Defiance Daily Target 2X Long MP ETF
MPL
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- Tidal Trust II - Defiance Daily Target 2X Long MP ETF (MPL) is an actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of MP Materials Corp. (NYSE: MP), the only integrated rare earth mining and processing company of scale in North America. The fund primarily invests through derivatives, including swap agreements with financial institutions and short-dated in-the-money listed call options, to achieve this leveraged long exposure; it may also hold U.S. government securities, money market funds, short-term bond ETFs, and investment-grade corporate debt as collateral. Designed for short-term use by active traders expressing bullish views on MP Materials and the rare earth or clean energy sectors without a margin account, the fund operates in the leveraged equity segment targeting materials and metals & mining industries. Tidal Trust II, the issuer, is a statutory trust headquartered in Wilmington, Delaware, with principal executive offices at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin; the trust was created in 2022. The Defiance Daily Target 2X Long MP ETF (MPL) launched on October 20, 2025, with an expense ratio of 1.31% and assets under management of approximately $7.9 million as of late 2025. In recent developments, Tidal Financial Group, associated with Tidal Trust II, announced a strategic recapitalization with Insignia Capital Group in September 2025 to support ETF platform expansion amid over 270 ETFs managed and $45 billion in assets; it also formed a partnership with FundVantage Trust in October 2025 to streamline ETF launches, integrating trust services, administration, compliance, and trading. The fund began trading on Nasdaq around November 19, 2025, reflecting ongoing product innovation in single-stock leveraged ETFs.