Defiance Daily Target 2X Long Copper Miners ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 7 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About COPZ

TheFund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentagechange in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts.The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day”means the period “from the close of regular trading on one trading day to the close on the next trading day.” Ifthe Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterpartyissues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to twotimes (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During suchperiods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close oftrading, potentially resulting in significantly lower returns. TheFund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one dayto longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (ordifferentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaningthe return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated withrespect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in valueof a particular dollar amount representing the Underlying Security. TheFund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarilyemploy short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of theUnderlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similarexposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow theFund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affectthe availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’sdaily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts.Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typicallyless efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. Atthe end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviserrebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% ofthe Underlying Security’s share price. Forexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “AdditionalInformation About the Fund – Principal Investment Strategies.” Fundperformance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) theUnderlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associatedwith leveraged exposure; and e) other Fund expenses. TheFund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may investin (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) shortterm bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notesissued by businesses that are rated investment grade or of comparable quality.  TheFund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of itsassets as collateral for the swap agreements or as premiums for purchased options contracts. Dueto the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of itstotal assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Securityconcentrates its investments in a particular industry or group of industries to approximately the same extent that its index isconcentrated. As of December 31, 2024, the Underlying Security’s index was concentrated in the metals and mining industryand had significant exposure to the materials sector.  TheFund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to result ina high annual portfolio turnover rate. Becauseof daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer thana single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200%of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’sperformance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility andthe effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases overa period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periodslonger than a single trading day. COPX Thisprospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Global X Copper MinersETF (NYSE Arca: COPX). COPX’s investment objective is to seek to provide investment results that correspond generally tothe price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index (the “COPXIndex”). COPXinvests at least 80% of its total assets in the securities of the COPX Index and in American Depositary Receipts (“ADRs”)and Global Depositary Receipts (“GDRs”) based on the securities in the COPX Index. COPX also invests at least 80%of its total assets in securities of companies that are economically tied to the copper mining industry. Companies economicallytied to the copper mining industry include those engaged in copper mining and/or closely related activities such as explorationand refining. COPX may lend securities representing up to one-third of the value of its total assets (including the value of thecollateral received). The COPX Index is designed to measure broad-based equity market performance of global companies involvedin the copper mining industry. Youcan find COPX’s prospectus and other information about the ETF, including the most recent reports to shareholders, onlineby reference to the Investment Company Act File No. 811-22209 through the SEC’s website at www.sec.gov. Theinformation in this prospectus regarding COPX comes from its filings with the SEC. You are urged to refer to the SEC filings madeby COPX and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’sbusiness and financial prospects. The description of COPX’s principal investment strategies contained herein was taken directlyfrom COPX’s prospectus, dated March 1, 2025. Thisdocument relates only to the securities offered hereby and does not relate to the shares of COPX or other securities of COPX.The Fund has derived all disclosures contained in this document regarding COPX from the publicly available documents. None ofthe Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly availableoffering documents or made any due diligence inquiry regarding such documents with respect to COPX. None of the Fund, the Trust,or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publiclyavailable information regarding COPX is accurate or complete. Furthermore, the Fund cannot give any assurance that all eventsoccurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly availabledocuments described above) that would affect the trading price of COPX (and therefore the share price of the Fund at the timewe price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failureto disclose material future events concerning COPX could affect the value received with respect to the securities and thereforethe value of the securities. Noneof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of COPX.  NONEOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH GLOBAL X FUNDS®, COPX OR GLOBAL X MANAGEMENT COMPANY LLC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVEDBY, GLOBAL X FUNDS®, COPX OR GLOBAL X MANAGEMENT COMPANY LLC. Moreover,none of Global X Funds®, COPX or Global X Management Company LLC, has participated in the development of the Fund’sinvestment strategy. None of Global X Funds®, COPX or Global X Management Company LLC selects or approves the Fund’sportfolio holdings, nor do they participate in the construction, design, or implementation of the Fund. None of Global X Funds®,COPX or Global X Management Company LLC provides any assurances, guarantees, or representations regarding the Fund or its performance.Nothing herein shall be construed as an offer of any security by Global X Funds®, COPX or Global X Management CompanyLLC. Noneof the Fund, the Trust, the Adviser, or their respective affiliates, claim any ownership interest in any trademarks owned by GlobalX Funds®, COPX, Global X Management Company LLC or their affiliates. All rights in the trademarks are reservedby their respective owners.

COPZ News

• No recent news found for COPZ.