# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-26-012386
**Filing Date:** 2026-6
**Character Count:** 117795
**Document Hash:** ba116b083de2d230c6b54e6d21bea5fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012386.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001999371-26-012386

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261072881

**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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<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>March 31</u>**

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

Updated June 27, 2024

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

Even Herd Long Short ETF Tailored Shareholder Report

**annual shareholder reportMarch 31, 2026**<br> **Even Herd Long Short ETF**<br> Ticker: EHLS (Listed on The NASDAQ Stock Market, LLC)<br>

This annual shareholder report contains important information about the Even Herd Long Short ETF (the "Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.evenherd.com/ehls. You can also request this information by contacting us at (844) 713-1220 or by writing to the Even Herd Long Short ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs for the past 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** |
| Even Herd Long Short ETF | $372 | 3.32% |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qes13mgva1mon8xwdk.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the**<br> **Periods Ended March 31, 2026** | **1 Year** | **Since Inception**<br> **4/1/2024** |
| **Even Herd Long Short ETF - at NAV** | 23.90% | 12.22% |
| **S&P 500<sup>®</sup> Total Return Index** | 17.80% | 13.06% |

---

**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 taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit https://www.evenherd.com/ehls for more recent performance information.

**How did the Fund perform last year and what drove results?**

The Fund generated a net return of 23.90% for the reporting period, outperforming the S&P 500 Total Return Index return of 17.80% by approximately 610 basis points. Net equity exposure remained consistently positive, generally ranging between 55% and 75%.

**Drivers of Performance**

Markets moved through a full sentiment cycle during the period, beginning with tariff-driven volatility in 2025, followed by a technology-led rally, and ending with a renewed risk-off rotation in the first quarter of 2026. The Fund's relative momentum framework benefited from sustained leadership in Materials, Utilities, and Energy, with strong contributions from companies tied to real assets and critical infrastructure.

Outperformance was driven primarily by:

• Alignment of the long portfolio with durable sector leadership trends

• An underweight to Technology as leadership narrowed

• Effective short positioning in lagging large-cap Technology and Communication Services names during periods of market stress

The enhanced position clustering framework, implemented at the start of the period, improved portfolio resilience. This was most evident in the first quarter of 2026, when the S&P 500 Total Return Index declined 4.33%, while the Fund returned 6.21%, a spread of approximately 1054 basis points.

**Positioning and outlook**

The Fund is structured as a core equity holding that seeks to capture upside participation while using short exposure to mitigate drawdowns. It invests exclusively in U.S.-listed equities, maintains positive net exposure at all times, and employs dynamic sector allocation through a proprietary relative momentum system. The portfolio emphasizes diversification, limits single-position concentration, and avoids the use of indices or derivatives.

**Even Herd Long Short ETF** Tailored Shareholder Report

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $57328 |
| **Number of Holdings** | 313 |
| **Total Advisory Fee Paid** | $643663 |
| **Portfolio Turnover Rate** | 158% |

---

**What did the Fund invest in?**

(as of March 31, 2026)

**Security Type - Investments**

(% of Net Assets)

![bar](qes1st61mpv63s6n.jpg)

**Security Type - Securities Sold Short**

(% of Net Assets)

![bar](qes1st61mpv643ne.jpg)

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

---

| | |
|:---|:---|
| ^ | Represents less than 0.05% of net assets. |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net Assets)** |
| **First American Government Obligations Fund - Class X, 3.58%** | 14.8 |
| **TechnipFMC PLC** | 1.9 |
| **Welltower, Inc.** | 1.6 |
| **Outfront Media, Inc.** | 1.6 |
| **Entergy Corp.** | 1.6 |
| **Diversified Healthcare Trust** | 1.6 |
| **Universal Insurance Holdings, Inc.** | 1.5 |
| **Mercury General Corp.** | 1.5 |
| **Cardinal Health, Inc.** | 1.5 |
| **Solaris Energy Infrastructure, Inc.** | 1.4 |

---

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

**Fund Changes**

There have been no changes.

**Householding**

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

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

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.

Even Herd Long Short ETF

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $14250 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3100 | $3000 |
| (d) All Other Fees | N/A | 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 Fund, for engagements directed related to the Fund's operations and financial reporting, during the Fund's last two fiscal years.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2026 | FYE 3/31/2025 |
| (a) Audit-Related Fees | N/A | N/A |
| (b) Tax Fees | $495000 | N/A |
| (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 3/31/2026</u> <u>FYE 3/31/2025</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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal Year Ended March 31, | Total<br>Non-Audit Fees Billed to Fund<br>(A)<br>| Total Non-Audit Fees billed to the registrant and to the registrant's investment adviser (engagements related directly to the operations and financial reporting of the Fund)<br>(B)<br>| Total Non-Audit Fees billed to the registrant and to the registrant's investment adviser (all other engagements) <br> (C)<br>| Total of<br>(A), (B) and (C)<br>|
| 2026 | $3100 | $495000 | N/A | $498100 |
| 2025 | $3000 | N/A | N/A | $3000 |

---

(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) Schedule
 of Investments is 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) ![](evenherd001.jpg)

**Financial Statements** 

**March 31, 2026**

**Tidal Trust II** 

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

**Even Herd Long Short ETF**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments](#evenherda001) | 1 |
| [Schedule of Securities Sold Short](#evenherda002) | 7 |
| [Statement of Assets and Liabilities](#evenherda003) | 12 |
| [Statement of Operations](#evenherda004) | 13 |
| [Statements of Changes in Net Assets](#evenherda005) | 14 |
| [Financial Highlights](#evenherda006) | 15 |
| [Notes to the Financial Statements](#evenherda007) | 16 |
| [Report of Independent Registered Public Accounting Firm](#evenherda008) | 23 |
| [Additional Information (Unaudited)](#evenherda009) | 24 |

---

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.3%** | **Shares** | **Value** |
| **Aerospace & Defense - 4.8%** |  |  |
| Amprius Technologies, Inc. <sup>(a)(b)</sup> | 15686 | $264466 |
| Embraer SA - ADR <sup>(b)</sup> | 8484 | 503441 |
| Howmet Aerospace, Inc. <sup>(b)</sup> | 1582 | 364588 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | 4320 | 304603 |
| Mercury Systems, Inc. <sup>(a)(b)</sup> | 4221 | 307753 |
| Rocket Lab Corp. <sup>(a)(b)</sup> | 6488 | 416659 |
| RTX Corp. | 920 | 177468 |
| TAT Technologies Ltd. <sup>(a)(b)</sup> | 10718 | 435472 |
|  |  | 2774450 |
| **Agriculture - 1.5%** |  |  |
| British American Tobacco PLC - ADR <sup>(b)</sup> | 11172 | 653227 |
| Turning Point Brands, Inc. | 1584 | 137475 |
| Village Farms International, Inc. <sup>(a)(b)</sup> | 32661 | 92757 |
|  |  | 883459 |
| **Airlines - 0.3%** |  |  |
| Latam Airlines Group SA - ADR <sup>(b)</sup> | 3818 | 188762 |
| **Apparel - 0.5%** |  |  |
| Tapestry, Inc. <sup>(b)</sup> | 1897 | 267686 |
| **Auto Manufacturers - 0.8%** |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> | 789 | 293311 |
| XPeng, Inc. - ADR <sup>(a)(b)</sup> | 9181 | 157087 |
|  |  | 450398 |
| **Auto Parts & Equipment - 0.9%** |  |  |
| Douglas Dynamics, Inc. | 4144 | 174421 |
| Garrett Motion, Inc. <sup>(b)</sup> | 19091 | 346883 |
|  |  | 521304 |
| **Banks - 10.3%** |  |  |
| Bank First Corp. <sup>(b)</sup> | 1306 | 176388 |
| Bankwell Financial Group, Inc. <sup>(b)</sup> | 11518 | 558853 |
| Citigroup, Inc. <sup>(b)</sup> | 1986 | 225232 |
| Citizens Financial Group, Inc. <sup>(b)</sup> | 13618 | 816672 |
| Credicorp Ltd. | 526 | 178409 |
| Deutsche Bank AG | 4371 | 130168 |
| Esquire Financial Holdings, Inc. <sup>(b)</sup> | 5307 | 570503 |
| Franklin Financial Services Corp. <sup>(b)</sup> | 11502 | 587522 |
| Grupo Cibest SA - ADR <sup>(b)</sup> | 6551 | 476978 |
| HSBC Holdings PLC - ADR <sup>(b)</sup> | 2795 | 230560 |
| Mizuho Financial Group, Inc. - ADR <sup>(b)</sup> | 28640 | 227402 |
| NatWest Group PLC - ADR <sup>(b)</sup> | 11222 | 167208 |
| Red River Bancshares, Inc. | 2037 | 184226 |
| Southern First Bancshares, Inc. <sup>(a)(b)</sup> | 8553 | 466139 |
| Third Coast Bancshares, Inc. <sup>(a)(b)</sup> | 4736 | 179163 |
| Toronto-Dominion Bank | 1849 | 172530 |
| Western New England Bancorp, Inc. | 13867 | 179300 |
| Woori Financial Group, Inc. - ADR <sup>(b)</sup> | 5524 | 367898 |
|  |  | 5895151 |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| **Beverages - 0.2%** | | |
| Embotelladora Andina SA - ADR | 5452 | 137499 |
| **Biotechnology - 1.8%** |  |  |
| Argenx SE - ADR <sup>(a)</sup> | 205 | 149701 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 3114 | 195248 |
| AtaiBeckley, Inc. <sup>(a)</sup> | 15574 | 55132 |
| Burning Rock Biotech Ltd. - ADR <sup>(a)</sup> | 2485 | 40033 |
| Incyte Corp. <sup>(a)</sup> | 1562 | 147016 |
| Insmed, Inc. <sup>(a)(b)</sup> | 1236 | 202111 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 676 | 174624 |
| Olema Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 5908 | 88088 |
|  |  | 1051953 |
| **Chemicals - 0.6%** |  |  |
| CVR Partners LP | 2701 | 342136 |
| **Coal - 1.2%** |  |  |
| Peabody Energy Corp. <sup>(b)</sup> | 16372 | 539457 |
| Warrior Met Coal, Inc. | 1825 | 169999 |
|  |  | 709456 |
| **Commercial Services - 1.9%** |  |  |
| Cadiz, Inc. <sup>(a)(b)</sup> | 24699 | 121272 |
| Laureate Education, Inc. <sup>(a)(b)</sup> | 6068 | 211409 |
| Lincoln Educational Services Corp. <sup>(a)(b)</sup> | 13431 | 546373 |
| NPK International, Inc. <sup>(a)</sup> | 13129 | 190240 |
|  |  | 1069294 |
| **Computers - 1.7%** |  |  |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 686 | 482093 |
| Matrix IT Ltd. | 5927 | 163572 |
| Rigetti Computing, Inc. <sup>(a)</sup> | 44 | 618 |
| Seagate Technology Holdings PLC <sup>(b)</sup> | 792 | 310274 |
|  |  | 956557 |
| **Distribution & Wholesale - 0.5%** |  |  |
| VSE Corp. <sup>(b)</sup> | 1420 | 261848 |
| **Diversified Financial Services - 1.4%** |  |  |
| Cboe Global Markets, Inc. | 625 | 175669 |
| EZCORP, Inc. - Class A <sup>(a)</sup> | 8138 | 206542 |
| Sprott, Inc. <sup>(b)</sup> | 3002 | 428986 |
|  |  | 811197 |
| **Electric - 7.3%** |  |  |
| Ellomay Capital Ltd. <sup>(a)</sup> | 3397 | 82581 |
| Enlight Renewable Energy Ltd. <sup>(a)(b)</sup> | 9747 | 665330 |
| Entergy Corp. <sup>(b)</sup> | 8281 | 930453 |
| Kenon Holdings Ltd. <sup>(b)</sup> | 7545 | 621406 |
| Korea Electric Power Corp. - ADR <sup>(a)(b)</sup> | 44356 | 632073 |
| NRG Energy, Inc. <sup>(b)</sup> | 5052 | 738300 |
| Ormat Technologies, Inc. <sup>(b)</sup> | 4393 | 491665 |
|  |  | 4161808 |
| **Electrical Components & Equipment - 0.4%** |  |  |
| Espey Mfg. & Electronics Corp. <sup>(b)</sup> | 4226 | 234205 |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| **Electronics - 4.0%** | | |
| Allient, Inc. <sup>(b)</sup> | 2768 | 163561 |
| Amphenol Corp. - Class A <sup>(b)</sup> | 1206 | 152378 |
| Bel Fuse, Inc. - Class A <sup>(b)</sup> | 1069 | 192634 |
| Celestica, Inc. <sup>(a)(b)</sup> | 1642 | 462518 |
| Mirion Technologies, Inc. <sup>(a)(b)</sup> | 16365 | 304225 |
| OSI Systems, Inc. <sup>(a)(b)</sup> | 1217 | 323126 |
| Sanmina Corp. <sup>(a)</sup> | 994 | 128862 |
| TE Connectivity PLC | 743 | 155302 |
| TTM Technologies, Inc. <sup>(a)(b)</sup> | 3211 | 312816 |
| Vicor Corp. <sup>(a)(b)</sup> | 530 | 85330 |
|  |  | 2280752 |
| **Energy - Alternate Sources - 0.6%** |  |  |
| Nextpower, Inc. - Class A <sup>(a)(b)</sup> | 2988 | 360203 |
| **Engineering & Construction - 2.7%** |  |  |
| Comfort Systems USA, Inc. <sup>(b)</sup> | 208 | 286830 |
| EMCOR Group, Inc. | 256 | 189007 |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 1450 | 166358 |
| IHS Holding Ltd. <sup>(a)(b)</sup> | 21831 | 179669 |
| Primoris Services Corp. <sup>(b)</sup> | 1398 | 199970 |
| Sterling Infrastructure, Inc. <sup>(a)(b)</sup> | 1306 | 531895 |
|  |  | 1553729 |
| **Environmental Control - 0.3%** |  |  |
| CECO Environmental Corp. <sup>(a)(b)</sup> | 2761 | 164500 |
| **Food - 1.8%** |  |  |
| G Willi-Food International Ltd. <sup>(b)</sup> | 13610 | 343789 |
| Seaboard Corp. | 41 | 231815 |
| Seneca Foods Corp. - Class A <sup>(a)(b)</sup> | 1395 | 210812 |
| United Natural Foods, Inc. <sup>(a)</sup> | 4830 | 217640 |
|  |  | 1004056 |
| **Gas - 0.4%** |  |  |
| MDU Resources Group, Inc. <sup>(b)</sup> | 11260 | 233307 |
| **Healthcare - Products - 1.3%** |  |  |
| Alpha Tau Medical Ltd. <sup>(a)</sup> | 25093 | 177408 |
| Brainsway Ltd. - ADR <sup>(a)</sup> | 15055 | 200081 |
| Guardant Health, Inc. <sup>(a)(b)</sup> | 3258 | 300941 |
| Owlet, Inc. <sup>(a)</sup> | 16390 | 84245 |
|  |  | 762675 |
| **Healthcare - Services - 2.5%** |  |  |
| Alignment Healthcare, Inc. <sup>(a)(b)</sup> | 18967 | 334199 |
| Brookdale Senior Living, Inc. <sup>(a)(b)</sup> | 24671 | 337499 |
| Medpace Holdings, Inc. <sup>(a)(b)</sup> | 271 | 130131 |
| Pediatrix Medical Group, Inc. <sup>(a)(b)</sup> | 15263 | 326476 |
| Tenet Healthcare Corp. <sup>(a)(b)</sup> | 1603 | 302502 |
|  |  | 1430807 |
| **Home Furnishings - 0.2%** |  |  |
| Zepp Health Corp. - ADR <sup>(a)</sup> | 8280 | 98946 |
| **Insurance - 5.1%** |  |  |
| Heritage Insurance Holdings, Inc. <sup>(a)(b)</sup> | 12773 | 335291 |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| Lemonade, Inc. <sup>(a)</sup> | 1612 | 101040 |
| Mercury General Corp. <sup>(b)</sup> | 9740.0 | 858581 |
| SiriusPoint Ltd. <sup>(a)</sup> | 8609.0 | 185438 |
| United Fire Group, Inc. <sup>(b)</sup> | 15756.0 | 583918 |
| Universal Insurance Holdings, Inc. <sup>(b)</sup> | 25882.0 | 884129 |
|  |  | 2948397 |
| **Internet - 1.8%** |  |  |
| Alphabet, Inc. - Class A <sup>(b)</sup> | 2022.0 | 581446 |
| Opendoor Technologies, Inc. <sup>(a)(b)</sup> | 34895.0 | 163309 |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 3795.0 | 262993 |
|  |  | 1007748 |
| **Iron & Steel - 1.5%** |  |  |
| ArcelorMittal SA <sup>(b)</sup> | 6675.0 | 346967 |
| Carpenter Technology Corp. <sup>(b)</sup> | 1282.0 | 505300 |
|  |  | 852267 |
| **Lodging - 0.3%** |  |  |
| Travel + Leisure Co. | 2422.0 | 167578 |
| **Machinery - Construction & Mining - 0.6%** |  |  |
| BWX Technologies, Inc. <sup>(b)</sup> | 803.0 | 164205 |
| Caterpillar, Inc. <sup>(b)</sup> | 284.0 | 201203 |
|  |  | 365408 |
| **Machinery - Diversified - 0.2%** |  |  |
| Power Solutions International, Inc. <sup>(a)(b)</sup> | 1930.0 | 117498 |
| **Metal Fabricate & Hardware - 0.6%** |  |  |
| Mueller Industries, Inc. <sup>(b)</sup> | 3233.0 | 358217 |
| Xometry, Inc. - Class A <sup>(a)</sup> | 12.0 | 490 |
|  |  | 358707 |
| **Mining - 8.4%** |  |  |
| Agnico Eagle Mines Ltd. <sup>(b)</sup> | 2006.0 | 407178 |
| Alamos Gold, Inc. - Class A <sup>(b)</sup> | 6442.0 | 286218 |
| Cameco Corp. <sup>(b)</sup> | 4988.0 | 541747 |
| Century Aluminum Co. <sup>(a)</sup> | 7048.0 | 413647 |
| Endeavour Silver Corp. <sup>(a)</sup> | 13439.0 | 125117 |
| Hudbay Minerals, Inc. <sup>(b)</sup> | 26004.0 | 543484 |
| Idaho Strategic Resources, Inc. <sup>(a)</sup> | 3826.0 | 122891 |
| Kinross Gold Corp. <sup>(b)</sup> | 17719.0 | 540784 |
| Metalla Royalty & Streaming Ltd. <sup>(a)</sup> | 22356.0 | 148220 |
| Newmont Corp. <sup>(b)</sup> | 2301.0 | 249083 |
| Pan American Silver Corp. <sup>(b)</sup> | 4220.0 | 230539 |
| Perpetua Resources Corp. <sup>(a)(b)</sup> | 6711.0 | 188713 |
| Sibanye Stillwater Ltd. - ADR <sup>(b)</sup> | 15796.0 | 194607 |
| Skeena Resources Ltd. <sup>(a)(b)</sup> | 13306.0 | 395454 |
| Standard Lithium Ltd. <sup>(a)(b)</sup> | 40232.0 | 137191 |
| Taseko Mines Ltd. <sup>(a)(b)</sup> | 35185.0 | 226943 |
| Western Copper & Gold Corp. <sup>(a)(b)</sup> | 30014.0 | 75936 |
|  |  | 4827752 |
| **Oil & Gas - 1.8%** |  |  |
| Imperial Oil Ltd. | 1431.0 | 187203 |
| Permian Basin Royalty Trust | 8589.0 | 184835 |
| SandRidge Energy, Inc. | 16461.0 | 268479 |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| Vista Energy SAB de CV - ADR <sup>(a)</sup> | 2484 | 187468 |
| Weatherford International PLC | 2031.0 | 192092 |
|  |  | 1020077 |
| **Oil & Gas Services - 6.4%** |  |  |
| Archrock, Inc. | 5458.0 | 189938 |
| Enerflex Ltd. | 7882.0 | 164892 |
| Flotek Industries, Inc. <sup>(a)(b)</sup> | 41132.0 | 698010 |
| Forum Energy Technologies, Inc. <sup>(a)(b)</sup> | 8046.0 | 471978 |
| National Energy Services Reunited Corp. <sup>(a)(b)</sup> | 11401.0 | 244780 |
| Solaris Energy Infrastructure, Inc. <sup>(b)</sup> | 14642.0 | 827419 |
| TechnipFMC PLC <sup>(b)</sup> | 15658.0 | 1082438 |
|  |  | 3679455 |
| **Pharmaceuticals - 3.9%** |  |  |
| Amneal Pharmaceuticals, Inc. <sup>(a)</sup> | 13593.0 | 168961 |
| Cardinal Health, Inc. <sup>(b)</sup> | 3969.0 | 838689 |
| Elanco Animal Health, Inc. <sup>(a)</sup> | 7126.0 | 170525 |
| Indivior Pharmaceuticals, Inc. <sup>(a)</sup> | 1607.0 | 48981 |
| Mirum Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 2252.0 | 208040 |
| Phibro Animal Health Corp. - Class A <sup>(b)</sup> | 5509.0 | 304703 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> | 2121.0 | 223554 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 2204.0 | 191682 |
| Xeris Biopharma Holdings, Inc. <sup>(a)(b)</sup> | 18159.0 | 105322 |
|  |  | 2260457 |
| **Pipelines - 1.8%** |  |  |
| DT Midstream, Inc. <sup>(b)</sup> | 3778.0 | 508783 |
| NGL Energy Partners LP <sup>(a)(b)</sup> | 29696.0 | 366152 |
| Targa Resources Corp. | 730.0 | 183033 |
|  |  | 1057968 |
| **Retail - 1.2%** |  |  |
| Casey's General Stores, Inc. <sup>(b)</sup> | 727.0 | 529154 |
| Ross Stores, Inc. | 797.0 | 172654 |
|  |  | 701808 |
| **Semiconductors - 3.0%** |  |  |
| AXT, Inc. <sup>(a)</sup> | 3937.0 | 224330 |
| Broadcom, Inc. <sup>(b)</sup> | 1152.0 | 356556 |
| KLA Corp. | 137.0 | 201720 |
| Lam Research Corp. <sup>(b)</sup> | 1324.0 | 282886 |
| Micron Technology, Inc. <sup>(b)</sup> | 1036.0 | 350002 |
| NVIDIA Corp. <sup>(b)</sup> | 1625.0 | 283400 |
|  |  | 1698894 |
| **Software - 0.4%** |  |  |
| GigaCloud Technology, Inc. - Class A <sup>(a)(b)</sup> | 4954.0 | 224813 |
| **Telecommunications - 4.6%** |  |  |
| AST SpaceMobile, Inc. - Class A <sup>(a)(b)</sup> | 5447.0 | 451393 |
| BK Technologies Corp. <sup>(a)(b)</sup> | 4106.0 | 306431 |
| Frequency Electronics, Inc. <sup>(a)(b)</sup> | 9594.0 | 424630 |
| Gilat Satellite Networks Ltd. <sup>(a)</sup> | 7954.0 | 119469 |
| InterDigital, Inc. | 459.0 | 138618 |
| LightPath Technologies, Inc. - Class A <sup>(a)(b)</sup> | 15292.0 | 153379 |
| Millicom International Cellular SA <sup>(b)</sup> | 6485.0 | 485986 |
| Viasat, Inc. <sup>(a)</sup> | 4215.0 | 193047 |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| Vistance Networks, Inc. <sup>(a)</sup> | 8279 | 150678 |
| Vodafone Group PLC - ADR | 12725 | 191129 |
|  |  | 2614760 |
| **Transportation - 2.8%** |  |  |
| C.H. Robinson Worldwide, Inc. <sup>(b)</sup> | 679 | 112762 |
| Euroseas Ltd. <sup>(b)</sup> | 8438 | 564080 |
| KNOT Offshore Partners LP <sup>(b)</sup> | 50180 | 505815 |
| Teekay Corp. Ltd. <sup>(b)</sup> | 34335 | 419230 |
|  |  | 1601887 |
| **Water - 1.0%** |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR <sup>(b)</sup> | 17940 | 547363 |
| **TOTAL COMMON STOCKS** (Cost $44,644,329) |  | 54658975 |
| **REAL ESTATE INVESTMENT TRUSTS - 5.4%** |  |  |
| CareTrust REIT, Inc. <sup>(b)</sup> | 8728 | 319881 |
| Diversified Healthcare Trust <sup>(b)</sup> | 135211 | 897801 |
| Outfront Media, Inc. <sup>(b)</sup> | 35193 | 932614 |
| Welltower, Inc. <sup>(b)</sup> | 4774 | 943868 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $2,802,322) |  | 3094164 |
| **WARRANTS - 0.0% <sup>(c)</sup>** | **Contracts** |  |
| Opendoor Technologies, Inc., Series K, Expires 11/20/2026, Exercise Price $9.00 <sup>(a)</sup> | 387 | 235 |
| Opendoor Technologies, Inc., Series A, Expires 11/20/2026, Exercise Price $13.00 <sup>(a)</sup> | 387 | 95 |
| Opendoor Technologies, Inc., Series Z, Expires 11/20/2026, Exercise Price $17.00 <sup>(a)</sup> | 387 | 91 |
| **TOTAL WARRANTS** (Cost $0) |  | 421 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 14.8%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> | 8488211 | 8488211 |
| **TOTAL MONEY MARKET FUNDS** (Cost $8,488,211) |  | 8488211 |
| **TOTAL INVESTMENTS - 115.5%** (Cost $55,934,862) |  | 66241771 |
| Liabilities in Excess of Other Assets - (15.5)% |  | (8913603) |
| **TOTAL NET ASSETS - 100.0%** |  | $57328168 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion
 of the security has been pledged as collateral for securities sold short. The fair value of securities committed as collateral as of March
 31, 2026 was $42,654,198.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net
 assets.

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

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - (38.5)%** | **Shares** | **Value** |
| **Advertising - (0.1)%** |  |  |
| WPP PLC - ADR | (4507) | $(70084) |
| **Agriculture - (0.1)%** |  |  |
| Vital Farms, Inc. | (5864) | (82800) |
| **Auto Manufacturers - (0.3)%** |  |  |
| Ferrari NV | (472) | (159748) |
| **Banks - (1.2)%** |  |  |
| Commerce Bancshares, Inc. | (3512) | (172790) |
| HDFC Bank Ltd. - ADR | (7002) | (174210) |
| Lakeland Financial Corp. | (2946) | (169041) |
| Pinnacle Financial Partners, Inc. | (2148) | (185029) |
|  |  | (701070) |
| **Beverages - (0.9)%** |  |  |
| Constellation Brands, Inc. - Class A | (1401) | (210150) |
| Diageo PLC - ADR | (1806) | (134457) |
| National Beverage Corp. | (5106) | (171817) |
|  |  | (516424) |
| **Biotechnology - (0.9)%** |  |  |
| Legend Biotech Corp. - ADR | (4700) | (85023) |
| Ultragenyx Pharmaceutical, Inc. | (4979) | (104310) |
| Xencor, Inc. | (15402) | (185748) |
| Zai Lab Ltd. - ADR | (8202) | (154280) |
|  |  | (529361) |
| **Building Materials - (0.8)%** |  |  |
| Carrier Global Corp. | (2988) | (168254) |
| Owens Corning | (1181) | (127808) |
| Tecnoglass, Inc. | (3270) | (145679) |
|  |  | (441741) |
| **Chemicals - (0.7)%** |  |  |
| Axalta Coating Systems Ltd. | (3458) | (95787) |
| Mosaic Co. | (12463) | (317806) |
|  |  | (413593) |
| **Coal - (0.4)%** |  |  |
| Ramaco Resources, Inc. – Class A | (13042) | (201629) |
| **Commercial Services - (5.2)%** |  |  |
| ABM Industries, Inc. | (3948) | (152077) |
| Afya Ltd. - Class A | (25058) | (372612) |
| BrightView Holdings, Inc. | (14346) | (169139) |
| Distribution Solutions Group, Inc. | (5900) | (154816) |
| H&R Block, Inc. | (5755) | (182664) |
| ICF International, Inc. | (4683) | (305753) |
| Paymentus Holdings, Inc. - Class A | (6939) | (176251) |
| Sezzle, Inc. | (7324) | (463536) |
| StoneCo Ltd. - Class A | (31212) | (440713) |
| Strategic Education, Inc. | (1788) | (148332) |
| Verisk Analytics, Inc. | (782) | (148385) |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| WillScot Holdings Corp. | (15888) | (275816) |
|  |  | (2990094) |
| **Computers - (1.5)%** |  |  |
| HP, Inc. | (16595) | (318790) |
| Insight Enterprises, Inc. | (1041) | (69758) |
| KBR, Inc. | (4729) | (174311) |
| Super Micro Computer, Inc. | (13325) | (303410) |
|  |  | (866269) |
| **Cosmetics & Personal Care - (0.5)%** |  |  |
| elf Beauty, Inc. | (1962) | (118917) |
| Prestige Consumer Healthcare, Inc. | (2820) | (167141) |
|  |  | (286058) |
| **Distribution & Wholesale - (0.6)%** |  |  |
| ScanSource, Inc. | (5057) | (183569) |
| Watsco, Inc. | (428) | (155702) |
|  |  | (339271) |
| **Diversified Financial Services - (1.2)%** |  |  |
| Blue Owl Capital, Inc. - Class A | (19903) | (181714) |
| Brookfield Asset Management Ltd. - Class A | (4084) | (181534) |
| Cohen & Steers, Inc. | (2595) | (162317) |
| Federal Agricultural Mortgage Corp. - Class C | (1222) | (181284) |
|  |  | (706849) |
| **Electric - (0.3)%** |  |  |
| PG&E Corp. | (9962) | (175032) |
| **Electrical Components & Equipment - (0.2)%** |  |  |
| Universal Display Corp. | (1556) | (142623) |
| **Electronics - (1.2)%** |  |  |
| Badger Meter, Inc. | (3211) | (489196) |
| Itron, Inc. | (1931) | (173075) |
|  |  | (662271) |
| **Energy - Alternate Sources - (0.5)%** |  |  |
| Enphase Energy, Inc. | (7204) | (272383) |
| **Engineering & Construction - (0.5)%** |  |  |
| AECOM | (1985) | (168367) |
| Exponent, Inc. | (1511) | (98593) |
|  |  | (266960) |
| **Entertainment - (0.6)%** |  |  |
| Caesars Entertainment, Inc. | (5488) | (145048) |
| Flutter Entertainment PLC | (943) | (96139) |
| Six Flags Entertainment Corp. | (5544) | (98406) |
|  |  | (339593) |
| **Environmental Control - (0.3)%** |  |  |
| Tetra Tech, Inc. | (5166) | (155600) |
| **Food - (0.8)%** |  |  |
| Albertsons Cos., Inc. - Class A | (9215) | (157024) |
| Conagra Brands, Inc. | (8693) | (136654) |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| Simply Good Foods Co. | (10518) | (150933) |
|  |  | (444611) |
| **Forest Products & Paper - (0.3)%** |  |  |
| International Paper Co. | (4640) | (165648) |
| **Hand & Machine Tools - (0.3)%** |  |  |
| Enerpac Tool Group Corp. | (4733) | (172612) |
| **Healthcare - Products - (1.0)%** |  |  |
| Azenta, Inc. | (4641) | (98064) |
| Baxter International, Inc. | (9161) | (153905) |
| Enovis Corp. | (5042) | (114706) |
| STAAR Surgical Co. | (10615) | (198500) |
|  |  | (565175) |
| **Healthcare - Services - (1.4)%** |  |  |
| CorVel Corp. | (2294) | (125367) |
| DaVita, Inc. | (1493) | (229459) |
| Elevance Health, Inc. | (583) | (170674) |
| Humana, Inc. | (954) | (165414) |
| Surgery Partners, Inc. | (7511) | (89531) |
|  |  | (780445) |
| **Household Products & Wares - (0.2)%** |  |  |
| Clorox Co. | (1331) | (137932) |
| **Insurance - (3.6)%** |  |  |
| AMERISAFE, Inc. | (5401) | (180015) |
| Baldwin Insurance Group, Inc. - Class A | (7733) | (169662) |
| Corebridge Financial, Inc. | (7307) | (174345) |
| Equitable Holdings, Inc. | (4524) | (167886) |
| RLI Corp. | (2694) | (153666) |
| Root, Inc. | (3939) | (173986) |
| Skyward Specialty Insurance Group, Inc. | (12852) | (561375) |
| Trupanion, Inc. | (19923) | (510228) |
|  |  | (2091163) |
| **Internet - (3.4)%** |  |  |
| Autohome, Inc. - ADR | (5715) | (99270) |
| Cogent Communications Holdings, Inc. | (9597) | (180807) |
| Gen Digital, Inc. | (6521) | (122790) |
| Grindr, Inc. | (50739) | (613435) |
| JD.com, Inc. - ADR | (11331) | (335058) |
| MakeMyTrip Ltd. | (2331) | (86923) |
| Opera Ltd. - ADR | (12946) | (184610) |
| QuinStreet, Inc. | (14107) | (169425) |
| Uber Technologies, Inc. | (2380) | (171193) |
|  |  | (1963511) |
| **Investment Companies - (0.3)%** |  |  |
| Blackstone Secured Lending Fund | (6162) | (145978) |
| **Machinery - Construction & Mining - (0.2)%** |  |  |
| NuScale Power Corp. | (9822) | (106470) |
| **Machinery - Diversified - (0.6)%** |  |  |
| Albany International Corp. - Class A | (3834) | (200173) |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| Otis Worldwide Corp. | (2112) | (162793) |
|  |  | (362966) |
| **Media - (0.9)%** |  |  |
| Cable One, Inc. | (1908) | (174028) |
| Liberty Global Ltd. - Class A | (12954) | (156614) |
| News Corp. - Class A | (7287) | (181665) |
|  |  | (512307) |
| **Miscellaneous Manufacturing - (0.3)%** |  |  |
| Avient Corp. | (5289) | (191991) |
| **Office - Business Equipment - (0.3)%** |  |  |
| Zebra Technologies Corp. - Class A | (697) | (145729) |
| **Oil & Gas - (1.0)%** |  |  |
| Matador Resources Co. | (4050) | (255879) |
| Vitesse Energy, Inc. | (16491) | (299477) |
|  |  | (555356) |
| **Oil & Gas Services - (0.5)%** |  |  |
| Atlas Energy Solutions, Inc. | (21518) | (282316) |
| **Pharmaceuticals - (0.2)%** |  |  |
| Amphastar Pharmaceuticals, Inc. | (6753) | (132291) |
| **Retail - (0.9)%** |  |  |
| Asbury Automotive Group, Inc. | (844) | (164926) |
| PC Connection, Inc. | (2900) | (169534) |
| Tractor Supply Co. | (3699) | (167565) |
|  |  | (502025) |
| **Semiconductors - (0.3)%** |  |  |
| Alpha & Omega Semiconductor Ltd. | (7729) | (171275) |
| **Software - (2.3)%** |  |  |
| Appfolio, Inc. - Class A | (925) | (145984) |
| AvePoint, Inc. | (13793) | (131171) |
| HubSpot, Inc. | (699) | (170626) |
| Intuit, Inc. | (371) | (160413) |
| nCino, Inc. | (6771) | (101430) |
| Nutanix, Inc. - Class A | (3549) | (134897) |
| Strategy, Inc. - Class A | (3866) | (482477) |
|  |  | (1326998) |
| **Telecommunications - (1.0)%** |  |  |
| Harmonic, Inc. | (23666) | (212521) |
| TELUS Corp. | (26039) | (334080) |
|  |  | (546601) |
| **Transportation - (0.7)%** |  |  |
| RXO, Inc. | (16898) | (247049) |
| World Kinect Corp. | (7232) | (166842) |
|  |  | (413891) |
| **TOTAL COMMON STOCKS** (Proceeds $25,323,441) |  | (22036744) |

---

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

---

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

---

March 31, 2026

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - (2.7)%** | | |
| Alexandria Real Estate Equities, Inc. | (3436) | (159499) |
| American Homes 4 Rent - Class A | (6127) | (171066) |
| Cousins Properties, Inc. | (7067) | (159502) |
| Douglas Emmett, Inc. | (14263) | (134358) |
| Healthpeak Properties, Inc. | (10542) | (173205) |
| Highwoods Properties, Inc. | (15969) | (341896) |
| Rayonier, Inc. | (7853) | (161929) |
| Rexford Industrial Realty, Inc. | (8134) | (266226) |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Proceeds $1,845,090) |  | (1567681) |
| **TOTAL SECURITIES SOLD SHORT** (Proceeds $27,168,531) |  | $(23604425) |
| Percentages are stated as a percent of net assets. |  |  |

---

ADR - American Depositary Receipt

PLC - Public Limited Company

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

---

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

---

March 31, 2026

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (Note 2) | $66241771 |
| Deposit at broker for securities sold short | 14763116 |
| Receivable for investments sold | 855528 |
| Dividends receivable | 88146 |
| Interest receivable | 60279 |
| Segregated cash for securities sold short | 44184 |
| Dividend tax reclaims receivable | 746 |
| Total assets | 82053770 |
| **LIABILITIES:** |  |
| Securities sold short, at value (Note 2) | 23604425 |
| Payable for investments purchased | 987302 |
| Dividends payable | 71463 |
| Payable to Adviser (Note 4) | 57705 |
| Interest payable | 3541 |
| Payable for fund shares redeemed | 1166 |
| Total liabilities | 24725602 |
| **NET ASSETS** | $57328168 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | $54780479 |
| Total distributable earnings | 2547689 |
| Total net assets | $57328168 |
| Net assets | $57328168 |
| Shares issued and outstanding <sup>(a)</sup> | 2300000 |
| Net asset value per share | $24.93 |
| **COST:** |  |
| Investments, at cost | $55934862 |
| **PROCEEDS:** |  |
| Securities sold short proceeds | $27168531 |

---

(a) Unlimited shares authorized without
 par value.

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

---

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

---

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;Dividend income | $840571 |
| &nbsp;&nbsp;Less: issuance fees | (7580) |
| &nbsp;&nbsp;Less: dividend withholding taxes | (19761) |
| &nbsp;&nbsp;Interest income | 715978 |
| Total investment income | 1529208 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;Interest expense | 685719 |
| &nbsp;&nbsp;Investment advisory fee (Note 4) | 643663 |
| &nbsp;&nbsp;Dividend expense | 527499 |
| Total expenses | 1856881 |
| **NET INVESTMENT INCOME/(LOSS)** | (327673) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;Investments | (2370535) |
| &nbsp;&nbsp;In-kind redemptions | 8974558 |
| &nbsp;&nbsp;Securities sold short | (4478459) |
| Net realized gain (loss) | 2125564 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;Investments | 7924953 |
| &nbsp;&nbsp;Securities sold short | 1921809 |
| Net change in unrealized appreciation (depreciation) | 9846762 |
| Net realized and unrealized gain (loss) | 11972326 |
| **NET INCREASE (DECREASE) IN NET** |  |
| **ASSETS RESULTING FROM OPERATIONS** | $11644653 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(327673) | $61486 |
| &nbsp;&nbsp;Net realized gain (loss) | 2125564 | (3941185) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9846762 | 4024253 |
| Net increase (decrease) in net assets from operations | 11644653 | 144554 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;From earnings | – | (539211) |
| Total distributions to shareholders | – | (539211) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;Shares sold | 17880442 | 51019630 |
| &nbsp;&nbsp;Shares redeemed | (20885127) | (1950108) |
| &nbsp;&nbsp;ETF transaction fees (Note 8) | 1543 | 11792 |
| Net increase (decrease) in net assets from capital transactions | (3003142) | 49081314 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 8641511 | 48686657 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 48686657 | – |
| End of the period | $57328168 | $48686657 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 770000 | 2510000 |
| &nbsp;&nbsp;Shares redeemed | (890000) | (90000) |
| Total increase (decrease) in shares outstanding | (120000) | 2420000 |

---

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

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

---

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

---

For a share outstanding throughout the years presented

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31,**<br>**2026** | **Year ended**<br>**March 31,**<br>**2025<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $20.12 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.13) | 0.03 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.94 | 0.31 |
| Total from investment operations | 4.81 | 0.34 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | – | (0.23) |
| Total distributions | – | (0.23) |
| ETF transaction fees per share | 0.00 <sup>(d)</sup> | 0.01 |
| Net asset value, end of period | $24.93 | $20.12 |
| **TOTAL RETURN<sup>(e)</sup>** | 23.90% | 1.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $57328 | $48687 |
| Ratio of expenses to average net assets <sup>(f)</sup> | 3.32% | 2.60% |
| Ratio of dividend and interest expenses to average net assets<sup>(f)</sup> | 2.17% | 1.45% |
| Ratio of operational expenses to average net assets excluding dividend and interest expenses<sup>(f)</sup> | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.59)% | 0.13% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 158% | 423% |

---

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

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

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

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

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

(f) Annualized for periods less than
 one year.

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

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

---

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

---

March 31, 2026

&nbsp;&nbsp;**NOTE 1 – ORGANIZATION**

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

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

&nbsp;&nbsp;**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

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

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

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.

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

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

---

| |
|:---|
| Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. |

---

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

---

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

---

March 31, 2026

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

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $54658975 | $– | $– | $54658975 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 3094164 |  |  | 3094164 |
| &nbsp;&nbsp;&nbsp;Warrants | 421 |  |  | 421 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 8488211 | – | – | 8488211 |
| Total Investments | $66241771 | $– | $– | $66241771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $(22036744) | $– | $– | $(22036744) |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | (1567681) | – | – | (1567681) |
| Total Investments | $(23604425) | $– | $– | $(23604425) |

---

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

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

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

As of March 31, 2026, the Fund did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as Income tax expense in the Statement of Operations.

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

---

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

---

March 31, 2026

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *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 are primarily due to adjustments for redemptions in-kind. These reclassifications
 have no effect on net assets or NAV per share. For the year ended March 31, 2026, the following reclassification adjustments were made:

---

| | |
|:---|:---|
|  | Total Distributable |
|  | Earnings/(Accumulated |
| Paid-In Capital | Losses) |
| $8478299 | $(8478299) |

---

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

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

---

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

---

March 31, 2026

&nbsp;&nbsp;**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

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

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

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

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

&nbsp;&nbsp;**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

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

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of the Fund at the annualized rate of 1.15%. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, litigation expenses, other non-routine or extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are calculated daily and paid monthly to the Adviser. Investment Advisory Fees for the year ended March 31, 2026 are disclosed in the Statement of Operations.

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

---

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

---

March 31, 2026

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

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

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

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

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

&nbsp;&nbsp;**NOTE 5 – SEGMENT REPORTING**

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

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

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

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

&nbsp;&nbsp;**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the year ended March 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, securities sold short, U.S. government securities, and in-kind transactions were $100,412,425 and $89,438,309, respectively.

For the year ended March 31, 2026, there were no purchases or sales of long-term U.S. government securities.

---

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

---

March 31, 2026

For the year ended March 31, 2026, in-kind transactions associated with creations and redemptions were $3,734,192 and $20,127,313, respectively.

&nbsp;&nbsp;**NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **March 31, 2026** | **March 31, 2025** |
| Ordinary Income | $– $| 539211 |

---

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

---

| | |
|:---|:---|
| Investments, at cost<sup>(a)</sup> | $29165636 |
| Gross tax unrealized appreciation | 15774454 |
| Gross tax unrealized depreciation | (2302744) |
| Net tax unrealized appreciation (depreciation) | 13471710 |
| Undistributed ordinary income (loss) | 531423 |
| Undistributed long-term capital gain (loss) |  |
| Other accumulated gain (loss) | (11455444) |
| Total distributable earnings/(accumulated losses) | $2547689 |

---

<sup>(a)</sup> The differences between book and tax-basis cost of investments is primarily attributable to the treatment of grantor trusts, wash sales and PFICs adjustments.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund's next taxable year. As of the year ended March 31, 2026, the Fund had not elected to defer any post-October losses and did not defer any late-year losses.

As of the year ended March 31, 2026, the Fund had a short-term capital loss carryover of $11,455,444, which does not expire.

&nbsp;&nbsp;**NOTE 8 – SHARES TRANSACTIONS**

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

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

---

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

---

March 31, 2026

&nbsp;&nbsp;**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 will monitor developments and seek to manage the Funds in a manner consistent with achieving the Funds' investment objectives, but there can be no assurance that they will be successful in doing so.

&nbsp;&nbsp;**NOTE 10 – SUBSEQUENT EVENTS**

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

---

| | |
|:---|:---|
| **Report of Independent** |  |
| **Registered Public Accounting Firm** | **Even Herd Long Short ETF** |

---

To the Shareholders of Even Herd Long Short ETF and

Board of Trustees of Tidal Trust II

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and securities sold short, of Even Herd Long Short ETF (the "Fund"), a series of Tidal Trust II, as of March 31, 2026, the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, 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 the Fund as of March 31, 2026, the results of its operations for the year then ended, and the changes in net assets and the financial highlights for each of two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 March 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.

![](evenherd002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

---

| | |
|:---|:---|
| **Additional Information (Unaudited)** | **Even Herd Long Short ETF** |

---

March 31, 2026

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

For the fiscal year ended March 31, 2026, certain dividends paid by the Fund 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:

---

| | |
|:---|:---|
| Even Herd Long Short ETF | 0.00% |

---

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

---

| | |
|:---|:---|
| Even Herd Long Short ETF | 0.00% |

---

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 fiscal year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| Even Herd Long Short ETF | 0.00% |

---

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

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

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

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

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

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

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

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

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 between the Trust, on behalf of the Even Herd Long Short ETF (the "Even Herd ETF") and the Adviser (the "Even Herd Advisory Agreement"), the Board, including a majority of the Independent Trustees voting separately, hereby determines that the terms of the Even Herd Advisory Agreement continue to be fair and reasonable and in the best interests of the Even Herd ETF and its shareholders; and

● the Sub-Advisory Agreement between the Adviser and Even Herd, LLC, on behalf of the Even Herd Long Short ETF (the "Even Herd Sub-Advisory Agreement"), the Board, including a majority of the Independent Trustees voting separately, hereby determines that the terms of the Even Herd Sub-Advisory Agreement continues to be fair and reasonable and in the best interests of the Even Herd Long Short ETF and its shareholders;

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 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 the Fund's performance track record as of May 30, 2025, is provided below:

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.

**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.

The Board noted that the Fund's unitary fee was above the peer group median and the net expense ratio was below the peer group median.

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 the Sub-Adviser for its services under the Sub-Advisory Agreement. The Board considered this fee in light of the services the Sub-Adviser provides as investment sub-adviser 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 if the 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 the Sub-advised Fund was reasonable in light of the services rendered.

The Board discussed that as the Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as the 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 the Sub-Adviser is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and the 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 the 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 the 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)*](ex99-coe.htm) [(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)*](ex99-906cert.htm) [*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;Eric W. Falkeis, Principal Executive Officer |

---

Date <u>June 8, 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;Eric W. Falkeis, Principal Executive Officer |

---

Date <u>June 8, 2026</u>

---

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

---

Date <u> June 8, 2026</u>

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

## Ex-99.Code

[Tidal Trust II N-CSR](ehls-ncsr_033126.htm)

**EX.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](ehls-ncsr_033126.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: | June 8, 2026 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | Principal Executive Officer |

---

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

I, Aaron J. Perkovich, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | June 8, 2026 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust II N-CSR](ehls-ncsr_033126.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 March 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 | Aaron J. Perkovich |
| Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust II | Tidal Trust II |

---

Dated: <u>June 8, 2026</u> Dated: <u>June 8, 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.