Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
Defiance Daily Target 2X Long RGTI ETF (RGTX)
Defiance Daily Target 2X Long HOOD ETF (HOOX)
Defiance Daily Target 2X Long RKLB ETF (RKLX)
Defiance Daily Target 2X Long IONQ ETF (IONX)
Each listed on The Nasdaq Stock Market, LLC
November 21, 2025
Supplement to the Summary Prospectuses, Prospectus
and Statement of Additional Information (“SAI”),
each dated August 29, 2025
The Board of Trustees of Tidal Trust II (“Trust”) has approved a forward stock split of the issued and outstanding shares of the Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long RKLB ETF and Defiance Daily Target 2X Long IONQ ETF (each a “Fund”). After the close of trading on The Nasdaq Stock Market, LLC (the “Exchange”) on December 8, 2025 (the “Effective Date”), each Fund will effect a forward split of its issued and outstanding shares as follows:
|
Fund |
Forward
Split Ratio |
Approximate increase in total number of outstanding shares |
| Defiance Daily Target 2X Long RGTI ETF | 4:1 | 400% |
| Defiance Daily Target 2X Long HOOD ETF | 4:1 | 400% |
| Defiance Daily Target 2X Long RKLB ETF | 3:1 | 300% |
| Defiance Daily Target 2X Long IONQ ETF | 2:1 | 200% |
The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the forward split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of each Fund’s shares and maintains a record of each Fund’s record owners.
As a result of the forward splits:
Defiance Daily Target 2X Long RGTI ETF
Defiance Daily Target 2X Long HOOD ETF
Each share of a Fund will be exchanged for 4 shares of such Fund. Accordingly, the total number of issued and outstanding shares for each Fund will increase by approximately 400%. In addition, the per share net asset value (“NAV”) and the next day’s opening market price will be reduced by approximately 75%. Shares of the Fund will begin trading on the Exchange on a split-adjusted basis on December 9, 2025.
Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
The next day’s opening market value of each Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the forward split. The table below illustrates the effect of a hypothetical four-for-one forward split anticipated for each Fund.
| #
of Shares Owned |
ETF
NAV |
Value
of Investment | |
| Before Forward Split | 1,000 | $20 | $20,000 |
| After Forward Split | 4,000 | $5 | $20,000 |
Defiance Daily Target 2X Long RKLB ETF
Each share of the Fund will be exchanged for 3 shares of the Fund. Accordingly, the total number of issued and outstanding shares for the Fund will increase by approximately 300%. In addition, the per share NAV and the next day’s opening market price will be reduced by approximately 66%. Shares of the Fund will begin trading on the Exchange on a split-adjusted basis on December 9, 2025.
The next day’s opening market value of the Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the forward split. The table below illustrates the effect of a hypothetical three-for-one forward split anticipated for the Fund.
| #
of Shares |
ETF
NAV |
Value
of Investment | |
| Before Forward Split | 1,000 | $30 | $30,000 |
| After Forward Split | 3,000 | $10 | $30,000 |
Defiance Daily Target 2X Long IONQ ETF
Each share of the Fund will be exchanged for 2 shares of the Fund. Accordingly, the total number of issued and outstanding shares for the Fund will increase by approximately 200%. In addition, the per share NAV and the next day’s opening market price will be reduced by approximately 50%. Shares of the Fund will begin trading on the Exchange on a split-adjusted basis on December 9, 2025.
The next day’s opening market value of the Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the forward split. The table below illustrates the effect of a hypothetical two-for-one forward split anticipated for the Fund.
| #
of Shares Owned |
ETF
NAV |
Value
of Investment | |
| Before Forward Split | 1,000 | $10 | $10,000 |
| After Forward Split | 2,000 | $5 | $10,000 |
Filed pursuant to Rule 497(e)
Registration Nos. 333-264478; 811-23793
Redemption of Fractional Shares and Tax Consequences of the Forward Split
The forward split may result in a shareholder holding a fractional share of a Fund. However, fractional shares cannot trade on the Exchange. Depending on the policies of a shareholder’s broker, shareholders who otherwise would be entitled to receive fractional shares may instead receive an amount of cash equivalent to the value of a fraction of one share to which such holder would otherwise be entitled. Please consult your broker about its policies regarding fractional shares. The redemption of such fractional shares may have tax implications for those shareholders, and a shareholder could recognize a gain or a loss in connection with the redemption of the shareholder’s fractional shares. Otherwise, the forward split is not expected to result in a taxable transaction for Fund shareholders. Please consult your tax advisor about the potential tax consequences. No transaction fee will be imposed on shareholders for the redemption of fractional shares.
Please retain this Supplement for future reference.