Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while maintaining the opportunity for indirect exposure to the share price of the United States Oil Fund, LP (USO or the Underlying ETP), subject to a limit on potential gains related to increases in the price of USOs shares. While maintaining indirect exposure to the Underlying ETP, the Fund aims to generate options premiums from its options investments when USOs share price rises in value, based on the specific put options it sold. USO is an exchange-traded product (ETP) that generally seeks to replicate the performance of the price of light, sweet crude oil. USO is not subject to the protections of the 1940 Act; however, the … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while maintaining the opportunity for indirect exposure to the share price of the United States Oil Fund, LP (USO or the Underlying ETP), subject to a limit on potential gains related to increases in the price of USOs shares. While maintaining indirect exposure to the Underlying ETP, the Fund aims to generate options premiums from its options investments when USOs share price rises in value, based on the specific put options it sold. USO is an exchange-traded product (ETP) that generally seeks to replicate the performance of the price of light, sweet crude oil. USO is not subject to the protections of the 1940 Act; however, the Fund and its shareholders are subject to the protections of the 1940 Act. At least weekly, the Fund uses an at-the-money or in-the-money put option selling strategy to seek to generate options premiums and exposure to the price of the Underlying ETP shares. In addition, the Funds in-the-money put options will provide some upside appreciation, also known as intrinsic value. However, as a result of its options strategies, the Fund will not directly or fully participate in gains experienced by the Underlying ETP. Please see the prospectus section below entitled Additional Information about the Fund for a description of the Funds options strategies as well as options terminology. The Funds strategy focuses on making weekly cash distributions by generating options premiums. It does so by regularly selling put options. Simultaneously, it aims to provide an enhanced yield compared to traditional option-based strategies by frequently selling short-term options, typically with a duration of less than a week. This method may result in more options premiums than with an approach of selling longer-term options over the same period, although there is no guarantee such an approach will be successful. Distributions may include a significant portion classified as return of capital (ROC). ROC generally represents a return of a shareholders invested capital rather than traditional income such as dividends or interest. See the prospectus section titled Additional Information About the Funds for more information about option premiums and ROC. In addition to its options investments, the Fund will hold short-term U.S. Treasury securities for collateral for the options and to generate income for the Fund. An Investment in the Fund is not an investment in USO, nor in oil. ? The Funds strategy will cap its potential options gains if USO shares increase in value. ? The Funds strategy is subject to all potential losses if USO shares decline, which may not be offset by options premiums received by the Fund. ? The Fund does not invest directly in USO shares. ? The Fund does not invest directly in oil or oil reserves. ? Fund shareholders are not entitled to any dividends paid by USO. Additional information regarding USO is set forth below. Although the Fund does not seek to invest directly in the Underlying ETP, due to the non-cash settlement nature of the Funds options strategy, the Fund may be required to hold Underlying ETP shares from time to time. In that case, the Fund will generally seek to sell those holdings the same day (to seek to avoid potential adverse tax consequences to the Fund). U.S. Treasuries The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Funds options strategy and to generate income. Funds Weekly Distributions The Fund will seek to provide weekly cash distributions. Additional Information To fully collateralize the Funds options strategy, the market value of the cash and treasuries held by the Fund is expected to comprise at least 80% of the Funds net assets and the market value of the options is expected to be between 0% and 10% of the Funds net assets. The combination of these investments provides investment exposure to USO such that the notional exposure is equal to 100% of the Funds total assets. The notional exposure is the return on or change in value of a particular dollar amount representing the underlying investment. The notional value and the market value both describe the value of a security. Notional value speaks to how much total value a security theoretically controls for instance through options contracts. Market value, on the other hand, is the price of a security right now that can be bought and sold on an exchange or through a broker. As a result of the Funds investment strategy, it may experience a high portfolio turnover rate. The Fund is classified as non-diversified under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the Underlying ETP shares. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment. USO United States Oil Fund, LPs (USO) investment objective is for the daily changes in percentage terms of its per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of a specified short-term futures contract on light, sweet crude oil called the Benchmark Oil Futures Contract, plus interest earned on USOs collateral holdings, less USOs expenses. USO seeks to achieve its investment objective by investing so that the average daily percentage change in USOs NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period. USO is an exchange traded fund organized as a limited partnership that issues shares that trade on the NYSE Arca stock exchange. Investors can access information about USO, including its prospectus and the most recent shareholder reports, online through the SECs website, using SEC Registration Nos. 333-272617 and 001-32834. This information, derived from USOs filings with the SEC, is essential for investors to understand USOs operations, investment strategy, and financial prospects. The description of USOs principal investment strategies as outlined here is directly sourced from its prospectus. This document pertains solely to the securities offered by USO and does not concern the shares of other securities or ETFs. All disclosures in this document regarding USO are based on publicly available documents. None of the Fund, Tidal Trust II (the Trust), Tidal Investments LLC (the Adviser), or their respective affiliates have engaged in the preparation of such publicly available offering documents or conducted any due diligence inquiries relating to such documents concerning USO. They do not represent the accuracy or completeness of any publicly available documents or other information regarding USO. Additionally, the Fund cannot guarantee that all events impacting USOs trading price prior to the date of this document have been publicly disclosed. Future events or disclosures concerning USO could affect the value of these securities. The Fund, the Trust, the Adviser, and their respective affiliates do not provide any representation regarding the performance of USO. The Fund, Trust and Adviser are not affiliated with United States Oil Fund, LP (USO), or United States Commodity Funds LLC. None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by United States Oil Fund, LP (USO), or United States Commodity Funds LLC. All rights in the trademarks are reserved by their respective owners. Show less