Tidal Trust II - Defiance Daily Target 2X Short ASTS ETF
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- Tidal Trust II – Defiance Daily Target 2X Short ASTS ETF is a U.S.-domiciled, non-diversified actively managed exchange-traded fund that seeks to provide daily inverse investment results, before fees and expenses, equal to -2 times (-200%) the daily percentage change in the share price of AST SpaceMobile, Inc. (Nasdaq: ASTS). The Fund, trading under the ticker ASTN on Cboe, offers a single-stock leveraged inverse investment vehicle designed for knowledgeable, short-term-oriented investors seeking bearish daily exposure to AST SpaceMobile, a developer of low-Earth-orbit satellite-based cellular broadband networks. ASTN does not provide direct ownership of AST SpaceMobile shares and its shareholders do not receive voting, dividend, or other shareholder rights in AST SpaceMobile. The Fund’s principal investment products and instruments consist of total-return swap agreements referencing AST SpaceMobile common stock; listed options contracts, when utilized; cash and cash equivalents; and U.S. Treasury securities and other collateral or short-term instruments. It uses these derivatives and collateral positions to establish and rebalance daily leveraged inverse exposure to ASTS. The Fund resets its investment exposure each trading day and is not intended to achieve its -200% target for periods longer than one day; returns over longer holding periods may differ materially from twice the inverse of AST SpaceMobile’s cumulative return because of daily compounding, volatility, derivative pricing, fees and expenses, and portfolio rebalancing. ASTN was formed and commenced operations on February 5, 2026, and is sponsored under the Tidal Trust II trust structure. It is issued under the Defiance ETFs brand and managed by Tidal Investments LLC, serving U.S. exchange-traded-fund investors through the U.S. capital markets. The Fund is part of Defiance ETFs’ daily-target leveraged and inverse single-stock ETF platform, which provides tactical exposure to selected public companies and market themes through exchange-listed funds. The principal recent strategic development is the Fund’s launch in February 2026. Defiance ETFs announced ASTN on February 6, 2026 as the first exchange-traded fund designed to deliver -2x daily inverse exposure to AST SpaceMobile. The launch expanded Defiance’s single-stock leveraged and inverse ETF lineup into satellite connectivity and space-based telecommunications, enabling traders to express short-term bearish views on AST SpaceMobile through an exchange-traded structure rather than through direct short selling or individually negotiated derivatives.