# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0002000324-26-002655
**Filing Date:** 2026-6
**Character Count:** 12019
**Document Hash:** 973ab1bd1716916829dfa858589965d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002655.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0002000324-26-002655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**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:** 261122635

**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

### YieldMax(R) MSTR Performance & Distribution Target 25(TM) ETF (Series ID: S000092172)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000260102 | YieldMax(R) MSTR Performance & Distribution Target 25(TM) ETF | MSTT            |

## Nport-Ex

**YieldMax MSTR Performance & Distribution Target 25 ETF**

**Schedule of Investments**

**April 30, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 11.8%<sup>(a)(b)(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 11.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $172.50 | $1654500 | 100 | $67000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $170.00 | 4086615 | 247 | 187720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $165.00 | 545985 | 33 | 32423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $162.50 | 6287100 | 380 | 421800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | 708943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $570,526)** |  |  | 708943 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 49.6%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 3.0%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.58%<sup>(e)</sup> | 180871 | 180871 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury Bills - 46.6%** | **Principal <br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 6/11/2026, 3.57%<sup>(f)(g)</sup> | $391000 | 389399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 7/9/2026, 3.63%<sup>(f)(g)</sup> | 725000 | 719994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 8/6/2026, 3.63%<sup>(f)(g)(h)</sup> | 1716000 | 1699447 |
|  |  | 2808840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $2,990,108)** |  | 2989711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 61.4% (Cost $3,560,634)** |  | $3698654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 38.6% |  | 2328072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $6026726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

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

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized
 effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield
 as of April 30, 2026.

(g) All or a portion of this security has been pledged
 as collateral for written options. As of April 30, 2026, the total value of securities pledged as collateral is $2,808,776.

(h) Fair value of this security exceeds 25% of the
 Fund's net assets. Additional information for this security, including the financial statements, is available from the
 SEC's EDGAR database at www.sec.gov.

**YieldMax MSTR Performance & Distribution Target 25 ETF**

**Schedule of Written Options Contracts**

**April 30, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (16.1)%<sup>(a)(b)</sup>** | **Notional <br> Amount** | **Contracts** | **Value** |
| **Call Options - (10.6)%** |  |  |  |
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $165.00 | $(1654500) | (100) | $(98250) |
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $150.00 | (4632600) | (280) | (541800) |
| **Total Call Options** |  |  | (640050) |
| **Put Options - (5.5)%** |  |  |  |
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $162.51 | (6287100) | (380) | (330980) |
| **TOTAL WRITTEN OPTIONS (Premiums received $585,359)** |  |  | $(971030) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

## 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:** 8449867676

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

- **a. Name of Series:** Yieldmax Mstr Performance & Distribution Target 25 ETF

- **b. EDGAR series identifier (if any):** S000092172

- **c. LEI of Series:** 2549003VX0N37BGNBF73

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

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

- **b. Date as of which information is reported:** 2026-04-30

**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:** $6739359.77

**Total Liabilities:** $673232.34

**Net Assets:** $6066127.43

**Cash Not Reported:** $1879338.61

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -64.02 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260102 | -11.89%              | -1.37%               | 25.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16.68                  | $-147.91                                   |
| Month 2  | $0.00                    | $-468.32                                   |
| Month 3  | $0.00                    | $143.99                                    |

**Designated Index Information**

- **Index Name:** MicroStrategy (Strategy)

- **Index Identifier:** MSTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    180871 | NS      | $180870.96    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C125                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       380 | NC      | $1579850.00   | 26.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C150                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -280 | NC      | $-541800.00   | -8.93%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C165                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-98250.00    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C165                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        33 | NC      | $32422.50     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C170                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       247 | NC      | $187720.00    | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSTR US 05/15/26 C172.5                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       100 | NC      | $67000.00     | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    391000 | PA      | $389399.12    | 6.42%             | 2026-06-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    725000 | PA      | $719994.03    | 11.87%            | 2026-07-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1716000 | PA      | $1699447.28   | 28.02%            | 2026-08-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | MSTR 05/15/2026 125.01 P                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -380 | NC      | $-28914.20    | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-25

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer