Defiance Daily Target 2X Long PL ETF
Data updated: 2026-09-28
C000269224 — Defiance Daily Target 2X Long PL ETF. Leveraged · $8.24M AUM · 1.42% expense ratio. Holdings, fees, performance and SEC filings.
C000269224 Fund Overview
Defiance Daily Target 2X Long PL ETF is a US ETF managed by Tidal Trust II, categorised as Leveraged. 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: Leveraged
- Assets under management: $8.24M
- SEC CIK: 0001924868
- SEC series ID: S000099448
- Share class ID: C000269224
C000269224 Investment Objective and Strategy
Defiance Daily Target 2X Long PL 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 daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Planet Labs PBC (NYSE: PL). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.
Principal investment strategy
The Fund is an actively managed exchange traded fund (ETF) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A single day means the period from the close of regular trading on one trading day to the close on the next trading day. If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods.
During such periods, the Funds actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Securitys share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or swapped between the parties is calculated with respect to a notional amount, (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.
The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Funds daily investment objective.
In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective. At the end of each day, the Funds swaps and options are valued using market valuations and the Funds investment adviser rebalances the Funds holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Securitys share price. This daily rebalancing is expected to result in high portfolio turnover. For examples of a hypothetical investment in the Fund, see the section in the Funds Prospectus titled see Additional Information About the Fund Principal Investment Strategies.
Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Securitys performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality. The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Securitys shares.
The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts. The Fund is classified as non-diversified under the 1940 Act. The Funds investment strategy is expected to result in a high annual portfolio turnover rate. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Securitys shares over the same period. The Fund will lose money if the Underlying Securitys performance is flat over time, and because of daily rebalancing, the Underlying Securitys shares volatility and the effects of compounding, the Fund may lose money over time while the Underlying Securitys performance increases over a period longer than a single day.
As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day. Planet Labs PBC (PL) Planet Labs PBC designs and operates a large fleet of satellites to image the Earths entire landmass daily. It provides this data, along with analytics and software, to businesses and governments via a subscription-based platform to help them understand and make decisions based on global changes. PL is listed on the New York Stock Exchange (NYSE). Per PLs most recent Form 10-K filing, as of July 31, 2024, the aggregate market value of the voting and non-voting stock held by non-affiliates of PL was approximately $598 million based upon the closing price of PLs Class A common stock on such date on the NYSE. PL is organized as a Delaware public benefit corporation and registered under the Securities Exchange Act of 1934, as amended (the Exchange Act) and subject to the informational requirements of the Exchange Act.
Information provided to or filed with the SEC by PL pursuant to the Exchange Act can be located by reference to SEC file number 001-40166 through the SECs website at www.sec.gov. In addition, information regarding PL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of PL or other securities of Planet Labs PBC. The Fund has derived all disclosures contained in this document regarding PL from the publicly available documents. None of the Fund, Tidal Trust II (the Trust), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to PL.
None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding PL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning PL could affect the value received with respect to the securities and therefore the value of the securities.
None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of PL. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH PLANET LABS PBC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PLANET LABS PBC. Moreover, Planet Labs PBC has not participated in the development of the Funds investment strategy. Planet Labs PBC does not select or approve the Funds portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Planet Labs PBC does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Planet Labs PBC.
None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by PL or its affiliates. All rights in the trademarks are reserved by their respective owners. Due to the Funds investment strategy, the Funds investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, PL is assigned to the Professional Services industry.
C000269224 Holdings
Top 2 holdings of Defiance Daily Target 2X Long PL ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Treasury Bill | 36.81% |
| First American Government Obli | 2.36% |
C000269224 Portfolio Allocation
Asset-class allocation of Defiance Daily Target 2X Long PL ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 36.8% |
| Cash & Equivalents | 2.4% |
C000269224 Performance
Total returns for C000269224 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -60.0% |
C000269224 Costs and Fees
C000269224 costs about $142 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.42%
- Gross expense ratio: 1.42%
- Portfolio turnover: 0%
- Brokerage commissions: 23.98 bps of average net assets (SEC N-CEN)
C000269224 Cashflows
Over the 12 months to 2026-07, Defiance Daily Target 2X Long PL ETF had net inflows of $35.78M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | −$6.07M |
| 2026-06 | $36.47M |
| 2026-05 | −$3.71M |
| 2026-04 | $2.97M |
| 2026-03 | −$1.02M |
| 2026-02 | $773.11K |
C000269224 Debt Constituents
Largest debt holdings of Defiance Daily Target 2X Long PL ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury Bill | 36.81% |
C000269224 Prospectus and SEC Filings
Official Defiance Daily Target 2X Long PL ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Leveraged funds tracked on ABC INVEST:
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.