# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-26-008023
**Filing Date:** 2026-4
**Character Count:** 259613
**Document Hash:** 4f49d6240beee9a3c08a156e67e4ea14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-008023.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001999371-26-008023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 26852540

**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

### Return Stacked(R) Bonds & Managed Futures ETF (Series ID: S000079702)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000240949 | Return Stacked(R) Bonds & Managed Futures ETF | RSBT            |

### Return Stacked(R) Global Stocks & Bonds ETF (Series ID: S000079703)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000240950 | Return Stacked(R) Global Stocks & Bonds ETF | RSSB            |

### Return Stacked(R) U.S. Stocks & Managed Futures ETF (Series ID: S000081720)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000244698 | Return Stacked(R) U.S. Stocks & Managed Futures ETF | RSST            |

### Return Stacked(R) Bonds & Futures Yield ETF (Series ID: S000084638)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000249072 | Return Stacked(R) Bonds & Futures Yield ETF | RSBY            |

### Return Stacked(R) U.S. Stocks & Futures Yield ETF (Series ID: S000084639)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000249073 | Return Stacked(R) U.S. Stocks & Futures Yield ETF | RSSY            |

### Return Stacked(R) Bonds & Merger Arbitrage ETF (Series ID: S000089361)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000255882 | Return Stacked(R) Bonds & Merger Arbitrage ETF | RSBA            |

### Return Stacked(R) U.S. Stocks & Gold/Bitcoin ETF (Series ID: S000091930)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000259807 | Return Stacked(R) U.S. Stocks & Gold/Bitcoin ETF | RSSX            |

?xml version='1.0' encoding='ASCII'? return-stacked_tsr

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 **<u>(811-23793)</u>**

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

(Exact name of registrant as specified in charter)

**<u>234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Address of principal executive offices) (Zip code)

**<u>Eric W. Falkeis</u>**

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

**<u>234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Name and address of agent for service)

**<u>(844) 986-7700</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>January 31, 2026</u>**

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

Return Stacked Global Stocks & Bonds ETF Tailored Shareholder Report

**annual shareholder report January 31, 2026**<br> **Return Stacked Global Stocks & Bonds ETF**<br> Ticker: RSSB (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked Global Stocks & Bonds ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked Global Stocks & Bonds 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 year? (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** |
| Return Stacked Global Stocks & Bonds ETF | $40 | 0.36% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes3ish38p1mmywilq5.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **12/4/23** |
| **Return Stacked Global**<br> **Stocks & Bonds ETF - at NAV** | 24.45% | 21.28% |
| **S&P Composite 1500 TR Index** | 15.69% | 22.25% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive total return at net asset value ('NAV') of 24.45%, compared to the total return of the benchmark of 15.69%.

#### What Factors Influenced Performance?
The Fund's global equity allocation benefited from strong international equity performance. Over the reporting period, international developed market equities — as measured by the MSCI EAFE Index — meaningfully outperformed U.S. equities, returning over 30% compared to the S&P 500's return of approximately 16%. Because the Fund's equity allocation is market-capitalization weighted across global markets, the strong showing from international equities contributed positively to performance relative to the U.S.-only benchmark.

The U.S. Treasury futures component of the Fund also contributed to outperformance. The Fund implements its Treasury exposure through an equal-weight ladder of 2-year, 5-year, 10-year, and U.S. long bond Treasury futures. Over the reporting period, the Treasury futures ladder generated an excess return over T-bills of approximately 1.87%. The equal-weight ladder modestly outperformed the Bloomberg U.S. Treasury Index by approximately 41 basis points.

#### Positioning
The aim of the Fund is to provide $1 of exposure to a global equity strategy and $1 of exposure to a U.S. Treasury strategy, for every $1 invested. The global equity strategy aspires to match market-capitalization weighted global equity markets, while the U.S. Treasury strategy is engineered as an equal-weight ladder of 2-, 5-, 10-year, and U.S. long bond Treasury futures.

**Return Stacked Global Stocks & Bonds ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $448960 |
| **Number of Holdings** | 8 |
| **Total Advisory Fee** | $1126562 |
| **Portfolio Turnover Rate** | 39% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of net assets)

![bar](qesihxd1mmyvfxvv.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Total Net Assets)** |
| **State Street SPDR Portfolio**<br> **S&P 1500 Composite**<br> **Stock Market ETF** | 53.5 |
| **Vanguard Total International**<br> **Stock ETF** | 37.0 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 6.4 |
| **U.S. Treasury Long Bonds**<br> **Futures Contracts** | -0.2 |
| **U.S. Treasury 10 Year Notes**<br> **Futures Contracts** | -0.2 |
| **U.S. Treasury 5 Year Notes**<br> **Futures Contracts** | -0.1 |
| **U.S. Treasury 2 Year Notes**<br> **Futures Contracts** | -0.0\* |
| **S&P 500 Index Futures Contracts** | 0.0^ |

---

\* Less than -0.05% of net assets.

---

| | |
|:---|:---|
| ^ | Less than 0.05% of net assets. |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/.
Return Stacked U.S. Stocks & Managed Futures ETF Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked U.S. Stocks & Managed Futures ETF**<br> Ticker: RSST (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked U.S. Stocks & Managed Futures ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked U.S. Stocks & Managed Futures 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 year? (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** |
| Return Stacked U.S. Stocks & Managed Futures ETF | $104 | 0.95% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesihxd1mmyws4u2.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **9/5/23** |
| **Return Stacked U.S. Stocks &**<br> **Managed Futures ETF - at NAV** | 19.94% | 18.66% |
| **S&P 500<sup>®</sup> Total Return Index** | 16.35% | 21.39% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive total return at net asset value ('NAV') of 19.94%, compared to the total return of the benchmark of 16.35%.

#### What Factors Influenced Performance?
The main drivers of outperformance compared to the benchmark arose from the managed futures trend-following program, which generated an excess return of 7.43% over the reporting period. Metals were the largest contributor (+13.6%), led by strong trends in gold (+8.1%) and silver (+6.0%). Equity index futures also contributed positively (+5.1%), with the Nikkei 225 (+1.7%), FTSE 100 (+1.5%), and S&P/TSX 60 (+1.3%) being the primary drivers. These gains were partially offset by losses in fixed income (-4.8%), where the 5-year Treasury note (-1.9%) was the largest detractor, along with losses in the 10-year Treasury note (-0.7%) and 2-Year Treasury (-0.7%). Currencies detracted (-4.4%), driven by a euro position (-2.6%) and the Canadian dollar (-1.2%), partially offset by gains in the Australian dollar (+0.4%). Energies detracted (-2.0%), with losses spread across natural gas (-0.8%) and Brent crude (-0.5%). The trend-following environment was bifurcated: managed futures strategies experienced a drawdown during the first half of the period before rallying strongly during the second half as trends in precious metals and equity indices re-established. For reference, the SG CTA Index — a widely followed benchmark for managed futures trend-following strategies — returned 2.84% in excess of T-bills over the one-year reporting period.

#### Positioning
The aim of the Fund is to provide $1 of exposure to a U.S. equity strategy and $1 of exposure to a managed futures strategy for every $1 invested. The U.S. equity strategy attempts to track large-cap U.S. equities, while the managed futures strategy will invest long and short across commodities, currencies, bonds, and equities via futures contracts using a systematic and quantitative process that seeks to replicate the behavior of a basket of trend-following managed futures funds.

Return Stacked U.S. Stocks & Managed Futures ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $344251 |
| **Number of Holdings** | 29 |
| **Total Advisory Fee** | $2548921 |
| **Portfolio Turnover Rate** | 105% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of net assets)

![bar](qes3ish38p1mmywb50s.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **iShares Core S&P 500 ETF** | 78 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 10.2 |
| **FTSE 100 Index Futures Contracts** | 1.1 |
| **Australian Dollar/U.S. Dollar**<br> **Cross Currency Rate**<br> **Futures Contracts** | 0.9 |
| **Gold Futures Contracts** | -0.8 |
| **Japanese Yen/U.S. Dollar**<br> **Cross Currency Rate**<br> **Futures Contracts** | -0.3 |
| **Nikkei 225 Index**<br> **Futures Contracts** | 0.3 |
| **Copper Futures Contracts** | 0.3 |
| **Euro STOXX 50 Quanto Index**<br> **Futures Contracts** | 0.2 |
| **S&P/Toronto Stock Exchange**<br> **60 Index Futures Contracts** | -0.2 |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/.
**Return Stacked Bonds & Managed Futures ETF** Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked Bonds & Managed Futures ETF**<br> Ticker: RSBT (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked Bonds & Managed Futures ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked Bonds & Managed Futures 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 year? (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** |
| Return Stacked Bonds & Managed Futures ETF | $100 | 0.95% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesjnmqzrf1mmf2aqqu.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **2/7/23** |
| **Return Stacked Bonds &**<br> **Managed Futures ETF - at NAV** | 11.54% | -0.67% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.85% | 3.98% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive total return at net asset value ('NAV') of 11.54%, compared to the total return of the benchmark of 6.85%.

#### What Factors Influenced Performance?
The main drivers of outperformance compared to the benchmark arose from the managed futures trend-following program, which generated an excess return of 7.43% over the reporting period. Metals were the largest contributor (+13.6%), led by strong trends in gold (+8.1%) and silver (+6.0%). Equity index futures also contributed positively (+5.1%), with the Nikkei 225 (+1.7%), FTSE 100 (+1.5%), and S&P/TSX 60 (+1.3%) being the primary drivers. These gains were partially offset by losses in fixed income (-4.8%), where the 5-year Treasury note (-1.9%) was the largest detractor, along with losses in the 10-year Treasury note (-0.7%) and 2-Year U.S. Treasury (-0.7%). Currencies detracted (-4.4%), driven by a euro position (-2.6%) and the Canadian dollar (-1.2%), partially offset by gains in the Australian dollar (+0.4%). Energies detracted (-2.0%), with losses spread across natural gas (-0.8%) and Brent crude (-0.5%). The trend-following environment was bifurcated: managed futures strategies experienced a drawdown during the first half of the period before rallying strongly during the second half as trends in precious metals and equity indices re-established. For reference, the SG CTA Index — a widely followed benchmark for managed futures trend-following strategies — returned 2.84% in excess of T-bills over the one-year reporting period.

#### Positioning
The aim of the Fund is to provide $1 of exposure to a bond strategy and $1 of exposure to a managed futures strategy, for every $1 invested. The bond strategy aims to track the broad U.S. bond market, and the managed futures strategy is engineered to replicate the excess returns of the broad managed futures trend-following space.

Return Stacked Bonds & Managed Futures ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $96978 |
| **Number of Holdings** | 29 |
| **Total Advisory Fee** | $797128 |
| **Portfolio Turnover Rate** | 88% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of Total Net Assets)

![bar](qes3ish38p1mmyur3yi.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **iShares Core U.S. Aggregate**<br> **Bond ETF** | 51.9 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 35.9 |
| **FTSE 100 Index Futures Contracts** | 1.2 |
| **Australian Dollar/U.S. Dollar**<br> **Cross Currency Rate Futures Contracts** | 0.9 |
| **Gold Futures Contracts** | -0.8 |
| **Copper Futures Contracts** | 0.3 |
| **Japanese Yen/U.S. Dollar**<br> **Cross Currency Rate Futures Contracts** | -0.3 |
| **Nikkei 225 Index Futures Contracts** | 0.3 |
| **Euro STOXX 50 Quanto Index**<br> **Futures Contracts** | 0.2 |
| **S&P/Toronto Stock Exchange**<br> **60 Index Futures Contracts** | -0.2 |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/.
Return Stacked U.S. Stocks & Futures Yield ETF Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked U.S. Stocks & Futures Yield ETF**<br> Ticker: RSSY (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked U.S. Stocks & Futures Yield ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked U.S. Stocks & Futures Yield 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 year? (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** |
| Return Stacked U.S. Stocks & Futures Yield ETF | $95 | 0.95% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesihxd1mmywqs4n.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **5/28/24** |
| **Return Stacked U.S. Stocks &**<br> **Futures Yield ETF - at NAV** | 1.25% | 1.41% |
| **S&P 500<sup>®</sup> Total Return Index** | 16.35% | 18.85% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive total return at net asset value ('NAV') of 1.25%, compared to the total return of the benchmark of 16.35%.

#### What Factors Influenced Performance?
The main driver of underperformance compared to the benchmark arose from the futures yield (carry) program, which generated an excess return of -8.69% over the reporting period. While U.S. large-cap equities performed well — the S&P 500 returned 16.35% — the carry strategy's losses significantly offset the equity contribution, resulting in the Fund's combined NAV return of 1.25%. Within the carry strategy, metals were the largest detractor (-6.5%), with losses in copper (-4.1%) and gold (-3.4%) partially offset by gains from silver (+1.0%). Energies also detracted significantly (-6.0%), with losses in Brent crude (-2.2%), natural gas (-2.2%), and WTI crude (-1.8%) more than offsetting gains from gasoil (+0.9%) and heating oil (+0.8%). Currencies detracted (-1.9%), as gains in the Australian dollar (+2.5%) were more than offset by losses in the euro (-3.2%) and Canadian dollar (-1.9%). On the positive side, equity index futures contributed (+4.8%), led by the Euro Stoxx 50 (+2.6%), S&P/TSX 60 (+1.7%), and Nikkei 225 (+1.0%). Fixed income positions also contributed modestly (+0.9%), led by the 5-year Treasury note (+1.0%) and 10-year Treasury note (+0.8%), partially offset by losses in the Euro Bund (-1.3%).

#### Positioning
The aim of the Fund is to provide $1 of exposure to a U.S. equity strategy and $1 of exposure to a futures yield (carry) strategy for every $1 invested. The U.S. equity strategy attempts to track large-cap U.S. equities, while the futures yield strategy will invest long and short across commodities, currencies, bonds, and equities via futures contracts using a systematic and quantitative process that seeks to harvest roll yield (carry) in futures contracts.

**Return Stacked U.S. Stocks & Futures Yield ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $95831 |
| **Number of Holdings** | 28 |
| **Total Advisory Fee** | $1095015 |
| **Portfolio Turnover Rate** | 83% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of Total Net Assets)

![bar](qes3ish38p1mmyvl6xe.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **iShares Core S&P 500 ETF** | 74.4 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 10.0 |
| **Australian Dollar/U.S. Dollar**<br> **Cross Currency Rate**<br> **Futures Contracts** | 2.1 |
| **Low Sulphur Gas Oil**<br> **Futures Contracts** | 0.5 |
| **Natural Gas Futures Contracts** | -0.5 |
| **Gold Futures Contracts** | 0.4 |
| **NY Harbor ULSD**<br> **Futures Contracts** | 0.4 |
| **U.S. Treasury 5 Year Notes**<br> **Futures Contracts** | -0.4 |
| **FTSE 100 Index Futures Contracts** | -0.3 |
| **U.S. Treasury 10 Year Notes**<br> **Futures Contracts** | -0.3 |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/.
**Return Stacked Bonds & Futures Yield ETF** Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked Bonds & Futures Yield ETF**<br> Ticker: RSBY (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked Bonds & Futures Yield ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked Bonds & Futures Yield 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 year? (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** |
| Return Stacked Bonds & Futures Yield ETF | $91 | 0.95% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesijfh1mn98vx5f.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **8/20/24** |
| **Return Stacked Bonds &**<br> **Futures Yield ETF - at NAV** | -7.78% | -12.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.85% | 3.57% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a negative total return at net asset value ('NAV') of -7.78%, compared to the total return of the benchmark of 6.85%.

#### What Factors Influenced Performance?
The main driver of underperformance compared to the benchmark arose from the futures yield (carry) program, which generated an excess return of -8.69% over the reporting period. While U.S. bonds performed positively — the Bloomberg U.S. Aggregate Bond Index returned 6.85% — the carry strategy's losses more than offset the bond contribution, resulting in the Fund's combined NAV return of -7.78%. Within the carry strategy, metals were the largest detractor (-6.5%), with losses in copper (-4.1%) and gold (-3.4%) partially offset by gains from silver (+1.0%). Energies also detracted significantly (-6.0%), with losses in Brent crude (-2.2%), natural gas (-2.2%), and WTI crude (-1.8%) more than offsetting gains from gasoil (+0.9%) and heating oil (+0.8%). Currencies detracted (-1.8%), as gains in the Australian dollar (+2.5%) were more than offset by losses in the euro (-3.2%) and Canadian dollar (-1.9%). On the positive side, equity index futures contributed (+4.8%), led by the Euro Stoxx 50 (+2.6%), S&P/TSX 60 (+1.7%), and Nikkei 225 (+1.0%). Fixed income positions also contributed modestly (+0.9%), led by the 5-year Treasury note (+1.0%) and 10-year Treasury note (+0.8%), partially offset by losses in the Euro Bund (-1.3%).

#### Positioning
The aim of the Fund is to provide $1 of exposure to a bond strategy and $1 of exposure to a futures yield (carry) strategy for every $1 invested. The bond strategy attempts to track the broad U.S. bond market, while the futures yield strategy will invest long and short across commodities, currencies, bonds, and equities via futures contracts using a systematic and quantitative process that seeks to harvest roll yield (carry) in futures contracts.

Return Stacked Bonds & Futures Yield ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $77953 |
| **Number of Holdings** | 29 |
| **Total Advisory Fee** | $918767 |
| **Portfolio Turnover Rate** | 75% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of Total Net Assets)

![bar](qesihxd1mmyue46s.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **iShares Core U.S. Aggregate**<br> **Bond ETF** | 49.6 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 33.1 |
| **Australian Dollar/U.S. Dollar**<br> **Cross Currency Rate Futures Contracts** | 2.1 |
| **U.S. Treasury 5 Year Notes**<br> **Futures Contracts** | -0.5 |
| **Low Sulphur Gas Oil Futures Contracts** | 0.5 |
| **Gold Futures Contracts** | 0.5 |
| **Natural Gas Futures Contracts** | -0.5 |
| **NY Harbor ULSD Futures Contracts** | 0.5 |
| **U.S. Treasury 10 Year Notes**<br> **Futures Contracts** | -0.4 |
| **FTSE 100 Index Futures Contracts** | -0.3 |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/.
**Return Stacked Bonds & Merger Arbitrage ETF** Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked Bonds & Merger Arbitrage ETF**<br> Ticker: RSBA (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked Bonds & Merger Arbitrage ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked Bonds & Merger Arbitrage 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 year? (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** |
| Return Stacked Bonds & Merger Arbitrage ETF | $99 | 0.96% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesqi2x1mn9942jw.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended January 31, 2026** | **1 Year** | **Since Inception**<br> **12/17/24** |
| **Return Stacked Bonds & Merger**<br> **Arbitrage ETF - at NAV** | 7.66% | 7.17% |
| **Bloomberg U.S. Treasury Index** | 5.67% | 4.86% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive total return at net asset value ('NAV') of 7.66%, compared to the total return of the benchmark of 5.67%.

#### What Factors Influenced Performance?
The merger arbitrage strategy component of the Fund seeks to track the AlphaBeta Merger Arbitrage Index. The Index endeavors to generate long-term annualized returns equal to the risk-free rate plus 400 basis points. In pursuing this goal, the Index invests in a maximum of 20 deals at a time. Over the reporting period, the AlphaBeta Merger Arbitrage Index returned 2.97% in excess of T-bills, with returns accruing steadily across both halves of the year. The merger arbitrage strategy contributed to the Fund's outperformance relative to the Bloomberg U.S. Treasury Index benchmark, which returned 5.67%.

#### Positioning
The aim of the Fund is to provide $1 of exposure to core U.S. Treasuries and $1 of exposure to a merger arbitrage strategy, for every $1 invested. Merger arbitrage is a strategy that invests in companies involved in publicly announced merger and acquisition deals. The strategy seeks to capture the spread between the current trading price and the expected deal price.

Return Stacked Bonds & Merger Arbitrage ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $51755 |
| **Number of Holdings** | 17 |
| **Total Advisory Fee** | $203870 |
| **Portfolio Turnover Rate** | 305% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of Total Net Assets)

![bar](qes3ish38p1mmyv45n4.jpg)

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

![bar](qes3s4emm1mmp1a7a0.jpg)

Percentages are based on total net assets. Percentages for futures contracts and swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

\* Less than 0.05% of net assets.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total**<br> **Net Assets)** |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 33.4 |
| **Chart Industries, Inc.** | 12.5 |
| **Avidity Biosciences, Inc.** | 12.4 |
| **Brighthouse Financial, Inc.** | 12.4 |
| **Exact Sciences Corp.** | 12.4 |
| **Confluent, Inc.** | 4.8 |
| **Penumbra, Inc.** | 4.8 |
| **Cantaloupe, Inc.** | 4.6 |
| **Boston Scientific Corp.** | -3.4 |
| **BioCryst Pharmaceuticals, Inc.** | 0.9 |

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/.
**Return Stacked U.S. Stocks & Gold/Bitcoin ETF** Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**<br> **Return Stacked U.S. Stocks & Gold/Bitcoin ETF**<br> Ticker: RSSX (Listed on Cboe BZX Exchange, Inc.)<br>

This annual shareholder report contains important information about the Return Stacked U.S. Stocks & Gold/Bitcoin ETF (the "Fund") for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/. You can also request this information by contacting us at (844) 737-3001 or by writing to the Return Stacked U.S. Stocks & Gold/Bitcoin 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 year? (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** |
| Return Stacked U.S. Stocks & Gold/Bitcoin ETF | $52 | 0.65% |

---

The Fund commenced operations on May 29, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes3ish38p1mmyw1wv8.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| <br> **Returns for the Period Ended January 31, 2026** | **Since Inception**<br> **5/29/25** |
| **Return Stacked U.S. Stocks &**<br> **Gold/Bitcoin ETF - at NAV** | 37.50% |
| **S&P 500<sup>®</sup> Total Return Index** | 18.33% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of tax that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/ for more recent performance information.

#### How did the Fund perform in the past year ?
During the reporting period, the Fund generated a positive cumulative total return at net asset value ('NAV') of 37.50%, compared to the total return of the benchmark of 18.33%. It is worth noting that the Fund was not live for the entire reporting period. The Fund commenced operations May 29, 2025.

#### What Factors Influenced Performance?
The primary driver of the Fund's outperformance relative to the benchmark was its gold exposure. Gold prices rose significantly over the Fund's operating period, with the spot price climbing from $3,314.80 per ounce at the Fund's inception in late May 2025 to $4,745.10 per ounce by the end of January 2026, an excess return over T-bills of 40.34%. This surge was driven by strong central bank buying, elevated geopolitical uncertainty, and persistent demand for safe-haven assets, with gold surpassing $5,000 per ounce for the first time in history during late January before pulling back. Bitcoin declined over the same period, from $105,586.78 to $84,135.11, generating an excess return over T-bills of -23.13%. The BOLD Index (a publicly available risk-parity index that allocates between gold and bitcoin based on inverse 360-day volatility, and which serves as a useful proxy for the Fund's gold/bitcoin strategy) generated an excess return over T-bills of 19.04% from the Fund's inception through the end of January 2026. As of the most recent monthly rebalancing on January 30, 2026, the BOLD Index target weights were 63.1% gold and 36.9% bitcoin – bitcoin's highest-ever allocation in the index's history – reflecting a narrowing gap in 360-day volatility between the two assets. The risk-parity framework's structural tilt toward the lower-volatility asset (gold) proved beneficial given the sharp divergence in performance between the two assets during the period.

#### Positioning
The aim of the Fund is to provide $1 of exposure to a U.S. equity strategy and $1 of exposure to a Gold/Bitcoin strategy, for every $1 invested. The U.S. equity strategy attempts to track large-cap U.S. equities, while the Gold/Bitcoin strategy seeks to provide strategic exposure to both gold and bitcoin where each asset contributes an equal amount of risk to the portfolio. The allocation between gold and bitcoin is dynamically adjusted so that each asset contributes equally to overall portfolio risk.

**Return Stacked U.S. Stocks & Gold/Bitcoin ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $61645 |
| **Number of Holdings** | 6 |
| **Total Advisory Fee** | $110123 |
| **Portfolio Turnover Rate** | 61% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments & Other Financial Instruments
(% of Total Net Assets)

![bar](qes3ish38p1mmyvvu9f.jpg)

Percentages are based on total net assets. Percentages for futures contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Total Net Assets)** |
| **iShares Core S&P 500 ETF** | 76.4 |
| **iShares Bitcoin Trust ETF** | 13.6 |
| **First American Government**<br> **Obligations Fund - Class X, 3.61%** | 8.1 |
| **Micro Gold Futures Contracts** | -3.9 |
| **Bitcoin Futures Contracts** | -1.1 |
| **S&P 500 Index Futures Contracts** | 0.1 |

---

Percentages for futures contracts are based on unrealized appreciation (depreciation).

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/.
**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Return Stacked Bonds & Futures Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$17250 | &nbsp;&nbsp;$17000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$6500 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked Bonds & Managed Futures ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$17250 | &nbsp;&nbsp;$17000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$6500 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked Bonds & Merger Arbitrage ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$15250 | &nbsp;&nbsp;$16000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3100 | &nbsp;&nbsp;$4000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked Global Stocks & Bonds ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$15250 | &nbsp;&nbsp;$14000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3100 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked U.S. Stocks & Futures Yield ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$17250 | &nbsp;&nbsp;$17000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$6500 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked U.S. Stocks & Managed Futures ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$17250 | &nbsp;&nbsp;$17000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$6500 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Return Stacked U.S. Stocks & Gold/Bitcoin ETF

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 1/31/2026 | &nbsp;&nbsp;FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$17250 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by Cohen to the Adviser and any entities that provide ongoing services to the Funds, for engagements directed related to the Funds' operations and financial reporting, during the Funds' last two fiscal years.

---

| | | |
|:---|:---|:---|
|  | FYE 1/31/2026 | FYE 1/31/2025 |
| &nbsp;&nbsp;(a) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(b) Tax Fees | $495000 | N/A |
| &nbsp;&nbsp;(c) All other fees | N/A | N/A |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

<u>Non-Audit Related Fees</u> <u>FYE 1/31/2026</u> <u>FYE 1/31/2025</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fiscal Year Ended January 31, | &nbsp;&nbsp;Total Non-Audit Fees <br> Billed to Funds <br> (A)  | &nbsp;&nbsp;Total Non-Audit Fees billed to the registrant <br> and to the registrant's investment adviser <br> (engagements related directly <br> to the operations and financial <br> reporting of the Funds)<br> (B)  | &nbsp;&nbsp;Total Non-Audit Fees <br> billed to the registrant <br> and to the registrant's <br> investment adviser <br> (all other engagements)<br> (C)  | &nbsp;&nbsp;Total of<br> (A), (B) and (C)  |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;$39200 | &nbsp;&nbsp;$495000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$534200 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$33000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$33000 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, David Norris, and Domenick Pugliese.

(b) Not applicable

**Item 6. Investments.**

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

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

(a) ![](returnfinancial001.jpg)

**Financial Statements**

**January 31, 2026**

**Tidal Trust II**

• Return
 Stacked Bonds & Futures Yield ETF \|
 RSBY \| Cboe BZX Exchange, Inc.

• Return
 Stacked Bonds & Managed Futures ETF \|
 RSBT \| Cboe BZX Exchange, Inc.

• Return
 Stacked Bonds & Merger Arbitrage ETF \|
 RSBA \| Cboe BZX Exchange, Inc.

• Return
 Stacked Global Stocks & Bonds ETF \|
 RSSB \| Cboe BZX Exchange, Inc.

• Return
 Stacked U.S. Stocks & Futures Yield ETF \|
 RSSY \| Cboe BZX Exchange, Inc.

• Return
 Stacked U.S. Stocks & Gold/Bitcoin ETF \|
 RSSX \| Cboe BZX Exchange, Inc.

• Return Stacked U.S. Stocks & Managed Futures ETF \| RSST \| Cboe BZX Exchange, Inc.

**Return Stacked ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Consolidated Schedule of Investments – Return Stacked Bonds & Futures Yield ETF](#returnfinanciala001) | 1 |
| [Consolidated Schedule of Futures Contracts – Return Stacked Bonds & Futures Yield ETF](#returnfinanciala002) | 2 |
| [Consolidated Schedule of Investments – Return Stacked Bonds & Managed Futures ETF](#returnfinanciala003) | 3 |
| [Consolidated Schedule of Futures Contracts – Return Stacked Bonds & Managed Futures ETF](#returnfinanciala004) | 4 |
| [Schedule of Investments – Return Stacked Bonds & Merger Arbitrage ETF](#returnfinanciala005) | 5 |
| [Schedule of Securities Sold Short – Return Stacked Bonds & Merger Arbitrage ETF](#returnfinanciala006) | 6 |
| [Schedule of Futures Contracts – Return Stacked Bonds & Merger Arbitrage ETF](#returnfinanciala007) | 7 |
| [Schedule of Total Return Swap Contracts – Return Stacked Bonds & Merger Arbitrage ETF](#returnfinanciala008) | 8 |
| [Schedule of Investments – Return Stacked Global Stocks & Bonds ETF](#returnfinanciala009) | 9 |
| [Schedule of Futures Contracts – Return Stacked Global Stocks & Bonds ETF](#returnfinanciala010) | 10 |
| [Consolidated Schedule of Investments – Return Stacked U.S. Stocks & Futures Yield ETF](#returnfinanciala011) | 11 |
| [Consolidated Schedule of Futures Contracts – Return Stacked U.S. Stocks & Futures Yield ETF](#returnfinanciala012) | 12 |
| [Consolidated Schedule of Investments – Return Stacked U.S. Stocks & Gold/Bitcoin ETF](#returnfinanciala013) | 13 |
| [Consolidated Schedule of Futures Contracts – Return Stacked U.S. Stocks & Gold/Bitcoin ETF](#returnfinanciala014) | 14 |
| [Consolidated Schedule of Investments – Return Stacked U.S. Stocks & Managed Futures ETF](#returnfinanciala015) | 15 |
| [Consolidated Schedule of Futures Contracts – Return Stacked U.S. Stocks & Managed Futures ETF](#returnfinanciala016) | 16 |
| [Statements of Assets and Liabilities](#returnfinanciala017) | 17 |
| [Statements of Operations](#returnfinanciala018) | 19 |
| [Statements of Changes in Net Assets](#returnfinanciala019) | 21 |
| [Consolidated Financial Highlights – Return Stacked Bonds & Futures Yield ETF](#returnfinanciala020) | 25 |
| [Consolidated Financial Highlights – Return Stacked Bonds & Managed Futures ETF](#returnfinanciala021) | 26 |
| [Financial Highlights – Return Stacked Bonds & Merger Arbitrage ETF](#returnfinanciala022) | 27 |
| [Financial Highlights – Return Stacked Global Stocks & Bonds ETF](#returnfinanciala023) | 28 |
| [Consolidated Financial Highlights – Return Stacked U.S. Stocks & Futures Yield ETF](#returnfinanciala024) | 29 |
| [Consolidated Financial Highlights – Return Stacked U.S. Stocks & Gold/Bitcoin ETF](#returnfinanciala025) | 30 |
| [Consolidated Financial Highlights – Return Stacked U.S. Stocks & Managed Futures ETF](#returnfinanciala026) | 31 |
| [Notes to the Financial Statements](#returnfinanciala027) | 32 |
| [Report of Independent Registered Public Accounting Firm](#returnfinanciala028) | 50 |
| [Other Non-Audited Information](#returnfinanciala029) | 52 |

---

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **Return Stacked Bonds &** |
|  | **Futures Yield ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 49.6%** | **Shares** | **Value** |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)(b)</sup> | 385994 | $38649579 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $37,855,845) |  | 38649579 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 33.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(a)(b)(c)</sup> | 25824235 | 25824235 |
| **TOTAL MONEY MARKET FUNDS** (Cost $25,824,235) |  | 25824235 |
| **TOTAL INVESTMENTS - 82.7%** (Cost $63,680,080) |  | 64473814 |
| Other Assets in Excess of Liabilities - 17.3% |  | 13478929 |
| **TOTAL NET ASSETS - 100.0%** |  | $77952743 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $64,191,447.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 rate shown represents the 7-day annualized yield as of January 31, 2026.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Futures Contracts** | **Return Stacked Bonds &** |
|  | **Futures Yield ETF** |

---

January 31, 2026

The Return Stacked Bonds & Futures Yield ETF & Return Stacked RSBY Cayman Subsidiary had the following futures contracts outstanding with Phillip Capital Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** | <br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;&nbsp;Australian Dollar/U.S. Dollar Cross Currency Rate | 576 | 03/16/2026 | $40158720 | $1640797 |
| &nbsp;&nbsp;&nbsp;Brent Crude Oil<sup>(a)</sup> | 81 | 03/02/2026 | 5614920 | 226736 |
| &nbsp;&nbsp;&nbsp;British Pound/U.S. Dollar Cross Currency Rate | 109 | 03/16/2026 | 9331081 | 97982 |
| &nbsp;&nbsp;&nbsp;Euro STOXX 50 Quanto Index | 209 | 03/20/2026 | 14796438 | 165974 |
| &nbsp;&nbsp;&nbsp;Euro-Bund | 420 | 03/06/2026 | 64040782 | 229879 |
| &nbsp;&nbsp;&nbsp;Long Gilt | 125 | 03/27/2026 | 15583618 | (81762) |
| &nbsp;&nbsp;&nbsp;Low Sulphur Gas Oil<sup>(a)</sup> | 75 | 03/12/2026 | 5471250 | 411636 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD<sup>(a)</sup> | 44 | 02/27/2026 | 4680984 | 351629 |
| &nbsp;&nbsp;&nbsp;Reformulated Gasoline Blendstock<sup>(a)</sup> | 59 | 02/27/2026 | 4812772 | 223400 |
| &nbsp;&nbsp;&nbsp;Silver <sup>(a)</sup> | 1 | 03/27/2026 | 392655 | 34676 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | 442 | 03/20/2026 | 49428031 | (333778) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | 46 | 03/31/2026 | 9590641 | (15715) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | 759 | 03/31/2026 | 82677633 | (412881) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 180 | 03/20/2026 | 20722500 | (186128) |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil<sup>(a)</sup> | 54 | 02/20/2026 | 3521340 | 123483 |
|  |  |  |  | $2475928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Sold** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;&nbsp;Canadian Dollar/U.S. Dollar Cross Currency Rate | (144) | 03/17/2026 | $10617120 | $(162440) |
| &nbsp;&nbsp;&nbsp;Copper<sup>(a)</sup> | (25) | 03/27/2026 | 3702500 | (93678) |
| &nbsp;&nbsp;&nbsp;Euro/U.S. Dollar Cross Currency Rate | (9) | 03/16/2026 | 1337962 | (16670) |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index | (147) | 03/20/2026 | 20554341 | (247649) |
| &nbsp;&nbsp;&nbsp;DAX German Stock Index | (5) | 03/20/2026 | 3660568 | 17201 |
| &nbsp;&nbsp;&nbsp;Gold<sup>(a)</sup> | (11) | 04/28/2026 | 5219610 | 383390 |
| &nbsp;&nbsp;&nbsp;Japanese Yen/U.S. Dollar Cross Currency Rate | (38) | 03/16/2026 | 3084412 | (16144) |
| &nbsp;&nbsp;&nbsp;Nasdaq 100 Index | (1) | 03/20/2026 | 513400 | (52) |
| &nbsp;&nbsp;&nbsp;Natural Gas<sup>(a)</sup> | (31) | 02/25/2026 | 1349740 | (364560) |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index | (7) | 03/12/2026 | 1874600 | (1054) |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (17) | 03/20/2026 | 5920888 | (10056) |
| &nbsp;&nbsp;&nbsp;S&P/Toronto Stock Exchange 60 Index | (26) | 03/19/2026 | 7114456 | 148019 |
|  |  |  |  | $(363693) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $2112235 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; Futures held in the Return Stacked RSBY Cayman Subsidiary.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **Return Stacked Bonds &** |
|  | **Managed Futures ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 51.9%** | **Shares** | **Value** |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)(b)</sup> | 502617 | $50327040 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $48,431,829) |  | 50327040 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 35.9%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(a)(b)(c)</sup> | 34844908 | 34844908 |
| **TOTAL MONEY MARKET FUNDS** (Cost $34,844,908) |  | 34844908 |
| **TOTAL INVESTMENTS - 87.8%** (Cost $83,276,737) |  | 85171948 |
| Other Assets in Excess of Liabilities - 12.2% |  | 11806216 |
| **TOTAL NET ASSETS - 100.0%** |  | $96978164 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $84,416,368.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 rate shown represents the 7-day annualized yield as of January 31, 2026.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Futures Contracts** | **Return Stacked Bonds &** |
|  | **Managed Futures ETF** |

---

January 31, 2026

The Return Stacked Bonds & Managed Futures ETF & Return Stacked Cayman Subsidiary had the following futures contracts outstanding with Phillip Capital Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Australian Dollar/U.S. Dollar Cross Currency Rate | 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2026 | $32977560 | $832248 |
| &nbsp;&nbsp;Brent Crude Oil<sup>(a)</sup> | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/02/2026 | 762520 | 12168 |
| &nbsp;&nbsp;British Pound/U.S. Dollar Cross Currency Rate | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2026 | 16265188 | 147774 |
| &nbsp;&nbsp;Canadian Dollar/U.S. Dollar Cross Currency Rate | 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/17/2026 | 9658630 | 36302 |
| &nbsp;&nbsp;Copper<sup>(a)</sup> | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/27/2026 | 6220200 | 297822 |
| &nbsp;&nbsp;Euro STOXX 50 Quanto Index | 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 10336268 | 223023 |
| &nbsp;&nbsp;Euro/U.S. Dollar Cross Currency Rate | 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2026 | 23488675 | 22241 |
| &nbsp;&nbsp;FTSE 100 Index | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 37752871 | 1176866 |
| &nbsp;&nbsp;DAX German Stock Index | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 6589022 | (114940) |
| &nbsp;&nbsp;Gold<sup>(a)</sup> | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/28/2026 | 12337260 | (727934) |
| &nbsp;&nbsp;Low Sulphur Gas Oil<sup>(a)</sup> | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/12/2026 | 1386050 | 89020 |
| &nbsp;&nbsp;Nasdaq 100 Index | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 7187600 | (61085) |
| &nbsp;&nbsp;Natural Gas<sup>(a)</sup> | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2026 | 130620 | 6874 |
| &nbsp;&nbsp;Nikkei 225 Index | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/12/2026 | 6962800 | 250806 |
| &nbsp;&nbsp;NY Harbor ULSD<sup>(a)</sup> | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/27/2026 | 1383018 | 79494 |
| &nbsp;&nbsp;Reformulated Gasoline Blendstock<sup>(a)</sup> | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/27/2026 | 652579 | 7225 |
| &nbsp;&nbsp;S&P 500 Index | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 15672938 | (5366) |
| &nbsp;&nbsp;S&P/Toronto Stock Exchange 60 Index | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/19/2026 | 16417974 | (147982) |
| &nbsp;&nbsp;Silver<sup>(a)</sup> | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/27/2026 | 2355930 | 79308 |
| &nbsp;&nbsp;U.S. Treasury 10 Year Notes | 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 17109703 | (101256) |
| &nbsp;&nbsp;U.S. Treasury 5 Year Notes | 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/2026 | 18191258 | (39017) |
| &nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 14390625 | (120512) |
| &nbsp;&nbsp;WTI Crude Oil<sup>(a)</sup> | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2026 | 260840 | (2494) |
|  |  |  |  | $1940585 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Sold** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Euro-Bund | (134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/06/2026 | $20432059 | $(83197) |
| &nbsp;&nbsp;Japanese Yen/U.S. Dollar Cross Currency Rate | (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/16/2026 | 13392844 | (264441) |
| &nbsp;&nbsp;Long Gilt | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/27/2026 | 249338 | 654 |
| &nbsp;&nbsp;U.S. Treasury 2 Year Notes | (174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/2026 | 36277640 | (43717) |
|  |  |  |  | $(390701) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $1549884 |

---

(a) Futures
 held in the Return Stacked Cayman Subsidiary.

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Return Stacked Bonds &** |
|  | **Merger Arbitrage ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 64.9%** | **Shares** | **Value** |
| **Biotechnology - 13.4%** |  |  |
| Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 88743 | $6440080 |
| BioCryst Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 73504 | 483653 |
|  |  | 6923733 |
| **Computers - 4.6%** |  |  |
| Cantaloupe, Inc.<sup>(a)(b)</sup> | 223215 | 2397329 |
| **Healthcare - Products - 17.3%** |  |  |
| Exact Sciences Corp.<sup>(a)(b)</sup> | 62859 | 6432990 |
| Penumbra, Inc.<sup>(a)(b)</sup> | 6992 | 2504325 |
|  |  | 8937315 |
| **Insurance - 12.4%** |  |  |
| Brighthouse Financial, Inc.<sup>(a)(b)</sup> | 100227 | 6420542 |
| **Machinery - Diversified - 12.4%** |  |  |
| Chart Industries, Inc.<sup>(a)(b)</sup> | 31101 | 6448481 |
| **Software - 4.8%** |  |  |
| Confluent, Inc. - Class A<sup>(a)(b)</sup> | 80717 | 2465097 |
| **TOTAL COMMON STOCKS** (Cost $33,376,312) |  | 33592497 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 33.4%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(b)(c)(d)</sup> | 17290014 | 17290014 |
| **TOTAL MONEY MARKET FUNDS** (Cost $17,290,014) |  | 17290014 |
| **TOTAL INVESTMENTS - 98.3%** (Cost $50,666,326) |  | 50882511 |
| Other Assets in Excess of Liabilities - 1.7% |  | 872668 |
| **TOTAL NET ASSETS - 100.0%** |  | $51755179 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 was $47,955,359.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 rate shown represents the 7-day annualized yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

---

| | |
|:---|:---|
| **Schedule of Securities Sold Short** | **Return Stacked Bonds &** |
|  | **Merger Arbitrage ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - (4.3)%** | **Shares** | **Value** |
| **Biotechnology - (0.9)%** |  |  |
| BioCryst Pharmaceuticals, Inc. | (73503) | $(483650) |
| **Healthcare - Products - (3.4)%** |  |  |
| Boston Scientific Corp. | (18571) | (1736945) |
| **TOTAL COMMON STOCKS** (Proceeds $2,162,924) |  | (2220595) |
| **TOTAL SECURITIES SOLD SHORT - (4.3)%** (Proceeds $2,162,924) |  | $(2220595) |

---

Percentages are stated as a percent of net assets.

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

---

| | |
|:---|:---|
| **Schedule of Futures Contracts** | **Return Stacked Bonds &** |
|  | **Merger Arbitrage ETF** |

---

January 31, 2026

The Return Stacked Bonds & Merger Arbitrage ETF had the following futures contracts outstanding with StoneX.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;U.S. Treasury 10 Year Notes | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | $12972062 | $(90813) |
| &nbsp;&nbsp;U.S. Treasury 2 Year Notes | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/2026 | 12926516 | (10658) |
| &nbsp;&nbsp;U.S. Treasury 5 Year Notes | 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/2026 | 12962633 | (56185) |
| &nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2026 | 12894000 | (117294) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(274950) |

---

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

---

| | |
|:---|:---|
| **Schedule of Total Return Swap Contracts** | **Return Stacked Bonds &** |
|  | **Merger Arbitrage ETF** |

---

January 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity** | <br>**Counterparty** | **Pay/**<br>**Receive**<br>**Equity on**<br>**Reference**<br>**Entity** | <br>**Financing Rate** | <br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | <br>**Notional Amount** | <br>**Value/**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  | Marex Capital |  |  |  |  |  |  |
| Confluent, Inc. | Markets, Inc. | Receive | OBFR + 3.00% | Monthly<sup>(a)</sup> | 01/30/2029 | $4004558 | $(3934) |
|  | Marex Capital |  |  |  |  |  |  |
| Penumbra, Inc. | Markets, Inc. | Receive | OBFR + 3.00% | Monthly<sup>(a)</sup> | 01/30/2029 | 3957779 | 12929 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | 8995 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026.

OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Financing
 reset of the swap is effective on the last day of each month. Equity reset of the swap
 is effective on termination, but also periodically throughout the term based on predetermined
 notional thresholds.

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Return Stacked Global** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stocks & Bonds ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 90.5%** | **Shares** | **Value** |
| State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF<sup>(a)(b)</sup> | 2866352 | $240372279 |
| Vanguard Total International Stock ETF<sup>(a)(b)</sup> | 2084637 | 166062183 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $373,087,954) |  | 406434462 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 6.4%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(b)(c)</sup> | 28630860 | 28630860 |
| **TOTAL MONEY MARKET FUNDS** (Cost $28,630,860) |  | 28630860 |
| **TOTAL INVESTMENTS - 96.9%** (Cost $401,718,814) |  | 435065322 |
| Other Assets in Excess of Liabilities - 3.1% |  | 13894849 |
| **TOTAL NET ASSETS - 100.0%** |  | $448960171 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $433,760,726.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate
 shown represents the 7-day annualized yield as of January 31, 2026.

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

---

| | |
|:---|:---|
| **Schedule of Futures Contracts** | **Return Stacked Global** |
|  | **Stocks & Bonds ETF** |

---

January 31, 2026

The Return Stacked Global Stocks & Bonds ETF had the following futures contracts outstanding with Phillip Capital Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;S&P 500 Index | 130 | 03/20/2026 | $45277375 | $1760 |
| &nbsp;&nbsp;U.S. Treasury 10 Year Notes | 1012 | 03/20/2026 | 113170062 | (773742) |
| &nbsp;&nbsp;U.S. Treasury 2 Year Notes | 543 | 03/31/2026 | 113211258 | (87437) |
| &nbsp;&nbsp;U.S. Treasury 5 Year Notes | 1040 | 03/31/2026 | 113286876 | (449075) |
| &nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 982 | 03/20/2026 | 113052750 | (921541) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(2230035) |

---

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **Return Stacked U.S. Stocks** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**& Futures Yield ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 74.4%** | **Shares** | **Value** |
| iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 102560 | $71282277 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $54,949,259) |  | 71282277 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 10.0%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(b)(c)</sup> | 9587181 | 9587181 |
| **TOTAL MONEY MARKET FUNDS** (Cost $9,587,181) |  | 9587181 |
| **TOTAL INVESTMENTS - 84.4%** (Cost $64,536,440) |  | 80869458 |
| Other Assets in Excess of Liabilities - 15.6% |  | 14961056 |
| **TOTAL NET ASSETS - 100.0%** |  | $95830514 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $80,380,157.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate
 shown represents the 7-day annualized yield as of January 31, 2026.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Futures Contracts** | **Return Stacked U.S. Stocks** |
|  | **& Futures Yield ETF** |

---

January 31, 2026

The Return Stacked U.S. Stocks & Futures Yield ETF & Return Stacked RSSY Cayman Subsidiary had the following futures contracts outstanding with Phillip Capital Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Australian Dollar/U.S. Dollar Cross Currency Rate | 710 | 03/16/2026 | $49501200 | $1982744 |
| &nbsp;&nbsp;Brent Crude Oil<sup>(a)</sup> | 100 | 03/02/2026 | 6932000 | 278672 |
| &nbsp;&nbsp;British Pound/U.S. Dollar Cross Currency Rate | 134 | 03/16/2026 | 11471237 | 121834 |
| &nbsp;&nbsp;Euro STOXX 50 Quanto Index | 258 | 03/20/2026 | 18265460 | 216555 |
| &nbsp;&nbsp;Euro-Bund | 518 | 03/06/2026 | 78983630 | 273960 |
| &nbsp;&nbsp;Long Gilt | 154 | 03/27/2026 | 19199017 | (97430) |
| &nbsp;&nbsp;Low Sulphur Gas Oil<sup>(a)</sup> | 92 | 03/12/2026 | 6711400 | 506961 |
| &nbsp;&nbsp;NY Harbor ULSD<sup>(a)</sup> | 54 | 02/27/2026 | 5744844 | 428340 |
| &nbsp;&nbsp;Reformulated Gasoline Blendstock<sup>(a)</sup> | 72 | 02/27/2026 | 5873213 | 269507 |
| &nbsp;&nbsp;S&P 500 Index | 47 | 03/20/2026 | 16369513 | 47990 |
| &nbsp;&nbsp;Silver<sup>(a)</sup> | 1 | 03/27/2026 | 392655 | (47049) |
| &nbsp;&nbsp;U.S. Treasury 10 Year Notes | 438 | 03/20/2026 | 48980719 | (280258) |
| &nbsp;&nbsp;U.S. Treasury 5 Year Notes | 827 | 03/31/2026 | 90084852 | (403835) |
| &nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 119 | 03/20/2026 | 13699875 | (35221) |
| &nbsp;&nbsp;WTI Crude Oil<sup>(a)</sup> | 66 | 02/20/2026 | 4303860 | 153693 |
|  |  |  |  | $3416463 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Sold** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Canadian Dollar/U.S. Dollar Cross Currency Rate | (177) | 03/17/2026 | $13050210 | $(198024) |
| &nbsp;&nbsp;Copper<sup>(a)</sup> | (31) | 03/27/2026 | 4591100 | (88012) |
| &nbsp;&nbsp;Euro/U.S. Dollar Cross Currency Rate | (11) | 03/16/2026 | 1635288 | (18765) |
| &nbsp;&nbsp;FTSE 100 Index | (181) | 03/20/2026 | 25308406 | (303270) |
| &nbsp;&nbsp;German Stock Index | (6) | 03/20/2026 | 4392681 | 28291 |
| &nbsp;&nbsp;Gold<sup>(a)</sup> | (13) | 04/28/2026 | 6168630 | 429763 |
| &nbsp;&nbsp;Japanese Yen/U.S. Dollar Cross Currency Rate | (46) | 03/16/2026 | 3733763 | (18716) |
| &nbsp;&nbsp;Nasdaq 100 Index | (1) | 03/20/2026 | 513400 | (51) |
| &nbsp;&nbsp;Natural Gas<sup>(a)</sup> | (38) | 02/25/2026 | 1654520 | (451093) |
| &nbsp;&nbsp;Nikkei 225 Index | (9) | 03/12/2026 | 2410200 | (1160) |
| &nbsp;&nbsp;S&P/Toronto Stock Exchange 60 Index | (33) | 03/19/2026 | 9029886 | 191826 |
|  |  |  |  | $(429211) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $2987252 |

---

(a) Futures held in the Return Stacked RSSY Cayman Subsidiary.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **Return Stacked U.S. Stocks** |
|  | **& Gold/Bitcoin ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 90.0%** | **Shares** | **Value** |
| iShares Bitcoin Trust ETF<sup>(a)(b)</sup> | 177161 | $8413376 |
| iShares Core S&P 500 ETF<sup>(b)(c)(d)</sup> | 67745 | 47084807 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $54,891,355) |  | 55498183 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 8.1%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(b)(e)</sup> | 4995240 | 4995240 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,995,240) |  | 4995240 |
| **TOTAL INVESTMENTS - 98.1%** (Cost $59,886,595) |  | 60493423 |
| Other Assets in Excess of Liabilities - 1.9% |  | 1151393 |
| **TOTAL NET ASSETS - 100.0%** |  | $61644816 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $59,567,246.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) ETF and
 futures contracts held in the Return Stacked RSSX Cayman Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate
 shown represents the 7-day annualized yield as of January 31, 2026.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Futures Contracts** | **Return Stacked U.S. Stocks** |
|  | **& Gold/Bitcoin ETF** |

---

January 31, 2026

The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with StoneX.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Micro Bitcoin<sup>(a)</sup> | 1292 | 02/27/2026 | $10866366 | $(665299) |
| &nbsp;&nbsp;Micro Gold<sup>(a)</sup> | 899 | 04/28/2026 | 42658449 | (2384809) |
| &nbsp;&nbsp;S&P 500 Index | 579 | 03/20/2026 | 20165846 | 55998 |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $(2994110) |

---

(a) Futures held in the Return Stacked RSSX Cayman Subsidiary.

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

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **Return Stacked U.S. Stocks** |
|  | **& Managed Futures ETF** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 78.0%** | **Shares** | **Value** |
| iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 385951 | $268247523 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $212,914,049) |  | 268247523 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 10.2%** |  |  |
| First American Government Obligations Fund - Class X, 3.61%<sup>(b)(c)</sup> | 35251200 | 35251200 |
| **TOTAL MONEY MARKET FUNDS** (Cost $35,251,200) |  | 35251200 |
| **TOTAL INVESTMENTS - 88.2%** (Cost $248,165,249) |  | 303498723 |
| Other Assets in Excess of Liabilities - 11.8% |  | 40751809 |
| **TOTAL NET ASSETS - 100.0%** |  | $344250532 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of the security has been pledged as collateral for futures contracts. The
 fair value of assets committed as collateral as of January 31, 2026 is $294,950,672.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate
 shown represents the 7-day annualized yield as of January 31, 2026.

The accompanying notes are an integral part of these financial statements. 15

---

| | |
|:---|:---|
| **Consolidated Schedule of Futures Contracts** | **Return Stacked U.S. Stocks** |
|  | **& Managed Futures ETF** |

---

January 31, 2026

The Return Stacked U.S. Stocks & Managed Futures ETF & Newfound RSST Cayman Subsidiary had the following futures contracts outstanding with Phillip Capital Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Purchased** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Australian Dollar/U.S. Dollar Cross Currency Rate | 1686 | 03/16/2026 | $117547920 | $2947737 |
| &nbsp;&nbsp;Brent Crude Oil<sup>(a)</sup> | 40 | 03/02/2026 | 2772800 | 45465 |
| &nbsp;&nbsp;British Pound/U.S. Dollar Cross Currency Rate | 677 | 03/16/2026 | 57955431 | 515125 |
| &nbsp;&nbsp;Canadian Dollar/U.S. Dollar Cross Currency Rate | 468 | 03/17/2026 | 34505640 | 126351 |
| &nbsp;&nbsp;Copper<sup>(a)</sup> | 148 | 03/27/2026 | 21918800 | 904127 |
| &nbsp;&nbsp;Euro STOXX 50 Quanto Index | 519 | 03/20/2026 | 36743308 | 767075 |
| &nbsp;&nbsp;Euro/U.S. Dollar Cross Currency Rate | 565 | 03/16/2026 | 83994313 | 82017 |
| &nbsp;&nbsp;FTSE 100 Index | 960 | 03/20/2026 | 134232432 | 3909424 |
| &nbsp;&nbsp;German Stock Index | 31 | 03/20/2026 | 22695520 | (416407) |
| &nbsp;&nbsp;Gold<sup>(a)</sup> | 93 | 04/28/2026 | 44129430 | (2611487) |
| &nbsp;&nbsp;Low Sulphur Gas Oil<sup>(a)</sup> | 69 | 03/12/2026 | 5033550 | 313876 |
| &nbsp;&nbsp;Nasdaq 100 Index | 48 | 03/20/2026 | 24643200 | (221098) |
| &nbsp;&nbsp;Natural Gas<sup>(a)</sup> | 10 | 02/25/2026 | 435400 | 32190 |
| &nbsp;&nbsp;Nikkei 225 Index | 91 | 03/12/2026 | 24369800 | 908566 |
| &nbsp;&nbsp;NY Harbor ULSD<sup>(a)</sup> | 46 | 02/27/2026 | 4893756 | 281792 |
| &nbsp;&nbsp;Reformulated Gasoline Blendstock<sup>(a)</sup> | 27 | 02/27/2026 | 2202455 | 23505 |
| &nbsp;&nbsp;S&P 500 Index | 416 | 03/20/2026 | 144887600 | 162503 |
| &nbsp;&nbsp;S&P/Toronto Stock Exchange 60 Index | 214 | 03/19/2026 | 58557442 | (605244) |
| &nbsp;&nbsp;Silver<sup>(a)</sup> | 23 | 03/27/2026 | 9031065 | (17606) |
| &nbsp;&nbsp;U.S. Treasury 10 Year Notes | 146 | 03/20/2026 | 16326906 | (27710) |
| &nbsp;&nbsp;U.S. Treasury 5 Year Notes | 182 | 03/31/2026 | 19825203 | 16687 |
| &nbsp;&nbsp;U.S. Treasury 30 Year Bonds | 56 | 03/20/2026 | 6447000 | (7380) |
| &nbsp;&nbsp;WTI Crude Oil<sup>(a)</sup> | 14 | 02/20/2026 | 912940 | (9289) |
|  |  |  |  | $7120219 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Contracts**<br>**Sold** | <br>**Expiration Date** |<br>**Notional Value** | **Value / Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| &nbsp;&nbsp;Euro-Bund | (477) | 03/06/2026 | $72732030 | $(308330) |
| &nbsp;&nbsp;Japanese Yen/U.S. Dollar Cross Currency Rate | (586) | 03/16/2026 | 47564888 | (986361) |
| &nbsp;&nbsp;Long Gilt | (5) | 03/27/2026 | 623345 | 1565 |
| &nbsp;&nbsp;U.S. Treasury 2 Year Notes | (834) | 03/31/2026 | 173882485 | (207979) |
|  |  |  |  | $(1501105) |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $5619114 |

---

(a) Futures held in the Newfound RSST Cayman Subsidiary.

The accompanying notes are an integral part of these financial statements. 16

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Return Stacked ETFs** |

---

January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Return Stacked** <br> **Bonds & Futures** <br> **Yield ETF** <br> **(Consolidated)**  | **Return Stacked** <br> **Bonds & Managed** <br> **Futures ETF** <br> **(Consolidated)**  | **Return Stacked** <br> **Bonds & Merger** <br> **Arbitrage ETF**  | **Return Stacked** <br> **Global Stocks &** <br> **Bonds ETF**  | **Return Stacked** <br> **U.S. Stocks &** <br> **Futures Yield ETF** <br> **(Consolidated)**  |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $64473814 | $85171948 | $50882511 | $435065322 | $80869458 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for futures contracts | 11614273 | 9576774 | 1172916 | 16006036 | 12490812 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 4054802 | 3261825 |  | 1760 | 4930137 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap contracts |  |  | 12929 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 82263 | 99406 | 24074 | 85443 | 27497 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 15079 | 18152 |  | 26573 | 18987 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 1392330 |  | 1441250 |  |
| &nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short |  |  | 2171499 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee | – | 278 | – | – | – |
| Total assets | 80240231 | 99520713 | 54263929 | 452626384 | 98336891 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value |  |  | 2220595 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | 1942567 | 1711941 | 274950 | 2231795 | 1942884 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts |  |  | 3934 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 282409 | 755658 |  | 1304597 | 489030 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 61812 | 74950 | 4748 | 129821 | 74463 |
| &nbsp;&nbsp;&nbsp;Interest payable | 700 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for swap contracts | – | – | 4523 | – | – |
| Total liabilities | 2287488 | 2542549 | 2508750 | 3666213 | 2506377 |
| **NET ASSETS** | $77952743 | $96978164 | $51755179 | $448960171 | $95830514 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $81872634 | $93823797 | $51458702 | $418927142 | $85170991 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (3919891) | 3154367 | 296477 | 30033029 | 10659523 |
| Total net assets | $77952743 | $96978164 | $51755179 | $448960171 | $95830514 |
| &nbsp;&nbsp;&nbsp;Net assets | $77952743 | $96978164 | $51755179 | $448960171 | $95830514 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 4925000 | 5225000 | 2475000 | 15575000 | 4775000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $15.83 | $18.56 | $20.91 | $28.83 | $20.07 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $63680080 | $83276737 | $50666326 | $401718814 | $64536440 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short proceeds | $– | $– | $2162924 | $– | $– |

---

(a) Unlimited shares authorized
without par value.

The accompanying notes are an integral part of these financial statements. 17

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Return Stacked ETFs** |

---

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Return Stacked** <br> **U.S. Stocks &** <br> **Gold/Bitcoin ETF** <br> **(Consolidated)**  | **Return Stacked** <br> **U.S. Stocks &** <br> **Managed Futures** <br> **ETF (Consolidated)** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $60493423 | $303498723 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for futures contracts | 3732728 | 34625842 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 55998 | 11038005 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1354330 | 2954980 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 641125 |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 12813 | 108105 |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee | 271 | 591 |
| &nbsp;&nbsp;&nbsp;Interest receivable | – | 67459 |
| Total assets | 66290688 | 352293705 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | 3050108 | 5418891 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1564290 | 2353377 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 31474 | 270905 |
| Total liabilities | 4645872 | 8043173 |
| **NET ASSETS** | $61644816 | $344250532 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $56462401 | $268390253 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 5182415 | 75860279 |
| Total net assets | $61644816 | $344250532 |
| &nbsp;&nbsp;&nbsp;Net assets | $61644816 | $344250532 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 2275000 | 11650000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $27.10 | $29.55 |
| **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $59886595 | $248165249 |

---

(a) Unlimited shares authorized
without par value.

The accompanying notes are an integral part of these financial statements. 18

---

| | |
|:---|:---|
| **Statements of Operations** | **Return Stacked ETFs** |

---

For the Periods Ended January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Return Stacked Bonds & Futures Yield ETF (Consolidated)** | **Return Stacked Bonds & Managed Futures ETF (Consolidated)** | **Return Stacked Bonds & Merger Arbitrage ETF** | **Return Stacked Global Stocks & Bonds ETF** | **Return Stacked U.S. Stocks & Futures Yield ETF (Consolidated)** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $3348825 | $2848872 | $337650 | $7114328 | $1530271 |
| &nbsp;&nbsp;&nbsp;Interest income | 272732 | 231649 | 33389 | 394036 | 334463 |
| Total investment income | 3621557 | 3080521 | 371039 | 7508364 | 1864734 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 918767 | 797128 | 203870 | 1609374 | 1095015 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1360 | 188 | 87 | 57 | 831 |
| &nbsp;&nbsp;&nbsp;Dividends on securities sold short |  |  | 2263 |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | – | – | 114 | 28806 | – |
| Total expenses | 920127 | 797316 | 206334 | 1638237 | 1095846 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser (Note 4) | – | – | – | (482812) | – |
| Net expenses | 920127 | 797316 | 206334 | 1155425 | 1095846 |
| **NET INVESTMENT INCOME** | 2701430 | 2283205 | 164705 | 6352939 | 768888 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (276731)<sup>(a)</sup> | 101555 <sup>(a)</sup> | 896065 <sup>(a)</sup> | (710620) | 8435834 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Redemptions in-kind |  |  |  | 42158458 |  |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | (42235) |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (18210231) | 5345739 | 430560 | 7825612 | (18606989) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | (4523) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 177978 | 265597 | – | – | 326768 |
| Net realized gain (loss) | (18308984) | 5712891 | 1279867 | 49273450 | (9844387) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2087098 | 1054273 | 171827 | 14756216 | 2577813 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | (29765) |  |  |
| &nbsp;&nbsp;&nbsp;Future contracts | 4805076 | (441677) | (287340) | 535608 | 5346784 |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  | 8995 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 213303 | 168928 | – | – | 185879 |
| Net change in unrealized appreciation (depreciation) | 7105477 | 781524 | (136283) | 15291824 | 8110476 |
| Net realized and unrealized gain (loss) | (11203507) | 6494415 | 1143584 | 64565274 | (1733911) |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(8502077) | $8777620 | $1308289 | $70918213 | $(965023) |

---

(a) Includes
 reimbursement from the Adviser (defined in Note 1) for losses on trade errors and interest
 reimbursement totaling $497,534 for RSBY ETF, $53,958 for RSBT ETF, $36,114 for RSBA
 ETF and $29,299 for RSSY ETF.

The accompanying notes are an integral part of these financial statements. 19

---

| | |
|:---|:---|
| **Statements of Operations** | **Return Stacked ETFs** |

---

For the Periods Ended January 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Return Stacked U.S. Stocks &**<br> **Gold/Bitcoin ETF (Consolidated)<sup>(a)</sup>** | **Return Stacked U.S. Stocks & Managed**<br> **Futures ETF (Consolidated)** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $183349 | $3626617 |
| &nbsp;&nbsp;&nbsp;Interest income | 25563 | 776689 |
| Total investment income | 208912 | 4403306 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 110123 | 2548921 |
| &nbsp;&nbsp;&nbsp;Interest expense | 324 | 808 |
| Total expenses | 110447 | 2549729 |
| **NET INVESTMENT INCOME** | 98465 | 1853577 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| **Net realized gain (loss) from:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (355400)<sup>(b)</sup> | (2018246)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Futures contracts | 8458110 | 20389364 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | – | 306504 |
| Net realized gain (loss) | 8102710 | 18677622 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 606828 | 26160236 |
| &nbsp;&nbsp;&nbsp;Future contracts | (2994110) | 526352 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | – | 1117417 |
| Net change in unrealized appreciation (depreciation) | (2387282) | 27804005 |
| Net realized and unrealized gain (loss) | 5715428 | 46481627 |
| **NET INCREASE (DECREASE) IN NET** |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $5813893 | $48335204 |

---

(a) Inception
 date of the Fund was May 29, 2025.

(b) Includes
 reimbursement from the Adviser (defined in Note 1) for losses on trade errors totaling
 $3,338 for RSSX ETF and $127,322 for RSST ETF.

The accompanying notes are an integral part of these financial statements. 20

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Return Stacked ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Return Stacked Bonds & Futures Yield ETF (Consolidated)** | **Return Stacked Bonds & Futures Yield ETF (Consolidated)** | **Return Stacked Bonds & Managed Futures ETF (Consolidated)** | **Return Stacked Bonds & Managed Futures ETF (Consolidated)** |
|  | **Year ended**<br> **January 31, 2026** | **Period ended**<br> **January 31, 2025<sup>(a)</sup>** | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2701430 | $1361763 | $2283205 | $2313855 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (18308984) | (8863340) | 5712891 | (4856779) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7105477 | (4076884) | 781524 | 759661 |
| Net increase (decrease) in net assets from operations | (8502077) | (11578461) | 8777620 | (1783263) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1672056) | (2385634) | (2811956) | – |
| Total distributions to shareholders | (1672056) | (2385634) | (2811956) | – |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10808776 | 122484002 | 17256140 | 59482820 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (31282595) |  | (15112743) | (17469663) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 21046 | 59742 | 15767 | 38476 |
| Net increase (decrease) in net assets from capital transactions | (20452773) | 122543744 | 2159164 | 42051633 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (30626906) | 108579649 | 8124828 | 40268370 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 108579649 | – | 88853336 | 48584966 |
| End of the period | $77952743 | $108579649 | $96978164 | $88853336 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 650000 | 6200000 | 975000 | 3325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1925000) | – | (925000) | (1025000) |
| Total increase (decrease) in shares outstanding | (1275000) | 6200000 | 50000 | 2300000 |

---

(a) Inception
 date of the Fund was August 20, 2024.

The accompanying notes are an integral part of these financial statements. 21

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Return Stacked ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Return Stacked Bonds & Merger Arbitrage ETF** | **Return Stacked Bonds & Merger Arbitrage ETF** | **Return Stacked Global Stocks & Bonds ETF** | **Return Stacked Global Stocks & Bonds ETF** |
|  | **Year ended**<br> **January 31, 2026** | **Period ended**<br> **January 31, 2025<sup>(a)</sup>** | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $164705 | $16891 | $6352939 | $3203774 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1279867 | (2116) | 49273450 | 584156 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (136283) | 28842 | 15291824 | 14187035 |
| Net increase (decrease) in net assets from operations | 1308289 | 43617 | 70918213 | 17974965 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1054280) | (1263) | (14315409) | (2431389) |
| Total distributions to shareholders | (1054280) | (1263) | (14315409) | (2431389) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 48659605 | 8988150 | 384287525 | 177257353 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (6220373) |  | (238784130) | (10839220) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 27440 | 3994 | 29070 | 25206 |
| Net increase (decrease) in net assets from capital transactions | 42466672 | 8992144 | 145532465 | 166443339 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 42720681 | 9034498 | 202135269 | 181986915 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 9034498 | – | 246824902 | 64837987 |
| End of the period | $51755179 | $9034498 | $448960171 | $246824902 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2325000 | 450000 | 13525000 | 7675000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (300000) | – | (8250000) | (450000) |
| Total increase (decrease) in shares outstanding | 2025000 | 450000 | 5275000 | 7225000 |

---

(a) Inception
 date of the Fund was December 17, 2024.

The accompanying notes are an integral part of these financial statements. 22

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Return Stacked ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Return Stacked U.S. Stocks & Futures Yield ETF (Consolidated)** | **Return Stacked U.S. Stocks & Futures Yield ETF (Consolidated)** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF (Consolidated)** |
|  | **Year ended**<br> **January 31, 2026** | **Period ended**<br> **January 31, 2025<sup>(a)</sup>** | **Period ended**<br> **January 31, 2026<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $768888 | $1010440 | $98465 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (9844387) | (11983251) | 8102710 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8110476 | 11373895 | (2387282) |
| Net increase (decrease) in net assets from operations | (965023) | 401084 | 5813893 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1943392) |  | (628706) |
| &nbsp;&nbsp;&nbsp;From return of capital | (1394) | – | – |
| Total distributions to shareholders | (1944786) | – | (628706) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14214303 | 162071775 | 57565053 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (63093831) | (14978687) | (1105695) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 38654 | 87025 | 271 |
| Net increase (decrease) in net assets from capital transactions | (48840874) | 147180113 | 56459629 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (51750683) | 147581197 | 61644816 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period | 147581197 | – | – |
| End of the period | $95830514 | $147581197 | $61644816 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 725000 | 8025000 | 2325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3250000) | (725000) | (50000) |
| Total increase (decrease) in shares outstanding | (2525000) | 7300000 | 2275000 |

---

(a) Inception
 date of the Fund was May 28, 2024.

(b) Inception
 date of the Fund was May 29, 2025.

The accompanying notes are an integral part of these financial statements. 23

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Return Stacked ETFs** |

---

---

| | | |
|:---|:---|:---|
|  | **Return Stacked U.S. Stocks & Managed <br> Futures ETF (Consolidated)** | **Return Stacked U.S. Stocks & Managed <br> Futures ETF (Consolidated)** |
|  | **Year ended <br> January 31, 2026** | **Year ended <br> January 31, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1853577 | $1705787 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 18677622 | (5744286) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 27804005 | 30350933 |
| Net increase (decrease) in net assets from operations | 48335204 | 26312434 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (3564126) | (243000) |
| Total distributions to shareholders | (3564126) | (243000) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 62803559 | 208651832 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (46051648) | (10155220) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 53541 | 109404 |
| Net increase (decrease) in net assets from capital transactions | 16805452 | 198606016 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 61576530 | 224675450 |
| **NET ASSETS:** |  |  |
| Beginning of the year | 282674002 | 57998552 |
| End of the year | $344250532 | $282674002 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2375000 | 8875000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2075000) | (425000) |
| Total increase (decrease) in shares outstanding | 300000 | 8450000 |

---

The accompanying notes are an integral part of these financial statements. 24

---

| | |
|:---|:---|
| **Consolidated Financial Highlights** | **Return Stacked Bonds & Futures <br> Yield ETF** |

---

**For a share outstanding throughout the periods presented**

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Period ended <br> January 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $17.51 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| <br>Net investment income<sup>(b)(c)</sup> | 0.45 | 0.24 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (1.81) | (2.33) |
| Total from investment operations | (1.36) | (2.09) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.32) | (0.41) |
| Total distributions | (0.32) | (0.41) |
| ETF transaction fees per share | 0.00<sup>(e)</sup> | 0.01 |
| Net asset value, end of period | $15.83 | $17.51 |
| **TOTAL RETURN<sup>(f)</sup>**  | -7.78%<sup>(g)</sup> | -10.42% |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(h)</sup>** |  |  |
| Net assets, end of period (in thousands) | $77953 | $108580 |
| Ratio of expenses to average net assets<sup>(i)</sup> | 0.95% | 0.95% |
| Ratio of interest expense to average net assets<sup>(i)</sup> | 0.00%<sup>(j)</sup> | 0.00%<sup>(j)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(i)</sup> | 2.79% | 2.93% |
| Portfolio turnover rate<sup>(f)(k)</sup> | 75% | 32% |

---

(a) Inception
 date of the Fund was August 20, 2024.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 Statements of Operations due to share transactions
 for the periods.

(e) Amount
 represents less than $0.005 per share.

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

(g) Had
 the Adviser not reimbursed trade errors, the total return for the period would have been
 -8.33%.

(h) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(i) Annualized
 for periods less than one year.

(j) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 25

---

| | |
|:---|:---|
| **Consolidated Financial Highlights** | **Return Stacked Bonds & Managed Futures ETF** |

---

For a share outstanding throughout the periods presented

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended January 31,** | **Year ended January 31,** | |
|  | **2026** | **2025** | **Period ended <br> January 31,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $17.17 | $16.90 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| <br> Net investment income<sup>(b)(c)</sup>  | 0.46 | 0.51 | 0.44 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 1.50 | (0.25) | (3.15) |
| Total from investment operations | 1.96 | 0.26 | (2.71) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.57) | – | (0.41) |
| Total distributions | (0.57) | – | (0.41) |
| ETF transaction fees per share | 0.00<sup>(e)</sup> | 0.01 | 0.02 |
| Net asset value, end of period | $18.56 | $17.17 | $16.90 |
| **TOTAL RETURN<sup>(f)</sup>** | 11.54%<sup>(g)</sup> | 1.60% | -13.53% |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(h)</sup>** |  |  |  |
| Net assets, end of period (in thousands) | $96978 | $88853 | $48585 |
| Ratio of expenses to average net assets<sup>(i)</sup> | 0.95% | 0.95% | 0.99% |
| Ratio of interest expense to average net assets<sup>(i)</sup> | 0.00%<sup>(j)</sup> | 0.00%<sup>(j)</sup> | –% |
| Ratio of net investment income (loss) to average net assets<sup>(i)</sup> | 2.72% | 2.93% | 2.54% |
| Portfolio turnover rate<sup>(f)(k)</sup> | 88% | 103% | 259% |

---

(a) Inception
 date of the Fund was February 7, 2023.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 Statements of Operations due to share transactions
 for the periods.

(e) Amount
 represents less than $0.005 per share.

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

(g) Had
 the Adviser not reimbursed trade errors, the total return for the period would have been
 11.48%.

(h) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(i) Annualized
 for periods less than one year.

(j) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 26

---

| | |
|:---|:---|
| **Financial Highlights** | **Return Stacked Bonds & Merger**<br> **Arbitrage ETF** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Period ended <br> January 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $20.08 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| <br>Net investment income<sup>(b)</sup> | 0.16 | 0.04 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.34 | 0.03 |
| Total from investment operations | 1.50 | 0.07 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.59) | 0.00<sup>(d)</sup> |
| Net realized gains | (0.11) | – |
| Total distributions | (0.70) | 0.00<sup>(d)</sup> |
| ETF transaction fees per share | 0.03 | 0.01 |
| Net asset value, end of period | $20.91 | $20.08 |
| **TOTAL RETURN<sup>(e)</sup>**  | 7.66%<sup>(f)</sup> | 0.40% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $51755 | $9034 |
| Ratio of expenses to average net assets<sup>(g)</sup> | 0.96% | 0.95% |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | 0.01% | 0.00%<sup>(h)</sup> |
| Ratio of tax expenses to average net assets<sup>(g)</sup> | 0.00%<sup>(h)</sup> | –% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(g)</sup> | 0.95% | 0.95% |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.77% | 1.77% |
| Portfolio turnover rate<sup>(e)(i)</sup> | 305% | 2% |

---

(a) Inception
 date of the Fund was December 17, 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 Statements of Operations due to share transactions
 for the periods.

(d) Amount
 represents less than $0.005 per share.

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

(f) Had
 the Adviser not reimbursed trade errors and interest reimbursement, the total return
 for the period would have been 7.58%.

(g) Annualized
 for periods less than one year.

(h) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 27

---

| | |
|:---|:---|
| **Financial Highlights** | **Return Stacked Global Stocks &**<br> **Bonds ETF** |

---

For a share outstanding throughout the periods presented

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended January 31,** | **Year ended January 31,** | |
|  | **2026** | **2025** | **Period ended** <br> **January 31,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $23.96 | $21.09 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| <br> Net investment income<sup>(b)(c)</sup> | 0.52 | 0.48 | 0.11 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 5.33 | 2.65 | 1.11 |
| Total from investment operations | 5.85 | 3.13 | 1.22 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.72) | (0.22) | (0.13) |
| Net realized gains | (0.26) | (0.04) | – |
| Total distributions | (0.98) | (0.26) | (0.13) |
| ETF transaction fees per share**<sup>(e)</sup>** | 0.00 | 0.00 | 0.00 |
| Net asset value, end of period | $28.83 | $23.96 | $21.09 |
| **TOTAL RETURN<sup>(f)</sup>**  | 24.45% | 14.88% | 6.06% |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** |  |  |  |
| Net assets, end of period (in thousands) | $448960 | $246825 | $64838 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(h)</sup> | 0.51% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(h)</sup> | 0.36% | 0.35% | 0.35% |
| Ratio of interest expense to average net assets<sup>(h)</sup> | 0.00%<sup>(i)</sup> | 0.00%<sup>(i)</sup> | –% |
| Ratio of tax expenses to average net assets<sup>(h)</sup> | 0.01% | –% | –% |
| Ratio of operational expenses to average net assets excluding interest and tax expense<sup>(h)</sup> | 0.35% | 0.35% | 0.35% |
| Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | 1.97% | 2.06% | 3.41% |
| Portfolio turnover rate<sup>(f)(j)</sup> | 39% | 7% | –% |

---

(a) Inception
 date of the Fund was December 4, 2023.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 Statements of Operations due to share transactions
 for the periods.

(e) Amount
 represents less than $0.005 per share.

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

(g) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(h) Annualized
 for periods less than one year.

(i) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 28

---

| | |
|:---|:---|
| **Consolidated Financial Highlights** | **Return Stacked U.S. Stocks &**<br> **Futures Yield ETF** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Period ended**<br> **January 31, 2025**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $20.22 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| <br>Net investment income<sup>(b)(c)</sup> | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.10 | 0.07 |
| Total from investment operations | 0.23 | 0.21 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |
| Net investment income | (0.39) |  |
| Return of capital | 0.00(e) | – |
| Total distributions | (0.39) | – |
| ETF transaction fees per share | 0.01 | 0.01 |
| Net asset value, end of period | $20.07 | $20.22 |
| **TOTAL RETURN<sup>(f)</sup>**  | 1.25%<sup>(g)</sup> | 1.09% |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(h)</sup>** |  |  |
| Net assets, end of period (in thousands) | $95831 | $147581 |
| Ratio of expenses to average net assets<sup>(i)</sup> | 0.95% | 0.95% |
| Ratio of interest expense to average net assets<sup>(i)(j)</sup> | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets<sup>(i)</sup> | 0.67% | 1.02% |
| Portfolio turnover rate<sup>(f)(k)</sup> | 83% | 75% |

---

(a) Inception
 date of the Fund was May 28, 2024.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 Statements of Operations due to share transactions
 for the periods.

(e) Amount
 represents less than $0.005 per share.

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

(g) Had
 the Adviser not reimbursed trade errors, the total return for the period would have been
 1.22%.

(h) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(i) Annualized
 for periods less than one year.

(j) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 29

---

| | |
|:---|:---|
| **Consolidated Financial Highlights** | **Return Stacked U.S. Stocks &**<br> **Gold/Bitcoin ETF** |

---

For a share outstanding throughout the period presented

---

| | |
|:---|:---|
|  | **Period ended**<br>**January 31,**<br>**2026<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)(c)</sup> | 0.10 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 7.39 |
| Total from investment operations | 7.49 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.25) |
| Net realized gains | (0.14) |
| Total distributions | (0.39) |
| ETF transaction fees per share | 0.00<sup>(e)</sup> |
| Net asset value, end of period | $27.10 |
| **TOTAL RETURN<sup>(f)</sup>** | 37.57%<sup>(g)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(h)</sup>** |  |
| Net assets, end of period (in thousands) | $61645 |
| Ratio of expenses to average net assets<sup>(i)</sup> | 0.65% |
| Ratio of interest expense to average net assets<sup>(j)</sup> | 0.00% |
| Ratio of net investment income (loss) to average net assets<sup>(i)</sup> | 0.58% |
| Portfolio turnover rate<sup>(f)(k)</sup> | 61% |

---

(a) Inception
 date of the Fund was May 29, 2025.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 period.

(e) Amount
 represents less than $0.005 per share.

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

(g) Had
 the Adviser not reimbursed trade errors, the total return would not have changed.

(h) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(i) Annualized
 for periods less than one year.

(j) Amount
 represents less than 0.005%.

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

The accompanying notes are an integral part of these financial statements. 30

---

| | |
|:---|:---|
| **Consolidated Financial Highlights** | **Return Stacked U.S. Stocks &**<br> **Managed Futures ETF** |

---

For a share outstanding throughout the periods presented

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended January 31,** | **Year ended January 31,** | |
|  | **2026** | **2025** | **Period ended <br> January 31,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $24.91 | $20.00 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| <br>Net investment income<sup>(b)(c)</sup> | 0.17 | 0.23 | 0.11 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 4.79 | 4.69 | 0.06 |
| Total from investment operations | 4.96 | 4.92 | 0.17 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.08) |  | (0.12) |
| Net realized gains | (0.24) | (0.02) | (0.07) |
| Total distributions | (0.32) | (0.02) | (0.19) |
| ETF transaction fees per share | 0.00<sup>(e)</sup> | 0.01 | 0.02 |
| Net asset value, end of period | $29.55 | $24.91 | $20.00 |
| **TOTAL RETURN<sup>(f)</sup>** | 19.94%<sup>(g)</sup> | 24.65% | 0.92% |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(h)</sup>** |  |  |  |
| Net assets, end of period (in thousands) | $344251 | $282674 | $57999 |
| Ratio of expenses to average net assets<sup>(i)</sup> | 0.95% | 0.95% | 0.96% |
| Ratio of interest expense to average net assets<sup>(i)</sup> | 0.00%<sup>(j)</sup> | 0.00%<sup>(j)</sup> | –% |
| Ratio of net investment income (loss) to average net assets<sup>(i)</sup> | 0.69% | 0.95% | 1.32% |
| Portfolio turnover rate<sup>(f)(k)</sup> | 105% | 118% | 19% |

---

(a) Inception
 date of the Fund was September 5, 2023.

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

(c) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying investment companies in which the Fund invests. The ratio
 does not include net investment income of the investment companies in which the Fund
 invests.

(d) 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 Statements of Operations due to share transactions
 for the periods.

(e) Amount
 represents less than $0.005 per share.

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

(g) Had
 the Adviser not reimbursed trade errors, the total return for the period would have been
 19.91%.

(h) Ratios
 do not include the income and expenses of the underlying funds in which the Fund invests.

(i) Annualized
 for periods less than one year.

(j) Amount
 represents less than 0.005%.

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

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

**NOTE 1 – ORGANIZATION**

The Return Stacked Bonds & Futures Yield ETF (the "RSBY ETF"), the Return Stacked Bonds & Managed Futures ETF (the "RSBT ETF"), the Return Stacked Bonds & Merger Arbitrage ETF (the "RSBA ETF"), the Return Stacked Global Stocks and Bonds ETF (the "RSSB ETF"), the Return Stacked U.S. Stocks & Futures Yield ETF (the "RSSY ETF"), the Return Stacked U.S. Stocks & Gold/Bitcoin ETF (the "RSSX ETF"), and the Return Stacked U.S. Stocks & Managed Futures ETF (the "RSST ETF") (each a "Fund", and collectively, the "Funds") are each a non-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 Funds' 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 Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and Newfound Research LLC (the "Sub-Adviser") serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) ("ReSolve" or "Futures Trading Advisor") serves as futures trading advisor to RSBY ETF, RSBT ETF, RSSY ETF, RSSX ETF and RSST ETF and their respective Subsidiaries. Each 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 RSBY ETF commenced operations on August 20, 2024, the RSBT ETF commenced operations on February 7, 2023, the RSBA ETF commenced operations on December 17, 2024, the RSSB ETF commenced operations on December 4, 2023, the RSSY ETF commenced operations on May 28, 2024, the RSSX ETF commenced operations on May 29, 2025, and the RSST ETF commenced operations on September 5, 2023.

The investment objective of each 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 Funds. 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 that are 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 Funds are open for business.

Investments in money market mutual funds are valued at each underlying fund's published net asset value ("NAV") per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the Investment Company Act of 1940.

Futures contracts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Swap contract terms are agreed among the counterparty and the Adviser. Total return swap contracts are valued using the closing price of the underlying reference asset, which may include individual stocks, baskets of securities, market indices, exchange-traded funds, or other instruments that the contract is tracking.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined 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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

As described above, the Funds utilize 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 Funds have 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 Funds' 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.

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 each Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RSBY ETF** | **RSBY ETF** | **RSBY ETF** | **RSBY ETF** | **RSBY ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $38649579 | $— | $— | $38649579 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 25824235 |  |  | 25824235 |
| **Total Investments** | $64473814 | $— | $— | $64473814 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $4054802 | $— | $— | $4054802 |
| **Total Other Financial Instruments** | $4054802 | $— | $— | $4054802 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1942567) | $— | $— | $(1942567) |
| **Total Other Financial Instruments** | $(1942567) | $— | $— | $(1942567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSBT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSBT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSBT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSBT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSBT ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $50327040 | $— | $— | $50327040 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 34844908 |  |  | 34844908 |
| **Total Investments** | $85171948 | $— | $— | $85171948 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $3261825 | $— | $— | $3261825 |
| **Total Other Financial Instruments** | $3261825 | $— | $— | $3261825 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1711941) | $— | $— | $(1711941) |
| **Total Other Financial Instruments** | $(1711941) | $— | $— | $(1711941) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RSBA ETF** | **RSBA ETF** | **RSBA ETF** | **RSBA ETF** | **RSBA ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks**<sup>(b)</sup>** | $33592497 | $— | $— | $33592497 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 17290014 |  |  | 17290014 |
| **Total Investments** | $50882511 | $— | $— | $50882511 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $— | $12929 | $— | $12929 |
| **Total Other Financial Instruments** | $— | $12929 | $— | $12929 |
| **Liabilities:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks**<sup>(b)</sup>** | $(2220595) | $— | $— | $(2220595) |
| **Total Investments** | $(2220595) | $— | $— | $(2220595) |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(274950) | $— | $— | $(274950) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  | (3934) |  | (3934) |
| **Total Other Financial Instruments** | $(274950) | $(3934) | $— | $(278884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSSB ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSSB ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSSB ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSSB ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RSSB ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $406434462 | $— | $— | $406434462 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 28630860 |  |  | 28630860 |
| **Total Investments** | $435065322 | $— | $— | $435065322 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1760 | $— | $— | $1760 |
| **Total Other Financial Instruments** | $1760 | $— | $— | $1760 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(2231795) | $— | $— | $(2231795) |
| **Total Other Financial Instruments** | $(2231795) | $— | $— | $(2231795) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RSSY ETF** | **RSSY ETF** | **RSSY ETF** | **RSSY ETF** | **RSSY ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $71282277 | $— | $— | $71282277 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 9587181 |  |  | 9587181 |
| **Total Investments** | $80869458 | $— | $— | $80869458 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $4930136 | $— | $— | $4930136 |
| **Total Other Financial Instruments** | $4930136 | $— | $— | $4930136 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1942884) | $— | $— | $(1942884) |
| **Total Other Financial Instruments** | $(1942884) | $— | $— | $(1942884) |
| **RSSX ETF** | **RSSX ETF** | **RSSX ETF** | **RSSX ETF** | **RSSX ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $55498183 | $— | $— | $55498183 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4995240 |  |  | 4995240 |
| **Total Investments** | $60493423 | $— | $— | $60493423 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $55998 | $— | $— | $55998 |
| **Total Other Financial Instruments** | $55998 | $— | $— | $55998 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(3050108) | $— | $— | $(3050108) |
| **Total Other Financial Instruments** | $(3050108) | $— | $— | $(3050108) |
| &nbsp;&nbsp;&nbsp;**RSST ETF** | &nbsp;&nbsp;&nbsp;**RSST ETF** | &nbsp;&nbsp;&nbsp;**RSST ETF** | &nbsp;&nbsp;&nbsp;**RSST ETF** | &nbsp;&nbsp;&nbsp;**RSST ETF** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $268247523 | $— | $— | $268247523 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 35251200 |  |  | 35251200 |
| **Total Investments** | $303498723 | $— | $— | $303498723 |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $11038005 | $— | $— | $11038005 |
| **Total Other Financial Instruments** | $11038005 | $— | $— | $11038005 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(5418891) | $— | $— | $(5418891) |
| **Total Other Financial Instruments** | $(5418891) | $— | $— | $(5418891) |

---

<sup>(a)</sup> Presented at the unrealized appreciation (depreciation) as of January 31, 2026.

<sup>(b)</sup> See Schedules of Investments for a more detailed breakout by type.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Derivative Instruments.* The Funds have provided additional disclosures below regarding derivatives
 and hedging activity intending to improve financial reporting by enabling investors to
 understand how and why the Funds use futures contracts (a type of derivative), how they
 are accounted for and how they affect an entity's results of operations and financial
 position. The Funds may use derivatives for risk management purposes or as part of their
 investment strategies. Derivatives are financial contracts whose values depend on, or
 are derived from, the value of an underlying asset, reference rate or index. The Funds
 may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile
 of its portfolio, to replace more traditional direct investments and to obtain exposure
 to otherwise inaccessible markets.

The average notional amount for futures contracts is based on the monthly notional amounts. The notional amount for futures contracts represents the U.S. dollar value of the contract as of the day of opening the transaction or latest contract reset date. Each Funds' average net notional value of futures contracts outstanding during the periods ended January 31, 2026, were $169,054,258 for the RSBY ETF, $134,171,303 for the RSBT ETF, $22,115,024 for the RSBA ETF, $353,978,775 for the RSSB ETF, $173,355,205 for the RSSY ETF, $30,225,090 for the RSSX ETF and $370,997,869 for the RSST ETF.

Only RSBA ETF may enter into total return swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Fund to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds' custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps.

The RSBA ETF average net notional value of total return swap contracts during the year ended January 31, 2026 was $7,962,336.

The following tables show the effects of derivative instruments on the financial statements.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

*Statements of Assets and Liabilities*

Fair value of derivative instruments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>&nbsp;&nbsp;&nbsp;**Instrument** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;RSBY ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | on futures contracts (see | $1754950 | on futures contracts (see | $458238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Consolidated Statements | 331194 | Consolidated Statements | 258812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | of Assets and | 1738779 | of Assets and | 195253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | Liabilities) | 229879 | Liabilities) | 1030264 |
| &nbsp;&nbsp;&nbsp;Total |  | $4054802 |  | $1942567 |
| &nbsp;&nbsp;&nbsp;RSBT ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | on futures contracts (see | $571912 | on futures contracts (see | $730428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Consolidated Statements | 1650695 | Consolidated Statements | 329373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | of Assets and | 1038565 | of Assets and | 264441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | Liabilities) | 653 | Liabilities) | 387699 |
| &nbsp;&nbsp;&nbsp;Total |  | $3261825 |  | $1711941 |
| &nbsp;&nbsp;&nbsp;RSBA ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
|  | on futures contracts (see |  | on futures contracts (see |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | Statements of Assets and | $- | Statements of Assets and | $274950 |
|  | Liabilities) |  | Liabilities) |  |
|  | Unrealized appreciation |  | Unrealized depreciation |  |
|  | on swap contracts (see |  | on swap contracts (see |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | Statements of Assets and |  | Statements of Assets and |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Risk | Liabilities) | 12929 | Liabilities) | 3934 |
| &nbsp;&nbsp;&nbsp;Total |  | $12929 |  | $278884 |
| &nbsp;&nbsp;&nbsp;RSSB ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
|  | on futures contracts (see |  | on futures contracts (see |  |
|  | Statements of Assets and |  | Statements of Assets and |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Liabilities) | $1760 | Liabilities) | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | - |  | 2231795 |
| &nbsp;&nbsp;&nbsp;Total |  | $1760 |  | $2231795 |
| &nbsp;&nbsp;&nbsp;RSSY ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | on futures contracts (see | $2066937 | on futures contracts (see | $586153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Consolidated Statements | 484662 | Consolidated Statements | 304482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | of Assets and Liabilities) | 2104578 | of Assets and Liabilities) | 235505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | 273960 |  | 816744 |
| &nbsp;&nbsp;&nbsp;Total |  | $4930137 |  | $1942884 |
| &nbsp;&nbsp;&nbsp;RSSX ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized appreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | on futures contracts (see | $- | on futures contracts (see | $2384809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Consolidated Statements | 55998 | Consolidated Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | of Assets and Liabilities) | - | of Assets and Liabilities) | 665299 |
| &nbsp;&nbsp;&nbsp;Total |  | $55998 |  | $3050108 |
| &nbsp;&nbsp;&nbsp;RSST ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Unrealized appreciation |  | Unrealized depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | on futures contracts (see | $1600954 | on futures contracts (see | $2638381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | Consolidated Statements | 5747568 | Consolidated Statements | 1242749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | of Assets and Liabilities) | 3671230 | of Assets and Liabilities) | 986362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | 18253 |  | 551399 |
| &nbsp;&nbsp;&nbsp;Total |  | $11038005 |  | $5418891 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the periods ended January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;**Instrument** | <br>**Location of Gain**<br>**(Loss) on Derivatives**<br>**Recognized in Income** | <br>**Realized Gain (Loss)**<br>**on Derivatives**<br>**Recognized in**<br>**Income** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives Recognized in**<br>**Income** |
| &nbsp;&nbsp;&nbsp;RSBY ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | and unrealized | $(18598333) | $2794642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | appreciation (depreciation) | 3368908 | 430203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | on futures contracts | (3647278) | 310963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | 666472 | 1269268 |
| &nbsp;&nbsp;&nbsp;Total |  | $(18210231) | $4805076 |
| &nbsp;&nbsp;&nbsp;RSBT ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | and unrealized | $8455315 | $(188818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | appreciation (depreciation) | 4580430 | (126086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | on futures contracts | (4049617) | (254516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | (3640389) | 127743 |
| &nbsp;&nbsp;&nbsp;Total |  | $5345739 | $(441677) |
| &nbsp;&nbsp;&nbsp;RSBA ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss)<br> and unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | appreciation (depreciation)<br> on futures contracts | $430560 | $(287340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Risk | and unrealized | (4523) | 8995 |
|  | appreciation (depreciation) |  |  |
|  | on swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Total |  | $426037 | $(278345) |
| &nbsp;&nbsp;&nbsp;RSSB ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
|  | and unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | appreciation (depreciation) | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | on futures contracts | 3311996 | 341590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | 4513616 | 194018 |
| &nbsp;&nbsp;&nbsp;Total |  | $7825612 | $535608 |
| &nbsp;&nbsp;&nbsp;RSSY ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | and unrealized | $(22166384) | $3509429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | appreciation (depreciation) | 6863575 | 337289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | on futures contracts | (3879667) | 153017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | 575487 | 1347049 |
| &nbsp;&nbsp;&nbsp;Total |  | $(18606989) | $5346784 |
| &nbsp;&nbsp;&nbsp;RSSX ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | and unrealized | $9401556 | $(2384809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | appreciation (depreciation) | 538388 | 55998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | on futures contracts | (1481834) | (665299) |
| &nbsp;&nbsp;&nbsp;Total |  | $8458110 | $(2994110) |
| &nbsp;&nbsp;&nbsp;RSST ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Risk | and unrealized | $28627030 | $(1108597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equities Risk | appreciation (depreciation) | 19187374 | 1150447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk | on futures contracts | (12084470) | (1025291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk |  | (15340570) | 1509793 |
| &nbsp;&nbsp;&nbsp;Total |  | $20389364 | $526352 |

---

 

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

The total return swap contracts are subject to master netting agreements, which are agreements between RSBA ETF and its swap counterparty that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Amounts presented on the Schedules of Total Return Swap Contracts are gross settlement amounts.

Under the master netting agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master netting agreements with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of master netting agreements.

The following table presents the RSBA ETF's gross derivative assets and liabilities of Total Return Swap Contracts by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the RSBA ETF as of January 31, 2026.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Investment Type** | **Gross Amounts**<br>**Presented in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Net Amounts**<br>**Offset in the**<br>**Statements of**<br>**Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments** |<br>**Cash Collateral**<br>**Pledged**<br>**(Received)** |<br><br>**Net Amount** |
| **Assets** | Marex Capital Markets, Inc. | Total Return Swap Contracts | $12929 | $- | $(3934) | $- | $8995 |
| **Liabilities** | Marex Capital Markets, Inc. | Total Return Swap Contracts | (3934) |  | 3934 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Funds have each elected to be taxed as a regulated investment company
 ("RIC") and intend 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, each 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, each Fund is subject to a 4% excise tax that is imposed if a 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 Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds 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 Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of January 31, 2026, the Funds 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 Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. The Subsidiaries (defined in Note 2.G.) are exempted Cayman investment companies and as such are not subject to Cayman Island taxes at the present time. For U.S. income tax purposes, the Subsidiaries are controlled foreign corporations not subject to U.S. income taxes. As wholly-owned controlled foreign corporations, the Subsidiaries' net income and capital gains, if any, will be included each year in the Funds' investment company taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *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 is recorded on the ex-dividend date. 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 have
 been provided for in accordance with each Fund's understanding of the applicable
 country's tax rules and rates.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;E. *Futures Contracts.* The Funds may purchase futures contracts to gain long exposure to long-term
 U.S. Treasury bonds, commodities, currencies, foreign government bonds, foreign stock
 indexes, and U.S. stock indexes. The purchase of futures contracts may be more efficient
 or cost-effective than buying the underlying securities or assets. A futures contract
 is an agreement that obligates the buyer to buy and the seller to sell a specified quantity
 of an underlying asset (or settle for cash the value of a contract based on an underlying
 asset, rate, or index) at a specific price on the contract maturity date. Upon entering
 into a futures contract, the Funds are required to pledge to the counterparty an amount
 of cash, U.S. Government securities or other high-quality debt securities equal to the
 minimum "initial margin" requirements of the exchange or the broker. Thereafter,
 the value of the futures contract is marked-to-market daily in accordance with applicable
 valuation procedures, and the resulting unrealized appreciation or depreciation is monitored
 by the Adviser and the broker on a daily basis. When the contract is closed, the Funds
 record a gain or loss equal to the difference between the value of the contract at the
 time it was opened and the value at the time it was closed. The Funds will cover their
 current obligations under futures contracts by the segregation of liquid assets or by
 entering into offsetting transactions or owning positions covering its obligations. The
 Funds' use of futures contracts may involve risks that are different from, or possibly
 greater than, the risk associated with investing directly in securities or other more
 traditional instruments. These risks include the risk that the value of the futures contracts
 may not correlate perfectly, or at all, with the value of the assets, reference rates,
 or indices that they are designed to track. Other risks include: an illiquid secondary
 market for a particular instrument and possible exchange-imposed price fluctuation limits,
 either of which may make it difficult or impossible to close out a position when desired;
 the risk that adverse price movements in an instrument can result in a loss substantially
 greater than a Fund's initial investment in that instrument (in some cases, the
 potential loss is unlimited); and the risk that a counterparty will not perform its obligations.
 The Funds had futures contracts activity during the periods ended January 31, 2026. Realized
 and unrealized gains and losses are included in the Statements of Operations. The futures
 contracts held by the Funds are exchange-traded with PhillipCapital, Inc. or StoneX acting
 as the futures commission merchant.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign
 currencies are translated into U.S. dollar amounts at the date of valuation. Purchases
 and sales of investment securities and income and expense items denominated in foreign
 currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Basis for Consolidation for the Fund.* The RSBY ETF, RSBT ETF, RSSY ETF, RSSX ETF, and RSST
 ETF invest in the Return Stacked RSBY Cayman Subsidiary ("RSBY CFC"), Return
 Stacked Cayman Subsidiary ("RSBT CFC"), Return Stacked RSSY Cayman Subsidiary
 ("RSSY CFC"), Return Stacked RSSX Cayman Subsidiary ("RSSX CFC"),
 and Newfound RSST Cayman Subsidiary ("RSST CFC"), respectively (collectively,
 the "Subsidiaries"). Each Fund may invest up to 25% of its total assets in
 its respective Subsidiary. The Subsidiaries will generally invest in futures contracts
 that do not generate "qualifying income" under the source of income test
 required to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986,
 as amended (the "Code"). Unlike the Funds, the Subsidiaries may invest without
 limitation in futures contracts; however, the Subsidiaries will comply with the same
 1940 Act, requirements that are applicable to the Funds' transactions in derivatives.
 In addition, the Subsidiaries will be subject to the same fundamental investment restrictions
 and will follow the same compliance policies and procedures as the Funds. Unlike the
 Funds, the Subsidiaries will not seek to qualify as a RIC under the Code. The Funds are
 the sole investor in their respective Subsidiaries and do not expect the shares of the
 Subsidiaries to be offered or sold to other investors. All inter-company accounts and
 transactions have been eliminated in the consolidation of the Funds and their Subsidiaries.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

Each Fund's investment in its Subsidiary as of January 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Subsidiary** | <br>**Net Assets** | **% of**<br>**Fund** |
| RSBY ETF | RSBY CFC | $3400364 | 4.4% |
| RSBT ETF | RSBT CFC | $8644739 | 8.9% |
| RSSY ETF | RSSY CFC | $4220710 | 4.4% |
| RSSX ETF | RSSX CFC | $7356250 | <br> 11.9% |
| RSST ETF | RSST CFC | $11442212 | 3.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Derivatives Transactions.* Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on
 the amount of derivatives a fund can enter into, eliminates the asset segregation and
 cover framework arising from prior SEC guidance for covering derivatives and certain
 financial instruments currently used by funds to comply with Section 18 of the 1940 Act
 and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives
 exposure is limited through a value-at-risk test. Funds whose use of derivatives is more
 than a limited specified exposure amount are required to establish and maintain a comprehensive
 derivatives risk management program, subject to oversight by a fund's board of
 trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4
 Derivative Risk Management Program that complies with Rule 18f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *Deposits at Broker for Futures.* Deposits at broker for futures represents amounts that are
 held by third parties under certain of the Funds' derivative transactions. Such
 cash is excluded from cash and equivalents in the Consolidated Statements of Assets and
 Liabilities. Cash and cash equivalents and deposits at broker are subject to credit risk
 to the extent those balances exceed applicable Securities Investor Protection Corporations
 ("SIPC") or Federal Deposit Insurance Corporation ("FDIC") limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. *Short Sales.* RSBA ETF may make short sales as part of their overall portfolio management
 strategies or to offset a potential decline in value of a security. A short sale involves
 the sale of a security that is borrowed from a broker or other institution to complete
 the sale. RSBA ETF may engage in short sales with respect to securities it owns, as well
 as securities that it does not own. Short sales expose RSBA ETF 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 RSBA ETF. A gain on
 a short sale is limited to the price at which a Fund sold the security short and a loss,
 unlimited in size, will be recognized upon the termination of the short sale. RSBA ETF's
 investment performance may also suffer if either RSBA ETF is required to close out a
 short position earlier than they had intended. RSBA ETF must segregate assets determined
 to be liquid in accordance with procedures established by the Board, or otherwise cover
 its positions in a permissible manner. RSBA ETF 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 RSBA ETF's needs for immediate cash or
 other liquidity. Interest income is accrued on cash proceeds held at the broker for short
 sales. In addition, RSBA ETF 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 RSBA ETF'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 RSBA ETF 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 RSBA ETF.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. *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;M. *Share Valuation.* The NAV per Share is calculated by dividing the sum of the value of the
 securities held by the Funds, plus cash or other assets, minus all liabilities by the
 total number of shares outstanding for the Funds, rounded to the nearest cent. Fund shares
 will not be priced on the days on which the Cboe BZX Exchange, Inc. ("CboeBZX")
 is closed for trading.

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

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;O. *Illiquid Securities*. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved
 Liquidity Risk Management Program (the "Program") that requires, among other
 things, that each 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 a 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 a 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;P. *Reclassification of Capital Accounts*. U.S. GAAP requires that certain components of net assets relating
 to permanent differences be reclassified between financial and tax reporting. These reclassifications
 have no effect on net assets or NAV. These reclassifications are primarily due to adjustments
 for redemptions in-kind, non deductible taxes, excess distributions, and activity related
 to the Subsidiaries. For the periods ended January 31, 2026, the following adjustments
 were made.

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Paid-In Capital** | **Total Distributable**<br>**Earnings/(Accumulated**<br>**losses)** |
| RSBY | $(15738988) | $15738988 |
| RSBT | $- | $- |
| RSBA | $(114) | $114 |
| RSSB | $42129652 | $(42129652) |
| RSSY | $(18571867) | $18571867 |
| RSSX | $2772 | $(2772) |
| RSST | $- | $- |

---

**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

*Bond Risks (RSBY ETF, RSBT ETF & RSSB ETF Only).* Each Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury securities, broad-based bond ETFs, and investments in U.S. Treasury and fixed-income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by each Fund (or underlying ETFs) to vary inversely to such changes. Prices of longer-term fixed -income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. Fixed-income instruments that are fixed-rate are generally more susceptible than floating-rate loans to price volatility related to changes in prevailing interest rates. The prices of floating- rate fixed -income instruments tend to have less fluctuation in response to changes in interest rates, but will have some fluctuation, particularly when the next interest rate adjustment on such security is further away in time or adjustments are limited in amount over time. Each Fund (or underlying ETFs) may invest in short-term securities that, when interest rates decline, affect each Fund's (or underlying ETF's) yield as these securities mature or are sold and each Fund (or underlying ETFs) purchases new short-term securities with lower yields. An obligor's willingness and ability to pay interest or to repay principal due in a timely manner may be affected by, among other factors, its cash flow.

*Bitcoin Investment Risks (RSSX ETF Only).* The Fund's indirect investment in bitcoin, through investment in bitcoin futures and/or bitcoin Underlying Funds, exposes it to the unique risks of this emerging innovation. Bitcoin's price is highly volatile, and its market is influenced by the changing bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, bitcoin faces potential government restrictions. For instance, some countries may limit or ban bitcoin transactions, negatively impacting its market value.

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

The Fund's strategy may be harmed to the extent bitcoin is viewed less as a risk asset, and more as, like gold, a safe haven asset, resulting in the two assets having a much higher correlation and a less stable investment trajectory for the Fund.

*Digital Assets Risk (RSSX ETF Only).* Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

*Cayman Subsidiary Risk (RSBY ETF, RSBT ETF, RSSY ETF & RSST ETF Only).* By investing in the Subsidiaries, the Funds are indirectly exposed to the risks associated with each Subsidiary's investments. The futures contracts and other investments held by the Subsidiaries are subject to the same economic risks that apply to similar investments if held directly by the Funds. The Subsidiaries are not registered under the 1940 Act, and, are not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to continue to operate as they do currently and could adversely affect the Funds. For example, the Cayman Islands do not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiaries. If the Cayman Islands law changes such that the Subsidiaries must pay the Cayman Islands taxes, the Funds' shareholders would likely suffer decreased investment returns.

*Derivatives Risk (RSBY ETF, RSBT ETF, RSBA ETF, RSSB ETF, RSSY ETF & RSST ETF Only).* Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, commodities, currencies, funds (including ETFs), interest rates or indexes. Each Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or a Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in the underlying reference asset or assets. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Funds to losses in excess of those amounts initially invested. In addition, the Funds' investments in derivatives are subject to the following risks:

● *Futures Contracts.* Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Funds to make daily cash payments to maintain their required margin, particularly at times when the Funds may have insufficient cash; and (vi) unfavorable execution prices from rapid selling.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

● *Options Contracts (RSBA ETF Only).* The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

● *Swap Agreements (RSBA ETF Only).* Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. Additionally, certain unexpected market events or significant adverse market movements could result in the Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact the Fund's ability to implement its principal investment strategies and could result in losses to the Fund.

*Equity Market Risk (RSBA ETF, RSSX ETF & RSST ETF Only).* By virtue of the Funds' investments in or exposure to equity securities, the Funds are subject to 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. Equity securities 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 Funds invest.

*Market Capitalization Risk (RSBA ETF Only).*

● *Large-Capitalization Investing.* The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

● *Mid-Capitalization Investing.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

● *Small-Capitalization Investing.* The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

*Gold Investment Risks (RSSX ETF Only).* The Fund will not invest directly in gold but will gain exposure through gold futures contracts and gold Underlying Funds. These investments are subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked instruments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold, gold futures contracts and gold Underlying Funds, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold prices. Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in potential losses. In addition, gold markets have experienced extended periods of flat or declining prices. Investors should also be aware that while gold is often used to preserve wealth, there is no assurance that it will maintain its long-term value in terms of purchasing power.

*Underlying ETFs Risks (RSSB ETF & RSSY ETF Only).* The Funds will incur higher and duplicative expenses because they invest in other ETFs (e.g., Global equity ETFs). There is also the risk that the Funds may suffer losses due to the investment practices of the underlying ETFs. The Funds will be subject to substantially the same risks as those associated with the direct ownership of securities held by the underlying ETFs. Additionally, underlying ETFs are also subject to the "ETF Risks" described in each Fund's prospectus.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are 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 objective. For more information about the risks of investing in the Funds, see the section in each Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

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January 31, 2026

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

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, 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 and review of the Sub-Adviser's performance. The Adviser also serves as adviser to the Subsidiaries pursuant to advisory agreements between the Adviser and the Subsidiaries (the "Subsidiary Advisory Agreements"). The Adviser does not receive any compensation for services rendered by the Adviser as investment adviser to the Subsidiaries and is not entitled to any compensation under the Subsidiary Advisory Agreements.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of each Fund as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Investment Advisory Fee** | **Investment Advisory Fee**<br>**After Waiver** |
| RSBY ETF | 0.95% | N/A |
| RSBT ETF | 0.95% | N/A |
| RSBA ETF | 0.95% | N/A |
| RSSB ETF<sup>(a)</sup> | 0.50% | 0.35% |
| RSST ETF | 0.95% | N/A |
| RSSX ETF | 0.65% | N/A |
| RSSY ETF | 0.95% | N/A |

---

<sup>(a)</sup> The Adviser has contractually agreed to waive to 0.35% of its Investment Advisory Fee for the RSSB ETF until at least May 31, 2026 (the "Fee Waiver Agreement"). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Investment Advisory Fees waived with respect to the RSSB ETF are not subject to reimbursement to the Adviser by the Fund. Investment Advisory Fees for the year ended January 31, 2026 are disclosed in the Statements of Operations.

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by each 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, extraordinary expenses, and distribution fees and expenses paid by each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended January 31, 2026 are disclosed in the Statements of Operations.

ReSolve serves as the futures trading advisor to RSBY ETF, RSBT ETF, RSSY ETF, RSSX ETF, RSST ETF and each Subsidiary, pursuant to a trading advisory agreement (the "Trading Advisory Agreement") between the Adviser and the Futures Trading Advisor.

Pursuant to the Trading Advisory Agreement, the Futures Trading Advisor is responsible for the day-to -day management of the respective Funds' commodities portfolio, including recommending commodities investments to be purchased and sold by the respective Funds, subject to the supervision of the Adviser and the Board. The Futures Trading Advisor is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of the respective Funds' average daily net assets.

The Futures Trading Advisor also serves as the futures trading advisor to each of the Subsidiaries, respectively, organized under the laws of the Cayman Islands as an exempted company, pursuant to trading advisory agreements between the Adviser and the Futures Trading Advisor (the "Subsidiary Trading Advisory Agreements"). Under the Subsidiary Trading Advisory Agreements, the Futures Trading Advisor is responsible for the day-to-day management of each Subsidiary's commodities portfolio, including making recommendations about the commodities investments to be purchased and sold by each Subsidiary, subject to the supervision of the Adviser and the Board. The Futures Trading Advisor is not paid an additional fee under the Subsidiary Trading Advisory Agreements.

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to the sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to- day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, 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. The Sub-Adviser and Resolve have agreed to assume the Adviser's obligation to pay a portion of expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser and Resolve a corresponding share of the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

Tidal serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. 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 each 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.

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

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

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, each 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 Funds, 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 Funds' 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 Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. 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 Funds do 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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

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January 31, 2026

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

For the periods ended January 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, in-kind transactions, and purchases and sales of the Subsidiaries, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RSBY ETF | $36621777 | $53255828 |
| RSBT ETF | 42316308 | 37300186 |
| RSBA ETF | 68624862 | 36844041 |
| RSSB ETF | 179634845 | 112009151 |
| RSSY ETF | 73630851 | 122851949 |
| RSSX ETF | 68289865 | 13039774 |
| RSST ETF | 250424892 | 216325882 |

---

For the periods ended January 31, 2026, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the periods ended January 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| RSBY ETF | $- | $- |
| RSBT ETF |  |  |
| RSBA ETF |  |  |
| RSSB ETF | 293459938 | 237212207 |
| RSSY ETF |  |  |
| RSSX ETF |  |  |
| RSST ETF |  |  |

---

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

The tax character of distributions paid during the periods ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **RSBY ETF** | **RSBT ETF** | **RSBA ETF** | **RSSB ETF** |
| Ordinary income | $1672056 | $2811956 | $960914 | $10446709 |
| Long-term capital gain |  |  | 93366 | 3868700 |
| Return of capital | - | - | - | - |
| Total distributions paid | $1672056 | $2811956 | $1054280 | $14315409 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Distributions paid from:** | **RSSY ETF** | **RSSX ETF** | **RSST ETF** |
| Ordinary income | $1943392 | $397426 | $915484 |
| Long-term capital gain |  | 231280 | 2648642 |
| Return of capital | 1394 | - | - |
| Total distributions paid | $1944786 | $628706 | $3564126 |

---

The tax character of distributions paid during the prior fiscal periods ended January 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **RSBY ETF** | **RSBT ETF** | **RSBA ETF** | **RSSB ETF** |
| Ordinary income | $2385634 | $- | $1263 | $2099440 |
| Long-term capital gain |  |  |  | 331949 |
| Return of capital | - | - | - | - |
| Total distributions paid | $2385634 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $1263 | $2431389 |

---

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **RSSY ETF** | **RSST ETF** |
| Ordinary income | $- | $- |
| Long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;- | 243000 |
| Return of capital | - | - |
| Total distributions paid | $- | $243000 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

As of January 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RSBY ETF** | **RSBT ETF** | **RSBA ETF** | **RSSB ETF** |
| Investments, at cost<sup>(a)</sup> | $65569278 | $85488905 | $48243235 | $399853078 |
| Gross tax unrealized appreciation | 1530519 | 1897336 | 422321 | 33346508 |
| Gross tax unrealized depreciation | (1687836) | (508145) | (278590) | (364299) |
| Net tax unrealized appreciation (depreciation) | (157317) | 1389191 | 143731 | 32982209 |
| Undistributed ordinary income (loss) | 36390 | 8660898 | 152746 |  |
| Undistributed long-term capital gain (loss) | - | - | - | - |
| Total distributable earnings/(accumulated losses) | 36390 | 8660898 | 152746 | - |
| Other accumulated gain (loss) | (3798964) | (6895722) | - | (2949180) |
| Total distributable earnings/(accumulated losses) | $(3919891) | $3154367 | $296477 | $30033029 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **RSSY ETF** | **RSSX ETF** | **RSST ETF** |
| Investments, at cost<sup>(a)</sup> | $66252516 | $60007710 | $259069742 |
| Gross tax unrealized appreciation | 16504206 | 1904809 | 56027576 |
| Gross tax unrealized depreciation | (216695) | (1363098) | (4275805) |
| Net tax unrealized appreciation (depreciation) | 16287511 | 541711 | 51751771 |
| Undistributed ordinary income (loss) |  | 4515352 | 29468239 |
| Undistributed long-term capital gain (loss) | - | 125352 | - |
| Total distributable earnings/(accumulated losses) | - | 4640704 | 29468239 |
| Other accumulated gain (loss) | (5627988) | - | (5359731) |
| Total distributable earnings/(accumulated losses) | $10659523 | $5182415 | $75860279 |

---

<sup>(a)</sup> The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales and mark-to-market treatment of futures contracts.

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 each Fund's next taxable year. As of the fiscal periods ended January 31, 2026, RSBY, RSBT, RSBA, RSSX and RSST had not elected to defer any post-October or late-year losses. As of the fiscal period ended January 31, 2026, RSSB had elected to defer $2,949,180 post-October losses. As of the fiscal period ended January 31, 2026, RSSY had elected to defer $39,046 late-year losses.

As of the fiscal periods ended January 31, 2026, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire.

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| RSBY ETF | $3798964 | $- |
| RSBT ETF | 2366721 | 4529001 |
| RSBA ETF |  |  |
| RSSB ETF |  |  |
| RSSY ETF | 5588942 |  |
| RSSX ETF |  |  |
| RSST ETF | 3048464 | 2311267 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Return Stacked ETFs** |

---

January 31, 2026

**NOTE 8 – SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on Cboe BZX. Market prices for the Shares may be different from their NAV. The Funds issue and redeem 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 Funds. 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 Funds. 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.

Each 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 Funds is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' 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 Funds for transaction costs associated with cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds 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 Funds in a manner consistent with achieving the Funds' 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 Funds' financial statements.

---

| | |
|:---|:---|
| **Report of Independent** | **Return Stacked ETFs** |
| **Registered Public Accounting Firm** |  |

---

To the Shareholders of Return Stacked ETFs and

Board of Trustees of Tidal Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts, securities sold short, and total return swap contracts (as applicable), of the funds listed below (the "Funds"), each a series of Tidal Trust II, as of January 31, 2026, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name<br>| Statements of Operations<br>| Statements of Changes in Net <br> Assets<br>| Financial Highlights |
| Return Stacked Bonds & Futures Yield ETF\* | For the year ended January 31, 2026  | For the year ended January 31, 2026, and for the period from August 20, 2024 (commencement of operations) through January 31, 2025  | For the year ended January 31, 2026, and for the period from August 20, 2024 (commencement of operations) through January 31, 2025  |
| Return Stacked Bonds & Managed Futures ETF\* | For the year ended January 31, 2026 | For the years ended January 31, 2026 and 2025 | For the years ended January 31, 2026 and 2025, and for the period February 7, 2023 (commencement of operations) through January 31, 2024 |
| Return Stacked Bonds & Merger Arbitrage ETF | For the year ended January 31, 2026 | For the year ended January 31, 2026, and for the period from December 17, 2024 (commencement of operations) through January 31, 2025 | For the year ended January 31, 2026, and for the period from December 17, 2024 (commencement of operations) through January 31, 2025 |
| Return Stacked Global Stocks & Bonds ETF | For the year ended January 31, 2026 | For the years ended January 31, 2026 and 2025 | For the years ended January 31, 2026 and 2025, and for the period from December 4, 2023 (commencement of operations) through January 31, 2024 |
| Return Stacked U.S. Stocks & Futures Yield ETF\* | For the year ended January 31, 2026 | For the year ended January 31, 2026, and for the period from May 28, 2024 (commencement of operations) through January 31, 2025 | For the year ended January 31, 2026, and for the period from May 28, 2024 (commencement of operations) through January 31, 2025 |
| Return Stacked U.S. Stocks & Gold/Bitcoin ETF\* | For the period from May 29, 2025 (commencement of operations) through January 31, 2026 | For the period from May 29, 2025 (commencement of operations) through January 31, 2026 | For the period from May 29, 2025 (commencement of operations) through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Stacked U.S. Stocks & Managed Futures ETF\*<br>| For the year ended January 31, 2026 | For the years ended January 31, 2026 and 2025 | For the years January 31, 2026 and 2025, and for the period from September 5, 2023 (commencement of operations) through January 31, 2024 |

---

\* The financial statement referred to throughout are consolidated.

---

| | |
|:---|:---|
| **Report of Independent** | **Return Stacked ETFs** |
| **Registered Public Accounting Firm** |  |

---

January 31, 2026

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

![](returnfinancial002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 1, 2026

---

| | |
|:---|:---|
| **Other Non-Audited Information** | **Return Stacked ETFs** |

---

January 31, 2026

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the periods ended January 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

---

| | |
|:---|:---|
| Return Stacked Bonds & Futures Yield ETF | 0.0% |
| Return Stacked Bonds & Managed Futures ETF | 0.0% |
| Return Stacked Bonds & Merger Arbitrage ETF | 1.02% |
| Return Stacked Global Stocks & Bonds ETF | 57.19% |
| Return Stacked U.S. Stocks & Futures Yield ETF | 55.95% |
| Return Stacked U.S. Stocks & Gold/Bitcoin ETF | 2.7% |
| Return Stacked U.S. Stocks & Managed Futures ETF | 44.14% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the periods ended January 31, 2026, were as follows:

---

| | |
|:---|:---|
| Return Stacked Bonds & Futures Yield ETF | 0.0% |
| Return Stacked Bonds & Managed Futures ETF | 0.0% |
| Return Stacked Bonds & Merger Arbitrage ETF | 1.06% |
| Return Stacked Global Stocks & Bonds ETF | 3.33% |
| Return Stacked U.S. Stocks & Futures Yield ETF | 0.0% |
| Return Stacked U.S. Stocks & Gold/Bitcoin ETF | 0.04% |
| Return Stacked U.S. Stocks & Managed Futures ETF | 0.04% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the periods ended January 31, 2026, were as follows:

---

| | |
|:---|:---|
| Return Stacked Bonds & Futures Yield ETF | 0.0% |
| Return Stacked Bonds & Managed Futures ETF | 0.0% |
| Return Stacked Bonds & Merger Arbitrage ETF | 88.05% |
| Return Stacked Global Stocks & Bonds ETF | 10.94% |
| Return Stacked U.S. Stocks & Futures Yield ETF | 0.0% |
| Return Stacked U.S. Stocks & Gold/Bitcoin ETF | 0.0% |
| Return Stacked U.S. Stocks & Managed Futures ETF | 0.0% |

---

&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 Funds' 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 each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

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

**APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS**

● Return
 Stacked® Global Stocks & Bonds ETF, Return Stacked® Bonds & Futures Yield
 ETF, Return Stacked® Bonds & Managed Futures ETF, Return Stacked® U.S. Stocks
 & Futures Yield ETF and Return Stacked® U.S. Stocks & Managed Futures ETF
 (the "Return Stacked ETFs"), (collectively, each a "Fund" and
 together, the "Funds," and each Fund, a "Sub-advised Fund")

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on August 27, 2025, the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") considered the approval of the renewal of:

● the Investment Advisory Agreement (an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of each Fund;

● the Advisory Agreement between the Advisor and Return Stacked Cayman Subsidiaries on behalf of each Return Stacked ETF (excluding Return Stacked Global Stocks & Bonds ETF);

● a Sub-Advisory Agreement between the Adviser and Newfound Research LLC with respect to the Return Stacked ETFs;

● a Sub-Advisory Agreement between the Adviser and ReSolve Asset Management SEZC (Cayman) ("ReSolve") with respect to the Return Stacked ETFs;

● a Futures Trading Advisory Agreement between the Adviser and ReSolve with respect to the Return Stacked ETFs (excluding Return Stacked Global Stocks + Bonds ETF);

● a Subsidiary Futures Trading Advisory Agreement between the Advisor and ReSolve with respect to the Return Stacked Cayman Subsidiaries;

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Advisers.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to each Fund's shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services provided and the profits realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meeting held on June 30, 2025, meetings held on August 6 and August 7, 2025, and the meeting held on August 27, 2025. Among other things, each of the Adviser and Sub- Advisers provided responses to a detailed series of questions, which included information about the Adviser's and Sub-Adviser's operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser's oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

**Nature, Extent and Quality of Services Provided.** The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board reviewed the Adviser's and each Sub-Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Adviser working with each ETF. The Board also considered other services provided to the Funds by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser and Sub-Adviser based on their experience, personnel, operations and resources.

**Historical Performance.** The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund's stated investment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate by the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while others may have more generalized strategies but are significantly different from other funds in the same investment universe. In these circumstances, the Board considered that it was t difficult to fairly benchmark performance against peers and also took into account that certain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring performance. The Board considered that each Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

The Board reviewed each Fund's performance on a case-by-case basis. The Board also took into account that each Fund's track record was measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of each Fund's performance track record as of May 30, 2025, is provided below:

For Return Stacked Bonds & Managed Futures ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund and the fact that the other funds in the peer group were other Return Stacked Funds managed by the Sub-Adviser.

For Return Stacked Global Stocks & Bonds ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund and the fact that the other funds in the peer group were other Return Stacked Funds managed by the Sub-Adviser.

For Return Stacked Bonds & Futures Yield ETF, the Board noted that there was not yet a year of performance.

For Return Stacked U.S. Stocks & Managed Futures ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund and the fact that the other funds in the peer group were other Return Stacked Funds managed by the Sub-Adviser.

For Return Stacked U.S. Stocks & Futures Yield ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund and the fact that the other funds in the peer group were other Return Stacked Funds managed by the Sub-Adviser.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had distinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative universe, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a "unified fee."

The Board noted the importance of the fact that the advisory fee for each Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources.

The Board's overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor's net experience, was fair and reasonable.

For Return Stacked Bonds & Managed Futures ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy.

For Return Stacked Global Stocks & Bonds ETF, the Board noted that the Fund's unitary fee and net expense ratio were below the peer group median.

For Return Stacked Bonds & Futures Yield ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy

For Return Stacked U.S. Stocks & Managed Futures ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy.

For Return Stacked U.S. Stocks & Futures Yield ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy.

The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with each of the Funds, and concluded that many of the Funds was profitable to the Adviser, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues of its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the Adviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by the Adviser in launching and maintaining the Funds.

The Board also reviewed the sub-advisory fee paid to each Sub-Adviser for its services under the Sub-Advisory Agreement. The Board considered this fee in light of the services each Sub-Adviser provides as investment sub-adviser to each of the Sub-advised Funds, as applicable. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Adviser given the work performed by each firm. The Board also considered that each Fund had one or more sponsors, each which had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor(s) out of its profits. The Board concluded that the sub-advisory fee for each Sub-advised Fund was reasonable in light of the services rendered.

The Board discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

The Board also considered that the sub-advisory fee paid to each Sub-Adviser is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and each Sub- Adviser.. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from its relationship with the respective Fund was not a material factor in their deliberations with respect to consideration of approval of each Sub-Advisory Agreement. The Board considered that, because the sub-advisory fee was paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the respective sub-advisory fee.

**Conclusion.** No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's and Sub-Adviser's fees are reasonable in light of the services that the Adviser and Sub-Adviser provide to each Fund; and (c) agreed to approve renewal of the Advisory Agreement and Sub-Advisory Agreement for a term of one year.

**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.* Filed herewith.](ex99-coe.htm)

&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.* Filed herewith.](ex99-cert.htm)

&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.* Furnished herewith.](ex99-906cert.htm)

**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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Eric W. Falkeis, Principal Executive Officer |

---

Date <u>April 9, 2026</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 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Eric W. Falkeis, Principal Executive Officer |

---

Date <u>April 9, 2026</u>

---

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

---

Date <u>April 9, 2026</u>

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

## Ex-99.Code

[Tidal Trust II N-CSR](returnstacker-ncsr_013126.htm)

**EXHIBIT 99.CODE ETH**

**TIDAL TRUST II**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Tidal Trust II (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

- Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

- Compliance with applicable laws and governmental rules and regulations;

- The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

- Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

- Act with honesty and integrity

- Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

Provide information to the Trust's employees and service providers (adviser, sub, administrator, administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete, objective, relevant, timely, and understandable

- Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

- Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

- Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

- Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

- Record (or participate in the recording of) entries in the Trust's books and records that are accurate

- Refrain from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust II N-CSR](returnstacker-ncsr_013126.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: | April 9, 2026 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis |
| | | Principal Executive Officer |

---

EX.99.CERT

**<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: | April 9, 2026 | /s/ Aaron J. Perkovich |
| | | Aaron J Perkovich |
| | | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust II N-CSR](returnstacker-ncsr_013126.htm)

**EXHIBIT 99.906CERT**

**<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 January 31, 2026 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/ Aaron J. Perkovich |
| <br> Eric W. Falkeis <br> Principal Executive Officer, <br> Tidal Trust II  | <br> Aaron J. Perkovich <br> Treasurer/Principal Financial Officer, <br> Tidal Trust II  |

---

Dated: <u>April 9, 2026</u> Dated: <u>April 9, 2026</u>

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.