Tidal Financial Group today announced that the Board of Trustees of Tidal Trust II (the "Trust") has authorized a reverse stock split of the Defiance Daily Target 2X Short MSTR ETF (Ticker: SMST), listed on The Nasdaq Stock Market, LLC. The reverse split is scheduled to take effect after the close of trading on May 22, 2025.

Under the terms of the 1-for-20 reverse stock split, every twenty shares of SMST will be consolidated into one share. This adjustment will reduce the number of shares outstanding by approximately 95%. As a result, both the fund's per-share net asset value (NAV) and opening market price on May 23, 2025, will be adjusted proportionally—approximately twenty times their pre-split values. SMST will begin trading on a split-adjusted basis when markets open on May 23, 2025.

This action is designed to optimize the fund's capital structure and enhance its accessibility to a broader base of investors. While the number of shares held will change, the total dollar value of an investor's holdings will remain unaffected. For instance, an investor holding 1,000 shares at a NAV of $10 before the split will own 50 shares at a NAV of $200 after the split—retaining the same $10,000 investment value.