Tidal Trust II – Defiance Daily Target 2X Long ASTS ETF is an actively managed, exchange-traded fund sponsored by Defiance ETFs LLC and advised by Tidal Investments LLC. The fund seeks daily investment results, before fees and expenses, of 200% of the daily percentage change in the share price of AST SpaceMobile Inc. (Nasdaq: ASTS). It pursues this objective primarily through derivative instruments, including swap agreements and listed options contracts, rather than through direct long-term investment in ASTS common stock. The fund is designed for active traders and other investors seeking leveraged, short-term bullish exposure to AST SpaceMobile, a satellite communications company developing space-based cellular broadband services. ASTY does not seek to achieve its stated objective over periods longer than a single trading day, and compounding may cause returns over longer periods to differ materially from twice the cumulative return of ASTS. The fund trades on Cboe BZX Exchange under the ticker symbol ASTY and was launched on May 20, 2026. Tidal Trust II is a U.S. statutory trust; Tidal Investments LLC, the investment adviser, is headquartered in New York, New York, while Defiance ETFs LLC operates as the fund’s ETF sponsor. Recent developments include the May 2026 launch of ASTY as an addition to Defiance ETFs’ single-stock leveraged ETF lineup and a May 2026 prospectus supplement revising annual fund operating expenses to a 1.29% management fee, 0.02% other expenses and 1.31% total annual operating expenses.