Tidal Trust II – Defiance Daily Target 2X Long STX ETF is a non-diversified U.S.-domiciled exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the daily percentage change in the share price of Seagate Technology Holdings plc (Nasdaq: STX). The fund provides actively managed, short-term leveraged exposure to Seagate through derivative instruments rather than direct ownership of Seagate shares; its principal instruments include total-return swap agreements referencing Seagate common stock, options contracts, U.S. Treasury bills, government money-market fund holdings, cash and other collateral. The fund rebalances its portfolio daily to maintain targeted 2x exposure and is intended for knowledgeable investors seeking tactical bullish exposure to Seagate’s data-storage technology business, including its hard disk drive, solid-state drive and data-management activities across enterprise, cloud and consumer markets. The fund does not seek to achieve its objective over periods longer than one trading day, and compounded returns over longer periods may differ materially from twice Seagate’s cumulative return. Tidal Trust II – Defiance Daily Target 2X Long STX ETF was formed on April 22, 2026, is sponsored by Defiance ETFs LLC, and is advised by Tidal Investments LLC, which is headquartered in Milwaukee, Wisconsin. The fund trades under the ticker STXL and operates in the U.S. exchange-traded products market. Its most significant recent development is its April 2026 launch by Defiance ETFs, which expanded Defiance’s single-stock leveraged ETF lineup with a vehicle designed to provide 2x daily long exposure to Seagate Technology Holdings plc.