Tidal ETF Trust II

08/30/2024 | Press release | Distributed by Public on 08/30/2024 14:57

Prospectus by Investment Company - Form 497

Filed pursuant to Rule 497(e)

Registration Nos. 333-264478; 811-23793


Defiance Daily Target 1.5X Short MSTR ETF (SMST)

listed on NYSE Arca Inc.

August 30, 2024

Supplement to the Statutory Prospectus and Statement of Additional Information

each dated June 17, 2024, as previously supplemented

and

Supplement to the Summary Prospectus dated August 20, 2024

Important Notice Regarding Change in Investment Objective, Investment Policy and Name

Notice of changes to investment objective and 80% policy of the Defiance Daily Target 1.5X Short MSTR ETF (the "Fund").

The Fund desires to change its investment objective, which relates to inverse results of the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the "Underlying Security" or "MSTR").

Current Objective New Objective
Seeks daily inverse investment results, before fees and expenses, of -1.5 times (-150%) the daily percentage change in the share price of MSTR. Seeks daily inverse investment results, before fees and expenses, of -2.0 times (-200%) the daily percentage change in the share price of

Similarly, the Fund desires to revise its 80% policy to reflect the foregoing.

Current 80% Policy New 80% Policy
Have at least 80% of its investment exposure to financial instruments with economic characteristics that should provide 1.5 times the inverse exposure to the daily performance of the Underlying Security. Have at least 80% of its investment exposure to financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.

The Fund's proposed changes to its investment objective and 80% policy are expected to become effective on or about October 29, 2024. As of the effective date of such change, the Fund's name will be changed to the Defiance Daily Target 2X Short MSTR ETF. The Fund's ticker symbol will remain unchanged.

Please retain this Supplement for future reference.