Defiance's RKLZ, ASTN and STSM will stop trading on Nov. 16

Three Defiance funds that seek twice the inverse of a single stock's daily move will stop trading at the close on Nov. 16, 2026. They are the only funds the day's filings set to close.

Defiance ETFs sponsors the funds. Tidal Trust II issues the shares, and Tidal Investments, a Tidal Financial Group company, advises them. Tidal Investments told the trust's board that liquidation would be in the best interests of each fund and its shareholders, and the board agreed. The trust filed the plan on Wednesday, Nov. 4.

A supplement covers the Defiance Daily Target 2X Short RKLB ETF, RKLZ. A second supplement covers the Defiance Daily Target 2X Short ASTS ETF, ASTN, and the Defiance Daily Target 2X Short TSM ETF, STSM.

RKLZ seeks, before fees and expenses, a daily result of -200% of the move in Rocket Lab shares, ticker RKLB. ASTN does the same for AST SpaceMobile, ticker ASTS. STSM does it for the New York-listed shares of Taiwan Semiconductor Manufacturing, ticker TSM. Each seeks that result for one trading day only.

Defiance's site gives the start dates and the net assets.

What holders can do

A holder can sell before the close on Nov. 16, and the supplements say customary brokerage charges may apply. Both the supplements and a Nov. 4 announcement from Tidal Financial Group and Defiance ETFs call Nov. 16 the last day the shares trade on the exchange.

After the close, the funds will not accept purchase orders. From Nov. 16 through Nov. 20, a stretch that includes that last trading day, the supplements say a holder may be able to sell only to certain broker-dealers, and that there is no assurance of a market.

The supplements say each fund will then be selling what it holds and raising cash, and that it will no longer be pursuing its investment objective. For a holder, the shares are moving to cash rather than delivering twice the inverse of the stock's daily move.

The supplements do not set a payment day. They define the liquidation date as the whole stretch from Nov. 16 through Nov. 20, then say each fund will distribute cash on or about the liquidation date, as if that were one day, in proportion to the shares still held.

The announcement names Friday, Nov. 20. Shares still held that day will be redeemed automatically for cash at net asset value, Tidal Financial Group and Defiance ETFs said.

The supplements say the payment generally should be treated as received in exchange for the shares, and therefore as a capital gain or loss, depending on the holder's tax basis. The payment may include distributions of accrued capital gains and dividends. The supplements tell holders to talk with a tax adviser.

The rest of the day's filings

The other filings were filed on Nov. 3. They are summary prospectuses and a mutual-fund registration that took effect on filing. None changed a fee or closed a fund, and the mutual fund has not started operations.