AUS — Defiance Silver Autocallable ETF

AUS Fund Overview

AUS — Defiance Silver Autocallable ETF is a US ETF managed by Tidal Trust II, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust II
• Category: Money Market
• Ticker: AUS
• SEC CIK: 0001924868
• SEC series ID: S000105470
• Share class ID: C000276246

AUS Investment Objective and Strategy

Defiance Silver Autocallable ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust II.

Investment objective

The Fund seeks long-term capital appreciation.

Principal investment strategy

Overview The Fund is an actively managed exchange-traded fund (ETF) that seeks long-term capital appreciation from a structured strategy tied to equity market conditions, rather than direct participation in equity market returns. The strategy uses swap agreements tied to a model portfolio of autocallable investments whose performance depends on part on coupon payments and other outcomes based on market conditions. The strategy aims to generate positive returns across different market environments, but that involves tradeoffs, including limited upside in strong markets and exposure to losses in declining markets. The Fund does not invest directly in autocallable securities or in an index. Instead, it uses swap agreements (a type of derivative instrument) to gain exposure to the performance of a model-based index (the Autocallable Index).

The Autocallable Index simulates the performance of a portfolio of autocallable instruments. In turn, each autocallable instrument is linked to a separate market index, here, the Cboe Edge Silver 35% Volatility Target 6% Decrement Index (the Underlying Reference Index). The level of the Underlying Reference Index determines whether each autocallable instrument modeled in the Autocallable Index pays coupons, is redeemed early, or incurs losses. Those outcomes drive the performance of the Autocallable Index and, in turn, affect the Funds performance. Important : The Fund does not invest directly in silver. The Fund does not invest directly in derivatives that track the performance of silver. Investors seeking direct exposure to the price of silver should consider an investment other than the Fund.

Autocallable Strategy Overview Autocallables are structured investments that can: ? pay coupons if the Underlying Reference Index is above a set level on specified observation dates, ? be redeemed early if the Underlying Reference Index reaches a specified level on specified observation dates, and ? lose value if the Underlying Reference Index declines below a set level at maturity. If the Underlying Reference Index does not meet the required levels on the relevant observation date, no coupon payment is generated for that period. If an autocallable is redeemed early based on the level of the Underlying Reference Index on the relevant observation date, it stops generating coupon payments. If an autocallable reaches maturity and the Underlying Reference Index is below a specified level, losses occur and such losses increase as the Underlying Reference Index declines further.

When an autocallable incurs a loss, that loss is reflected as a loss in the Autocallable Index, and this modelled loss impacts the returns the Fund receives through its swap agreements. When an autocallable generates a coupon, that coupon is reflected as a positive return component in the Autocallable Index (which assumes the coupon is reinvested), and this modeled return component contributes to the returns the Fund receives through its swap agreements. The Autocallable Index The Autocallable Index is a rules-based model. It does not hold actual investments. The Autocallable Index: ? models a portfolio of autocallables, each linked to the Underlying Reference Index, ? uses the level of the Underlying Reference Index on scheduled observation dates to determine outcomes for each modeled autocallable, and ?

combines modeled coupon payments, early redemptions, reinvestment, and losses into a single index value. The Autocallable Index assumes positions are added over time and that proceeds (whether from coupons, upon early redemption or maturity) are reinvested. Its performance is based on assumptions and may differ from real-world results. Although the Autocallable Index is designed to reflect prevailing market conditions and the performance of relevant market measures, its performance is hypothetical and based on assumptions that may differ from the terms, pricing, liquidity, and performance of actual autocallable investments available in the market. The Fund does not invest directly in the Autocallable Index. Instead, it uses swap agreements to seek returns linked to the Indexs Autocallable performance.

Changes in the Autocallable Index level, including the effect of its modeled proceeds or losses, are reflected in the value of the Funds swap positions and, in turn, the Funds overall performance, but do not result in direct cash payments to and from the Fund. The Autocallable Index is sponsored and maintained by Citigroup Global Markets Limited. The autocallables included in the Autocallable Index are hypothetical instruments and are not actual tradable securities. Rather, the Autocallable Index reflects the performance of a hypothetical portfolio of autocallables that is maintained in accordance with the indexs rules-based methodology established by Citigroup Global Markets Limited. Portfolio Construction/Management Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in swap agreements that provide exposure to the Autocallable Index.

For purposes of compliance with this investment policy, the swaps will be valued at their notional value. The Adviser actively manages the Fund by exercising discretion over the level, timing, and composition of the Funds swap exposures, including using staggered entry points (as described below), and by adjusting those exposures in response to market conditions, pricing, and risk considerations. The Fund expects to obtain most of its exposure through unfunded total return swaps (derivatives that do not require full upfront payment; the Fund exchanges index returns for a financing payment with a counterparty). Unlike fully funded swaps, which typically require the Fund full upfront payment, unfunded swaps generally require posting of collateral (margin) upfront and periodic payments. Using unfunded swaps, the Adviser can manage the Funds exposure using staggered entry points, (i.e., entering into positions at different times rather than all at once), which may reduce the Funds sensitivity to any single market entry point and help produce a more even pattern of modeled cash flows over time.

The Funds returns from these swaps are generally reflected as changes in the value of the swaps and/or periodic net payments, rather than as direct receipt of income from underlying investments Additional Fund Attributes The Fund may invest in short-term U.S. Treasury securities (with one year or less to maturity), cash and cash equivalents, and other eligible collateral investments to meet margin requirements and manage liquidity. Eligible collateral investments include investment-grade fixed income securities; floating- or variable-rate instruments (including benchmark-linked notes) issued by governments or U.S. or European investment-grade companies; commercial paper; and money market funds. The Fund is classified as non-diversified under the 1940 Act, which means it may invest in a smaller number of holdings than a diversified fund.

The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. To the extent the Underlying Reference Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will have concentrated investment exposure to approximately the same extent as the Index. The Underlying Reference Index The Cboe Edge Silver 35% Volatility Target 6% Decrement Index (the Underlying Reference Index) measures the performance of a strategy that uses leverage (borrowing or increased market exposure intended to amplify gains and losses) to obtain exposure to a silver-related exchange-traded fund (ETF) index (the Equity Component). The Equity Component is based on silver ETFs, including ETFs such as iShares Silver Trust (SLV), and is intended to reflect the performance of those silver ETFs.

The amount of leverage used by the Underlying Reference Index is determined using a forward-looking estimate of market volatility (the expected level of market price fluctuations). The Underlying Reference Index is made up of five separate subindices, each of which rebalances (adjusts its exposure) on a different day of the week. On each rebalancing date, the amount of leverage is determined based on a target volatility level and implied volatility (market expectations of future volatility) derived from options on SLV. Each subindex is also subject to a leverage cap, which limits the maximum amount of exposure it can obtain. The overall index seeks to maintain equal weighting among the five subindices by rebalancing each subindex on its scheduled rebalancing day. The Underlying Reference Index does not maintain a fixed exposure to the Equity Component.

Instead, it increases or decreases its exposure based on market conditions. In generally calmer markets, when expected volatility is lower, the Index may increase its exposure to the Equity Component. In more volatile markets, when expected volatility is higher, the Index may reduce its exposure and increase its allocation to a cash position. In addition, the Underlying Reference Index reflects certain assumed trading and financing costs, referred to as a decrement, associated with maintaining and rebalancing exposure to the Equity Component. A decrement is a daily deduction that reduces the Index level over time, regardless of market performance. These deductions are intended to reflect costs that could be incurred in implementing the Indexs methodology, but they act as a consistent drag on returns.

Third-Party Information Indices : None of the Fund, Tidal Trust II (the Trust), the Adviser or their respective affiliates makes any representation to you as to the performance of the Autocallable Index or the Underlying Reference Index. NONE OF THE FUND, THE TRUST, THE ADVISER ARE AFFILIATED OR ENDORSED BY THE AUTOCALLABLE INDEX OR THE UNDERLYING REFERENCE INDEX . The Fund was not developed or created by, and is not sponsored, endorsed, or approved by the index provider, sponsor, or owner of any of the Autocallable Index, the Underlying Reference Index , or any of their respective affiliates (collectively, the Index Providers), including Citigroup Global Markets Limited in its capacity as sponsor and maintainer of the Autocallable Index. The Index Providers do not make any representation regarding the advisability of investing in the Fund.

The Fund was not developed, issued, sponsored, endorsed, sold, or promoted by any Index Provider. No Index Provider participated in the determination of the Funds investment strategy, the design or construction of the Fund, or the selection of the Funds portfolio holdings. The provider of the Autocallable Index has contracted with CBOE Global Indices, LLC to license the Underlying Reference Index in connection with the Autocallable Index. The Autocallable Index is not owned, endorsed, or approved by or associated with the Underlying Reference Index. The Autocallable Index and the Underlying Reference Index are calculated and maintained independently of the Fund, the Trust, and the Adviser. The Index Providers do not provide any assurances, guarantees, or representations, express or implied, regarding the accuracy, completeness, or timeliness of any index data or the results obtained by the Fund.

An investment in the Fund is not an investment in any security issued or sponsored by any Index Provider. All rights in trademarks are reserved by their respective owners. SLV : iShares Silver Trusts (SLV) is a grantor trust and its investment objective is to reflect generally the performance of the price of Silver, before payment of SLVs expenses and liabilities. SLV is a passively-managed fund that primarily invests in Silver and may also hold cash. The investment strategy of SLV involves holding Silver bullion, which is stored in secure vaults. SLV is listed on the NYSE Arca stock exchange.

AUS Costs and Fees

AUS costs about $101 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.01%
• Gross expense ratio: 1.01%

AUS Debt Constituents

No individual debt constituents are reported in Defiance Silver Autocallable ETF's latest SEC N-PORT filing.

AUS Prospectus and SEC Filings

Official Defiance Silver Autocallable ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-06-22

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Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.