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The document also reiterates key prospectus risk disclosures about daily leveraged objectives, compounding effects, volatility impact, and suitability limitations for sophisticated investors.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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change does the supplement make effective April 17, 2026?","Question",{"text":63,"@type":64},"The supplement updates the Fund’s ticker symbol, replacing XAIL with SPCL, and amends all references in the Summary Prospectus, Statutory Prospectus, and SAI to reflect the new symbol.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What investment objective does the Fund pursue?",{"text":68,"@type":64},"The Fund seeks daily leveraged investment results, before fees and expenses, corresponding to two times (200%) the performance of an actively-managed group of “pure space” securities for a single day.",{"name":70,"@type":61,"acceptedAnswer":71},"Why may the Fund’s return over more than one trading day differ from 2X?",{"text":72,"@type":64},"Because the Fund targets daily leveraged results, returns for periods longer than a full trading day result from compounded daily returns and can differ in magnitude and possibly direction from 200% of the Target Portfolio’s daily 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Nos. 333-264478; 811-23793  \nDefiance Pure Space Daily 2X Strategy ETF (XAIL)  \n(the “Fund”)  \nlisted on Cboe BZX Exchange, Inc.  \nApril 17, 2026  \nSupplement to the Summary Prospectus, Statutory Prospectus and Statement of Additional Information (“SAI”), each dated April 7, 2026  \nEffective immediately, the Fund’s ticker symbol is changed in accordance with the following chart. Accordingly, all references to the Fund’s ticker symbol in the Summary Prospectus, Statutory Prospectus and SAI are hereby amended and restated to reflect the Fund’s new ticker symbol.  \n\n| Old Ticker Symbol | New Ticker Symbol |\n| --- | --- |\n| XAIL | SPCL |\n\nPlease retain this Supplement for future reference.  \nDefiance Pure Space Daily 2X Strategy ETF (XAIL)  \nlisted on Cboe BZX Exchange, Inc.  \nPROSPECTUS  \nApril 7, 2026  \nThe U.S. Securities and Exchange Commission (the “SEC”) has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.  \nThe Fund seeks daily leveraged investment results and is intended to be used as a short-term trading vehicle.  \nThe Fund attempts to provide daily investment results that correspond to two times (200%) the share price performance of an actively-managed group of equity securities (the “Target Portfolio”).  \nThe Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund is very different from most mutual funds and exchange-traded funds. Investors should note that:  \n(1) The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of the Target Portfolio.  \n(2) Seeking to replicate the daily leveraged performances of the Target Portfolio’s market value means that the return of the Fund for a period longer than a full trading day will be the product of a series of daily returns for each trading day during such period held.  \nAs a consequence, especially in periods of market volatility, the volatility of the market value of the Target Portfolio may affect the Fund’s return as much as, or more than, the Target Portfolio’s return. The performance of the Fund for periods longer or shorter than a single day will very likely differ in amount, and possibly even direction, from 200% of the daily return of the Target Portfolio’s market value for the same period, before accounting for fees and expenses. The Fund may not perform as expected.  \nThe Fund is not suitable for all investors. The Fund is designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Investors in the Fund should:  \n(a) understand the risks associated with the use of leverage;  \n(b) understand the consequences of seeking daily leveraged investment results; and  \n(c) intend to actively monitor and manage their investments.  \nInvestors who do not understand the Fund, or do not intend to actively manage their funds and monitor their investments, should not buy shares ofthe Fund.  \nThere is no assurance that the Fund will achieve its investment objective and an investment in the Fund could lose a substantial amount of money over a short period of time. The Fund is not a complete investment program.  \nThe Fund’s investment adviser will not attempt to position the Fund’s derivatives portfolio to ensure that the Fund does not gain or lose more than a maximum percentage of its net asset value on a given trading day.  \nAs a consequence, if the Target Portfolio’s market value decreases by more than 50% on a given trading day, the Fund’s investors could lose all of their money.  \nTABLE OF CONTENTS  \nSummary Information 1  \nAdditional Information About the Fund 13  \nPortfolio Holdings 27  \nManagement 28  \nHow to Buy and Sell Shares 29  \nDividends, D","cbCaifeatcOZ6jYw","https://ap.wps.com/l/cbCaifeatcOZ6jYw","pdf",672048,38,"English","# Summary Information\n## Important Information About the Fund\n# Additional Information About the Fund\n## Portfolio Holdings\n## Management\n## How to Buy and Sell Shares\n## Dividends, Distributions, and Taxes\n## Distribution\n## Premium/Discount Information\n## Additional Notices\n## Financial Highlights","[{\"question\":\"What change does the supplement make effective April 17, 2026?\",\"answer\":\"The supplement updates the Fund’s ticker symbol, replacing XAIL with SPCL, and amends all references in the Summary Prospectus, Statutory Prospectus, and SAI to reflect the new symbol.\"},{\"question\":\"What investment objective does the Fund pursue?\",\"answer\":\"The Fund seeks daily leveraged investment results, before fees and expenses, corresponding to two times (200%) the performance of an actively-managed group of “pure space” securities for a single day.\"},{\"question\":\"Why may the Fund’s return over more than one trading day differ from 2X?\",\"answer\":\"Because the Fund targets daily leveraged results, returns for periods longer than a full trading day result from compounded daily returns and can differ in magnitude and possibly direction from 200% of the Target Portfolio’s daily performance.\"}]","Defiance Pure Space Daily 2X Strategy ETF (XAIL) - Prospectus Supplement - ticker symbol changed | PDF",96]