# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0000894189-25-020422
**Filing Date:** 2025-12
**Character Count:** 15235
**Document Hash:** dccbebcdebbb90bdbb6712ec176a501e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-020422.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000894189-25-020422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251613554

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

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

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

## Series and Classes Contracts Data

### 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 |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 82.5%** | **EXCHANGE TRADED FUNDS - 82.5%** | **Shares** | **Value**  |
| iShares Bitcoin Trust ETF <sup>(a)(b)</sup> | iShares Bitcoin Trust ETF <sup>(a)(b)</sup> | 76626 | $4773799 |
| iShares Core S&P 500 ETF <sup>(b)(c)</sup> | iShares Core S&P 500 ETF <sup>(b)(c)</sup> | 37935 | 25994200 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $29,438,339) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $29,438,339) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $29,438,339) | 30767999 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 7.0%** | **MONEY MARKET FUNDS - 7.0%** |  |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(b)(d)</sup> | First American Government Obligations Fund - Class X, 4.03% <sup>(b)(d)</sup> | 2620500 | 2620500 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,620,500) | **TOTAL MONEY MARKET FUNDS** (Cost $2,620,500) | **TOTAL MONEY MARKET FUNDS** (Cost $2,620,500) | 2620500 |
| **TOTAL INVESTMENTS - 89.5% (**Cost $32,058,839**)** | **TOTAL INVESTMENTS - 89.5% (**Cost $32,058,839**)** | **TOTAL INVESTMENTS - 89.5% (**Cost $32,058,839**)** | 33388499 |
| Other Assets in Excess of Liabilities - 10.5% | Other Assets in Excess of Liabilities - 10.5% | Other Assets in Excess of Liabilities - 10.5% | 3935468 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $37323967 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) Non-income producing security.

(b) All or a portion of security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of October 31, 2025 is $33,388,499.

(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.

(d) The rate shown represents the 7-day annualized yield as of October 31, 2025.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** | **Return Stacked U.S. Stocks & Gold/Bitcoin ETF** |
| **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** | **Consolidated Schedule of Futures Contracts** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| <br> The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. | <br> The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. | <br> The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. | <br> The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. | <br> The Return Stacked U.S. Stocks & Gold/Bitcoin ETF & Return Stacked RSSX Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. |
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitcoin <sup>(a)</sup> | 528 | 11/28/2025 | $5824896 | $(35831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Micro Gold <sup>(a)</sup> | 666 | 12/29/2025 | 26616690 | 1244286 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | 324 | 12/19/2025 | 11135880 | 292795 |
| **Net Unrealized Appreciation (Depreciation)** |  | $– | $– | $1501250 |

---

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

------

#### Summary of Fair Value Disclosure as of October 31, 2025 (Unaudited)
Return Stacked U.S. Stocks & Gold/Bitcoin ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $30767999 | $– | $– | $30767999 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2620500 | – | – | 2620500 |
| Total Investments | $33388499 | $– | $– | $33388499 |
| <u>Other Financial Instruments:</u> <sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $1537081 | $– | $– | $1537081 |
| Total Other Financial Instruments | $1537081 | $– | $– | $1537081 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> <sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(35831) | $– | $– | $(35831) |
| Total Other Financial Instruments | $(35831) | $– | $– | $(35831) |
| <br><sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation (depreciation) on the investment. | <br><sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation (depreciation) on the investment. | <br><sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation (depreciation) on the investment. | <br><sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation (depreciation) on the investment. | <br><sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation (depreciation) on the investment. |
| Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

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

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

- **a. Name of Series:** Return Stacked U.S. Stocks & Gold/Bitcoin ETF

- **b. EDGAR series identifier (if any):** S000091930

- **c. LEI of Series:** 2549002ZAOQXZR5W4L78

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $37335957.01

**Total Liabilities:** $15362.28

**Net Assets:** $37320594.73

**Amount of Assets Invested in Other Investment Companies:** $7475837.65

**Cash Not Reported:** $3641500.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259807 | 3.70%                | 12.63%               | 3.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6879.74                | $65240.91                                  |
| Month 2  | $-5960.46                | $481847.72                                 |
| Month 3  | $-40479.65               | $456170.85                                 |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | SP500 MIC EMIN FUTDec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       327 | NC      | $296928.79    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MICRO GOLD        Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       680 | NC      | $1313890.97   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2748884 | NS      | $2748884.19   | 7.37%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF       | iShares Core S&P 500 ETF                   | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |     38214 | NS      | $26185379.22  | 70.16%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF                  | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |     75113 | NS      | $4679539.90   | 12.54%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CME Micro Bitcoin Nov25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       520 | NC      | $-35252.40    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer