Defiance Nasdaq 100 Enh Opt &0DTEIncETF SEC Filings

Tidal Trust II – YieldMax ABNB Option Income Strategy ETF filed its Form N-PORT for the month ended 30 April 2025.

The Series reported $29.9 million in total assets, $1.44 million in liabilities and $28.45 million in net assets. Monthly total returns were

• +1.59 % (Month 1)
• -11.47 % (Month 2)
• -0.51 % (Month 3)

reflecting the fund’s option-income strategy. Option activity drove significant swings: Month 2 showed a $4.85 million unrealized loss despite a $0.97 million realized gain, while Month 3 recorded a $7.34 million realized loss offset by a $7.09 million unrealized gain. Reported DV01 exposure to U.S.-dollar interest-rate moves is small ($448 per bp for 3-month maturity). No borrowings, preferred stock or delayed-delivery payables were outstanding. The filing indicates the Fund is live and does not anticipate being a final N-PORT submission.

Tidal Trust II – YieldMax AI and Tech Portfolio Option Income ETF filed its monthly Form N-PORT (period ended 30-Apr-2025). The report covers the Series identified by EDGAR code S000089000 and LEI 2549008UDFKVE9XUFD77.

Fund size & balance sheet

• Total assets: $19.48 million
• Total liabilities: $0.77 million
• Net assets: $18.71 million
• No borrowings, preferred stock or controlled-foreign-corporation holdings were reported.

Performance (three most recent months)

• Monthly total return: Month 1 -6.60%; Month 2 -7.53%; Month 3 +2.69%.
• Derivatives (equity options) generated realized gains each month ($135k, $557k, $132k respectively) but showed mixed unrealized marks (largest depreciation -$377k in Month 3).
• Non-derivative holdings recorded sizeable unrealized losses in Month 1 (-$2.14 million) and Month 2 (-$2.18 million), followed by unrealized appreciation of $1.14 million in Month 3.

Risk & leverage

• No credit or interest-rate risk metrics were required, indicating debt securities did not exceed 25 % of NAV.
• No outstanding bank lines, notes payable, or delayed-delivery payables were disclosed.

Securities lending: The filing asks whether non-cash collateral was provided, but the yes/no check box is not completed, so no information is available.

Overall, the ETF remains small ($18.7 million NAV) with option-based income strategies driving realized gains. However, two of the past three months delivered negative total returns and substantial unrealized depreciation on the underlying portfolio.

Tidal Trust II – Yieldmax Magnificent 7 Fund Of Option Income ETF (Series ID S000083695) filed its monthly Form N-PORT (period ended 30 Apr 2025).

Balance-sheet snapshot:

• Total assets: $298.73 million
• Total liabilities: $68.34 thousand
• Net assets: $298.67 million
• No borrowings, preferred stock or off-balance sheet debt reported

Performance (last three months):

• Month 1: -6.64 %
• Month 2: -8.10 %
• Month 3: +1.15 %

The Fund recorded sizeable investment losses: realised losses totalled $9.68 million in Month 1, $2.77 million in Month 2, and $3.04 million in Month 3. Unrealised depreciation was more pronounced, with -$35.36 million and -$33.21 million in the first two months and -$4.69 million in Month 3.

Flows: During Month 1 the ETF sold $10.51 million in new shares versus $6.95 million in redemptions, implying a positive net inflow of roughly $3.56 million. Data for Months 2-3 was not provided.

Risk & derivatives disclosure: No credit-spread (CS01) metrics or derivative breakdowns were supplied; securities-lending collateral was indicated but not detailed. The Fund reported zero assets classified as "miscellaneous securities" and no controlled foreign corporation exposure.

Key takeaways for investors: The ETF maintains a low-leverage profile with minimal liabilities and steady asset base, but recent negative returns and substantial realised/unrealised losses highlight short-term volatility typical of option-income strategies. Continued net inflows suggest investor interest despite drawdowns.

Tidal Trust II (QQQY) filed a routine Form NPORT-P covering the series "Yieldmax Universe Fund Of Option Income ETF" for the period ended 30 April 2025.

The submission lists total assets of $711.09 million, liabilities of $0.16 million and net assets of $710.93 million. Cash and cash equivalents not otherwise reported were $3.27 million.

Performance metrics show three consecutive monthly total returns of -6.21%, -6.44% and +3.66%. Realised and unrealised losses in Months 1 and 2 exceeded $70 million each, while Month 3 recorded a small unrealised gain of $0.23 million.

Flow data for Month 1 indicate $108.96 million in share sales with no redemptions. The fund reported no borrowings, preferred stock, or material derivative exposure and stated that non-cash collateral was not utilised in securities lending.

No risk factors, legal proceedings or other extraordinary items were disclosed, making this a standard monthly portfolio update.

Tidal Trust II has filed a Form NPORT-P covering the Roundhill Generative AI & Technology ETF for the reporting period ended 30 April 2025. The filing shows total assets of $235.7 million and net assets of $235.6 million, implying a very low liability burden of just $141 k (≈0.06 % of assets). No borrowings, preferred stock, controlled foreign corporations, or payables on firm-commitment purchases were reported, indicating an un-levered balance sheet.

Recent performance was volatile: the ETF logged -6.37 % and -10.44 % returns in the first two months of the quarter before rebounding to +2.65 % in the third month. Correspondingly, investment activity produced sizeable swings—most notably a $29.4 million unrealized depreciation in Month 2, partially offset by an $11.1 million unrealized gain in Month 3.

Investor demand remained robust despite drawdowns. During the most recent month the fund recorded $30.28 million in share sales with no redemptions, resulting in positive net flows. No securities-lending non-cash collateral, credit-spread risk metrics, or derivative category data were supplied, suggesting limited exposure to fixed-income or complex structured positions.

Overall, the ETF appears well-capitalised and un-levered, but its recent negative performance and sizeable unrealised losses highlight market-driven risk that investors should weigh against the fund’s inflow momentum and ample liquidity.

Form N-PORT (monthly) filed by Tidal Trust II for the series iREIT – MarketVector Quality REIT Index ETF discloses portfolio and flow data as of 30 Apr 2025 (fiscal year-end 31 Jan 2026).

Fund size & balance sheet

• Total assets: $4,228,085.49
• Total liabilities: $2,050.09
• Net assets: $4,226,035.40 – liabilities are 0.05 % of assets, indicating minimal leverage.

Recent performance (total return)

• Month 1: +2.05 %
• Month 2: -2.41 %
• Month 3: -4.76 %

The fund logged a cumulative -5.1 % over the last three months, with unrealized depreciation driving the decline. Unrealized P&L:

• Month 1: $98,738.74 gain
• Month 2: $128,739.60 loss
• Month 3: $220,227.03 loss

Derivatives & risk

• No credit-spread risk metrics reported, implying negligible fixed-income exposure.
• No borrowings or payables for delayed-delivery purchases; preferred stock outstanding is $0.

Securities lending: the counterparty did not provide non-cash collateral.
Shares sold/redeemed: no sales, reinvestments, or redemptions reported for the three-month period, suggesting static share count.

The filing shows a very small, low-leverage ETF with recent negative momentum in returns and valuation, but a clean balance sheet and no structural leverage or complex derivatives.

Tidal Trust II filed a Form N-PORT-P for the series Hilton Small-MidCap Opportunity ETF (Series ID S000083082) covering the monthly portfolio position data as of 30 Apr 2025 (fiscal year-end 31 Oct 2025).

Balance-sheet snapshot: total assets stand at $98.7 million; liabilities are negligible at $43.7 thousand, producing net assets of $98.66 million. No borrowings, preferred stock, payables on firm-commitment purchases, or controlled foreign corporation investments are reported, indicating a largely unlevered structure.

Performance trend: the fund posted three consecutive negative monthly total returns: -4.83 %, -6.31 %, and -2.55 %. Correspondingly, sizable unrealized depreciation was recorded (-$5.17 million, -$6.52 million, and -$0.82 million) along with realized losses (up to -$1.75 million), signalling adverse market movements in the period.

Flows: in Month 1 the ETF generated $4.44 million of share sales with no redemptions, suggesting positive net inflows; data for Months 2-3 are not yet provided. No non-cash collateral was disclosed under securities lending, and the fund reported zero exposure to credit spread risk metrics, implying limited debt-security or derivative activity.

Key identifiers include CIK 0001924868, Investment Company Act file 811-23793, and LEI 529900GLDBIJDBMYUQ29 for the series. Street address is 234 W. Florida St., Suite 203, Milwaukee, WI 53204.

Overall, the report reflects a well-capitalised, low-leverage portfolio experiencing short-term performance headwinds and material unrealised losses during the February-April 2025 window.

Tidal Trust II – Grizzle Growth ETF filed its monthly Form N-PORT (period ended 30 April 2025). The fund reported total assets of $3.672 million and liabilities of $3.0 thousand, leaving net assets of $3.669 million. No assets are invested through controlled foreign corporations and the fund shows no borrowings, preferred stock, payables for delayed-delivery purchases, or cash equivalents beyond $0.01.

Performance. The ETF recorded three consecutive negative monthly total returns:

• Month 1: -5.79 %
• Month 2: -8.33 %
• Month 3: -2.10 %

Realised and unrealised results were volatile relative to the fund’s small asset base. Month 2 saw a $1.22 million realised gain offset by a $1.93 million unrealised loss, while Month 1 posted a $0.77 million unrealised loss without any realised gains. Month 3 produced a realised loss of $0.29 million against an $0.085 million unrealised gain.

Flows & Liquidity. The filing shows zero share sales, redemptions or reinvestments for the months disclosed, suggesting minimal primary-market activity. Securities-lending counterparties did not post non-cash collateral. The fund reported no portfolio credit-spread or interest-rate risk metrics, implying debt exposure remains well below the 25 % threshold that would trigger reporting.

Key takeaway: With a small asset base and multiple months of negative returns, the ETF’s NAV has been pressured, though leverage and counterparty risks appear minimal.