WDTE is actively managed, seeking daily income and monthly distributions by utilizing an index put-write strategy. Any distribution made will be taxed at the higher ordinary income rate. The strategy involves daily selling of S&P 500 Index put options that are either at-the-money or up to 5% in-the-money, expiring the next trading day or the same day (0DTE). The option positions become profitable if the S&P 500 Index increases in value. The fund will not directly or fully participate in the gains of the index. Even during periods of adverse market conditions, the fund will not seek defensive positions. WDTE is the first put-write ETF to use daily options on the S&P 500. As such, the funds risk and return potential will fluctuate daily. A significant portion of the fund will be held in short-term US Treasurys, which will serve as collateral for the short put option positions. Prior to Sep. 26, 2024, the fund traded as Defiance S&P 500 Enhanced Options Income ETF (Ticker: JEPY).