MNAV — IncomeQ Crypto & Crypto Treasury mNAV Harvester ETF

MNAV Fund Overview

MNAV — IncomeQ Crypto & Crypto Treasury mNAV Harvester ETF is a US ETF managed by Tidal Trust II, categorised as Money Market. 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: Money Market
• Ticker: MNAV
• SEC CIK: 0001924868
• SEC series ID: S000099115
• Share class ID: C000268850

MNAV Investment Objective and Strategy

IncomeQ Crypto & Crypto Treasury mNAV Harvester ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust II.

Investment objective

The Fund seeks total return. Total return consists of capital appreciation and income.

Principal investment strategy

The Fund, an actively-managed exchange-traded fund (ETF), seeks to provide exposure to a select group of crypto assets (described below) (the Crypto Strategy) while opportunistically seeking to harvest (capture), through a long/short options strategy, premiums and discounts in companies that hold significant amounts of such crypto assets on their balance sheets (Crypto Treasury Companies) (the Crypto Treasury Strategy). In this context, a premium occurs when a Crypto Treasury Company trades at a market value that is greater than the value of its underlying crypto asset holdings, while a discount occurs when it trades at a market value that is less than the value of its underlying crypto asset holdings. The Crypto Treasury Strategy also seeks to minimize the amount of return of capital in the distributions it generates for the Fund.

On average, the Fund intends to target a beta of 1.0 to a select group of crypto assets (described below) through its long exposure to these crypto assets and long/short exposure to Crypto Treasury Companies (beta refers to the sensitivity of an investments return to movements in a particular market or asset class). The Funds realized beta to the select group of crypto assts (described below), however, is expected to fluctuate and will generally fall within a range of 0.7 to 1.3. Beta : A beta higher than 1.0 to a particular asset class would mean the Funds return with respect to such asset class (positive or negative) would be expected to exceed the return (positive or negative) of that asset class. Conversely, a beta lower than 1.0 to a particular asset class would mean the Funds return with respect to such asset class (positive or negative) would be expected to trail the return (positive or negative) of that asset class.

If the Fund were to achieve its target beta of 1.0 to the select group of crypto assets over a particular period, the performance of the Fund would be expected to closely match the price return of these crypto assets over that same period. Crypto Strategy To seek its targeted crypto asset beta level, the Fund seeks to capture the price return of bitcoin and the price return of ether. To do so, the Fund will invest in bitcoin futures contracts, ether futures contracts, ETFs and other exchange-traded products (ETPs) that provide exposure to bitcoin and either, and options and swaps on such ETFs and ETPs. With respect to the ETFs and ETPs selected, low-cost ETFs and ETPs that have ample liquidity will be favored. For purposes of the Funds beta target, the Funds allocation to bitcoin will typically range between 50% and 85% of the portfolio and the allocation to ether will typically range between 15% and 50% of the portfolio.

The Fund does not invest directly in bitcoin, ether or any other digital assets. Investors seeking direct exposure to the price of bitcoin or ether should consider an investment other than the Fund. Crypto Treasury Strategy The Fund, through its Crypto Treasury Strategy, seeks to gain investment exposure to Crypto Treasury Companies via options contracts. The Crypto Treasury Strategy uses a measure known as mNAV, or multiple to net asset value. mNAV : For a Crypto Treasury Company, the measure of mNAV compares the companys market value to the value of its crypto asset holdings. An mNAV equal to 1.0 means the market is valuing the company in line with the value of its underlying crypto asset holdings. An mNAV greater than 1.0 indicates that the market is assigning additional value to the companys business strategy or management, beyond the value of its crypto asset holdings.

By contrast, an mNAV below 1.0 suggests the company may be trading at a discount relative to the value of its crypto asset holdings. Under the Crypto Treasury Strategy, the Fund may use options to take short positions in Crypto Treasury Companies with mNAVs greater than 1.0, to seek to generate income from option premiums and/or to benefit if such companies revert toward valuations closer to the value of their crypto asset holdings. Conversely, the Fund may use options to take long positions in Crypto Treasury Companies with mNAVs below 1.0, to seek to benefit if such companies increase in value relative to their underlying crypto asset holdings. Crypto Treasury Companies may include companies of all market capitalizations and may also include issuers located in foreign countries. The Fund will pursue its Crypto Treasury Strategy only when Convexitas, LLC (Convexitas), an investment sub-adviser to the Fund, determines that attractive opportunities are available.

Derivatives Use Through the Funds use of derivatives in both its Crypto Strategy and Crypto Treasury Strategy, the Fund provides leveraged exposure to a combination of crypto assets and Crypto Treasury Companies. Futures contracts have a limited lifespan before they expire (e.g., quarterly). The Fund will frequently roll-over futures contracts - replace an expiring contract with a contract that expires further in the future. In addition, the Fund may use options to continuously maintain indirect exposure to an ETF or ETP. As the options contracts it holds are exercised or expire, the Fund may enter into new options contracts, a practice referred to as rolling. As a result, the Funds portfolio will be subject to a high portfolio turnover rate. The Funds ETF and ETP investments may include leveraged ETFs and ETPs (i.e., ETFs and ETPs that seek to provide amplified long exposure to a reference asset).

Cayman Subsidiary The Fund intends to gain exposure to certain investments that do not generate qualifying income under the source of income test required to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code) (e.g., bitcoin futures), by investing through a wholly-owned Cayman Islands subsidiary (the Subsidiary) that is advised by the Adviser (as defined below) and the Funds investment sub-advisers, Convexitas and Quantify Chaos Advisors, LLC (Quantify). The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. Unlike the Fund, the Subsidiary may invest without limitation in these investments; however, the Subsidiary will comply with the same Investment Company Act of 1940, as amended (the 1940 Act), requirements that are applicable to the Funds transactions in derivatives.

In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Funds value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Funds investments include the Funds indirect investments through the Subsidiary.

Reverse Repurchase Agreements The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions. To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Funds total assets at the end of each fiscal quarter (the Asset Diversification Test). During other times of the year, the Funds investments in the Subsidiary may exceed 25% of its total assets.

Collateral As part of the Funds strategy, the Fund holds collateral investments. The Fund expects to invest approximately 10% to 65% of its net assets in U.S. Treasury bills, money market funds, cash and cash equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as Quantify, an investment sub-adviser to the Fund, determines), that provide liquidity, serve as margin or collateralize the Funds or the Subsidiarys investments in futures contracts. Over a quarter end the percentage will likely be more than 75%, due to asset diversification requirements which the Fund must meet in order to qualify as a RIC, but the Fund will likely reinvest some of its liquid assets in the Subsidiary after the end of a quarter.

Other Fund Attributes Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities and/or instruments that provide exposure to crypto assets and/or Crypto Treasury Companies. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. The Funds portfolio holdings are reallocated at least monthly to seek to maintain the Funds beta target. However, between reallocation dates, the Funds realized beta may drift substantially, potentially necessitating more frequent reallocations to maintain the target exposure. The Fund is classified as a non-diversified investment company under the 1940 Act and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund.

It is expected that one or more ETPs utilized by the Fund to implement its strategies will not be registered as an investment company subject to the 1940 Act. This subjects the Fund to certain risks as described further in the section below titled Principal Investment Risks. Information About Bitcoin As noted above, the Fund does not invest directly in bitcoin or any other digital assets. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund. The following provides an overview of bitcoin, the Bitcoin Blockchain, the relationship between the two, as well as their use cases. Bitcoin Description : Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions.

Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment. Bitcoin Blockchain Description The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions.

This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident.

MNAV Costs and Fees

MNAV costs about $134 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.34%
• Gross expense ratio: 1.34%

MNAV Debt Constituents

No individual debt constituents are reported in IncomeQ Crypto & Crypto Treasury mNAV Harvester ETF's latest SEC N-PORT filing.

MNAV Prospectus and SEC Filings

Official IncomeQ Crypto & Crypto Treasury mNAV Harvester ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-01-16

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• Emerald Growth Fund (HSPCX)
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• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

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.