# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-005010
**Filing Date:** 2025-8
**Character Count:** 120059
**Document Hash:** a72bb8fc124f6b74ca57a06748c11a89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005010.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001580642-25-005010

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251199458

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### One Global ETF (Series ID: S000072561)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000228894 | One Global ETF | FFND            |

### The Future Fund Long/Short ETF (Series ID: S000074927)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000233373 | The Future Fund Long/Short ETF |  |

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22549</u>

<u>Northern Lights Fund Trust II</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>5/31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date of reporting period: <u>5/31/25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Item 1. Reports to Stockholders.** 

(a) # One Global ETF
(FFND) NYSE Arca, Inc.

#### Annual Shareholder Report - May 31, 2025
![Image](i94dd83b5501b8ee567c2ac82.jpg)

This annual shareholder report contains important information about One Global ETF for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://futurefundetf.com/fund**. You can also request this information by contacting us at 1-877-466-7090.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| One Global ETF | $107 | 1.00% |

---

## How did the Fund perform during the reporting period?
Performance of the One Global ETF (FFND) for the one-year period ending May 31, 2025 was 14.70% at NAV. From a macroeconomic perspective, the market was driven by solid economic growth worldwide and the expectation that global central banks would start to lower interest rates as inflation rates normalized, interrupted by a radical upending of the global trade system.

The Fund's investment strategy is to invest in some of the most transformational companies in the world—companies we believe are in the best positions to capitalize on secular growth trends and take advantage of changes in technology, consumer preferences, demographics, and environmental sustainability, leading to significant increases in their total markets, earnings trajectories and market capitalizations.

To this end, the performance of the Fund was driven by our investments in companies that dominate their respective industries in consumer, (DoorDash, Netflix and Tesla); Defense, (Kratos Defense, BAE Systems, and Embraer); and Security, (Datadog and Palo Alto Networks).

We thank you for your support and look forward to continuing to serve our shareholders at the highest level.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i5d021f3b2a09c22b4ce2368a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **One Global ETF - NAV** | **MSCI All World Index** | **S&P 500<sup>®</sup> Index** |
| **08/23/21** | $10000 | $10000 | $10000 |
| **09/30/21** | $9792 | $9736 | $9629 |
| **12/31/21** | $9719 | $10395 | $10691 |
| **03/31/22** | $8635 | $9848 | $10200 |
| **06/30/22** | $6330 | $8319 | $8557 |
| **09/30/22** | $6410 | $7761 | $8139 |
| **12/31/22** | $5890 | $8528 | $8755 |
| **03/31/23** | $6862 | $9163 | $9411 |
| **06/30/23** | $7611 | $9744 | $10234 |
| **09/30/23** | $7563 | $9423 | $9899 |
| **12/31/23** | $8183 | $10473 | $11056 |
| **03/31/24** | $9159 | $11344 | $12223 |
| **06/30/24** | $9407 | $11686 | $12747 |
| **09/30/24** | $9451 | $12471 | $13497 |
| **12/31/24** | $10144 | $12359 | $13823 |
| **03/31/25** | $9963 | $12209 | $13232 |
| **05/31/25** | $10524 | $13045 | $13970 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 23, 2021)** |
| One Global ETF - NAV | 14.70% | 1.36% |
| MSCI All World Index | 14.16% | 7.31% |
| S&P 500<sup>®</sup> Index | 13.52% | 9.27% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$71,527,063

* Number of Portfolio Holdings93

* Advisory Fee (net of waivers)$19,406

* Portfolio Turnover115%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icd6f119307a7c803974b7555.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.3% |
| Partnership Shares | 0.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2fa65c83c10364b697109c5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Real Estate | 1.1% |
| Utilities | 1.8% |
| Materials | 2.2% |
| Energy | 4.0% |
| Consumer Staples | 5.4% |
| Consumer Discretionary | 8.0% |
| Industrials | 9.9% |
| Health Care | 12.5% |
| Communications | 13.3% |
| Financials | 14.9% |
| Technology | 26.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc., Class A | 2.8% |
| Meta Platforms, Inc., Class A | 2.5% |
| Apple, Inc. | 2.5% |
| NVIDIA Corporation | 2.4% |
| Amazon.com, Inc. | 2.4% |
| Microsoft Corporation | 2.0% |
| BAE Systems plc | 1.6% |
| Visa, Inc., Class A | 1.6% |
| Cisco Systems, Inc. | 1.5% |
| JPMorgan Chase & Company | 1.6% |

---

## Material Fund Changes
Effective April 1, 2025, the Fund's name changed from "The Future Fund Active ETF" to "One Global ETF" and the Fund added disclosures to it's "Principal Investment Strategies". For more detailed information, please visit **https://futurefundetf.com/images/pdf/FFND_Prospectus.pdf**.

![Image](i94dd83b5501b8ee567c2ac82.jpg)

# One Global ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about One Global ETF for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://futurefundetf.com/fund**. You can also request this information by contacting us at 1-877-466-7090.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-FFND

# The Future Fund Long/Short ETF
(FFLS) NYSE Arca, Inc.

#### Annual Shareholder Report - May 31, 2025
![Image](ib8bab6d8dffcb6ab83822850.jpg)

## Fund Overview
This annual shareholder report contains important information about The Future Fund Long/Short ETF for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://futurefundetf.com/fund/the-future-fund-long-short-etf**. You can also request this information by contacting us at 1-877-466-7090.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The Future Fund Long Short ETF | $168 | 1.60% |

---

## How did the Fund perform during the reporting period?
Performance of the Future Fund Long/Short ETF (FFLS) for the one-year period ending May 31, 2025 was 10.09% at NAV. From a macroeconomic perspective, the market was driven by solid economic growth worldwide and the expectation that global central banks would start to lower interest rates as inflation rates normalized, interrupted by a radical upending of the global trade system.

The Fund's investment strategy is to invest in some of the most transformational companies in the world—companies we believe are in the best positions to capitalize on secular growth trends and take advantage of changes in technology, consumer preferences, demographics, and environmental sustainability, leading to significant increases in their total markets, earnings trajectories and market capitalizations. While at the same time shorting stocks that we feel will be distributed by these secular trends.

To this end, the performance of the Fund was driven by our long investments in companies that dominate their respective industries in consumer, (DoorDash, ON Holdings and Netflix); Defense, (Kratos Defense and Embraer); and Security/AI, (Ciena and Palo Alto Networks).

The performance of the Fund on the short side was driven by our investments in companies that remain challenged in this environment. These include companies in the consumer sector, (Restoration Hardware and PVH); Internet/Media, (JD.com and ROKU); and Health Care, (United Health and Intuitive Surgical).

We thank you for your support and look forward to continuing to serve our shareholders at the highest level.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie5330afddecf0506656fb55f.jpg)

---

| | | |
|:---|:---|:---|
| | **The Future Fund Long Short ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **06/20/23** | $10000 | $10000 |
| **06/30/23** | $9885 | $10144 |
| **07/31/23** | $9830 | $10470 |
| **08/31/23** | $9910 | $10303 |
| **09/30/23** | $9700 | $9812 |
| **10/31/23** | $9240 | $9606 |
| **11/30/23** | $9840 | $10483 |
| **12/31/23** | $10100 | $10959 |
| **01/31/24** | $10055 | $11143 |
| **02/29/24** | $10820 | $11738 |
| **03/31/24** | $11235 | $12116 |
| **04/30/24** | $11160 | $11621 |
| **05/31/24** | $11525 | $12197 |
| **06/30/24** | $11585 | $12635 |
| **07/31/24** | $11380 | $12789 |
| **08/31/24** | $11335 | $13099 |
| **09/30/24** | $11395 | $13379 |
| **10/31/24** | $11580 | $13257 |
| **11/30/24** | $11910 | $14036 |
| **12/31/24** | $11872 | $13701 |
| **01/31/25** | $12301 | $14082 |
| **02/28/25** | $12564 | $13899 |
| **03/31/25** | $12042 | $13116 |
| **04/30/25** | $12285 | $13027 |
| **05/31/25** | $12688 | $13847 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 20, 2023)** |
| The Future Fund Long Short ETF - NAV | 10.09% | 13.00% |
| S&P 500<sup>®</sup> Index | 13.52% | 18.18% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$39,302,227

* Number of Portfolio Holdings55

* Advisory Fee (net of waivers)$184,221

* Portfolio Turnover313%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i62a511b9c6428fe6d00d9c2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 225.0% |
| Special Case Securities | 0.0% |

---

#### What did the Fund invest in?

## **Long Sector Weighting (% of net assets)**![Group By Sector Chart](iab579d816f46e65f9bee3392.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 20.0% |
| Real Estate | 2.1% |
| Financials | 2.6% |
| Industrials | 5.1% |
| Consumer Discretionary | 7.8% |
| Health Care | 11.3% |
| Communications | 18.0% |
| Technology | 33.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 7.5% |
| Alphabet, Inc., Class A | 5.1% |
| Meta Platforms, Inc., Class A | 4.0% |
| Micron Technology, Inc. | 3.7% |
| Block, Inc. | 3.6% |
| Safran S.A. | 3.4% |
| Amazon.com, Inc. | 3.1% |
| NXP Semiconductors N.V. | 3.0% |
| Halozyme Therapeutics, Inc. | 3.0% |
| Edwards Lifesciences Corporation | 3.0% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i295e8d411d8e6bb090b1eceb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | -3.8% |
| Communications | -5.0% |
| Technology | -5.0% |
| Health Care | -5.2% |
| Financials | -9.6% |
| Industrials | -15.8% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ib8bab6d8dffcb6ab83822850.jpg)

# The Future Fund Long/Short ETF

#### Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about The Future Fund Long/Short ETF for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://futurefundetf.com/fund/the-future-fund-long-short-etf**. You can also request this information by contacting us at 1-877-466-7090.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 053125-FFLS

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) During the
 period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the
 period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Keith Rhoades is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Rhoades is an independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| 2025 | $26000 |
| 2024 | $26000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax Fees. The
 aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance
 are as follows:

---

| | |
|:---|:---|
| 2025 | $7200 |
| 2024 | $6500 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended May 31, 2024 and 2025 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended May 31, 2024 and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Keith Rhoades, Brian Nielsen, Randy Skalla, Tony Lewis and Thomas T. Sarkany

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(FUTURE FUND LOGO)](fu001_v1.jpg) |
| **One Global ETF** |
| (*formerly known as The Future Fund Active ETF*) |
| **(FFND)** |
| **The Future Fund Long/Short ETF** |
| **(FFLS)** |
| Annual Financial Statements and Additional Information |
| May 31, 2025 |
| 1-877-466-7090 |
| www.FutureFundETF.com |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **ONE GLOBAL ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1%** |  |
|  | **AEROSPACE & DEFENSE - 5.6%** |  |
| 11241 | BAE Systems plc - ADR | $1155576 |
| 3128 | General Dynamics Corporation | 871117 |
| 5657 | Mercury Systems, Inc.<sup>(a)</sup> | 278607 |
| 70949 | Rolls-Royce Holdings plc - ADR | 823718 |
| 11660 | Safran S.A. - ADR | 857476 |
|  |  | 3986494 |
|  | **ASSET MANAGEMENT - 5.1%** |  |
| 12672 | AllianceBernstein Holding, L.P. | 506246 |
| 685 | Blackrock, Inc. | 671225 |
| 9385 | Charles Schwab Corp./The | 829071 |
| 2311 | LPL Financial Holdings, Inc. | 894726 |
| 24067 | UBS Group A.G. | 767497 |
|  |  | 3668765 |
|  | **AUTOMOTIVE - 0.8%** |  |
| 5909 | BYD Company Ltd. - ADR | 584991 |
|  | **BANKING - 4.4%** |  |
| 17810 | Bank of America Corporation | 785955 |
| 10364 | Citigroup, Inc. | 780616 |
| 2200 | Credicorp Ltd. | 465982 |
| 4212 | JPMorgan Chase & Company | 1111969 |
|  |  | 3144522 |
|  | **BEVERAGES - 0.6%** |  |
| 4000 | Fomento Economico Mexicano S.A.B. de C.V. - ADR | 426120 |
|  | **BIOTECH & PHARMA - 8.2%** |  |
| 887 | Argenx S.E. - ADR<sup>(a)</sup> | 508481 |
| 1025 | Eli Lilly & Company | 756112 |
| 14196 | Galderma Group A.G. - ADR | 376194 |
| 6390 | Gilead Sciences, Inc. | 703411 |
| 14255 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 799278 |
| 6257 | Johnson & Johnson | 971149 |
| 2406 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1063572 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ONE GLOBAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **BIOTECH & PHARMA - 8.2% (Continued)** |  |
| 4409 | Zoetis, Inc. | $743490 |
|  |  | 5921687 |
|  | **CHEMICALS - 1.6%** |  |
| 10711 | Air Liquide S.A. - ADR | 443328 |
| 6257 | RPM International, Inc. | 712297 |
|  |  | 1155625 |
|  | **CONSTRUCTION MATERIALS - 0.6%** |  |
| 4404 | Knife River Corporation<sup>(a)</sup> | 414416 |
|  | **DATA CENTER REIT - 1.1%** |  |
| 848 | Equinix, Inc. | 753719 |
|  | **E-COMMERCE DISCRETIONARY - 2.9%** |  |
| 8215 | Amazon.com, Inc.<sup>(a)</sup> | 1684158 |
| 13346 | Global-e Online Ltd.<sup>(a)</sup> | 425337 |
|  |  | 2109495 |
|  | **ELECTRIC UTILITIES - 1.8%** |  |
| 15642 | Dominion Energy, Inc. | 886432 |
| 6406 | National Grid plc - ADR | 457324 |
|  |  | 1343756 |
|  | **ELECTRICAL EQUIPMENT - 1.8%** |  |
| 4404 | BWX Technologies, Inc. | 553142 |
| 14681 | Schneider Electric S.E. - ADR | 736252 |
|  |  | 1289394 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 5380 | HealthEquity, Inc.<sup>(a)</sup> | 541282 |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 5173 | DR Horton, Inc. | 610724 |
|  | **HOUSEHOLD PRODUCTS - 3.6%** |  |
| 56351 | Haleon plc - ADR | 639584 |
| 5715 | Procter & Gamble Company (The) | 970921 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ONE GLOBAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 3.6% (Continued)** |  |
| 14681 | Unilever plc - ADR | $937235 |
|  |  | 2547740 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.6%** |  |
| 1227 | Goldman Sachs Group, Inc. (The) | 736752 |
| 11352 | Lazard, Inc. | 492677 |
| 16698 | London Stock Exchange Group plc - ADR | 640201 |
|  |  | 1869630 |
|  | **INSURANCE - 2.1%** |  |
| 1972 | Aon PLC, Class A | 733742 |
| 9385 | MetLife, Inc. | 737473 |
|  |  | 1471215 |
|  | **INTERNET MEDIA & SERVICES - 10.9%** |  |
| 11938 | Alphabet, Inc., Class A <sup>(b)</sup> | 2050231 |
| 7218 | Baidu, Inc. - ADR<sup>(a)</sup> | 591154 |
| 3750 | DoorDash, Inc., Class A<sup>(a)</sup> | 782438 |
| 2765 | Meta Platforms, Inc., Class A | 1790310 |
| 887 | Netflix, Inc.<sup>(a)</sup> | 1070813 |
| 15655 | Pinterest, Inc., Class A<sup>(a)</sup> | 487027 |
| 886 | Spotify Technology S.A.<sup>(a)</sup> | 589314 |
| 5755 | Uber Technologies, Inc.<sup>(a)</sup> | 484341 |
|  |  | 7845628 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 10208 | Cheesecake Factory, Inc. (The) | 563175 |
| 18292 | DraftKings, Inc., Class A<sup>(a)</sup> | 656317 |
| 40016 | Wynn Macau Ltd. - ADR | 266907 |
|  |  | 1486399 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 20729 | Yeti Holdings, Inc.<sup>(a)</sup> | 633478 |
|  | **MACHINERY - 2.5%** |  |
| 2029 | Caterpillar, Inc. | 706154 |
| 1332 | Deere & Company | 674338 |
| 13833 | Smiths Group plc - ADR | 412500 |
|  |  | 1792992 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ONE GLOBAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.5%** |  |
| 5914 | Abbott Laboratories | $789992 |
| 25439 | ConvaTec Group plc - ADR | 402954 |
| 7409 | Edwards Lifesciences Corporation<sup>(a)</sup> | 579532 |
| 1823 | Thermo Fisher Scientific, Inc. | 734341 |
|  |  | 2506819 |
|  | **OIL & GAS PRODUCERS - 4.0%** |  |
| 26111 | BP PLC - ADR | 759830 |
| 5173 | Chevron Corporation | 707149 |
| 13200 | Enbridge, Inc. | 614255 |
| 7341 | Exxon Mobil Corporation | 750985 |
|  |  | 2832219 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 8801 | Walmart, Inc. | 868835 |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 2004 | Home Depot, Inc. (The) | 738053 |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 3425 | Applied Materials, Inc. | 536869 |
| 4892 | Cirrus Logic, Inc.<sup>(a)</sup> | 481177 |
| 10218 | Micron Technology, Inc. | 965192 |
| 12552 | NVIDIA Corporation | 1696152 |
| 4627 | NXP Semiconductors N.V. | 884359 |
| 3670 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 709484 |
|  |  | 5273233 |
|  | **SOFTWARE - 6.6%** |  |
| 3425 | Datadog, Inc., Class A<sup>(a)</sup> | 403739 |
| 11015 | Gitlab, Inc., Class A<sup>(a)</sup> | 501293 |
| 3128 | Microsoft Corporation | 1440006 |
| 3443 | Palo Alto Networks, Inc.<sup>(a)</sup> | 662502 |
| 2852 | Salesforce, Inc. | 756835 |
| 3128 | SAP S.E. - ADR | 947346 |
|  |  | 4711721 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ONE GLOBAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 1661 | American Express Company | $488417 |
|  | **TECHNOLOGY HARDWARE - 8.3%** |  |
| 8812 | Apple, Inc. | 1769890 |
| 6898 | Ciena Corporation<sup>(a)</sup> | 552254 |
| 17810 | Cisco Systems, Inc. | 1122742 |
| 7829 | Dell Technologies, Inc., Class C | 871133 |
| 38153 | Nintendo Company Ltd. - ADR | 779847 |
| 33035 | Sony Group Corporation - ADR | 871464 |
|  |  | 5967330 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 17658 | Block, Inc.<sup>(a)</sup> | 1090382 |
| 3128 | Visa, Inc., Class A | 1142314 |
|  |  | 2232696 |
|  | **TELECOMMUNICATIONS - 2.4%** |  |
| 16740 | GDS Holdings Ltd. - ADR<sup>(a)</sup> | 396571 |
| 16139 | Millicom International Cellular S.A. | 605374 |
| 2736 | T-Mobile US, Inc. | 662659 |
|  |  | 1664604 |
|  | **TOTAL COMMON STOCKS (Cost $70,540,894)** | 70881999 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $70,540,894)** | $70881999 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%** | 645064 |
|  | **NET ASSETS - 100.0%** | $71527063 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is held as collateral.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **THE FUTURE FUND LONG/SHORT ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.9%** |  |
|  | **AEROSPACE & DEFENSE - 5.0%** |  |
| 58595 | Rolls-Royce Holdings plc - ADR | $680288 |
| 18135 | Safran S.A. - ADR<sup>(b)</sup> | 1333647 |
|  |  | 2013935 |
|  | **ASSET MANAGEMENT - 2.6%** |  |
| 2625 | LPL Financial Holdings, Inc. <sup>(b)</sup> | 1016295 |
|  | **BIOTECH & PHARMA - 6.9%** |  |
| 1221 | Eli Lilly & Company<sup>(b)</sup> | 900695 |
| 21091 | Halozyme Therapeutics, Inc.<sup>(a),(b)</sup> | 1182573 |
| 1525 | Vertex Pharmaceuticals, Inc.<sup>(a),(b)</sup> | 674126 |
|  |  | 2757394 |
|  | **DATA CENTER REIT - 2.1%** |  |
| 916 | Equinix, Inc. <sup>(b)</sup> | 814159 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 6000 | Amazon.com, Inc.<sup>(a),(b)</sup> | 1230060 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3%** |  |
| 5000 | HealthEquity, Inc.<sup>(a)</sup> | 503050 |
|  | **INTERNET MEDIA & SERVICES - 18.0%** |  |
| 11728 | Alphabet, Inc., Class A<sup>(b)</sup> | 2014166 |
| 9844 | Baidu, Inc. - ADR<sup>(a),(b)</sup> | 806224 |
| 4035 | DoorDash, Inc., Class A<sup>(a),(b)</sup> | 841903 |
| 2396 | Meta Platforms, Inc., Class A | 1551386 |
| 748 | Netflix, Inc.<sup>(a) (b)</sup> | 903008 |
| 11054 | Uber Technologies, Inc.<sup>(a) (b)</sup> | 930305 |
|  |  | 7046992 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 26791 | DraftKings, Inc., Class A<sup>(a),(b)</sup> | 961261 |
|  | **LEISURE PRODUCTS - 2.2%** |  |
| 28928 | Yeti Holdings, Inc.<sup>(a),(b)</sup> | 884040 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **THE FUTURE FUND LONG/SHORT ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.9% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 14960 | Edwards Lifesciences Corporation<sup>(a),(b)</sup> | $1170171 |
|  | **SEMICONDUCTORS - 16.2%** |  |
| 8000 | Cirrus Logic, Inc.<sup>(a)</sup> | 786880 |
| 15540 | Micron Technology, Inc. <sup>(b)</sup> | 1467908 |
| 21690 | NVIDIA Corporation<sup>(b)</sup> | 2930970 |
| 6200 | NXP Semiconductors N.V. | 1185006 |
|  |  | 6370764 |
|  | **SOFTWARE - 8.7%** |  |
| 7264 | Datadog, Inc., Class A<sup>(a)</sup> | 856280 |
| 10849 | Gitlab, Inc., Class A<sup>(a), (b)</sup> | 493738 |
| 5189 | Palo Alto Networks, Inc.<sup>(a),(b)</sup> | 998467 |
| 4052 | Salesforce, Inc. <sup>(b)</sup> | 1075280 |
|  |  | 3423765 |
|  | **TECHNOLOGY HARDWARE - 4.7%** |  |
| 13142 | Ciena Corporation<sup>(a)</sup> | 1052149 |
| 7000 | Dell Technologies, Inc., Class C | 778890 |
|  |  | 1831039 |
|  | **TECHNOLOGY SERVICES - 3.6%** |  |
| 22672 | Block, Inc.<sup>(a),(b)</sup> | 1399997 |
|  | **TOTAL COMMON STOCKS (Cost $28,992,809)** | 31422922 |
|  | **TOTAL INVESTMENTS - 79.9% (Cost $28,992,809)** | $31422922 |
|  | **TOTAL SECURITIES SOLD SHORT – (44.4)% (Proceeds - $15,577,411)** | (17459271) |
|  | **OTHER ASSETSIN EXCESS OF LIABILITIES – 64.5%** | 25338576 |
|  | **NET ASSETS - 100.0%** | $39302227 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **THE FUTURE FUND LONG/SHORT ETF** |
| **SCHEDULE OF SECURITIES SOLD SHORT** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **BUSINESS DEVELOPMENT COMPANIES — (2.0)%** |  |
|  | **ASSET MANAGEMENT - (2.0)%** |  |
| (35000) | Ares Capital Corporation | $(771750) |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (42.4)%** |  |
|  | **AEROSPACE & DEFENSE - (2.3)%** |  |
| (20000) | Embraer S.A. - ADR | (919800) |
|  | **BANKING - (5.9)%** |  |
| (12000) | Banco Latinoamericano de Comercio Exterior S.A., E | (492240) |
| (10000) | Cathay General Bancorp | (428550) |
| (11000) | Comerica, Inc. | (627990) |
| (8500) | East West Bancorp, Inc. | (775200) |
|  |  | (2323980) |
|  | **COMMERCIAL SUPPORT SERVICES - (1.8)%** |  |
| (12650) | Rollins, Inc. | (724213) |
|  | **E-COMMERCE DISCRETIONARY - (1.8)%** |  |
| (22000) | JD.com, Inc. - ADR | (713020) |
|  | **ELECTRICAL EQUIPMENT - (6.4)%** |  |
| (10000) | Amphenol Corporation, Class A | (899300) |
| (3500) | Littelfuse, Inc. | (717710) |
| (12000) | Trimble, Inc. | (855240) |
|  |  | (2472250) |
|  | **ENGINEERING & CONSTRUCTION - (1.0)%** |  |
| (1200) | Quanta Services, Inc. | (411072) |
|  | **ENTERTAINMENT CONTENT - (1.2)%** |  |
| (5300) | ROBLOX Corporation, Class A | (460994) |
|  | **HEALTH CARE FACILITIES & SERVICES - (3.9)%** |  |
| (3000) | Cigna Group (The) | (949920) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **THE FUTURE FUND LONG/SHORT ETF** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (42.4)% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - (3.9)% (Continued)** |  |
| (2000) | Medpace Holdings, Inc. | $(589800) |
|  |  | (1539720) |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - (2.0)%** |  |
| (5000) | Chart Industries, Inc. | $(784300) |
|  | **INDUSTRIAL SUPPORT SERVICES - (2.3)%** |  |
| (22000) | Fastenal Company | (909480) |
|  | **INTERNET MEDIA & SERVICES - (3.8)%** |  |
| (200) | Booking Holdings, Inc. | (1103786) |
| (3500) | Reddit, Inc., Class A | (393225) |
|  |  | (1497011) |
|  | **LEISURE FACILITIES & SERVICES - (2.0)%** |  |
| (29000) | Caesars Entertainment, Inc. | (779520) |
|  | **MEDICAL EQUIPMENT & DEVICES - (1.3)%** |  |
| (2100) | ResMed, Inc. | (514059) |
|  | **SEMICONDUCTORS - (2.5)%** |  |
| (9000) | Advanced Micro Devices, Inc. | (996570) |
|  | **SOFTWARE - (1.4)%** |  |
| (2200) | Workday, Inc., Class A | (544962) |
|  | **SPECIALTY FINANCE - (1.7)%** |  |
| (50000) | SoFi Technologies, Inc. | (665000) |
|  | **TECHNOLOGY SERVICES - (1.1)%** |  |
| (250) | Fair Isaac Corporation | (431570) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $15,577,411)** | $(17459271) |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is held as collateral.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  |<br>**One Global ETF** | **The Future**<br>**Long/Short ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in securities at value (identified cost $70,540,894 and $28,992,809) | $70881999 | $31422922 |
| &nbsp;&nbsp;&nbsp;Cash | 1196818 | 7547710 |
| &nbsp;&nbsp;&nbsp;Broker Cash \* |  | 17071575 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 698572 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 171695 | 79143 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 72254474 | 56819922 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian Foreign cash (cost $581,588) | 611204 |  |
| &nbsp;&nbsp;&nbsp;Securities sold short (proceeds $15,577,411) |  | 17459271 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 12209 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 38412 | 16564 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 44775 | 7234 |
| &nbsp;&nbsp;&nbsp;Dividends payable |  | 18972 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 20811 | 15654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 727411 | 17517695 |
| **NET ASSETS** | $**71527063** | $**39302227** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $75947155 | $36592031 |
| &nbsp;&nbsp;&nbsp;Accumulated gains (losses) | (4420092) | 2710196 |
| **NET ASSETS** | $**71527063** | $**39302227** |
| **Net Asset Value Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**71527063** | $**39302227** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2720000** | **1600000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**26.30** | $**24.56** |

---

\* Amount represents cash segregated at StoneX for short holdings.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | <br>**One Global ETF** | **The Future**<br>**Long/Short ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $442077 | $83156 |
| &nbsp;&nbsp;&nbsp;Interest | 17765 | 533202 |
| &nbsp;&nbsp;&nbsp;Foreign tax withholding | (19741) | (3545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 440101 | 612813 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 189269 | 339522 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 128956 | 89142 |
| &nbsp;&nbsp;&nbsp;Legal fees | 24424 | 20419 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 16988 | 18815 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 15881 | 26782 |
| &nbsp;&nbsp;&nbsp;Audit fees | 15771 | 16881 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 14147 | 19219 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 13691 | 17971 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11148 | 11196 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 8256 | 3769 |
| &nbsp;&nbsp;&nbsp;Dividend expense on short sales |  | 123886 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9721 | 13200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 448252 | 700802 |
| &nbsp;&nbsp;&nbsp;Fees Waived/Expenses Reimbursed by the Adviser | (169863) | (155301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 278389 | 545501 |
| **NET INVESTMENT INCOME** | 161712 | 67312 |
| **REALIZED AND UNREALIZED GAIN/ (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (1599407) | 1325953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on securities sold short |  | 1809108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 2001467 | 212455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1192 |  |
|  | 403252 | 3347516 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 431640 | 1983247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | (1822372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (29440) |  |
|  | 402200 | 160875 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 805452 | 3508391 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**967164** | $**3575703** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***One Global ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**May 31, 2025** | **For The**<br>**Year Ended**<br>**May 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $161712 | $(80274) |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions, securities sold short, in-kind redemptions and foreign currency transactions | 403252 | 658269 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments and foreign currency translations | 402200 | 2341654 |
| Net increase in net assets resulting from operations | 967164 | 2919649 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 82072594 | 7995995 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (22984593) | (8045611) |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) | 8100 | 2100 |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 59096101 | (47516) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 60063265 | 2872133 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 11463798 | 8591665 |
| &nbsp;&nbsp;&nbsp;End of Year | $**71527063** | $**11463798** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3160000 | 380000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (940000) | (380000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2220000 |  |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Future Fund Long/Short ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**May 31, 2025** | **For The**<br>**Period Ended**<br>**May 31, 2024 \*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $67312 | $(3176) |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions, securities sold short and in-kind redemptions | 3347516 | 102050 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 160875 | 387378 |
| Net increase in net assets resulting from operations | 3575703 | 486252 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: | (1139304) |  |
| Net decrease in net assets resulting from distributions to shareholders | (1139304) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 15177326 | 22097036 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (902586) |  |
| &nbsp;&nbsp;&nbsp;Transaction Fees (Note 5) | 6300 | 1500 |
| Net increase in net assets resulting from shares of beneficial interest | 14281040 | 22098536 |
| **TOTAL INCREASE IN NET ASSETS** | 16717439 | 22584788 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 22584788 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**39302227** | $**22584788** |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 660000 | 980000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (40000) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 620000 | 980000 |

---

\* Commencement of Operations was June 20, 2023.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***One Global ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**May 31, 2025** | **For The**<br>**Year Ended**<br>**May 31, 2024** | **For The**<br>**Year Ended**<br>**May 31, 2023** | **For The**<br>**Period Ended**<br>**May 31, 2022 \*** |
| Net asset value, beginning of period | $22.93 | $17.18 | $17.44 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.15 | (0.16) | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.22 | 5.91 | (0.12) | (7.42 |
| Total from investment operations | 3.37 | 5.75 | (0.26) | (7.55 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |
| Total distributions |  |  |  | (0.01 |
| Net asset value, end of period | $26.30 | $22.93 | $17.18 | $17.44 |
| Total return (2) | 14.70% | 33.47% | (1.49)% | (30.22 |
| Net assets, at end of period (000s) | $71527 | $11464 | $8592 | $9766 |
| Ratio of gross expenses to average net assets | 1.61% | 3.18% | 3.76% | 2.14 |
| Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.00% | 1.00 |
| Ratio of net investment income (loss) to average net assets | 0.58% | (0.81)% | (0.84)% | (0.76) |
| Portfolio Turnover Rate (5) | 115% | 78% | 34% | 79 |

---

\* Commencement of Operations was August 23, 2021.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period.

Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions.

(3) Annualized for periods less than
 one full year.

(4) Not annualized.

(5) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(6) Represents less than $0.005.

See accompanying notes which are an integral part of these financials statements.

---

| |
|:---|
| ***The Future Fund Long/Short ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**May 31, 2025** | **For The**<br>**Period Ended**<br>**May 31, 2024 \*** |
| Net asset value, beginning of period | $23.05 | $20.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.05 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.23 | 3.08 |
| Total from investment operations | 2.28 | 3.05 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.73) |  |
| Total distributions | (0.77) |  |
| Net asset value, end of period | $24.56 | $23.05 |
| Total return (2) | 10.09% | 15.25% (5) |
| Net assets, at end of period (000s) | $39302 | $22585 |
| Ratio of gross expenses to average net assets (3) | 2.05% | 11.99% (4) |
| Ratio of net expenses to average net assets (3) | 1.60% | 1.64% (4) |
| Ratio of net investment loss to average net assets | 0.20% | (0.16)% (4) |
| Portfolio Turnover Rate (6) | 313% | 88% (5) |

---

\* Commencement of Operations was June 20, 2023.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period.

Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions.

(3) Excluding interest expense and dividends
 on securities sold short, the following ratios would have been:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets | 1.69% | 11.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets | 1.24% | 1.24% |

---

(4) Annualized for periods less than
 one full year.

(5) Not annualized.

(6) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

See accompanying notes which are an integral part of these financials statements.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **May 31, 2025** |

---

**1. ORGANIZATION**

One Global ETF ("FFND"), formerly The Future Fund Active ETF, and the Future Fund Long/Short ETF ("FFLS") (each a "Fund" and collectively the "Funds") are each a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the "Trust"), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund's investment objective is to seek to provide capital appreciation. FFND commenced operations on August 23, 2021. FFLS commenced operations on June 20, 2023.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") . Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

Each Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Trusts' Board of Trustees (the "Board"). The Board has retained responsibility for fair value determinations, however, it delegated execution of the fair value procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Adviser. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third-party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

**Fair Valuation Process –** As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset values. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure fair value of all of their investments on a recurring basis. GAAP establishes the hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| FFND | FFND | FFND | FFND | FFND |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $70881999 | $— | $— | $70881999 |
| Total | $70881999 | $— | $— | $70881999 |

---

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| FFLS | FFLS | FFLS | FFLS | FFLS |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $31422922 | $— | $— | $31422922 |
| Total | $31422922 | $— | $— | $31422922 |
| Liabilities\* | Level 1 | Level 2 | Level 3 | Total |
| Business Development Companies | $771750 | $— | $— | $771750 |
| Common Stocks | 16687521 |  |  | 16687521 |
| Total | $17459271 | $— | $— | $17459271 |

---

\* Please refer to the Schedule of Investments for industry classifications.

There were no level 3 holdings as of May 31, 2025.

The following table is a summary of changes in the FFND's assets measured at fair value using significant unobservable inputs (Level 3) for the year ended May 31, 2025.

---

| | |
|:---|:---|
|  | Common Stock |
| Beginning Balance | $107350 |
| Total realized gain (loss) |  |
| Appreciation (Depreciation) | 189231 |
| Cost of Purchases |  |
| Proceeds from Sales |  |
| Net transfers in/out of level 3 | (296581) |
| Ending Balance | $— |

---

**Short Sales Risk** – FFLS is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction.

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

**Withholding Tax Policy** –The Funds are subject to foreign withholding tax imposed by certain foreign countries in which each Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Federal Income Taxes –** The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the fund in the Trust.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3. INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities (include opening of short positions and cover of shorts, reflected on an absolute value basis and excluding in-kind transactions and short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **FFND** | $34591747 | $34147218 |
| **FFLS** | $90413932 | $108116019 |

---

For the year ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **FFND** | $80256419 | $22003144 |
| **FFLS** | $14180517 | $812191 |

---

**4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES**

The Future Fund, LLC ("Adviser") serves as investment adviser to each of the Funds. Pursuant to an Advisory Agreement with the Trust on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.50% and 1.00% of average daily net assets for FFND and FFLS, respectively. For the year ended May 31, 2025, FFND and FFLS incurred $189,269 and $339,522 in advisory fees, respectively.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

Effective as of May 1, 2025, the advisory fee for the FFND is 0.50% on the first $200,000,000 of net assets, 0.45% on net assets between $200,000,001 - $500,000,000, 0.40% on net assets between $500,000,001 - $1,000,000,000, and 0.35% on net assets $1,000,000,001 and over. Prior to May 1, 2025, and effective as of April 1, 2025, the advisory fee for the FFND is 0.70% on the first $50,000,000 of net assets, 0.65% on net assets between $50,000,001 - $100,000,000, 0.55% on net assets between $100,000,001 - $200,000,000, 0.50% on net assets between $200,000,001 - $500,000,000, 0.45% on net assets between $500,000,001 - $1,000,000,000, and 0.40% on net assets $1,000,000,001 and over. Prior to April 1, 2025, FFND computed and accrued daily and paid monthly management fees at an annual rate of 0.75%.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until September 30, 2025, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Funds (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) do not exceed 1.00% for FFND and 1.24% for FFLS. For the year ended May 31, 2025, the Adviser waived fees/reimbursed expenses of $169,863 and $155,301 in FFND and FFLS, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and any Fund's operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund's operating expenses to exceed the expense limitation. The Adviser is permitted to receive reimbursement from a Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. A Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of management fees and/or expenses. This Operating Expense Limitation Agreement can be terminated only by, or with the consent, of the Board of Trustees.

As of May 31, 2025, the following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31, 2026** | **May 31, 2027** | **May 31, 2028** | **Total** |
| **FFND** | $235831 | $214887 | $169863 | $620581 |
| **FFLS** | $— | $201787 | $155301 | $357088 |

---

The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the "Custodian") to serve as custodian and to act as transfer and shareholder services agent.

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

*<u>Distributor-</u>* Northern Lights Distributors, LLC, (the "Distributor"), serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an ETF Distribution Agreement with the Trust (the "Distribution Agreement"). The offerings of the Shares are continuous and the Distributor acts as an agent for the Trust.

The Funds do not pay the Distributor any fees under the Distribution Agreement. However, the Adviser pays an annual fee to the Distributor plus reasonable out-of-pocket expenses incurred by Distributor in connection with activities performed for the Funds, including, without limitation, printing and distribution of prospectuses and shareholder reports, out of its own resources.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

<u>Ultimus *Fund Solutions, LLC ("UFS")*</u> – UFS, an affiliate of the Distributor, provides administration, and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.

The amounts due to UFS for administration and fund accounting services are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Administrative service fees."

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> - NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

The amounts due to NLCS for chief compliance officer services are listed in the Statements of Assets and Liabilities under "Payable to related parties" and the amounts accrued for the year are shown in the Statements of Operations under "Compliance officer fees."

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u> – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad- hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5. CAPITAL SHARE TRANSACTIONS**

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 20,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

component to equate the transaction to the NAV per share of a Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Funds for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Funds and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the accounts of the Funds. Transactions in capital shares for the Funds are disclosed in the Statement of Changes in Net Assets.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Funds are listed in the table below:

---

| | | |
|:---|:---|:---|
| <br>**Ticker** | **Fee for In-Kind and**<br>**Cash Purchases** | **Maximum Additional Variable**<br>**Charge for Cash Purchases\*** |
| FFND | $300 | Slippage - Maximum Amount 200 bps |
| FFLS | $300 | Slippage - Maximum Amount 200 bps |

---

\* As a percentage of the amount invested.

**6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of Fund distributions for the year ended May 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For Year Ended**<br>**5/31/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| FFND | $— | $— | $— | $— |
| FFLS | 1139304 |  |  | 1139304 |

---

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

There were no Fund distributions for the year ended May 31, 2024.

As of May 31, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| FFND | $143631 | $— | $(1341528) | $(3516451) | $— | $294256 | $(4420092) |
| FFLS | 2503322 |  |  |  |  | 206874 | 2710196 |

---

The difference between book basis and tax basis accumulated net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for partnerships, and mark-to-market on open passive foreign investment companies. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(29,440).

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The One Global ETF incurred and elected to defer such capital losses of $1,341,528.

At May 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| FFND | $1260771 | $2255680 | $3516451 | $— |
| FFLS |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of in-kind redemptions, resulted in reclassifications for the funds for the fiscal period ended May 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| FFND | $1946911 | $(1946911) |
| FFLS | 212455 | (212455) |

---

**7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| FFND | $70558303 | $3503851 | $(3180155) | $323696 |
| FFLS | 13756777 | 3316247 | (3109373) | 206874 |

---

---

| |
|:---|
| ***The Future Fund ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **May 31, 2025** |

---

**8. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](fu002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of The Future Fund ETFs and

Board of Trustees of Northern Lights Fund Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and securities sold short, as applicable, of The Future Fund ETFs comprising the funds listed below (the "Funds"), each a series of Northern Lights Fund Trust II, as of May 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  | Statements of | Statements of |  |
| Fund Name | Operations | Changes in Net Assets | Financial Highlights |
| One Global ETF (formerly known as The Future Fund Active ETF) | For the year ended May 31, 2025 | For the years ended May 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended<br> May 31, 2025, 2024,<br> and 2023 |
| The Future Fund Long/Short ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and for the period from June 20, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and for the period from June 20, 2023 (commencement of operations) through May 31, 2024 |

---

The One Global ETF's (formerly known as The Future Fund Active ETF) financial highlights for the period August 23, 2021 (commencement of operations) through May 31, 2022, were audited by other auditors whose report dated July 28, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](fu003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 28, 2025

**ADDITIONAL INFORMATION**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** - Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended November 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-466-7090 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-466-7090.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| The Future Fund, LLC |
| 330 N Wabash, Suite 2300 |
| Chicago, IL 60611 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203<sup>rd</sup> Street Suite 100 |
| Elkhorn, Nebraska 68022 |
| FFETFS-A25 |

---

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

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

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

Included under Item 7 of this Form

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

Included under Item 7 of this Form

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](nlftiicoe.htm)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(3) Not applicable

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Fund Trust II

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |
| By | /s/ Erik Naviloff |
| Erik Naviloff | Erik Naviloff |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of One Global ETF and The Future Fund Long/Short
 ETF, (each a series of Northern Lights Fund Trust II (the"registrant"));

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/25</u> | <u>/s/ Kevin E. Wolf</u> |
|  | Kevin E. Wolf |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Erik Naviloff, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of One Global ETF and The Future Fund Long/Short ETF, (each a series of Northern Lights Fund Trust II (the "registrant"));

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/25</u> | <u>/s/ Erik Naviloff</u> |
|  | Erik Naviloff |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

Kevin E. Wolf, Principal Executive Officer/President, and Erik Naviloff, Principal Financial Officer/Treasurer of Northern Lights Fund Trust II (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II | Northern Lights Fund Trust II |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Erik Naviloff | /s/ Erik Naviloff |
| Kevin E. Wolf | Kevin E. Wolf | Erik Naviloff | Erik Naviloff |
| Date: | 08/08/2025 | Date: | 08/08/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust II</u>**

 **CODE OF ETHICS**

May 17, 2011

Northern Lights Fund Trust II (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of the Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by the Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trust"** means Northern Lights Fund Trust II.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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