YieldMax Short NVDA Option Income Strategy ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 11 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About DIPS
TheFund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect inverseexposure to the share price (i.e., the price returns) of the Underlying Security, which is generally subject to participationin a portion of potential investment gains. If the share price of the Underlying Security significantly decreases, the Fund willnot fully benefit from the inverse of those decreases. The Fund will employ its investment strategy as it relates to the UnderlyingSecurity regardless of whether there are periods of strong market, economic, or other conditions and will not take temporary defensivepositions during such periods. Asfurther described below, the Fund uses either a synthetic covered put strategy or synthetic covered put spread strategy toseek to generate options premiums and provide indirect inverse exposure to the share price returns of the Underlying Security,subject to participation in a portion of potential investment gains as a result of the nature of the options strategy it employs.That is, the Fund not only seeks to generate options premiums but also aims to derive additional gains when the share price ofthe Underlying Security decreases. The Fund’s options contracts provide: ● indirect inverse exposure to the share price returns of the Underlying Security, ● option premiums, and ● participation in a portion of gains, if any, arising from decreases in the share price of the Underlying Security. Formore information, see sections “The Fund’s Use of Option Contracts,” “Synthetic Covered Put Strategy”and “Synthetic Covered Put Spread Strategy” below. TheFund’s investment adviser is Tidal Investments LLC (“Tidal” or the “Adviser”). Whyinvest in the Fund? ● The Fund seeks to benefit when the share price of the Underlying Security decreases. The Fund partially participates in gains from any decreases in the share price of the Underlying Security. ● The Fund seeks to generate weekly cash distributions, which are not dependent on the price depreciation of the Underlying Security. ● The Fund seeks to manage potential losses (i.e., cap losses if the share price of the Underlying Security experiences significant gains) by purchasing out-of-the-money call options (further described below). Althoughthe Fund may not fully benefit from decreases in the Underlying Security’s share price, the Fund’s portfolio is designedto generate options premiums. AnInvestment in the Fund is not an investment in the Underlying Security. Further, an Investment in the Fund differs from “shortselling” or “shorting” the Underlying Security. ● The Fund partially participates in gains from any decreases in the share price of the Underlying Security. ● The Fund’s strategy is subject to potential losses if the Underlying Security shares increase in value, which may not be offset by the options premiums received by the Fund or by the purchase of out-of-the-money call options (further described below). ● The Fund does not invest directly in the Underlying Security. ● The Fund does not directly short the Underlying Security. ● Fund shareholders are not entitled to any Underlying Security dividends. Whilethe Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Fund’sdistributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking,ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal)rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield. Seethe prospectus section titled “Additional Information About the Funds” for more information about option premiumsand ROC. Additionalinformation regarding the Underlying Security is also set forth below. TheFund’s Use of Option Contracts Aspart of the Fund’s synthetic covered put strategy and synthetic covered put spread strategy, the Fund will purchaseand sell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put option contractsthat are based on the share price of the Underlying Security. The Fund may use European FLEX options as well as options that areexercisable at any time (i.e. American style options contracts). Seethe “Additional Information About the Fund” section for an overview of put and call option terminology. SyntheticCovered Put Strategy Overview Inseeking to achieve its investment objective, the Fund will implement a “synthetic covered put” strategyusing the standardized exchange-traded and FLEX options. The Fund uses a synthetic put strategy rather than a traditional one,utilizing Treasuries as collateral to potentially achieve higher returns than those of the Underlying Security. ● A traditional covered put strategy is an investment strategy where an investor (the Fund) sells a put option on an Underlying Security it is short. ● A synthetic covered put strategy is similar to a traditional covered put strategy in that the investor sells a put option that is based on the value of the Underlying Security. However, in a synthetic covered put strategy, the investor (the Fund) does not actually short the Underlying Security, but rather seeks to synthetically replicate a short position in the Underlying Security (i.e., it seeks inverse exposure to the share price movements of the Underlying Security) through the use of various investment instruments. TheFund’s synthetic covered put strategy consists of the following four elements, each of which is described in greater detailbelow: ● Synthetic short exposure to the Underlying Security, which allows the Fund to seek to participate, on an inverse basis, in changes, up or down, to the price of the Underlying Security’s shares. ● Covered put strategies, which allows the Fund to generate options premiums. ● U.S. Treasuries, which are used for collateral for the options, and which also generate income. ● Out-of-the money (“OTM”) call options, which are purchased to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the Underlying Security if it appreciates significantly in value. However,this loss capping works only if the Underlying Security’s share price rises to or above the strike price of the OTM calloptions that were purchased. If the share price increases but stays below the strike price of these options, the Fund will incurlosses proportionate to this price increase. SyntheticCovered Put Strategy 1. SyntheticShort Exposure Toachieve a synthetic short exposure to the Underlying Security, the Fund may write (sell) the Underlying Security call optionsand, simultaneously, go long (buy) the Underlying Security put options to try to replicate inverse exposure to the share pricemovements of the Underlying Security. The put options purchased by the Fund and the call options sold by the Fund will generallyhave three-month to six-month terms and strike prices that are approximately equal to the then-current share price of the UnderlyingSecurity at the time the contracts are purchased and sold, respectively. The Fund uses the proceeds from selling call optionsto help pay for the purchased put options. The combination of the long put options and sold call options provides the Fund withinvestment exposure equal to approximately -100% of the Underlying Security’s share price changes for the duration of theapplicable options exposure (i.e., the synthetic short position is expected to gain value when the share price of the UnderlyingSecurity decreases and to lose value when the share price of the Underlying Security increases). 2. CoveredPut Strategies CoveredPut Writing Strategy Aspart of its strategy, the Fund will write (sell) put option contracts on the Underlying Security to generate options premiums.The put options written (sold) by the Fund will generally have 1-month or less expiration dates (the “Put Period”)and a strike price that is approximately 0%-15% below the then-current Underlying Security’s share price at the time ofsuch sales. Itis important to note that the sale of the Underlying Security put option contracts will limit the Fund’s participation indecreases in the Underlying Security’s share price. If the share price of the Underlying Security decreases, the above-referencedsynthetic short exposure alone would allow the Fund to experience similar percentage gains. However, if the Underlying Security’sshare price decreases beyond the strike price of one or more of the sold (short) put option contracts, the Fund will lose moneyon those short put positions, and the losses will, in turn, limit the gains of the Fund’s synthetic short exposure. As aresult, the Fund’s overall strategy (i.e., the combination of the synthetic short exposure to the Underlying Security andthe sold (short) Underlying Security put positions) will limit the Fund’s participation in decreases in the Underlying Security’sshare price beyond a certain point. CoveredPut Spread Strategy TheAdviser will employ the Covered Put Spread Strategy when it believes it is a better strategy for the Fund as compared to the CoveredPut Strategy. The Fund may write (sell) credit put spreads (described below) rather than stand-alone put option contracts to seekgreater participation in the potential decline of its Underlying Security’s share price, while still generating net optionspremiums. The Adviser will primarily employ this covered put spread strategy when it believes that the share price of its UnderlyingSecurity is likely to decline significantly in the short term (e.g., following a substantial market rally or overall negativemarket news). Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing furtherout-of-the-money options relative to near-the-money options), where it believes the use of credit put spreads may prove more advantageousto the Fund’s total return than the covered put strategy. 3. U.S.Treasuries TheFund will hold short-term U.S. Treasury securities as collateral in connection with the Fund’s synthetic covered put strategy.The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. 4. OTMCall Purchasing TheFund purchases out-of-the-money (OTM) calls to seek to manage (cap) the Fund’s potential losses from the Fund’s shortexposure to the Underlying Security if it appreciates significantly in value. OTMcall options are a type of options contract where the strike price is set higher than the current market price of the underlyingasset, referred to here as the Underlying Security. When the Fund buys these OTM call options, it is essentially setting a fixedprice level. This level acts as a cap on the Fund’s potential losses that might arise from its indirect inverse exposureto the share price of the Underlying Security. However, this loss capping works only if the Underlying Security’s shareprice rises to or above the strike price of the OTM call options that were purchased. If the share price increases but stays belowthe strike price of these options, the Fund will incur losses proportionate to this price increase. Forexample, if the OTM call options have a strike price that is approximately 70% above the then-current share price of the UnderlyingSecurity at the time of the call purchase, and the share price of the Underlying Security increases by 60% during the term ofthe purchased OTM call options, the Fund will lose approximately 60% of its value. If instead, the share price of the UnderlyingSecurity increases by 80% during the term of the purchased OTM call options, the Fund’s losses will be capped at approximately70%. TheFund bears the costs of purchasing the OTM calls and such costs will decrease the Fund’s value and/or any income and/oroptions premiums otherwise generated by the Fund’s investment strategy. TheFund intends to maintain its synthetic covered put strategy through the use of options contracts. As the options contracts itholds are traded, exercised or expire, it may enter into new options contracts, a practice referred to as “rolling.”The Fund’s practice of rolling options may result in high portfolio turnover. Fund’sWeekly Distributions TheFund seeks to provide weekly cash distributions. The Fund will seek to generate such distributions in the following ways: ● Writing (selling) put option contracts on the Underlying Security, as described above, to generate options premiums. The option premiums received from such option sales will be primarily influenced by the volatility of the Underlying Security shares, although other factors, including interest rates, will also impact the level of premiums. ● Investing in short-term U.S. Treasury securities. The income generated by such securities will be influenced by interest rates at the time of investment. ● In addition, the Fund’s use of the covered put spread strategy may occasionally allow it to capture a substantial portion of any significant decrease in the price of its Underlying Security. When this happens, the Fund could receive profits exceeding the initial cost of the put options, and the Fund’s distributions may include some of those profits. TheFund’s options premiums will be partially offset (reduced) by the premiums paid for purchasing OTM call options, which arepurchased to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the Underlying Securityif it appreciates significantly in value. FundPortfolio Principal Holdings Portfolio Holdings (All options are based on the value of the Underlying Security) Investment Terms Expected Target Maturity Primary Purpose of Holding Purchased put option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of the Underlying Security at the time of purchase) to provide exposure to negative price returns of the Underlying Security. If the share price of the Underlying Security decreases, these options will generate corresponding increases to the Fund. 3-month to 6-month expiration dates Combined with the sold call options, creates a synthetic short position on the Underlying Security. Sold call option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of the Underlying Security at the time of sale). They are sold to help pay for the purchased put options described above. However, the sold call option contracts provide exposure to the full extent of any share price increases experienced by the Underlying Security. 3-month to 6-month expiration dates Combined with the purchased put options, creates a synthetic short position on the Underlying Security. Sold (short) put option contracts (Covered Put Writing Strategy) The strike price is approximately 0%-15% below the then-current share price of the Underlying Security at the time of sale. They generate current options premiums. However, they also limit some potential positive returns that the Fund may have otherwise experienced. 1-month or less expiration dates Generate options premiums for the Fund in the form of premiums, in return for capping the returns of the Fund’s synthetic short position. Sold (short) put option contracts (Covered Put Spread Strategy) The strike price is approximately 0%-15% below the then-current share price of the Fund’s Underlying Security at the time of sale. Sold put option contracts provide inverse exposure to the full extent of any declines in the value experienced by the Fund’s Underlying Security, minus the premium received. 1-month or less expiration dates Combined with the purchased put option contract below, generates options premiums for the Fund in the form of net premiums, in return for limiting the returns of the Fund’s synthetic short position. Purchased put option contracts (Covered Put Spread Strategy) “out-of-the-money” (i.e., the strike price is below the strike price of the corresponding Covered Put Spread Strategy sold put). Bought put option contracts provide exposure to the full extent of any declines in the value experienced by the Fund’s Underlying Security below the option’s strike price. 1-month or less expiration dates Combined with the Sold (short) put option contracts above, generates options premiums for the Fund in the form of net premiums, in return for limiting the returns of the Fund’s synthetic short position. U.S. Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. These instruments are used as collateral for the Fund’s derivative investments. They will also generate income. 6-month to 2-year maturities Collateral for the options positions and some additional income. Purchased call option contracts (OTM Call Purchasing) “out-of-the-money” (i.e., the strike price is above the then-current share price of the Underlying Security at the time of purchase). They limit the Fund’s potential losses if the share price of the Underlying Security experiences significant gains. They represent a cost (debit) that will partially offset (reduce) the net premium received from the sale of the put options. 1-month to 6-month expiration dates Limit the maximum loss of the Fund’s synthetic short position. Themarket value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Fund’s net assetsand the market value of the options package is expected to be between 0% and 50% of the Fund’s net assets. The combinationof these investment instruments provides indirect inverse investment exposure to the share price of the Underlying Security equalto at least 95% of the Fund’s total assets. Undernormal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securitiesand financial instruments that provide inverse exposure to the performance of NVDA. TheFund is classified as “non-diversified” under the 1940 Act. Thereis no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all ofits investment. NVIDIACorporation NVIDIACorporation is a technology company that designs graphics processing units (“GPUs”). NVIDIA Corporation has createdGPU-based visual computing and accelerated computing platforms that address four separate markets: gaming, professional visualization,data center, and automotive. NVIDIA Corporation is listed on Nasdaq. Per NVDA’s most recent Form 10-K filing, the aggregatemarket value of voting stock, as of the most recent available data at time of drafting this prospectus (July 26, 2024), held bynon-affiliates of NVDA, was $2.7 trillion. NVIDIACorporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Informationprovided to or filed with the SEC by NVIDIA Corporation pursuant to the Exchange Act can be located by reference to the SEC filenumber 0-23985 through the SEC’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtainedfrom other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Thisdocument relates only to the securities offered hereby and does not relate to NVDA or other securities of NVIDIA Corporation.The Fund has derived all disclosures contained in this document regarding NVIDIA Corporation from the publicly available documents.In connection with the offering of the securities, none of the Fund, the Trust, the Adviser, the Adviser, or their respectiveaffiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to NVIDIA CorporationNone of the Fund, the Trust, the Adviser or their respective affiliates makes any representation that such publicly availabledocuments or any other publicly available information regarding NVIDIA Corporation is accurate or complete. Furthermore, the Fundcannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracyor completeness of the publicly available documents described above) that would affect the trading price of NVIDIA Corporation(and therefore the price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosureof any such events or the disclosure of or failure to disclose material future events concerning NVIDIA Corporation could affectthe value received with respect to the securities and therefore the value of the securities. Noneof the Fund, the Trust, the Adviser or their respective affiliates makes any representation to you as to the performance of NVDA. NONEOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH NVDA. THE FUND WASNOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, NVDA. Moreover,NVDA has not participated in the development of the Fund’s investment strategy. NVDA does not select or approve theFund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. NVDAdoes not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shallbe construed as an offer of any security by NVDA. Noneof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by NVIDIACorporation or NVDA. All rights in the trademarks are reserved by their respective owners. Dueto the Fund’s investment strategy, the Fund’s economic exposure is inversely related to the industry assigned to NVDA.As of the date of this prospectus, NVDA is assigned to the semiconductors and semiconductor equipment industry.
DIPS News
- (DIPS) Price Dynamics and Execution-Aware Positioning
- REAL ESTATE INVESTOR OPTIMISM DIPS TO RECORD LOW ACCORDING TO SUMMER 2026 RCN CAPITAL INVESTOR SENTIMENT SURVEY
- Sargento buys dips and spreads maker La Terra Fina
- Discipline and Rules-Based Execution in DIPS Response
- Behavioral Patterns of DIPS and Institutional Flows
- Short Interest in YieldMax Short NVDA Option Income Strategy ETF (NYSEARCA:DIPS) Grows By 89.3%
- (DIPS) Movement Within Algorithmic Entry Frameworks
Data for DIPS is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.