Tidal Trust II files an effective YieldMax space-and-satellite options prospectus
Tidal Trust II filed a Rule 485(b) amendment on Friday, September 11, 2026, effective September 12, putting a renamed YieldMax series under an 80% space-and-satellite options test.
A YieldMax options series that Tidal Trust II registered in February as a digital-finance fund now has an effective prospectus as a space-and-satellite portfolio. The Rule 485(b) post-effective amendment Tidal filed Friday, September 11, which the SEC records as effective Saturday, September 12, is that paper. It is not a listing.
The filing’s own series table names the YieldMax Space and Satellite Portfolio Option Income ETF and still prints ticker CSHY. A Rule 485(a) amendment Tidal filed Monday, June 29, which Friday’s 485(b) takes effective, used ticker ORBY and named NYSE Arca, Inc. as the listing exchange. The primary document on Friday’s submission is titled as an ORBY prospectus. Neither ticker trades.
From digital finance to space and satellite
The June 29 amendment said it was making “certain material changes” to the Trust’s existing digital-finance series, “to be renamed” as the space-and-satellite fund. That is the same series Friday’s 485(b) carries. Tidal first put the series on file in December 2025 and brought a four-fund YieldMax thematic prospectus effective Tuesday, February 24. One of those four, the YieldMax Strategic Metals & Mining Portfolio Option Income ETF MINY, listed two days later. This series did not.
The June amendment, now the mandate Friday’s paper takes effective, set a primary objective of current income and a secondary objective of capital appreciation. Under normal circumstances the fund will invest at least 80% of its assets, plus borrowings, in equity securities of Space and Satellite Companies, in Space and Satellite ETFs, and in options on both. A Space and Satellite Company, as that amendment defined it, is a name that derives 50% or more of revenue, earnings, or operating activity from launch and space transportation, satellite networks and communications, space data and intelligence, space systems and manufacturing, or national-security space. A Space and Satellite ETF is a U.S.-listed fund that tracks a strategy or index in those sectors.
The options book described there is a covered call spread: sell a call with a strike about 0% to 15% above the then-current share price and buy another call at a higher strike, so both the premium income and the leftover upside are capped. The fund may also hold the stocks synthetically through options rather than as shares.
Friday’s submission attaches an opinion and consent of counsel. It does not attach a new advisory-contract amendment. The June 29 Part C had left that name-change amendment, and several servicing-contract updates, “to be filed by amendment.”
An effective prospectus is permission to offer shares, not a listing. Exchange listing still takes a separate notice. As of Monday, September 14, there is no market price for CSHY or ORBY.
Frequently asked
Can I buy this ETF now?
No: there is no market price for either CSHY or ORBY, and exchange listing requires a separate notice.
What counts as a space and satellite company here?
A name that derives 50% or more of revenue, earnings or operating activity from launch and space transportation, satellite networks and communications, space data and intelligence, space systems and manufacturing, or national-security space.
How does the fund generate income?
It sells a call struck roughly at or up to 15% above the current share price and buys a higher-strike call, which caps both the premium and the remaining upside.
Why are there two different tickers?
The series table prints CSHY while the June amendment and Friday's primary prospectus document use ORBY.