Defiance Daily Target 2X Short SMCI ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 6 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SMCZ
TheFund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentagechange in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts.The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not forany other period. A “single day” is defined as being calculated “from the close of regular trading on one tradingday to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act. TheFund’s investment strategy is expected to result in a high annual portfolio turnover rate. 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 2 timesthe inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. Duringsuch periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and atthe close of trading, potentially resulting in significantly lower returns. TheFund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into oneor more swap agreements with major financial institutions for a specified period ranging from one day to more than one year wherebythe Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realizedon the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped”between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument)e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of eachday, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’sholdings in an attempt to maintain short exposure for the Fund equal to -200% of 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. 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 performance; c) period of time; d) financing rates associated withinverse exposure; and e) other Fund expenses. TheFund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money marketfunds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecuredpromissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investmentadviser as collateral for the Fund’s swap agreements. TheFund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instrumentswith economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.For purposes of the 80% policy, derivatives will be valued at notional value. Dueto the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the industry assigned to theUnderlying Security. As of the date of the Prospectus, SMCI is assigned to the Technology Hardware, Storage & Peripheralsindustry. TheFund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchasedoptions contracts. 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 over the same period. The Fund will lose money if the Underlying Security’s performanceis flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, theFund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day.As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day. SuperMicro Computer, Inc. (“SMCI”) Thisprospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Super Micro Computer, Inc.(Nasdaq: SMCI). SMCIdesigns and manufactures high-performance computer server solutions, storage systems, and networking devices for a diverse rangeof customers, including data centers, cloud computing providers, and enterprises. SMCI’s offerings encompass scalable andcustomizable hardware solutions for various workloads. SMCI is listed on the Nasdaq Global Select Market (“Nasdaq”).Per SMCI’s most recent Form 10-K filing, the aggregate market value of the common stock held by non-affiliates of SMCI (basedon the last reported sale price of its common stock on December 31, 2023 on the Nasdaq Global Select Market) was approximately$13.5 billion. SMCIis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). SMCI is subject to the informationalrequirements of the Exchange Act. Information provided to or filed with the SEC by SMCI pursuant to the Exchange Act can be locatedby reference to the SEC file number 001-33383 through the SEC’s website at www.sec.gov. In addition, information regardingSMCI may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminateddocuments. Thisdocument relates only to the securities offered hereby and does not relate to the shares of SMCI or other securities of SMCI.The Fund has derived all disclosures contained in this document regarding SMCI 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 SMCI. 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 SMCI 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 SMCI (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 SMCI 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 SMCI. NONEOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SUPER MICRO COMPUTER, INC.THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SUPER MICRO COMPUTER, INC. Moreover,Super Micro Computer, Inc. has not participated in the development of the Fund’s investment strategy. Super Micro Computer,Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementationof the Fund. Super Micro Computer, Inc. does not provide any assurances, guarantees, or representations regarding the Fund orits performance. Nothing herein shall be construed as an offer of any security by Super Micro Computer, Inc. Noneof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SMCIor its affiliates. All rights in the trademarks are reserved by their respective owners.
SMCZ News
Data for SMCZ is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.