- Tidal Trust II files to add the Defiance Leveraged Long + Income XRP ETF.
- The fund targets about 200% daily XRP exposure using derivatives and does not invest directly in XRP.
Tidal Trust II filed a post-effective amendment with the U.S. Securities and Exchange Commission on August 19, 2025 to register the Defiance Leveraged Long + Income XRP ETF alongside a Solana strategy under the same trust structure.
The filing indicates effectiveness 75 days after submission under Rule 485(a)(2), subject to completion and customary review.
Tidal Trust II Adds Defiance Leveraged Long + Income XRP ETF To Registration
The trust’s explanatory note states that the amendment adds two new series to the shelf, including the Defiance Leveraged Long + Income XRP ETF. The prospectus pages are marked subject to completion and no ticker or listing venue is specified at this stage.
Prospectus Targets 200% Daily XRP Exposure And 75-Day Effectiveness
The ETF seeks long-term capital appreciation with a secondary income objective and is designed to deliver daily results of approximately 150% to 200% of XRP’s price performance before fees and expenses, with a base daily target around 200%.
The manager will rebalance at the close to maintain the stated exposure, and actual leverage may vary with market conditions and instrument availability.
The portfolio would not hold XRP directly. Instead, it may employ swaps or options on U.S.-listed XRP exchange-traded products, swaps or options on XRP benchmarks, standardized cash-settled XRP futures on CFTC-regulated exchanges when available, and direct investments in U.S.-listed XRP ETPs.
The document underscores that instrument availability and liquidity could affect the ability to maintain the target leverage.
Reference benchmarks cited in the filing include the CME CF XRP-Dollar Reference Rate, the S&P XRP Reference Price Index, the CoinDesk Ripple Price Index, and the Nasdaq XRP Reference Price Index. The fund may use these indices within swap agreements to obtain synthetic exposure to XRP price movements.
To support its income objective, the strategy contemplates writing credit call spreads on XRP-related investments where U.S. exchange-listed options are available, which could generate premium income and partially offset the cost of leverage.
The fund warns that use of leverage and derivatives can magnify losses and that performance over periods longer than a day can diverge from the stated multiple due to daily rebalancing and compounding effects.
Operationally, the trust outlines standard ETF primary-market mechanics, including in-kind or cash creations and redemptions of creation units through authorized participants via NSCC or DTC channels. The prospectus remains a preliminary document and explicitly is not an offer to sell until effectiveness.
The amendment proposes effectiveness 75 days after the August 19 filing date, placing the expected effective date on or about November 2, 2025 if declared effective. The document does not commit to a launch date and leaves fee figures as placeholders pending finalization.
At the time of press, XRP is trading at $2.90. In the past 24 hours, it reached an intraday high of $2.98 and dipped to a low of $2.83. CoinMarketCap reports XRP is up +0.21 % over the last 24 hours.
