Defiance Nasdaq 100 Enh Opt &0DTEIncETF SEC Filings

Tidal Trust II – YieldMax Short COIN Option Income Strategy ETF filed a Form N-PORT for the period ended 30 April 2025.

The fund reported total assets of US$62.63 million, liabilities of US$11.55 million, and net assets of US$51.08 million. Cash and cash equivalents represent US$27.84 million (≈45% of total assets).

Monthly total returns for the last three months were +20.06% (Month 1), +19.27% (Month 2) and -14.23% (Month 3), indicating significant performance volatility typical of an option-income strategy.

Derivative activity is concentrated in equity options. Realised and unrealised figures show sharp swings: in Month 3 the fund realised a US$18.44 million gain but recorded a US$24.34 million unrealised loss. DV01 exposure to interest-rate risk is modest (3-month DV01 = US$530; 1-year DV01 = US$442), suggesting limited duration exposure. No borrowings, preferred stock, or controlled foreign corporation assets were reported.

Form NPORT-P (monthly) filed by Tidal Trust II for its series YieldMaxTM Short NVDA Option Income Strategy ETF covers the period ended 30-Apr-2025. The fund reports $11.35 million in total assets, $0.98 million in liabilities and $10.37 million in net assets. Cash and cash equivalents total $3.38 million, or roughly 29.7 % of assets, providing ample liquidity. No borrowings, preferred stock, or delayed-delivery payables were outstanding, reflecting a clean balance sheet.

Portfolio risk is modest: DV01 exposure is limited to the 3-month (116.5) and 1-year (95.4) buckets, with zero exposure beyond five years. Credit-spread sensitivity is similarly concentrated in short maturities and exclusively investment-grade.

Performance was volatile. Monthly total returns for the past three months were -5.11 %, +10.14 %, and -5.63 %. Option activity drove these swings—realized option gains/losses ranged from -$0.22 million to $2.56 million, while unrealized changes fluctuated between + $1.46 million and -$3.17 million. Non-derivative gains/losses remained immaterial.

No indication was given that this is the fund’s final Form NPORT-P filing. Overall, the submission appears routine, with derivative-driven returns and a small but liquid asset base.

YieldMax Bitcoin Option Income Strategy ETF, a series of Tidal Trust II, filed its Form N-PORT for the period ended 30 April 2025. The fund reports $115.57 million in total assets and $0.36 million in liabilities, leaving net assets of $115.21 million. Cash and cash equivalents stand at $0.64 million, and the filing shows no borrowings, preferred stock, or delayed-delivery payables.

Interest-rate exposure is minimal: DV01 is $1.37 k for 3-month and $1.03 k for 1-year maturities; a 100-bp shock (DV100) would move the portfolio by $137 k and $103 k respectively, with no exposure beyond one year. Credit-spread risk is similarly small and limited to investment-grade positions.

The options-focused strategy produced high short-term volatility. Monthly total returns were -13.92 %, -1.03 %, and +13.14 % over the last three months. Equity option contracts generated realized losses of $7.25 million and $15.89 million in months 1–2, followed by a $12.23 million gain in month 3. Unrealized P&L fluctuations mirrored this pattern, underscoring the income-generation strategy’s sensitivity to market swings.

There is no use of controlled foreign corporations, securities lending collateral is not detailed, and the balance sheet remains straightforward. Overall, the filing signals solid asset coverage but significant return variability driven by option positions.

Tidal Trust II – YieldMax Short N100 Option Income Strategy ETF ("QQQY") filed its monthly Form NPORT-P covering the period ended 30 April 2025.

The fund reported total assets of $11.85 million, liabilities of $0.30 million and net assets of $11.55 million. Cash and cash equivalents not elsewhere classified total $0.67 million.

Performance: monthly total returns for the past three months were +2.59%, +7.08% and -4.33%, indicating recent volatility after two positive months.

Derivatives activity: Option strategies generated realized gains/(losses) of -$77.5k, $786.4k and -$270.6k across the last three months, with corresponding unrealized moves of $286.0k, -$141.3k and -$228.8k.

Risk metrics: Interest-rate DV01 exposure in U.S. dollars is modest (e.g., 3-month DV01 $165) and credit-spread sensitivity is limited to investment-grade exposures.

Key highlights from the April 30 2025 Form N-PORT report for the YieldMaxTM MSTR Option Income Strategy ETF (a series of Tidal Trust II):

• Total assets $3.37 billion; liabilities $102.6 million; net assets $3.27 billion.
• Cash & cash equivalents represent $1.16 billion (≈36 % of assets); the fund shows no borrowings or preferred stock.
• Interest-rate risk is minimal, with DV01 exposure limited to short maturities (3-mo $34 k; 1-yr $28 k).
• Monthly total returns were -18.74 % (Month 1), +8.35 % (Month 2) and +28.58 % (Month 3), underscoring high volatility.
• Equity option activity produced a $136.6 m realized loss and $306.6 m unrealized loss in Month 1, but a $705.4 m unrealized gain in Month 3.

Tidal Trust II – YieldMax SMCI Option Income Strategy ETF filed its monthly Form N-PORT for the period ended 30 Apr 2025.

• Net assets: US$126.2 million (assets US$147.3 m; liabilities US$21.1 m).
• Cash & cash equivalents: US$98.5 k.
• Risk profile: DV01 exposure concentrated in short maturities (3-month DV01 US$2.54 k; 1-year US$1.65 k); no material exposure beyond one year.
• Performance: Monthly total returns – Month 1 +26.33%, Month 2 -12.82%, Month 3 -7.75%.
• Derivatives impact: Options on equities drove large swings – Month 1 realized gain US$50.3 m paired with unrealized loss US$-26.9 m; Month 3 realized loss US$-49.9 m offset by unrealized gain US$40.1 m.
• Non-derivative portfolio: minimal activity (realized losses under US$50 k each month).
• No borrowings, preferred stock, or controlled foreign corporations were reported, and securities-lending counterparties provided only cash collateral.

The filing indicates a strategy heavily reliant on short-dated option positions, producing high return volatility within a modestly sized asset base.

Form NPORT-P filing overview for Tidal Trust II – YieldMax PLTR Option Income Strategy ETF (Series ID S000086363)

The report covers the period ended 30 April 2025 (fiscal year-end 31 Oct 2025). Net assets stand at $287.5 million, supported by total assets of $328.9 million and liabilities of $41.4 million. Risk metrics show modest fixed-income exposure: a 1 bp move in rates shifts portfolio value by $5.4 k DV01 (3-month) and $4.0 k DV01 (1-year); a 100 bp shift scales proportionally to $539 k and $403 k, respectively. Credit-spread sensitivity is similar in magnitude.

• Monthly returns: −0.09% (Month 1), +1.29% (Month 2), +22.8% (Month 3) indicating high volatility.
• Derivatives activity (options on equities) drove performance: realized gains ranged from −$41.7 m to +$29.4 m across the three months, with unrealized swings of comparable size.
• No borrowings, preferred stock, or CFC holdings were reported; cash & equivalents total $3.7 m.
• Securities-lending counterparties did not provide non-cash collateral.

Tidal Trust II – YieldMax™ TSM Option Income Strategy ETF filed its Form NPORT-P for the month ended 30 April 2025.

• Net assets: US$41.56 million, derived from total assets of US$44.65 million and liabilities of US$3.09 million.
• Liquidity: Cash and cash equivalents stood at US$1.82 million (≈4.4 % of net assets).
• Recent performance: three-month total returns were -11.73 %, -4.45 % and +0.74 %, reflecting elevated volatility in the fund’s option-based strategy.
• Derivatives impact: Equity option activity drove a realized gain of US$0.82 million but an unrealized loss of US$6.62 million in the first month; the pattern reversed in month 2 (realized loss US$4.40 million, unrealized gain US$2.33 million) and moderated in month 3.
• Interest-rate sensitivity: DV01 exposure in USD is modest (3-month DV01 US$624; 1-year DV01 US$388), indicating limited fixed-income duration risk.
• Credit-spread risk: Investment-grade CS01 totals US$649 (3-month) and US$385 (1-year); the fund has no non-investment-grade exposure.

No borrowings, preferred stock, or standby commitments were reported, and the filing is not marked as final. No information on share sales/redemptions was included in the excerpt provided.

Form NPORT-P (April 30 2025) – Tidal Trust II, YieldMax™ BABA Option Income Strategy ETF

The Series reported $42.6 million in total assets and $40.9 million in net assets, with liabilities limited to $1.73 million. The fund shows no borrowings, preferred stock, or delayed-delivery payables, indicating a largely unlevered balance sheet.

Performance volatility remained high: monthly total returns were +23.96 %, +0.46 %, and -12.77 % for the three months ending April 2025. Options activity drove results—Month 1 realized gains of $9.83 million swung to a $8.87 million loss in Month 3, while unrealized P&L moved correspondingly.

Interest-rate risk is modest with DV01 of $813 (3-mo) and $618 (1-yr); DV100 scales to $81k and $62k, respectively. Credit-spread risk is entirely investment-grade and similarly small. Cash equivalents outside Parts C/D totaled $40.8 k.

The fund reported that at least one securities-lending counterparty provided non-cash collateral. No information suggests this is a final filing, and the report covers the fiscal year ending October 31 2025.