YieldMax MSTR Short Option Income Strategy ETF

C000258136 Fund Overview

YieldMax MSTR Short Option Income Strategy ETF is a US ETF managed by Tidal Trust II, categorised as United States Large Cap Value 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 Value Equity
• Assets under management: $83.87M
• 1-year return: 113.8%
• SEC CIK: 0001924868
• SEC series ID: S000090794
• Share class ID: C000258136

C000258136 Investment Objective and Strategy

YieldMax MSTR Short 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 to generate options premiums while providing indirect inverse exposure to the share price ( i.e. , the price returns) of the common stock of MicroStrategy Incorporated d/b/a Strategy (MSTR). The Funds potential for gains from decreases in the share price of MSTRs stock is limited. If the share price of the Underlying Security significantly decreases, the Fund will not fully benefit from the inverse of those decreases. The Fund will employ its investment strategy as it relates to the Underlying Security regardless of whether there are periods of strong market, economic, or other conditions and will not take temporary defensive positions during such periods. If the Underlying Securitys share price rises, the Funds potential losses will generally be limited to a level equal to 50% above the market gains.

As a result, the Funds cap when the Underlying Securitys price increases may exceed the Funds potential gains from a price decline. As further described below, the Fund uses a synthetic covered put strategy (the standard strategy) to seek to generate options premiums and provide indirect inverse exposure to the share price returns of the Underlying Security, subject to a limit on potential investment gains as a result of the nature of the options strategy it employs. Additionally, the Fund may employ an alternative strategy, whereby it may write (sell) credit put spreads when it anticipates significant short-term declines in the Underlying Securitys price (e.g., following substantial market rallies or adverse market developments). This alternative strategy allows the Fund to seek greater participation in price declines while seeking to generate net options premiums.

The Fund not only seeks to generate income from its options investments but also aims to derive additional gains when the share price of the Underlying Security decreases . The Funds options contracts provide: ? indirect inverse exposure to the share price returns of the Underlying Security, ? options premiums, and ? In the case of the Funds standard strategy, a limit on the Funds participation in gains, if any, arising from decreases in the share price of the Underlying Security. ? In the case of the Funds alternative strategy, the opportunity to benefit from additional gains, if any, resulting from an Underlying ETF decreasing below the put spreads lower strike (described below). For more information, see sections The Funds Use of Option Contracts and Synthetic Covered Put Strategy below.

The Funds investment adviser is Tidal Investments LLC (Tidal or the Adviser). Although the Fund may not fully benefit from decreases in the Underlying Securitys share price, the Funds portfolio is designed to provide cash distributions driven primarily from its generation of options premiums. 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 Funds for more information about option premiums and ROC.

An Investment in the Fund is not an investment in the Underlying Security. Further, an Investment in the Fund differs from short selling or shorting the Underlying Security. ? When the standard strategy is used, the Fund will cap its potential gains if the Underlying Security shares decrease in value. ? The Funds strategy is subject to potential losses if the Underlying Security shares increase in value, which may not be offset by the options premiums received by the Fund or by the purchase of out-of-the-money call options (further described below). ? The Fund does not invest directly in the Underlying Security. ? The Fund does not directly short the Underlying Security. ? Fund shareholders are not entitled to any Underlying Security dividends. Additional information regarding the Underlying Security is also set forth below.

The Funds Use of Option Contracts As part of the Funds synthetic covered put 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 share price of the Underlying Security. The Fund will use European FLEX options, but may also use options that are exercisable at any time (i.e., American style options contracts). See the section in the Funds Prospectus titled Additional Information About the Fund for an overview of put and call option terminology. Synthetic Covered Put Strategy Overview In seeking to achieve its investment objective, the Fund will implement a synthetic covered put strategy using the standardized exchange-traded and FLEX options. The Fund uses a synthetic put strategy rather than a traditional one, utilizing Treasuries as collateral, to potentially achieve higher returns than those of the Underlying Security.

? A traditional covered put strategy is an investment strategy where an investor (the Fund) sells a put option on an Underlying Security it is short . ? A synthetic covered put strategy is similar to a traditional covered put strategy in that the investor sells a put option that is based on the value of the Underlying Security. However, in a synthetic covered put strategy, the investor (the Fund) does not actually short the Underlying Security, but rather seeks to synthetically replicate a short position in the Underlying Security (i.e., it seeks inverse exposure to the share price movements of the Underlying Security) through the use of various investment instruments. The Funds synthetic covered put strategy consists of the following four elements, each of which is described in greater detail below: ?

Synthetic short exposure to the Underlying Security, which allows the Fund to seek to participate, on an inverse basis, in changes, up or down, to the price of the Underlying Securitys shares. ? Covered put writing (where the Underlying Security put options are sold against the synthetic short 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. ? Out-of-the money (OTM) call options, which are purchased to seek to manage (cap) the Funds potential losses from the Funds short exposure to the Underlying Security if it appreciates significantly in value. However, this loss capping works only if the Underlying Securitys share price rises to or above the strike price of the OTM call options that were purchased.

If the share price increases but stays below the strike price of these options, the Fund will incur losses proportionate to this price increase. The strike price is an agreed-upon price per share between a buyer and a seller at which the owner of a call or put option can exercise their contract and convert it into the Underlying Security. Synthetic Covered Put Strategy 1. Synthetic Short Exposure To achieve a synthetic short exposure to the Underlying Security, the Fund may write (sell) the Underlying Security call options and, simultaneously, go long (buy) the Underlying Security put options to try to replicate inverse exposure to the share price movements of the Underlying Security. The put options purchased by the Fund and the call options sold by the Fund will generally have three-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 Fund uses the proceeds from selling call options to help pay for the purchased put options. The combination of the long put options and sold call options provides the Fund with investment exposure equal to approximately -100% of the Underlying Securitys share price changes for the duration of the applicable options exposure (i.e., the synthetic short position is expected to gain value when the share price of the Underlying Security decreases and to lose value when the share price of the Underlying Security increases). 2. Options Strategies Standard Strategy (Covered Put Strategy) As part of its standard strategy, the Fund will write (sell) put option contracts on the Underlying Security to generate options premiums. The put options written (sold) by the Fund will generally have an expiration of one month or less (the Put Period) and a strike price that is approximately 0%-15% below the then-current Underlying Securitys share price at the time of such sales.

It is important to note that the sale of the Underlying Security put option contracts will limit the Funds participation in decreases in the Underlying Securitys share price. If the share price of the Underlying Security decreases, the above-referenced synthetic short exposure alone would allow the Fund to experience similar percentage gains. However, if the Underlying Securitys share price decreases beyond the strike price of one or more of the sold (short) put option contracts, the Fund will lose money on those short put positions, and the losses will, in turn, limit the gains of the Funds synthetic short exposure. As a result, the Funds overall strategy (i.e., the combination of the synthetic short exposure to the Underlying Security and the sold (short) Underlying Security put positions) will limit the Funds participation in decreases in the Underlying Securitys share price beyond a certain point.

Alternative Strategy (Credit Put Spreads) As part of its alternative strategy, the Fund may write (sell) credit put spreads (described below) rather than stand-alone put option contracts to seek greater participation in the potential decline of its Underlying Securitys share price, while still generating net options premiums. The Adviser will primarily employ this alternative strategy when it believes that the share price of its Underlying Security is likely to decline significantly in the short term (e.g., following a substantial market rally or overall negative 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 put spreads may prove more advantageous to the Funds total return than the standard strategy.

The Funds put credit spread strategy involves selling a put option with a higher strike price and buying a put option with a lower strike price. This strategy is bullish and aims to generate options premiums while managing downside risk. The Fund profits if the Underlying Securitys price remains above the strike price of the sold put option at expiration. ? The sold put option allows the Fund to collect option premium, as long as the Underlying Security does not decline significantly. ? The bought put option serves as a hedge, limiting potential losses of the sold puts if the Underlying Securitys price falls below its strike price. ? Because the premium received (from the sold put) is greater than the premium paid (for the bought put), the Fund collects a net premium upfront. How This Strategy Works With Out-of-the-Money Put Options ?

The sold put option generates option premium and benefits the Fund if the Underlying Securitys price remains above the strike price of the sold put. ? The bought put option (which is out-of-the-money) provides downside protection by capping potential losses of the sold put if the Underlying Security experiences a significant decline.

C000258136 Holdings

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

View all C000258136 holdings

C000258136 Portfolio Allocation

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

C000258136 Performance

Total returns for C000258136 (as of 2026-10-01), from SEC filings.

C000258136 Risk Information

Risk metrics for C000258136, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 60.9%

C000258136 Costs and Fees

C000258136 costs about $100 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.00%
• Gross expense ratio: 1.00%
• Portfolio turnover: 0%

C000258136 Cashflows

Over the 12 months to 2026-07, YieldMax MSTR Short Option Income Strategy ETF had net inflows of $75.88M, from monthly SEC N-PORT filings.

C000258136 Debt Constituents

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

C000258136 Prospectus and SEC Filings

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

• Prospectus (485BPOS) — filed 2025-11-21
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-25
• Portfolio holdings (N-PORT) — filed 2026-03-31

Related Funds

Other United States Large Cap Value Equity funds tracked on ABC INVEST:

• Vanguard Value Index Fund (VIVAX)
• Washington Mutual Investors Fund (AWSHX)
• Investment CO Of America (AIVSX)
• American Mutual Fund (AMRMX)
• Vanguard High Dividend Yield Index Fund (VYM)

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.