# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0000894189-25-020436
**Filing Date:** 2025-12
**Character Count:** 39808
**Document Hash:** cc4ce5d8122162f2cff89b3fc845139e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-020436.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000894189-25-020436

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260731

**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:** 251613568

**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

### YieldMax(R) Target 12(TM) Real Estate Option Income ETF (Series ID: S000088626)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000254951 | YieldMax(R) Target 12(TM) Real Estate Option Income ETF | RNTY            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **YieldMax Target 12 Real Estate Option Income ETF** | **YieldMax Target 12 Real Estate Option Income ETF** | **YieldMax Target 12 Real Estate Option Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 83.9% <sup>(a)</sup>** | **Shares** | **Value**  |
| American Tower Corp. <sup>(b)(c)</sup> | 552 | $98797 |
| AvalonBay Communities, Inc. <sup>(b)(c)</sup> | 496 | 86264 |
| Camden Property Trust <sup>(b)(c)</sup> | 896 | 89134 |
| Crown Castle, Inc. <sup>(b)(c)</sup> | 960 | 86611 |
| Digital Realty Trust, Inc. <sup>(b)(c)</sup> | 832 | 141781 |
| Equinix, Inc. <sup>(b)(c)</sup> | 121 | 102367 |
| Equity LifeStyle Properties, Inc. | 1134 | 69231 |
| Equity Residential <sup>(b)(c)</sup> | 1465 | 87080 |
| Essex Property Trust, Inc. <sup>(b)(c)</sup> | 352 | 88623 |
| Extra Space Storage, Inc. <sup>(b)(c)</sup> | 714 | 95348 |
| Independence Realty Trust, Inc. | 3930 | 62605 |
| Invitation Homes, Inc. <sup>(b)(c)</sup> | 2996 | 84337 |
| Iron Mountain, Inc. <sup>(b)(c)</sup> | 899 | 92552 |
| Mid-America Apartment Communities, Inc. <sup>(b)(c)</sup> | 635 | 81426 |
| Prologis, Inc. <sup>(b)(c)</sup> | 1228 | 152382 |
| Public Storage <sup>(b)(c)</sup> | 333 | 92760 |
| Realty Income Corp. <sup>(b)(c)</sup> | 1726 | 100073 |
| SBA Communications Corp. <sup>(b)(c)</sup> | 322 | 61657 |
| Simon Property Group, Inc. <sup>(b)(c)</sup> | 654 | 114947 |
| Sun Communities, Inc. <sup>((b)(c)</sup> | 611 | 77353 |
| UDR, Inc. | 1816 | 61181 |
| Welltower, Inc. <sup>(b)(c)</sup> | 839 | 151893 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,113,528) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,113,528) | 2078402 |
| **COMMON STOCKS - 15.3%** |  |  |
| **Oil & Gas - 3.8%** | **Oil & Gas - 3.8%** |  |
| Texas Pacific Land Corp. <sup>(b)(c)</sup> | 100 | 94338 |
| **Real Estate - 11.5%** | **Real Estate - 11.5%** |  |
| CBRE Group, Inc. - Class A <sup>(b)(c)(d)</sup> | 632 | 96336 |
| Howard Hughes Holdings, Inc. <sup>(b)(c)(d)</sup> | 1132 | 89745 |
| St Joe Co. | 1753 | 99535 |
|  |  | 285616 |
| **TOTAL COMMON STOCKS** (Cost $347,325) | **TOTAL COMMON STOCKS** (Cost $347,325) | 379954 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 0.3% <sup>(d)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 0.3% <sup>(b)(e)(f)</sup>** | **Call Options - 0.3% <sup>(b)(e)(f)</sup>** | | |
|  American Tower Corp., Expiration: 11/21/2025; Exercise Price: $210.00 | $89490 | 5 | 100 |
|  AvalonBay Communities, Inc., Expiration: 11/21/2025; Exercise Price: $200.00 | 69568 | 4 | 20 |
|  Camden Property Trust, Expiration: 11/21/2025; Exercise Price: $115.00 | 79584 | 8 | 56 |
|  CBRE Group, Inc., Expiration: 11/21/2025; Exercise Price: $165.00 | 91458 | 6 | 405 |
|  Crown Castle, Inc., Expiration: 11/21/2025; Exercise Price: $105.00 | 81198 | 9 | 90 |
|  Digital Realty Trust, Inc., Expiration: 11/21/2025; Exercise Price: $190.00 | 136328 | 8 | 980 |
|  Equinix, Inc., Expiration: 11/21/2025; Exercise Price: $890.00 | 84601 | 1 | 605 |
|  Equity Residential, Expiration: 11/21/2025; Exercise Price: $70.00 | 83216 | 14 | 14 |
|  Essex Property Trust, Inc., Expiration: 11/21/2025; Exercise Price: $290.00 | 75531 | 3 | 330 |
|  Extra Space Storage, Inc., Expiration: 11/21/2025; Exercise Price: $160.00 | 93478 | 7 | 262 |
|  Howard Hughes Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $95.00 | 87208 | 11 | 413 |
|  Invitation Homes, Inc., Expiration: 11/21/2025; Exercise Price: $32.50 | 81635 | 29 | 29 |
|  Iron Mountain, Inc., Expiration: 11/21/2025; Exercise Price: $120.00 | 82360 | 8 | 240 |
|  Prologis, Inc., Expiration: 11/21/2025; Exercise Price: $140.00 | 148908 | 12 | 300 |
|  Public Storage, Expiration: 11/21/2025; Exercise Price: $320.00 | 83568 | 3 | 45 |
|  Real Estate Select Sector SPDR Fund, Expiration: 11/21/2025; Exercise Price: $45.00 | 290390 | 71 | 355 |
|  Realty Income Corp., Expiration: 11/21/2025; Exercise Price: $65.00 | 98566 | 17 | 43 |
|  SBA Communications Corp., Expiration: 11/21/2025; Exercise Price: $220.00 | 57444 | 3 | 315 |
|  Simon Property Group, Inc., Expiration: 11/21/2025; Exercise Price: $195.00 | 105456 | 6 | 120 |
|  Sun Communities, Inc., Expiration: 11/21/2025; Exercise Price: $140.00 | 75960 | 6 | 615 |
|  Texas Pacific Land Corp., Expiration: 11/21/2025; Exercise Price: $1,060.00 | 94338 | 1 | 795 |
|  Welltower, Inc., Expiration: 11/21/2025; Exercise Price: $190.00 | 144832 | 8 | 760 |
| **TOTAL PURCHASED OPTIONS** (Cost $17,294) | **TOTAL PURCHASED OPTIONS** (Cost $17,294) | **TOTAL PURCHASED OPTIONS** (Cost $17,294) | 6892 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.7%** | **MONEY MARKET FUNDS - 4.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(c)(g)</sup> | First American Government Obligations Fund - Class X, 4.03% <sup>(c)(g)</sup> | 115443 | 115443 |
| **TOTAL MONEY MARKET FUNDS** (Cost $115,443) | **TOTAL MONEY MARKET FUNDS** (Cost $115,443) | **TOTAL MONEY MARKET FUNDS** (Cost $115,443) | 115443 |
| **TOTAL INVESTMENTS - 104.2% (**Cost $2,593,590**)** | **TOTAL INVESTMENTS - 104.2% (**Cost $2,593,590**)** | **TOTAL INVESTMENTS - 104.2% (**Cost $2,593,590**)** | 2580691 |
| Liabilities in Excess of Other Assets - (4.2)% | Liabilities in Excess of Other Assets - (4.2)% | Liabilities in Excess of Other Assets - (4.2)% | (103287) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $2477404 |
| 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. | –% |

---

REIT - Real Estate Investment Trust<br>

(a) To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(b) Held in connection with written option contracts. See Schedule of Written Options for further information.

(c) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of October 31, 2025 is $1,129,269.

(d) Non-income producing security.

(e) Exchange-traded.

(f) 100 shares per contract.

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

------

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax Target 12 Real Estate Option Income ETF** | **YieldMax Target 12 Real Estate Option Income ETF** | **YieldMax Target 12 Real Estate Option Income ETF** | **YieldMax Target 12 Real Estate Option Income ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.8)%<sup>(a)(b)</sup>** | **Call Options - (0.8)%<sup>(a)(b)</sup>** | **Call Options - (0.8)%<sup>(a)(b)</sup>** | **Call Options - (0.8)%<sup>(a)(b)</sup>** |
| American Tower Corp., Expiration: 11/21/2025; Exercise Price: $200.00 | $(89490) | (5) | $(162) |
| AvalonBay Communities, Inc., Expiration: 11/21/2025; Exercise Price: $190.00 | (69568) | (4) | (140) |
| Camden Property Trust, Expiration: 11/21/2025; Exercise Price: $110.00 | (79584) | (8) | (100) |
| CBRE Group, Inc., Expiration: 11/21/2025; Exercise Price: $160.00 | (91458) | (6) | (870) |
| Crown Castle, Inc., Expiration: 11/21/2025; Exercise Price: $100.00 | (81198) | (9) | (270) |
| Digital Realty Trust, Inc., Expiration: 11/21/2025; Exercise Price: $180.00 | (136328) | (8) | (1240) |
| Equinix, Inc., Expiration: 11/21/2025; Exercise Price: $850.00 | (84601) | (1) | (2010) |
| Equity Residential, Expiration: 11/21/2025; Exercise Price: $65.00 | (83216) | (14) | (210) |
| Essex Property Trust, Inc., Expiration: 11/21/2025; Exercise Price: $270.00 | (75531) | (3) | (428) |
| Extra Space Storage, Inc., Expiration: 11/21/2025; Exercise Price: $155.00 | (93478) | (7) | (263) |
| Howard Hughes Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $85.00 | (87208) | (11) | (1045) |
| Invitation Homes, Inc., Expiration: 11/21/2025; Exercise Price: $30.00 | (81635) | (29) | (363) |
| Iron Mountain, Inc., Expiration: 11/21/2025; Exercise Price: $110.00 | (82360) | (8) | (1340) |
| Mid-America Apartment Communities, Inc., Expiration: 11/21/2025; Exercise Price: $140.00 | (76938) | (6) | (255) |
| Prologis, Inc., Expiration: 11/21/2025; Exercise Price: $130.00 | (148908) | (12) | (990) |
| Public Storage, Expiration: 11/21/2025; Exercise Price: $310.00 | (83568) | (3) | (412) |
| Real Estate Select Sector SPDR Fund, Expiration: 11/21/2025; Exercise Price: $43.00 | (290390) | (71) | (1065) |
| Realty Income Corp., Expiration: 11/21/2025; Exercise Price: $60.00 | (98566) | (17) | (510) |
| SBA Communications Corp., Expiration: 11/21/2025; Exercise Price: $200.00 | (57444) | (3) | (945) |
| Simon Property Group, Inc., Expiration: 11/21/2025; Exercise Price: $185.00 | (105456) | (6) | (585) |
| Sun Communities, Inc., Expiration: 11/21/2025; Exercise Price: $130.00 | (75960) | (6) | (855) |
| Texas Pacific Land Corp., Expiration: 11/21/2025; Exercise Price: $1,020.00 | (94338) | (1) | (1650) |
| Welltower, Inc., Expiration: 11/21/2025; Exercise Price: $180.00 | (144832) | (8) | (4040) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $44,685) |  |  | $(19748) |
| 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) Exchange-traded.

(b) 100 shares per contract.

------

#### Summary of Fair Value Disclosure as of October 31, 2025 (Unaudited)
YieldMax Target 12 Real Estate Option 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | $2078402 | $– | $– | $2078402 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 379954 | – | – | 379954 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 6892 | – | 6892 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 115443 | – | – | 115443 |
| Total Investments | $2573799 | $6892 | $– | $2580691 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(19748) | $– | $(19748) |
| Total Investments | $– | $(19748) | $– | $(19748) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the 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:** YieldMax Target 12 Real Estate Option Income ETF

- **b. EDGAR series identifier (if any):** S000088626

- **c. LEI of Series:** 254900ALEMNLAGRNKK41

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

- **a. Date of fiscal year-end:** 2026-07-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2690157.30

**Total Liabilities:** $212762.95

**Net Assets:** $2477394.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254951 | 1.88%                | 0.63%                | -1.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-906.03                 | $52080.04                                  |
| Month 2  | $18493.91                | $-32167.23                                 |
| Month 3  | $-18237.02               | $-38837.06                                 |

**Designated Index Information**

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

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | AvalonBay Communities Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-140.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AvalonBay Communities Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $20.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CBRE Group Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-870.00      | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CBRE Group Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $405.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Crown Castle Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-270.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Crown Castle Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $90.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Camden Property Trust                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Camden Property Trust                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $56.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Digital Realty Trust Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-1240.00     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Digital Realty Trust Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $980.00       | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Equinix Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-2010.00     | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Equinix Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $605.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Equity Residential                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -14 | NC      | $-210.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Equity Residential                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        14 | NC      | $14.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Essex Property Trust Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-427.50      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Essex Property Trust Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $330.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Extra Space Storage Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-262.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Extra Space Storage Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $262.50       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Howard Hughes Holdings Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -11 | NC      | $-1045.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Howard Hughes Holdings Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        11 | NC      | $412.50       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mid-America Apartment Communities Inc      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-255.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Prologis Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-990.00      | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Prologis Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        12 | NC      | $300.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Public Storage                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-412.50      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Public Storage                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $45.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Real Estate Select Sector SPDR Fund        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -71 | NC      | $-1065.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       322 | NS      | $61656.56     | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                  | St Joe Co/The                              | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      1753 | NS      | $99535.34     | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group Inc                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Short            | EC               | CORP              | US        |      -600 | NS      | $-105456.00   | -4.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group Inc                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1254 | NS      | $220403.04    | 8.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities Inc                        | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |       611 | NS      | $77352.60     | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                    | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $94338.00     | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                        | UDR Inc                                    | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1816 | NS      | $61181.04     | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |       839 | NS      | $151892.56    | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Texas Pacific Land Corp                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-1650.00     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Texas Pacific Land Corp                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $795.00       | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Welltower Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-4040.00     | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invitation Homes Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -29 | NC      | $-362.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Invitation Homes Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        29 | NC      | $29.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Iron Mountain Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-1340.00     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Iron Mountain Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $240.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Realty Income Corp                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -17 | NC      | $-510.00      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Realty Income Corp                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        17 | NC      | $42.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SBA Communications Corp                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-945.00      | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SBA Communications Corp                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $315.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Simon Property Group Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-585.00      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Simon Property Group Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $120.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sun Communities Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-855.00      | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sun Communities Inc                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $615.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Real Estate Select Sector SPDR Fund        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        71 | NC      | $355.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp            | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       552 | NS      | $98796.96     | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc      | AvalonBay Communities Inc                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       496 | NS      | $86264.32     | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       632 | NS      | $96335.76     | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       896 | NS      | $89134.08     | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle Inc                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       960 | NS      | $86611.20     | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       832 | NS      | $141781.12    | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       121 | NS      | $102367.21    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      1134 | NS      | $69230.70     | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1465 | NS      | $87079.60     | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc       | Essex Property Trust Inc                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       352 | NS      | $88623.04     | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc        | Extra Space Storage Inc                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       714 | NS      | $95347.56     | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    115443 | NS      | $115442.64    | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc                 | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |      1132 | NS      | $89744.96     | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust Inc              | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      3930 | NS      | $62604.90     | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2996 | NS      | $84337.40     | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                          | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |       899 | NS      | $92552.05     | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit | Mid-America Apartment Communities Inc      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |       635 | NS      | $81426.05     | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1228 | NS      | $152382.52    | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |       333 | NS      | $92760.48     | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      1726 | NS      | $100073.48    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | American Tower Corp                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-162.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | American Tower Corp                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $100.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Welltower Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $760.00       | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer