Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (QQQY)
listed on The Nasdaq Stock Market, LLC
Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE)
Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY)
listed on NYSE Arca, Inc.
(each, a “Fund,” together, the “Funds”)
August 21, 2025
Supplement to the Summary Prospectuses, Prospectus
and Statement of Additional Information (“SAI”),
each dated December 30, 2024
This supplement supersedes the supplement filed July 23, 2025, which provided notification of a change in each Fund’s investment objective, principal investment strategies and name. Per the July 23, 2025 supplement, these changes were intended to take effect on or about August 25, 2025. These changes have been delayed until on or about September 23, 2025. Refer to the disclosure below for a summary of these changes.
Important Notice Regarding Change in Investment Objective
The purpose of this supplement is to provide notice of a change in each Fund’s investment objective. On or about September 23, 2025, each Fund’s investment objective will change as follows:
| Fund | Current Investment Objective | New Investment Objective |
| Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF |
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective is to seek exposure to the performance of the Nasdaq 100 Index (the “Index”) subject to a limit on potential investment gains.
|
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective
is to seek exposure to the performance of the Nasdaq 100 Index (the “Index”)
|
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Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
| Defiance S&P 500 Enhanced Options & 0DTE Income ETF |
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective is to seek exposure to the performance of the S&P 500 Index (the “Index”) subject to a limit on potential investment gains.
|
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective
is to seek exposure to the performance of the S&P 500 Index (the “Index”)
|
| Defiance R2000 Enhanced Options & 0DTE Income ETF |
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective is to seek exposure to the performance of the Russell 2000 Index (the “Index”) subject to a limit on potential investment gains.
|
The Fund’s primary investment objective is to seek current income.
The Fund’s secondary investment objective
is to seek exposure to the performance of the Russell 2000 Index (the “Index”)
|
The change in each Fund’s investment objective is related to corresponding changes to each Fund’s principal investment strategies, which will take effect at the same time. Under each Fund’s new principal investment strategies, the Fund will seek to provide current income by maintaining long exposure to its reference index and selling a daily call option spread on that index. Each Fund will target a distribution yield of approximately 30%. This approach is designed to generate consistent income while more fully participating in the gains of the underlying index. This represents a shift from each Fund’s current strategy, which generates income by selling a daily put option on the index, which caps the upside capture of index gains on a daily basis.
Also effective on or about September 23, 2025, each Fund’s name is expected to change to better reflect its revised investment objective and principal investment strategies. While each Fund’s new name has not yet been finalized, it will be disclosed on or before the foregoing changes take effect.
Please retain this Supplement for future reference.
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