YieldMax MSTR Option Income Strategy ETF

C000244364 Fund Overview

YieldMax MSTR Option Income Strategy ETF is a US ETF managed by Tidal Trust II, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust II
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $1.24B
• SEC CIK: 0001924868
• SEC series ID: S000081462
• Share class ID: C000244364

C000244364 Investment Objective and Strategy

YieldMax MSTR Option Income Strategy ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust II.

Investment objective

The Funds primary investment objective is to seek current income.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while providing exposure to the share price ( i.e. , the price returns) of the Underlying Security, subject to participation in a portion of potential investment gains. The Fund will employ its investment strategy as it relates to the Underlying Security regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods. As further described below, the Fund uses either a synthetic covered call strategy or a synthetic covered call spread strategy to seek to generate options premiums and provide indirect exposure to the share price returns of the Underlying Security, subject to participation in a portion of potential investment gains as a result of the nature of the options strategy it employs.

That is, the Fund not only seeks to generate options premiums but also aims to derive gains when the value of the Underlying Security increases. The Funds options contracts provide: ? indirect exposure to the share price returns of the Underlying Security, ? option premiums, and ? participation in a portion of gains, if any, of the share price returns of the Underlying Security. For more information, see sections The Funds Use of Underlying Security Option Contracts and Synthetic Covered Call Strategy below. Why invest in the Fund? ? The Fund seeks to generate weekly cash distributions, which is not dependent on the price appreciation of the Underlying Security. ? The Fund seeks to participate in a portion of the gains experienced by the Underlying Security. That is, although the Fund may not fully participate in gains in the Underlying Securitys stock price, the Funds portfolio is designed to generate options premiums.

An Investment in the Fund is not an investment in the Underlying Security. ? The Funds strategy will capture only a portion of its potential gains if the Underlying Securitys stock price increase in value. ? The Funds strategy is subject to all potential losses if the Underlying Securitys stock price decrease in value, which may not be offset by the options premiums received by the Fund. ? The Fund may from time to time invest directly in the Underlying Security. ? Fund shareholders are not entitled to any Underlying Security dividends, except to the extent the Fund invests directly in the Underlying Security. While the Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Funds distributions may be classified as return of capital (ROC) for financial or tax reporting purposes.

Generally speaking, ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal) rather than income or profit. Accordingly, such distributions do not necessarily reflect the Funds income or yield. See the prospectus section titled Additional Information About the Fund for more information about option premiums and ROC. Additional information regarding the Underlying Security is also set forth below. The Funds Use of Underlying Security Option Contracts As part of the Funds synthetic covered call strategy and synthetic covered call spread strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange (FLEX) call and put option contracts that are based on the value of the price returns of the Underlying Security.

? In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of the Underlying Security) at a specified price (the strike price). ? If exercised, an option contract obligates the seller to deliver shares (for a sold or short call) or buy shares (for a sold or short put) of the underlying asset at a specified price (the strike price). ? Options contracts must be exercised or traded to close within a specified time frame, or they expire. See the chart in section Fund Portfolio below for a description of the option contracts utilized by the Fund. Standardized exchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated).

For more information on FLEX options, see Additional Information about the Fund Exchange Traded Options Portfolio. The Funds options contracts are based on the value of the Underlying Security, which gives the Fund the right or obligation to receive or deliver shares of the Underlying Security on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchases or sells the option contract. Covered Call Strategy In seeking to achieve its investment objective, the Fund may implement a synthetic covered call and, to a lesser extent, a traditional covered call strategy using the standardized exchange-traded and FLEX options described above. ? A traditional covered call strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying security it owns.

? A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) does not own the underlying security , but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments. The Funds covered call strategies consists of the following three elements, each of which is described in greater detail farther below: ? Direct or synthetic long exposure to the Underlying Security, which allows the Fund to seek to participate in the changes, up or down, in the price of shares of the Underlying Security. ? Covered call writing (where the Underlying Securitys call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate options premiums.

? U.S. Treasuries, which are used for collateral for the options, and which generate income. 1. Long Exposure (Synthetic or Direct) Synthetic Long Exposure: To achieve a synthetic long exposure to the Underlying Security, the Fund will buy the Underlying Securitys call options and, simultaneously, sell the Underlying Securitys put options to try to replicate the price movements of the Underlying Security. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to six-month terms and strike prices that are approximately equal to the then-current share price of the Underlying Security at the time the contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with indirect investment exposure equal to approximately 100% of the Underlying Security for the duration of the applicable options exposure.

In addition, the Fund may use other instruments and transactions to gain synthetic exposure to the Underlying Security. For example, the Fund may enter into swap contracts that provide exposure to the Underlying Security. The Fund also may utilize additional options strategies, including purchasing call options that are deep in the money (i.e., the Underlying Securitys price is well above the strike price on the call option). Direct Long Exposure: The Fund may directly hold equity securities of the Underlying Security. 2. Covered Call Strategies Covered Call Strategy As part of its strategy, the Fund will write (sell) call option contracts on the Underlying Security to generate options premiums. These written call options will generally be sold short (i.e., selling a position it does not currently own).

The Fund will seek to participate in the share price appreciation of the Underlying Security, if any. However, due to the nature of covered call strategies, the Funds participation may be subject to a cap (as described below). In this strategy, the call options written (sold) by the Fund will generally have 1- month or less expiration dates (the Call Period) and generally have a strike price that is approximately 0%-15% above the then-current share price of the Underlying Security. It is important to note that the sale of the Underlying Security call option contracts will limit the Funds participation in the appreciation in the Underlying Securitys stock price. If the stock price of the Underlying Security increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains.

However, if the Underlying Securitys stock price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Funds synthetic long exposure. As a result, the Funds overall strategy (i.e., the combination of the synthetic long exposure to the Underlying Security and the sold (short) the Underlying Security call positions) will limit the Funds participation in gains in the Underlying Securitys stock price beyond a certain point. Covered Call Spread Strategy The Adviser will employ the Covered Call Spread Strategy when it believes it is a better strategy for the Fund as compared to the Covered Call Strategy. The Fund may write (sell) credit call spreads (described below) rather than stand-alone call option contracts to seek greater participation in the potential appreciation of its Underlying Securitys share price, while still generating net options premiums.

The Adviser will primarily employ this covered call spread strategy when it believes that the share price of its Underlying Security is likely to rise significantly in the short term (e.g., following a substantial selloff or overall positive market news). Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing further out-of-the-money options relative to near-the-money options), where it believes the use of credit call spreads may prove more advantageous to the Funds total return than the covered call strategy. A credit call spread involves selling a call option while simultaneously buying a call option with a higher strike price, both with the same expiration date. By writing credit call spreads, the Fund can potentially offset losses incurred from its short call positions if the Underlying Securitys share price rises above the strike price.

3. U.S. Treasuries The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Funds synthetic covered call strategy. The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. The Fund intends to continuously maintain exposure to the Underlying Security, primarily through the use of options contracts. As the options contracts it holds are exercised or expire it may enter into new options contracts, a practice referred to as rolling. The Funds practice of rolling options may result in high portfolio turnover. Funds Weekly Distributions The Fund will seek to provide weekly cash distributions. The Fund will seek to generate such distributions in the following ways: ? Writing (selling) call option contracts on its Underlying Security as described above to generate options premiums.

A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in the Underlying Securitys stock prices. However, other elements like interest rates can also influence the level of premiums. ? Investing in short-term U.S. Treasury securities.

C000244364 Holdings

Top 6 holdings of YieldMax MSTR Option Income Strategy ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000244364 holdings

C000244364 Portfolio Allocation

Asset-class allocation of YieldMax MSTR Option Income Strategy ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000244364 Performance

Total returns for C000244364 (as of 2026-10-01), from SEC filings.

C000244364 Costs and Fees

C000244364 costs about $103 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.03%
• Gross expense ratio: 1.03%
• Portfolio turnover: 0%

C000244364 Cashflows

Over the 12 months to 2026-04, YieldMax MSTR Option Income Strategy ETF had net inflows of $191.22M, from monthly SEC N-PORT filings.

C000244364 Debt Constituents

Largest debt holdings of YieldMax MSTR Option Income Strategy ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000244364 Prospectus and SEC Filings

Official YieldMax MSTR Option Income Strategy ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-24
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2024-06-27

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.