Defiance Nasdaq 100 Enh Opt &0DTEIncETF SEC Filings

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.

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.