# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-011927
**Filing Date:** 2025-8
**Character Count:** 755747
**Document Hash:** b634634c37489ac0892c7363d6620c38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011927.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001999371-25-011927

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250829

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251248082

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264478
- **FILM NUMBER:** 251248081

**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

### Roundhill Generative AI & Technology ETF (Series ID: S000080348)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000242695 | Roundhill Generative AI & Technology ETF | CHAT            |

?xml version='1.0' encoding='ASCII'?

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 25, 2025

1933 Act Registration File No.: 333-264478

1940 Act File No.: 811-23793

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ____ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 408 | ☑ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 411 | ☑ |

---

**<u>TIDAL TRUST II</u>**

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203** 

**Milwaukee, Wisconsin 53204**

(Address of Principal Executive Offices, Zip Code)

(Registrant's Telephone Number, including Area Code) **(855) 843-2534**

**The Corporation Trust Company** 

**1209 Orange Street** 

**Corporation Trust Center** 

**Wilmington, DE 19801** 

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| **Eric W. Falkeis** <br> **Tidal ETF Services LLC** <br> **234 West Florida Street, Suite 203** <br> **Milwaukee, WI 53204**  | **Domenick Pugliese** <br> **Sullivan & Worcester LLP** <br> **1251 Avenue of the Americas, 19<sup>th</sup> Floor** <br> **New York, NY 10020**  |

---

It is proposed that this filing will become effective (check appropriate box):

---

| | |
|:---|:---|
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☑ | on August 29, 2025 pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of rule 485 |

---

**Explanatory Note**: This Post-Effective Amendment No. 408 to the Registration Statement of Tidal Trust II (the "Trust") is being filed to add the audited financial statements and certain related financial information for the Roundhill Generative AI & Technology ETF for the fiscal period ended April 30, 2025 and to make other permissible changes under Rule 485(b).

![](chat485bpos001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CHAT** | **Roundhill Generative AI & Technology ETF** |
|  | ***listed on NYSE Arca, Inc.*** |

---

**PROSPECTUS**

**August 29, 2025**

**The U.S. Securities and Exchange Commission (the "SEC") has not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.** 

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Roundhill Generative AI & Technology ETF - Fund Summary**](#chat485bposa001) | 1 |
| [**Additional Information about the Fund**](#chat485bposa002) | 8 |
| [**Portfolio Holdings Information**](#chat485bposa003) | 12 |
| [**Management**](#chat485bposa004) | 12 |
| [Fund Sponsor](#fundsponsor) | 14 |
| [**How to Buy and Sell Shares**](#chat485bposa005) | 14 |
| [**Dividends, Distributions, and Taxes**](#chat485bposa006) | 16 |
| [**Distribution**](#chat485bposa007) | 19 |
| [**Premium/Discount Information**](#chat485bposa008) | 19 |
| [**Additional Notices**](#chat485bposa009) | 19 |
| [**Financial Highlights**](#chat485bposa010) | 20 |

---

**ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF - FUND SUMMARY**

**Investment Objective**

The Roundhill Generative AI & Technology ETF (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.75% |

---

<sup>(1)</sup> The Fund's investment adviser, Tidal Investments, LLC (the "Adviser") will pay, or require a sub-adviser to pay, all of the Fund's expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), litigation expenses, and other non-routine or extraordinary expenses.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Year** | **10 Years** |
| $77 | $240 | $417 | $930 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended April 30, 2025, the Fund's portfolio turnover rate was 92% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in the equity securities of exchange-listed companies globally, including those in emerging markets, which are involved in the investment theme of artificial intelligence ("AI"), focused on generative AI and related technologies.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of AI and Technology Companies (defined below). The Fund's 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days notice prior to any such change.

<u>Overview of Generative AI</u>:

AI refers to computer simulation of human intelligence in computers that are programmed to think and learn like humans. It is a branch of computer science that deals with the creation of intelligent machines that work and react like humans. Some of the key techniques used in AI include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● machine learning - learning a new task without being specifically programmed to do it,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● deep learning - learning by example,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● natural language processing - understanding human language text or speech,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● computer vision - interpreting and understanding the visual world (e.g., distinguishing faces), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● expert systems - which simulate the judgment and behavior of humans with expertise in a particular field (e.g., medicine).

AI has a wide range of applications, such as self-driving cars, speech recognition, image recognition, natural language understanding, decision-making, and many more. With the advancement of technology and the increasing amount of data available, AI is becoming increasingly important in many industries.

More specifically, generative AI refers to a set of technologies where computer systems can generate original content based on the data they have been trained in response to prompts from a user. It uses a type of deep learning called generative adversarial networks and has a wide range of applications, including creating images, text, and audio.

*AI and Technology Companies.* For purposes of the Fund's 80% requirement, the Fund considers a company to be an AI Company or a Technology Company if it derives 50% or more of its revenue in one or more of the following proprietary sectors: (i) AI software and/or generative AI software, (ii) cloud infrastructure services (e.g., services that provide infrastructure-as-a-service to support the training of AI models), (iii) AI semiconductors (e.g., designing and manufacturing of key semiconductors for AI applications), (iv) network infrastructure (e.g., development of servers, storage, and networking equipment relevant for training and running generative AI models), (v) AI services (e.g., consulting and implementation services for generative AI software), (vi) software and information technology services companies, (vii) manufacturers and distributors of technology hardware and equipment (e.g., communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments), (viii) semiconductors and semiconductor equipment, (ix) interactive media and services, and (x) diversified consumer services, broadline retail, and entertainment companies involved in the foregoing.

<u>Portfolio Construction</u>:

The Fund's sub-adviser, Roundhill Financial Inc. (the Sub-Adviser), uses a proprietary methodology in an attempt to assess companies best positioned to benefit from the anticipated growth of generative AI and related technologies. The Sub-Adviser utilizes a proprietary exposure score (e.g., from 1 to 100) to assess the relevance of companies to generative AI, including a transcript score and sector score.

The transcript score utilizes proprietary keyword analysis from publicly available documents including company filings, transcripts, presentations, and press releases to identify references to various AI and related technology terms.

The sector score utilizes a proprietary sector methodology to categorize companies related to AI, including AI software, cloud infrastructure services, semiconductors, network infrastructure and AI services. The score assesses the materiality of generative AI and related technologies to the company's expected financial performance, including revenue, profit and research and development (R&D) spending. Companies that are expected to derive 50% or more of their revenue or profit from generative AI and related technologies or invest 50% or more of their R&D budget into these areas receive the highest score. Companies expected to derive at least 10% and up to 50% of revenue and profit from generative AI and related technologies or invest at least 10% and up to 50% of their R&D budget in these areas receive a lesser score. Companies expected to derive no more than 10% of revenue and profit or invest no more than 10% of their R&D budget in generative AI and related technologies receive the lowest score.

The transcript score and sector score are combined to create an aggregate exposure score and are weighted by their exposure to the score subject to market capitalization (at least $250 million in market capitalization) and liquidity constraints (a minimum average daily trading volume of at least $500,000). As a result, the Fund's investments may include micro-, small-, medium- and large-capitalization companies.

The Fund's portfolio will generally consist of between 25 and 50 securities. The Fund may invest in foreign securities directly or indirectly via depositary receipts (e.g., American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)).

The Fund will operate as a non-diversified fund under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. The Fund will concentrate its investments (*i.e.*, hold 25% or more of its total assets) in securities of companies with principal business activities in groups of industries that comprise the technology sector.

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled Additional Information About the Fund Principal Risks of Investing in The Fund.

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

**Artificial Intelligence Company Risk.** Companies involved in, or exposed to, artificial intelligence related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end user demand of products and services in various industries that may in part utilize robotics and artificial intelligence.

**Technology Sector Risk.** The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. Investments in foreign companies securities, including investments via depositary receipts, are subject to special risks, including the following:

● *Currency Exchange Rate Risk.* The Fund's assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

● *Depositary Receipt Risk*. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

● *Developed Markets Risk.* Developed market countries generally tend to rely on the services sectors (e.g., the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.

● *Emerging Markets Risk*. The Fund may invest in indirectly, via ADRs, in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

○ *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

○ *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

○ *Micro-Capitalization Investing*. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Concentration Risk**. The Fund will be concentrated in securities of issuers having their principal business activities in the technology group of industries. To the extent that the Fund concentrates in a group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that group of industries will negatively impact them to a greater extent than if its assets were invested in a wider variety of industries.

***The remaining risks are presented in alphabetical order. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.***

**ETF Risks.**

*○* *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.

*○* *Costs of Buying or Selling Shares.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*○* *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.

*○* *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's portfolio holdings, which can be significantly less liquid than Shares.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser's success or failure to implement investment strategies for the Fund.

**Models and Data Risk.** The Sub-Adviser's evaluation of potential Fund portfolio holdings is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Performance**

The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance over time. The following bar chart shows the Fund's annual returns. The table illustrates how the Fund's average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.roundhillinvestments.com/etf/chat.

Calendar Year Ended December 31

![](chat485bpos003.jpg)

The Fund's calendar year-to-date return as of June 30, 2025 was 20.24%.

During the period of time shown in the bar chart, the highest return for a calendar quarter was 14.85% (quarter ended March 31, 2024) and the lowest return for a calendar quarter was 0.91% (quarter ended September 30, 2024).

**Average Annual Total Returns**

**For the Periods Ended December 31, 2024**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Since Inception**<br> **(5/17/2023)** |
| &nbsp;&nbsp;Return Before Taxes | &nbsp;&nbsp;30.90% | &nbsp;&nbsp;33.48% |
| &nbsp;&nbsp;Return After Taxes on Distributions | &nbsp;&nbsp;30.90% | &nbsp;&nbsp;33.48% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;18.29% | &nbsp;&nbsp;26.03% |
| &nbsp;&nbsp;Solactive GBS Global Markets All Cap USD Index TR<br> (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;16.75% | &nbsp;&nbsp;18.54% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account ("IRA"). In certain cases, the figures representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

*Investment Adviser*

Tidal Investments LLC ("Tidal" or the "Adviser") serves as investment adviser to the Fund.

*Investment Sub-Adviser*

Roundhill Financial Inc. (the "Sub-Adviser") serves as investment sub-adviser to the Fund.

*Portfolio Managers*

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Will Hershey, CFA, Portfolio Manager for the Sub-Adviser has been a portfolio manager of the Fund since its inception in 2023.

Tim Maloney, CFA, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2023.

Dave Mazza, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2023.

Qiao Duan, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2023.

Charles A. Ragauss, CFA, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2023.

Michael Venuto, Chief Investment Officer for the Adviser, has been a portfolio manager of the Fund since its inception in 2023.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as Creation Units, which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the Deposit Securities) and/or a designated amount of U.S. cash.

Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the bid price) and the lowest price a seller is willing to accept for Shares (the ask price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the bid-ask spread.

Information regarding the Fund's NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund's website at www.roundhillinvestments.com/etf/chat.

**Tax Information**

Fund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND** 

**Investment Objective**

The Roundhill Generative AI & Technology ETF (the "Fund") seeks long-term capital appreciation.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. The Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") and at least 60 days' written notice to shareholders.

**Additional Information About the Fund's Principal Investment Strategies**

The following information is in addition to, and should be read along with, the description of the Fund's principal investment strategies in the section titled Fund Summary-Principal Investment Strategies above.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of AI, Conversational AI, and Innovation Companies. The Fund's 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change.

**Principal Risks of Investing in the Fund** 

The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's NAV per share, trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your performance in the Fund:

**Artificial Intelligence Company Risk.** Companies involved in, or exposed to, artificial intelligence related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end user demand of products and services in various industries that may in part utilize robotics and artificial intelligence.

Further, many companies involved in, or exposed to, artificial intelligence-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in artificial intelligence will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies technology. Legal and regulatory changes, particularly related information privacy and data protection, may have an impact on a company's products or services.

Companies that utilize AI in their business operations, and the challenges with properly managing AI's use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on such companies' business operations. If the content, analyses, or recommendations that AI applications assist companies in producing are or are alleged to be deficient, inaccurate, or biased, the Fund may be adversely affected. Additionally, AI tools used by such companies may produce inaccurate, misleading or incomplete responses that could lead to errors in decision-making or other business activities, which could have a negative impact on the performance of such companies. Such AI tools could also be used against companies in criminal or negligent ways.

AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.

Artificial intelligence companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Securities of artificial intelligence companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.

**Concentration Risk**. The Fund will be concentrated in securities of issuers having their principal business activities in the technology group of industries. To the extent that the Fund concentrates in a group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that group of industries will negatively impact them to a greater extent than if its assets were invested in a wider variety of industries.

**ETF Risks.**

*○* *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.

*○* *Costs of Buying or Selling Shares.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

*○* *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.

*○* *Trading.* Although Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange circuit breaker rules, which temporarily halt trading on the Exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in Shares when extraordinary volatility causes sudden, significant swings in the market price of Shares. There can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's portfolio holdings, which can be significantly less liquid than Shares.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets

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

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

● *Currency Exchange Rate Risk.* The Fund's assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

● *Depositary Receipt Risk* **.** Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.

● *Developed Markets Risk.* Many developed market countries have recently experienced significant economic pressures. Developed market countries generally tend to rely on the services sectors (e.g., the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Recently, new concerns have emerged with respect to the economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Spending on health, health care and retirement pensions in most developed countries has risen dramatically over the last few years. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase in health care and pension costs. Any increase in health care and pension costs will likely have a negative impact on the economic growth of many developed countries. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession.

● *Emerging Markets Risk.* The Fund may invest in indirectly, via ADRs, in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser's success or failure to implement investment strategies for the Fund.

**Market Capitalization Risk.**

○ *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

○ *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

○ *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

○ *Micro-Capitalization Investing*. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Models and Data Risk.** The Sub-Adviser's evaluation of potential Fund portfolio holdings is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (Models and Data). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Technology Sector Risk.** The Fund will invest in the securities of companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**PORTFOLIO HOLDINGS INFORMATION**

Information about the Fund's daily portfolio holdings will be available on the Fund's website at www.roundhillinvestments.com/etf/chat. A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's Statement of Additional Information (the SAI).

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC (the "Adviser" or "Tidal"), a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in and has been managing investment companies since March 2012 and Tidal is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of July 31, 2025, Tidal had assets under management of approximately $43.31 billion and served as the investment adviser or sub-adviser for 257 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the Advisory Agreement). The Adviser provides oversight of the Sub-Adviser and review of its performance. The Adviser is also responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services it provides to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, the "Excluded Expenses").

**Investment Sub-Adviser**

Roundhill Financial Inc. ("Roundhill" or the "Sub-Adviser"), a Delaware corporation located at 154 West 14th Street, 2nd Floor, New York, New York 10011, serves as the investment sub-adviser for the Fund. Roundhill was founded in 2018, and serves as the adviser to 34 ETFs. Roundhill became registered as an investment advisor registered with the SEC in 2019. As of July 31, 2025, Roundhill had approximately $5,725 million in assets under management.

The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities and financial instruments purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. Roundhill serves as the sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and Roundhill (the "Sub-Advisory Agreement").

For its services as sub-adviser, Roundhill is entitled to receive a fee from the Adviser, which fee is calculated daily and payable monthly, at an annual rate of 0.04% of the average daily net assets of the Fund. However, as Fund Sponsor, Roundhill may automatically waive all or a portion of its sub-advisory fee. See "Fund Sponsors" below for more information.

**Portfolio Managers**

The following individuals (each, a Portfolio Manager) have served as portfolio managers of the Fund since its inception in 2023.

The following individuals have served as portfolio managers of Fund since its inception in 2023. Messrs. Hershey, Maloney, and Mazza are primarily responsible for the day-to-day management of the Fund's securities investments, Qiao Duan, Charles Ragauss, and Michael Venuto oversee trading and execution for the Fund.

*Will Hershey, CFA, Portfolio Manager for the Sub-Adviser*

Mr. Hershey co-founded the Sub-Adviser in late 2018. He began his career at Yorkville ETF Advisors, continuing with Yorkville Capital Management after the sale of Yorkvilles ETF business. During his career, he held various roles, including Head Trader for a Yorkvilles long/short energy hedge fund. He graduated from Vanderbilt University in 2011 with a degree in Economics. Mr. Hershey is a CFA Charterholder.

*Tim Maloney, CFA, Portfolio Manager for the Sub-Adviser*

Mr. Maloney co-founded the Sub-Adviser in late 2018. He began his career at Morgan Stanley as a Foreign-Exchange and Emerging Markets salesperson. He later joined Wells Capital, where he traded investment grade bonds for a $35 billion fixed-income portfolio. He graduated from Vanderbilt University in 2011 with a degree in Economics, and in 2012 with a Masters of Science in Finance (MSF). Mr. Maloney is a CFA Charterholder.

*Dave Mazza, Portfolio Manager for the Sub-Adviser*

Mr. Mazza joined the Sub-Adviser in 2023. He began his career at State Street Global Advisors and had various research, portfolio management, and product development responsibilities including leading the strategy and research team for SPDR ETFs. He later worked in leadership roles at OppenheimerFunds and Rafferty Asset Management. He graduated from the Sawyer Business School at Suffolk University with his Masters of Business Administration (MBA) in Finance in 2015 and Boston College with a degree in Political Science and Philosophy in 2005.

*Qiao Duan, CFA, Portfolio Manager for the Adviser*

Qiao Duan serves as Portfolio Manager at the Adviser, having joined the firm in October 2020. From February 2017 to October 2020, she was an execution Portfolio Manager at Exponential ETFs, where she managed research and analysis relating to all Exponential ETF strategies. Ms. Duan previously served as a portfolio manager for the Exponential ETFs from their inception in May 2019 until October 2020. Ms. Duan received a Master of Science in Quantitative Finance and Risk Management from the University of Michigan in 2016 and a Bachelor of Science in Mathematics and Applied Mathematics from Xiamen University in 2014. She holds the CFA designation.

*Charles A. Ragauss, CFA, Portfolio Manager for the Adviser*

Mr. Ragauss serves as Portfolio Manager of the Adviser, having joined the Adviser in September 2020. Mr. Ragauss previously served as Chief Operating Officer and in other roles at CSat Investment Advisory, L.P. from April 2016 to September 2020. Previously, Mr. Ragauss was Assistant Vice President at Huntington National Bank ("Huntington"), where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development bringing to market some of the first actively managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.

*Michael Venuto, Chief Investment Officer for the Adviser*

Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Adviser since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives. Mr. Venuto studied Philosophy and Religion at NC State University.

CFA<sup>®</sup> is a registered trademark owned by the CFA Institute.

The Fund's SAI provides additional information about each Portfolio Manager's compensation structure, other accounts that each Portfolio Manager manages, and each Portfolio Manager's ownership of Shares.

**FUND SPONSOR**

The Adviser has entered into a fund sponsorship agreement with Roundhill ("Sponsor") pursuant to which Sponsor is a sponsor to the Fund. Under this arrangement, Defiance has agreed to provide financial support (as described below) to the Fund. Every month, unitary management fees for the Fund are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Fund.

In return for its financial support for the Fund, the Adviser has agreed to pay Sponsor a portion of any remaining profits generated by the unitary management fee. If the amount of the unitary management fees exceeds the Fund's operating expenses and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay a portion of the remaining profits to Sponsor.

If the amount of the unitary management fee is less than the Fund's operating expenses and the Adviser-retained amount, Sponsor is obligated to reimburse the Adviser for a portion of the shortfall.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by the Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or street name through your brokerage account.

**Frequent Purchases and Redemptions of Shares**

The Fund imposes no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, each day the NYSE is open for regular business. The NAV for the Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security or other asset held by the Fund or is determined to be unreliable, the security or other asset will be valued at fair value estimates under guidelines established by the Adviser (as described below).

**Fair Value Pricing**

The Board has designated the Adviser as the "valuation designee" for the Fund under Rule 2a-5 of the 1940 Act, subject to its oversight. The Adviser has adopted procedures and methodologies, which have been approved by the Board, to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment's primary pricing source is unable or unwilling to provide a price; (iii) an investment's primary trading market is closed during regular market hours; or (iv) an investment's value is materially affected by events occurring after the close of the investment's primary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser's valuation procedures. The Adviser will fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

**Investments by Other Registered Investment Companies in the Fund**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions of rules under the 1940 Act, including that such investment companies enter into an agreement with the Fund.

**Delivery of Shareholder Documents Householding** 

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually. The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

The Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund-level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when the Fund makes distributions, when you sell your Shares listed on the Exchange, and when you purchase or redeem Creation Units (institutional investors only).

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this Prospectus. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Taxes on Distributions** 

For federal income tax purposes, distributions of net investment income are generally taxable to shareholders as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains to shareholders. Distributions of short-term capital gain will generally be taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable to you even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend", which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (A) certain foreign financial institutions unless such foreign financial institution agrees to verify, monitor, and report to the Internal Revenue Service (IRS) the identity of certain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (B) certain non-financial foreign entities unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that they are not subject to such withholding.

**Taxes When Shares are Sold on the Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of substantially identical Shares.

**Taxes on Purchases and Redemptions of Creation Units** 

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year and as a short-term capital gain or loss if such Shares have been held for one year or less.

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Foreign Investments by the Fund**

Interest and other income received by the Fund with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax treaties or conventions between certain countries and the United States may reduce or eliminate such taxes. If, as of the close of a taxable year, more than 50% of the value of the Fund's assets consists of certain foreign stock or securities, the Fund will be eligible to elect to pass through to investors the amount of certain qualifying foreign income and similar taxes paid by the Fund during that taxable year. This means that investors would be considered to have received as additional income their respective shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax. If the Fund does not so elect, the Fund will be entitled to claim a deduction for certain foreign taxes incurred by the Fund. The Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to a Fund's distribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly referred to as "buying a dividend."

When a Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.

Distributions are taxable to shareholders even if they are paid from income or gains realized by a Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

Unless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the relevant Fund's distribution schedule prior to investing. When available, information about a Fund's distribution schedule can be found on the Funds' website at www. roundhillinvestments.com/etf/chat.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to foreign, state, and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled "Federal Income Taxes" in the SAI.*

**DISTRIBUTION** 

Foreside Fund Services, LLC (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**PREMIUM/DISCOUNT INFORMATION**

Information regarding how often Shares traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found on the Fund's website at www.roundhillinvestments.com/etf/chat.

**ADDITIONAL NOTICES**

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing, or trading of Shares.

Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

The Adviser, the Sub-Adviser, and the Fund make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly.

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by three unrelated shareholders must first be made on the Fund's Trustees. The Declaration of Trust details various information, certifications, undertakings and acknowledgments that must be included in the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. The Declaration of Trust further provides that shareholders owning Shares representing no less than a majority of the Fund's outstanding shares must join in bringing the derivative action. If a demand is rejected, the complaining shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or the Fund, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of the Fund, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the Fund, generally. Under the Declaration of Trust, a shareholder bringing a direct claim must be a shareholder of the Fund with respect to which the direct action is brought at the time of the injury complained of or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time. The Declaration of Trust further provides that the Fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees that the Fund is obligated to pay shall be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The Declaration of Trust also requires that actions by shareholders against the Fund be brought exclusively in a federal or state court located within the State of Delaware. This provision will not apply to claims brought under the federal securities laws. Limiting shareholders' ability to bring actions only in courts located in Delaware may cause shareholders economic hardship to litigate the action in those courts, including paying for travel expenses of witnesses and counsel, requiring retaining local counsel, and may limit shareholders ability to bring a claim in a judicial forum that shareholders find favorable for disputes, which may discourage such actions.

**FINANCIAL HIGHLIGHTS**

The Financial Highlights table is intended to help you understand the Fund's performance for the Fund's fiscal periods of operations. Certain information reflects financial results for a single Fund share. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report, which is available upon request.

**Roundhill Generative AI & Technology ETF**

---

| | | |
|:---|:---|:---|
| **For a share outstanding** | | |
| **throughout the periods presented** | | |
|  |<br>**Year ended**<br>**April 30, 2025** | **Period ended**<br>**April 30,**<br>**2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $33.18 | $25.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment loss<sup>(b)</sup> | (0.06) | (0.10) |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.70 | 8.25 |
| Total from investment operations | 2.64 | 8.15 |
| ETF transaction fees per share<sup>(b)</sup> | 0.01 | 0.03 |
| Net asset value, end of period | $35.83 | $33.18 |
| **TOTAL RETURN<sup>(d)</sup>** | 7.98% | 32.73% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $235584 | $136881 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.75% | 0.75% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | (0.16)% | (0.35)% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 92% | 97% |

---

(a) Inception
 date of the Fund was May 17, 2023.

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

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

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

(e) Annualized
 for periods less than one year.

(f) Portfolio
 turnover rate excludes in-kind transactions.

**Roundhill Generative AI & Technology ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC** <br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204  | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Roundhill Financial Inc.** <br> 154 West 14th Street, 2nd Floor <br> New York, New York 10011  |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301,<br> Portland, Maine 04101  | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204  |
| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 N. Rivercenter Dr. <br> Milwaukee, Wisconsin 53212  | &nbsp;&nbsp;**Independent**<br> **Registered Public**<br> **Accounting Firm** | &nbsp;&nbsp;**Cohen & Company, Ltd.** <br> 1835 Market Street, Suite 310 <br> Philadelphia, Pennsylvania 19103  |
| &nbsp;&nbsp;**Sub-Administrator,** <br> **Fund Accountant, and** <br> **Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202  | &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Sullivan & Worcester LLP** <br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, New York 10020  |

---

Investors may find more information about the Fund in the following documents:

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated August 29, 2025, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

When available, you can obtain free copies of these documents, request other information or make general inquiries about the Fund by contacting the Fund at Roundhill Generative AI & Technology ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling (866) 991-5001.

Shareholder reports, the Fund's current Prospectus and SAI and other information about the Fund will be available:

● Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

● Free of charge from the Fund's Internet website at www.roundhillinvestments.com/etf/chat; or

● For a duplicating fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-23793)

![](chat485bpos002.jpg)

---

| | |
|:---|:---|
| **CHAT** | **Roundhill Generative AI & Technology ETF** |
|  | *listed on NYSE Arca, Inc.* |

---

**STATEMENT OF ADDITIONAL INFORMATION**

August 29, 2025

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Roundhill Generative AI & Technology ETF (the "Fund"), a series of Tidal Trust II (the "Trust"), dated August 29, 2025, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at (866) 991-5001, visiting www.roundhillinvestments.com/etf/chat/, or writing to the Roundhill Generative AI & Technology ETF, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, Missouri 64121-9252.

The Fund's audited financial statements for the most recent fiscal period ended April 30, 2025 are incorporated into this SAI by reference to the Fund's annual Certified Shareholder Report to Shareholders dated April 30, 2025 (File No. 811-23793). A copy of the Fund's annual Certified Shareholder Report may be obtained at no charge by contacting the Fund at the address or phone number noted above.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#chat485bposb001) | 3 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#chat485bposb002) | 3 |
| [Description of Permitted Investments](#chat485bposb003) | 4 |
| [Investment Restrictions](#chat485bposb004) | 9 |
| [Exchange Listing and Trading](#chat485bposb005) | 10 |
| [Management of the Trust](#chat485bposb006) | 10 |
| [Principal Shareholders, Control Persons and Management Ownership](#chat485bposb007) | 17 |
| [Codes of Ethics](#chat485bposb008) | 17 |
| [Proxy Voting Policies](#chat485bposb009) | 17 |
| [Investment Adviser](#chat485bposb010) | 18 |
| [Investment Sub-Adviser](#investmentsub-adviser) | 18 |
| [Portfolio Managers](#chat485bposb011) | 19 |
| [The Distributor](#chat485bposb012) | 21 |
| [Administrator](#chat485bposb013) | 23 |
| [Sub-Administrator and Transfer Agent](#chat485bposb014) | 23 |
| [Custodian](#chat485bposb015) | 23 |
| [Legal Counsel](#chat485bposb016) | 23 |
| [Independent Registered Public Accounting Firm](#chat485bposb017) | 23 |
| [Portfolio Holdings Disclosure Policies and Procedures](#chat485bposb018) | 24 |
| [Description of Shares](#chat485bposb019) | 24 |
| [Limitation of Trustees Liability](#chat485bposb020) | 24 |
| [Brokerage Transactions](#chat485bposb021) | 24 |
| [Portfolio Turnover Rate](#chat485bposb022) | 26 |
| [Book Entry Only System](#chat485bposb023) | 26 |
| [Purchase and Redemption of Shares in Creation Units](#chat485bposb024) | 27 |
| [Determination of Net Asset Value](#chat485bposb025) | 32 |
| [Dividends and Distributions](#chat485bposb026) | 33 |
| [Federal Income Taxes](#chat485bposb027) | 33 |
| [Financial Statements](#chat485bposb028) | 38 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal" or the "Adviser") serves as investment adviser to the Fund, and Roundhill Financial Inc. ("Roundhill" or "Sub-Adviser") serves as investment sub-adviser to the Fund. The Fund's investment objective is to seek long-term capital appreciation.

The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are or will be listed on NYSE Arca, Inc. (the "Exchange"). Shares trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment, or entirely for cash. As a practical matter, only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus, under "Investment Objective" and "Principal Investment Strategies," respectively. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "Description of Permitted Investments" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Non-Diversification**

The Fund is classified as a non-diversified investment company under the 1940 Act's diversification requirements.. A non-diversified classification means that the Fund is not limited by the 1940 Act's diversification restrictions with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund, and therefore, those issuers may constitute a greater portion of such Fund's portfolio. This may have an adverse effect on the Fund's performance or subject its Shares to greater price volatility than more diversified investment companies.

Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Code"). Although the Fund is non-diversified for purposes of the 1940 Act, it intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Code, and to relieve it of any liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

Financial markets, both domestic and foreign, have recently experienced an unusually high degree of volatility. Continuing events and possible continuing market turbulence may have an adverse effect on Fund performance.

*Cyber Security Risk.* Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or the Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries or other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments.

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. The Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Depositary Receipts**

To the extent the Fund invests in stocks of foreign corporations, its investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the Depositary Receipts.

**Equity Securities**

Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment, or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of Shares to decline.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

*<u>Types of Equity Securities</u>:*

*Common Stocks* Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*Preferred Stocks* Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants* A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*When-Issued Securities* A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to complete the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments. Rule 18f-4 under the 1940 Act permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the Delayed-Settlement Securities Provision). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4.

**IPOs/Special Purpose Acquisition Companies (SPACs)/de-SPACs**.

The Fund may invest in companies that have recently completed an IPO, are derived from a SPAC, or are derived from a de-SPAC business combination. These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs and stocks derived from SPACs or de-SPAC business combination are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO or relevant transaction prior to the Fund's purchase. The price of stocks selected may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs and stocks derived from SPACs or de-SPACS business combinations may share similar illiquidity risks of private equity and venture capital. The ownership of many IPOs and stocks derived from SPACS or de-SPACs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO or relevant transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

In addition, SPAC risks include potential pricing misalignment. Further, less-publicly available information exists regarding SPACs than that which is available in connection with traditional IPOS. Early investors in a SPAC may invest on the reputation of the sponsor, which may not reflect the value of the target company. SPACs are speculative investments and are subject to conflicts of interest and fraud risks. SPAC trading pricings, including market prices, may fluctuate significantly. The Fund may invest in a SPAC at a higher price which would reduce the return to shareholders. SPACs may invest proceeds in U.S. treasuries. SPACS produce no income. SPACs have little to no liquidity and often trade at a discount to their net asset values.

**Foreign Securities**

The Fund may invest directly in foreign securities or have indirect exposure to foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards, and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of foreign securities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, the imposition of economic sanctions, confiscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of the Fund held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of the foreign countries in which the Fund may invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on the Fund's ability to repatriate investment income or capital and, thus, may adversely affect the operations of the Fund. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have on the Fund.

**Foreign Currencies**

The Fund foreign security holdings will expose the Fund to foreign currency fluctuations. The Fund's net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are delays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's net asset value may change without warning, which could have a significant negative impact on the Fund.

**Illiquid Investments and Restricted Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of the Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where the Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by the Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, the Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. If the Fund invests in and, thus, is a shareholder of another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1), subject to certain conditions. The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest beyond the stated limits in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA").

**Money Market Funds**

The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Securities Lending**

If approved by the Board, the Fund may lend portfolio securities to certain creditworthy borrowers. The Fund did not participate in securities lending for the fiscal period ended April 30, 2025. The borrowers provide collateral that is maintained in an amount at least equal to the current value of the securities loaned. The Fund may terminate a loan at any time and obtain the return of the securities loaned. The lending Fund receives the value of any interest or cash or non-cash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Fund may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Fund to borrowers, arranges for the return of loaned securities to the Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program.

Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

**Tax Risks**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-deferred retirement account or other tax-advantaged arrangement, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**Temporary Defensive Strategies**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts ("REITs") or securities of companies engaged in the real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will concentrate its investments (*i.e.*, hold more than 25% of its total assets) in one or more industries within the technology group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

With respect to fundamental investment restriction number 6, to the extent an underlying fund as adopted a policy to concentrate in a particular industry, a Fund will take such policy into account for purposes of determining compliance with the Fund's concentration policy. In determining its compliance with the fundamental investment restriction number 6, a Fund will look through to the underlying holdings of any affiliated investment company and will consider its entire investment in any investment company with a policy to concentrate, or having otherwise disclosed that it is concentrated, in a particular industry or group of related industries as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine their industry.

For purposes of applying the limitation set forth in the concentration policy set forth above, a Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. A Fund's method applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money and illiquid investments will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares from the listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act of 1940; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all mutual funds, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Distributor, the Administrator, the Sub-Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Fund. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with the Trust's independent public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function.

The full Board also receives reports from the Adviser as to investment risks of the Fund. In addition to these reports, from time to time the full Board receives reports from the Administrator and the Adviser as to enterprise risk management.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are four members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (75 percent) of Independent Trustees. The Board has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Board has a Lead Independent Trustee, who acts as the primary liaison between the Independent Trustees and management. Ms. Michelle McDonough currently serves as the Lead Independent Trustee of the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust II, 234 West Florida St, Suite 203, Milwaukee, Wisconsin 53204.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position**<br> **Held**<br> **with the**<br> **Trust** | &nbsp;&nbsp;**Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number**<br> **of**<br> **Portfolios**<br> **in Fund**<br> **Complex<sup>(2)</sup>**<br> **Overseen by**<br> **Trustee** | &nbsp;&nbsp;**Other Directorships Held**<br> **by Trustee During** <br> **Past 5 Years** |
| &nbsp;&nbsp;**Independent**<br> **Trustees<sup>(3)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Javier Marquina <br> Born: 1973 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2022 | &nbsp;&nbsp;Founder and Chief Executive Officer of ARQ Consultants Inc. (since 2019) a firm specializing in cross border real estate investments; Interim CEO for the Americas of Acciona Inmobiliaria (2020 to 2021); Head of Investment Team for Latin America for GLL Real Estate Partners (2016 to 2020). | &nbsp;&nbsp;206 | &nbsp;&nbsp;Board Vice-Chairman of Inmobiliaria Spectrum (Guatemala and UK); Independent Board Member of LATAM Logistics Properties S.A. (Columbia, Peru and Costa Rica); Independent Board Member of Logistic Properties of the Americas |
| &nbsp;&nbsp;Michelle McDonough <br> Born: 1980 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2022 | &nbsp;&nbsp;Chief Operating Officer, Trillium Asset Management LLC (2010 to 2024) | &nbsp;&nbsp;206 | &nbsp;&nbsp;Trillium Asset Management, LLC (2020 to 2024) |
| &nbsp;&nbsp;Dave Norris <br> Born: 1976 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2022 | &nbsp;&nbsp;Consulting work with Rubin Brown, CPA services (since 2024); Consulting work with RedRidge Diligence Services (2023 to 2024); Chief Operating Officer, RedRidge Diligence Services (2011 to 2023) | &nbsp;&nbsp;206 |  |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(4)</sup> <br> Born: 1973 | &nbsp;&nbsp;Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Principal Executive Officer since 2022, Indefinite term; Trustee, and Chairman, since 2022, Indefinite term | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President, Principal Executive Officer, Interested Trustee and Chairman of Tidal ETF Trust (since 2018). | &nbsp;&nbsp;261 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). |

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<sup>(1)</sup> The Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78<sup>th</sup> birthday occurs.

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by the Adviser or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III and Tidal Trust IV.

<sup>(3)</sup> All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act.

<sup>(4)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Individual Trustee Qualifications.**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their service as Trustees of the Trust in light of the Trust's business and structure. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively as Trustees of the Trust.

The Board has concluded that Mr. Marquina should serve as a Trustee because of his substantial business experience related to commercial real estate investment and business development through his current position as CEO and Founder at ARQ Consultants Inc., as well as through former positions. The Board believes Mr. Marquina's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, leads to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. McDonough should serve as a Trustee because of her substantial financial services experience, including experience with operations, compliance, IT, service provider oversight and management. For over a decade, Ms. McDonough has served as COO of Trillium Asset Management and in that capacity oversees all non-investment functions for the firm. The Board believes Ms. McDonough experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Norris should serve as a Trustee because of his substantial experience across multitude of industries and operated businesses. Mr. Norris' business operation experience consists of capital raising, business development, investor relations, strategic planning, treasury management, deal execution, restructuring oversight of back-office functions. Mr. Norris serves as the Trust's Audit Committee Financial Expert. The Board believes Mr. Norris' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and Chairman of the Tidal ETF Trust, from 2018 to present. In addition, he has experience consulting with investment advisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer of the advisers to the Direxion mutual fund and ETF complex. The Board believes Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**Board Committees.** The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust and is chaired by an Independent Trustee. Mr. Norris is chair of the Audit Committee and he presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The chair of the Audit Committee may delegate certain tasks to a vice chair. Ms. McDonough currently serves as vice chair of the Audit Committee. The principal responsibilities of the Audit Committee include overseeing the Trust's accounting and financial reporting policies and practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust's financial statements and the independent audits thereof; monitoring the independent auditor's qualifications, independence, and performance; acting as a liaison between the Trust's independent auditors and the full Board; pre-approving all auditing services to be performed for the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for the Trust; pre-approving all permitted non-audit services to be performed for any investment adviser or sub-adviser to the Trust by any of the Trust's independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting with the Trust's independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any special audits, (2) discuss any matters of concern relating to the Fund's financial statements, (3) consider the independent auditors' comments with respect to the Trust's financial policies, procedures and internal accounting controls and Trust management's responses thereto, and (4) review the form of opinion the independent auditors propose to render to the Board and the Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Fund's financial statements; and reviewing and discussing reports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management, (3) other material written communications between the independent auditor and management, including any management letter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any entity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust's principal executive officer and principal accounting officer during their certification process for the Fund's Form N-CSR. For the fiscal period ending April 30, 2025, the Audit Committee met once with respect to the Fund.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially escalating further to other entities). For the fiscal period ending April 30, 2025, the QLCC did not meet with respect to the Trust..

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. McDonough is the chair of the Nominating and Governance Committee. The Nominating Committee meets periodically, as necessary, but at least annually. For the fiscal period ending April 30, 2025, the Nominating and Governance Committee met once with respect to the Trust.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust II, 234 West Florida St, Suite 203, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name and** <br> **Year of Birth**  | **Position(s) Held with the Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br> **During Past 5 Years**  |
| Eric W. Falkeis <sup>(1)</sup> <br> Born: 1973<br>| Principal Executive Officer, Interested Trustee, Chairman | Principal Executive Officer since 2022, Indefinite term; Interested Trustee, Chairman, since 2022, Indefinite term | Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President (2018 to 2024), Principal Executive Officer, Interested Trustee and Chairman of Tidal Trust I (since 2018). |
| William H. Woolverton, Esq. <br> Born: 1951<br>| Chief Compliance Officer and AML Compliance Officer | AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer, Indefinite term;<br>since 2022<br>| Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, ACA Global (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (2021 to present); Director, Hadron Specialty Insurance Company; Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). |
| Ally L. Mueller <br> Born: 1979<br>| President | Indefinite term; since 2025 | SVP of Launches & Client Success Management (since 2025), Head of ETF Launches and Client Success (2023 to 2024), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC; Vice President, Tidal Trust I (2022 to 2024). |
| Aaron J. Perkovich <br> Born: 1973 | Treasurer, Principal Financial Officer, and Principal Accounting Officer | Indefinite term; since 2023 | SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| Lissa M. Richter <br> Born: 1979<br>| Vice President | Indefinite term; since 2025 | VP of Fund Governance and Compliance (since 2024), ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024); Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC, (2005 to 2013). |
| Kelly J. Lavari <br> Born: 1967<br>| Secretary | Indefinite term; since 2025 | VP of Fund Governance and Compliance (since 2024), Fund Governance Specialist (2023 to 2024), Compliance Manager – Global Credit Finance, State Street Bank & Trust (2016 to 2023). |
| Peter Chappy <br> Born: 1975<br>| Assistant Treasurer | Indefinite term; since 2023 | AVP of Fund Administration (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Product Owner, Allvue Systems (2022 to 2023); Senior Business Consultant, Refinitiv (2015 to 2022); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2008 to 2015). |
| Melissa Breitzman <br> Born: 1983<br>| Assistant Treasurer | Indefinite term; since 2023<br>| VP of Database Management (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005 to 2023). |
| Charles Ragauss <br> Born: 1987  | Vice President | Indefinite term; since 2022<br>| SVP of PM & Trading (since 2024), Portfolio Manager, Tidal Investments LLC (2020 to 2024); Chief Operating Officer (and other capacities) CSat Investment Advisory, L.P. (2016 to 2020). |

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<sup>(1)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Trustee Ownership of Shares.** The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

As of December 31, 2024, Mr. Marquina beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Dollar Range of Shares**<br> **Owned in the Funds** | &nbsp;&nbsp; **Aggregate Dollar Range of** <br> **Shares of Series of the Trust**  |
| &nbsp;&nbsp;Javier Marquina |  | &nbsp;&nbsp;Over $100,000 |

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As of December 31, 2024, neither the Independent Trustees nor members of their immediate family, owned securities beneficially or of record in the Adviser, the Sub-Adviser, the Distributor (as defined below), or an affiliate of the Adviser, Sub-Adviser, or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Sub-Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the Adviser, the Distributor or any affiliate thereof was a party.

**Board Compensation.** 

Effective July 1, 2025, the Independent Trustees each receive a quarterly retainer of $25,000 plus $8,000 for each regular meeting attended and $3,000 for each special meeting attended. The Independent Trustees also receive reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee receives an annual retainer of $60,000, the Audit Committee Chair receives an annual retainer of $60,000 and the Audit Committee Vice-Chair receives an annual retainer of $20,000. The Trust has no pension or retirement plan.

From January 1, 2025 through June 30, 2025, the Independent Trustees each received a quarterly retainer of $25,000 plus $5,000 for each meeting attended. The Independent Trustees also received reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee received an annual retainer of $35,000 and the Audit Committee Chair received an annual retainer of $30,000. The Trust has no pension or retirement plan.

Prior to January 1, 2025, the Independent Trustees each received $25,000 for each regular quarterly meeting attended and $2,500 for each special meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee received an annual retainer of $25,000 and the Audit Committee Chair received an annual retainer of $20,000. The Trust has no pension or retirement plan.

The following table shows the compensation earned by each Trustee for the Fund's current fiscal year ending April 30, 2025. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | **Aggregate Compensation**<br> **From Fund** | **Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Eric W. Falkeis | $0 | $0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Javier Marquina | $0 | $150000 |
| &nbsp;&nbsp;Michelle McDonough | $0 | $186250 |
| &nbsp;&nbsp;David Norris | $0 | $180000 |

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<sup>(1)</sup> Compensation is based on amounts for the fiscal year ending April 30, 2025.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund.

As of August 11, 2025, to the best of the Trust's knowledge, the following shareholders were considered to be principal shareholders of the Fund:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**% of Ownership** | &nbsp;&nbsp;**Type of <br> Ownership** |
| &nbsp;&nbsp; Charles Schwab & Co., Inc. <br> 211 Main Street <br> San Francisco, CA 94105  | &nbsp;&nbsp;32.57 | &nbsp;&nbsp;Record |
| &nbsp;&nbsp; National Financial Services LLC <br> 245 Summer Street <br> Boston, MA 02210  | &nbsp;&nbsp;24.80% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC <br> For the Exclusive Benefit of Customers <br> 1 New York Plz, Fl 12 <br> New York, NY 10004  | &nbsp;&nbsp;5.83% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp; Citibank N.A. <br> 388 Greenwich Street Tower Building <br> New York, NY 10013  | &nbsp;&nbsp;5.13% | &nbsp;&nbsp;Record |

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As of August 11, 2025, to the best of the Trust's knowledge, no person was a control person of the Fund and the Trustees and officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of the Fund.

**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser, and the Sub-Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust, the Adviser, or the Sub-Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust, the Adviser, or the Sub-Adviser.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found at the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Board has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("Proxy Voting Policies"), which have been adopted by the Trust as the policies and procedures that will be used when voting proxies on behalf of the Fund.

In the absence of a conflict of interest, the Adviser will generally vote "for" routine proposals, such as the election of directors, approval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling 866-991-5001, (2) on the Fund's website at www.roundhillinvestments.com/etf/chat/ or (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida St, Suite 203, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund subject to the direction and oversight of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee at an annual rate of 0.75% based on the Fund's average daily net assets.

The Advisory Agreement with respect to the Fund will continue in force for an initial period of two years. Thereafter, the Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding, or sale of any security.

The table below shows management fees paid by the Fund to the Adviser for the fiscal years/period indicated.

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| | |
|:---|:---|
|  | **Management Fee** |
| &nbsp;&nbsp;May 17, 2023 (commencement of operations) to April 30, 2024 | $580451 |
| &nbsp;&nbsp;Fiscal year ended April 30, 2025 | $1606000 |

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**INVESTMENT SUB-ADVISER**

Roundhill Financial Inc. ("Roundhill" or the "Sub-Adviser"), a Delaware corporation located at 154 West 14th Street, 2nd Floor, New York, New York 10011, serves as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.04% of the Fund's average daily net assets.

The Sub-Adviser has agreed, via a separate agreement, to assume the Adviser's obligation to pay all expenses incurred by the Fund, except for Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay the Sub-Adviser a portion of the profits, if any, generated by the Fund's unitary management fee. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal ETF Services, LLC, a Tidal Financial Group company, the Fund's administrator and an affiliate of the Adviser.

The Sub-Advisory Agreement with respect to the Fund will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on 60 days written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on 60 days written notice to the Trust and the other party. The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The tables below show fees paid by the Adviser to the Sub-Adviser with respect to the Fund for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Sub-Advisory Fee** |
| May 17, 2023 (commencement of operations) to April 30, 2024 | $29063 |
| Fiscal year ended April 30, 2025 | $33570 |

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**PORTFOLIO MANAGERS**

The Fund is managed jointly and primarily by Will Hershey, CFA, Portfolio Manager for the Sub-Adviser, Tim Maloney, CFA, Portfolio Manager for the Sub-Adviser, Dave Mazza, Portfolio Manager for the Sub-Adviser, and Michael Venuto, Chief Investment Officer of the Adviser, Charles A. Ragauss, CFA, Portfolio Manager for the Adviser, and Qiao Duan, CFA, Portfolio Manager for the Adviser.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of April 30, 2025.

*Will Hershey, CFA, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 15 | $3792 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Tim Maloney, CFA, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 15 | $3792 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Dave Mazza, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 15 | $3792 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Qiao Duan, CFA, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 97 | $13818 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Charles A. Ragauss, CFA, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 91 | $14759 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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*Michael Venuto, Chief Investment Officer for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | **Total Number of** <br> **Accounts** | **Total Assets of**<br> **Accounts** <br> **(in millions)**  | **Total Number of** <br> **Accounts Subject to** <br> **a Performance-**<br> **Based Fee** | **Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br> **(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | 64 | $10358 | 0 | $0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;Other Accounts | 151 | $104 | 0 | $0 |

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**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of April 30, 2025 Mr. Maloney, and Mr. Mazza did not beneficially own any shares of the Fund. Ms. Duan, Mr. Ragauss and Mr. Venuto did not beneficially own any shares of the Fund. Mr. Hershey held between $10,001–$50,000 in the Fund.

**Portfolio Manager Compensation.** Each of Mr. Venuto, Ms. Qiao Duan and Mr. Ragauss is compensated by the Adviser with a fixed salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund.

Each of Mr. Hershey, Mr. Maloney, and Mr. Mazza are compensated by the Sub-Adviser and receive a fixed base salary and discretionary bonus that are not tied to the performance of the Fund. The discretionary bonus is based on the overall performance of the Sub-Adviser and each individual's contribution to that performance across all duties..

**Description of Material Conflicts of Interest*.*** The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives or strategies as the Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Fund, or receive a performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or performance-based fee accounts over the Fund. To mitigate these conflicts, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the firm manages are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor") are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in Procedures for "Purchase of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

For the fiscal year ended April 30, 2025, the Fund did not incur underwriting commissions and the Distributor did not retain any amounts.

**Intermediary Compensation*.*** The Adviser or its affiliates, out of their own resources and not out of Fund assets (i.e., without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars, and printed communications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professional if they receive similar payments from their Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments their Intermediary firm may receive. Any payments made by the Adviser or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call (866) 991-5001.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Disinterested Trustees"). None of the Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Disinterested Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Fund's ability to sell shares and access important distribution channels.

The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Disinterested Trustees.

The Plan provides that the Fund pays the Distributor an annual fee of up to a maximum of 0.25% of the average daily net assets of the Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations, and insurance companies including, without limit, investment counselors, broker-dealers, and the Distributor's affiliates and subsidiaries (collectively, "Agents") as compensation for services and reimbursement of expenses incurred in connection with distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative, compliance and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, chief compliance officer and principal financial officer, the Administrator coordinates the payment of Fund-related expenses, and the Administrator manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The table below shows fees for administrative services paid by the Adviser to the Administrator with respect to the Fund for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Fees Paid to the Administrator** |
| &nbsp;&nbsp;May 17, 2023 (commencement of operations) to April 30, 2024 | $35136 |
| &nbsp;&nbsp;Fiscal year ended April 30, 2025 | $33570 |

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**SUB-ADMINISTRATOR AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's sub-administrator and transfer agent.

Pursuant to a Fund Sub-Administration Servicing Agreement and a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the administration, accounting and management services, the Adviser pays Global Fund Services a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The table below shows fees for sub-administrative services paid by the Adviser to Global Fund Services with respect to the Fund for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Fees Paid to the Sub-Administrator** |
| &nbsp;&nbsp;May 17, 2023 (commencement of operations) to April 30, 2024 | $38246 |
| &nbsp;&nbsp;Fiscal year ended April 30, 2025 | $36928 |

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**CUSTODIAN**

Pursuant to a Custody Agreement, U.S. Bank National Association ("U.S. Bank"), 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian (the "Custodian") of the Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

**LEGAL COUNSEL**

Sullivan & Worcester LLP, 1251 Avenue of the Americas, 19<sup>th</sup> Floor, New York, New York 10020, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. The Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters upon the written request of shareholders holding at least a majority of the outstanding shares of the Trust entitled to vote at such meeting. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee or officer of the Trust, and upon the due approval of the Trustees, each person who is, or has been an employee or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at the Trust's request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting within the scope of a Trustee's service in such a position. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker/ dealer for each specific transaction, the Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/ dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants (as discussed in "Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash Creation Unit order or an order including "cash-in-lieu" (as described below under "Purchase and Redemption of Shares in Creation Units"), so long as such selection is in keeping with the foregoing policies. As described below under "Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee" and " — Redemption Transaction Fee", the Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products. For the fiscal year ended April 30, 2025, the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provided research services to the Adviser.

The Adviser is responsible, subject to oversight by the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The table below shows fees for sub-administrative services paid by the Adviser to Global Fund Services with respect to the Fund for the fiscal years/periodindicated.

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| | |
|:---|:---|
| | **Brokerage Commissions** |
| &nbsp;&nbsp;May 17, 2023 (commencement of operations) to April 30, 2024 | $71345 |
| &nbsp;&nbsp;Fiscal year ended April 30, 2025 | $126790 |

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**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund or the Adviser for a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal year ended April 30, 2025, the Fund did not pay brokerage commissions to any registered broker-dealer affiliates of the Fund or the Adviser.

**Directed Brokerage**

The Fund and did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (1) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (2) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (3) sold the largest dollar amounts of Shares.

The Fund is required to identify the securities of its "regular brokers or dealers" or their parent companies that the Fund has acquired during its most recent fiscal year. The Fund did not acquire any securities of its "regular brokers or dealers" or their parent companies during the fiscal year ended April 30, 2025.

**PORTFOLIO TURNOVER RATE**

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of the Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of the Fund. A rate of 100% indicates that the equivalent of all of the Fund's assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by the Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The table below shows the portfolio turnover rate with respect to the Fund for the fiscal years/period indicated.

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| | |
|:---|:---|
| | **Portfolio Turnover** |
| May 17, 2023 (commencement of operations) to April 30, 2024 | 97% |
| Fiscal year ended April 30, 2025 | 92% |

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**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

DTC is a limited-purpose trust company that was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange ("NYSE") and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form, number, and at such place as such DTC Participant may reasonably request, in order that such notice, statement, or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interest in Shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems Shares only in Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for regular trading.

**Fund Deposit.** The consideration for purchase of a Creation Unit of the Fund generally consists of either (i) the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below), computed as described below, or (ii) the cash value of the Deposit Securities. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund may change from time to time.

**Cash Purchase.** The Trust may at its discretion permit full or partial cash purchases of Creation Units of a Fund. When full or partial cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a creation transaction fee and non-standard charges, as may be applicable.

**Procedures for Purchase of Creation Units.** To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party" (*i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "<u>Book Entry Only System</u>"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. In general, the Fund will accept orders to purchase Creation Units, which must be submitted as a "Future Dated Traded" set for one or more Creation Units between 4:30 p.m. Eastern Time and 5:30 p.m. Eastern Time (also known as T-1) in the manner set forth in the Participant Agreement and/or applicable order form. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (*e.g.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from the Fund in Creation Units must be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than 4:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 4:00 p.m. Eastern Time, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 4:00 p.m. Eastern Time on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The typical settlement date for each transaction will be within one day of the transaction (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 4:00 p.m. Eastern Time (or such other time as specified by the Trust) on the contractual settlement date. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

**Acceptance of Orders of Creation Units.** The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including if (1) the order is not in proper form; (2) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (3) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (4) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (5) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (6) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

Notwithstanding the Trust's ability to reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking or guidance relating thereto; provided that, no such suspension of the issuance of creation units will be done in a manner that impairs the arbitrage mechanism for investors.

**Creation Transaction Fee.** A fixed purchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| Roundhill Generative AI & Technology ETF | $500 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (defined below) from the Trust to their account or on their order.

**Risks of Purchasing Creation Units.** There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

The typical settlement date for each redemption transaction will be within one day of the transaction (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

**Cash Redemption.** Full or partial cash redemptions of Creation Units will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Redemption Amount to be paid to an in-kind redeemer.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption** <br> **Transaction Fee**  | **Maximum Variable** <br> **Transaction Fee**  |
| Roundhill Generative AI & Technology ETF | $500 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units.**

In general, all orders to redeem Creation Units must be received by the Transfer Agent in the proper form required by the Participant Agreement. The Fund will accept orders to redeem Creation Units, which must be submitted as a "Future Dated Traded" set for one or more Creation Units between 4:30 p.m. Eastern Time and 5:30 p.m. Eastern Time (also known as T-1) in the manner set forth in the Participant Agreement and/or applicable order form.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made by the next Business Day following the trade date, as discussed above.

The Trust may in its discretion exercise its option to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**DETERMINATION OF NET ASSET VALUE**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by Global Fund Services and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, the Fund's investments are generally valued using a pricing service. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. For assets traded on an exchange, the Fund may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (3) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share.

When market valuations are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions, and Taxes."

<u>General Policies</u>. The Fund intends to pay out dividends and interest income, if any, annually and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

The Fund makes additional distributions to the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

**Dividend Reinvestment Service.** The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

The tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect to the specific rules applicable to RICs, such as the Fund. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Fund. Subsequent legislation has modified certain changes to the U.S. federal income tax rules made by the Tax Act which may, in addition, affect shareholders and the Fund. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in the Fund.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

**Taxation of the Fund.** The Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, the Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" (before the deduction for dividends paid) for the taxable year, which includes, among other items, dividends, interest, net short-term capital gain, and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (1) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, or other income derived with respect to its business of investing in such stock, securities, or foreign currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (2) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built in gains recognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event the Fund makes an election under Section 4982(e)(4) of the Code, (commonly referred to as "post-October losses"), and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code As of the most recent fiscal year ended April 30, 2025, the Fund had not elected to defer any post-October or late-year losses. As of the most recent fiscal year ended April 30, 2025, the Fund had short-term and long-term capital loss carryovers of $16,239,385 and $2,210,877, respectively, which do not expire.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for either the one-year period ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated.

The Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent any such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital gain as deemed distributions in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

**Taxation of Shareholders Distributions.** The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates.

Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

**Taxation of Shareholders Sale of Shares.** A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares composing the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

**Taxation of Fund Investments.** Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (*e.g.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (*i.e*., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

**Backup Withholding.** The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to "backup withholding" by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that they are not subject to "backup withholding"; or (4) fails to provide a certified statement that they are a U.S. person (including a U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

**Foreign Shareholders.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based on a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (a) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (b) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

For foreign shareholders to qualify for an exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing requirements. Foreign shareholders in the Fund should consult their tax advisors in this regard.

**Certain Potential Tax Reporting Requirements.** Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Issues.** In those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS**

The Fund's audited financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the Fund's annual Certified Shareholder Report to Shareholders for the fiscal period ended April 30, 2025 are incorporated herein by reference. You may request a copy of the Fund's annual report at no charge by calling (866) 991-5001 or through the Fund's website at www.roundhillinvestments.com/etf/chat/.

**TIDAL TRUST II**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

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| | | |
|:---|:---|:---|
| **Exhibit** <br> **No.** | **Description of Exhibit** | **Description of Exhibit** |
| (a) (i) | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. |
| (ii) | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. |
| (iii) | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (iv) |  | Organizational Documents for Return Stacked<sup>®</sup> Cayman Subsidiary (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv1.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv6.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (v) |  | Organizational Documents for Newfound RSST Cayman Subsidiary (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF). |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii2.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii3.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii4.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii5.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii6.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
| (vi) |  | Organizational Documents for Newfound RSBY Cayman Subsidiary (for Return Stacked<sup>®</sup> Bonds & Futures Yield ETF) |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii1.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii2.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii3.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii4.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii5.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii6.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
| (vii) |  | Organizational Documents for Cambria-Chesapeake Cayman Subsidiary (for Cambria Chesapeake Pure Trend ETF) |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax1.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax2.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

---

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax3.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A
 on May 21, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax4.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May
 21, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax5.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21,
 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-ax6.htm) , previously filed with Post-Effective Amendment No. 216
 on Form N-1A on May 22, 2024 and is incorporated herein by reference.

(viii) Organizational Documents for Quantify Chaos Cayman Subsidiary (for STKd 100%
 Bitcoin & 100% Gold ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi1.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September
 23, 2024 and is incorporated herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi2.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on
 September 23, 2024 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi3.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A
 on September 23, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi5.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September
 23, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi4.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September
 23, 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi6.htm) , previously filed with Post-Effective Amendment No. 264
 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(ix) Organizational Documents for Newfound RSSX Cayman Subsidiary (for Return Stacked<sup>®</sup>
 U.S. Stocks & Gold/Bitcoin ETF)

(1) [Investment Advisory Agreement **–** previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi1.htm) .

(2) [Subsidiary Futures Trading Advisory Agreement – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi2.htm) .

(3) [Memorandum and Articles of Association – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi3.htm) .

(4) [Certificate of Incorporation – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi5.htm) .

(5) [Tax Underwriting – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi4.htm) .

(6) [Private Investment Company Custodian Agreement – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi6.htm) .

(x) Organizational Documents for Nicholas Crypto Income Cayman Subsidiary (for Nicholas
 Crypto Income ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii1.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June
 10, 2025 and is incorporated herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii2.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on
 June 10, 2025 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii3.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A
 on June 10, 2025 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii4.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June
 10, 2025 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii5.htm) , previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10,
 2025 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-axii6.htm) , previously filed with Post-Effective Amendment No. 363
 on Form N-1A on June 10, 2025 and is incorporated herein by reference.

(xi) Organizational Documents for Defiance Enhanced Long Vol Cayman Subsidiary (for
 Defiance Enhanced Long Vol ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi1.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form
 N-1A on August 4, 2025 and is incorporated herein by reference.

(2) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi2.htm) **–** previously filed with Post-Effective Amendment No.
 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference .

(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi3.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form
 N-1A on August 4, 2025 and is incorporated herein by reference.

(4) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi4.htm) **–** previously filed with Post-Effective Amendment No. 391 on Form N-1A
 on August 4, 2025 and is incorporated herein by reference .

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-axi5.htm) **–** previously filed with Post-Effective Amendment
 No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference.

---

| |
|:---|
| (xii) |
| (xiii) |
| (b) |
| (c) |
| (d) (i) |
| (ii) |
| (i) [First Amendment to Investment Advisory Agreement to add the following series](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm): <br> [YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, YieldMax<sup>®</sup> XOM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm), previously filed with Post-Effective Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference.  |
| (ii) [Second Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-diib.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (iii) [Third Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-diic.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (iv) [Fourth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-diiiv.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (v) [Fifth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF and YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-diiv.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (vi) [Sixth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-diivi.htm), previously filed with Post-Effective Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference. |
| (vii) [Seventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-diivii.htm), previously filed with Post-Effective Amendment No. 241 on Form N-1A on July 30, 2024, and is incorporated herein by reference. |
| (viii) [Eighth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ether Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-diiviii.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |

---

---

| | | |
|:---|:---|:---|
|  | (ix) | [Ninth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF and YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-diiix.htm), previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference. |
|  | (x) | [Tenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-diix.htm), previously filed with Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated herein by reference. |
|  | (xi) | [Eleventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-dixi.htm), previously filed with Post-Effective Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference. |
|  | (xii) | Twelfth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF and YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF **– to be filed by amendment**. |
|  | (xiii) | Thirteenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF – **to be filed by amendment.** |
|  | (xiv) | Fourteenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF – **to be filed by amendment.** |
|  | (xv) | [Fifteenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, YieldMax<sup>®</sup> GLXY Option Income Strategy ETF and YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF – **filed herewith**.](ex99diixv.htm) |
| (iii) | [Investment Advisory Agreement between the Trust (on behalf of Senior Secured Credit Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-diii.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of Senior Secured Credit Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-diii.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
| (iv) | [Investment Advisory Agreement between the Trust (on behalf of Nicholas Fixed Income Alternative ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of Nicholas Fixed Income Alternative ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement adding Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. | (i) [First Amendment to the Investment Advisory Agreement adding Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Investment Advisory Agreement adding Nicholas Crypto Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-divii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. | [(ii) Second Amendment to the Investment Advisory Agreement adding Nicholas Crypto Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-divii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (v) | [Investment Advisory Agreement between the Trust (on behalf of the Pinnacle Focused Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of the Pinnacle Focused Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (vi) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (vii) | [Investment Advisory Agreement between the Trust (on behalf of the Veridien Climate Action ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dx.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of the Veridien Climate Action ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dx.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Investment Advisory Agreement between the Trust (on behalf of the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-dx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.  | [Investment Advisory Agreement between the Trust (on behalf of the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-dx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.  |

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| | |
|:---|:---|
|  | (i) [First amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Stocks & Futures Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-dixii.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement adding Return Stacked® Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dixiii.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |
|  | (iv) [Fifth Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dviiiiv.htm) – previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |
| (ix) | [Investment Advisory Agreement between the Trust (on behalf of the DGA Absolute Return ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (x) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on April 6, 2023. |
| (xi) | [Investment Advisory Agreement between the Trust (on behalf of the Roundhill Generative AI & Technology ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-dxv.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (xii) | [Investment Advisory Agreement between the Trust (on behalf of the Blueprint Chesapeake Multi-Asset Trend ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xiii) | [Investment Advisory Agreement between the Trust (on behalf of Cboe Validus S&P 500 Dynamic PutWrite Index ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and incorporated herein by reference. |
| (xiv) | [Investment Advisory Agreement between the Trust (on behalf of the Grizzle Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxix.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xv) | [Investment Advisory Agreement between the Trust (on behalf of CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC,](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-dxx.htm) previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xvi) | [Investment Advisory Agreement between the Trust (on behalf of Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to Investment Advisory Agreement to add the following series: Defiance Treasury Alternative Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement (on behalf of the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-dxviiiiii.htm), previously filed with Post-Effective Amendment No. 177 on Form N-1A on February 28, 2024, and is incorporated herein by reference. |
|  | (iv) [Fourth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-dxviiiiv.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
|  | (v) [Fifth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF, Defiance Daily Target 2X Long Uranium ETF, Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF and Defiance Daily Target 2X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-dxviiiv.htm), previously filed with Post-Effective Amendment No. 216 on Form N-1A on May 22, 2024 and is incorporated herein by reference. |
|  | (vi) [Eighth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-dxviiivi.htm), previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference. |

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| |
|:---|
| (vii) [Ninth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF and Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (viii) [Tenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-dxviiviii.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |
| (ix) [Eleventh Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance Trillion Dollar Club Index ET, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-dxviix.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
| (x) [Twelfth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-dxvix.htm) **–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference. |
| (xi) [Thirteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF and Defiance Leveraged Long + Income TSLA ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-dxvixi.htm) – previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference**.** |
| [(xii) Fourteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **filed herewith.**](ex99dxvixii.htm) |
| (xiii) Fifteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
| (xiv) Sixteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
| (xv) Seventeenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |
| (xvi) Eighteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) – **to be filed by amendment.** |
| (xvii) Nineteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) **– to be filed by amendment.** |
| (xviii) Twentieth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment**. |

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|:---|:---|
|  | (xix) Twenty-First Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (xvii) | [Investment Advisory Agreement between the Trust (on behalf of Hilton Small-MidCap Opportunity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement adding Hilton BDC Corporate Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference. |
| (xviii) | [Investment Advisory Agreement between the Trust (for the Quantify Absolute Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-dxx.htm), previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement to add the following series: (for STKd 100% Bitcoin & 100% Gold ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (xix) | [Investment Advisory Agreement between the Trust (for the iREIT – MarketVector Quality REIT Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference. |
| (xx) | [Investment Advisory Agreement between the Trust (for Even Herd Long Short ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (xxi) | [Investment Advisory Agreement between the Trust (for Peerless Option Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-dxxiv.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xxii) | [Investment Advisory Agreement between the Trust (for Clockwise Core Equity & Innovation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-dxxvi.htm) – previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference**.** |
| (xxiii) | [Investment Advisory Agreement between the Trust (for Cambria Chesapeake Pure Trend ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dxxvii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxiv) | Investment Advisory Agreement between the Trust (for LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) and Tidal Investments LLC – **to be filed by amendment.** |
| (xxv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Carbon Collective Investing, LLC (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-dii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (a) [First Amendment to Investment Advisory Agreement to add the following series: Carbon Collective Short Duration Green Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-dia.htm), previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference. |
| (xxvi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Nicholas Wealth, LLC (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dxiv.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Sub-Advisory Agreement adding: Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dxxxii.htm) – previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Sub-Advisory Agreement adding: Nicholas Crypto Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-dxxviii.htm)**,** previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (xxvii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Pinnacle Family Advisors, LLC (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dxvi.htm) previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (xxviii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Family Dynasty Advisors LLC (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

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|:---|:---|
| (xxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked® U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dxxxv.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |
|  | [(i) First Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-dxxviiii.htm). |
|  | (ii) [Second Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF, Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF and Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dxxviiii.htm), previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |
| (xxx) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Montrose Estate Capital Management, LLC d/b/a Days Global Advisors (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxxvi.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (xxxi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Veridien Global Investors LLC (for the Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dxxvi.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (xxxii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Roundhill Financial Inc. (for the Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-dxxviii.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (xxxiii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxxxiii.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xxxiv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Blueprint Fund Management, LLC (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxxxiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xxxv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Grizzle Investment Management LLC (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxxxiii.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xxxvi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Cambria Investment Management, L.P. (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxxxix.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xxxvii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and MSA Power Funds LLC (for the CoreValues Alpha Greater China Growth ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-dxxxix.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xxxviii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Hilton Capital Management, LLC (on behalf of Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-dxliii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.&nbsp;&nbsp;&nbsp;&nbsp;<br> (i) [First Amendment to the Sub-Advisory Agreement Adding: Hilton BDC Corporate Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-dxxxvi.htm), previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference..&nbsp;&nbsp;&nbsp;&nbsp; |
| (xxxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Quantify Chaos Advisors, LLC (for the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-dxlvii.htm), previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Sub-Advisory Agreement Adding: STKd 100% Bitcoin & 100% Gold ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-dxlviii.htm), previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Sub-Advisory Agreement Adding: STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-dxliiii.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (xl) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Artesian Capital Management (Delaware) LP (for Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-dl.htm), previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference. |
| (xli) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Even Herd, LLC (for Even Herd Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-dli.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |

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| | |
|:---|:---|
| (xlii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Peerless Wealth LLC (for Peerless Option Wheel ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-dlii.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xliii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Clockwise Capital LLC (for Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015723/ex99-dli.htm), previously filed with Post-Effective Amendment No. 295 on Form N-1A on December 23, 2024 and is incorporated herein by reference. |
| (xliv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Chesapeake Capital Corporation (for Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dliv.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xlv) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Cambria Investment Management, L.P (for Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dlv.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (e) (i) | [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-ei.htm), previously filed with the Trusts' registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. <br> (1) [First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-ei1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (2) [Third Amendment to the Distribution Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ei3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Distribution Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-ei4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ei5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Distribution Agreement (adding DGA Absolute Return ETF and Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ei6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Distribution Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-ei7.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Distribution Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ei.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Distribution Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ei9.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ei10.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (10) [Eleventh Amendment to the Distribution Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ei11.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
|  | (11) [Twelfth Amendment to the Distribution Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei12.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
|  | (12) [Thirteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei13.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |

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| (13) [Fourteenth Amendment to the Distribution Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT – MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ei15.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ei15.htm) previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Distribution Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ei16.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Distribution Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ei17.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Distribution Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2x Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2x Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ei18.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Distribution Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-ei19.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ei20.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-ei21.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ei22.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Distribution Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ei23.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |

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| (23) [Twenty-Fourth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ei23.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Distribution Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-ei24.htm), previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (25) [Twenty-Sixth Amendment to the Distribution Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, YieldMax<sup>®</sup> UBER Option Income Strategy ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, LevMax™ AMZN \[Monthly 3x1\] ETF, LevMax™ Bitcoin \[Monthly 3x1\] ETF, LevMax™ BRK-B \[Monthly 3x1\] ETF, LevMax™ COIN \[Monthly 3x1\] ETF, LevMax™ HOOD \[Monthly 3x1\] ETF, LevMax™ MSFT \[Monthly 3x1\] ETF, LevMax™ MSTR \[Monthly 3x1\] ETF, LevMax™ NVDA \[Monthly 3x1\] ETF, LevMax™ PLTR \[Monthly 3x1\] ETF, LevMax™ RDDT \[Monthly 3x1\] ETF, LevMax™ SMCI \[Monthly 3x1\] ETF and LevMax™ TSLA \[Monthly 3x1\] ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-ei25.htm), previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference. |
| [(26) Twenty-Seventh Amendment to the Distribution Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **filed herewith**.](exei26.htm) |
| (27) Twenty-Eighth Amendment to the Distribution Agreement (adding YieldMax® CRCL Option Income Strategy ETF, YieldMax® CRWV Option Income Strategy ETF, and YieldMax® GLXY Option Income Strategy ETF) – **to be filed by amendment.** |
| (28) Twenty-Ninth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |

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|:---|:---|
|  | (29) Thirtieth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
|  | (30) Thirty-First Amendment to the Distribution Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) – **to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Distribution Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Distribution Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Sixth Amendment to the Distribution Agreement (adding Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (ii) | [Distribution Agreement between the Trust and ALPS Distributors, Inc. (on behalf of Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003807/ex99-eii.htm), previously filed with Post-Effective Amendment No. 338 on Form N-1A on April 4, 2025 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
| (iv) | [Distribution Services Agreement between Toroso Investments, LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
| (f) | Not applicable. |
| (g) (i) | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-g.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income ETF, YieldMax<sup>®</sup> ARKK Option Income ETF, YieldMax<sup>®</sup> KWEB Option Income ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-g1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Custodian Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-gi3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Custodian Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-g4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-gi5.htm) previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Custodian Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Custodian Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Custodian Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-gi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Custodian Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-gi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Custodian Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-gi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |

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(10) [Eleventh Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-gi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference.

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| (11) [Twelfth Amendment to the Custodian Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-gi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Custodian Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-gi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-gi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-gi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Custodian Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-gi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Custodian Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-gi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Custodian Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-gi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Custodian Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-gi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-gi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-gi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |

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| (22) [Twenty-Third Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-gi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Custodian Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-gi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Seventh Amendment to the Custodian Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-gi26.htm)– previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Custodian Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-gi27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |

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|  | (28) Twenty-Ninth Amendment to the Custodian Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (29) Thirtieth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment.** |
|  | (30) Thirty-First Amendment to the Custodian Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv<sup>™</sup> ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Custodian Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
|  | (35) Thirty-Sixth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) **– to be filed by amendment.** |
|  | (36) Thirty-Seventh Amendment to the Custodian Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) – **to be filed by amendment.** |
|  | (37) Thirty-Eighth Amendment to the Custodian Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
|  | (38) Thirty-Ninth Amendment to the Custodian Agreement (adding Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (ii) | [Semi-Transparent ETF Custody Agreement between Tidal Trust II and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-gii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (h) (i) | [Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hi.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hi1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-hi3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hi4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hi5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

---

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| |
|:---|
| (6) [Seventh Amendment to the Fund Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Fund Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Administration Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [CCO Services Amendment to Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-hi10.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (10) [Tenth Amendment to the Fund Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hi11.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (11) [Eleventh Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hi12.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (12) [Twelfth Amendment to the Fund Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hi13.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (13) [Thirteenth Amendment to the Fund Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hi14.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (14) [Fourteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99hi15.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (15) [Fifteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-hi16.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
| (16) [Sixteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hi17.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (17) [Seventeenth Amendment to the Fund Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hi18.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (18) [Eighteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hi19.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (19) [Nineteenth Amendment to the Fund Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hi20.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

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| |
|:---|
| (20) [Twentieth Amendment to the Fund Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hi21.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (21) [Twenty-First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-hi22.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Second Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hi23.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |
| (23) [Twenty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hi24.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fourth Amendment to the Fund Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference**.** |
| (25) [Twenty-Fifth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Sixth Amendment to the Fund Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hi26.htm)**–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |

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|:---|:---|
|  | (27) [Twenty-Seventh Amendment to the Fund Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, LevMax™ AMZN \[Monthly 3x1\] ETF, LevMax™ Bitcoin \[Monthly 3x1\] ETF, LevMax™ BRK-B \[Monthly 3x1\] ETF, LevMax™ COIN \[Monthly 3x1\] ETF, LevMax™ HOOD \[Monthly 3x1\] ETF, LevMax™ MSFT \[Monthly 3x1\] ETF, LevMax™ MSTR \[Monthly 3x1\] ETF, LevMax™ NVDA \[Monthly 3x1\] ETF, LevMax™ PLTR \[Monthly 3x1\] ETF, LevMax™ RDDT \[Monthly 3x1\] ETF, LevMax™ SMCI \[Monthly 3x1\] ETF, LevMax™ TSLA \[Monthly 3x1\] ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-hi27.htm) – previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference**.** |
|  | [(28) Twenty-Eighth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, YieldMax<sup>®</sup> GLXY Option Income Strategy ETF, Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **filed herewith**.](exhi28.htm) |
|  | (29) Twenty Ninth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
|  | (30) Thirtieth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) **– to be filed by amendment.** |
|  | (31) Thirty-First Amendment to the Fund Administration Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Second Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) **– to be filed by amendment.** |
|  | (34) Thirty-Fourth Amendment to the Fund Administration Servicing Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Fifth Amendment to the Fund Administration Servicing Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
|  | (36) Thirty-sixth Amendment to the Fund Administration Servicing Agreement (adding Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (ii) | [Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |

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|:---|
| (1) [First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and adding Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hii1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
| (2) [Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hii3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (3) [Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hii5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hii8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hii10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hii11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Fund Sub-Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hii12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hii13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hii14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hii16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |

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|:---|
| (16) [Seventeenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hii17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hii18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hii19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hii20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hii21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hii22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hii23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |

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| (24) [Twenty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| (25) [Twenty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance 2X Daily Long Pure Quantum ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hii26.htm)**–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax® AFRM Option Income Strategy ETF, YieldMax® APP Option Income Strategy ETF, YieldMax® ARM Option Income Strategy ETF, YieldMax® AVGO Option Income Strategy ETF, YieldMax® CRWD Option Income Strategy ETF, YieldMax® GME Option Income Strategy ETF, YieldMax® HIMS Option Income Strategy ETF, YieldMax® IONQ Option Income Strategy ETF, YieldMax® LLY Option Income Strategy ETF, YieldMax® RDDT Option Income Strategy ETF, YieldMax® SPOT Option Income Strategy ETF and YieldMax® UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hii27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
| (28) Twenty-Ninth Amendment to the Fund Sub-Administration Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
| (29) Thirtieth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ET) F– **to be filed by amendment**.&nbsp;&nbsp;&nbsp;&nbsp;<br> (30) Thirty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.**  |
| (31) Thirty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
| (32) Thirty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF**) – to be filed by amendment.** |

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| | (33) Thirty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
| | (34) Thirty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |
| | (35) Thirty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) – **to be filed by amendment.** |
| | (36) Thirty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) **– to be filed by amendment.** |
| | (37) Thirty-Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
| | (38) Thirty-Ninth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (iii) | [Semi-Transparent ETF Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hiii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (iv) | [Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiii1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hiv3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Accounting Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Accounting Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Fund Accounting Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Fund Accounting Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hiv8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
|  | (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (9) [Tenth Amendment to the Fund Accounting Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hiv10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
|  | (10) [Eleventh Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hiv11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |

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| (11) [Twelfth Amendment to the Fund Accounting Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hiv12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Fund Accounting Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hiv13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hiv14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hiv16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Fund Accounting Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hiv17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hiv18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Accounting Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2x Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hiv19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hiv20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hiv21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hiv22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |

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| (22) [Twenty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hiv23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hiii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| (25) [Twenty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26)[Twenty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hiv26.htm) **–** previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |
| (27) [Twenty-Eighth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hiv27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
| (28) Twenty-Nine to the Fund Accounting Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |

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|  | (29) Thirtieth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**. |
|  | (30) Thirty-First Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding Defiance SCHD Target 15 Income ETF) **– to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) **– to be filed by amendment.** |
|  | (35) Thirty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) **– to be filed by amendment.** |
|  | (36) Thirty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) **– to be filed by amendment.** |
|  | (37) Thirty-Eighth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
|  | (38) Thirty-Ninth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long + Income XRP ETF and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** |
| (v) | [Semi-Transparent ETF Trust Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hv.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (vi) | [Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiv.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiv1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Transfer Agent Agreement (adding Nicholas Fixed Income Alternative ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hvi3.htm) previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Transfer Agent Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiv4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Transfer Agent Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hvi5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Transfer Agent Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Transfer Agent Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (7) [Eighth Amendment to the Transfer Agent Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hvi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |

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| |
|:---|
| (8) [Ninth Amendment to the Transfer Agent Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hvi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Transfer Agent Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hvi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Transfer Agent Agreement (adding Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hvi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Transfer Agent Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hvi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Transfer Agent Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hvi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hvi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Transfer Agent Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hvi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hvi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Transfer Agent Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hvi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Transfer Agent Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hvi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Transfer Agent Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2x Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hvi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Transfer Agent Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hvi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |

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|:---|
| (20) [Twenty-First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hvi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hvi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hvi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Transfer Agent Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hvi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) [Twenty-Seventh Amendment to the Transfer Agent Agreement (adding Defiance 2X Daily Long Pure Quantum ETF, Defiance MAGA Seven ETF, Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF, Defiance Daily Target 2X Short QBTS ETF and Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-hvi26.htm) – previously filed with Post-Effective Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference**.** |

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|  | (27) [Twenty-Eighth Amendment to the Transfer Agent Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF, Defiance Enhanced Long Vol ETF, Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, Defiance Leveraged Long + Income TSLA ETF, YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF, and YieldMax<sup>®</sup> UBER Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125010519/ex99-hvi27.htm) – previously filed with Post-Effective Amendment No. 391 on Form N-1A on August 4, 2025 and is incorporated herein by reference**.** |
|  | (28) Twenty-Ninth Amendment to the Transfer Agent Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment**. |
|  | (29) Thirtieth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> CRCL Option Income Strategy ETF, YieldMax<sup>®</sup> CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy ETF) – **to be filed by amendment**. |
| | (30) Thirty-First Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long + Income CRCL ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** |
| | (31) Thirty-Second Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> SCHD DoubleDiv™ ETF) – **to be filed by amendment.** |
| | (32) Thirty-Third Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long ALAB ETF, Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** |
| | (33) Thirty-Fourth Amendment to the Transfer Agent Agreement (adding Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** |
| | (34) Thirty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long ET ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X Long QS ETF) – **to be filed by amendment.** |
| | (35) Thirty-Sixth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long AEO ETF, Defiance Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) – **to be filed by amendment.** |
| | (36) Thirty-Seventh Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long BEAM ETF, Defiance Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) – **to be filed by amendment.** |
| | (37) Thirty-Eighth Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
| | (37) Thirty-Eighth Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long + Income BMNR ETF and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** |
| (vii) | [Semi-Transparent ETF Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hvii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hix.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023, is hereby incorporated by reference. |
| (ix) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-hx.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Futures Trading Advisory Agreement between Tidal Investment LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Futures Trading Advisory Agreement between Tidal Investments LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hxii.htm) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference |

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| (x) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008150/ex99-hxxviii.htm), previously filed with Post-Effective Amendment No. 103 on Form N-1A on June 30, 2023 and is incorporated herein by reference. |
| (xi) | [Futures Trading Advisory Agreement between Tidal Investments LLC and Chesapeake Capital Corporation (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xii) | [Form of ETF Support Agreement by and among Toroso Investments, LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and various Aberdeen trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust and various BlackRock and iShares trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiv.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | [(i) Amendment to Rule 12d1-4 Excluded Series (Funds) of the Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xvi) | [Amended and Restated Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Fidelity Merrimack Street Trust, Fidelity Covington Trust, Fidelity Commonwealth Trust and Fidelity Greenwood Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-hxvii.htm), previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference. |
| (xvii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xviii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xix) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and ProShares Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxviii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xx) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and The Select Sector SPDR Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxix.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxi) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Cambria ETF Trust (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hxxiv.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023and is incorporated herein by reference. |
|  | (1) [Amendment to Rule 12d1-4 Fund of Funds Investment Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxv) | [Fee Waiver Agreement between the Trust (on behalf of the DGA Core Plus Absolute Return ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040824/ex99-hxxvii.htm), previously filed with Post-Effective Amendment No. 281 on Form N-1A on November 22, 2024 and is incorporated herein by reference. |
| (xxvi) | [Fee Waiver Agreement between the Trust (on behalf of the CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |

---

(xxvii) [Fee Waiver Agreement between the Trust (on behalf of the Peerless Option Income Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009837/ex99-hxxvii.htm) ,
 previously filed with Post-Effective Amendment No. 386 on Form N-1A on July 25, 2025, and is incorporated herein by reference.

(xxviii) [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hxxix.htm) ,
 previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference.

(xxix) [Fee Waiver Agreement between the Trust (on behalf of the Quantify Absolute Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008717/ex99-hxxix.htm) ,
 previously filed with Post-Effective Amendment No. 375 on Form N-1A on July 3, 2025, and is incorporated herein by reference.

(xxx) [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-hxxxiii.htm)),
 previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference.

(xxxi) [Fee Waiver Agreement between the Trust (on behalf of the Defiance Leveraged Long + Income MSTR ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-hxxxiii.htm) ,
 previously filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference.

(xxxii) [Fee Waiver Agreement between the Trust (on behalf of the Return Stacked Global Stocks & Bonds ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008717/ex99-hxxxii.htm) ,
 previously filed with Post-Effective Amendment No. 375 on Form N-1A on July 3, 2025, and is incorporated herein by reference.

(xxxiii) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and EA Series Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009619/ex99-hxxxiii.htm) – previously filed with Post-Effective Amendment No. 383 on Form N-1A on July 23, 2025, and is incorporated
 herein by reference **.** 

(i) (i) [Opinion and Consent of Counsel (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-i.htm) , previously
 filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.

(ii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup>XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011623/ex99-iii.htm) , previously filed with Post-Effective
 Amendment No. 32 on Form N-1A on November 21, 2022 and is incorporated herein by reference.

(iii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011627/ex99-iiii.htm) , previously filed with Post-Effective
 Amendment No. 33 on Form N-1A on November 21, 2022 and is incorporated herein by reference.

(iv) [Opinion and Consent of Counsel (for the Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-iiv.htm) , previously filed with
 Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.

(v) [Opinion and Consent of Counsel (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ivii.htm) , previously filed with
 Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference.

(vi) [Opinion and Consent of Counsel (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-iix.htm) , previously filed with Post-Effective
 Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ix.htm) , previously filed with Post-Effective Amendment No.
 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference.

(viii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup>Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on
 February 6, 2023 and is incorporated herein by reference.

(ix) [Opinion and Consent of Counsel (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-ixi.htm) , previously filed with Post-Effective
 Amendment No. 79 on April 14, 2023.

(x) [Opinion and Consent of Counsel (for the Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-ixii.htm) , previously filed with Post-Effective
 Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for the Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-ixiv.htm) , previously filed
 with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ixvi.htm) , previously filed
 with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for the Cboe Validus S&P 500 Dynamic PutWrite Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ixvii.htm) , previously
 filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-ixviii.htm) , previously filed with Post-Effective Amendment
 No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for Psychedelics Companies)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015011/ex99-ixvii.htm) , previously filed with Post-Effective Amendment
 No. 283 on Form N-1A on November 25, 2024 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-ixx.htm) , previously filed
 with Post-Effective Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for the CoreValues Alpha Greater China Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-ixxi.htm) , previously filed
 with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xviii) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target 30 Income ETF (f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF), Defiance S&P 500 Target 30 Income ETF (f/ka Defiance S&P 500 Enhanced Options Income ETF) and Defiance R2000 Target 30 Income ETF (Defiance R2000 Enhanced Options Income ETF))](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 117 on
 Form N-1A on August 25, 2023 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-ixxiii.htm) ,
 previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup>ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ixxiv.htm) ,
 previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for the Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-ixxv.htm) , previously filed with Post-Effective
 Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-ixxiv.htm) **,** previously filed with Post-Effective
 Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 153 on Form
 N-1A on January 8, 2024 and is incorporated herein by reference.

(xxiv) [Opinion and Consent of Counsel (for the Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-ixxviii.htm) , previously filed with
 Post-Effective Amendment No. 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for the iREIT - MarketVector Quality REIT Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-ixxvii.htm) , previously filed
 with Post-Effective Amendment No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference.

(xxvi) [Opinion and Consent of Counsel (for the Defiance Developed Markets Enhanced Options Income ETF and Defiance Emerging Markets Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 165 on Form N-1A on February
 1, 2024 and is incorporated herein by reference.

(xxvii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-ixxxii.htm) , previously
 filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002512/ex99-ixxxiii.htm) , previously
 filed with Post-Effective Amendment No. 172 on Form N-1A on February 20, 2024 and is incorporated herein by reference.

(xxix) [Opinion and Consent of Counsel (for the Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-ixxxll.htm) , previously
 filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on February
 28, 2024 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ixxxiv.htm) ,
 previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference.

(xxxii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003062/ex99-ixxxv.htm) ,
 previously filed with Post-Effective Amendment No. 183 on Form N-1A on March 5, 2024 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for the Even Herd Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ixxxvi.htm) , previously filed with Post-Effective
 Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for the Peerless Option Wheel ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-ixxxvii.htm) , previously filed with Post-Effective
 Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-ixxxviii.htm) ,
 previously filed with Post-Effective Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference.

(xxxvi) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup>U.S. Stocks & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-ixxxix.htm) , previously filed with Post-Effective Amendment No. 204 on Form
 N-1A on April 19, 2024 and is incorporated herein by reference.

(xxxvii) [Opinion and Consent of Counsel (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ixlii.htm) , previously filed with
 Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference.

(xxxviii) [Opinion and Consent of Counsel (for the Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-ixliii.htm) , previously filed
 with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference.

(xxxix) [Opinion and Consent of Counsel (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ixliii.htm) , previously filed with Post-Effective
 Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(xl) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long Cooper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015879/ex99-ilxiv.htm) ,
 previously filed with Post-Effective Amendment No. 297 on Form N-1A on December 30, 2024 and is incorporated herein by reference.

(xli) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long PANW ETF and Defiance Daily Target 2X Long SMCI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007101/ex99ixlv.htm) ,
 previously filed with Post-Effective Amendment No. 222 on Form N-1A on June 4, 2024 and is incorporated herein by reference.

(xlii) [Opinion and Consent of Counsel (for the Defiance Daily Target 1.5X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007511/ex99-ixlvii.htm) previously filed with
 Post-Effective Amendment No. 225 on Form N-1A on June 17, 2024 and is incorporated herein by reference.

(xliii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup>RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-ixlvii.htm) , previously filed with Post-Effective Amendment No. 241 on Form N-1A on July 30,
 2024, and is incorporated herein by reference.

(xliv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ether Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ixlviii.htm) ,
 previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference **.** 

(xlv) [Opinion and Consent of Counsel (for the STKd 100% Bitcoin & 100% Gold ETF (f/k/a STKD Bitcoin & Gold ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-ixlix.htm) ,
 previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(xlvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup>Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF and YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-ixlix.htm) , previously filed with Post-Effective
 Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(xlvii) [Opinion and Consent of Counsel (for the Nicholas Global Equity and Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-ili.htm) , previously filed with
 Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference.

(xlviii) [Opinion and Consent of Counsel (for the Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-ilii.htm) , previously filed with Post-Effective
 Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference.

(xlix) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, and YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224044572/ex99-ilii.htm) , previously filed with Post-Effective Amendment No. 288 on Form N-1A on
 December 10, 2024 and is incorporated herein by reference.

(l) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AI & Tech Portfolio Option Income Portfolio ETF, YieldMax<sup>®</sup>Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF and YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224042621/ex99-iliii.htm) ,
 previously filed with Post-Effective Amendment No. 286 on Form N-1A on December 2, 2024 and is incorporated herein by reference.

(li) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-iliv.htm)),
 previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference.

(lii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-ilv.htm) ,
 previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference.

(liii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ilvi.htm) , previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025
 and is incorporated herein by reference.

(liv) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long Pure Quantum ETF, Defiance Hot Sauce Daily 2X Strategy ETF and Defiance MAGA Seven ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008823/ex99-iliv.htm) **–** previously filed with Post-Effective Amendment No. 376 on Form
 N-1A on July 9, 2025 and is incorporated herein by reference.

(lv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-ilviii.htm) ,
 previously filed with Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated herein by reference.

(lvi) [Opinion and Consent of Counsel (for the Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001333/ex99-ilx.htm) , previously filed
 with Post-Effective Amendment No. 309 on Form N-1A on February 7, 2025 and is incorporated herein by reference.

(lvii) [Opinion and Consent of Counsel (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-ilx.htm) ,
 previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference.

(lviii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup>META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-lxi.htm) , previously filed with
 Post-Effective Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lix) [Opinion and Consent of Counsel (for the Defiance Leveraged Long MSTR ETF and Defiance Leveraged Long + Income MSTR ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002972/ex99-ilxii.htm) previously
 filed with Post-Effective Amendment No. 330 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lx) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF and Defiance Daily Target 2X Long RGTI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ilxiii.htm) , previously filed with Post-Effective
 Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference **.** 

(lxi) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-ilxiv.htm) , previously filed with Post-Effective Amendment No. 336 on Form N-1A on March
 31, 2025 and is incorporated herein by reference.

(lxii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long DJT ETF and Defiance Daily Target 2X Long RDDT ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ilxii.htm) ,
 previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference.

(lxiii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup>U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-ilxiv.htm) ,
 previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference

(lxiv) [Opinion and Consent of Counsel (for the Defiance Trillion Dollar Club Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005036/ex99-ilxv.htm) , previously filed with
 Post-Effective Amendment No. 345 on Form N-1A on April 30, 2025 and is incorporated herein by reference.

(lxv) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, and Defiance Russell 2000 LightningSpread™ Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006616/ex99-ilxvi.htm) , previously filed with Post-Effective
 Amendment No. 351 on Form N-1A on May 23, 2025 and is incorporated herein by reference.

(lxvi) Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Target 25™
 AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN
 Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA
 Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA
 Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI
 Option Income ETF and YieldMax<sup>®</sup>Target 25™ TSLA Option Income ETF) – **to be filed by amendment.** 

(lxvii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF and Defiance Daily Target 2X Short RKLB ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005922/ex99-ilxix.htm) , previously filed with Post-Effective
 Amendment No. 348 on Form N-1A on May 13, 2025 and is incorporated herein by reference.

(lxviii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF) – previously filed with Post-Effective Amendment No. 349 on Form N-1A on May 16, 2025 and is incorporated herein by reference **.**](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006291/ex99-ilxx.htm)

(lxix) [Opinion and Consent of Counsel (for the Hilton BDC Corporate Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-ilxxi.htm) , previously filed with Post-Effective
 Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference.

(lxx) Opinion and Consent of Counsel (for YieldMax<sup>®</sup> Target 25™
 Bitcoin Option Income ETF) – **to be filed by amendment.** 

(lxxi) [Opinion and Consent of Counsel (for the Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007547/ex99-ilxxiii.htm) , previously
 filed with Post-Effective Amendment No. 363 on Form N-1A on June 10, 2025 and is incorporated herein by reference.

(lxxii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long OKLO ETF, Defiance Daily Target 2X Long QBTS ETF, Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007863/ex99-ilxxiv.htm) previously filed with Post-Effective
 Amendment No. 366 on Form N-1A on June 17, 2025 and is incorporated herein by reference **.** 

(lxxiii) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Double Short Hedged ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125008416/ex99-ilxxxii.htm) , previously filed
 with Post-Effective Amendment No. 372 on Form N-1A on June 27, 2025 and is incorporated herein by reference.

(lxxiv) [Opinion and Consent of Counsel (for the Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125009118/ex99-ilxxiv.htm) ,
 previously filed with Post-Effective Amendment No. 382 on Form N-1A on July 15, 2025, is hereby incorporated by reference **.** 

(lxxv) [Opinion and Consent of Counsel (for the Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125011430/ex99-ilxxv.htm) **,** previously filed with Post-Effective Amendment No. 399 on Form N-1A on August 15, 2025, is hereby incorporated by reference **.** 

(lxxvi) Opinion and Consent of Counsel (for the LevMax™ AMZN [Monthly 3x1] ETF,
 LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD
 [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™
 PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1]
 ETF) **– to be filed by amendment.** 

(lxxvii) Opinion and Consent of Counsel (for the YieldMax<sup>®</sup>AFRM Option
 Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF,
 YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup>CRWD Option Income Strategy ETF, YieldMax<sup>®</sup>
 GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income
 Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup>
 SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** 

(lxxviii) Opinion and Consent of Counsel (for YieldMax<sup>®</sup> CRCL Option
 Income Strategy ETF, YieldMax<sup>®</sup>CRWV Option Income Strategy ETF, and YieldMax<sup>®</sup> GLXY Option Income Strategy
 ETF) – **to be filed by amendment**.

(lxxix) Opinion and Consent of Counsel (for the Defiance Leveraged Long + Income CRCL
 ETF, Defiance Leveraged Long + Income CRWV ETF, Defiance Leveraged Long + Income GLXY ETF, Defiance Leveraged Long + Income Magnificent
 Seven ETF, Defiance Leveraged Long + Income Nasdaq 100 ETF, Defiance Leveraged Long + Income S&P 500 ETF, Defiance Leveraged Long
 + Income Ethereum ETF and Defiance Leveraged Long + Income Bitcoin ETF) – **to be filed by amendment.** 

(lxxx) Opinion and Consent of Counsel (for YieldMax<sup>®</sup> SCHD DoubleDiv™
 ETF) – **to be filed by amendment**.

(lxxxi) Opinion and Consent of Counsel (for Defiance Daily Target 2X Long ALAB ETF,
 Defiance Daily Target 2X Long APLD ETF, Defiance Daily Target 2X Long AVAV ETF, Defiance Daily Target 2X Long JOBY ETF, Defiance Daily
 Target 2X Long KTOS ETF, Defiance Daily Target 2X Long LMND ETF, Defiance Daily Target 2X Long NBIS ETF, Defiance Daily Target 2X Long
 NVTS ETF, Defiance Daily Target 2X Long OSCR ETF, Defiance Daily Target 2X Long PONY ETF, Defiance Daily Target 2X Long RCAT ETF, Defiance
 Daily Target 2X Long RBRK ETF and Defiance Daily Target 2X Long ZETA ETF) – **to be filed by amendment.** 

(lxxxii) Opinion and Consent of Counsel (for Defiance SCHD Target 15 Income ETF) – **to be filed by amendment.** 

(lxxxiii) Opinion and Consent of Counsel (for Defiance Daily Target 2X Long ET ETF, Defiance
 Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long FIG ETF, Defiance Daily Target 2X Long MP ETF and Defiance Daily Target 2X
 Long QS ETF) – **to be filed by amendment.** 

(lxxxiv) Opinion and Consent of Counsel (for Defiance Daily Target 2X Long AEO ETF, Defiance
 Daily Target 2X Long BLSH ETF, Defiance Daily Target 2X Long DASH ETF and Defiance Daily Target 2X Long MRNA ETF) – **to be filed by amendment.** 

(lxxxv) Opinion and Consent of Counsel (for Defiance Leveraged Long BEAM ETF, Defiance
 Leveraged Long SBET ETF, Defiance Leveraged Long OPEN ETF and Defiance Leveraged Long EOSE ETF) – **to be filed by amendment.** 

(lxxxvi) Opinion and Consent of Counsel (for Defiance Leveraged Long + Income BMNR ETF
 and Defiance Leveraged Long + Income SOFI ETF) – **to be filed by amendment.** 

(lxxxvii) Opinion and Consent of Counsel (for Defiance Leveraged Long + Income XRP ETF
 and Defiance Leveraged Long + Income SOL ETF) – **to be filed by amendment.** 

(lxxxviii) [Consent of Counsel](ex99ilxxxviii.htm) (on behalf of the Roundhill Generative AI & Technology ETF) – **filed herewith** 

(j) [Consent of Independent Registered Accounting Firm – **filed herewith.**](ex99-j.htm)

(k) Not applicable.

(l) (i) [Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-li.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12,
 2022, is hereby incorporated by reference.

(ii) Letter of Representations between the Trust and Depository Trust Company
 - **to be filed by amendment**.

(m) [Amended and Restated Rule 12b-1 Plan – **filed herewith**.](exm.htm)

(n) Not applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust II](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 277 on Form
 N-1A on November 8, 2024 and is incorporated herein by reference.

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 277 on
 Form N-1A on November 8, 2024 and is incorporated herein by reference.

(iii) [Code of Ethics Carbon Collective Investing, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-piii.htm) , previously filed with the Trusts registration statement
 on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.

(iv) Code of Ethics for Distributor not applicable per Rule 17j-1(c)(3).

(v) [Code of Ethics for Nicholas Wealth, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-pvi.htm) , previously filed with Post-Effective Amendment No. 311 on
 Form N-1A on February 13, 2025, and is incorporated herein by reference.

(vi) [Code of Ethics for Pinnacle Family Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-pviii.htm) , previously filed with Post-Effective Amendment No.
 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference.

(vii) [Code of Ethics for Veridien Global Investors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-pix.htm) , previously filed with Post-Effective Amendment No.
 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference.

(viii) [Code of Ethics for Family Dynasty Advisors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-pix.htm) , previously filed with Post-Effective Amendment No.
 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference.

(ix) [Code of Ethics for Newfound Research LLC , **filed herewith**.](expix.htm)

(x) [Code of Ethics for ReSolve Asset Management SEZC (Cayman)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-pxi.htm) , previously filed with Post-Effective Amendment
 No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.

(xi) [Code of Ethics for Roundhill Financial Inc.](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010717/ex99pxiii.htm) , previously filed with Post-Effective Amendment No. 251
 on Form N-1A on August 27, 2024 and is incorporated herein by reference.

(xii) [Code of Ethics for Montrose Estate Capital Management, LLC d/b/a Days Global Advisors](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010335/ex99-pxiv.htm) , previously
 filed with Post-Effective Amendment No. 249 on Form N-1A on August 19, 2024 and is incorporated herein by reference.

(xiii) [Code of Ethics for Chesapeake Capital Corporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxv.htm) , previously filed with Post-Effective Amendment
 No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xiv) [Code of Ethics for Blueprint Fund Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-pxv.htm) , previously filed with Post-Effective Amendment
 No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference.

(xv) [Code of Ethics for Grizzle Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-pxvii.htm) , previously filed with Post-Effective Amendment
 No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.

(xvi) [Code of Ethics for Cambria Investment Management, L.P.](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxviii.htm) , previously filed with Post-Effective Amendment
 No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xvii) [Code of Ethics for Hilton Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxix.htm) , previously filed with Post-Effective Amendment
 No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xviii) [Code of Ethics for MSA Power Funds LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 124 on
 Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xix) [Code of Ethics for Quantify Chaos Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No.
 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference **.** 

(xx) [Code of Ethics for Artesian Capital Management (Delaware) LP](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-pxxiii.htm) , previously filed with Post-Effective
 Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference.

(xxi) [Code of Ethics for Even Herd, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-pxxiv.htm) , previously filed with Post-Effective Amendment No. 194 on Form
 N-1A on March 26, 2024 and is incorporated herein by reference.

(xxii) [Code of Ethics for Peerless Wealth LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-pxxv.htm) , previously filed with Post-Effective Amendment No. 211 on
 Form N-1A on May 10, 2024 and is incorporated herein by reference.

(xxiii) [Code of Ethics for Clockwise Capital LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-pxxvi.htm) , previously filed with Post-Effective Amendment No. 224 on
 Form N-1A on June 11, 2024 and is incorporated herein by reference.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

Reference is made to Article VII of the Registrant's Third Amended and Restated Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

This Item incorporates by reference each investment advisers Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SECs website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trusts Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Adviser** | **SEC File No.** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| Carbon Collective Investing, LLC | 801-119296 |
| Platos Philosophy LLC | 801-126714 |
| Nicholas Wealth, LLC | 801-122063 |
| Pinnacle Family Advisors, LLC | 801-78013 |
| Newfound Research LLC | 801-73042 |
| Montrose Estate Capital Management, LLC | 801-127176 |
| Family Dynasty Advisors LLC | 801-127497 |
| Roundhill Financial Inc. | 801-114971 |
| Veridien Global Investors, LLC | 801-127602 |
| Chesapeake Capital Corporation | 801-106985 |
| Blueprint Fund Management, LLC | 801-117790 |
| Grizzle Investment Management LLC | 801-122682 |
| Cambria Investment Management, L.P. | 801-71786 |
| MSA Power Funds LLC | 801-128292 |
| Hilton Capital Management, LLC | 801-60776 |
| Quantify Chaos Advisors, LLC (dba Quantify Funds) | 801-129075 |
| Artesian Capital Management (Delaware) LP | 801-129697 |
| Even Herd, LLC | 801-129721 |
| Peerless Wealth LLC | 801-129909 |
| Clockwise Capital LLC | 801-123024 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Clifford Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Coatue Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Dividend Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Fundrise Growth Tech Fund, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. IDX Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Milliman Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. North Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Preferred-Plus ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. WisdomTree Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Position with Underwriter | &nbsp;&nbsp; <u>Position with Registrant</u><br>|
| Teresa Cowan | &nbsp;&nbsp;190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| Chris Lanza<br>Kate Macchia<br>| &nbsp;&nbsp; 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp; Vice President<br>Vice President |  |
| Alicia Strout | &nbsp;&nbsp;190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone<br>Susan L. LaFond | &nbsp;&nbsp; 190 Middle Street, Suite 301, Portland, ME 04101<br> 190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp; Secretary<br>Treasurer |  |
| Weston Sommers | &nbsp;&nbsp;190 Middle Street, Suite 301, Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

---

| | |
|:---|:---|
| **(ii)(a)** | **ALPS Distributors, Inc. ("ALPS") serves as principal underwriter for certain series of the of the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

1290 Funds

1WS Credit Income Fund

abrdn ETFs

Accordant ODCE Index Fund

Alpha Alternative Assets Fund

ALPS Series Trust

Alternative Credit Income Fund

Apollo Diversified Credit Fund

Apollo Diversified Real Estate Fund

AQR Funds

Axonic Alternative Income Fund

Axonic Funds

BBH Trust

Bluerock High Income Institutional Credit Fund

Bluerock Total Income+ Real Estate Fund

Bridge Builder Trust

Cambria ETF Trust

Centre Funds

CION Ares Diversified Credit Fund

Columbia ETF Trust

Columbia ETF Trust I

Columbia ETF Trust II

CRM Mutual Fund Trust

DBX ETF Trust

ETF Series Solutions (Vident Series)

Financial Investors Trust

Firsthand Funds

Flat Rock Core Income Fund

Flat Rock Opportunity Fund

FS Credit Income Fund

FS Energy Total Return Fund

FS Multi-Alternative Income Fund

FS Series Trust

FS MVP Private Markets Fund

Goehring & Rozencwajg Investment Funds

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II

Graniteshares ETF Trust

Hartford Funds Exchange-Traded Trust

Heartland Group, Inc.

IndexIQ Active ETF Trust

IndexIQ ETF Trust

Investment Managers Series Trust II (AXS-Advised Funds)

Janus Detroit Street Trust

Lattice Strategies Trust

Litman Gregory Funds Trust

Manager Directed Portfolios (Spyglass Growth Fund)

Meridian Fund, Inc.

Natixis ETF Trust

Natixis ETF Trust II

Opportunistic Credit Interval Fund

PRIMECAP Odyssey Funds

Principal Exchange-Traded Funds

RiverNorth Funds

RiverNorth Opportunities Fund, Inc.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund, Inc.

RiverNorth Capital and Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc.

RiverNorth Managed Duration Municipal Income Fund II, Inc.

SPDR Dow Jones Industrial Average ETF Trust

SPDR S&P 500 ETF Trust

SPDR S&P MidCap 400 ETF Trust

Sprott Funds Trust

Stone Ridge Trust

Stone Ridge Trust II

Stone Ridge Trust IV

Stone Ridge Trust V

Stone Ridge Trust VIII

The Arbitrage Funds

Themes ETF Trust

Thrivent ETF Trust

USCF ETF Trust

Valkyrie ETF Trust II

Wasatch Funds

WesMark Funds

Wilmington Funds

X-Square Balanced Fund

X-Square Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **The following are the Officers and Manager of ALPS, the Registrant's underwriter. ALPS's, unless otherwise noted, business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203.** 

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Positions with Registrant** |
| Stephen J. Kyllo | President, Chief Operating Officer, Director, Chief Compliance Officer | None |
| Brian Schell\* | Vice President & Treasurer | None |
| Eric Parsons | Vice President, Controller and Assistant Treasurer | None |
| Jason White\*\* | Secretary | None |
| Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary | None |
| Eric Theroff | Assistant Secretary | None |
| Adam Girard | Tax Officer | None |
| Liza Price | Vice President, Managing Counsel | None |
| Jed Stahl | Vice President, Managing Counsel | None |
| Terence Digan | Vice President | None |
| James Stegall | Vice President | None |
| Gary Ross | Senior Vice President | None |
| Hilary Quinn | Vice President | None |

---

---

| | |
|:---|:---|
| \* | The principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606. |
| \*\* | The principal business address for Mr. White is 4 Times Square, New York, NY 10036. |
| ^ | The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105 |
| ^^ | The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Not applicable.** 

**Item 33. Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Fund Sub-Administrator, <br> Fund Accountant, and Sub-Transfer Agent  | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank, National Association<br> 1555 N. Rivercenter Drive<br> Milwaukee, WI 53212 |
| Registrant's Principal Underwriters | Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |
|  | ALPS Distributors, Inc. <br> 1290 Broadway, Suite 1000 <br> Denver, CO 80203  |
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Adviser | Carbon Collective Investing, LLC<br> 1748 Shattuck Ave.<br> PMB 164<br> Berkeley, CA 94709 |
| Registrant's Sub-Adviser | Nicholas Wealth, LLC <br> Wealth Management<br> 218 Roswell Street NE<br> Marietta, Georgia 30060 |
| Registrant's Sub-Adviser | Pinnacle Family Advisors, LLC<br> 620 W. Republic Road, Suite 104<br> Springfield, Missouri 65807 |

---

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, Connecticut 06820 |
| Registrant's Sub-Adviser | Newfound Research LLC<br> 200 Central Avenue, Suite 324<br> St. Petersburg, Florida 33701 |
| Registrant's Futures Trading Advisor | ReSolve Asset Management SEZC (Cayman)<br> 90 North Church Street Strathvale House, 5th Floor<br> George Town, Grand Cayman, Cayman Islands, KY1-9012 |
| Registrant's Sub-Adviser | Montrose Estate Capital Management, LLC<br> d/b/a Days Global Advisors<br> 6363 Woodway Dr., Suite # 763<br> Houston, TX 77057 |
| Registrant's Sub-Adviser | Family Dynasty Advisors LLC<br> 4601 S. Loop 289 #7<br> Lubbock, TX 79424 |
| Registrant's Sub-Adviser | Roundhill Financial Inc.<br> 154 West 14th Street, 2nd Floor<br> New York, New York 10011 |
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, CT 06820 |
| Registrant's Sub-Adviser | Chesapeake Capital Corporation<br> 308 Long Lane<br> Richmond, Virginia 23221 |
| Registrant's Sub-Adviser | Blueprint Fund Management, LLC<br> 1250 Revolution Mill Dr., Suite 150,<br> Greensboro, NC 27405 |
| Registrant's Sub-Adviser | Grizzle Investment Management LLC<br> 573 Coldstream Drive<br> Berwyn, Pennsylvania 19312 |
| Registrant's Sub-Adviser | Cambria Investment Management, L.P. <br> 3300 Highland Avenue <br> Manhattan Beach, CA 90266 |
| Registrant's Sub-Adviser | Hilton Capital Management, LLC <br> 1010 Franklin Avenue, Suite 300A <br> Garden City, NY 11530 |
| Registrant's Sub-Adviser | Quantify Chaos Advisors, LLC (dba Quantify Funds) <br> 21 India Street, #2609 <br> Brooklyn, New York, 11222 |
| Registrant's Sub-Adviser | Artesian Capital Management (Delaware) LP <br> 499 7th Ave, Level 22N <br> New York, NY 10018 |
| Registrant's Sub-Adviser | Even Herd, LLC <br> 14642 Bogert Pkwy <br> Oklahoma City, OK 73134 |
| Registrant's Sub-Adviser | Peerless Wealth LLC <br> 1 East Campus View Blvd. Suite 210 <br> Columbus, Ohio 43235 |
| Registrant's Sub-Adviser | Clockwise Capital LLC <br> 1395 Brickell Avenue, Unit 800 <br> Miami, FL 33131 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURE**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 408 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and the Registrant has duly caused this Post-Effective Amendment No. 408 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on August 25, 2025.

---

| |
|:---|
| **Tidal Trust II** |
| /s/ Eric W. Falkeis |
| Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on August 25, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | Principal Executive Officer and Trustee |
| Eric W. Falkeis | Eric W. Falkeis |  |
| /s/ Dave Norris\* | /s/ Dave Norris\* | Trustee |
| David Norris | David Norris |  |
| /s/ Michelle McDonough\* | /s/ Michelle McDonough\* | Trustee |
| Michelle McDonough | Michelle McDonough |  |
| /s/ Javier Marquina\* | /s/ Javier Marquina\* | Trustee |
| Javier Marquina | Javier Marquina |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| \*By: | /s/ Eric W. Falkeis |  |
|  | Eric Falkeis, Attorney in Fact |  |
|  | By Power of Attorney |  |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (d)(ii)(xv) | [Fifteenth Amendment to the Investment Advisory Agreement](ex99diixv.htm) |
| (d)(xvi)(xii) | [Fourteenth Amendment to the Investment Advisory Agreement](ex99dxvixii.htm) |
| (e)(i)(26) | [Twenty-Seventh Amendment to the Distribution Agreement](exei26.htm) |
| (h)(i)(28) | [Twenty-Eighth Amendment to the Fund Administration Servicing Agreement](exhi28.htm) |
| (i)(lxxxviii) | [Consent of Counsel](ex99ilxxxviii.htm) |
| (j) | [Consent of Independent Registered Accounting Firm](ex99-j.htm) |
| (m) | [Amended and Restated Rule 12b-1 Plan](exm.htm) |
| (p)(ix) | [Code of Ethics (Newfound Research LLC)](expix.htm) |

---

## Ex-99.(D)(Ii)(Xv)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(d)(ii)(xv)**

**FIFTEENTH AMENDMENT TO THE**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

This Fifteenth Amendment to the Investment Advisory Agreement (the "<u>Amendment</u>") is made as of August 7, 2025, by and between **TIDAL TRUST II** (the "<u>Trust</u>") and **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>").

**BACKGROUND:**

A. The Trust and the Adviser have entered into an Investment Advisory Agreement dated as of September 19,
2022, as amended to date (the " <u>Agreement</u> ") pursuant to which the Adviser is engaged by the Trust to serve as the investment
adviser to each Fund identified on the then-current Schedule A to the Agreement.

B. The Trust and the Adviser desire to amend and restate Schedule A to the Agreement to:

Add the following new series:

YieldMax® GLXY Option Income Strategy ETF

YieldMax® CRWV Option Income Strategy ETF

YieldMax® CRCL Option Income Strategy ETF

YieldMax® SCHD DoubleDiv™ ETF

C. Section 21 of the Agreement allows for the amendment of the Agreement by a written instrument executed
by both parties.

D. This Background section and the Schedule attached to this Amendment are incorporated by reference into,
and made a part of, this Amendment.

**TERMS:**

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The current Schedule A to the Agreement is hereby amended
and restated in its entirety as set forth on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized terms not defined in this Amendment shall have the respective meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except as specifically amended by this Amendment, and except as necessary to conform to the intention
of the parties herein above set forth, the Agreement shall remain unaltered and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Agreement, as amended hereby, together with its Schedule, constitutes the complete understanding and
agreement of the parties with respect to the subject matter hereof and supersedes all prior communications with respect thereto. This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. The facsimile signature of any party to this Amendment shall constitute the valid and binding execution hereof
by such party.

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| on behalf of its series listed on <u>Amended Schedule A</u> | on behalf of its series listed on <u>Amended Schedule A</u> |  |  |
| By: | /s/Eric Falkeis | By: | /s/Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | Principal Executive Officer | Title: | Co-Founder & Chief of Staff |
| Date: | 08-08-2025 | Date: | 08-08-2025 |

---

**Amended AND RESTATED**

**Schedule A**

**to the**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

**(August 7, 2025)**

---

| | |
|:---|:---|
| **Fund Name** | **Advisory Fee** |
| YieldMax® AAPL Option Income Strategy ETF | 0.99% |
| YieldMax® AMZN Option Income Strategy ETF | 0.99% |
| YieldMax® BRK.B Option Income Strategy ETF | 0.99% |
| YieldMax® COIN Option Income Strategy ETF | 0.99% |
| YieldMax® META Option Income Strategy ETF | 0.99% |
| YieldMax® GOOGL Option Income Strategy ETF | 0.99% |
| YieldMax® NFLX Option Income Strategy ETF | 0.99% |
| YieldMax® NVDA Option Income Strategy ETF | 0.99% |
| YieldMax® XYZ Option Income Strategy ETF | 0.99% |
| YieldMax® TSLA Option Income Strategy ETF | 0.99% |
| YieldMax® Innovation Option Income Strategy ETF | 0.99% |
| YieldMax® KWEB Option Income Strategy ETF | 0.99% |
| YieldMax® Gold Miners Option Income Strategy ETF | 0.99% |
| YieldMax® XBI Option Income Strategy ETF | 0.99% |
| YieldMax® TLT Option Income Strategy ETF | 0.99% |
| YieldMax® ABNB Option Income Strategy ETF | 0.99% |
| YieldMax® AMD Option Income Strategy ETF | 0.99% |

---

---

| | |
|:---|:---|
| YieldMax® MRNA Option Income Strategy ETF | 0.99% |
| YieldMax® PYPL Option Income Strategy ETF | 0.99% |
| YieldMax® DIS Option Income Strategy ETF | 0.99% |
| YieldMax® JPM Option Income Strategy ETF | 0.99% |
| YieldMax® MSFT Option Income Strategy ETF | 0.99% |
| YieldMax® XOM Option Income Strategy ETF | 0.99% |
| YieldMax® AI Option Income Strategy ETF | 0.99% |
| YieldMax® ROKU Option Income Strategy ETF | 0.99% |
| YieldMax® SNOW Option Income Strategy ETF | 0.99% |
| YieldMax® ZM Option Income Strategy ETF | 0.99% |
| YieldMax® ADBE Option Income Strategy ETF | 0.99% |
| YieldMax® NKE Option Income Strategy ETF | 0.99% |
| YieldMax® ORCL Option Income Strategy ETF | 0.99% |
| YieldMax® INTC Option Income Strategy ETF | 0.99% |
| YieldMax® BIIB Option Income Strategy ETF | 0.99% |
| YieldMax® BA Option Income Strategy ETF | 0.99% |
| YieldMax® AI Option Income Strategy ETF | 0.99% |
| YieldMax® Universe Fund of Option Income ETFs | 0.29% |
| YieldMax® Magnificent 7 Fund of Option Income ETFs | 0.29% |
| YieldMax® Ultra Option Income Strategy ETF | 1.24% |
| YieldMax® MSTR Option Income Strategy ETF | 0.99% |
| YieldMax® TSLA Short Option Income Strategy ETF | 0.99% |
| YieldMax® Innovation Short Option Income Strategy ETF | 0.99% |
| YieldMax® NVDA Short Option Income Strategy ETF | 0.99% |
| YieldMax® COIN Short Option Income Strategy ETF | 0.99% |

---

---

| | |
|:---|:---|
| YieldMax® AAPL Short Option Income Strategy ETF | 0.99% |
| YieldMax® N100 Short Option Income Strategy ETF | 0.99% |
| YieldMax® Bitcoin Option Income Strategy ETF | 0.99% |
| YieldMax® BABA Option Income Strategy ETF | 0.99% |
| YieldMax® CVNA Option Income Strategy ETF | 0.99% |
| YieldMax® DKNG Option Income Strategy ETF | 0.99% |
| YieldMax® HOOD Option Income Strategy ETF | 0.99% |
| YieldMax® JD Option Income Strategy ETF | 0.99% |
| YieldMax® MARA Option Income Strategy ETF | 0.99% |
| YieldMax® PDD Option Income Strategy ETF | 0.99% |
| YieldMax® PLTR Option Income Strategy ETF | 0.99% |
| YieldMax® RBLX Option Income Strategy ETF | 0.99% |
| YieldMax® SHOP Option Income Strategy ETF | 0.99% |
| YieldMax® SMCI Option Income Strategy ETF | 0.99% |
| YieldMax® TSM Option Income Strategy ETF | 0.99% |
| YieldMax® Ether Option Income Strategy ETF | 0.99% |
| YieldMax® Target 12™ Semiconductor Option Income ETF | 0.99% |
| YieldMax® Target 12™ Biotech & Pharma Option Income ETF | 0.99% |
| YieldMax® Target 12™ Energy Option Income ETF | 0.99% |
| YieldMax® Target 12™ Real Estate Option Income ETF | 0.99% |
| YieldMax® Target 12™ Tech & Innovation Option Income ETF | 0.99% |
| YieldMax® Target 12™ Big 50 Option Income ETF | 0.99% |
| YieldMax® Dorsey Wright Hybrid 5 Income ETF | 0.29% |
| YieldMax® Dorsey Wright Featured 5 Income ETF | 0.29% |
| YieldMax® AI & Tech Portfolio Option Income ETF | 0.99% |

---

---

| | |
|:---|:---|
| YieldMax® Crypto Industry & Tech Portfolio Option Income ETF | 0.99% |
| YieldMax® China Portfolio Option Income ETF | 0.99% |
| YieldMax® Semiconductor Portfolio Option Income ETF | 0.99% |
| YieldMax® Biotech & Pharma Portfolio Option Income ETF | 0.99% |
| YieldMax® Ultra Short Option Income Strategy ETF | 1.24% |
| YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF | 0.99% |
| YieldMax® S&P 500 0DTE Covered Call Strategy ETF | 0.99% |
| YieldMax® R2000 0DTE Covered Call Strategy ETF | 0.99% |
| YieldMax® MSTR Short Option Income Strategy ETF | 0.99% |
| YieldMax® AMD Short Option Income Strategy ETF | 0.99% |
| YieldMax® AMZN Short Option Income Strategy ETF | 0.99% |
| YieldMax® MARA Short Option Income Strategy ETF | 0.99% |
| YieldMax® Bitcoin Short Option Income Strategy ETF | 0.99% |
| YieldMax® META Short Option Income Strategy ETF | 0.99% |
| YieldMax® SMCI Short Option Income Strategy ETF | 0.99% |
| YieldMax® AI Performance & Income Target 25 ETF | 0.99% |
| YieldMax® AMD Performance & Income Target 25 ETF | 0.99% |
| YieldMax® AMZN Performance & Income Target 25 ETF | 0.99% |
| YieldMax® COIN Performance & Income Target 25 ETF | 0.99% |
| YieldMax® MARA Performance & Income Target 25 ETF | 0.99% |
| YieldMax® MSTR Performance & Income Target 25 ETF | 0.99% |
| YieldMax® NVDA Performance & Income Target 25 ETF | 0.99% |
| YieldMax® PLTR Performance & Income Target 25 ETF | 0.99% |
| YieldMax® SMCI Performance & Income Target 25 ETF | 0.99% |
| YieldMax® TSLA Performance & Income Target 25 ETF | 0.99% |

---

---

| | |
|:---|:---|
| YieldMax® Bitcoin Performance & Income Target 25 ETF | 0.99% |
| YieldMax® RDDT Option Income Strategy ETF | 0.99% |
| YieldMax® GME Option Income Strategy ETF | 0.99% |
| YieldMax® AFRM Option Income Strategy ETF | 0.99% |
| YieldMax® CRWD Option Income Strategy ETF | 0.99% |
| YieldMax® UBER Option Income Strategy ETF | 0.99% |
| YieldMax® ARM Option Income Strategy ETF | 0.99% |
| YieldMax® AVGO Option Income Strategy ETF | 0.99% |
| YieldMax® HIMS Option Income Strategy ETF | 0.99% |
| YieldMax® APP Option Income Strategy ETF | 0.99% |
| YieldMax® LLY Option Income Strategy ETF | 0.99% |
| YieldMax® SPOT Option Income Strategy ETF | 0.99% |
| YieldMax® IONQ Option Income Strategy ETF | 0.99% |
| YieldMax® GLXY Option Income Strategy ETF | 0.99% |
| YieldMax® CRWV Option Income Strategy ETF | 0.99% |
| YieldMax® CRCL Option Income Strategy ETF | 0.99% |
| YieldMax® SCHD DoubleDiv™ ETF | 0.99% |

---

[remainder of page left intentionally blank]

## Ex-99.(D)(Xvi)(Xii)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(d)(xvi)(xii)**

**FOURTEENTH AMENDMENT TO THE**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

This Fourteenth Amendment to the Investment Advisory Agreement (the "<u>Amendment</u>") is made as of August 7, 2025, by and between **TIDAL TRUST II** (the "<u>Trust</u>") and **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>").

**BACKGROUND:**

A. The Trust and the Adviser have entered into an Investment Advisory Agreement dated as of August 15, 2023,
as amended to date (the " <u>Agreement</u> ") pursuant to which the Adviser is engaged by the Trust to serve as the investment
adviser to each Fund identified on the then-current Schedule A to the Agreement.

B. The Trust and the Adviser desire to amend and restate Schedule A to the Agreement to add new Funds. In
particular, the parties desire to amend and restate Schedule A to:

Add the following new Funds:

Defiance Leveraged Long + Income Magnificent Seven ETF

Defiance Leveraged Long + Income Nasdaq 100 ETF

Defiance Leveraged Long + Income S&P 500 ETF

Defiance Leveraged Long + Income Ethereum ETF

Defiance Leveraged Long + Income Bitcoin ETF

Defiance Leveraged Long + Income CRCL ETF

Defiance Leveraged Long + Income CRWV ETF

Defiance Leveraged Long + Income GLXY ETF

C. Section 21 of the Agreement allows for the amendment of the Agreement by a written instrument executed
by both parties.

D. This Background section and the Schedule attached to this Amendment are incorporated by reference into,
and made a part of, this Amendment.

**TERMS:**

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The current Schedule A to the Agreement is hereby amended and restated in its entirety as set forth
on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized terms not defined in this Amendment shall have the respective meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except as specifically amended by this Amendment, and except as necessary to conform to the intention
of the parties herein above set forth, the Agreement shall remain unaltered and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Agreement, as amended hereby, together with its Amended and
Restated Schedule A , constitutes the complete understanding and agreement of the parties with respect to the subject matter hereof
and supersedes all prior communications with respect thereto. This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature of any party
to this Amendment shall constitute the valid and binding execution hereof by such party.

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| on behalf of its series listed on <u>Amended Schedule A</u> | on behalf of its series listed on <u>Amended Schedule A</u> |  |  |
| By: | /s/Eric Falkeis | By: | /s/Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | Principal Executive Officer | Title: | Co-Founder & Chief of Staff |
| Date: | 08-08-2025 | Date: | 08-08-2025 |

---

**Amended AND RESTATED**

**Schedule A**

**to the**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

**(August 7, 2025)**

---

| | |
|:---|:---|
| **Fund Name** | **Advisory Fee** |
| Defiance Nasdaq 100 Target 30 Income ETF | 0.99% |
| Defiance S&P 500 Target 30 Income ETF | 0.99% |
| Defiance R2000 Target 30 Income ETF | 0.99% |
| Defiance Treasury Alternative Yield ETF | 0.75% |
| Defiance Developed Markets Enhanced Options Income ETF | 0.99% |
| Defiance Emerging Markets Enhanced Options Income ETF | 0.99% |
| Defiance Nasdaq 100 Income Target ETF | 0.85% |
| Defiance S&P 500 Income Target ETF | 0.85% |
| Defiance R2000 Income Target ETF | 0.85% |
| Defiance Gold Enhanced Options Income ETF | 0.99% |
| Defiance Silver Enhanced Options Income ETF | 0.99% |
| Defiance Oil Enhanced Options Income ETF | 0.99% |
| Defiance Treasury Enhanced Options Income ETF | 0.99% |
| Defiance Daily Target 2X Long Ether ETF | 0.95% |
| Defiance Daily Target 2X Short MSTR ETF | 1.29% |
| Defiance Daily Target 2X Long RIOT ETF | 0.95% |

---

---

| | |
|:---|:---|
| Defiance Daily Target 2X Long Copper ETF | 0.95% |
| Defiance Daily Target 2X Long China Dragons ETF | 0.95% |
| Defiance Daily Target 2X Long LLY ETF | 1.29% |
| Defiance Daily Target 2X Long MSTR ETF | 1.29% |
| Defiance Daily Target 2X Long NVO ETF | 1.29% |
| Defiance Daily Target 2X Long AVGO ETF | 1.29% |
| Defiance Daily Target 2X Long SMCI ETF | 1.29% |
| Defiance Daily Target 2X Long Solar ETF | 0.95% |
| Defiance Daily Target 2X Long Uranium ETF | 0.95% |
| Defiance Daily Target 2X Short Ether ETF | 0.95% |
| Defiance Large Cap ex-Mag 7 ETF | 0.35% |
| <br> Defiance Daily Target 2X Long SOFI ETF | 1.29% |
| <br> Defiance Daily Target 2X Long AMAT ETF | 1.29% |
| Defiance Daily Target 2X Long GOLD ETF | 1.29% |
| Defiance Daily Target 2X Long ORCL ETF | 1.29% |
| <br> Defiance Daily Target 2X Long FSLR ETF | 1.29% |
| <br> Defiance Daily Target 2X Long DKNG ETF | 1.29% |
| <br> Defiance Hot Sauce 2X ETF | 1.49% |
| <br> Defiance AI & Power Infrastructure ETF | 0.69% |
| Defiance Leveraged Long MSTR ETF | 1.29% |
| Defiance Leveraged Long + Income MSTR ETF | 1.29% |
| Defiance Daily Target 2X Long HIMS ETF | 1.29% |
| Defiance Daily Target 2X Long IONQ ETF | 1.29% |
| Defiance Daily Target 2X Long RKLB ETF | 1.29% |
| Defiance Daily Target 2X Long CVNA ETF | 1.29% |

---

---

| | |
|:---|:---|
| Defiance Daily Target 2X Long HOOD ETF | 1.29% |
| Defiance Daily Target 2X Long VST ETF | 1.29% |
| Defiance Daily Target 2X Long JPM ETF | 1.29% |
| Defiance Daily Target 2X Long PENN ETF | 1.29% |
| Defiance Daily Target 2X Long SOUN ETF | 1.29% |
| Defiance Daily Target 2X Long MRVL ETF | 1.29% |
| Defiance Daily Target 2X Long RGTI ETF | 1.29% |
| Defiance Daily Target 2X Short RIOT ETF | 1.29% |
| Defiance Daily Target 2X Short SMCI ETF | 1.29% |
| Defiance Daily Target 2X Short LLY ETF | 1.29% |
| Defiance Daily Target 2X Long DJT ETF | 1.29% |
| Defiance Daily Target 2X Long RDDT ETF | 1.29% |
| Defiance Trillion Dollar Club Index ETF | 0.49% |
| Defiance Nasdaq 100 LightningSpread™ Income ETF | 0.99% |
| Defiance S&P 500 LightningSpread™ Income ETF | 0.99% |
| Defiance Russell 2000 LightningSpread™ Income ETF | 0.99% |
| Defiance Daily Target 2X Short CVNA ETF | 1.29% |
| Defiance Daily Target 2X Short IONQ ETF | 1.29% |
| Defiance Daily Target 2X Short PLTR ETF | 1.29% |
| Defiance Daily Target 2X Short RKLB ETF | 1.29% |
| Defiance Daily Target 2X Long ARM ETF | 1.29% |
| Defiance Daily Target 2X Long UBER ETF | 1.29% |
| Defiance Daily Target 2X Long ANET ETF | 1.29% |
| Defiance Daily Target 2X Long PM ETF | 1.29% |
| Defiance Daily Target 2x Long OKLO ETF | 1.29% |

---

---

| | |
|:---|:---|
| Defiance Daily Target 2x Long QBTS ETF | 1.29% |
| Defiance Daily Target 2x Short RGTI ETF | 1.29% |
| Defiance Daily Target 2x Short QBTS ETF | 1.29% |
| Defiance Nasdaq 100 Double Short Hedged ETF | 1.29% |
| Defiance 2X Daily Long Pure Quantum ETF | 1.29% |
| Defiance MAGA Seven ETF | 0.59% |
| Defiance Vol Carry Hedged ETF | 0.99% |
| Defiance Enhanced Short Vol ETF | 1.49% |
| Defiance Enhanced Long Vol ETF | 1.49% |
| Defiance Leveraged Long + Income AAPL ETF | 1.49% |
| Defiance Leveraged Long + Income AMD ETF | 1.49% |
| Defiance Leveraged Long + Income AMZN ETF | 1.49% |
| Defiance Leveraged Long + Income BRK.B ETF | 1.49% |
| Defiance Leveraged Long + Income COIN ETF | 1.49% |
| Defiance Leveraged Long + Income GOOG ETF | 1.49% |
| Defiance Leveraged Long + Income HIMS ETF | 1.49% |
| Defiance Leveraged Long + Income HOOD ETF | 1.49% |
| Defiance Leveraged Long + Income META ETF | 1.49% |
| Defiance Leveraged Long + Income NFLX ETF | 1.49% |
| Defiance Leveraged Long + Income NVDA ETF | 1.49% |
| Defiance Leveraged Long + Income PLTR ETF | 1.49% |
| Defiance Leveraged Long + Income SMCI ETF | 1.49% |
| Defiance Leveraged Long + Income TSLA ETF | 1.49% |
| Defiance Leveraged Long + Income Magnificent Seven ETF | 1.49% |
| Defiance Leveraged Long + Income Nasdaq 100 ETF | 1.49% |

---

---

| | |
|:---|:---|
| Defiance Leveraged Long + Income S&P 500 ETF | 1.49% |
| Defiance Leveraged Long + Income Ethereum ETF | 1.49% |
| Defiance Leveraged Long + Income Bitcoin ETF | 1.49% |
| Defiance Leveraged Long + Income CRCL ETF | 1.49% |
| Defiance Leveraged Long + Income CRWV ETF | 1.49% |
| Defiance Leveraged Long + Income GLXY ETF | 1.49% |

---

[remainder of page left intentionally blank]

## Ex-99.(E)(I)(26)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(e)(i)(26)**

**TWENTY-SEVENTH AMENDMENT**

**TO ETF DISTRIBUTION AGREEMENT**

This twenty-seventh amendment ("Amendment") to the ETF Distribution Agreement dated as of July 5, 2022 (the "Agreement"), by and between Tidal Trust II (the "Trust") and Foreside Fund Services, LLC ("Foreside" and together with the Trust, the "Parties") is entered into as of August 7, 2025 (the "Effective Date").

**WHEREAS**, The Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings set forth
in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit A of the Agreement is hereby deleted and replaced in its entirety by Exhibit
A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement shall
remain unamended and in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment shall be governed by, and the provisions of this Amendment shall
be construed and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Teresa Cowan |
| Name: | Eric Falkeis | Name: | Teresa Cowan |
| Title: | Principal Executive Officer | Title: | President |

---

**EXHIBIT A**

Carbon Collective Climate Solutions U.S. Equity ETF

Carbon Collective Short Duration Green Bond ETF

YieldMax® Innovation Option Income Strategy ETF

YieldMax® KWEB Option Income Strategy ETF

YieldMax® Gold Miners Option Income Strategy ETF

YieldMax® XBI Option Income Strategy ETF

YieldMax® TLT Option Income Strategy ETF

YieldMax® AAPL Option Income Strategy ETF

YieldMax® AMZN Option Income Strategy ETF

YieldMax® BRK.B Option Income Strategy ETF

YieldMax® COIN Option Income Strategy ETF

YieldMax® META Option Income Strategy ETF

YieldMax® GOOGL Option Income Strategy ETF

YieldMax® NFLX Option Income Strategy ETF

YieldMax® NVDA Option Income Strategy ETF

YieldMax® XYZ Option Income Strategy ETF

YieldMax® TSLA Option Income Strategy ETF

YieldMax® ABNB Option Income Strategy ETF

YieldMax® AMD Option Income Strategy ETF

YieldMax® MRNA Option Income Strategy ETF

YieldMax® PYPL Option Income Strategy ETF

YieldMax® DIS Option Income Strategy ETF

YieldMax® JPM Option Income Strategy ETF

YieldMax® MSFT Option Income Strategy ETF

YieldMax® XOM Option Income Strategy ETF

YieldMax® AI Option Income Strategy ETF

YieldMax® ROKU Option Income Strategy ETF

YieldMax® SNOW Option Income Strategy ETF

YieldMax® ZM Option Income Strategy ETF

YieldMax® ADBE Option Income Strategy ETF

YieldMax® NKE Option Income Strategy ETF

YieldMax® ORCL Option Income Strategy ETF

YieldMax® INTC Option Income Strategy ETF

YieldMax® BIIB Option Income Strategy ETF

YieldMax® BA Option Income Strategy ETF

YieldMax® TGT Option Income Strategy ETF

YieldMax® Universe Fund of Option Income ETFs

YieldMax® Magnificent 7 Fund of Option Income ETFs

YieldMax® Ultra Option Income Strategy ETF

YieldMax® MSTR Option Income Strategy ETF

YieldMax® Short TSLA Option Income Strategy ETF

YieldMax® Short Innovation Option Income Strategy ETF

YieldMax® Short NVDA Option Income Strategy ETF

YieldMax® Short COIN Option Income Strategy ETF

YieldMax® Short AAPL Option Income Strategy ETF

YieldMax® Short N100 Option Income Strategy ETF

YieldMax® Bitcoin Option Income Strategy ETF

YieldMax® BABA Option Income Strategy ETF

YieldMax® CVNA Option Income Strategy ETF

YieldMax® DKNG Option Income Strategy ETF

YieldMax® HOOD Option Income Strategy ETF

YieldMax® JD Option Income Strategy ETF

YieldMax® MARA Option Income Strategy ETF

YieldMax® PDD Option Income Strategy ETF

YieldMax® PLTR Option Income Strategy ETF

YieldMax® RBLX Option Income Strategy ETF

YieldMax® SHOP Option Income Strategy ETF

YieldMax® SMCI Option Income Strategy ETF

YieldMax® TSM Option Income Strategy ETF

YieldMax® Ether Option Income Strategy ETF

YieldMax® Target 12™ Semiconductor Option Income ETF

YieldMax® Target 12™ BioTech & Pharma Option Income ETF

YieldMax® Target 12™ Energy Option Income ETF

YieldMax® Target 12™ Real Estate Option Income ETF

YieldMax® Target 12™ Tech & Innovation Option Income ETF

YieldMax® Target 12™ Big 50 Option Income ETF

YieldMax® Dorsey Wright Hybrid 5 Income ETF

YieldMax® Dorsey Wright Featured 5 Income ETF

YieldMax® AI & Tech Portfolio Option Income ETF

YieldMax® Crypto Industry & Tech Portfolio Option Income ETF

YieldMax® China Portfolio Option Income ETF

YieldMax® Semiconductor Portfolio Option Income ETF

YieldMax® Biotech & Pharma Portfolio Option Income ETF

YieldMax® Ultra Short Option Income Strategy ETF

YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF

YieldMax® S&P 500 0DTE Covered Call Strategy ETF

YieldMax® R2000 0DTE Covered Call Strategy ETF

---

| |
|:---|
| YieldMax® MSTR Short Option Income Strategy ETF |
| YieldMax® AMD Short Option Income Strategy ETF |
| YieldMax® AMZN Short Option Income Strategy ETF |
| YieldMax® MARA Short Option Income Strategy ETF |
| YieldMax® Bitcoin Short Option Income Strategy ETF |
| YieldMax® META Short Option Income Strategy ETF |
| YieldMax® SMCI Short Option Income Strategy ETF |

---

YieldMax® AI Performance & Income Target 25 ETF

YieldMax® AMD Performance & Income Target 25 ETF

YieldMax® AMZN Performance & Income Target 25 ETF

YieldMax® COIN Performance & Income Target 25 ETF

YieldMax® MARA Performance & Income Target 25 ETF

YieldMax® MSTR Performance & Income Target 25 ETF

YieldMax® NVDA Performance & Income Target 25 ETF

YieldMax® PLTR Performance & Income Target 25 ETF

YieldMax® SMCI Performance & Income Target 25 ETF

YieldMax® TSLA Performance & Income Target 25 ETF

YieldMax® Bitcoin Performance & Income Target 25 ETF

YieldMax® RDDT Option Income Strategy ETF

YieldMax® GME Option Income Strategy ETF

YieldMax® AFRM Option Income Strategy ETF

YieldMax® CRWD Option Income Strategy ETF

YieldMax® UBER Option Income Strategy ETF

YieldMax® ARM Option Income Strategy ETF

YieldMax® AVGO Option Income Strategy ETF

YieldMax® HIMS Option Income Strategy ETF

YieldMax® APP Option Income Strategy ETF

YieldMax® LLY Option Income Strategy ETF

YieldMax® SPOT Option Income Strategy ETF

YieldMax® IONQ Option Income Strategy ETF

YieldMax® GLXY Option Income Strategy ETF

YieldMax® CRWV Option Income Strategy ETF

YieldMax® CRCL Option Income Strategy ETF

YieldMax® SCHD DoubleDiv™ ETF

Nicholas Fixed Income Alternative ETF

Nicholas Global Equity and Income ETF

Nicholas Crypto Income ETF

Pinnacle Focused Opportunities ETF

Return Stacked<sup>®</sup> Bonds & Managed Futures ETF

Return Stacked<sup>®</sup> Global Stocks & Bonds ETF

Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF

Return Stacked<sup>®</sup> Bonds & Futures Yield ETF

Return Stacked<sup>®</sup> U.S. Stocks & Futures Yield ETF

Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF

Return Stacked® U.S. Stocks & Gold/Bitcoin ETF

DGA Core Plus Absolute Return ETF

Tactical Advantage ETF

Roundhill Generative AI & Technology ETF

Blueprint Chesapeake Multi-Asset Trend ETF

Cboe<sup>®</sup> Validus S&P 500<sup>®</sup> Dynamic PutWrite Index ETF

Grizzle Growth ETF

Defiance Nasdaq 100 Target 30 Income ETF

Defiance S&P 500 Target 30 Income ETF

Defiance R2000 Target 30 Income ETF

Defiance Treasury Alternative Yield ETF

Defiance Developed Markets Enhanced Options Income ETF

Defiance Emerging Markets Enhanced Options Income ETF

Defiance Nasdaq 100 Income Target ETF

Defiance S&P 500 Income Target ETF

Defiance R2000 Income Target ETF

Defiance Gold Enhanced Options Income ETF

Defiance Silver Enhanced Options Income ETF

Defiance Oil Enhanced Options Income ETF

Defiance Treasury Enhanced Options Income ETF

Defiance Daily Target 2X Long LLY ETF

Defiance Daily Target 2X Long MSTR ETF

Defiance Daily Target 2X Long NVO ETF

Defiance Daily Target 2X Long AVGO ETF

Defiance Daily Target 2X Long SMCI ETF

Defiance Daily Target 2X Long RIOT ETF

Defiance Daily Target 2X Long Copper ETF

Defiance Daily Target 2X Long China Dragons ETF

Defiance Daily Target 2X Long Solar ETF

Defiance Daily Target 2X Short MSTR ETF

Defiance Large Cap ex-Mag 7 ETF

Defiance Daily Target 2X Long SOFI ETF

Defiance Daily Target 2X Long AMAT ETF

Defiance Daily Target 2X Long GOLD ETF

Defiance Daily Target 2X Long ORCL ETF

Defiance Daily Target 2X Long FSLR ETF

Defiance Daily Target 2X Long DKNG ETF

Defiance Hot Sauce Daily 2X Strategy ETF

Defiance AI & Power Infrastructure ETF

---

| |
|:---|
| Defiance Leveraged Long MSTR ETF |
| Defiance Leveraged Long + Income MSTR ETF |
| Defiance Daily Target 2X Long HIMS ETF |
| Defiance Daily Target 2X Long IONQ ETF |
| Defiance Daily Target 2X Long RKLB ETF |
| Defiance Daily Target 2X Long CVNA ETF |
| Defiance Daily Target 2X Long HOOD ETF |
| Defiance Daily Target 2X Long VST ETF |
| Defiance Daily Target 2X Long JPM ETF |
| Defiance Daily Target 2X Long PENN ETF |
| Defiance Daily Target 2X Long SOUN ETF |
| Defiance Daily Target 2X Long MRVL ETF |
| Defiance Daily Target 2X Long RGTI ETF |
| Defiance Daily Target 2X Short RIOT ETF |
| Defiance Daily Target 2X Short SMCI ETF |
| Defiance Daily Target 2X Short LLY ETF |

---

Defiance Daily Target 2X Long DJT ETF

Defiance Daily Target 2X Long RDDT ETF

Defiance Trillion Dollar Club Index ETF

Defiance Nasdaq 100 LightningSpread™ Income ETF

Defiance S&P 500 LightningSpread™ Income ETF

Defiance Russell 2000 LightningSpread™ Income ETF

Defiance Daily Target 2X Short CVNA ETF

Defiance Daily Target 2X Short IONQ ETF

Defiance Daily Target 2X Short PLTR ETF

Defiance Daily Target 2X Short RKLB ETF

Defiance Daily Target 2X Long ARM ETF

Defiance Daily Target 2X Long UBER ETF

Defiance Daily Target 2X Long ANET ETF

Defiance Daily Target 2X Long PM ETF

Defiance Daily Target 2x Long OKLO ETF

Defiance Daily Target 2x Long QBTS ETF

Defiance Daily Target 2x Short RGTI ETF

Defiance Daily Target 2x Short QBTS ETF

Defiance Nasdaq 100 Double Short Hedged ETF

Defiance 2X Daily Long Pure Quantum ETF

Defiance MAGA Seven ETF

Defiance Vol Carry Hedged ETF

Defiance Enhanced Short Vol ETF

Defiance Enhanced Long Vol ETF

Defiance Leveraged Long + Income AAPL ETF

Defiance Leveraged Long + Income AMD ETF

Defiance Leveraged Long + Income AMZN ETF

Defiance Leveraged Long + Income BRK.B ETF

Defiance Leveraged Long + Income COIN ETF

Defiance Leveraged Long + Income GOOG ETF

Defiance Leveraged Long + Income HIMS ETF

Defiance Leveraged Long + Income HOOD ETF

Defiance Leveraged Long + Income META ETF

Defiance Leveraged Long + Income NFLX ETF

Defiance Leveraged Long + Income NVDA ETF

Defiance Leveraged Long + Income PLTR ETF

Defiance Leveraged Long + Income SMCI ETF

Defiance Leveraged Long + Income TSLA ETF

Defiance Leveraged Long + Income Magnificent Seven ETF

Defiance Leveraged Long + Income Nasdaq 100 ETF

Defiance Leveraged Long + Income S&P 500 ETF

Defiance Leveraged Long + Income Ethereum ETF

Defiance Leveraged Long + Income Bitcoin ETF

Defiance Leveraged Long + Income CRCL ETF

Defiance Leveraged Long + Income CRWV ETF

Defiance Leveraged Long + Income GLXY ETF

CoreValues Alpha Greater China Growth ETF

Hilton Small-MidCap Opportunity ETF

Hilton BDC Corporate Bond ETF

Quantify Absolute Income ETF

STKD Bitcoin & Gold ETF

STKd 100% COIN & 100% NVDA ETF

STKd 100% NVDA & 100% MSTR ETF

STKd 100% MSTR & 100% COIN ETF

STKd 100% COIN & 100% HOOD ETF

STKd 100% NVDA & 100% AMD ETF

STKd 100% TSLA & 100% MSTR ETF

STKd 100% TSLA & 100% NVDA ETF

STKd 100% SMCI & 100% NVDA ETF

STKd 100% UBER & 100% TSLA ETF

STKd 100% META & 100% AMZN ETF

iREIT® - MarketVector Quality REIT Index ETF

Even Herd Long Short ETF

Peerless Option Income Wheel ETF

Clockwise Core Equity & Innovation ETF

Cambria Chesapeake Pure Trend ETF

LevMax™ Bitcoin [Monthly 3x1] ETF

LevMax™ COIN [Monthly 3x1] ETF

LevMax™ MSTR [Monthly 3x1] ETF

LevMax™ NVDA [Monthly 3x1] ETF

LevMax™ PLTR [Monthly 3x1] ETF

LevMax™ TSLA [Monthly 3x1] ETF

LevMax™ AMZN [Monthly 3x1] ETF

LevMax™ BRK.B [Monthly 3x1] ETF

LevMax™ MSFT [Monthly 3x1] ETF

LevMax™ HOOD [Monthly 3x1] ETF

LevMax™ RDDT [Monthly 3x1] ETF

LevMax™ SMCI [Monthly 3x1] ETF

## Ex-99.(H)(I)(28)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(h)(i)(28)**

**TWENTY-EIGHTH AMENDMENT**

**TO THE FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS TWENTY-EIGHTH AMENDMENT**, effective as of August 7, 2025, to the Fund Administration Servicing Agreement (the "<u>Agreement</u>") dated as of July 5, 2022, as amended, is entered into by and between **Tidal Trust II**, a Delaware statutory trust (the "<u>Trust</u>") and **Tidal ETF Services LLC**, a Delaware limited liability company ("<u>Tidal</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A, as amended, to:

Add the following funds:

Defiance Leveraged Long + Income Magnificent Seven ETF

Defiance Leveraged Long + Income Nasdaq 100 ETF

Defiance Leveraged Long + Income S&P 500 ETF

Defiance Leveraged Long + Income Ethereum ETF

Defiance Leveraged Long + Income Bitcoin ETF

Defiance Leveraged Long + Income CRCL ETF

Defiance Leveraged Long + Income CRWV ETF

Defiance Leveraged Long + Income GLXY ETF

YieldMax® GLXY Option Income Strategy ETF

YieldMax® CRWV Option Income Strategy ETF

YieldMax® CRCL Option Income Strategy ETF

YieldMax® SCHD DoubleDiv™ ETF

Reflect the following name change:

*Defiance 2x Hot Sauce ETF* to *Defiance Hot Sauce Daily 2X Strategy ETF*

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by the Trust and Tidal and approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**[signature page follows]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Twenty-Eighth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II**<br>**On behalf of each series listed on** <br> **Amended Exhibit A attached hereto** | **TIDAL TRUST II**<br>**On behalf of each series listed on** <br> **Amended Exhibit A attached hereto** | **TIDAL ETF SERVICES LLC** | **TIDAL ETF SERVICES LLC** |
| By: | /s/Lissa Richter | By: | /s/Eric Falkeis |
| Name: | Lissa Richter | Name: | Eric Falkeis |
| Title: | Vice President | Title: | Co-Founder & COO |

---

**Amended Exhibit A** 

**to the** 

**Fund Administration Servicing Agreement** 

Separate Series (Funds) of Tidal Trust II

<u>Name of Series</u>

Carbon Collective Climate Solutions U.S. Equity ETF<br> Carbon Collective Short Duration Green Bond ETF<br>YieldMax® Innovation Option Income Strategy ETF<br> YieldMax® KWEB Option Income Strategy ETF<br> YieldMax® Gold Miners Option Income Strategy ETF<br> YieldMax® XBI Option Income Strategy ETF<br> YieldMax® TLT Option Income Strategy ETF<br> YieldMax® AAPL Option Income Strategy ETF<br> YieldMax® AMZN Option Income Strategy ETF<br> YieldMax® BRK.B Option Income Strategy ETF<br> YieldMax® COIN Option Income Strategy ETF<br> YieldMax® META Option Income Strategy ETF<br> YieldMax® GOOGL Option Income Strategy ETF<br> YieldMax® NFLX Option Income Strategy ETF<br> YieldMax® NVDA Option Income Strategy ETF<br> YieldMax® XYZ Option Income Strategy ETF<br> YieldMax® TSLA Option Income Strategy ETF<br> YieldMax® MSTR Option Income Strategy ETF<br> YieldMax® ABNB Option Income Strategy ETF<br> YieldMax® AMD Option Income Strategy ETF<br> YieldMax® MRNA Option Income Strategy ETF<br> YieldMax® PYPL Option Income Strategy ETF<br> YieldMax® DIS Option Income Strategy ETF<br> YieldMax® JPM Option Income Strategy ETF<br> YieldMax® MSFT Option Income Strategy ETF<br> YieldMax® XOM Option Income Strategy ETF<br> YieldMax® AI Option Income Strategy ETF<br> YieldMax® ROKU Option Income Strategy ETF<br> YieldMax® SNOW Option Income Strategy ETF<br> YieldMax® ZM Option Income Strategy ETF<br> YieldMax® ADBE Option Income Strategy ETF<br> YieldMax® NKE Option Income Strategy ETF<br> YieldMax® ORCL Option Income Strategy ETF<br> YieldMax® INTC Option Income Strategy ETF<br> YieldMax® BIIB Option Income Strategy ETF<br> YieldMax® BA Option Income Strategy ETF<br> YieldMax® TGT Option Income Strategy ETF<br> YieldMax® Universe Fund of Option Income ETFs

YieldMax® Magnificent 7 Fund of Option Income ETFs<br> YieldMax® Short TSLA Option Income Strategy ETF<br> YieldMax® Short Innovation Option Income Strategy ETF<br> YieldMax® Short NVDA Option Income Strategy ETF<br> YieldMax® Short COIN Option Income Strategy ETF<br> YieldMax® Short AAPL Option Income Strategy ETF<br> YieldMax® Short N100 Option Income Strategy ETF<br> YieldMax® Bitcoin Option Income Strategy ETF<br> YieldMax® BABA Option Income Strategy ETF<br> YieldMax® CVNA Option Income Strategy ETF<br> YieldMax® DKNG Option Income Strategy ETF<br> YieldMax® HOOD Option Income Strategy ETF<br> YieldMax® JD Option Income Strategy ETF<br> YieldMax® MARA Option Income Strategy ETF<br> YieldMax® PDD Option Income Strategy ETF<br> YieldMax® PLTR Option Income Strategy ETF<br> YieldMax® RBLX Option Income Strategy ETF<br> YieldMax® SHOP Option Income Strategy ETF<br> YieldMax® SMCI Option Income Strategy ETF<br> YieldMax® TSM Option Income Strategy ETF<br> YieldMax® Ether Option Income Strategy ETF<br> YieldMax® Target 12™ Semiconductor Option Income ETF<br> YieldMax® Target 12™ Biotech & Pharma Option Income ETF<br> YieldMax® Target 12™ Energy Option Income ETF<br> YieldMax® Target 12™ Real Estate Option Income ETF<br> YieldMax® Target 12™ Tech & Innovation Option Income ETF<br> YieldMax® Target 12™ Big 50 Option Income ETF<br> YieldMax® Dorsey Wright Hybrid 5 Income ETF <br> YieldMax® Dorsey Wright Featured 5 Income ETF<br> YieldMax® AI & Tech Portfolio Option Income ETF<br> YieldMax® Crypto Industry & Tech Portfolio Option Income ETF<br> YieldMax® China Portfolio Option Income ETF<br> YieldMax® Semiconductor Portfolio Option Income ETF<br> YieldMax® Biotech & Pharma Portfolio Option Income ETF<br> YieldMax® Ultra Short Option Income Strategy ETF<br> YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF<br> YieldMax® S&P 500 0DTE Covered Call Strategy ETF<br> YieldMax® R2000 0DTE Covered Call Strategy ETF<br> YieldMax® MSTR Short Option Income Strategy ETF<br> YieldMax® AMD Short Option Income Strategy ETF<br> YieldMax® AMZN Short Option Income Strategy ETF<br> YieldMax® MARA Short Option Income Strategy ETF<br> YieldMax® Bitcoin Short Option Income Strategy ETF<br> YieldMax® META Short Option Income Strategy ETF<br> YieldMax® SMCI Short Option Income Strategy ETF<br> YieldMax® AI Performance & Income Target 25 ETF

YieldMax® AMD Performance & Income Target 25 ETF<br> YieldMax® AMZN Performance & Income Target 25 ETF<br> YieldMax® COIN Performance & Income Target 25 ETF<br> YieldMax® MARA Performance & Income Target 25 ETF<br> YieldMax® MSTR Performance & Income Target 25 ETF

YieldMax® NVDA Performance & Income Target 25 ETF<br> YieldMax® PLTR Performance & Income Target 25 ETF<br> YieldMax® SMCI Performance & Income Target 25 ETF<br> YieldMax® TSLA Performance & Income Target 25 ETF<br> YieldMax® Bitcoin Performance & Income Target 25 ETF

YieldMax® RDDT Option Income Strategy ETF

YieldMax® GME Option Income Strategy ETF

YieldMax® AFRM Option Income Strategy ETF

YieldMax® CRWD Option Income Strategy ETF

YieldMax® UBER Option Income Strategy ETF

YieldMax® ARM Option Income Strategy ETF

YieldMax® AVGO Option Income Strategy ETF

YieldMax® HIMS Option Income Strategy ETF

YieldMax® APP Option Income Strategy ETF

YieldMax® LLY Option Income Strategy ETF

YieldMax® SPOT Option Income Strategy ETF

YieldMax® IONQ Option Income Strategy ETF

YieldMax® GLXY Option Income Strategy ETF

YieldMax® CRWV Option Income Strategy ETF

YieldMax® CRCL Option Income Strategy ETF

YieldMax® SCHD DoubleDiv™ ETF

<br> Nicholas Fixed Income Alternative ETF<br> Nicholas Global Equity and Income ETF<br> Nicholas Crypto Income ETF<br>Pinnacle Focused Opportunities ETF<br>Return Stacked® Bonds & Managed Futures ETF<br> Return Stacked® Global Stocks & Bonds ETF<br> Return Stacked® U.S. Stocks & Managed Futures ETF<br> Return Stacked® Bonds & Futures Yield ETF<br> Return Stacked® U.S. Stocks & Futures Yield ETF<br> Return Stacked® Bonds & Merger Arbitrage ETF<br> Return Stacked® U.S. Stocks & Gold/Bitcoin ETF<br>DGA Core Plus Absolute Return ETF<br>Tactical Advantage ETF<br>Roundhill Generative AI & Technology ETF<br>Blueprint Chesapeake Multi-Asset Trend ETF<br>Grizzle Growth ETF<br>Cboe® Validus S&P 500® Dynamic PutWrite Index ETF<br>Defiance Nasdaq 100 Target 30 Income ETF<br> Defiance S&P 500 Target 30 Income ETF<br> Defiance R2000 Target 30 Income ETF

Defiance Treasury Alternative Yield ETF<br> Defiance Developed Markets Enhanced Options Income ETF<br> Defiance Emerging Markets Enhanced Options Income ETF<br> Defiance Nasdaq 100 Income Target ETF<br> Defiance S&P 500 Income Target ETF<br> Defiance R2000 Income Target ETF<br> Defiance Gold Enhanced Options Income ETF<br> Defiance Silver Enhanced Options Income ETF<br> Defiance Oil Enhanced Options Income ETF<br> Defiance Treasury Enhanced Options Income ETF<br> Defiance Daily Target 2X Short MSTR ETF<br> Defiance Daily Target 2X Long RIOT ETF<br> Defiance Daily Target 2X Long Copper ETF<br> Defiance Daily Target 2X Long China Dragons ETF<br> Defiance Daily Target 2X Long LLY ETF<br> Defiance Daily Target 2X Long MSTR ETF<br> Defiance Daily Target 2X Long NVO ETF<br> Defiance Daily Target 2X Long AVGO ETF<br> Defiance Daily Target 2X Long SMCI ETF<br> Defiance Daily Target 2X Long Solar ETF<br> Defiance Large Cap ex-Mag 7 ETF<br> Defiance Daily Target 2X Long SOFI ETF<br> Defiance Daily Target 2X Long AMAT ETF<br> Defiance Daily Target 2X Long GOLD ETF<br> Defiance Daily Target 2X Long ORCL ETF<br> Defiance Daily Target 2X Long FSLR ETF<br> Defiance Daily Target 2X Long DKNG ETF<br> Defiance Hot Sauce Daily 2X Strategy ETF<br> Defiance AI & Power Infrastructure ETF<br> Defiance Leveraged Long MSTR ETF<br> Defiance Leveraged Long + Income MSTR ETF<br> Defiance Daily Target 2X Long HIMS ETF<br> Defiance Daily Target 2X Long IONQ ETF<br> Defiance Daily Target 2X Long RKLB ETF<br> Defiance Daily Target 2X Long CVNA ETF<br> Defiance Daily Target 2X Long HOOD ETF<br> Defiance Daily Target 2X Long VST ETF<br> Defiance Daily Target 2X Long JPM ETF<br> Defiance Daily Target 2X Long PENN ETF<br> Defiance Daily Target 2X Long SOUN ETF<br> Defiance Daily Target 2X Long MRVL ETF<br> Defiance Daily Target 2X Long RGTI ETF<br> Defiance Daily Target 2X Short RIOT ETF<br> Defiance Daily Target 2X Short SMCI ETF<br> Defiance Daily Target 2X Short LLY ETF<br> Defiance Daily Target 2X Long DJT ETF<br> Defiance Daily Target 2X Long RDDT ETF<br> Defiance Trillion Dollar Club Index ETF<br> Defiance Nasdaq 100 LightningSpread™ Income ETF<br> Defiance S&P 500 LightningSpread™ Income ETF<br> Defiance Russell 2000 LightningSpread™ Income ETF

Defiance Daily Target 2X Short CVNA ETF<br> Defiance Daily Target 2X Short IONQ ETF<br> Defiance Daily Target 2X Short PLTR ETF<br> Defiance Daily Target 2X Short RKLB ETF<br> Defiance Daily Target 2X Long ARM ETF<br> Defiance Daily Target 2X Long UBER ETF<br> Defiance Daily Target 2X Long ANET ETF<br> Defiance Daily Target 2X Long PM ETF<br> Defiance Daily Target 2x Long OKLO ETF

Defiance Daily Target 2x Long QBTS ETF

Defiance Daily Target 2x Short RGTI ETF

Defiance Daily Target 2x Short QBTS ETF

Defiance Nasdaq 100 Double Short Hedged ETF

Defiance 2X Daily Long Pure Quantum ETF

Defiance MAGA Seven ETF<br> Defiance Vol Carry Hedged ETF

Defiance Enhanced Short Vol ETF

Defiance Enhanced Long Vol ETF

Defiance Leveraged Long + Income AAPL ETF

Defiance Leveraged Long + Income AMD ETF

Defiance Leveraged Long + Income AMZN ETF

Defiance Leveraged Long + Income BRK.B ETF

Defiance Leveraged Long + Income COIN ETF

Defiance Leveraged Long + Income GOOG ETF

Defiance Leveraged Long + Income HIMS ETF

Defiance Leveraged Long + Income HOOD ETF

Defiance Leveraged Long + Income META ETF

Defiance Leveraged Long + Income NFLX ETF

Defiance Leveraged Long + Income NVDA ETF

Defiance Leveraged Long + Income PLTR ETF

Defiance Leveraged Long + Income SMCI ETF

Defiance Leveraged Long + Income TSLA ETF

Defiance Leveraged Long + Income MAGS ETF

Defiance Leveraged Long + Income QQQ ETF

Defiance Leveraged Long + Income SPY ETF

Defiance Leveraged Long + Income ETHER ETF

Defiance Leveraged Long + Income IBIT ETF

Defiance Leveraged Long + Income Magnificent Seven ETF

Defiance Leveraged Long + Income Nasdaq 100 ETF

Defiance Leveraged Long + Income S&P 500 ETF

Defiance Leveraged Long + Income Ethereum ETF

Defiance Leveraged Long + Income Bitcoin ETF

Defiance Leveraged Long + Income CRCL ETF

Defiance Leveraged Long + Income CRWV ETF

Defiance Leveraged Long + Income GLXY ETF

<br> CoreValues Alpha Greater China Growth ETF<br>

<br> Hilton Small-MidCap Opportunity ETF<br> Hilton BDC Corporate Bond ETF

<br> Quantify Absolute Income ETF<br> STKD Bitcoin & Gold ETF<br> STKd 100% COIN & 100% NVDA ETF<br> STKd 100% NVDA & 100% MSTR ETF<br> STKd 100% MSTR & 100% COIN ETF<br> STKd 100% COIN & 100% HOOD ETF<br> STKd 100% NVDA & 100% AMD ETF<br> STKd 100% TSLA & 100% MSTR ETF<br> STKd 100% TSLA & 100% NVDA ETF<br> STKd 100% SMCI & 100% NVDA ETF<br> STKd 100% UBER & 100% TSLA ETF<br> STKd 100% META & 100% AMZN ETF<br>iREIT® - MarketVector Quality REIT Index ETF<br>Even Herd Long Short ETF<br>Peerless Option Income Wheel ETF<br>Clockwise Core Equity & Innovation ETF<br>Cambria Chesapeake Pure Trend ETF

LevMax™ Bitcoin [Monthly 3x1] ETF

LevMax™ COIN [Monthly 3x1] ETF

LevMax™ MSTR [Monthly 3x1] ETF

LevMax™ NVDA [Monthly 3x1] ETF

LevMax™ PLTR [Monthly 3x1] ETF

LevMax™ TSLA [Monthly 3x1] ETF

LevMax™ AMZN [Monthly 3x1] ETF

LevMax™ BRK.B [Monthly 3x1] ETF

LevMax™ MSFT [Monthly 3x1] ETF

LevMax™ HOOD [Monthly 3x1] ETF

LevMax™ RDDT [Monthly 3x1] ETF

LevMax™ SMCI [Monthly 3x1] ETF

## Ex-99.(I)(Lxxxviii)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(i)(lxxxviii)**

**CONSENT OF SULLIVAN & WORCESTER LLP** 

We hereby consent to the use of our name and any reference to our firm in the Registration Statement of Tidal Trust II (the "Trust"), included as part of Post-Effective Amendment No. 408 to the Trust's Registration Statement on Form N-1A (File No. 333-264478). In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

/s/ Sullivan & Worcester LLP

Sullivan & Worcester LLP

New York, NY

August 25, 2025

## Ex-99.(J)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(j)**

![](ex99j001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated June 27, 2025, relating to the financial statements and financial highlights of Roundhill Generative AI & Technology ETF, a series of Tidal Trust II, which are included in Form N-CSR for the year ended April 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.<br> COHEN & COMPANY, LTD.<br> Philadelphia, Pennsylvania<br> August 22, 2025

![](ex99j002.jpg)

## Ex-99.(M)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(m)**

**TIDAL TRUST II**

**<u>DISTRIBUTION (RULE 12b-1) PLAN</u>**

The following Distribution (Rule 12b-1) Plan (the "Plan") has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), by Tidal Trust II (the "Trust"), a Delaware statutory trust, on behalf of the series of the Trust listed on Schedule A as may be amended from time to time (each, a "Fund"). The Plan has been approved by a majority of the Trust's Board of Trustees (the "Board"), including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any Rule 12b-1 Agreement (as defined below) (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan.

In approving the Plan, the Board determined that adoption of the Plan would be prudent and in the best interests of each Fund and its shareholders. Such approval by the Board of Trustees included a determination, in the exercise of its reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood that the Plan will benefit each Fund and its shareholders.

The provisions of the Plan are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. PAYMENTS BY THE FUND TO PROMOTE THE SALE OF FUND SHARES

The Trust, on behalf of each identified Fund, will pay the principal distributor of the Fund's shares (the "Distributor"), a distribution fee and/or shareholder servicing fee equal to a percentage of the average daily net assets of each Fund as shown on Schedule A in connection with the promotion and distribution of Fund shares and the provision of personal services to shareholders and the maintenance of shareholder accounts, including, but not necessarily limited to: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Fund shares; (ii) marketing and promotional services, including advertising; (iii) paying the costs of and compensating others, including authorized participants with whom the Distributor has entered into written authorized participant agreements, for performing shareholder servicing on behalf of the Fund; (iv) compensating certain authorized participants for providing assistance in distributing the shares of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of Fund shares; (v) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; and (vi) facilitating communications with beneficial owners of shares, including the cost of providing (or paying others to provide) services to beneficial owners of shares, including, but not limited to, assistance in answering inquiries related to shareholder accounts. The Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person (the "Recipient") who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement (the "Rule 12b-1 Agreement"), a form of which is attached hereto as Appendix A with respect to each Fund. To the extent not so paid by the Distributor, such amounts may be retained by the Distributor. Payment of these fees shall be made monthly promptly following the close of the month.

&nbsp;&nbsp;&nbsp;&nbsp;2. RULE 12b-1 AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Rule 12b-1 Agreement shall be entered into with respect to a Fund and no payments shall be made pursuant to any Rule 12b-1 Agreement, unless such Rule 12b-1 Agreement is in writing and the form of which has first been delivered to and approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement. The form of Rule 12b-1 Agreement relating to the Funds attached hereto as Appendix A has been approved by the Board as specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Rule 12b-1 Agreement shall describe the services to be performed by the Recipient and shall specify the amount of, or the method for determining, the compensation to the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Rule 12b-1 Agreement may be entered into unless it provides (i) that it may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of a majority of the shareholders of the Fund, or by vote of a majority of the Disinterested Trustees, on not more than 60 days' written notice to the other party to the Rule 12b-1 Agreement, and (ii) that it shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Rule 12b-1 Agreement shall continue in effect for a period of more than one year from the date of its execution only if such continuance is specifically approved at least annually by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. QUARTERLY REPORTS

The Distributor shall provide to the Board, and the Board shall review at least quarterly, a written report of all amounts expended pursuant to the Plan. This report shall include the identity of the recipient of each payment and the purpose for which the amounts were expended and such other information as the Board may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;4. EFFECTIVE DATE AND DURATION OF THE PLAN

The Plan shall become effective immediately upon approval by the vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on the approval of the Plan. The Plan shall continue in effect with respect to each Fund for a period of one year from its effective date unless terminated pursuant to its terms. Thereafter, the Plan shall continue with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Board of Trustees, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such continuance. The Plan, or any Rule 12b-1 Agreement, may be terminated with respect to a Fund at any time, without penalty, on not more than 60 days' written notice by a majority vote of shareholders of the Fund, or by vote of a majority of the Disinterested Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;5. SELECTION OF DISINTERESTED TRUSTEES

During the period in which the Plan is effective, the selection and nomination of those Trustees who are Disinterested Trustees of the Trust shall be committed to the discretion of the Disinterested Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;6. AMENDMENTS

All material amendments of the Plan shall be in writing and shall be approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person (or virtually if permitted by the SEC) at a meeting called for the purpose of voting on such amendment. In addition, the Plan may not be amended to increase materially the amount to be expended by a Fund hereunder without the approval by a majority vote of shareholders of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;7. RECORDKEEPING

The Trust shall preserve copies of the Plan, any Rule 12b-1 Agreement and all reports made pursuant to Section 3 for a period of not less than six years from the date of this Plan, any such Rule 12b-1 Agreement or such reports, as the case may be, the first two years in an easily accessible place.

Adopted: June 29, 2022

Last Amended: August 7, 2025

**Schedule A**

**to the**

**Distribution (Rule 12b-1) Plan**

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| | |
|:---|:---|
| **<u>Series of Tidal Trust II</u>** | **<u>Rule 12b-1 Fee</u>** |
| Carbon Collective Climate Solutions U.S. Equity ETF | Up to 0.25% of average daily net assets |
| Carbon Collective Short Duration Green Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® KWEB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Gold Miners Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XBI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TLT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BRK.B Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GOOGL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NFLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XYZ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Nicholas Fixed Income Alternative ETF | Up to 0.25% of average daily net assets |
| Pinnacle Focused Opportunities ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Managed Futures ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Global Stocks & Bonds ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF | Up to 0.25% of average daily net assets |
| DGA Core Plus Absolute Return ETF | Up to 0.25% of average daily net assets |
| Tactical Advantage ETF | Up to 0.25% of average daily net assets |
| Roundhill Generative AI & Technology ETF | Up to 0.25% of average daily net assets |
| Blueprint Chesapeake Multi-Asset Trend ETF | Up to 0.25% of average daily net assets |
| Grizzle Growth ETF | Up to 0.25% of average daily net assets |
| Cboe<sup>®</sup> Validus S&P 500® Dynamic PutWrite Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® ABNB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MRNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PYPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® DIS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JPM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSFT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XOM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Alternative Yield ETF | Up to 0.25% of average daily net assets |
| Defiance Developed Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Emerging Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance Gold Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Silver Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Oil Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long LLY ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2X Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long NVO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AVGO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Copper ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long China Dragons ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Solar ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short MSTR ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ROKU Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SNOW Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ZM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ADBE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NKE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ORCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® INTC Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BIIB Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® BA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TGT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Universe Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Magnificent 7 Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha Greater China Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha America's Digital Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha India Growth ETF | Up to 0.25% of average daily net assets |
| Hilton Small-MidCap Opportunity ETF | Up to 0.25% of average daily net assets |
| Quantify Absolute Income ETF | Up to 0.25% of average daily net assets |
| iREIT<sup>®</sup> - MarketVector Quality REIT Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short N100 Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| Even Herd Long Short ETF | Up to 0.25% of average daily net assets |
| Peerless Option Income Wheel ETF | Up to 0.25% of average daily net assets |
| Return Stacked® Bonds & Futures Yield ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Futures Yield ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Clockwise Core Equity & Innovation ETF | Up to 0.25% of average daily net assets |
| Cambria Chesapeake Pure Trend ETF | Up to 0.25% of average daily net assets |
| Nicholas Global Equity and Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® BABA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CVNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DKNG Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HOOD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PDD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PLTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® RBLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SHOP Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® SMCI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ether Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Large Cap ex-Mag 7 ETF | Up to 0.25% of average daily net assets |
| STKD Bitcoin & Gold ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Semiconductor Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> BioTech & Pharma Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Energy Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Real Estate Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Tech & Innovation Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Big 50 Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Hybrid 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Featured 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Crypto Industry & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® China Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Semiconductor Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Biotech & Pharma Portfolio Option Income ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® Ultra Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOFI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AMAT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long GOLD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ORCL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long FSLR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DKNG ETF | Up to 0.25% of average daily net assets |
| Defiance Hot Sauce 2X Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance AI & Power Infrastructure ETF | Up to 0.25% of average daily net assets |
| YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® S&P 500 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® R2000 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% MSTR & 100% COIN ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% HOOD ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% AMD ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| STKd 100% TSLA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% SMCI & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% UBER & 100% TSLA ETF | Up to 0.25% of average daily net assets |
| STKd 100% META & 100% AMZN ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long IONQ ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long CVNA ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| Defiance Daily Target 2X Long HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long VST ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long JPM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PENN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOUN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MRVL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DJT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RDDT ETF | Up to 0.25% of average daily net assets |
| Defiance Trillion Dollar Club Index ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Russell 2000 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short IONQ ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| Defiance Daily Target 2X Short PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ARM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long UBER ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ANET ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PM ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMD Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMZN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ COIN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MARA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MSTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ NVDA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ PLTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ SMCI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ TSLA Option Income ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Gold/Bitcoin ETF | Up to 0.25% of average daily net assets |
| Nicholas Crypto Income ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| Hilton BDC Corporate Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ Bitcoin Option Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long OKLO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance MSTR Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance 2X Daily Long Pure Quantum ETF | Up to 0.25% of average daily net assets |
| Defiance MAGA Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Vol Carry Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Short Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Long Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AAPL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMZN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income BRK.B ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income COIN ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Defiance Leveraged Long + Income GOOG ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income META ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NFLX ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NVDA ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income TSLA ETF | Up to 0.25% of average daily net assets |
| YieldMax® RDDT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GME Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AFRM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® UBER Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ARM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AVGO Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HIMS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® APP Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| YieldMax® LLY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SPOT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® IONQ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| LevMax™ Bitcoin [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ COIN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ NVDA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ PLTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ TSLA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ AMZN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ BRK-B [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSFT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ HOOD [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ RDDT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ SMCI [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Magnificent Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Nasdaq 100 ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income S&P 500 ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Defiance Leveraged Long + Income Ethereum ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Bitcoin ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income CRCL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income CRWV ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income GLXY ETF | Up to 0.25% of average daily net assets |
| YieldMax® GLXY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWV Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SCHD DoubleDiv™ ETF | Up to 0.25% of average daily net assets |

---

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

**Appendix A**

**<u>Rule 12b-1 Related Agreement</u>**

[Distributor Letterhead]

[Adviser name and address]

Ladies and Gentlemen:

This letter will confirm our understanding and agreement with respect to payments to be made to you pursuant to a Distribution (Rule 12b-1) Plan (the "Plan") adopted by Tidal Trust II (the "Trust"), on behalf of the [__________________], a series of the Trust (the "Fund"), pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). The Plan and this related agreement (the "Rule 12b-1 Agreement") have been approved by a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Board who are not "interested persons" of the Trust, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in this or any other Rule 12b-1 Agreement (the "Disinterested Trustees"), cast in person (or virtually if permitted by the SEC) at a meeting called for the purpose of voting thereon. Such approval included a determination by the Board that, in the exercise of its reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent you provide distribution and marketing services in the promotion of the Fund's shares and/or services to the Fund's shareholders, including furnishing services and assistance to your customers who invest in and own shares, including, but not limited to, answering routine inquiries regarding the Fund and assisting in changing account designations and addresses, we shall pay you a fee as described on Schedule A. We reserve the right to increase, decrease or discontinue the fee at any time in our sole discretion upon written notice to you.

You agree that all activities conducted under this Rule 12b-1 Related Agreement will be conducted in accordance with the Plan, as well as all applicable state and federal laws, including the Act, the Securities Exchange Act of 1934, the Securities Act of 1933, the U.S. PATRIOT Act of 2001 and any applicable rules of the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You shall furnish us with such information as shall reasonably be requested either by the Board or by us with respect to the services provided and the fees paid to you pursuant to this Rule 12b-1 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We shall furnish to the Board, for its review, on a quarterly basis, a written report of the amounts expended under the Plan by us and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Rule 12b-1 Agreement may be terminated: (a) on 60 days' written notice after the vote of a majority of shareholders, or (b) at any time by the vote of a majority of the Disinterested Trustees, in each case, without payment of any penalty. In addition, this Rule 12b-1 Agreement will be terminated by any act which terminates the Plan or the Distribution Agreement between the Trust and us and shall terminate immediately in the event of its assignment. This Rule 12b-1 Agreement may be amended by us upon written notice to you, and you shall be deemed to have consented to such amendment upon effecting any purchases of shares for your own account or on behalf of any of your customer's accounts following your receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Rule 12b-1 Agreement shall become effective on the date accepted by you and shall continue in full force and effect so long as the continuance of the Plan and this Rule 12b-1 Agreement are approved at least annually by a vote of the Board and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting thereon. All communications to us should be sent to the above address. Any notice to you shall be duly given if mailed or faxed to you at the address specified by you below.

**[Distributor]**

By:<u> </u>

Name:<u> </u>

Title:<u> </u>

**Accepted**:

<u> </u>

(Dealer or Service Provider Name)

<u> </u>

(Street Address)

<u> </u>

(City)(State)(ZIP)

<u> </u>

(Telephone No.)

<u> </u>

(Facsimile No.)

By:<u> </u>

(Name and Title)

**Schedule A**

**to the**

**Rule 12b-1 Related Agreement** 

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust II</u>** | **<u>Rule 12b-1 Fee</u>** |
| Carbon Collective Climate Solutions U.S. Equity ETF | Up to 0.25% of average daily net assets |
| Carbon Collective Short Duration Green Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® KWEB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Gold Miners Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XBI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TLT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BRK.B Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GOOGL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NFLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XYZ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Nicholas Fixed Income Alternative ETF | Up to 0.25% of average daily net assets |
| Pinnacle Focused Opportunities ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Managed Futures ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Global Stocks & Bonds ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF | Up to 0.25% of average daily net assets |
| DGA Core Plus Absolute Return ETF | Up to 0.25% of average daily net assets |
| Tactical Advantage ETF | Up to 0.25% of average daily net assets |
| Roundhill Generative AI & Technology ETF | Up to 0.25% of average daily net assets |
| Blueprint Chesapeake Multi-Asset Trend ETF | Up to 0.25% of average daily net assets |
| Grizzle Growth ETF | Up to 0.25% of average daily net assets |
| Cboe<sup>®</sup> Validus S&P 500® Dynamic PutWrite Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® ABNB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MRNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PYPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DIS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JPM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSFT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XOM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Alternative Yield ETF | Up to 0.25% of average daily net assets |
| Defiance Developed Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Emerging Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance Gold Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Silver Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Oil Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long NVO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AVGO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SMCI ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2X Long RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Copper ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long China Dragons ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Solar ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short MSTR ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ROKU Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SNOW Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ZM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ADBE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NKE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ORCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® INTC Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BIIB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TGT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Universe Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Magnificent 7 Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha Greater China Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha America's Digital Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha India Growth ETF | Up to 0.25% of average daily net assets |
| Hilton Small-MidCap Opportunity ETF | Up to 0.25% of average daily net assets |
| Quantify Absolute Income ETF | Up to 0.25% of average daily net assets |
| iREIT<sup>®</sup> - MarketVector Quality REIT Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® Short AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short N100 Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Even Herd Long Short ETF | Up to 0.25% of average daily net assets |
| Peerless Option Income Wheel ETF | Up to 0.25% of average daily net assets |
| Return Stacked® Bonds & Futures Yield ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Futures Yield ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Clockwise Core Equity & Innovation ETF | Up to 0.25% of average daily net assets |
| Cambria Chesapeake Pure Trend ETF | Up to 0.25% of average daily net assets |
| Nicholas Global Equity and Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® BABA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CVNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DKNG Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HOOD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PDD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PLTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® RBLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SHOP Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ether Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Large Cap ex-Mag 7 ETF | Up to 0.25% of average daily net assets |
| STKD Bitcoin & Gold ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Semiconductor Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> BioTech & Pharma Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Energy Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Real Estate Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Tech & Innovation Option Income ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® Target 12<sup>TM</sup> Big 50 Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Hybrid 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Featured 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Crypto Industry & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® China Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Semiconductor Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Biotech & Pharma Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOFI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AMAT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long GOLD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ORCL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long FSLR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DKNG ETF | Up to 0.25% of average daily net assets |
| Defiance Hot Sauce 2X Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance AI & Power Infrastructure ETF | Up to 0.25% of average daily net assets |
| YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® S&P 500 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® R2000 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% MSTR & 100% COIN ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% HOOD ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% AMD ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% SMCI & 100% NVDA ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| STKd 100% UBER & 100% TSLA ETF | Up to 0.25% of average daily net assets |
| STKd 100% META & 100% AMZN ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long IONQ ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long VST ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long JPM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PENN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOUN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MRVL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DJT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RDDT ETF | Up to 0.25% of average daily net assets |
| Defiance Trillion Dollar Club Index ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Russell 2000 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short IONQ ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2X Short PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ARM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long UBER ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ANET ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PM ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMD Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMZN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ COIN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MARA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MSTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ NVDA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ PLTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ SMCI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ TSLA Option Income ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Gold/Bitcoin ETF | Up to 0.25% of average daily net assets |
| Nicholas Crypto Income ETF | Up to 0.25% of average daily net assets |
| Hilton BDC Corporate Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ Bitcoin Option Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long OKLO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance MSTR Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Double Short Hedged ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance 2X Daily Long Pure Quantum ETF | Up to 0.25% of average daily net assets |
| Defiance MAGA Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Vol Carry Hedged ETF  | Up to 0.25% of average daily net assets |
| Defiance Enhanced Short Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Long Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AAPL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMZN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income BRK.B ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income COIN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income GOOG ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income META ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NFLX ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NVDA ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income TSLA ETF | Up to 0.25% of average daily net assets |
| YieldMax® RDDT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GME Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AFRM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® UBER Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ARM Option Income Strategy ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® AVGO Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HIMS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® APP Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® LLY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SPOT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® IONQ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| LevMax™ Bitcoin [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ COIN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ NVDA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ PLTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ TSLA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ AMZN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ BRK-B [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSFT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ HOOD [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ RDDT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ SMCI [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Magnificent Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Nasdaq 100 ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income S&P 500 ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Ethereum ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income Bitcoin ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income CRCL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income CRWV ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Leveraged Long + Income GLXY ETF | Up to 0.25% of average daily net assets |
| YieldMax® GLXY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWV Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SCHD DoubleDiv™ ETF | Up to 0.25% of average daily net assets |

---

## Ex-99.(P)(Ix)

[Tidal Trust II 485BPOS](chat-485bpos_082525.htm)

**Exhibit 99(p)(ix)**

**Newfound Research LLC**

**Code of Ethics**

Amended and Restated December 2018.

Amended and Restated April 15, 2020.

Amended and Restated January 2021.

Amended and Restated April 15, 2023.

Amended and Restated June 30, 2024.

Amended and Restated June 15, 2025.

**Statement of General Policy**

This Code of Ethics ("Code") has been adopted by Newfound Research LLC ("Newfound" or the "Firm") and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act"). The provisions of Rule 17j-1 apply because Newfound serves as investment adviser or sub-adviser to open-end registered investment companies (Funds or Reportable Funds as defined below).

This Code establishes rules of conduct for all Supervised Persons of Newfound and is designed to, among other things, govern personal securities trading activities in the accounts of Access Persons, immediate family/household accounts and accounts in which an Access Person or member of their household have a beneficial interest or investment control. The Code is based upon the principle that Newfound and its Supervised Persons owe a fiduciary duty to Newfound's clients to conduct their affairs, including their personal securities transactions in the event they are Access Persons, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with the firm and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct.

Regarding Newfound's service as investment adviser or sub-adviser to the Funds, Rule 17j-1 imposes additional duties. Rule 17j-1 requires that the Adviser adopt a written code of ethics (a separate document), which must be approved by a majority of the Board of Trustees of the Funds ("Board of Trustees"). Any material change to the Funds' Code of Ethics must be approved by the Funds' Board of Trustees within 6 months of the material change. Additionally, at least annually, Newfound is required to provide the Funds' Board of Trustees with a written report of any issues arising under the code of ethics procedures, including information about material violations and sanctions imposed in response to those violations. The report must also certify that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

Under Rule 17j-1, it is also unlawful for certain persons, including any officer, director or trustee of Newfound, in connection with the purchase or sale by such person of a security "held or to be acquired"<sup>1</sup> by the Fund:

● To employ any device, scheme or artifice to defraud the Funds;

● To make any untrue statement of a material fact to the Funds or omit to state a material fact necessary in order to make the statements made to the Funds, in light of the circumstances under which they are made, not misleading;

● To engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Funds; or

● To engage in any manipulative practice with respect to the Funds

Pursuant to Section 206 of the Advisers Act, both Newfound and its Supervised Persons are prohibited from engaging in fraudulent, deceptive or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that Newfound has an affirmative duty of utmost good faith to act solely in the best interest of its clients. Newfound and its Supervised Persons shall not employ any device, scheme, or artifice to defraud any Fund for which Newfound serves as investment adviser or sub-adviser. Furthermore, such parties shall not make any untrue statement of a material fact to such Fund(s) or omit to state a material fact necessary to make the statements made to such Fund(s), in light of the circumstances under which they are made, not misleading.

<sup>1</sup> A security "held or to be acquired" by the Fund means (i) any Reportable Security which, within the most recent 15 days is or has been held by the Fund or is being or has been considered by the Fund or its investment adviser for purchase by the Fund; AND (ii) any option to purchase or sell, and any security convertible into or exchangeable for a Reportable Security.

Newfound and its Supervised Persons are subject to the following specific fiduciary obligations when dealing with clients (where applicable):

● The duty to have a reasonable, independent basis for the investment advice provided;

● The duty to obtain best execution for a client's transactions where the firm is in a position to direct brokerage transactions for the client;

● The duty to ensure that investment advice is suitable to meeting the client's individual objectives, needs and circumstances; and

● A duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Newfound expects every Supervised Person to demonstrate the highest standards of ethical conduct for continued employment with Newfound. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Newfound. Newfound's reputation for fair and honest dealing with its clients could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Supervised Persons are urged to seek the advice of Newfound's Chief Compliance Officer regarding any questions about the Code or the application of the Code to their individual circumstances. Supervised Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, including termination of employment with Newfound.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Supervised Persons of Newfound in their conduct. In those situations where a Supervised Person may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with the Chief Compliance Officer. The Chief Compliance Officer may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of Supervised Persons.

Notwithstanding anything to the contrary in this Code or in any other document, nothing in this Code or in any policy or agreement shall prohibit a Supervised Person from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need the prior authorization of the Chief Compliance Officer, the legal department or any other party to make any such reports or disclosures and no Supervised Person is required to notify Newfound that it has made such reports or disclosures.

The Chief Compliance Officer will periodically report to senior management and/or the Compliance and Business Committee of Newfound to document compliance with this Code.

Any amendments to the Code shall be promptly provided to the Board of Trustees of any Fund over which Newfound serves as investment adviser or sub-adviser.

**Definitions**

For the purposes of this Code, the following definitions shall apply:

● "Access person" means any Supervised Person who is an advisory person, a director, officer or general partner (or equivalent position for different types of organizations), or who has access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund, our firm or its control affiliates, manages or has access to such recommendations, or is involved in making securities recommendations to clients that are nonpublic.

● "Advisory Person" means any director, officer, general partner or employee of Newfound (or any company or natural person in a control relationship to Newfound) who makes, participates in or obtains information regarding the purchase or sale of reportable securities by Newfound or whose functions relate to the making of any recommendations with respect to such purchases or sales or us otherwise designated by the Chief Compliance Officer as an access person.

● "Account" means accounts of any Access Person and members of their Household (defined below) and any account in which he or she has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the Access Person has a Beneficial Interest (see definition below), exercises investment discretion, controls, or could reasonably be expected to be able to exercise influence or control.

● "Automatic Investment" (including "pre-approved automatic 401(K) and other investments") means a program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

● "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for purposes of Section 16 of such Act and the rules and regulations thereunder. Any report may contain a statement that the report will not be construed as an admission that the person has any direct or indirect beneficial ownership in the security to which the report relates.

● "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes–Oxley Act of 2002, the Investment Company Act of 1940, Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to Funds and investment advisers and any rules adopted thereunder by the Commission or the Department of the Treasury.

● "Fund" means an investment company registered under the Investment Company Act.

● "Held or to be Acquired" is defined as (a) if within the most recent fifteen (15) days it is or has been held by the Fund or any other client, or is being or has been considered by the Fund or firm for purchase by the Fund or any other client, and (b) any option to purchase or sell, and any security convertible into or exchangeable for such a security.

● "Household" means an Access Person's immediate family including a spouse or domestic partner, the spouse's or domestic partner's children residing in the same household, or anyone in the Access Person's Household to whom the Access Person, spouse or domestic partner contributes substantial financial support.

● "Initial Public Offering" or "IPO" means an offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

● "Limited Offering" means an offering exempt from registration under the Securities Act of 1933

● "Mandate Eligible Holdings List" includes all non-ETF securities held in any client account or model.

● "Reportable Fund" means any registered investment company, i.e., mutual fund or ETF, for which our firm, or a control affiliate, acts as investment adviser or sub-adviser, as defined in section 2(a) (20) of the Investment Company Act, or principal underwriter and any Fund our firm controls, is controlled by or is under common control with.

● "Reportable Security" means any security as defined in Section 202(a)(18) of the Advisers Act, except that it does not include: (i) transactions and holdings in direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) transactions and holdings in shares of open-end mutual funds, other than Reportable Funds; and (v) transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds, unless Newfound or a control affiliate acts as the investment adviser, sub-adviser or principal underwriter for the Fund.

● "Restricted List" includes the names of all securities where Supervised Persons and/or Newfound have material, non-public information. All Supervised Persons are prohibited from trading in securities of companies on the Restricted List.

● "Supervised Person" means directors, officers and partners of Newfound (or other persons occupying a similar status or performing similar functions); employees of Newfound, including temporary employees, interns and individual consultants and contractors who provide full-time services similar to those services provided by employees; and any other person who provides advice on behalf of Newfound and is subject to Newfound's supervision and control.

**Standards of Business Conduct**

Newfound places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in our firm and its Supervised Persons by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. This Code is intended to comply with applicable federal and state laws, including the various provisions of the Advisers Act and also requires that all Supervised Persons comply with the various applicable provisions of applicable federal and state laws, including the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and applicable rules and regulations adopted by the Securities and Exchange Commission ("SEC").

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. Such policies and procedures are contained in this Code. The Code also contains policies and procedures with respect to personal securities transactions of all Supervised Persons who are deemed Access Persons. These procedures cover transactions in a reportable security in which an Access Person has a beneficial interest in or accounts over which the Access Person exercises control as well as transactions by members of the Access Person's Household.

Section 206 of the Advisers Act makes it unlawful for Newfound or its agents or Supervised Persons to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices. This Code contains provisions that prohibit these and other enumerated activities and that are reasonably designed to detect and prevent violations of the Code, the Advisers Act and rules thereunder.

**Prohibition Against Insider Trading**

**Introduction**

Trading securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose Supervised Persons and Newfound to stringent penalties. Criminal sanctions may include a fine of up to $1,000,000 and/or ten years imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order permanently barring you from the securities industry. Finally, Supervised Persons and Newfound may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to reportable securities trading and information handling by Supervised Persons of Newfound and members of their Household.

The law of insider trading is continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You are encouraged to notify the Chief Compliance Officer immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

<u>Establishing Insider Trading Liability.</u>

There are two main theories with respect to establishing insider trading liability.

*Fiduciary Duty Theory*

Insider trading liability is established when trading while in possession of material, nonpublic information about an issuer of securities that was obtained in breach of a fiduciary duty or other relationship of trust and confidence. There are alternate theories under which non-insiders can acquire the fiduciary duties of insiders: they can enter into a confidential relationship with the company through which they gain information (e.g., attorneys, accountants), or they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that confidential information came from an insider who has violated his fiduciary duty to the company's shareholders and the non-insider knew that the insider disclosed confidential information in exchange for a personal benefit.

*Misappropriation Theory*

Insider trading liability is also established when trading occurs on material, nonpublic information that was stolen or misappropriated from any other person in breach of a duty owed to the source of the information. For example, the Supreme Court found that an attorney misappropriated information from his law firm and its client when he traded on knowledge of an imminent tender offer while representing the company planning to make the offer. Rather than premising liability on a direct fiduciary relationship between the company insider and the attorney, the Court based misappropriation liability on the attorney's deception of those who entrusted him with access to confidential information. The misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

<u>Penalties for Insider Trading.</u>

Penalties for trading on or communicating material, nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Civil penalties include:

● civil injunctions;

● treble damages;

● disgorgement of profits;

● fines for the person who committed the violation of up to three times the profit gain or loss avoided, whether or not the person actually benefited;

● fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained (or loss avoided), if the employer either fails to maintain compliance procedures or fails to take appropriate steps to prevent the likely commission of acts constituting a violation; and prohibition (which may be permanent) from any business or venture which relates directly or indirectly to securities, including investment management.

Criminal penalties include:

● up to 20 years in prison and/or fines of up to $5 million for each violation for individuals; and

● fines of up to $25 million for corporate entities.

**General Policy**

No Supervised Person, or member of their Household, may trade, either personally or on behalf of others (such as investment funds and private accounts managed by Newfound), while in the possession of material, nonpublic information, nor may any personnel of Newfound communicate material, nonpublic information to others in violation of the law.

1. What is Material Information?

Information is material where there is a substantial likelihood that a reasonable investor would consider important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer. While the Chief Compliance Officer is available to assist you with any questions regarding the law and this Code, the responsibility ultimately rests with each individual to comply with the law and this Code, and to uphold the reputation of Newfound.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information may also relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

Trading on nonpublic information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that Supervised Persons should consider material includes, but is not limited to:

● earnings information;

● mergers, acquisitions, tender offers, joint ventures, or changes in assets;

● new products or discoveries, or developments regarding customers or suppliers (e.g., the acquisition or loss of a contract);

● changes in control or in the board of directors or executive management;

● change in auditors or auditor notification that the issuer may no longer rely on an auditor's audit report;

● events regarding the issuer's securities -- e.g., defaults on senior securities, calls of securities for redemption, repurchase plans, stock splits or changes in dividends, changes to the rights of security holders, public or private sales of additional securities;

● bankruptcies or receiverships; or

● information concerning a proposed private offering (private investment in public equity or "PIPE").

Material information does not have to relate directly to a company's operations. For example, the Supreme Court considered as material, certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a *Wall Street Journal* reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to Newfound's securities recommendations and client securities holdings and transactions.

2. What is Nonpublic Information?

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through the Internet, a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely. Newfound believes that information is "nonpublic" until a reasonable time has passed after the information has become available to the general public (i.e., after a period of time necessary for the information to be absorbed by the public, and not necessarily immediately upon it becoming available).

3. Who is an Insider?

The concept of "insider" is broad. It includes officers, directors and employees of a company (and any personnel of such company serving in similar functions). In addition, a person may be deemed an insider if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. Insiders may include, among others, a company's attorneys, accountants, consultants, bank lending officers, members of a creditors committee, and the employees of such organizations. In addition, Newfound may become an insider of a company it advises or for which it performs other services

4. Identifying Inside Information

<u>Circumstances in Which You May Obtain Material, Nonpublic Information.</u>

Material, nonpublic information may be obtained in a variety of situations. For example, a person might obtain material, nonpublic information through:

● meetings with company representatives (such as "one-on-one" or other discussions with company executives or directors);

● serving as a director or being a board observer of a company;

● participation in industry meetings;

● discussions with insider employees or industry consultants or experts (e.g., "expert networks");

● interaction with third-party service providers such as legal, banking, brokerage, administrative and printing firms;

● family or personal relationships with insiders or others in the financial services industry;

● participation on creditor committees;

● brokerage relationships providing invitations and access to "PIPE" transactions;

● investments in private securities (e.g., private debt) and secondary offerings of public issuers;

● the ownership of debt and equity securities of the same issuer;

● interaction with clients (including private fund investors) who are corporate insiders;

● interaction with employees of sell-side broker-dealers and independent research providers;

● interaction with other persons in the financial services industry; or

● interaction with public officials.

US public companies are subject to Regulation FD, which provides that when an issuer, or person acting on its behalf, discloses material, nonpublic information to certain persons (in general, securities market professionals and holders of the issuer's securities who may well trade on the basis of the information), it must make public disclosure of that information. Notwithstanding an issuer's responsibilities pursuant to Regulation FD, Newfound and its personnel should make an independent evaluation of all information received from issuers and their insiders to determine whether the information is material, nonpublic information.

Notwithstanding the fact that sell-side broker-dealers are required to adopt and implement policies and procedures to safeguard material non-public information generated by its research analysts, including yet-to-be-published views, analyses and reports, changes in estimates, and short-term trade recommendations during morning calls, trading day squawks, idea dinners, and non-deal road shows, Newfound and its personnel should exercise caution in their interaction with employees of sell-side broker-dealers, including making such persons aware that Newfound and its personnel are public side investors who do not wish to receive material non-public information, in order to avoid receipt of such material nonpublic information.

The Stop Trading on Congressional Knowledge Act of 2012, also known as the "STOCK Act", makes explicit the fact that there is no exemption from the "insider trading" laws and regulations for Members of Congress, employees of Congress, Executive branch employees, Judicial officers and Judicial employees.

5. Contacts with Public Companies

Contacts with public companies may represent an important part of our research efforts. The firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, a Supervised Person of Newfound or other person subject to this Code becomes aware of material, nonpublic information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes selective disclosure of adverse news to a handful of investors. In such situations, Newfound must make a judgment as to its further conduct. To protect yourself, your clients and the firm, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

6. Tender Offers

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Supervised Persons of Newfound and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

7. Handling of Inside Information

Before you or a member of your household executes a trade for yourself or others, including Reportable Funds or private accounts managed by Newfound, if any ("Client Accounts"), you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

● Report the information and proposed trade immediately to the Chief Compliance Officer via a Form in the Employee Portal of Orion Compliance.

● Do not purchase or sell the securities on behalf of yourself or others, including investment funds or private accounts managed by the firm.

● Do not communicate the information inside or outside the firm, other than to the Chief Compliance Officer.

● After the Chief Compliance Officer has reviewed the issue, the firm will determine whether the information is material and nonpublic and, if so, what action the firm will take.

You are encouraged to consult with the Chief Compliance Officer before taking any action. This high degree of caution will protect you, our clients, and the firm.

**<u>Chief Compliance Officer MNPI Determinations</u>**

After the Chief Compliance Officer has reviewed the issue, the firms shall determine whether the information is material and nonpublic and, if so, what action the firms will take. In most cases, the company will be placed on the restricted list. In other circumstances, the firm may implement alternative policies and procedures (detailed in the next section below). The Chief Compliance Officer's MNPI Determination may include, among other aspects and considerations:

● identifying the Supervised Persons who potentially may have come into possession of material nonpublic information on the issuer;

● to the extent necessary, requesting relevant Supervised Persons to provide the specific information related to the issuer that is in their possession, and other information necessary to determine whether the information that is in their possession is material and nonpublic;

● in addition to the Chief Compliance Officer's assessment of whether the information in the Supervised Persons' possession is in fact material nonpublic information, requesting relevant Supervised Persons to confirm whether or not they are in possession of material nonpublic information on the issuer; and,

● to the extent one or more of the firm's Supervised Persons have established an Insider Position with the issuer, confirming with the issuer that it has opened a trading window to allow insiders, including specifically the firm's Supervised Persons, to trade in the securities of the issuer, and obtaining the issuer's confirmation that such Supervised Persons are not in possession of material nonpublic information on the issuer.

**<u>Alternative Procedures for Restricting Access to MNPI</u>**

In instances where the Chief Compliance Officer determines that possession of MNPI is isolated and placing the company on the restricted list is damaging to clients, the following procedures may be utilized. Care should be taken so that such information remains secure, and the Firm will take appropriate measures to prevent the flow of such material, nonpublic information from personnel of the firm to others within the firm's organization to the extent possible. Such measures may include:

● Sealing files containing material, nonpublic information.

● Physically isolating from other personnel of the firm the person or persons who have or who may be in receipt of material, nonpublic information.

● Restricting access to computer files containing material, nonpublic information.

● Implementing a certification and acknowledgement process in Orion Compliance for investment teams with discretionary authority confirming before any trade that they have not inadvertently become aware of any MNPI and that all measures above are still in place and working effectively.

For clarification, such steps may not be sufficient and trading in a particular company may still need to be restricted. If a confidentiality agreement has been executed with respect to material, nonpublic information regarding a public company, then the Chief Compliance Officer or designee should ensure that the terms of such confidentiality agreement are followed.

All Supervised Persons should consult with the Chief Compliance Officer before taking any action. This high degree of caution will protect all employees, the Firm's clients, and the Firm.

8. Restricted/Mandate Eligible Holdings Lists

Although Newfound does not typically receive confidential information from companies other than its clients, it may, if it receives such information, take appropriate procedures to establish restricted or watch lists in certain securities.

As discussed above, the Chief Compliance Officer may place certain securities on a "restricted list." Supervised Persons are generally prohibited from personally, or on behalf of an advisory account, purchasing or selling securities during any period they are listed. Securities issued by companies about which a number of Supervised Persons are expected to regularly have material, nonpublic information should generally be placed on the restricted list. The Chief Compliance Officer shall take steps to immediately inform all Supervised Persons of the securities listed on the restricted list.

Additionally, Newfound maintains a Mandate Eligible Holdings List. On a monthly basis the Mandate Holdings list is updated to include all non ETFs that are held in Newfound's Funds, client accounts or models. Any personal security transactions in names on the Mandate Eligible Holdings List require Compliance pre-approval.

There may also be certain instances where a Supervised Person may own shares in companies where they may periodically possess MNPI and are on the restricted list. In limited instances, and with the prior approval of the Chief Compliance Officer, employees may transact in these securities in accordance with a formal and written execution schedule outlined in a 10b5-1 plan.

The Restricted List and Mandate Eligible Holdings List are maintained in the Orion Compliance system.

**Personal Securities Transactions**

**General Policy**

Newfound has adopted the following principles governing personal investment activities by their Access Persons:

● The interests of client accounts will at all times be placed first;

● All personal securities transactions will be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● Access Persons must not take inappropriate advantage of their positions.

Newfound's general policy is that all personal securities transactions in an Access Person's or member of their Household's Accounts involving Reportable Securities require the prior approval of the Chief Compliance Officer (or designee), subject to those exceptions listed in this Code of Ethics. Pre-cleared transactions involving Reportable Securities may be placed and completed prior to the end of the second trading day after approval, unless a shorter or longer time period is approved by the Chief Compliance Officer (i.e., once a transaction involving a Reportable Security is approved by the Chief Compliance Officer the Access Person has until the second market close after such approval to complete the transaction). Pre-clearance expirations are based on U.S. market hours. This means that if a pre-clearance is approved during market hours, it will expire on the next trading day. If a pre-clearance is approved before or after trading hours, the Access Person will have the entirety of the next two trading days to execute the trade. All pre-clearance requests are to be submitted through Orion Compliance.

For the avoidance of doubt regarding the types of transactions that require prior approval, the following is Newfound's policy regarding participation in IPOs, private or Limited Offerings and Reportable Funds:

**Pre-Clearance Required for Participation in IPOs**

No Access Person, or member of their Household, shall acquire or cause the acquisition of any Beneficial Ownership in any securities in an Initial Public Offering for his or her account, as defined herein, without the prior written approval of the Chief Compliance Officer, who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

**Pre-Clearance Required for Private or Limited Offerings**

No Access Person, or member of their Household, shall acquire or cause the acquisition of any Beneficial Ownership of any securities in a Limited Offering or private placement without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

**Pre-Clearance Required for Participation in Shares of Certain Reportable Funds**

No Access Person, or member of their Household, shall acquire or divest (or cause the acquisition or divesture of) any Beneficial Interest or otherwise transact in any securities in an open-end registered mutual fund or exchange traded fund for which Newfound or a control affiliate acts as the investment adviser, sub-adviser or principal underwriter for such Fund (Reportable Fund) for his or her account, as defined herein, without the prior written approval of the Chief Compliance Officer, who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts. Automatic reinvestment of dividends or other distributions from such a Fund shall not require additional approval of the Chief Compliance Officer.

**Exceptions to General Policy Regarding Securities Transactions** 

Third-party accounts over which a Access Person has control or authority (whether by virtue of being a trustee for a 401(K) Plan, having been granted a power of attorney or otherwise) shall be reported to the firm through the general securities reporting system but, as long as the Access Person or member of their household have not and is not actually exercising his or her powers over such accounts, transactions executed by parties other than the Access Person or member of their Household shall not require pre-approval of transactions, reporting of transactions or holdings. Access Persons with such authority will affirm on an annual basis that they did not exercise their granted powers over such accounts. At such time as the Access Person exercises such authority, all requirements of this Code of Ethics shall apply.

The following transactions shall not require the prior approval of the Chief Compliance Officer; however, all such transactions and holdings shall be reported to the firm via Orion Compliance unless specifically exempt per the policy:

● Open-end mutual funds excluding Reportable Funds which require pre-clearance;

● Transactions in a managed account where the Access Person has no discretion;

● Dividend and capital gains automatic reinvestment;

● Pre-approved automatic 401(K) and other investments after the initial selections by the account holder (although the initial selection requires pre-clearance if involving a Reportable Fund);

● Non-volitional transactions, such as stock splits, stock dividends, cash dividends, corporate actions, etc.;

● Transactions involving direct obligations of the government of the United States or other sovereign government or supra-national agency, high quality short-term debt investments, brokers acceptances, certificate of deposit, commercial paper and repurchase agreements;

● Purchases or sales of variable and fixed insurance products;

● Exercised stock options, rights, warrants or tender offers;

● Securities received via gift or inheritance; and

● Securities received or transferred to a member of their Household as part of a divorce or material dissolution proceeding or related settlement.

With respect to managed accounts over which the Access Person has no discretion, the Chief Compliance Officer shall confirm with the advisor that the Access Person has no discretion and in fact is not involved in any manner in the decision to purchase or sell of any security for such account. Access Persons will also be required to affirm on at least an annual basis that they have no discretion and were not involved in any manner in the decision to transact for such an account.

**Interested Transactions**

No Access Person shall recommend any securities transactions for a client without having disclosed his or her interest, if any\*, in such securities or the issuer thereof, including without limitation:

● any direct or indirect Beneficial Ownership of any securities of such issuer;

● any contemplated transaction by such person in such securities;

● any position with such issuer or its affiliates; and

● any present or proposed business relationship between such issuer or its affiliates and such person or any party in which such person has a significant interest.

\*Access Persons do not need to disclose such transactions when relating to transactions of mutual funds, ETFs, municipal bonds, and sovereign bonds

**Personal Trading Compliance Procedures**

**Reporting Requirements**

Every Access Person shall provide initial and annual holdings reports and quarterly transaction reports to the Chief Compliance Officer which must contain the information described below. It is the policy of Newfound that each Access Person must arrange for their brokerage firm(s) to send automatic duplicate brokerage account statements and trade confirmations (or establish automated feeds into Orion Compliance) of all securities transactions to the Chief Compliance Officer.

1. Initial Holdings Report

Every Access Person shall, no later than ten (10) days after the Supervised Person becomes an Access Person, file an initial holdings report containing the following information:

● The title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount (if applicable) of each reportable security in which the Access Person or member of their Household had any direct or indirect Beneficial Interest ownership when the person becomes an Access Person;

● The name of any broker, dealer or bank, account name, number and location with whom the Access Person or member of their Household maintained an account in which any securities were held for the direct or indirect benefit of the Access Person; and

● The date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than forty-five (45) days before the person became an Access Person.

2. Annual Holdings Report

Every Access Person shall, no later than January 31 each year, file an annual holdings report containing the same information required in the initial holdings report as described above. The information submitted must be current as of a date no more than forty-five (45) days before the annual report is submitted.

3. Quarterly Transaction Reports

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report with respect to any transaction during the quarter in a reportable security in which the Access Person or member of their Household had any direct or indirect Beneficial Ownership or investment control. The information must include:

● The date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount (if applicable) of each reportable security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the reportable security at which the transaction was effected;

● The name of the broker, dealer or bank with or through whom the transaction was effected; and

● The date the report is submitted by the Access Person.

4. Exempt Transactions

An Access Person need not submit a report with respect to:

● Transactions effected for, securities held in, any account over which the person or member of their Household has no direct or indirect influence or control;

● Transactions effected pursuant to an Automatic Investment Plan, e.g., a dividend reinvestment plan;

● A quarterly transaction report if the report would duplicate information contained in securities transaction confirmations or brokerage account statements that Newfound holds in its records so long as the firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter; and

● Any transaction or holding report if Newfound has only one Access Person, so long as the firm maintains records of the information otherwise required to be reported.

5. Monitoring and Review of Personal Securities Transactions

The Chief Compliance Officer, or a designee, will monitor and review all reports required under the Code for compliance with Newfound's policies regarding personal securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer may also initiate inquiries of Access Persons regarding personal securities trading. Access Persons are required to cooperate with such inquiries and any monitoring or review procedures employed Newfound. Any transactions for any accounts of the Chief Compliance Officer will be reviewed by another member of the Compliance Department. Newfound's Chief Executive Officer will also receive a report of all CCO personal transactions during the quarter. The Chief Compliance Officer shall at least annually identify all Access Persons who are required to file reports pursuant to the Code. In general, all Supervised Persons of the firm are Access Persons but those that are not will be notified by the Chief Compliance Officer.

6. For each new account established by a Access Person, member of their Household, or Account in which either has Beneficial Interest or investment control, the Access Person shall report, within five (5) days after the Account is established, the name of the broker-dealer (or bank name), the account name, the account number, the date the account was established, and other information requested by the Chief Compliance Officer.

**Gifts and Entertainment**

Giving, receiving or soliciting gifts in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Newfound has adopted the policies set forth below to guide Supervised Persons in this area.

**General Policy**

Newfound's policy with respect to gifts and entertainment is as follows:

● No gifts shall be given or received without the prior written consent of the Chief Compliance Officer.

● Supervised Persons should not accept or provide any gifts or favors that might influence the decisions you or the recipient must make in business transactions involving Newfound, or that others might reasonably believe would influence those decisions.

● Modest gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis, subject to pre-approval requirements. Dining or entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible, if, during such dining or entertainment, you are accompanied by the person or representative of the entity that does or proposes to do business with Newfound.

● Supervised Persons shall use their reasonable judgment with respect to all gifts and entertainment, and shall consider the differences between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Attending a Red Sox game in May versus attending the World Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Taking a prospective client for a routine lunch versus dinner at a steakhouse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accepting tickets from a third-party to a sporting event versus accompanying a third-party to the same sporting event (the former
being a gift and the latter likely being entertainment).

● No Supervised Person shall ever give or receive inappropriate gifts, favors, entertainment, special accommodation or other things of material value that could influence decision-making or make them feel beholden to the firm or the person.

● It is never appropriate or permissible to give or receive gifts of cash, cash equivalents, lottery tickets, gift cards, stocks, bonds, mutual funds or other securities if the gift involves a client, prospective client or other party Newfound does or may do business with; unless, in the case of a gift card (for example, a Starbucks gift card) prior approval of the Chief Compliance Officer is obtained.

● Any gifts given or received must be gratuitous, with donative intent, and not as compensation and never with an expectation of receiving anything in return.

● Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts of even nominal value, the law or rule must be followed.

● Promotional gifts, such as those that bear the logo of a company's name or that are routinely made available to the general public are generally acceptable business gifts that do not require pre-approval or reporting and are not considered "gifts" for purposes of this policy, provided that the value of the promotional gift does not exceed $100.00.

**Reporting Requirements**

All gifts and entertainment given or received to or from anyone who does business, or may do business, with Newfound shall be reported to the Chief Compliance Officer through the firm's compliance system, which shall be maintained by the Chief Compliance Officer. Nominal gifts and entertainment, such as business lunches, are required to be reported to the Chief Compliance Officer but occasional failures of a Supervised Person to report lunches the Supervised Person provides or receives for less than $50 shall not be deemed to be a breach of this Code of Ethics.

This gift/entertaining-reporting requirement is for the purpose of helping Newfound monitor the activities of its Supervised Persons, including potential or actual conflicts of interest. However, the reporting of a gift does not relieve any Supervised Person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift or entertainment, please consult the Chief Compliance Officer.

**Charitable Contributions**

<u>General Policy</u>

Donations by Supervised Persons to charities with the intention of influencing such charities to become clients is strictly prohibited. Supervised Persons should notify the Chief Compliance Officer of any actual or apparent conflict of interest in connection with any charitable contributions or about any contribution that could give an appearance of impropriety.

<u>Charitable Donations at Client Request</u> 

Generally, the firm or Supervised Persons will only make charitable contributions to bonafide charities at the request of a client. All such contributions must generally be under $2,000. All contributions must be pre-approved by the Compliance Department via Orion Compliance Form.

**Political Contributions** 

No political contributions shall be made by Newfound, any of its Supervised Persons, or spouse or household member of Supervised Persons, without the written consent of the Chief Compliance Officer and only in accordance with Newfound's Compliance Manual. In connection with any such approval by the Chief Compliance Officer, the contributing party shall provide the Chief Compliance Officer with all information required by the firm's "Political Contributions" policy in its manual and all such other information as may be required by the Chief Compliance Officer.

**Protecting the Confidentiality of Client Information**

**Confidential Client Information**

In the course of investment advisory activities of Newfound, the firm may gain access to non-public information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients (if any), advice provided by Newfound to clients, and data or analyses derived from such non-public personal information (collectively referred to as "Confidential Client Information"). All Confidential Client Information, whether relating to Newfound's current or former clients, is subject to the Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

**Non-Disclosure of Confidential Client Information**

All information regarding Newfound's clients is confidential. Information may only be disclosed when the disclosure is consistent with the firm's policy and the client's direction. Newfound does not share Confidential Client Information with any third parties, except in the following circumstances:

● As necessary to provide service that the client requested or authorized, or to maintain and service the client's account. Newfound will require that any financial intermediary, agent or other service provider utilized by Newfound (such as broker-dealers or sub-advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by Newfound only for the performance of the specific service requested by Newfound;

● As required by regulatory authorities or law enforcement officials who have jurisdiction over Newfound, or as otherwise required by any applicable law. In the event Newfound is compelled to disclose Confidential Client Information, the firm shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, Newfound shall disclose only such information, and only in such detail, as is legally required; and

● To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

**Supervised Person Responsibilities**

All Supervised Persons are prohibited, either during or after the termination of their employment with Newfound, from disclosing Confidential Client Information to any person or entity outside the firm, including family members, except under the circumstances described above. A Supervised Person is permitted to disclose Confidential Client Information only to such other Supervised Persons who need to have access to such information to deliver the services of Newfound to the client.

Supervised Persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with Newfound, must return all such documents to Newfound.

Any Supervised Person who violates the non-disclosure policy described above will be subject to disciplinary action, including possible termination, whether he or she benefited from the disclosed information or not.

**Security of Confidential Personal Information**

Newfound enforces the following policies and procedures to protect the security of Confidential Client Information:

● The firm restricts access to Confidential Client Information to those Supervised Persons who need to know such information to provide the services of Newfound to clients;

● Any Supervised Person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day;

● All electronic or computer files containing any Confidential Client Information shall be password secured and firewall protected from access by unauthorized persons; and

● Any conversations involving Confidential Client Information, if appropriate at all, must be conducted by Supervised Persons in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

**Outside Business Activities**

**Service as an Officer or Director**

No Supervised Person shall serve as an officer or on the board of directors of any publicly or privately traded company without prior authorization by the Chief Compliance Officer or a designated supervisory person based upon a determination that any such board service or officer position would be consistent with the interest of Newfound's clients. Where board service or an officer position is approved, Newfound shall implement a "Chinese Wall" or other appropriate procedure, to isolate such person from making decisions relating to the company's securities.

**Pre-Clearance Required for all Financial Services Related Outside Business Activities**

No Supervised Person shall, directly or indirectly, serve as an officer or on the board of directors or trustees or otherwise perform any services for or be active or involved with any business activities for any company other than Newfound if such other company is in the financial services business without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed activities, duties or roles and, if approved, will be subject to continuous monitoring for possible future conflicts. Any Supervised Person who receives approval of the Chief Compliance Officer shall promptly resign from such outside business activities if requested by Newfound or the Chief Compliance Officer.

**Certifications**

1. Initial Certification

All Supervised Persons will be provided with a copy of the Code and must initially certify in writing to the Chief Compliance Officer that they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; and (iv) reported all account holdings (if they are deemed an Access Person) as required by the Code. The certification shall include the disclosure of the existence of any Account over which the Access Person has authority (such as pursuant to a power of attorney or a trustee of a 401(K) plan), but which he or she is not actively exercising such power, and the certification shall so state that the power is not and has not then been exercised.

2. Acknowledgement of Amendments

All Supervised Persons shall receive any amendments to the Code and must certify to the Chief Compliance Officer in writing that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; and (iii) agreed to abide by the Code as amended.

3. Annual Certification

All Supervised Persons must annually certify in writing to the Chief Compliance Officer that they have: (i) read and understood all provisions of the Code; and (ii) complied with all requirements of the Code. The certification shall include the disclosure of the existence of any account over which the Access Person has authority (such as pursuant to a power of attorney or a trustee of a 401(K) plan), but which he or she is not actively exercising such power, and the certification shall so state that the power is not and has not then been exercised.

**Further Information**

Supervised Persons should contact the Chief Compliance Officer regarding any inquiries pertaining to the Code or the policies established herein.

**Records**

The Chief Compliance Officer shall maintain and cause to be maintained in a readily accessible place the following records:

● A copy of any Code of Ethics adopted by the firm pursuant to Advisers Act Rule 204A-1 which is or has been in effect during the past five years;

● A record of any violation of the Code and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● A record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years, was, a Supervised Person which shall be retained for five years after the individual ceases to be a Supervised Person of Newfound;

● A copy of each report made pursuant to Advisers Act Rule 204A-1, including any brokerage confirmations and account statements made in lieu of these reports;

● A list of all persons who are, or within the preceding five years have been, Access Persons;

● A copy of each report or certification made by an Access Person for at least five years after the end of the fiscal year in which the report or certification is made;

● A record of all persons currently or within the past five years who are or were required to make reports or who are or were responsible for reviewing these reports; and

● A record of any decision (and the reasons underlying such decision) to approve an Access Person's acquisition of securities in IPOs and Limited Offerings within the past five years after the end of the fiscal year in which such approval is granted.

**Reporting Violations and Sanctions**

All Supervised Persons are required to promptly report to the Chief Compliance Officer or an alternate designee, all apparent or actual violations of the Code. Any retaliation for the reporting of a violation under this Code will constitute a violation of the Code and may be a violation of law.

The Chief Compliance Officer shall promptly report to senior management all apparent or actual material violations of the Code. When the Chief Compliance Officer finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

Senior management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the Supervised Person's employment with the firm.