Defiance Daily Target 2X Long DRAM ETF
DRAL
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- Tidal ETF Trust II – Defiance Daily Target 2X Long DRAM ETF is a U.S.-domiciled, exchange-traded fund designed to provide leveraged, short-term exposure to the semiconductor-memory industry. Trading under the ticker DRAL on Cboe BZX Exchange, the Fund seeks daily investment results, before fees and expenses, equal to two times (200%) the daily percentage change in the share price of the Roundhill Memory ETF (ticker: DRAM). The Fund is intended principally for active investors seeking a tactical bullish view on companies associated with dynamic random-access memory and other semiconductor-memory products, including businesses participating in the artificial-intelligence infrastructure buildout. DRAL does not directly invest in DRAM; instead, it obtains exposure through derivatives and may hold total-return swaps, options, cash and cash equivalents, U.S. government securities, short-term debt instruments, corporate debt securities and other investment-company securities to support its leveraged investment strategy. The Fund is actively managed by Tidal Investments LLC, with Defiance ETFs serving as the brand and investment-adviser platform for certain Defiance-branded ETFs. It was formed on June 24, 2026, is domiciled in the United States, and is associated with Tidal ETF Trust II, headquartered at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin. DRAL’s principal recent development is its June 2026 launch by Defiance ETFs as a single-ticker, daily-reset 2x leveraged vehicle linked to the Roundhill Memory ETF; the launch expands Defiance’s leveraged thematic ETF range and provides investors with dedicated exposure to the semiconductor-memory theme without requiring a margin account.