# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-019795
**Filing Date:** 2025-12
**Character Count:** 84876
**Document Hash:** 1f3817cdd4e43e28dfa7e7a974769e6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019795.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019795

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251556800

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

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

## Series and Classes Contracts Data

### Even Herd Long Short ETF (Series ID: S000084434)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000248811 | Even Herd Long Short ETF | EHLS            |

?xml version='1.0' encoding='ASCII'? Even Herd Long Short ETF

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-23793)**

**<u>Tidal Trust II</u>**

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis**

**Tidal Trust II**

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700** 

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

Even Herd Long Short ETF Tailored Shareholder Report

**semi-annual shareholder reportSeptember 30, 2025**

#### Even Herd Long Short ETF
Ticker: EHLS (Listed on The NASDAQ Stock Market, LLC)

This semi-annual shareholder report contains important information about the Even Herd Long Short ETF (the "Fund") for the period April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.evenherd.com/ehls. You can also request this information by contacting us at (844) 713-1220 or by writing to the Even Herd Long Short ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Even Herd Long Short ETF | $185 | 3.41%\* |

---

\* Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $57894  |
| **Number of Holdings** | 196 |
| **Total Advisory Fee** | $310121  |
| **Portfolio Turnover Rate** | 97% |

---

#### Security Type - Investments
(% of Total Net Assets)

![bar](qes1kzoc1mhuy7xoy.jpg)

#### Security Type - Securities Sold Short
(% of Total Net Assets)

![bar](qes9hxx01mhuy8n8y.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents cash, short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Kinross Gold Corp.** | 1.5 |
| **Solaris Energy Infrastructure**  | 1.5 |
| **NRG Energy, Inc.** | 1.5 |
| **Esquire Financial Holdings, Inc.** | 1.5 |
| **Robinhood Markets, Inc.** | 1.4 |
| **Agnico Eagle Mines, Ltd.** | 1.3 |
| **Vistra Corp.** | 1.3 |
| **Ramaco Resources, Inc.** | 1.3 |
| **Sprott, Inc.** | 1.2 |
| **Skeena Resources, Ltd.** | 1.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.evenherd.com/ehls .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable for semi-annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for semi-annual reports.

**Item 6. Investments.**

(a) Schedule of Investments is included
 within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](evenherdncsrs001.jpg)

**Financial Statements**

**September 30, 2025 (Unaudited)**

**Tidal Trust II**

Even Herd Long Short ETF \| EHLS \| The Nasdaq Stock Market, LLC

**Even Herd Long Short ETF**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments](#evenherdncsrsa001) | 1 |
| [Schedule of Securities Sold Short](#evenherdncsrsa002) | 7 |
| [Statement of Assets and Liabilities](#evenherdncsrsa003) | 11 |
| [Statement of Operations](#evenherdncsrsa004) | 12 |
| [Statement of Changes in Net Assets](#evenherdncsrsa005) | 13 |
| [Financial Highlights](#evenherdncsrsa006) | 14 |
| [Notes to the Financial Statements](#evenherdncsrsa007) | 15 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 102.6%** | **Shares** | **Value** |
| **Aerospace & Defense - 5.8%** |  |  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 16842 | $177178 |
| Embraer SA - ADR<sup>(b)</sup> | 9096 | 549853 |
| Howmet Aerospace, Inc.<sup>(b)</sup> | 2353 | 461729 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 4626 | 422678 |
| L3Harris Technologies, Inc.<sup>(b)</sup> | 613 | 187216 |
| Leonardo DRS, Inc. <sup>(b)</sup> | 6527 | 296326 |
| Mercury Systems, Inc.<sup>(a)</sup> | 2293 | 177478 |
| Red Cat Holdings, Inc.<sup>(a)(b)</sup> | 19502 | 201846 |
| Rocket Lab Corp.<sup>(a)(b)</sup> | 6964 | 333645 |
| TAT Technologies Ltd.<sup>(a)(b)</sup> | 12589 | 554294 |
|  |  | 3362243 |
| **Agriculture - 2.0%** |  |  |
| Altria Group, Inc.<sup>(b)</sup> | 4047 | 267345 |
| British American Tobacco PLC - ADR<sup>(b)</sup> | 11988 | 636323 |
| Philip Morris International, Inc.<sup>(b)</sup> | 1690 | 274118 |
|  |  | 1177786 |
| **Airlines - 0.3%** |  |  |
| Latam Airlines Group SA - ADR<sup>(b)</sup> | 4090 | 185073 |
| **Apparel - 1.3%** |  |  |
| Ralph Lauren Corp.<sup>(b)</sup> | 588 | 184374 |
| Tapestry, Inc.<sup>(b)</sup> | 4951 | 560552 |
|  |  | 744926 |
| **Auto Parts & Equipment - 1.0%** |  |  |
| Aeva Technologies, Inc.<sup>(a)</sup> | 10433 | 151279 |
| Garrett Motion, Inc. <sup>(b)</sup> | 20486 | 279019 |
| Motorcar Parts of America, Inc.<sup>(a)</sup> | 10219 | 169022 |
|  |  | 599320 |
| **Banks - 7.7%** |  |  |
| Bancorp, Inc.<sup>(a)</sup> | 2249 | 168428 |
| Bank First Corp.<sup>(b)</sup> | 3293 | 399474 |
| Bank of New York Mellon Corp.<sup>(b)</sup> | 3649 | 397595 |
| Coastal Financial Corp. <sup>(a)(b)</sup> | 5825 | 630090 |
| Deutsche Bank AG | 4685 | 165896 |
| Esquire Financial Holdings, Inc.<sup>(b)</sup> | 8394 | 856650 |
| HSBC Holdings PLC - ADR <sup>(b)</sup> | 2999 | 212869 |
| Metropolitan Bank Holding Corp.<sup>(b)</sup> | 2760 | 206503 |
| Mizuho Financial Group, Inc. - ADR<sup>(b)</sup> | 30748 | 206011 |
| NatWest Group PLC - ADR<sup>(b)</sup> | 22481 | 318106 |
| Nicolet Bankshares, Inc.<sup>(b)</sup> | 1300 | 174850 |
| Northeast Bank <sup>(b)</sup> | 1675 | 167768 |
| Northern Trust Corp. | 1298 | 174711 |
| Third Coast Bancshares, Inc.<sup>(a)(b)</sup> | 10487 | 398191 |
|  |  | 4477142 |
| **Biotechnology - 2.0%** |  |  |
| ATAI Life Sciences NV<sup>(a)</sup> | 16713 | 88412 |
| Gilead Sciences, Inc.<sup>(b)</sup> | 1297 | 143967 |
| Guardant Health, Inc.<sup>(a)</sup> | 3496 | 218430 |
| Insmed, Inc.<sup>(a)(b)</sup> | 2901 | 417773 |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 9872 | 92106 |
| Rezolute, Inc.<sup>(a)</sup> | 19405 | 182407 |

---

The accompanying notes are an integral part of these financial statements. 1

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |  | 1143095 |
| **Building Materials - 0.3%** |  |  |
| Modine Manufacturing Co.<sup>(a)</sup> | 1106 | 157229 |
| **Chemicals - 2.3%** |  |  |
| Hawkins, Inc.<sup>(b)</sup> | 3370 | 615766 |
| Oil-Dri Corp. of America<sup>(b)</sup> | 7606 | 464270 |
| Perimeter Solutions, Inc.<sup>(a)(b)</sup> | 10099 | 226117 |
|  |  | 1306153 |
| **Commercial Services - 2.9%** |  |  |
| Barrett Business Services, Inc.<sup>(b)</sup> | 4210 | 186587 |
| Information Services Group, Inc. | 20082 | 115472 |
| Laureate Education, Inc.<sup>(a)(b)</sup> | 6510 | 205325 |
| Lincoln Educational Services Corp.<sup>(a)(b)</sup> | 21510 | 505485 |
| Stride, Inc.<sup>(a)(b)</sup> | 3177 | 473182 |
| Toast, Inc. - Class A<sup>(a)(b)</sup> | 5091 | 185873 |
|  |  | 1671924 |
| **Computers - 0.8%** |  |  |
| NextNav, Inc.<sup>(a)(b)</sup> | 10248 | 146546 |
| Rigetti Computing, Inc.<sup>(a)</sup> | 10901 | 324741 |
|  |  | 471287 |
| **Distribution & Wholesale - 0.8%** |  |  |
| OPENLANE, Inc.<sup>(a)</sup> | 4972 | 143094 |
| VSE Corp.<sup>(b)</sup> | 2080 | 345779 |
|  |  | 488873 |
| **Diversified Financial Services - 5.9%** |  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 476 | 160645 |
| Evercore, Inc. - Class A | 424 | 143024 |
| Finance of America Cos., Inc.<sup>(a)</sup> | 13567 | 304308 |
| Freedom Holding Corp.<sup>(a)(b)</sup> | 1808 | 311211 |
| Futu Holdings Ltd. - ADR<sup>(b)</sup> | 1176 | 204518 |
| Jiayin Group, Inc. - ADR | 13053 | 134707 |
| LexinFintech Holdings Ltd. - ADR | 15460 | 82402 |
| Nasdaq, Inc. | 1735 | 153461 |
| Nayax Ltd.<sup>(a)</sup> | 6609 | 314655 |
| SLM Corp.<sup>(b)</sup> | 5300 | 146704 |
| Sprott, Inc.<sup>(b)</sup> | 8528 | 709444 |
| StoneX Group, Inc.<sup>(a)(b)</sup> | 4087 | 412460 |
| Up Fintech Holding Ltd. - ADR<sup>(a)</sup> | 14603 | 155814 |
| WisdomTree, Inc. | 12138 | 168718 |
|  |  | 3402071 |
| **Electric - 6.7%** |  |  |
| Enlight Renewable Energy Ltd.<sup>(a)(b)</sup> | 16305 | 508064 |
| Entergy Corp.<sup>(b)</sup> | 1950 | 181720 |
| Kenon Holdings Ltd.<sup>(b)</sup> | 11839 | 534768 |
| Korea Electric Power Corp. - ADR<sup>(b)</sup> | 41232 | 538078 |
| NRG Energy, Inc.<sup>(b)</sup> | 5409 | 875987 |
| Oklo, Inc.<sup>(a)(b)</sup> | 4232 | 472418 |
| Vistra Corp.<sup>(b)</sup> | 3789 | 742341 |
|  |  | 3853376 |
| **Electronics - 2.9%** |  |  |

---

The accompanying notes are an integral part of these financial statements. 2

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Allient, Inc. | 3626 | 162263 |
| Celestica, Inc.<sup>(a)(b)</sup> | 2307.0 | 568399 |
| ESCO Technologies, Inc.<sup>(b)</sup> | 876.0 | 184932 |
| Mirion Technologies, Inc.<sup>(a)(b)</sup> | 17572.0 | 408725 |
| TE Connectivity PLC | 794.0 | 174307 |
| TTM Technologies, Inc.<sup>(a)</sup> | 3432.0 | 197683 |
|  |  | 1696309 |
| **Energy-Alternate Sources - 0.3%** |  |  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 1981.0 | 146574 |
| **Engineering & Construction - 2.6%** |  |  |
| Construction Partners, Inc. - Class A<sup>(a)(b)</sup> | 2230.0 | 283210 |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 1552.0 | 161206 |
| IHS Holding Ltd.<sup>(a)</sup> | 23429.0 | 159786 |
| Limbach Holdings, Inc.<sup>(a)(b)</sup> | 3254.0 | 316028 |
| Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 1764.0 | 599196 |
|  |  | 1519426 |
| **Entertainment - 1.8%** |  |  |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 1527.0 | 249512 |
| Rush Street Interactive, Inc. - Class A<sup>(a)(b)</sup> | 16312.0 | 334070 |
| Sportradar Group AG - Class A <sup>(a)(b)</sup> | 17369.0 | 467226 |
|  |  | 1050808 |
| **Food - 3.0%** |  |  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 2494.0 | 234686 |
| Chefs' Warehouse, Inc.<sup>(a)(b)</sup> | 4222.0 | 246269 |
| G Willi-Food International Ltd. | 7859.0 | 158909 |
| Lifeway Foods, Inc.<sup>(a)(b)</sup> | 6081.0 | 168809 |
| Seneca Foods Corp. - Class A<sup>(a)(b)</sup> | 4113.0 | 443957 |
| Sprouts Farmers Market, Inc.<sup>(a)(b)</sup> | 2983.0 | 324550 |
| US Foods Holding Corp.<sup>(a)(b)</sup> | 2390.0 | 183122 |
|  |  | 1760302 |
| **Gas - 0.5%** |  |  |
| National Fuel Gas Co. <sup>(b)</sup> | 3143.0 | 290319 |
| **Healthcare - Products - 1.2%** |  |  |
| Adaptive Biotechnologies Corp.<sup>(a)(b)</sup> | 36982.0 | 553251 |
| iRhythm Technologies, Inc.<sup>(a)(b)</sup> | 902.0 | 155135 |
|  |  | 708386 |
| **Home Furnishings - 0.3%** |  |  |
| Somnigroup International, Inc. | 2120.0 | 178780 |
| **Insurance - 1.1%** |  |  |
| Heritage Insurance Holdings, Inc.<sup>(a)(b)</sup> | 13708.0 | 345167 |
| Kingsway Financial Services, Inc.<sup>(a)</sup> | 9401.0 | 137443 |
| SiriusPoint Ltd.<sup>(a)</sup> | 8886.0 | 160748 |
|  |  | 643358 |
| **Internet - 7.7%** |  |  |
| Arena Group Holdings, Inc.<sup>(a)</sup> | 18111.0 | 99067 |
| Bilibili, Inc. - ADR<sup>(a)</sup> | 12877.0 | 361715 |
| DoorDash, Inc. - Class A<sup>(a)(b)</sup> | 1688.0 | 459119 |
| eBay, Inc. | 1804.0 | 164074 |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 8594.0 | 487452 |

---

The accompanying notes are an integral part of these financial statements. 3

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Meta Platforms, Inc. - Class A<sup>(b)</sup> | 469.0 | 344424 |
| Netflix, Inc.<sup>(a)(b)</sup> | 233.0 | 279348 |
| Quantasing Group Ltd. - ADR | 13691.0 | 123493 |
| Robinhood Markets, Inc. - Class A<sup>(a)(b)</sup> | 5499.0 | 787347 |
| Sea Ltd. - Class A - ADR<sup>(a)(b)</sup> | 1905.0 | 340481 |
| Spotify Technology SA<sup>(a)(b)</sup> | 430.0 | 300140 |
| Tencent Music Entertainment Group - ADR<sup>(b)</sup> | 23898.0 | 557779 |
| Yatsen Holding Ltd. - ADR<sup>(a)</sup> | 14725.0 | 133408 |
|  |  | 4437847 |
| **Investment Companies - 0.7%** |  |  |
| IREN Ltd.<sup>(a)(b)</sup> | 8317.0 | 390317 |
| **Iron & Steel - 0.9%** |  |  |
| Carpenter Technology Corp.<sup>(b)</sup> | 2149.0 | 527665 |
| **Leisure Time - 0.8%** |  |  |
| Royal Caribbean Cruises Ltd. | 1351.0 | 437157 |
| **Lodging - 0.3%** |  |  |
| Atour Lifestyle Holdings Ltd. - ADR | 3843.0 | 144458 |
| **Machinery - Diversified - 0.3%** |  |  |
| DXP Enterprises, Inc.<sup>(a)(b)</sup> | 1435.0 | 170865 |
| **Metal Fabricate & Hardware - 0.5%** |  |  |
| Mueller Industries, Inc.<sup>(b)</sup> | 2872.0 | 290388 |
| **Mining - 9.3%** |  |  |
| Agnico Eagle Mines Ltd.<sup>(b)</sup> | 4443.0 | 748912 |
| Alamos Gold, Inc. - Class A<sup>(b)</sup> | 6918.0 | 241162 |
| Cameco Corp.<sup>(b)</sup> | 3847.0 | 322609 |
| Endeavour Silver Corp.<sup>(a)</sup> | 14425.0 | 113092 |
| Hudbay Minerals, Inc. | 11570.0 | 175401 |
| IperionX Ltd. - ADR<sup>(a)</sup> | 3576.0 | 176476 |
| Kinross Gold Corp.<sup>(b)</sup> | 36006.0 | 894749 |
| Metalla Royalty & Streaming Ltd. <sup>(a)</sup> | 24005.0 | 152432 |
| Newmont Corp.<sup>(b)</sup> | 2455.0 | 206981 |
| Pan American Silver Corp.<sup>(b)</sup> | 4527.0 | 175326 |
| Perpetua Resources Corp.<sup>(a)(b)</sup> | 16491.0 | 333613 |
| Ramaco Resources, Inc. - Class A<sup>(b)</sup> | 21856.0 | 725401 |
| Skeena Resources Ltd.<sup>(a)(b)</sup> | 36854.0 | 679219 |
| Standard Lithium Ltd.<sup>(a)</sup> | 23905.0 | 80560 |
| TMC the metals co., Inc.<sup>(a)(b)</sup> | 53739.0 | 342317 |
|  |  | 5368250 |
| **Miscellaneous Manufacturing - 0.9%** |  |  |
| Byrna Technologies, Inc.<sup>(a)(b)</sup> | 17099.0 | 378914 |
| Federal Signal Corp.<sup>(b)</sup> | 1339.0 | 159327 |
|  |  | 538241 |
| **Multi-National - 0.5%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA<sup>(b)</sup> | 6068.0 | 278946 |
| **Office - Business Equipment - 0.5%** |  |  |
| Pitney Bowes, Inc.<sup>(b)</sup> | 27507.0 | 313855 |
| **Oil & Gas - 0.9%** |  |  |

---

The accompanying notes are an integral part of these financial statements. 4

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Par Pacific Holdings, Inc.<sup>(a)(b)</sup> | 9120 | 323030 |
| Permian Basin Royalty Trust | 9218.0 | 168229 |
|  |  | 491259 |
| **Oil & Gas Services - 3.7%** |  |  |
| Flotek Industries, Inc.<sup>(a)(b)</sup> | 39721.0 | 579927 |
| NCS Multistage Holdings, Inc.<sup>(a)</sup> | 1112.0 | 56779 |
| Solaris Energy Infrastructure, Inc.<sup>(b)</sup> | 22367.0 | 894009 |
| TechnipFMC PLC<sup>(b)</sup> | 15141.0 | 597312 |
|  |  | 2128027 |
| **Pharmaceuticals - 3.2%** |  |  |
| Cardinal Health, Inc.<sup>(b)</sup> | 4130.0 | 648245 |
| Cidara Therapeutics, Inc.<sup>(a)(b)</sup> | 2649.0 | 253668 |
| Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2405.0 | 176311 |
| Phibro Animal Health Corp. - Class A<sup>(b)</sup> | 5900.0 | 238714 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2357.0 | 238033 |
| uniQure NV<sup>(a)</sup> | 2832.0 | 165304 |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 19485.0 | 158608 |
|  |  | 1878883 |
| **Pipelines - 0.6%** |  |  |
| Antero Midstream Corp.<sup>(b)</sup> | 9076.0 | 176437 |
| DT Midstream, Inc.<sup>(b)</sup> | 1580.0 | 178635 |
|  |  | 355072 |
| **Real Estate - 0.5%** |  |  |
| Five Point Holdings LLC - Class A<sup>(a)(b)</sup> | 50188.0 | 307652 |
| **Retail - 1.3%** |  |  |
| Casey's General Stores, Inc. | 530.0 | 299620 |
| Cheesecake Factory, Inc.<sup>(b)</sup> | 5242.0 | 286423 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 6044.0 | 176424 |
|  |  | 762467 |
| **Savings & Loans - 0.6%** |  |  |
| Axos Financial, Inc.<sup>(a)(b)</sup> | 3884.0 | 328781 |
| **Semiconductors - 2.2%** |  |  |
| Broadcom, Inc.<sup>(b)</sup> | 1234.0 | 407109 |
| Lam Research Corp. | 1409.0 | 188665 |
| NVIDIA Corp.<sup>(b)</sup> | 2963.0 | 552836 |
| Ouster, Inc.<sup>(a)</sup> | 5336.0 | 144339 |
|  |  | 1292949 |
| **Software - 6.1%** |  |  |
| Alignment Healthcare, Inc.<sup>(a)(b)</sup> | 10203.0 | 178042 |
| Claritev Corp.<sup>(a)</sup> | 5459.0 | 289764 |
| Cloudflare, Inc. - Class A<sup>(a)(b)</sup> | 2147.0 | 460725 |
| Domo, Inc. - Class B<sup>(a)(b)</sup> | 21558.0 | 341479 |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 5111.0 | 145152 |
| Magic Software Enterprises Ltd. <sup>(b)</sup> | 10685.0 | 218081 |
| Microsoft Corp.<sup>(b)</sup> | 523.0 | 270888 |
| NetEase, Inc. - ADR | 1138.0 | 172965 |
| Nutex Health, Inc.<sup>(a)(b)</sup> | 1593.0 | 164589 |
| Palantir Technologies, Inc. - Class A<sup>(a)(b)</sup> | 2163.0 | 394574 |
| Red Violet, Inc.<sup>(b)</sup> | 5468.0 | 285703 |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 1276.0 | 176751 |

---

The accompanying notes are an integral part of these financial statements. 5

---

| | |
|:---|:---|
| **Schedule of Investments** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Strategy, Inc. - Class A <sup>(a)(b)</sup> | 483 | 155627 |
| Youdao, Inc. - ADR <sup>(a)(b)</sup> | 29434 | 292574 |
|  |  | 3546914 |
| **Telecommunications - 6.1%** |  |  |
| AST SpaceMobile, Inc. - Class A <sup>(a)(b)</sup> | 6475 | 317793 |
| AT&T, Inc. <sup>(b)</sup> | 16511 | 466271 |
| Credo Technology Group Holding Ltd. <sup>(a)(b)</sup> | 2159 | 314372 |
| Frequency Electronics, Inc. <sup>(a)</sup> | 10291 | 348968 |
| GDS Holdings Ltd. - ADR <sup>(a)</sup> | 4503 | 174266 |
| IDT Corp. - Class B <sup>(b)</sup> | 7875 | 411941 |
| Millicom International Cellular SA | 7018 | 340654 |
| RF Industries Ltd. <sup>(a)</sup> | 6883 | 56647 |
| Satellogic, Inc. <sup>(a)(b)</sup> | 28145 | 92316 |
| Telephone and Data Systems, Inc. <sup>(b)</sup> | 7069 | 277387 |
| VEON Ltd. - ADR <sup>(a)(b)</sup> | 10336 | 562588 |
| Vodafone Group PLC - ADR | 13660 | 158456 |
|  |  | 3521659 |
| **Transportation - 0.9%** |  |  |
| Euroseas Ltd. <sup>(b)</sup> | 9050 | 539471 |
| **Water - 0.6%** |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo - ADR <sup>(b)</sup> | 14297 | 355852 |
| **TOTAL COMMON STOCKS (Cost $48,813,524)** |  | 59441735 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.4%** |  |  |
| CareTrust REIT, Inc. <sup>(b)</sup> | 4868 | 168822 |
| JBG SMITH Properties <sup>(b)</sup> | 7935 | 176554 |
| Welltower, Inc. <sup>(b)</sup> | 2607 | 464411 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $688,914)** |  | 809787 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 13.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(c)</sup> | 7902829 | 7902829 |
| **TOTAL MONEY MARKET FUNDS (Cost $7,902,829)** |  | 7902829 |
| **TOTAL INVESTMENTS - 117.7% (Cost $57,405,267)** |  | 68154351 |
| Liabilities in Excess of Other Assets - (17.7)% <sup>(d)</sup> |  | (10260226) |
| **TOTAL NET ASSETS - 100.0%** |  | $57894125 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion
 of security has been pledged as collateral for securities sold short. The fair value of securities committed as collateral as of September
 30, 2025 is $45,953,359.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day
 annualized yield as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes cash of $221,807 that is
 pledged as collateral for securities sold short.

The accompanying notes are an integral part of these financial statements. 6

---

| | |
|:---|:---|
| **Schedule of Securities Sold Short** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - (39.6)%** | **Shares** | **Value** |
| **Advertising - (0.2)%** |  |  |
| WPP PLC - ADR | (4507) | $(112900) |
| **Agriculture - (0.3)%** |  |  |
| Andersons, Inc. | (4035) | (160633) |
| **Apparel - (0.2)%** |  |  |
| Carter's, Inc. | (4265) | (120358) |
| **Auto Manufacturers - (0.3)%** |  |  |
| PACCAR, Inc. | (1690) | (166161) |
| **Banks - (1.5)%** |  |  |
| Merchants Bancorp | (8411) | (267470) |
| Triumph Financial, Inc. | (5920) | (296237) |
| Walker & Dunlop, Inc. | (3893) | (325532) |
|  |  | (889239) |
| **Beverages - (0.3)%** |  |  |
| Constellation Brands, Inc. - Class A | (1401) | (188673) |
| **Biotechnology - (2.5)%** |  |  |
| Regeneron Pharmaceuticals, Inc. | (254) | (142817) |
| Structure Therapeutics, Inc. - ADR | (18815) | (526820) |
| Vera Therapeutics, Inc. | (12588) | (365807) |
| Vertex Pharmaceuticals, Inc. | (448) | (175455) |
| Xenon Pharmaceuticals, Inc. | (5390) | (216408) |
|  |  | (1427307) |
| **Building Materials - (0.3)%** |  |  |
| Owens Corning | (1181) | (167064) |
| **Chemicals - (1.7)%** |  |  |
| Albemarle Corp. | (1827) | (148133) |
| Avient Corp. | (5289) | (174272) |
| Axalta Coating Systems Ltd. | (9137) | (261501) |
| FMC Corp. | (3394) | (114140) |
| HB Fuller Co. | (1742) | (103266) |
| Rogers Corp. | (2067) | (166311) |
|  |  | (967623) |
| **Commercial Services - (4.6)%** |  |  |
| Afya Ltd. - Class A | (11165) | (174174) |
| Alarm.com Holdings, Inc. | (2909) | (154410) |
| Distribution Solutions Group, Inc. | (5900) | (177472) |
| ICF International, Inc. | (4683) | (434582) |
| MarketAxess Holdings, Inc. | (2335) | (406874) |
| Morningstar, Inc. | (608) | (141062) |
| Paysafe Ltd. | (30893) | (399138) |
| Rentokil Initial PLC - ADR | (4570) | (115392) |
| Strategic Education, Inc. | (4009) | (344814) |
| WillScot Holdings Corp. | (15888) | (335396) |
|  |  | (2683314) |
| **Computers - (1.0)%** |  |  |
| Globant SA | (1421) | (81537) |
| HP, Inc. | (4938) | (134462) |

---

The accompanying notes are an integral part of these financial statements. 7

---

| | |
|:---|:---|
| **Schedule of Securities Sold Short** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Insight Enterprises, Inc. | (1041) | (118060) |
| KBR, Inc. | (4729) | (223634) |
|  |  | (557693) |
| **Distribution & Wholesale - (0.6)%** |  |  |
| Copart, Inc. | (3487) | (156810) |
| Watsco, Inc. | (428) | (173041) |
|  |  | (329851) |
| **Diversified Financial Services - (0.3)%** |  |  |
| Cohen & Steers, Inc. | (2595) | (170258) |
| **Electric - (1.0)%** |  |  |
| Edison International | (4466) | (246881) |
| PG&E Corp. | (20616) | (310889) |
|  |  | (557770) |
| **Electrical Components & Equipment - (0.2)%** |  |  |
| Novanta, Inc. | (1318) | (131998) |
| **Electronics - (0.3)%** |  |  |
| Mesa Laboratories, Inc. | (2669) | (178850) |
| **Engineering & Construction - (0.5)%** |  |  |
| Exponent, Inc. | (4369) | (303558) |
| **Entertainment - (0.9)%** |  |  |
| Caesars Entertainment, Inc. | (5488) | (148313) |
| Six Flags Entertainment Corp. | (5544) | (125960) |
| Vail Resorts, Inc. | (1457) | (217923) |
|  |  | (492196) |
| **Food - (1.5)%** |  |  |
| Conagra Brands, Inc. | (8693) | (159169) |
| Ingles Markets, Inc. - Class A | (2581) | (179534) |
| John B Sanfilippo & Son, Inc. | (4916) | (316000) |
| Lamb Weston Holdings, Inc. | (3932) | (228371) |
|  |  | (883074) |
| **Healthcare - Products - (2.2)%** |  |  |
| Align Technology, Inc. | (906) | (113449) |
| Azenta, Inc. | (9255) | (265804) |
| Baxter International, Inc. | (9161) | (208596) |
| Enovis Corp. | (5042) | (152974) |
| Exact Sciences Corp. | (3320) | (181637) |
| GE HealthCare Technologies, Inc. | (2288) | (171829) |
| Waters Corp. | (549) | (164596) |
|  |  | (1258885) |
| **Healthcare - Services - (1.2)%** |  |  |
| Astrana Health, Inc. | (12859) | (364553) |
| Elevance Health, Inc. | (583) | (188379) |
| Surgery Partners, Inc. | (7511) | (162538) |
|  |  | (715470) |
| **Household Products & Wares - (0.8)%** |  |  |
| Clorox Co. | (1331) | (164112) |

---

The accompanying notes are an integral part of these financial statements. 8

---

| | |
|:---|:---|
| **Schedule of Securities Sold Short** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| Spectrum Brands Holdings, Inc. | (5593) | (293800) |
|  |  | (457912) |
| **Insurance - (0.8)%** |  |  |
| Erie Indemnity Co. - Class A | (463) | (147308) |
| Everest Group Ltd. | (408) | (142894) |
| RLI Corp. | (2694) | (175702) |
|  |  | (465904) |
| **Internet - (1.0)%** |  |  |
| JD.com, Inc. - ADR | (15832) | (553803) |
| **Leisure Time - (0.5)%** |  |  |
| Lucky Strike Entertainment Corp. | (29915) | (306330) |
| **Machinery - Diversified - (1.1)%** |  |  |
| Albany International Corp. - Class A | (3834) | (204352) |
| Cactus, Inc. - Class A | (8302) | (327680) |
| Kornit Digital Ltd. | (7656) | (103356) |
|  |  | (635388) |
| **Media - (1.8)%** |  |  |
| Cable One, Inc. | (3215) | (569216) |
| FactSet Research Systems, Inc. | (380) | (108866) |
| Liberty Global Ltd. - Class A | (12954) | (148453) |
| Sirius XM Holdings, Inc. | (10353) | (240966) |
|  |  | (1067501) |
| **Mining - (0.3)%** |  |  |
| Teck Resources Ltd. - Class B | (4375) | (192019) |
| **Miscellaneous Manufacturing - (0.3)%** |  |  |
| Trinity Industries, Inc. | (5790) | (162352) |
| **Oil & Gas - (1.5)%** |  |  |
| Coterra Energy, Inc. | (6857) | (162168) |
| Petroleo Brasileiro SA - ADR | (14111) | (166792) |
| Seadrill Ltd. | (12789) | (386355) |
| Viper Energy, Inc. - Class A | (4408) | (168474) |
|  |  | (883789) |
| **Oil & Gas Services - (1.2)%** |  |  |
| Liberty Energy, Inc. | (13774) | (169971) |
| Oceaneering International, Inc. | (7514) | (186197) |
| Schlumberger NV | (9742) | (334833) |
|  |  | (691001) |
| **Pharmaceuticals - (0.3)%** |  |  |
| Pfizer, Inc. | (6639) | (169162) |
| **Pipelines - (0.6)%** |  |  |
| Excelerate Energy, Inc. - Class A | (6802) | (171343) |
| ONEOK, Inc. | (2225) | (162358) |
|  |  | (333701) |
| **Real Estate - (0.3)%** |  |  |
| Marcus & Millichap, Inc. | (5074) | (148922) |

---

The accompanying notes are an integral part of these financial statements. 9

---

| | |
|:---|:---|
| **Schedule of Securities Sold Short** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Retail - (0.9)%** | | |
| Freshpet, Inc. | (2637) | (145325) |
| Murphy USA, Inc. | (450) | (174717) |
| Yum China Holdings, Inc. | (4003) | (171809) |
|  |  | (491851) |
| **Semiconductors - (0.3)%** |  |  |
| Power Integrations, Inc. | (4391) | (176562) |
| **Software - (3.3)%** |  |  |
| Adobe, Inc. | (905) | (319239) |
| Appian Corp. - Class A | (5696) | (174127) |
| Atlassian Corp. - Class A | (1027) | (164012) |
| BILL Holdings, Inc. | (3760) | (199167) |
| CCC Intelligent Solutions Holdings, Inc. | (26593) | (242262) |
| Fair Isaac Corp. | (126) | (188563) |
| Global-E - (U.C.) Online Ltd. | (5139) | (183771) |
| HubSpot, Inc. | (337) | (157648) |
| nCino, Inc. | (6771) | (183562) |
| Sprout Social, Inc. - Class A | (9070) | (117184) |
|  |  | (1929535) |
| **Telecommunications - (1.4)%** |  |  |
| BCE, Inc. | (18282) | (427616) |
| Harmonic, Inc. | (23666) | (240920) |
| Rogers Communications, Inc. - Class B | (4638) | (159872) |
|  |  | (828408) |
| **Transportation - (1.6)%** |  |  |
| Matson, Inc. | (3765) | (371191) |
| RXO, Inc. | (25926) | (398742) |
| ZTO Express Cayman, Inc. - ADR | (9131) | (175315) |
|  |  | (945248) |
| **TOTAL COMMON STOCKS (Proceeds $23,556,790)** |  | (22902263) |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (2.3)%** |  |  |
| Alexandria Real Estate Equities, Inc. | (3436) | (286356) |
| Apple Hospitality REIT, Inc. | (13495) | (162075) |
| Equity LifeStyle Properties, Inc. | (2763) | (167714) |
| Federal Realty Investment Trust | (1734) | (175672) |
| Healthpeak Properties, Inc. | (7679) | (147053) |
| Innovative Industrial Properties, Inc. | (4934) | (264364) |
| National Storage Affiliates Trust | (5207) | (157355) |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Proceeds $1,382,290)** |  | (1360589) |
| **TOTAL SECURITIES SOLD SHORT - (41.9)% (Proceeds $24,939,080)** |  | $(24262852) |
| Percentages are stated as a percent of net assets. |  |  |

---

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 10

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $68154351 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | 14395900 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 438398 |
| &nbsp;&nbsp;&nbsp;Cash | 221807 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 127419 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 44744 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable | 722 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 7 |
| Total assets | 83383348 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value | 24262852 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1123243 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 53309 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 47823 |
| &nbsp;&nbsp;&nbsp;Interest payable | 1996 |
| Total liabilities | 25489223 |
| **NET ASSETS** | $57894125 |
| **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $50448555 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 7445570 |
| Total net assets | $57894125 |
| &nbsp;&nbsp;&nbsp;Net assets | $57894125 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 2470000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $23.44 |
| **COST:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $57405267 |
| **PROCEEDS:** |  |
| &nbsp;&nbsp;&nbsp;Securities sold short proceeds | $24939080 |

---

(a) Unlimited shares authorized without
 par value.

The accompanying notes are an integral part of these financial statements. 11

---

| | |
|:---|:---|
| **Statement of Operations** | **Even Herd Long Short ETF** |

---

For the Six-Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $412289 |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees | (5213) |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (5989) |
| &nbsp;&nbsp;&nbsp;Interest income | 423347 |
| Total investment income | 824434 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 310121 |
| &nbsp;&nbsp;&nbsp;Interest expense | 309533 |
| &nbsp;&nbsp;&nbsp;Dividends expenses | 300513 |
| Total expenses | 920167 |
| **NET INVESTMENT LOSS** | (95733) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | (946319) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 4309734 |
| &nbsp;&nbsp;&nbsp;Securities sold short | (2604506) |
| Net realized gain (loss) | 758909 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 8367128 |
| &nbsp;&nbsp;&nbsp;Securities sold short | (966069) |
| Net change in unrealized appreciation (depreciation) | 7401059 |
| Net realized and unrealized gain (loss) | 8159968 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8064235 |

---

The accompanying notes are an integral part of these financial statements. 12

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Even Herd Long Short ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Six-Months ended <br>September 30, <br>2025 (Unaudited)** | **Period ended<br> **March 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(95733) | $61486 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 758909 | (3941185) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7401059 | 4024253 |
| Net increase (decrease) in net assets from operations | 8064235 | 144554 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings |  | (539211) |
| Total distributions to shareholders |  | (539211) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10510659 | 51019630 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9367426) | (1950108) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) |  | 11792 |
| Net increase (decrease) in net assets from capital transactions | 1143233 | 49081314 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 9207468 | 48686657 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 48686657 |  |
| End of the period | $57894125 | $48686657 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 470000 | 2510000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (420000) | (90000) |
| Total increase (decrease) in shares outstanding | 50000 | 2420000 |

---

(a) Inception date of the Fund was April
 1, 2024.

The accompanying notes are an integral part of these financial statements. 13

---

| | |
|:---|:---|
| **Financial Highlights** | **Even Herd Long Short ETF** |

---

For a share outstanding throughout the six-months presented

---

| | | |
|:---|:---|:---|
|  | **Six-Months ended <br>September 30, <br>2025 (Unaudited)** | **Period ended**<br> **March 31, 2025**<sup>(a)</sup>**  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $20.12 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.04) | 0.03 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.36 | 0.31 |
| Total from investment operations | 3.32 | 0.34 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income |  | (0.23) |
| Total distributions |  | (0.23) |
| ETF transaction fees per share |  | 0.01 |
| Net asset value, end of period | $23.44 | $20.12 |
| **TOTAL RETURN<sup>(d)</sup>** | 16.50% | 1.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $57894 | $48687 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 3.41% | 2.60% |
| Ratio of dividends and interest expense on securities sold short to average net assets<sup>(e)</sup> | 2.26% | 1.45% |
| Ratio of operational expenses to average net assets excluding dividends and interest expense on securities sold short<sup>(e)</sup> | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | (0.36)% | 0.13% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 97% | 423% |

---

(a) Inception
 date of the Fund was April 1, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per
 share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
 for the periods.

(d) Not
 annualized for periods less than one year.

(e) Annualized
 for periods less than one year.

(f) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements. 14

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

**NOTE 1 – ORGANIZATION**

The Even Herd Long Short ETF (the "Fund") is a diversified series of Tidal Trust II (the "Trust"). The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Fund. Even Herd, LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies". The Fund commenced operations on April 1, 2024.

The investment objective of the Fund is to seek long-term capital appreciation.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* Equity securities, which may include Real Estate Investment Trusts ("REITs"), listed on a securities exchange,
 market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market,
 LLC (the "NASDAQ")), including securities traded over-the-counter, are valued at the last quoted sale price on the primary
 exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's
 primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted
 bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple
 exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For
 securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange
 will be obtained from recognized independent pricing agents each day that the Fund is open for business.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

---

| | |
|:---|:---|
| 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 would be based on the best information available. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

---

| | |
|:---|:---|
| <br> **Notes to the Financial Statements** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $59441735 | $– | $– | $59441735 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 809787 |  |  | 809787 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 7902829 | – | – | 7902829 |
| Total Investments | $68154351 | $– | $– | $68154351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $(22902263) | $– | $– | $(22902263) |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | (1360589) | – | – | (1360589) |
| Total Investments | $(24262852) | $– | $– | $(24262852) |

---

Refer to the Schedule of Investments and Schedule of Securities Sold Short for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially
 all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore,
 no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Fund intends to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund's fiscal year). The Fund generally intends to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Fund may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Fund and are available to supplement future distributions. Tax expense is disclosed in the Statement of Operations, if applicable.

As of September 30, 2025, the Fund did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized
 on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized
 over the life of the respective securities using the effective interest method. Dividend income and expense is recorded on the ex-dividend
 date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest
 income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property
 received. Withholding taxes on foreign dividends, if any, has been provided for in accordance with the Fund's understanding of the
 applicable country's tax rules and rates.

---

| | |
|:---|:---|
| <br> **Notes to the Financial Statements** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income, if any, for the Fund are declared and paid annually. Distributions
 to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid at least annually. Distributions
 are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
 that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
 could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation.* The net asset value ("NAV") per Share is calculated by dividing the sum of the value of the securities held
 by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest
 cent. Fund Shares will not be priced on the days on which the NASDAQ or The New York Stock Exchange is closed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications.* In the normal course of business, the Fund enters into contracts with service providers that contain general
 indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Illiquid Securities*. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (the
 "Program") that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than
 15% of the value of the Fund's net assets. An illiquid investment is any security that the Fund reasonably expects cannot be sold
 or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the
 market value of the investment. If the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15%
 of the Fund's net assets, the Fund will take such steps as set forth in the Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *Short Sales*. The Fund engages in short sales as part of its principal investment strategy. The Sub-Adviser employs a proprietary algorithm
 to identify equity securities exhibiting downward momentum and takes short positions in those securities. The Fund's short exposure
 will generally range from 10% to 90% of its assets, and its net equity exposure, defined as the value of its long positions minus its
 short positions, will generally range from 10% to 90% net long. A short sale involves the sale of a security that is borrowed from a broker
 or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities
 that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace
 the borrowed security (also known as "covering" the short position) at a time when the security sold short has appreciated
 in value, thus resulting in a loss to the Fund. The Fund's investment performance may also suffer if the Fund is required to close
 out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures
 established by the Board, or otherwise cover its positions in a permissible manner. The Fund will be required to pledge its liquid assets
 to the broker to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund's
 needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically
 associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the
 Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry,"
 and will tend to cause the Fund to lose money on a short sale even in instances where the price of the security sold short does not change
 over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of the Fund.

**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

*Equity Market Risk.* Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

---

| | |
|:---|:---|
| <br> **Notes to the Financial Statements** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

*Short Sale Risks.* The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund's long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing, which may negatively impact performance. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

*Momentum Investing Risk.* Securities that have previously exhibited price momentum may be more volatile than a broad cross-section of securities and their returns may be less than the returns of the overall stock market or other styles of investing. High momentum may also be a sign that the securities' prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The Fund is subject to the above principal risks, as well as other principal risks which may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser provides oversight of the Sub-Adviser, the investment sub-adviser to the Fund, and review of the Sub-Adviser's performance.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of the Fund at the annualized rate of 1.15%. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, litigation expenses, other non-routine or extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the six-months ended September 30, 2025 is disclosed in the Statement of Operations.

The Sub -Adviser serves as investment sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets (the "Sub-Advisory Fee"). The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Fund, except for the Sub-Advisory Fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligations for the Fund's expenses, the Adviser has agreed to pay the Sub -Adviser the profits, if any, generated by the Fund's Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator and, in that capacity, performs various administrative and management services for the Fund. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

---

| | |
|:---|:---|
| <br> **Notes to the Financial Statements** | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Fund. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund's custodian. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Fund.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**NOTE 5 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing the Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates the Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the six-months ended September 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, securities sold short, U.S. government securities, and in-kind transactions were $58,771,644 and $53,199,224, respectively.

For the six-months ended September 30, 2025, there were no purchases or sales of long-term U.S. government securities.

For the six-months ended September 30, 2025, in-kind transactions associated with creations and redemptions were $3,232,512 and $8,947,981, respectively.

**NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the six-months ended September 30, 2025 (estimated) and prior period ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **September 30, 2025** | **March 31, 2025** |
| Ordinary Income | $– $| 539211 |

---

---

| | |
|:---|:---|
| <br> **Notes to the Financial Statements**  | **Even Herd Long Short ETF** |

---

September 30, 2025 (Unaudited)

As of the prior fiscal period ended March 31, 2025, the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Investments, at cost<sup>(a)</sup> | $26471916 |
| Gross tax unrealized appreciation | 6783017 |
| Gross tax unrealized depreciation | (3053033) |
| Net tax unrealized appreciation (depreciation) | 3729984 |
| Undistributed ordinary income (loss) |  |
| Undistributed long-term capital gain (loss) |  |
| Other accumulated gain (loss) | (4348649) |
| Total distributable earnings/(accumulated losses) | $(618665) |

---

<sup>(a)</sup> The differences between book and tax-basis unrealized appreciation were attributable primarily to the treatment of wash sales and PFIC mark-to-market adjustments.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund's next taxable year. As of the prior fiscal period ended March 31, 2025, the Fund had not elected to defer any post-October losses and had elected to defer $254,850 of late-year losses.

As of the prior fiscal period ended March 31, 2025, the Fund had a short-term capital loss carryover of $4,093,799, which does not expire.

**NOTE 8 – SHARES TRANSACTIONS**

Shares of the Fund are listed and traded on the NASDAQ. Market prices for the Shares may be different from their NAV. The Fund issues and redeems Shares on a continuous basis at NAV generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Fund have equal rights and privileges.

**NOTE 9 – RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 10 – SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Highlights are included within the financial statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There have been no changes in or disagreements with the Fund's accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not Applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date
 within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b)
 under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and
 reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
 during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not appllicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [*A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*](ex99-cert.htm) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*](ex99-906cert.htm) Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Tidal Trust II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Principal Executive Officer |

---

Date <u>December 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Principal Executive Officer |

---

Date <u>December 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>December 8, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**[Tidal Trust II N-CSRS](ex99-906cert.htm)**

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 8, 2025 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis |
| | | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 8, 2025 | /s/ Aaron J. Perkovich |
| | | Aaron J Perkovich |
| | | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[Tidal Trust II N-CSRS](ex99-906cert.htm)**

**Exhibit 99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Tidal Trust II for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Tidal Trust II for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| Eric W. Falkeis | Eric W. Falkeis | Aaron J. Perkovich | Aaron J. Perkovich |
| Principal Executive Officer, | Principal Executive Officer, | Treasurer/Principal Financial Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust II | Tidal Trust II | Tidal Trust II | Tidal Trust II |
| Dated: | December 8, 2025 | Dated: | December 8, 2025 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.