The YieldMax MSTR Short Option Income Strategy ETF (WNTR) is an exchange-traded fund designed to generate income through an options strategy linked to the shares of Strategy, Inc. (MSTR), formerly MicroStrategy. The ETF is managed by YieldMax ETFs, a series of Tidal Trust II, and trades under the ticker WNTR on the NYSE Arca.

Classified as an options-income ETF, the fund employs a synthetic short option income strategy based on Strategy stock. Its objective is to generate recurring cash flow through option premiums while providing an alternative for investors seeking exposure to periods of stable or declining share prices.

The ETF follows an active management approach and uses derivatives to implement its strategy. Unlike a traditional equity ETF, its returns depend primarily on the performance of its options positions rather than direct appreciation of Strategy shares.

Diversification and sector exposure

WNTR provides exposure primarily associated with:

• Strategy (MSTR).

• Bitcoin.

• Enterprise software.

• Options strategies.

• Derivatives.

• Income generation.

• Active management.

• Technology.

The strategy is directly tied to Strategy shares, a company widely recognized for its significant corporate Bitcoin holdings.

The ETF's performance depends both on the volatility of Strategy stock and on the effectiveness of its options strategy. Under certain market conditions, the fund's returns may differ substantially from the performance of the underlying stock.

Structure and costs

WNTR shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF's market price with its net asset value (NAV).

The fund uses options contracts, short-term financial instruments, and U.S. Treasury securities to implement its investment strategy. The ETF charges a management fee as outlined in its prospectus and does not apply a performance fee.

History and evolution of the ETF

The YieldMax MSTR Short Option Income Strategy ETF was launched in March 2025 as part of YieldMax's expansion of single-stock option income ETFs. Since inception, the fund has offered a differentiated approach compared with traditional YieldMax products by implementing a short-biased options strategy tied to Strategy shares.

In recent years, the elevated volatility of Strategy stock, driven largely by Bitcoin price movements, has continued to make this type of options-based strategy one of the more specialized segments of the ETF market.

Additional Information

YieldMax MSTR Short Option Income Strategy ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $84.42 million.

Over the past 12 months, YieldMax MSTR Short Option Income Strategy ETF recorded a return of 87.23%, with its price trading between $20.92 and $44.59 during the same period.

The ETF is traded under the ticker WNTR.