GLS — Defiance Gold LightningSpread™ Income ETF

GLS Fund Overview

GLS — Defiance Gold LightningSpread™ Income 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: GLS
• SEC CIK: 0001924868
• SEC series ID: S000101334
• Share class ID: C000271481

GLS Investment Objective and Strategy

Defiance Gold LightningSpread™ Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust II.

Investment objective

The Funds primary investment objective is to seek current income.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks (i) to generate income and (ii) capital appreciation. The Funds strategy combines (1) synthetic long exposure to the share price of SPDR Gold Shares (the GLD or the Underlying ETP), and (2) the use of options strategies designed to generate options premiums. The Fund will also maintain an allocation to cash, money market funds, or U.S. Treasuries (generally 50% to 100% of assets) to provide liquidity, serve as margin, and collateralize its derivative positions. GLD is a passive, single-asset investment vehicle that, under normal circumstances, predominantly holds gold bullion. GLD is not registered under the Investment Company Act of 1940 and is not subject to the same regulatory requirements applicable to registered investment companies.

From time to time, when the Adviser determines it necessary or appropriate (e.g., due to market, regulatory or operational constraints), the Fund may substitute for the Underlying ETP other pooled vehicles (i.e., other ETFs or exchange-traded products) with substantially similar investment objectives and strategies as the Underlying ETP (Alternative Underlying ETPs). Synthetic Exposure to the Underlying ETP Rather than purchasing shares of the Underlying ETP directly, the Fund seeks to achieve its investment objective by establishing synthetic exposure to the Underlying ETP through derivative instruments. These instruments include combinations of long at-the-money call options and short put options on the Underlying ETP (synthetic long positions), total return swaps referencing the Underlying ETP, and, from time to time, in-the-money call options.

These instruments are designed to provide economic exposure comparable to that of directly holding the Underlying ETP, as their values generally move in close correlation with the price of the Underlying ETP. Through these positions, the Fund seeks to maintain investment exposure approximately equal to 100% of the Underlying ETP over the term of the contracts. However, tracking differences may occur prior to expiration. Options Strategies Seeking Premiums Separately, the Fund employs options strategies focused on generating option premiums. The primary strategy involves selling (writing) put spreads on the Underlying ETP with weekly or shorter expirations. By selling put spreads, the Fund receives premiums from counterparties that pay for the right to sell at a specified price. These premiums are an important driver of the Funds cash distributions.

The Adviser typically executes one or more option trades each week as part of this strategy, although actual results will vary and are not guaranteed. Selling put spreads exposes the Fund to potential losses if the price of the Underlying ETP declines between the strike prices of the sold and purchased puts. While option selling can generate recurring premiums, it also increases downside risk. The Adviser may adjust strike levels, frequency, or other parameters of the options strategy based on market conditions and volatility. The Funds options activity is expected to result in high portfolio turnover. For additional details about the Funds options strategies, see the prospectus section titled Additional Information About the Funds. Cash Distributions The Fund seeks to provide cash distributions on a twice weekly basis.

Options premiums earned through the Funds options strategies contribute to the Funds cash distributions. Actual distribution amounts will vary based on market conditions, realized option premiums, and Fund performance. Distributions may include income, capital gains, and/or a return of capital (ROC). ROC generally represents a return of an investors own capital rather than income generated by the Funds investments. If the Funds returns are insufficient to meet its targeted distribution levels, distributions will reduce the Funds net asset value (NAV). See the prospectus section titled Additional Information About the Funds for further details on ROC and option premiums. Additional Fund Attributes Under normal circumstances, the Fund will invest so that at least 80% of its net assets, plus any borrowings for investment purposes, have economic exposure to the Underlying ETP through derivative instruments.

For the purposes of this policy, Underlying ETP refers to GLD as well as any Alternative Underlying ETPs. The Fund is classified as a non-diversified investment company under the 1940 Act, which means that the Fund may invest a high percentage of its assets in a fewer number of issuers. The Funds investment exposure will be concentrated in (or substantially exposed to) the same industry or groups of industries, if any, to which the Underlying ETP is concentrated. There is no guarantee that the Funds investment strategy will be successful, and investors may lose some or all of their investment. SPDR Gold Shares - GLD SPDR Gold Shares (GLD) is a grantor trust and its investment objective is to track the performance of the price of gold bullion, less the expenses of GLDs operations. GLD is a passively-managed fund that primarily invests in gold and may also hold cash or cash equivalents.

The investment strategy of GLD involves holding gold bullion, which is stored in secure vaults. GLD is listed on the NYSE Arca stock exchange. GLDs holdings are predominantly in physical gold bullion, and it may occasionally hold a minimal amount of cash for short-term operational purposes. The size and weight of the gold bars held by GLD are in accordance with standard specifications in the gold bullion market. GLD invests in gold of various sizes, including large-scale bullion bars, to seek to track the price of gold. GLDs investments are made globally, sourcing gold from recognized international gold markets. Before making an investment decision an investor should carefully review GLDs prospectus and risk factors. Source of GLD Information The information contained herein regarding GLD has been derived from publicly available sources, including GLDs filings with the SEC.

Investors should review GLDs SEC filings, including its registration statement (prospectus), annual and quarterly reports, and other publicly available materials to obtain a more complete understanding of GLDs operations, risks, and financial condition. The description of GLDs principal investment strategies was drawn directly from GLDs prospectus, dated October 4, 2022. You can find GLDs prospectus and other information about GLD, including the most recent periodic SEC reports, online by reference to the 1933 Act Registration File No. 333-267520 through the SECs website at www.sec.gov . This document pertains solely to the securities offered by SPDR Gold Shares and does not concern the shares of other securities or ETFs. All disclosures in this document regarding GLD are based on publicly available documents.

None of the Fund, Tidal Trust II (the Trust), Tidal Investments LLC (the Adviser), or their respective affiliates have engaged in the preparation of such publicly available offering documents or conducted any due diligence inquiries regarding such documents concerning GLD. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation that such publicly available documents or other publicly available information regarding GLD is accurate or complete. No assurance can be given that all events occurring prior to the date hereof, events that could affect the trading price of GLD and, consequently, the value of the Funds investments, have been publicly disclosed. Subsequent disclosure of, or failure to disclose, material events concerning GLD could affect the market value of GLD and, accordingly, the value of the securities offered hereby.

The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of GLD. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SPDR GOLD TRUST, GLD, WORLD GOLD TRUST SERVICES, LLC, S&P DOW JONES INDICES LLC, OR STATE STREET CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SPDR GOLD TRUST, GLD, WORLD GOLD TRUST SERVICES, LLC, S&P DOW JONES INDICES LLC, OR STATE STREET CORPORATION. Moreover, none of SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation has participated in the development of the Funds investment strategy. None of SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation selects or approves the Funds portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund.

None of SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation provides any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by any of SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SPDR Gold Trust, GLD, World Gold Trust Services, LLC, S&P Dow Jones Indices LLC, or State Street Corporation, or any of their affiliates. All rights in the trademarks are reserved by their respective owners.

GLS Costs and Fees

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

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

GLS Debt Constituents

No individual debt constituents are reported in Defiance Gold LightningSpread™ Income ETF's latest SEC N-PORT filing.

GLS Prospectus and SEC Filings

Official Defiance Gold LightningSpread™ Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-09

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• 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.