily Target 2X Long HIMS ETF (referred to as "the Fund") is structured to generate daily investment outcomes equivalent to double (200%) the daily percentage fluctuation in the share price of Hims & Hers Health, Inc. (NYSE: HIMS). Given its pursuit of daily magnified returns, this Fund operates distinctly from the vast majority of other exchange-traded funds, and success in meeting its specific objective cannot be guaranteed. Investors should understand that the Fund is not intended to deliver a cumulative return of two times that of HIMS over timeframes exceeding a single trading day.