PLLS — Defiance PLTR LightningSpread™ Income ETF

PLLS Fund Overview

PLLS — Defiance PLTR 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: PLLS
• SEC CIK: 0001924868
• SEC series ID: S000101322
• Share class ID: C000271469

PLLS Investment Objective and Strategy

Defiance PLTR 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 Palantir Technologies Inc. (PLTR 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.

Palantir Technologies Inc. (PLTR) Palantir Technologies Inc. builds software that empowers organizations to effectively integrate their data, decisions, and operations at scale. PLTR is listed on the Nasdaq Global Select Market. Per Palantir Technologies Inc.s most recent Form 10-K filing, the aggregate market value of the common stock held by non-affiliates of the registrant, based on the closing price of the shares of Class A common stock on June 28, 2024 on such date was approximately $51.5 billion. PLTR is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by Palantir Technologies Inc. pursuant to the Exchange Act can be located by reference to SEC file number 001-39540 through the SECs website at www.sec.gov.

In addition, information regarding Palantir Technologies Inc. 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 Underlying Security or other securities of Palantir Technologies Inc. The Fund has derived all disclosures contained in this document regarding Palantir Technologies Inc. Technologies Inc. from the publicly available documents. None of the Fund, 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 Palantir Technologies Inc. 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 Palantir Technologies Inc.

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 the Underlying Security (and therefore the price of the Underlying Security 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 Palantir Technologies Inc. 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 the Underlying Security.

NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH PALANTIR TECHNOLOGIES INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PALANTIR TECHNOLOGIES INC. Moreover, Palantir Technologies Inc. has not participated in the development of the Funds investment strategy. Palantir Technologies Inc. does not select or approve the Funds portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Palantir Technologies Inc. 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 Palantir Technologies Inc. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by PLTR 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 (or substantially exposed to) the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, the Underlying Security is assigned to the software industry.

PLLS Costs and Fees

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

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

PLLS Debt Constituents

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

PLLS Prospectus and SEC Filings

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

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

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• 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.