DEFIANCE NEXT GEN SPAC DERIVED ETF ETF

The investment seeks to track the total return performance, before fees and expenses, of the Indxx SPAC & NextGen IPO Index. The index tracks the performance of the U.S.-listed common stock of Special Purpose Acquisitions Corporations (?SPACs?) and companies derived from SPACs. SPACs are companies with no commercial operations that are established solely to raise capital from investors for the purpose of acquiring one or more operating businesses. It invests at least 80% of its net assets in SPACs and SPAC-derived companies. The fund is non-diversified.