# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0000894189-26-011041
**Filing Date:** 2026-3
**Character Count:** 19925
**Document Hash:** 8219d488218d59b1b4add12eeabfaf93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-011041.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000894189-26-011041

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 26819781

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421

## Series and Classes Contracts Data

### YieldMax(R) MRNA Option Income Strategy ETF (Series ID: S000081460)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000244362 | YieldMax(R) MRNA Option Income Strategy ETF | MRNY            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **PURCHASED OPTIONS - 7.9% <sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 7.9%** | **Call Options - 7.9%** | | |
| Moderna, Inc. <sup>(b)(c)(d)</sup> | Moderna, Inc. <sup>(b)(c)(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/06/2026; Exercise Price: $48.50 | $50107590 | 11370 | $727680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/06/2026; Exercise Price: $49.00 | 39530790 | 8970 | 412620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $47.00 | 66105000 | 15000 | 3802500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $47.00 | 23533380 | 5340 | 2176050 |
| **TOTAL PURCHASED OPTIONS** (Cost $8,905,343) | **TOTAL PURCHASED OPTIONS** (Cost $8,905,343) | **TOTAL PURCHASED OPTIONS** (Cost $8,905,343) | 7118850 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 73.3%** | **U.S. TREASURY BILLS - 73.3%** | **Principal** |  |
| 4.02%, 02/19/2026 <sup>(e)</sup> | 4.02%, 02/19/2026 <sup>(e)</sup> | 9080000 | 9064590 |
| 3.77%, 04/09/2026 <sup>(e)</sup> | 3.77%, 04/09/2026 <sup>(e)</sup> | 5620000 | 5583086 |
| 3.60%, 05/12/2026 <sup>(e)</sup> | 3.60%, 05/12/2026 <sup>(e)</sup> | 9963000 | 9865188 |
| 3.65%, 06/11/2026 <sup>(e)(f)</sup> | 3.65%, 06/11/2026 <sup>(e)(f)</sup> | 12854000 | 12691638 |
| 4.02%, 07/09/2026 <sup>(e)(f)</sup> | 4.02%, 07/09/2026 <sup>(e)(f)</sup> | 17557000 | 17286842 |
| 3.83%, 08/06/2026 <sup>(e)(f)</sup> | 3.83%, 08/06/2026 <sup>(e)(f)</sup> | 12136000 | 11917409 |
| **TOTAL U.S. TREASURY BILLS** (Cost $66,369,835) | **TOTAL U.S. TREASURY BILLS** (Cost $66,369,835) | **TOTAL U.S. TREASURY BILLS** (Cost $66,369,835) | 66408753 |
| **MONEY MARKET FUNDS - 26.3%** | **MONEY MARKET FUNDS - 26.3%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 3.61% <sup>(g)(h)</sup> | First American Government Obligations Fund - Class X, 3.61% <sup>(g)(h)</sup> | 23843167 | 23843167 |
| **TOTAL MONEY MARKET FUNDS** (Cost $23,843,167) | **TOTAL MONEY MARKET FUNDS** (Cost $23,843,167) | **TOTAL MONEY MARKET FUNDS** (Cost $23,843,167) | 23843167 |
| **TOTAL INVESTMENTS - 107.5% (**Cost $99,118,345**)** | **TOTAL INVESTMENTS - 107.5% (**Cost $99,118,345**)** | **TOTAL INVESTMENTS - 107.5% (**Cost $99,118,345**)** | 97370770 |
| Liabilities in Excess of Other Assets - (7.5)% | Liabilities in Excess of Other Assets - (7.5)% | Liabilities in Excess of Other Assets - (7.5)% | (6757030) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $90613740 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

(d) Held in connection with written option contracts. See Schedule of Written Options for further information.

(e) The rate shown is the annualized yield as of January 31, 2026.

(f) All or a portion of the security has been pledged as collateral for written options. The fair value of securities committed as collateral as of January 31, 2026 was $13,717,460.

(g) The rate shown represents the 7-day annualized yield as of January 31, 2026.

(h) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

------

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **WRITTEN OPTIONS - (15.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.8)%** | **Call Options - (2.8)%** | **Call Options - (2.8)%** | **Call Options - (2.8)%** |
| Moderna, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/06/2026; Exercise Price: $45.50 | $(50107590) | (11370) | $(1512210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/06/2026; Exercise Price: $46.00 | (39530790) | (8970) | (1027065) |
| **Total Call Options** |  |  | (2539275) |
| **Put Options - (13.1)%** | **Put Options - (13.1)%** | **Put Options - (13.1)%** | **Put Options - (13.1)%** |
| Moderna, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $47.01 | (66105000) | (15000) | (8138189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $47.01 | (23533380) | (5340) | (3715600) |
| **Total Put Options** |  |  | (11853789) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $14,481,597) |  |  | $(14393064) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded.

(b) 100 shares per contract.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
YieldMax MRNA Option Income Strategy ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $– | $7118850 | $– | $7118850 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 66408753 | – | 66408753 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 23843167 | – | – | 23843167 |
| Total Investments | $23843167 | $73527603 | $– | $97370770 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(14393064) | $– | $(14393064) |
| Total Investments | $– | $(14393064) | $– | $(14393064) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tidal Trust II

- **b. Investment Company Act file number:** 811-23793

- **c. CIK number of Registrant:** 0001924868

- **d. LEI of Registrant:** 549300BGXECFCIZF2P89

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 844-986-7700

**Item A.2. Information about the Series.**

- **a. Name of Series:** YieldMax MRNA Option Income Strategy ETF

- **b. EDGAR series identifier (if any):** S000081460

- **c. LEI of Series:** 529900DR687SZY1WAS96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $104270970.17

**Total Liabilities:** $13890499.86

**Net Assets:** $90380470.31

**Cash Not Reported:** $30545330.21

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1414.651725000000 | **1-Year:** 359.783706000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244362 | -4.39%               | 6.67%                | 35.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34.45                   | $-7318.98                                  |
| Month 2  | $10093.56                | $5338.42                                   |
| Month 3  | $-624171.03              | $-37331.77                                 |

**Designated Index Information**

- **Index Name:** Moderna Inc

- **Index Identifier:** MRNA

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5000 | NC      | $2500.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7600 | NC      | $3800.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1470 | NC      | $735.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MRNA 02/20/2026 47.01 P                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7000 | NC      | $-3797821.30  | -4.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MRNA 03/20/2026 47.01 P                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -13340 | NC      | $-9282042.70  | -10.27%           |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   9119670 | NS      | $9119669.50   | 10.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9080000 | PA      | $9064589.70   | 10.03%            | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9363000 | PA      | $9244733.61   | 10.23%            | 2026-06-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14056000 | PA      | $13839714.00  | 15.31%            | 2026-07-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8626000 | PA      | $8470630.13   | 9.37%             | 2026-08-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5620000 | PA      | $5583085.70   | 6.18%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797TR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9963000 | PA      | $9865188.25   | 10.92%            | 2026-05-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5000 | NC      | $-2500.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7600 | NC      | $-3800.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1470 | NC      | $-735.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -770 | NC      | $-102410.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5500 | NC      | $-629750.00   | -0.70%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       770 | NC      | $49280.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5500 | NC      | $253000.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7000 | NC      | $1774500.00   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Moderna Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     13340 | NC      | $5436050.00   | 6.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Peter Chappy

**Name of Signer:** Peter Chappy

**Title:** Assistant Treasurer