YBTT — YieldMax® Bitcoin Performance & Distribution Target 25™ ETF

YBTT Fund Overview

YBTT — YieldMax® Bitcoin Performance & Distribution Target 25™ ETF is a US ETF managed by Tidal Trust II, categorised as United States 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 Equity
• Ticker: YBTT
• SEC CIK: 0001924868
• SEC series ID: S000093112
• Share class ID: C000261195

YBTT Investment Objective and Strategy

YieldMax® Bitcoin Performance & Distribution Target 25™ 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 a defined level of options premiums (i.e., a set annual distribution target as discussed below) and capital appreciation. The Funds strategy involves: (1) providing indirect ( synthetic ) exposure to the share price ( i.e. , the price returns) of one or more select U.S.-listed exchange-traded products (ETPs) that seek exposure to bitcoin, which is a crypto asset (each an Underlying ETP and collectively, the Underlying ETPs); and (2) generating options premium via various options strategies (the Options Strategies), which involve using options contracts on the Underlying ETPs. Additionally, the Fund will maintain an allocation to cash, money market funds or U.S. Treasuries, the market value of such holdings expected to be between 50% and 100% of the Funds assets.

These investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Funds investments in derivative instruments (i.e., options). An Underlying ETP may include both: ? an ETP that invests directly in bitcoin as its primary underlying asset, and ? an ETP that invests indirectly in bitcoin via derivatives contracts based on bitcoins prices. The Fund does not invest directly in bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current spot or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund. Synthetic Exposure to the Underlying ETPs Instead of purchasing shares of Underlying ETPs directly, the Fund will obtain indirect exposure to an Underlying ETP synthetically through options contracts.

In particular, the Fund will buy the Underlying ETP call options and, simultaneously, sell the Underlying ETP put options to try to replicate the price movements of the Underlying ETP. 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 ETP 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 investment exposure equal to approximately 100% of a particular Underlying ETP for the duration of the applicable options exposure, subject to a limit on potential investment gains. Impact of Synthetic Exposure on Fund Returns The Funds synthetic exposure to an Underlying ETP may significantly affect overall Fund performance.

If the value of an Underlying ETP declines, losses may fully offset, or even exceed, any premiums generated, leading to negative returns. The pursuit of premiums does not protect the Fund from losses tied to adverse movements in the Underlying ETP. Options Strategies Seeking Premiums Separately, the Fund employs various options strategies focused on generating premiums. Generally speaking, the Fund sells (writes) options on the Underlying ETPs, receiving premiums from counterparties that pay for the right to buy or sell at a set price. These premiums are an important driver of the Funds distributions. On a weekly basis, the Adviser uses one or more options strategies to seek to generate net premiums (i.e., option premiums received, less option premiums paid) with a target of approximately 2.2% per month.

Actual results may vary and are not guaranteed. Receipt of an option premium does not always represent income; depending on the outcome of the overall options transaction. Premium levels are influenced by market conditions, particularly volatility, and the Adviser may adjust the Funds options strategies depending on the outlook for the Underlying ETPs. While option selling may provide premium opportunities, it may also limit upside gains or increase downside risk. The options strategy most frequently utilized by the Fund is called a covered call spread, which is a type of selling credit spread. The Fund uses covered call spreads to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. See the prospectus section titled Additional Information About the Funds for a list of the options strategies that the Fund may utilize, together with a description of each options strategy.

Annual 25% Target Distribution As discussed above, the Funds options strategies are designed to seek net premiums of approximately 2.2% per month. The Fund has also established a target annual cash distribution level of approximately 25% of its net asset value (the Annual 25% Target). This target reflects the Advisers expectations based on the premiums the Fund seeks to generate and the annualized effect of those premiums. In practice, the Funds options strategies are designed to seek monthly distribution levels of roughly 2.2%, which, when annualized, correspond to the Annual 25% Target. The Annual 25% Target is not a guarantee, nor does it represent a 25% yield or a 25% total return . Actual distributions may be higher or lower depending on market conditions and the Funds results. To the extent the Funds returns fall short of the Annual 25% Target, distributions will reduce the Funds net asset value (NAV).

Although stated as an annual target, distributions are paid more frequently, and any amount the Fund pays in excess of its earnings will reduce NAV. If the Funds NAV declines over time, the dollar amount of future distributions will also decrease. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Funds for more information about option premiums and ROC. The Fund seeks to pay distributions on a weekly basis, but there is no assurance the Fund will achieve the Annual 25% Target in any year. Treasuries In addition, the Fund will hold cash or short-term U.S. Treasury securities.

These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Funds income generation. Additional Fund Attributes The Fund is classified as non-diversified under the 1940 Act. The Funds investment strategy is expected to result in high portfolio turnover on an annual basis. Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in options contracts that that utilize an Underlying ETP as the reference asset. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. Information About Bitcoin As noted above, the Fund does not invest directly in bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current spot or cash price of bitcoin.

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 asset, 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.

The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system. The Relationship between Bitcoin and Bitcoin Blockchain: Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin.

This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoins history and scarcity. Bitcoin and Bitcoin Blockchain Use Cases: Bitcoin and the Bitcoin Blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include: 1. Decentralized Transactions: Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances. Bitcoin and the Bitcoin Blockchain were designed to be used as an alternative general purpose payment system and while bitcoin may be an attractive option for cross border transfers and remittances, it is presently not widely used as a means of payment.

2. Store of Value: Due to its limited supply and decentralized nature, bitcoin is perceived as a digital alternative to traditional stores of value like gold, potentially serving as a hedge against inflation and currency devaluation. 3. Smart Contracts: While primarily associated with other blockchain platforms, the Bitcoin Blockchain can execute smart contractsself-executing contractual agreements with the terms directly written into codethereby enabling automated and conditional transactions. 4. Asset Tokenization: The Bitcoin Blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital token on the blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency. At this time this functionality is limited.

Unlike the scripting language of blockchain platforms like Ethereum, the scripting language of the Bitcoin Blockchain is not Turing complete, and thus more limited in terms of the types of smart contracts it can support. 5. Digital Identity Verification: Leveraging the security and immutability of the Bitcoin Blockchain, companies can develop digital identity verification systems, enhancing privacy and reducing identity theft. At this time this functionality is limited.

YBTT Costs and Fees

YBTT costs about $107 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.07%
• Gross expense ratio: 1.07%

YBTT Debt Constituents

No individual debt constituents are reported in YieldMax® Bitcoin Performance & Distribution Target 25™ ETF's latest SEC N-PORT filing.

YBTT Prospectus and SEC Filings

Official YieldMax® Bitcoin Performance & Distribution Target 25™ ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-10-10

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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.