Tidal Trust II – Defiance Daily Target 2X Long VELO ETF is a U.S.-domiciled, actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, equal to two times (200%) the daily percentage change in the share price of Velo3D, Inc. (Nasdaq: VELO). Trading under the ticker VELL, the Fund provides leveraged long, single-stock exposure principally for active and sophisticated investors seeking short-term bullish exposure to Velo3D, an advanced metal additive-manufacturing company serving technology-related end markets, including space exploration, aviation, defense and energy. The Fund does not seek to achieve its stated objective over periods longer than a single trading day and may experience performance that differs materially from two times the cumulative performance of VELO over longer holding periods. The Fund’s investment products and services consist of daily 2x leveraged exposure to VELO common-stock price movements; derivatives-based portfolio implementation through total-return swap agreements and/or listed options contracts; creation and redemption of ETF shares in Creation Units through authorized participants; and exchange-traded access to leveraged equity exposure. Tidal Investments LLC, a Tidal Financial Group company headquartered in Milwaukee, Wisconsin, serves as investment adviser, while Defiance ETFs acts as the brand sponsor and markets the Fund within its single-stock leveraged ETF lineup. The Fund invests in U.S. public-equity markets indirectly through derivatives and may hold cash, U.S. Treasury instruments, money-market instruments and other collateral to support its exposure. Tidal Trust II – Defiance Daily Target 2X Long VELO ETF was launched in June 2026 and is listed on Cboe BZX Exchange, Inc. Recent major developments include Defiance ETFs’ June 2026 launch of VELL as its first daily 2x long ETF tied to Velo3D, expanding Defiance’s suite of leveraged products designed to provide tactical exposure to individual growth-oriented companies; the Fund was registered as one of several new Tidal Trust II series in 2026.