Tidal Trust II - Clouty Tune ETF (TUNE) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the Solactive Clouty Tune Index, which focuses on innovative companies revolutionizing the music and entertainment industry through diversified exposure across interconnected sectors such as content creation, streaming platforms, gaming, and interactive media; the fund employs a passive management approach with an expense ratio of 0.65% and historically held positions in companies including Adobe Inc., The New York Times Company, Take-Two Interactive Software, Inc., Nintendo Co., Ltd., and Naspers Limited. The ETF, issued by Tidal Trust II—a statutory trust headquartered at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204 and associated with Tidal Financial Group, founded in 2012—launched on June 21, 2023, targeting investors interested in the dynamic music, entertainment, and related technology segments with global operations reflected in its underlying index constituents. In a significant operational change, the Board of Trustees of Tidal ETF Trust approved the liquidation and closure of the Clouty Tune ETF on November 2, 2023, following a recommendation from adviser Tidal Investments LLC due to limited interest since launch; trading ceased on the NYSE Arca on November 16, 2023 (the Closing Date), with final distributions to shareholders occurring around the Liquidation Date of November 23, 2023, after which the fund terminated. Tidal Trust II continues to support a broader platform of over 270 ETFs as of 2025 through Tidal Financial Group's expanded services, including a recent recapitalization with Insignia Capital in September 2025 and a strategic partnership with FundVantage Trust announced in October 2025 to streamline ETF launches for investment advisers.