XRLS — Defiance XRP LightningSpread™ Income ETF

XRLS Fund Overview

XRLS — Defiance XRP 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: XRLS
• SEC CIK: 0001924868
• SEC series ID: S000101326
• Share class ID: C000271473

XRLS Investment Objective and Strategy

Defiance XRP 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 XRP ETF (XRPI 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. XRPI is an actively managed ETF that seeks to participate in 100% of the returns of the crypto asset XRP. 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).

The Fund does not invest directly in XRP or any other digital assets. The Fund does not invest directly in derivatives that track the performance of XRP or any other digital assets. The Fund does not invest in or seek direct exposure to the current spot or cash price of XRP. Investors seeking direct exposure to the price of XRP should consider an investment other than the Fund. For additional details about bitcoin and the XRP blockchain, see the prospectus section titled Additional Information About the Funds. 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 XRPI 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. XRP ETF - XRPI The XRP ETF (XRPI) is an actively managed ETF that seeks to achieve its investment objective primarily though managed exposure to XRP futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission (XRP Futures Contracts), and cash, cash-like instruments or high quality securities that serve as collateral to the Funds investments in XRP Futures Contracts (Collateral Investments).

In seeking its investment objective, the Fund seeks to participate in 100% of the returns of XRP. XRP is a digital asset which serves as the unit of account on an open-source, decentralized, peer-to-peer computer ledger, referred to as the XRP Ledger. Refer to the prospectus section titled Additional Information About the Funds for more information on XRP. Before making an investment decision an investor should carefully review XRPIs prospectus and risk factors. Source of XRPI Information You can find XRPIs prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-23785 through the SECs website at www.sec.gov . The information in this prospectus regarding XRPI comes from its filings with the SEC.

You are urged to refer to the SEC filings made by XRPI and to other publicly available information (e.g., the ETFs annual reports) to obtain an understanding of the ETFs strategy and risks. The description of XRPIs principal investment strategies contained herein was taken directly from XRPIs prospectus, dated May 21, 2025. This document relates solely to the securities offered hereby and does not relate to the shares of XRPI or other securities of XRPI. 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 materials or made any due diligence inquiry with respect to such documents. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation as to the accuracy or completeness of the available documents or other publicly available information.

No assurance can be given that all events occurring prior to the date hereof, events that could affect the trading price of XRPI and, consequently, the value of the Funds investments, have been publicly disclosed. Subsequent disclosure of, or failure to disclose, material events concerning XRPI could affect the market value of XRPI and, accordingly, the value of the securities offered hereby. None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation as to the performance of XRPI. NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH XRPI, VOLATILITY SHARES LLC, OR VOLATILITY SHARES TRUST. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED OR APPROVED BY XRPI, VOLATILITY SHARES LLC, OR VOLATILITY SHARES TRUST.

Moreover, none of XRPI, Volatility Shares LLC, or Volatility Shares Trust has participated in the development of the Funds investment strategy, selections of portfolio holdings, or design of the Funds offering. None provides any assurances, guarantees or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by XRPI, Volatility Shares LLC, or Volatility Shares Trust. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by XRPI, Volatility Shares LLC, or Volatility Shares Trust, or any of their affiliates. All rights in the trademarks are reserved by their respective owners.

XRLS Costs and Fees

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

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

XRLS Debt Constituents

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

XRLS Prospectus and SEC Filings

Official Defiance XRP 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)
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• 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.