Defiance Nasdaq 100 Enh Opt &0DTEIncETF SEC Filings

Tidal Trust II – YieldMax XOM Option Income Strategy ETF filed its monthly Form N-PORT (period ended 30 April 2025). Key fund-level data are routine and indicate continued operations.

• Net assets: $46.0 million (total assets $46.7 million; liabilities $0.7 million).
• Cash & cash equivalents: $0.60 million.
• Risk metrics (USD DV01): portfolio value change for a 1 bp interest-rate move is $836 (3-month) and $578 (1-year); longer maturities show zero exposure, signalling minimal duration risk.
• Return record (last three months): +4.79%, +4.14%, -10.90% (Class ID C000244357).
• Derivatives activity: Equity option strategies produced sizeable swings: Month 1 realised gain $1.05 m & unrealised gain $1.20 m; Month 2 realised loss $1.07 m & unrealised gain $3.18 m; Month 3 realised loss $2.92 m & unrealised loss $2.90 m.
• No borrowings, preferred stock, standby commitments or controlled foreign corporations reported.
• Securities-lending counterparties did not provide non-cash collateral.

The filing contains no strategic changes, leverage additions, significant borrowings or extraordinary events. Data appear consistent with normal fund operations.

Form NPORT-P filing for Tidal Trust II – YieldMax Ultra Option Income Strategy ETF (CIK 0001924868, LEI 254900LTQPWEQU1KD103) provides a snapshot of the fund’s position as of 30 Apr 2025 (fiscal year-end 31 Oct 2025).

Balance sheet. Total assets stand at $233.7 million against liabilities of $7.36 million, leaving net assets of $226.4 million. The fund shows no borrowings, preferred stock, or delayed-delivery payables, signalling an un-levered structure. Cash and cash equivalents are $0.95 million (≈0.4 % of assets).

Performance. Monthly total returns over the last three months were -6.38 %, -10.94 %, and +3.30 %, illustrating elevated volatility. Equity-option activity delivered realized gains of $9.66 million and $14.14 million in the first two months, followed by a $6.58 million loss in month three; the related unrealised marks swung from gains (+$2.15 million, +$0.55 million) to a -$3.88 million loss. Non-derivative holdings produced cumulative realized losses of $40.34 million, but month-three saw a $23.62 million unrealised gain that partly offset earlier depreciation.

Risk profile. Because the portfolio holds minimal debt securities, credit-spread risk metrics were not required. The fund disclosed no controlled-foreign-corporation exposure, no leverage, and left securities-lending collateral details blank.

Share-flow data and a final-filing indication were not supplied in the submission.

Tidal Trust II – YieldMax TSLA Option Income Strategy ETF (symbol metadata: QQQY) filed its monthly Form N-PORT covering the period ended 30 Apr 2025.

• Size: Total assets of US$1.03 billion; liabilities of US$34.5 million; net assets stand at US$995.7 million.
• Liquidity: Cash & cash equivalents total US$50.0 million; the fund reports no borrowings or preferred stock outstanding.
• Risk profile: Limited rate-sensitive exposure—DV01 of US$17.1k (3-mo) and US$14.7k (1-yr); credit-spread DV01 of US$17.3k (3-mo) concentrated in investment-grade instruments.
• Performance (preceding three months): –24.17%, –9.72%, +10.46% respectively, indicating high volatility.
• Derivatives impact: Options on equities drove sizeable realized losses (Month 1: –US$216 m; Month 2: –US$304 m; Month 3: –US$81 m) offset partially by unrealized gains in Months 2 & 3.
• The fund received non-cash collateral for securities-lending activities.

The filing contains routine portfolio and risk disclosures; however, the sharp negative returns in two of the three reported months highlight performance volatility inherent in an option-income strategy.

Tidal Trust II – YieldMax Target 12 Semiconductor Option Income ETF filed a Form N-PORT for the period ended 30 Apr 2025. The Series reports total assets of US$5.42 million, offset by liabilities of US$83.4 thousand, resulting in net assets of US$5.33 million.

Performance. Monthly total returns over the last three months were -4.35 %, -8.39 % and +0.98 %, indicating a recovery in April after two negative months. Within derivatives activity (equity option strategies):

• Realised gains were US$24.3 k, US$74.3 k and US$47.8 k for Months 1-3, respectively.
• Unrealised changes were –US$2.39 k, +US$1.17 k and –US$44.95 k for the same periods.

For non-derivative investments, the fund recorded sizeable unrealised losses of –US$232.8 k and –US$468.2 k in Months 1-2, followed by a US$189.98 k unrealised gain in Month 3. No realised gains or losses were reported on non-derivative positions until Month 3 (-US$72.9 k).

Liquidity & leverage. The fund shows zero borrowings, zero preferred stock, and cash & cash equivalents of US$81.0 k. No delayed-delivery payables or standby commitments were reported. The filing also discloses that at least one securities-lending counterparty provided non-cash collateral.

Risk metrics & flows. Credit-spread, duration and other portfolio-level risk metrics were not provided, and the sales/redemptions section is incomplete. The fund’s fiscal year-end is 31 Jul 2025, and this report is not marked as the final N-PORT filing.

Overall, the ETF remains small in asset size, with option strategies generating consistent realised gains but experiencing mark-to-market volatility. Consecutive negative months have reduced NAV, yet April’s positive return and realised option income suggest partial stabilization.

Form NPORT-P highlights for Tidal Trust II – YieldMax Target 12 Real Estate Option Income ETF (Series ID S000088626) as of 30 April 2025:

• Net assets: US$2.59 million, derived from total assets of US$2.65 million and total liabilities of only US$58.8 thousand, implying a liability ratio of roughly 2.2%.
• Liquidity: Cash and cash equivalents of US$32.5 thousand are on hand; no borrowings or preferred shares are outstanding.
• Performance: The Fund reported a single disclosed monthly total return of +3.50% for Month 3. Returns for Months 1 and 2 were indicated as N/A, suggesting the series is newly launched or lacked a full operating history during the quarter.
• Derivatives impact: Equity option positions generated an unrealised loss of US$24.7 thousand in Month 3. No realised gains or earlier-month data were reported.
• Traditional investments: Unrealised appreciation on non-derivative holdings totalled US$112.8 thousand for Month 3, more than offsetting the options drag and supporting the positive overall return.
• Risk metrics & financing: The Fund reported zero exposure to credit spread risk, zero borrowings, and no delayed-delivery payables, indicating a straightforward balance sheet and limited leverage.
• Securities lending: The Fund indicated no non-cash collateral but did not provide counter-party or volume details.

Administrative fields confirm the registrant (CIK 0001924868, LEI 549300BGXECFCIZF2P89) and that the fiscal year-end is 31 July 2025. No indication was given that this is a final filing. The limited operating history and small asset base position the ETF as an early-stage, niche income strategy seeking option-derived yield on real-estate exposures.

Tidal Trust II – YieldMax Target 12 Big 50 Option Income ETF (symbol QQQY) has filed its April 30, 2025 Form N-PORT-P. The Series reports $8.06 million in total assets against $0.13 million in liabilities, resulting in net assets of $7.93 million. Cash and cash equivalents not otherwise disclosed total $188.7 thousand, indicating modest liquidity relative to size. No borrowings, preferred stock or payables for firm-commitment purchases are outstanding, underscoring a clean balance sheet.

Performance was negative in each of the last three months. Total return registered -1.73% (Month 1), -6.12% (Month 2) and -0.07% (Month 3). Options activity generated mixed results: realized option gains were $87.7 k in Month 2 and $50.6 k in Month 3 but a $26.3 k loss in Month 1. Unrealized option P&L swung accordingly, producing a $27.9 k gain, $12.6 k gain and $34.8 k loss across the same periods. Outside derivatives, the Fund recorded sizeable unrealized depreciation of $140.9 k, $595.9 k and $20.2 k in Months 1-3, overwhelming limited realized equity gains.

The Fund reported that at least one securities-lending counterparty posted non-cash collateral, but provided no further detail. There are no controlled foreign corporations, credit exposures or borrowings, so credit-spread and interest-rate risk metrics were not required. Share-sales and redemption flow data were not supplied.

Overall, the filing portrays a small, option-focused ETF with low leverage but experiencing consecutive monthly drawdowns driven mainly by unrealized equity depreciation despite intermittent option income.

Form NPORT-P (April 30 2025) for Tidal Trust II – YieldMax SP 500 0DTE Covered Call Strategy ETF details the fund’s balance sheet, recent performance and derivatives activity.

Balance-sheet snapshot: total assets were $11.93 million against liabilities of $0.43 million, leaving net assets of $11.50 million. The filing shows no borrowings, no preferred stock outstanding and zero exposure to delayed-delivery payables or controlled foreign corporations, indicating a largely un-levered structure.

Performance: the ETF posted three consecutive negative monthly total returns:

• Month 1 (most recent): -1.00%
• Month 2: -5.16%
• Month 3: -5.83%

Derivatives impact: the fund’s strategy centers on equity option contracts. Over the three-month look-back:

• Realized option P&L: +$24.3k, +$20.4k, then - $574.4k
• Unrealized option P&L: -$131.4k, -$524.8k, -$48.7k

Risk metrics & leverage: Item B.3 (credit-spread, duration, and value-at-risk metrics) was left blank, implying debt securities do not exceed 25% of NAV. The fund reported no bank debt and no securities lending collateral in non-cash form.

Administrative detail: reporting period ends July 31, with data current to April 30 2025. The filing is marked “LIVE” and not a final Form N-PORT submission. Series identifier S000090040; LEI 2549006NPHE610NPM920.

Overall, the report highlights a small, options-focused ETF that experienced material realized and unrealized losses during the quarter, driving successive negative monthly returns while maintaining a clean balance sheet without leverage.

Form NPORT-P highlights for Tidal Trust II – YieldMax SNOW Option Income Strategy ETF (Series ID S000082242) covering the period ended 30-Apr-2025:

• Balance sheet: Total assets of $48.57 million, liabilities of $1.26 million, producing net assets of $47.30 million.
• Risk profile: Interest-rate DV01 exposure is minimal (3-month DV01 ≈ $689; 1-year DV01 ≈ $455). Credit-spread DV01 is also small (investment-grade 3-month ≈ $714).
• Returns (last three months): +1.85% (Month 1), −13.90% (Month 2), +4.15% (Month 3) – indicating elevated month-to-month volatility.
• Derivatives activity: Equity option strategy drove swings: Month 3 realized loss of $15.29 million offset by $17.02 million unrealized gain; prior months showed realized gains of $2.90 million and $1.89 million respectively.
• Liquidity & leverage: No borrowings or delayed-delivery payables reported; cash equivalents amount not specified. No preferred shares outstanding.
• Securities lending: Counterparty non-cash collateral disclosure included but selection box not clarified.

The filing is routine and does not announce corporate actions or strategic changes; it primarily provides transparency on asset mix, risk metrics and recent performance.

Tidal Trust II — YieldMax PYPL Option Income Strategy ETF filed a Form NPORT-P for the period ended 30 April 2025.

The fund reported total assets of $50.32 million against liabilities of $0.42 million, producing net assets of $49.90 million. Cash and cash equivalents were $0.20 million, and the filing shows no borrowings, preferred stock, or controlled foreign corporation positions.

Recent performance was weak: the last three monthly total returns were -16.23 %, -5.44 % and +0.70 %. Equity option activity drove volatility, with realized losses of $6.11 million (Month 1) and $13.09 million (Month 3) and offsetting unrealized swings.

Risk metrics indicate modest interest-rate exposure concentrated in short maturities; a 1 bp move in 3-month rates alters portfolio value by $675 (DV01) and by $67.5 k for a 100 bp shift (DV100). Credit-spread sensitivity is similarly small, and the fund engaged in limited securities-lending activity with no non-cash collateral reported.