# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0000894189-26-010980
**Filing Date:** 2026-3
**Character Count:** 16256
**Document Hash:** ee2581ab198c6d0240319ef269e1a925
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-010980.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000894189-26-010980

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260430

**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:** 26819718

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

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

## Series and Classes Contracts Data

### Defiance Daily Target 2X Long ONDS ETF (Series ID: S000099446)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000269222 | Defiance Daily Target 2X Long ONDS ETF |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **MONEY MARKET FUNDS - 5.8%** | **Shares** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.61% <sup>(a)</sup> |  | 2170814 | $2170814 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,170,814) | **TOTAL MONEY MARKET FUNDS** (Cost $2,170,814) | **TOTAL MONEY MARKET FUNDS** (Cost $2,170,814) | 2170814 |
| **U.S. TREASURY BILLS - 2.9%** | **Principal** | **Principal** |  |
| 3.58%, 02/19/2026 <sup>(b)(c)</sup> | $| 1090000 | 1088150 |
| **TOTAL U.S. TREASURY BILLS** (Cost $1,088,056) | **TOTAL U.S. TREASURY BILLS** (Cost $1,088,056) | **TOTAL U.S. TREASURY BILLS** (Cost $1,088,056) | 1088150 |
| **TOTAL INVESTMENTS - 8.7% (**Cost $3,258,870**)** | **TOTAL INVESTMENTS - 8.7% (**Cost $3,258,870**)** | **TOTAL INVESTMENTS - 8.7% (**Cost $3,258,870**)** | 3258964 |
| Other Assets in Excess of Liabilities - 91.3% | Other Assets in Excess of Liabilities - 91.3% | Other Assets in Excess of Liabilities - 91.3% | 34036445 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $37295409 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) The rate shown represents the 7-day annualized yield as of January 31, 2026.

(b) The rate shown is the annualized yield as of January 31, 2026.

(c) All or a portion of the security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of January 31, 2026 was $1,088,147.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** | **Defiance Daily Target 2X Long ONDS ETF** |
| **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **Reference Entity** | **Counterparty** | **Pay/ Receive**<br> **Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value/ Unrealized**<br> **Appreciation**<br> (Depreciation) | **Value/ Unrealized**<br> **Appreciation**<br> (Depreciation) |
| Ondas, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 27.50% | Termination<sup>(a)</sup> | 12/11/2028 | $| 21984075 | $| 0 |
| Ondas, Inc. | Clear Street LLC | Receive | OBFR + 11.00% | Termination<sup>(b)</sup> | 02/08/2028 |  | 26333131 |  | (2278477) |
| Ondas, Inc. | Marex Capital Markets Inc. | Receive | OBFR + 3.00% | Monthly<sup>(b)</sup> | 12/29/2028 |  | 15020415 |  | 0 |
| Ondas, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination<sup>(c)</sup> | 01/31/2033 |  | 11137000 |  | 0 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  | 0 | $ | (2278477) |
| There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. | There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026. |
| OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. | OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026. |

---

(a) Financing reset of the swap is effective on the last day of each month. Equity reset of the swap is effective on termination.

(b) Financing reset of the swap is effective on the last day of each month. Equity reset of the swap is effective on termination, but also periodically throughout the term based on predetermined notional thresholds.

(c) Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also periodically throughout the term based on predetermined notional thresholds.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
Defiance Daily Target 2X Long ONDS ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | $2170814 | $– | $– | $2170814 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 1088150 | – | 1088150 |
| Total Investments | $2170814 | $1088150 | $– | $3258964 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps \* | $– | $0 | $– | $0 |
| Total Other Financial Instruments | $– | $0 | $– | $0 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps \* | $– | $(2278477) | $– | $(2278477) |
| Total Other Financial Instruments | $– | $(2278477) | $– | $(2278477) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026. |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 844-986-7700

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

- **a. Name of Series:** Defiance Daily Target 2x Long ONDS ETF

- **b. EDGAR series identifier (if any):** S000099446

- **c. LEI of Series:** 254900U2O7V0GNJOU880

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $45378864.86

**Total Liabilities:** $8085007.69

**Net Assets:** $37293857.17

**Cash Not Reported:** $43868127.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000269222 |  | 31.61%               | -1.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $93.55                                     |

**Designated Index Information**

- **Index Name:** Ondas Inc.

- **Index Identifier:** ONDS

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1549380 | NS      | $1549380.14   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | ONDAS INC SWAP NBC-L                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1007986.34  | -2.70%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1090000 | PA      | $1088150.08   | 2.92%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | ONDAS HOLDINGS INC SWAP CS-L               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2653045.27  | -7.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ONDAS HLDGS INC SWAP CANTOR-L              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-2166031.96  | -5.81%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ONDAS HLDGS INC SWAP MAREX-L               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-1314423.54  | -3.52%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Tidal Trust II

**Signature:** /s/ Peter Chappy

**Name of Signer:** Peter Chappy

**Title:** Assistant Treasurer