# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0002000324-25-002185
**Filing Date:** 2025-6
**Character Count:** 22115
**Document Hash:** 29572cbc518de5d4eef40241e55bf1cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002185.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0002000324-25-002185

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251077471

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

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

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

## Series and Classes Contracts Data

### Grizzle Growth ETF (Series ID: S000081338)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000244045 | Grizzle Growth ETF | DARP            |

## Nport-Ex

**Grizzle Growth ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| **Auto Manufacturers - 1.1%** |  |  |
| Tesla, Inc. <sup>(a)</sup> | 137 | $38656 |
| **Building Materials - 2.3%** |  |  |
| Trane Technologies PLC | 222 | 85095 |
| **Computers - 4.8%** |  |  |
| Apple, Inc. | 833 | 177012 |
| **Electric - 3.5%** |  |  |
| NextEra Energy, Inc. | 1924 | 128677 |
| **Electronics - 0.8%** |  |  |
| Coherent Corp. <sup>(a)</sup> | 482 | 31002 |
| **Internet - 21.7%** |  |  |
| Alphabet, Inc. - Class A | 1793 | 284729 |
| Amazon.com, Inc. <sup>(a)</sup> | 857 | 158048 |
| Meta Platforms, Inc. - Class A | 521 | 286029 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 127 | 23740 |
| Uber Technologies, Inc. <sup>(a)</sup> | 526 | 42611 |
|  |  | 795157 |
| **Investment Companies - 0.7%** |  |  |
| Galaxy Digital Holdings Ltd. <sup>(a)</sup> | 1671 | 26517 |
| **Machinery - Construction & Mining – 5.1%** |  |  |
| Vertiv Holdings Co. - Class A | 1457 | 124399 |
| GE Vernova, Inc. | 168 | 62298 |
|  |  | 186697 |
| **Mining - 14.6%** |  |  |
| Amerigo Resources Ltd. | 20906 | 26184 |
| Anfield Energy, Inc. <sup>(a)</sup> | 468711 | 20360 |
| Chilean Metals, Inc. <sup>(a)(b)</sup> | 5413 | 0 |
| Ecora Resources PLC | 36789 | 27166 |
| Hot Chili Ltd. <sup>(a)</sup> | 187840 | 57115 |
| Kinross Gold Corp. | 24436 | 360003 |
| Kobo Resources, Inc. <sup>(a)</sup> | 81018 | 16423 |
| Power Metallic Mines, Inc. <sup>(a)</sup> | 29861 | 28103 |
|  |  | 535354 |
| **Miscellaneous Manufacturing - 1.3%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 79 | 48451 |
| **Oil & Gas - 10.8%** |  |  |
| Antero Resources Corp. <sup>(a)</sup> | 3289 | 114556 |
| Comstock Resources, Inc. <sup>(a)</sup> | 7328 | 133883 |
| Range Resources Corp. | 3221 | 109288 |
| Tourmaline Oil Corp. | 831 | 36638 |
|  |  | 394365 |
| **Oil & Gas Services - 0.3%** |  |  |
| NOV, Inc. | 924 | 10728 |
| **Semiconductors - 27.8%<sup>(c)</sup>** |  |  |
| Applied Materials, Inc. | 274 | 41294 |
| ASML Holding NV | 182 | 121591 |
| Intel Corp. | 926 | 18613 |
| Micron Technology, Inc. | 2015 | 155054 |
| NVIDIA Corp. | 5227 | 569325 |

---

---

| | | |
|:---|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 674 | 112349 |
|  |  | 1018226 |
| **Software - 3.4%** |  |  |
| Microsoft Corp. | 313 | 123716 |
| **Telecommunications - 1.6%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 727 | 59810 |
| **TOTAL COMMON STOCKS** (Cost $3,782,065) |  | 3659463 |
| **SHORT-TERM INVESTMENTS - 0.3%** |  |  |
| **Money Market Funds - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 11945 | 11945 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,945) |  | 11945 |
| **TOTAL INVESTMENTS - 100.1%** (Cost $3,794,010) |  | 3671408 |
| Liabilities in Excess of Other Assets - (0.1)% |  | (2455) |
| **TOTAL NET ASSETS - 100.0%** |  | $3668953 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025.

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

(d) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

**Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)**

Grizzle Growth ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3659463 | $— | $— | $3659463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 11945 |  |  | 11945 |
| Total Investments | $3671408 | $— | $— | $3671408 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.

The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | **Common**<br>**Stocks** |
| **Balance as of January 31, 2025** | $0 |
| Accrued discounts/premiums |  |
| Realized gain (loss) |  |
| Change in unrealized appreciation/(depreciation) |  |
| Purchases |  |
| Sales |  |
| Transfer into and/or out of Level 3 |  |
| **Balance as of April 30, 2025** | $0 |
| Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at April 30, 2025: | $— |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

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

- **a. Name of Series:** Grizzle Growth ETF

- **b. EDGAR series identifier (if any):** S000081338

- **c. LEI of Series:** 5493000MPCQDJO68MW67

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3671980.49

**Total Liabilities:** $3027.88

**Net Assets:** $3668952.61

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244045 | -5.79%               | -8.33%               | -2.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-771880.16                                |
| Month 2  | $1217300.92              | $-1934122.55                               |
| Month 3  | $-293680.32              | $85301.40                                  |

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1793 | NS      | $284728.40    | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       857 | NS      | $158047.94    | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerigo Resources Ltd          | Amerigo Resources Ltd                      | CUSIP: 03074G109<br>LEI: 5299000WW697YX8VQX13 | Long             | EC               | CORP              | CA        |     20906 | NS      | $26183.58     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Anfield Energy Inc             | Anfield Energy Inc                         | CUSIP: 03464C106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    468711 | NS      | $20359.56     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp          | Antero Resources Corp                      | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      3289 | NS      | $114555.87    | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       833 | NS      | $177012.50    | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       274 | NS      | $41294.54     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       727 | NS      | $59810.29     | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       182 | NS      | $121590.56    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |        79 | NS      | $48450.70     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Metals Inc             | Chilean Metals Inc                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      5413 | NS      | $0.00         | -20.00%           |  |  |  | No            |                  3 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |       482 | NS      | $31002.24     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc         | Comstock Resources Inc                     | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |      7328 | NS      | $133882.56    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ECORA RESOURCES PLC            | ECORA RESOURCES PLC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     36789 | NS      | $27166.28     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     11945 | NS      | $11944.80     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Holdings Ltd    | Galaxy Digital Holdings Ltd                | CUSIP: N/A<br>LEI: 254900ULFH90UKBGDV65       | Long             | EC               | CORP              | US        |      1671 | NS      | $26517.28     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       168 | NS      | $62297.76     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hot Chili Ltd                  | Hot Chili Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    187840 | NS      | $57114.89     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       926 | NS      | $18612.60     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |     24436 | NS      | $360003.33    | 9.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobo Resources Inc             | Kobo Resources Inc                         | CUSIP: 49990B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     81018 | NS      | $16422.96     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       521 | NS      | $286029.00    | 7.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2015 | NS      | $155054.25    | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       313 | NS      | $123716.38    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      1924 | NS      | $128677.12    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |       924 | NS      | $10727.64     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      5227 | NS      | $569324.84    | 15.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       127 | NS      | $23740.11     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Metallic Mines Inc       | Power Metallic Mines Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     29861 | NS      | $28103.45     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      3221 | NS      | $109288.53    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       137 | NS      | $38655.92     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp                        | CUSIP: 89156V106<br>LEI: 894500A5J1WTJ2WIUU03 | Long             | EC               | CORP              | CA        |       831 | NS      | $36637.88     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       222 | NS      | $85094.82     | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       674 | NS      | $112349.06    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       526 | NS      | $42611.26     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1457 | NS      | $124398.66    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial