ORLS — Defiance ORCL LightningSpread™ Income ETF

ORLS Fund Overview

ORLS — Defiance ORCL 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: ORLS
• SEC CIK: 0001924868
• SEC series ID: S000101321
• Share class ID: C000271468

ORLS Investment Objective and Strategy

Defiance ORCL 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 common stock of Oracle Corporation (ORCL or the Underlying Security), 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. Synthetic Exposure to the Underlying Security Rather than purchasing shares of the Underlying Security directly, the Fund seeks to achieve its investment objective by establishing synthetic exposure to the Underlying Security through derivative instruments. These instruments include combinations of long at-the-money call options and short put options on the Underlying Security (synthetic long positions), total return swaps referencing the Underlying Security, 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 Security, as their values generally move in close correlation with the price of the Underlying Security. Through these positions, the Fund seeks to maintain investment exposure approximately equal to 100% of the Underlying Security 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 Security 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 Security 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 Security through derivative instruments.

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 to which the Underlying Security is assigned. There is no guarantee that the Funds investment strategy will be successful, and investors may lose some or all of their investment. Oracle Corporation (ORCL) Oracle Corporation offers a collection of cloud technologies, applications, databases, storage and servers to empower modern business. ORCL is listed on the New York Stock Exchange (NYSE). Per ORCLs most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of the registrant was $305.8 billion based on the number of shares held by non-affiliates of the registrant as of May 31, 2025, and based on the closing sale price of common stock as reported by the NYSE on November 29, 2024, which is the last business day of the registrants most recently completed second fiscal quarter.

ORCL is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by ORCL pursuant to the Exchange Act can be located by reference to the SEC file number 001-35992 through the SECs website at www.sec.gov. In addition, information regarding ORCL 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 ORCL or other securities of Oracle Corporation. The Fund has derived all disclosures contained in this document regarding ORCL from the publicly available documents. None of the Fund, 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 ORCL.

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 ORCL 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 ORCL (and therefore the share price of ORCL 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 ORCL 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 ORCL. NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY. 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, ORCL is assigned to the software industry.

ORLS Costs and Fees

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

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

ORLS Debt Constituents

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

ORLS Prospectus and SEC Filings

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

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

Related Funds

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.