Tidal ETF Trust II

05/13/2026 | Press release | Distributed by Public on 05/13/2026 11:12

Prospectus by Investment Company (Form 497)

Filed pursuant to Rule 497(e)

Registration Nos. 333-264478; 811-23793

Defiance Daily Target 2X Long ASTS ETF (ASTY)

listed on Cboe BZX Exchange, Inc.

(the "Fund")

May 13, 2026

Supplement to the Prospectus

dated April 22, 2026

Effective immediately, the Fund's Annual Fund Operating Expenses table is hereby deleted and replaced with the following:


Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
Management Fee 1.29 %
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.02 %
Total Annual Fund Operating Expenses(3) 1.31 %
(1) The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), and litigation expenses and other non-routine or extraordinary expenses.
(2) Based on estimated amounts for the current fiscal year.
(3) The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

The Fund's investment objective will remain the same.

Please retain this Supplement for future reference.

Tidal ETF Trust II published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 13, 2026 at 17:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]