# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0000894189-25-009678
**Filing Date:** 2025-9
**Character Count:** 45312
**Document Hash:** 6192258ee6fb57a220037ce343b8649d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009678.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009678

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251353492

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

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

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

## Series and Classes Contracts Data

### Nicholas Crypto Income ETF (Series ID: S000093157)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000261287 | Nicholas Crypto Income ETF |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** |
| **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** | **Consolidated Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 49.7%** | **COMMON STOCKS - 49.7%** | **Shares** | **Value**  |
| **Commercial Services - 4.3%** | **Commercial Services - 4.3%** | **Commercial Services - 4.3%** |  |
| Block, Inc. - Class A <sup>(a)(b)</sup> | Block, Inc. - Class A <sup>(a)(b)</sup> | 14994 | $1158436 |
| **Diversified Financial Services - 14.7%** | **Diversified Financial Services - 14.7%** | **Diversified Financial Services - 14.7%** |  |
| BitMine Immersion Technologies, Inc. <sup>(a)(b)</sup> | BitMine Immersion Technologies, Inc. <sup>(a)(b)</sup> | 10360 | 358871 |
| Circle Internet Group, Inc. <sup>(a)(b)</sup> | Circle Internet Group, Inc. <sup>(a)(b)</sup> | 3443 | 631859 |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | 3809 | 1438888 |
| Galaxy Digital, Inc. - Class A <sup>(a)(b)</sup> | Galaxy Digital, Inc. - Class A <sup>(a)(b)</sup> | 53217 | 1512161 |
|  |  |  | 3941779 |
| **Internet - 5.0%** | **Internet - 5.0%** | **Internet - 5.0%** |  |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 12879 | 1327181 |
| **Investment Companies - 13.3%** | **Investment Companies - 13.3%** | **Investment Companies - 13.3%** |  |
| Hut 8 Corp. <sup>(a)(b)</sup> | Hut 8 Corp. <sup>(a)(b)</sup> | 54474 | 1156483 |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | MARA Holdings, Inc. <sup>(a)(b)</sup> | 64880 | 1043270 |
| Riot Platforms, Inc. <sup>(a)(b)</sup> | Riot Platforms, Inc. <sup>(a)(b)</sup> | 101060 | 1355215 |
|  |  |  | 3554968 |
| **Semiconductors - 8.6%** | **Semiconductors - 8.6%** | **Semiconductors - 8.6%** |  |
| NVIDIA Corp. <sup>(b)</sup> | NVIDIA Corp. <sup>(b)</sup> | 6692 | 1190306 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(b)</sup> | 4562 | 1102271 |
|  |  |  | 2292577 |
| **Software - 3.8%** | **Software - 3.8%** | **Software - 3.8%** |  |
| MicroStrategy, Inc. - Class A <sup>(a)(b)</sup> | MicroStrategy, Inc. - Class A <sup>(a)(b)</sup> | 2547 | 1023537 |
| **TOTAL COMMON STOCKS** (Cost $13,135,617) | **TOTAL COMMON STOCKS** (Cost $13,135,617) | **TOTAL COMMON STOCKS** (Cost $13,135,617) | 13298478 |
| **EXCHANGE TRADED FUNDS - 18.1%** | **EXCHANGE TRADED FUNDS - 18.1%** |  |  |
| Fidelity Wise Origin Bitcoin Fund <sup>(a)(b)(c)(g)</sup> | Fidelity Wise Origin Bitcoin Fund <sup>(a)(b)(c)(g)</sup> | 55 | 5601 |
| iShares Ethereum Trust ETF <sup>(a)(b)(c)(g)</sup> | iShares Ethereum Trust ETF <sup>(a)(b)(c)(g)</sup> | 12 | 339 |
| VanEck Bitcoin ETF/US <sup>(a)(b)(g)</sup> | VanEck Bitcoin ETF/US <sup>(a)(b)(g)</sup> | 145986 | 4823378 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,775,904) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,775,904) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,775,904) | 4829318 |
| **PURCHASED OPTIONS - 14.5%<sup>(a)(d)(e)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 13.2%** | **Call Options - 13.2%** |  | **$–** |
| Fidelity Wise Origin Bitcoin Fund | Fidelity Wise Origin Bitcoin Fund | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $50.00 | $407360 | 40 | 211000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $108.00 | 4786480 | 470 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $50.00 | 4379120 | 430 | 2283300 |
| iShares Ethereum Trust ETF | iShares Ethereum Trust ETF | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $20.00 | 3135143 | 1109 | 923242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $32.00 | 3135143 | 1109 | 19408 |
|  MBTX, Expiration: 08/15/2025; Exercise Price: $310.00 | 4446498 | 161 | 94185 |
| **Total Call Options** |  |  | 3532310 |
| **Put Options - 1.3%** | **Put Options - 1.3%** |  | **$–** |
|  BitMine Immersion Technologies, Inc., Expiration: 08/15/2025; Exercise Price: $35.00 | 356792 | 103 | 42230 |
| Block, Inc. | Block, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $76.00 | 958024 | 124 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $75.00 | 193150 | 25 | 7387 |
|  Circle Internet Group, Inc., Expiration: 08/08/2025; Exercise Price: $180.00 | 623968 | 34 | 18530 |
| Coinbase Global, Inc. | Coinbase Global, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $380.00 | 1019952 | 27 | 35842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $357.50 | 415536 | 11 | 8525 |
| Galaxy Digital, Inc. | Galaxy Digital, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $26.50 | 804145 | 283 | 31130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $29.50 | 707534 | 249 | 68475 |
| Hut 8 Corp. | Hut 8 Corp. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $19.50 | 125257 | 59 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $18.50 | 1029655 | 485 | 13095 |
| MARA Holdings, Inc. | MARA Holdings, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $16.00 | 509736 | 317 | 18228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $15.50 | 532248 | 331 | 12082 |
| MicroStrategy, Inc. | MicroStrategy, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $405.00 | 522418 | 13 | 12447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $392.50 | 200930 | 5 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $387.50 | 281302 | 7 | 2275 |
| NVIDIA Corp. | NVIDIA Corp. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $165.00 | 1031646 | 58 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $172.50 | 142296 | 8 | 1452 |
| Riot Platforms, Inc. | Riot Platforms, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $13.00 | 1033911 | 771 | 28913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $14.50 | 147510 | 110 | 14795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $12.50 | 172989 | 129 | 5160 |
| Robinhood Markets, Inc. | Robinhood Markets, Inc. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $98.00 | 226710 | 22 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $99.00 | 1092330 | 106 | 20299 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $227.50 | 362430 | 15 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $232.50 | 724860 | 30 | 4935 |
| **Total Put Options** |  |  | 353707 |
| **TOTAL PURCHASED OPTIONS** (Cost $4,011,619) | **TOTAL PURCHASED OPTIONS** (Cost $4,011,619) | **TOTAL PURCHASED OPTIONS** (Cost $4,011,619) | 3886017 |
| **SHORT-TERM INVESTMENTS - 20.1%** | **SHORT-TERM INVESTMENTS - 20.1%** | **Shares** |  |
| **Money Market Funds - 20.1%** | **Money Market Funds - 20.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.23%<sup>(b)(f)(g)</sup> | First American Government Obligations Fund - Class X, 4.23%<sup>(b)(f)(g)</sup> | 5378827 | 5378827 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,378,827) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,378,827) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,378,827) | 5378827 |
| **TOTAL INVESTMENTS - 102.4% (**Cost $27,301,967**)** | **TOTAL INVESTMENTS - 102.4% (**Cost $27,301,967**)** | **TOTAL INVESTMENTS - 102.4% (**Cost $27,301,967**)** | 27392640 |
| Liabilities in Excess of Other Assets - (2.4)% | Liabilities in Excess of Other Assets - (2.4)% | Liabilities in Excess of Other Assets - (2.4)% | &nbsp;&nbsp;&nbsp;&nbsp; (630944) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $26761696 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br>

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of July 31, 2025 is $18,090,663. |
| (c) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (d) | Exchange-traded. |
| (e) | 100 shares per contract. |
| (f)<br> (g) | The rate shown represents the 7-day annualized effective yield as of July 31, 2025.<br> The investment, or a portion of, is a holding of Nicholas Crypto Income Cayman Subsidiary, a wholly-owned subsidiary of the Nicholas Crypto Income ETF. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** | **Nicholas Crypto Income ETF** |
| **Consolidated Schedule of Written Options** | **Consolidated Schedule of Written Options** | **Consolidated Schedule of Written Options** | **Consolidated Schedule of Written Options** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (3.3)%** <sup>(a)(b)</sup> | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.5)%** | **Call Options - (0.5)%** | **Call Options - (0.5)%** | **Call Options - (0.5)%** |
| Fidelity Wise Origin Bitcoin Fund, Expiration: 08/01/2025; Exercise Price: $103.00 | $(4786480) | (470) | $(18800) |
| iShares Ethereum Trust ETF, Expiration: 08/08/2025; Exercise Price: $30.00 | (3135143) | (1109) | (52678) |
| MBTX, Expiration: 08/15/2025; Exercise Price: $290.00 | (4446498) | (161) | (48300) |
| **Total Call Options** |  |  | (119778) |
| **Put Options - (2.8)%** | **Put Options - (2.8)%** | **Put Options - (2.8)%** | **Put Options - (2.8)%** |
| BitMine Immersion Technologies, Inc., Expiration: 08/15/2025; Exercise Price: $40.00 | (356792) | (103) | (80340) |
| Block, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $79.00 | (958024) | (124) | (24180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $78.00 | (193150) | (25) | (11000) |
| Circle Internet Group, Inc., Expiration: 08/08/2025; Exercise Price: $190.00 | (623968) | (34) | (37400) |
| Coinbase Global, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $400.00 | (1019952) | (27) | (72158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $375.00 | (415536) | (11) | (16335) |
| Galaxy Digital, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $31.00 | (707534) | (249) | (94620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $28.00 | (804145) | (283) | (52355) |
| Hut 8 Corp. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $20.50 | (125257) | (59) | (797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $20.00 | (1029655) | (485) | (26917) |
| MARA Holdings, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $17.50 | (509736) | (317) | (50878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $16.50 | (532248) | (331) | (28466) |
| MicroStrategy, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $420.00 | (522418) | (13) | (26260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $410.00 | (482232) | (12) | (15330) |
| NVIDIA Corp. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $175.00 | (1031646) | (58) | (4031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $180.00 | (142296) | (8) | (3840) |
| Riot Platforms, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $15.50 | (147510) | (110) | (24365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $15.00 | (576630) | (430) | (77185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $13.50 | (457281) | (341) | (21654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $14.00 | (172989) | (129) | (15286) |
| Robinhood Markets, Inc. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $103.00 | (226710) | (22) | (3806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $104.00 | (1092330) | (106) | (43195) |
| Taiwan Semiconductor Manufacturing Co. Ltd. |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/01/2025; Exercise Price: $240.00 | (362430) | (15) | (1935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/08/2025; Exercise Price: $245.00 | (724860) | (30) | (19275) |
| **Total Put Options** |  |  | (751608) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $990,836) |  |  | $(871386) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) 100 shares per contract.

(b) Exchange-traded.

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $13298478 | $– | $– | $13298478 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 4829318 | – | – | 4829318 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 3886017 | – | 3886017 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5378827 | – | – | 5378827 |
| Total Investments | $23506623 | $3886017 | $– | $27392640 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(871386) | $– | $(871386) |
| Total Investments | $– | $(871386) | $– | $(871386) |
| Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

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

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

- **a. Name of Series:** Nicholas Crypto Income ETF

- **b. EDGAR series identifier (if any):** S000093157

- **c. LEI of Series:** 2549007PPW3JE7AO3V13

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $26003145.34

**Total Liabilities:** $954048.22

**Net Assets:** $25049097.12

**Amount of Assets Invested in Other Investment Companies:** $8065600.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261287 |  | 5.43%                | 10.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  | $-7319.10                | $192681.14                                 |
| Month 3  | $496700.72               | $23940.94                                  |

**Designated Index Information**

- **Index Name:** S&P CME Bitcoin Futures Index (USD) Total Return

- **Index Identifier:** SPBTCFUT

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARA Holdings Inc              | MARA Holdings Inc                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     60740 | NS      | $976699.20    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc              | MicroStrategy Inc                          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |      2385 | NS      | $958436.10    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | BitMine Immersion Technologies Inc         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        97 | NC      | $39770.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BitMine Immersion Technologies Inc         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -97 | NC      | $-75660.00    | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Robinhood Markets Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        47 | NC      | $1997.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Robinhood Markets Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -22 | NC      | $-3806.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Robinhood Markets Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        37 | NC      | $8399.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Robinhood Markets Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        36 | NC      | $15750.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Robinhood Markets Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -98 | NC      | $-69335.00    | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Hut 8 Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        24 | NC      | $156.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Hut 8 Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -24 | NC      | $-324.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Hut 8 Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -485 | NC      | $-26917.50    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       136 | NC      | $12852.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -195 | NC      | $-37342.50    | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -136 | NC      | $-32776.00    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -276 | NC      | $-44298.00    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MBTX US 08/15/25 C290                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-45000.00    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MBTX US 08/15/25 C310                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       150 | NC      | $87750.00     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MicroStrategy Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $2275.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MicroStrategy Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-26260.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        58 | NC      | $493.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -58 | NC      | $-4031.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $726.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1920.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       771 | NC      | $28912.50     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -341 | NC      | $-21653.50    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       110 | NC      | $14795.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -430 | NC      | $-77185.00    | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -110 | NC      | $-24365.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        65 | NC      | $2600.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Riot Platforms Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -65 | NC      | $-7702.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        15 | NC      | $75.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        24 | NC      | $1536.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -15 | NC      | $-1935.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -24 | NC      | $-13740.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $493.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-1927.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      6266 | NS      | $1114533.42   | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc             | Riot Platforms Inc                         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     94610 | NS      | $1268720.10   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     12057 | NS      | $1242473.85   | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4271 | NS      | $1031959.02   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Bitcoin ETF/US          | VanEck Bitcoin ETF/US                      | CUSIP: 92189K105<br>LEI: 549300TNL4G0U4518067 | Long             | EC               | RF                | US        |    136668 | NS      | $4515510.72   | 18.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Coinbase Global Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        27 | NC      | $35842.50     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coinbase Global Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -27 | NC      | $-72157.50    | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coinbase Global Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $6200.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coinbase Global Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-11880.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Circle Internet Group Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $17440.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Circle Internet Group Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -32 | NC      | $-35200.00    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Ethereum Trust ETF                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1039 | NC      | $864967.50    | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Ethereum Trust ETF                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1039 | NC      | $-49352.50    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares Ethereum Trust ETF                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1039 | NC      | $18182.50     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fidelity Wise Origin Bitcoin Fund          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        40 | NC      | $211000.00    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fidelity Wise Origin Bitcoin Fund          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -441 | NC      | $-17640.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fidelity Wise Origin Bitcoin Fund          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       441 | NC      | $1102.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fidelity Wise Origin Bitcoin Fund          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       401 | NC      | $2129310.00   | 8.50%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Galaxy Digital Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       283 | NC      | $31130.00     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Galaxy Digital Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -283 | NC      | $-52355.00    | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Galaxy Digital Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       215 | NC      | $59125.00     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Galaxy Digital Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -215 | NC      | $-81700.00    | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Hut 8 Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       485 | NC      | $13095.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        28 | NC      | $252.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       167 | NC      | $8851.00      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       276 | NC      | $15870.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MicroStrategy Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $1380.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MicroStrategy Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        13 | NC      | $12447.50     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MicroStrategy Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-12775.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Block Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       124 | NC      | $3720.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Block Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        16 | NC      | $1832.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Block Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -124 | NC      | $-24180.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Block Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -16 | NC      | $-6160.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BitMine Immersion Technologies | BitMine Immersion Technologies Inc         | CUSIP: 09175A206<br>LEI: 254900TGJJ1D9JNAQT27 | Long             | EC               | CORP              | US        |      9700 | NS      | $336008.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc      | Circle Internet Group Inc                  | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      3224 | NS      | $591668.48    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc            | Coinbase Global Inc                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      3566 | NS      | $1347092.16   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Wise Origin Bitcoin F | Fidelity Wise Origin Bitcoin Fund          | CUSIP: 315948109<br>LEI: 254900ICT5W5WU7K9J50 | Long             | EC               | RF                | US        |        55 | NS      | $5601.20      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3665862 | NS      | $3665862.48   | 14.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                         | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     49821 | NS      | $1415663.72   | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                     | Hut 8 Corp                                 | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     50997 | NS      | $1082666.31   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Ethereum Trust ETF     | iShares Ethereum Trust ETF                 | CUSIP: 46438R105<br>LEI: 529900M7AJ6IYSU9SP67 | Long             | EC               | RF                | US        |        12 | NS      | $339.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     14037 | NS      | $1084498.62   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer