Defiance Daily Target 2X Long NOK ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 6 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About LNOK

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 two times(2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods,the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading,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. This daily rebalancing is expected to result in high portfolio turnover. Forexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “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 to have 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 swap agreements or as premiums for purchased options contracts. TheFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to resultin a 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. NokiaCorporation (“NOK”) NokiaCorporation is a Finland-based multinational technology company that develops and licenses telecommunications equipment, networkinfrastructure, and related services, with operations spanning mobile networks, cloud technologies, and advanced research in connectivity.The ADRs of NOK are listed on the New York Stock Exchange (“NYSE”). Per NOK’s most recent Form 20-F filing,the number of outstanding shares of each of its classes of capital or common stock as of December 31, 2024, was approximately5.6 million shares. NOKis registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).Information provided to or filed with the SEC by NOK pursuant to the Exchange Act can be located by reference to SEC file number1-13202 through the SEC’s website at www.sec.gov. In addition, information regarding NOK may be obtained from other sourcesincluding, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Thisdocument relates only to the securities offered hereby and does not relate to the shares of NOK or other securities of Nokia Corporation.The Fund has derived all disclosures contained in this document regarding NOK from the publicly available documents. None of theFund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparationof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to NOK.None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly availabledocuments or any other publicly available information regarding NOK is accurate or complete. Furthermore, the Fund cannot giveany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completenessof the publicly available documents described above) that would affect the trading price of NOK (and therefore the share priceof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or thedisclosure of or failure to disclose material future events concerning NOK could affect the value received with respect to thesecurities and therefore the 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 NOK. NONEOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH NOKIA CORPORATION. THE FUNDWAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, NOKIA CORPORATION. Moreover,Nokia Corporation has not participated in the development of the Fund’s investment strategy. Nokia Corporation does notselect or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementationof the Fund. Nokia Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance.Nothing herein shall be construed as an offer of any security by Nokia Corporation. Noneof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by NOKor its affiliates. All rights in the trademarks are reserved by their respective owners. Dueto the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assignedto the Underlying Security. As of the date of the Prospectus, NOK is assigned to the Communications Equipment industry.

LNOK News

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