GMLS — Defiance Gold Miners LightningSpread™ Income ETF

GMLS Fund Overview

GMLS — Defiance Gold Miners 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: GMLS
• SEC CIK: 0001924868
• SEC series ID: S000101318
• Share class ID: C000271465

GMLS Investment Objective and Strategy

Defiance Gold Miners 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 the VanEck Gold Miners ETF (the GDX or the Underlying ETF), 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. GDX is a passively managed ETF that seeks to track as closely as possible, before fees and expenses, the price and yield performance of a global gold miners index. 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 ETF other pooled vehicles (i.e., other ETFs or exchange-traded products) with substantially similar investment objectives and strategies as the Underlying ETF (Alternative Underlying ETPs).

Synthetic Exposure to the Underlying ETF Rather than purchasing shares of the Underlying ETF directly, the Fund seeks to achieve its investment objective by establishing synthetic exposure to the Underlying ETF through derivative instruments. These instruments include combinations of long at-the-money call options and short put options on the Underlying ETF (synthetic long positions), total return swaps referencing the Underlying ETF, 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 ETF, as their values generally move in close correlation with the price of the Underlying ETF. Through these positions, the Fund seeks to maintain investment exposure approximately equal to 100% of the Underlying ETF 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 ETF 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 ETF 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 ETF through derivative instruments. For the purposes of this policy, Underlying ETF refers to GDX 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 ETF is concentrated. There is no guarantee that the Funds investment strategy will be successful, and investors may lose some or all of their investment. GDX GDX is a passively-managed ETF that normally invests at least 80% of its total assets in securities of the MarketVector Global Gold Miners Index (the GDX Index). The GDX Index includes domestic and foreign equity securities (and depositary receipts) of companies that are primarily involved in the gold and silver mining industry. To be initially eligible for the GDX Index, (i) companies must generate at least 50% (25% for current GDX Index components) of their revenues from gold and/or silver mining/royalties/streaming or have at least 50% (25% for current GDX Index components) of their mineral resources related to gold and/or silver, and (ii) all stocks must have a market capitalization of greater than $150 million as of the end of the month prior to the month in which a rebalancing date occurs.

The weight of companies with less than 50% exposure to gold-related activities will not exceed 20% of the Index at rebalance. GDX invests in small- and medium-capitalization companies. As of July 31, 2025, the GDX Index contained 45 securities of companies with a market capitalization range of between approximately $1.5 billion and $69.1 billion and a weighted average market capitalization of $31.5 billion. Unlike many investment companies that try to beat the performance of a benchmark index, GDX does not try to beat its index and does not seek temporary defensive positions that are inconsistent with its investment objective. You can find GDXs prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No.

811-10325 through the SECs website at www.sec.gov . The information in this prospectus regarding GDX comes from its filings with the SEC. You are urged to refer to the SEC filings made by GDX and to other publicly available information (e.g., the ETFs annual reports) to obtain an understanding of the ETFs business and financial prospects. The description of GDXs principal investment strategies contained herein was taken directly from GDXs prospectus, dated September 19, 2025. This document relates only to the securities offered hereby and does not relate to the shares of GDX or other securities of GDX. The Fund has derived all disclosures contained in this document regarding GDX from the publicly available documents. None of the Fund, Tidal Trust II (the Trust), 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 GDX.

None of the Fund, the Trust, the Adviser or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding GDX 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 GDX and, consequently, the value of the Funds investments, have been publicly disclosed. Subsequent disclosure of, or failure to disclose, material events concerning GDX could affect the market value of GDX and, accordingly, the value of the securities offered hereby. None of the Fund, the Trust, the Adviser or their respective affiliates makes any representation to you as to the performance of GDX. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH VANECK ETF TRUST, GDX, OR VAN ECK ASSOCIATES CORPORATION.

THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, VANECK ETF TRUST, GDX, OR VAN ECK ASSOCIATES CORPORATION. Moreover, none of VanEck ETF Trust, GDX, or VanEck Associates Corporation has participated in the development of the Funds investment strategy. None of VanEck ETF Trust, GDX, or VanEck Associates Corporation selects or approves the Funds portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. None of VanEck ETF Trust, GDX, or VanEck Associates 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 VanEck ETF Trust, GDX, or VanEck Associates Corporation. Due to the Funds investment strategy, the Funds investment exposure is concentrated in the same industry or group of industries, if any, as GDX.

In turn, to the extent GDXs Index is concentrated in a particular industry, GDX is expected to be concentrated in that industry. As of July 31, 2025, the gold mining industry represented a significant portion of GDX. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by VanEck ETF Trust, GDX, or VanEck Associates Corporation, or any of their affiliates. All rights in the trademarks are reserved by their respective owners.

GMLS Costs and Fees

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

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

GMLS Debt Constituents

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

GMLS Prospectus and SEC Filings

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

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

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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.