YieldMax DKNG 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 10 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About DRAY
TheFund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect exposureto the share price (i.e., the price returns) of the Underlying Security, which is generally subject to participation ina portion of potential investment gains. The Fund will employ its investment strategy as it relates to the Underlying Securityregardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensivepositions during such periods. As further described below, the Fund uses either a synthetic covered call strategy or syntheticcovered call spread strategy to seek to generate options premiums and provide indirect exposure to the share price returns ofthe Underlying Security, which is generally subject to participation in a portion of potential investment gains as a result ofthe nature of the options strategy it employs. The Fund not only seeks to generate options premiums but also aims to derive gainswhen the value of the Underlying Security increases. The Fund’s options contracts provide: ● indirect exposure to the share price returns of the Underlying Security, ● option premiums, and ● at most times, participation in a portion of gains, if any, of the share price returns of the Underlying Security. Formore information, see sections “The Fund’s Use of Underlying Security Option Contracts” and “SyntheticCovered Call Strategy” below. Whyinvest in the Fund? ● The Fund seeks to generate weekly cash distributions, which is not dependent on the price appreciation of the Underlying Security. ● The Fund seeks to participate in a portion of the gains experienced by the Underlying Security. Thatis, although the Fund may not fully participate in gains in the Underlying Security’s stock price, the Fund’s portfoliois designed to generate options premiums. AnInvestment in the Fund is not an investment in the Underlying Security. ● The Fund’s strategy will capture only a portion of its potential gains if the Underlying Security’s stock price increase in value. ● The Fund’s strategy is subject to all potential losses if the Underlying Security’s stock price decrease in value, which may not be offset by the options premiums received by the Fund. ● The Fund does not invest directly in 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 Underlying Security Option Contracts Aspart of the Fund’s synthetic covered call strategy and synthetic covered call spread strategy, the Fund will purchase andsell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put option contractsthat are based on the value of the price returns of the Underlying Security. ● In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of the Underlying Security) at a specified price (the “strike price”). ● If exercised, an option contract obligates the seller to deliver shares (for a sold or “short” call) or buy shares (for a sold or “short” put) of the underlying asset at a specified price (the “strike price”). ● Options contracts must be exercised or traded to close within a specified time frame, or they expire. See the chart in section “Fund Portfolio” below for a description of the option contracts utilized by the Fund. Standardizedexchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms(e.g., the strike price can be negotiated). For more information on FLEX options, see “Additional Information about theFunds – Exchange Traded Options Portfolio.” TheFund’s options contracts are based on the value of the Underlying Security, which gives the Fund the right or obligationto receive or deliver shares of the Underlying Security on the expiration date of the applicable option contract in exchange forthe stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchasesor sells the option contract. SyntheticCovered Call Strategy Inseeking to achieve its investment objective, the Fund may implement a “synthetic covered call” strategy usingthe standardized exchange-traded and FLEX options described above. ● A traditional covered call strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying security it owns. ● A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) does not own the underlying security, but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments. TheFund’s synthetic covered call strategies consists of the following three elements, each of which is described in greaterdetail farther below: ● Synthetic long exposure to the Underlying Security, which allows the Fund to seek to participate in the changes, up or down, in the price of shares of the Underlying Security. ● Covered call writing (where the Underlying Security’s call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate options premiums. ● U.S. Treasuries, which are used for collateral for the options, and which generate income. 1. Synthetic Long Exposure Toachieve a synthetic long exposure to the Underlying Security, the Fund will buy the Underlying Security’s call options and,simultaneously, sell the Underlying Security’s put options to try to replicate the price movements of the Underlying Security.The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to six-month terms andstrike prices that are approximately equal to the then-current share price of the Underlying Security at the time the contractsare purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with indirectinvestment exposure equal to approximately 100% of the Underlying Security for the duration of the applicable options exposure. 2. Covered Call Strategies CoveredCall Strategy Aspart of its strategy, the Fund will write (sell) call option contracts on the Underlying Security to generate options premiums.Since the Fund does not directly own the Underlying Security, these written call options will be sold short (i.e., selling a positionit does not currently own). The Fund will seek to participate in the share price appreciation of the Underlying Security, if any.However, due to the nature of covered call strategies, the Fund’s participation may be subject to a cap (as described below).In this strategy, the call options written (sold) by the Fund will generally have 1- month or less expiration dates (the “CallPeriod”) and generally have a strike price that is approximately 0%-15% above the then-current share price of the UnderlyingSecurity. Itis important to note that the sale of the Underlying Security call option contracts will limit the Fund’s participationin the appreciation in the Underlying Security’s stock price. If the stock price of the Underlying Security increases, theabove-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if the UnderlyingSecurity’s stock price appreciates beyond the strike price of one or more of the sold (short) call option contracts, theFund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’ssynthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combination of the synthetic long exposureto the Underlying Security and the sold (short) the Underlying Security call positions) will limit the Fund’s participationin gains in the Underlying Security’s stock price beyond a certain point. CoveredCall Spread Strategy TheAdviser will employ the Covered Call Spread Strategy when it believes it is a better strategy for the Fund as compared to theCovered Call Strategy. The Fund may write (sell) credit call spreads (described below) rather than stand-alone call option contractsto seek greater participation in the potential appreciation of its Underlying Security’s share price, while still generatingnet options premiums. The Adviser will primarily employ this covered call spread strategy when it believes that the share priceof its Underlying Security is likely to rise significantly in the short term (e.g., following a substantial selloff or overallpositive market news). Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluingfurther out-of-the-money options relative to near-the-money options), where it believes the use of credit call spreads may provemore advantageous to the Fund’s total return than the covered call strategy. Acredit call spread involves selling a call option while simultaneously buying a call option with a higher strike price, both withthe same expiration date. By writing credit call spreads, the Fund can potentially offset losses incurred from its short callpositions if the Underlying Security’s share price rises above the strike price. 3. U.S. Treasuries TheFund will hold short-term U.S. Treasury securities as collateral in connection with the Fund’s synthetic covered call strategy.The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. TheFund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts. As theoptions contracts it holds are 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 will seek to provide weekly cash distributions. The Fund will seek to generate such distributions in the following ways: ● Writing (selling) call option contracts on its Underlying Security as described above to generate options premiums. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in the Underlying Security’s stock prices. However, other elements like interest rates can also influence the level of premiums. ● Investing in short-term U.S. Treasury securities. The income generated by these securities will be influenced by interest rates at the time of investment. ● In addition, the Fund’s use of the Synthetic Covered Call Spread Strategy may occasionally allow it to capture a substantial portion of any significant increase in the price of its Underlying Security. When this happens, the Fund could receive profits exceeding the initial cost of the call options, and the Fund’s distributions may include some of those profits. Fund’sReturn Profile vs its Underlying Security Forthe reasons stated above, the Fund’s performance will differ from that of the Underlying Security’s stock price. Theperformance differences will depend on, among other things, the price of the Underlying Security, changes in the value of theUnderlying Security options contracts the Fund holds, and changes in the value of the U.S. Treasuries. FundPortfolio Principal Holdings Portfolio Holdings (All options are based on the value of the Underlying Security) Investment Terms Expected Target Maturity Purchased 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 purchase) to provide indirect exposure to positive price returns of the Underlying Security. Ifthe Underlying Security share price increases, these options will generate corresponding increases to the Fund. 1-month to 6-month expiration dates Sold 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 sale). They are sold to help pay for the purchased call options described above. However,the sold put option contracts provide exposure to the full extent of any share price losses experienced by the Underlying Security. 1-month to 6-month expiration dates Sold (short) call option contracts (Covered Call Strategy) The strike price is approximately 0%-15% more than the then-current share price of the Underlying Security at the time of sale. Theygenerate options premiums. However, they also limit some potential positive returns that the Fund may have otherwise experiencedfrom gains in the Underlying Security’s share price. 1-month or less expiration dates Sold (short) call option contracts (Covered Call Spread Strategy) The strike price is approximately 0%-15% more than the then-current share price of the Fund’s Underlying Security at the time of sale. Soldcall option contracts provide inverse exposure to the full extent of any increases in the value experienced by the Fund’sUnderlying Security, minus the premium received. 1-month or less expiration dates Purchased call option contracts (Covered Call Spread Strategy) “out-of-the-money” (i.e., the strike price is above the strike price of the corresponding Covered Call Spread Strategy sold call). Boughtcall option contracts provide exposure to the full extent of any increases in the value experienced by the Fund’s UnderlyingSecurity above the option’s strike price. 1-month or less expiration dates 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 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. In terms of notionalvalue, the combination of these investment instruments provides indirect investment exposure to DKNG equal to at least 95% ofthe 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 indirect exposure to DKNG. 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. DraftKingsInc. (“DKNG”) DKNGis a digital sports entertainment and gaming company. DKNG provides users with online sports betting, online casino, and dailyfantasy sports product offerings, as well as retail sportsbook, media and other consumer product offerings. DKNG is also involvedin the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators.DKNG is listed on The Nasdaq Stock Market LLC (“Nasdaq”). Per DKNG’s most recent Form 10-K filing, the aggregatemarket value of the voting and non-voting common equity held by non-affiliates of DKNG (based on the last reported sale priceof its class A common stock on June 28, 2024, on Nasdaq) was approximately $16.6 billion. DKNGis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided toor filed with the SEC by DKNG pursuant to the Exchange Act can be located by reference to SEC file number 001-41379 through theSEC’s website at www.sec.gov. In addition, information regarding DKNG may be obtained from other sources including, butnot limited to, press releases, newspaper articles and other publicly disseminated documents. Thisdocument relates only to the securities offered hereby and does not relate to the shares of DKNG or other securities of DKNG.The Fund has derived all disclosures contained in this document regarding DKNG from the publicly available documents. None ofthe Fund, the Trust, the Adviser or their respective affiliates has participated in the preparation of such publicly availableoffering documents or made any due diligence inquiry regarding such documents with respect to DKNG. None of the Fund, the Trust,the Adviser or their respective affiliates makes any representation that such publicly available documents or any other publiclyavailable information regarding DKNG is accurate or complete. Furthermore, the Fund cannot give any assurance that all eventsoccurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly availabledocuments described above) that would affect the trading price of DKNG (and therefore the price of the Fund at the time we pricethe securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclosematerial future events concerning DKNG could affect the value received with respect to the securities and therefore the valueof the securities. Noneof the Fund, the Trust, the Adviser or their respective affiliates makes any representation to you as to the performance of DKNG. NONEOF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH DKNG. THE FUND WAS NOT DEVELOPEDOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, DKNG. Moreover,DKNG has not participated in the development of the Fund’s investment strategy. DKNG does not select or approve the Fund’sportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. DKNG does not provideany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as anoffer of any security by DKNG. Noneof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by DraftKingsInc. or DKNG. All rights in the trademarks are reserved by their respective owners. Dueto the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to)the same industry as that assigned to DKNG. As of the date of the Prospectus, DKNG is assigned to the hotels, restaurants &leisure industry.
DRAY News
Data for DRAY 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.