Defiance to Liquidate 2X Short Rocket Lab ETF (RKLZ) on November 20

Defiance plans to liquidate the Defiance Daily Target 2X Short RKLB ETF (RKLZ), which provides leveraged inverse exposure to Rocket Lab USA, following a recommendation from investment adviser Tidal Investments. According to a November 4, 2026, regulatory filing, the fund will cease trading on Nasdaq after the market close on November 16, 2026, with liquidation scheduled for November 20, 2026. Shareholders may sell their holdings before the trading deadline, while remaining investors will receive cash distributions based on their proportional ownership. During the wind-down period, RKLZ will progressively increase its cash holdings and cease pursuing its stated investment objective. Investors holding shares through liquidation may face limited secondary-market liquidity and potential capital gains or losses for tax purposes.