# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-008863
**Filing Date:** 2025-7
**Character Count:** 62142
**Document Hash:** 56ac508d88abe177b88342970ec9af78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008863.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008863

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251113240

**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

### Hilton Small-MidCap Opportunity ETF (Series ID: S000083082)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000246596 | Hilton Small-MidCap Opportunity ETF | SMCO            |

?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 **(811-23793)**

**<u>Tidal Trust II</u>**

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis Tidal Trust II 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700** 

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

Hilton Small-MidCap Opportunity ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**Hilton Small-MidCap Opportunity ETF**<br>Ticker: SMCO (Listed on The Nasdaq Stock Market, LLC)<br>

This semi-annual shareholder report contains important information about the Hilton Small-MidCap Opportunity ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.hiltonetfs.com. You can also request this information by contacting us at (833) 594-4586 or by writing to the Hilton Small-MidCap Opportunity ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past six months? (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**  |
| Hilton Small-MidCap Opportunity ETF | $26 | 0.55% |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)**  | $98661 |
| **Number of Holdings**  | 61 |
| **Total Advisory Fee Paid** | $276410 |
| **Portfolio Turnover**  | 14% |

---

#### Sector Breakdown (% of Total Net Assets)
![](d7qy1jqmbpef0py.jpg)

Percentages are based on total net assets. Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Kyndryl Holdings, Inc.** | 3.6 |
| **Primo Brands Corp. - Class A** | 3.2 |
| **Clean Harbors, Inc.** | 2.8 |
| **EQT Corp.** | 2.7 |
| **Houlihan Lokey, Inc. - Class A** | 2.7 |
| **Teledyne Technologies, Inc.** | 2.4 |
| **IDACORP, Inc.** | 2.4 |
| **Dycom Industries, Inc.** | 2.3 |
| **CyberArk Software Ltd.** | 2.2 |
| **Planet Fitness, Inc. - Class A** | 2.1 |

---

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

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.hiltonetfs.com .
**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**Item 6. Investments.**

(a) Schedule
 of Investments is included within the financial statements filed under Item 7 of this
 Form.

(b) Not
 applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![](smconcsrs043025001.jpg)

**Financial Statements**

**April 30, 2025 (Unaudited)**

**Tidal Trust II**

Hilton Small-MidCap Opportunity ETF \| SMCO&nbsp;&nbsp;&nbsp;&nbsp;\| The Nasdaq Stock Market, LLC

**Hilton Small-MidCap Opportunity ETF**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments](#smconcsrs043025a001) | 1 |
| [Statement of Assets and Liabilities](#smconcsrs043025a002) | 4 |
| [Statement of Operations](#smconcsrs043025a003) | 5 |
| [Statements of Changes in Net Assets](#smconcsrs043025a004) | 6 |
| [Financial Highlights](#smconcsrs043025a005) | 7 |
| [Notes to the Financial Statements](#smconcsrs043025a006) | 8 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 93.9%** | **Shares** | **Value** |
| **Apparel - 1.1%** |  |  |
| Ralph Lauren Corp. - Class A | 4913 | $1105179 |
| **Banks - 5.8%** |  |  |
| Commerce Bancshares, Inc. | 28519 | 1732244 |
| Community Financial System, Inc. | 35150 | 1918839 |
| Cullen/Frost Bankers, Inc. | 17488 | 2036827 |
|  |  | 5687910 |
| **Beverages - 3.2%** |  |  |
| Primo Brands Corp. - Class A | 95838 | 3131027 |
| **Chemicals - 0.7%** |  |  |
| Ashland, Inc. | 13244 | 720341 |
| **Commercial Services - 4.0%** |  |  |
| Booz Allen Hamilton Holding Corp. | 12226 | 1467364 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 13864 | 1134075 |
| Valvoline, Inc. <sup>(a)</sup> | 40164 | 1376019 |
|  |  | 3977458 |
| **Computers - 8.6%** |  |  |
| Amdocs Ltd. | 15327 | 1357666 |
| CyberArk Software Ltd. <sup>(a)</sup> | 6134 | 2160149 |
| Kyndryl Holdings, Inc. <sup>(a)</sup> | 109829 | 3560656 |
| Tenable Holdings, Inc. <sup>(a)</sup> | 44528 | 1361221 |
|  |  | 8439692 |
| **Distribution & Wholesale - 1.1%** |  |  |
| Pool Corp. | 3735 | 1094878 |
| **Diversified Financial Services - 4.2%** |  |  |
| Houlihan Lokey, Inc. - Class A | 16221 | 2629100 |
| Moelis & Co. - Class A | 29023 | 1555052 |
|  |  | 4184152 |
| **Electric - 5.4%** |  |  |
| Clearway Energy, Inc. - Class C | 45408 | 1332271 |
| CMS Energy Corp. | 22590 | 1663753 |
| IDACORP, Inc. | 19896 | 2349519 |
|  |  | 5345543 |
| **Electronics - 3.3%** |  |  |
| nVent Electric PLC | 33989 | 1866336 |
| TD SYNNEX Corp. | 12212 | 1353090 |
|  |  | 3219426 |
| **Engineering & Construction - 7.9%** |  |  |
| Dycom Industries, Inc. <sup>(a)</sup> | 13794 | 2311185 |
| EMCOR Group, Inc. | 4930 | 1975451 |
| Jacobs Solutions, Inc. | 14558 | 1802280 |
| Primoris Services Corp. | 28711 | 1721799 |
|  |  | 7810715 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br>**Entertainment - 1.8%** | | |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 13606 | 1802115 |
| **Environmental Control - 2.8%** |  |  |
| Clean Harbors, Inc. <sup>(a)</sup> | 12752 | 2728163 |
| **Food - 3.2%** |  |  |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 11427 | 1954017 |
| The Simply Good Foods Co. <sup>(a)</sup> | 34403 | 1242292 |
|  |  | 3196309 |
| **Healthcare - Products - 4.5%** |  |  |
| Bio-Techne Corp. | 31026 | 1562159 |
| STERIS PLC | 7011 | 1575652 |
| West Pharmaceutical Services, Inc. | 6152 | 1299856 |
|  |  | 4437667 |
| **Healthcare - Services - 1.8%** |  |  |
| RadNet, Inc. <sup>(a)</sup> | 34445 | 1804229 |
| **Insurance - 1.6%** |  |  |
| RenaissanceRe Holdings Ltd. | 6442 | 1558513 |
| **Internet - 1.5%** |  |  |
| Magnite, Inc. <sup>(a)</sup> | 126445 | 1503431 |
| **Iron & Steel - 2.9%** |  |  |
| Commercial Metals Co. | 29848 | 1329430 |
| Reliance, Inc. | 5160 | 1487267 |
|  |  | 2816697 |
| **Leisure Time - 2.1%** |  |  |
| Planet Fitness, Inc. - Class A <sup>(a)</sup> | 21766 | 2058846 |
| **Machinery - Construction & Mining - 2.1%** |  |  |
| BWX Technologies, Inc. | 18721 | 2042836 |
| **Miscellaneous Manufacturers - 2.5%** |  |  |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 5182 | 2414968 |
| **Oil & Gas - 5.2%** |  |  |
| Coterra Energy, Inc. | 46956 | 1153239 |
| EQT Corp. | 53471 | 2643606 |
| Helmerich & Payne, Inc. | 30142 | 569383 |
| Magnolia Oil & Gas Corp. - Class A | 36808 | 755668 |
|  |  | 5121896 |
| **Packaging & Containers - 1.2%** |  |  |
| AptarGroup, Inc. | 7912 | 1186404 |
| **Retail - 3.7%** |  |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 17335 | 2037903 |
| Burlington Stores, Inc. <sup>(a)</sup> | 7078 | 1592833 |
|  |  | 3630736 |
| **Semiconductors - 3.8%** |  |  |
| Entegris, Inc. | 15996 | 1265603 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 13397 | 1389939 |
| MKS Instruments, Inc. | 15500 | 1087170 |
|  |  | 3742712 |
| **Software - 3.3%** |  |  |
| Broadridge Financial Solutions, Inc. | 5734 | 1389922 |
| Jack Henry & Associates, Inc. | 10898 | 1890040 |
|  |  | 3279962 |
| **Telecommunications - 2.6%** |  |  |
| Ciena Corp. <sup>(a)</sup> | 24612 | 1652942 |
| DigitalBridge Group, Inc. - Class A | 113897 | 956735 |
|  |  | 2609677 |
| **Transportation - 2.0%** |  |  |
| Landstar System, Inc. | 6880 | 922952 |
| Saia, Inc. <sup>(a)</sup> | 4128 | 1007232 |
|  |  | 1930184 |
| **TOTAL COMMON STOCKS (Cost $88,072,994)** |  | 92581666 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.5%** |  |  |
| Alexandria Real Estate Equities, Inc. | 7933 | 576412 |
| Americold Realty Trust, Inc. | 84507 | 1634365 |
| Independence Realty Trust, Inc. | 81978 | 1592833 |
| Rexford Industrial Realty, Inc. | 19805 | 655545 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $5,857,278)** |  | 4459155 |
| **SHORT-TERM INVESTMENTS - 1.8%** |  |  |
| **Money Market Funds - 1.8%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(b)</sup> | 1791284 | 1791284 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,791,284) |  | 1791284 |
| **TOTAL INVESTMENTS - 100.2%** (Cost $95,721,556) |  | 98832105 |
| Liabilities in Excess of Other Assets - (0.2)% |  | (171296) |
| **TOTAL NET ASSETS - 100.0%** |  | $98660809 |
| two |  |  |
| Percentages are stated as a percent of net assets. |  |  |

---

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $98832105 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 9690 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 8064 |
| Total assets | 98849859 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 145374 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 43676 |
| Total liabilities | 189050 |
| **NET ASSETS** | $98660809 |
| **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $97002660 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 1658149 |
| Total net assets | $98660809 |
| &nbsp;&nbsp;&nbsp;Net assets | $98660809 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 4300000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $22.94 |
| **COST:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $95721556 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited
 shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Statement of Operations** | **Hilton Small-MidCap Opportunity ETF** |

---

For the Period Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $529308 |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (12379) |
| &nbsp;&nbsp;&nbsp;Interest income | 38937 |
| Total investment income | 555866 |
| **EXPENSES:**  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 276410 |
| Total expenses | 276410 |
| **NET INVESTMENT INCOME** | 279456 |
| **REALIZED AND UNREALIZED<br> GAIN (LOSS)**  |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | (1484844) |
| Net realized gain (loss) | (1484844) |
| Net change in unrealized appreciation (depreciation) on:  |  |
| &nbsp;&nbsp;&nbsp;Investments | (6574730) |
| Net change in unrealized appreciation (depreciation) | (6574730) |
| Net realized and unrealized gain (loss)  | (8059574) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(7780118) |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Hilton Small-MidCap Opportunity ETF** |

---

---

| | | |
|:---|:---|:---|
|  | **Period ended** <br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $279456 | $272823 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1484844) | (51747) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (6574730) | 9685279 |
| Net increase (decrease) in net assets from operations | (7780118) | 9906355 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (459550) | (8538) |
| Total distributions to shareholders | (459550) | (8538) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 13270385 | 83732275 |
| Net increase (decrease) in net assets from capital transactions | 13270385 | 83732275 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 5030717 | 93630092 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 93630092 |  |
| End of the period | $98660809 | $93630092 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 525000 | 3775000 |
| Total increase (decrease) in shares outstanding | 525000 | 3775000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the Fund was November 28, 2023.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Financial Highlights** | **Hilton Small-MidCap Opportunity ETF** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
|  | **Period ended** <br> **April 30, 2025**<br> **(Unaudited)** | **Period ended** <br> **October 31, 2024**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $24.80 | $20.00 |
| **INVESTMENT OPERATIONS:**  |  |  |
| Net investment income<sup>(b)</sup> | 0.07 | 0.10 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.81) | 4.71 |
| Total from investment operations | (1.74) | 4.81 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |
| Net investment income | (0.12) | (0.01) |
| Total distributions | (0.12) | (0.01) |
| Net asset value, end of period | $22.94 | $24.80 |
| **TOTAL RETURN<sup>(d)</sup>**  | -7.07% | 24.08% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $98661 | $93630 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.55% | 0.55% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.56% | 0.47% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 14% | 15% |

---

(a) Inception date of the Fund was November 28,
 2023.

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

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

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

(e) Annualized for periods less than one year.

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

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

**NOTE 1 – ORGANIZATION**

The Hilton Small-MidCap Opportunity ETF (the "Fund") is a diversified series of shares of beneficial interest of Tidal Trust II (the "Trust"). The Trust was organized as a Delaware statutory trust on January 13, 2022 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open- end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Fund and Hilton Capital Management, LLC (the "Sub-Adviser"), serves as investment sub-adviser to the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services—Investment Companies." The Fund commenced operations on November 28, 2023.

The investment objective of the Fund is to seek long-term capital appreciation.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

A. *Security Valuation*. Equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs"), and Master Limited Partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC ("NASDAQ")), including securities traded over-the- counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Fund is open for business.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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 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

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

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 following is a summary of the inputs used to value the Fund's investments 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;Common Stocks | $92581666 | $– | $– | $92581666 |
| &nbsp;&nbsp;Real Estate Investment Trusts - Common | 4459155 |  |  | 4459155 |
| &nbsp;&nbsp;Money Market Funds | 1791284 | – | – | 1791284 |
| Total Investments | $98832105 | $– | $– | $98832105 |

---

Refer to the Schedule of Investments for industry classifications.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Fund has elected to be taxed as a regulated investment company
 ("RIC") and intends to distribute substantially all taxable income to its
 shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable
 to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Fund intends to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Fund's fiscal year). The Fund generally intends to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Fund may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Fund and are available to supplement future distributions. Tax expense is disclosed in the Statement of Operations, if applicable.

As of April 30, 2025, the Fund did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions and Investment Income.* Investment securities transactions are accounted
 for on the trade date. Gains and losses realized on sales of securities are determined
 on a specific identification basis. Discounts/premiums on debt securities purchased are
 accreted/amortized over the life of the respective securities using the effective interest
 method. Dividend income is recorded on the ex-dividend date. Dividends received from
 REITs generally are comprised of ordinary income, capital gains, and may include return
 of capital. Interest income is recorded on an accrual basis. Other non-cash dividends
 are recognized as investment income at the fair value of the property received. Withholding
 taxes on foreign dividends have been provided for in accordance with the Fund's
 understanding of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income, if any,
 for the Fund are declared and paid at least annually. Distributions to shareholders from
 net realized gains on securities, if any, for the Fund normally are declared and paid
 at least annually. Distributions are recorded on the ex-dividend date.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP
 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 increases and decreases
 in net assets from operations during the reporting period. Actual results could differ
 from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation.* The NAV per Share is calculated by dividing the sum of the value of the
 securities held by the Fund, plus cash or other assets, minus all liabilities by the
 total number of shares outstanding for the Fund, rounded to the nearest cent. Fund Shares
 will not be priced on the days on which the NASDAQ is closed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications.* In the normal course of business, the Fund enters into contracts
 with service providers that contain general indemnification clauses. The 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 Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Illiquid Securities.* Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved
 Liquidity Risk Management Program (the "Program") that requires, among other
 things, that the Fund limit its illiquid investments that are assets to no more than
 15% of the value of the Fund's net assets. An illiquid investment is any security
 that the Fund reasonably expects cannot be sold or disposed of in current market conditions
 in seven calendar days or less without the sale or disposition significantly changing
 the market value of the investment. If the Fund should be in a position where the value
 of illiquid investments held by the Fund exceeds 15% of the Fund's net assets,
 the Fund will take such steps as set forth in the Program.

**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

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

&nbsp;&nbsp;&nbsp;&nbsp;B. *Market Capitalization Risks.* 

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

● *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. Some small-capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to mid- and large-capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;C. *General Market Risk*. Economies and financial markets throughout the world are becoming increasingly
 interconnected, which increases the likelihood that events or conditions in one country
 or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in the general
 financial markets, a particular financial market, or other asset classes, due to a number
 of factors, including inflation (or expectations for inflation), interest rates, global
 demand for particular products or resources, natural disasters or events, pandemic diseases,
 terrorism, regulatory events, and government controls.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Fund. The Fund is subject to the above principal risks, as well as other principal risks which may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser provides oversight of the Sub-Adviser, and review of the Sub-Adviser's performance.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of the Fund at the annualized rate of 0.55%. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the six-months ended April 30, 2025 are disclosed in the Statement of Operations.

The Sub-Adviser serves as investment sub-adviser to the Fund, pursuant to a sub -advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the "Sub- Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to -day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.40% of the Fund's average net assets (the "Sub-Advisory Fee"). The Sub-Adviser has agreed to assume a portion of the Adviser's obligation to pay all expenses incurred by the Fund, except for the Sub-Advisory Fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligations for a portion of the Fund's expenses, the Adviser has agreed to pay the Sub-Adviser a corresponding share of profits, if any, generated by the Fund's Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator and, in that capacity, performs various administrative and management services for the Fund. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Fund. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund's custodian. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Fund.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b- 1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**NOTE 5 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund's investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing the Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates the Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the six-months ended April 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were $14,197,393 and $14,693,170, respectively.

For the six-months ended April 30, 2025, there were no purchases or sales of long-term U.S. government securities.

For the six-months ended April 30, 2025, in-kind transactions associated with creations and redemptions for the Fund were $12,972,275 and $0, respectively.

**NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the six-months ended April 30, 2025 (estimated) and prior fiscal period ended October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **April 30, 2025** | **October 31,** **2024** |
| Ordinary Income | $459550 | $8538 |

---

As of the prior fiscal period ended October 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Investments, at cost<sup>(a)</sup> | $83979683 |
| Gross tax unrealized appreciation | 12831358 |
| Gross tax unrealized depreciation | (3157777) |
| Net tax unrealized appreciation (depreciation) | 9673581 |
| Undistributed ordinary income (loss) | 264285 |
| Undistributed long-term capital gain (loss) |  |
| Total distributable earnings | 264285 |
| Other accumulated gain (loss) | (40049) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Hilton Small-MidCap Opportunity ETF** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Total distributable earnings | $9897817 |

---

<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp; The difference between book and tax-basis unrealized appreciation is primarily due to the treatment of wash sales.

Net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of the Fund's next taxable year.

As of the prior fiscal period ended October 31, 2024, the Fund did not have any late-year losses.

As of the prior fiscal period ended October 31, 2024, the Fund had short-term capital loss carryovers of $40,049, which do not expire.

**NOTE 8 – SHARES TRANSACTIONS**

Shares of the Fund are listed and traded on the NASDAQ. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by Authorized Participants. 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. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

**NOTE 9 – RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 10 – SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Highlights are included within the financial statements filed under Item 7(a) of this
 Form.

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

There have been no changes in or disagreements with the Fund's accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

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

Not Applicable.

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

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's President/Principal Executive Officer and Treasurer/Principal Financial
 Officer have reviewed the Registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as
 of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under
 the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based
 on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is
 appropriately recorded, processed, summarized and reported and made known to them by
 others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred 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.

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

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

[*(b)*](ex99906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99906cert.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) Tidal
 Trust II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>July 9, 2025</u>

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 (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>July 9, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>July 9, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

[Tidal Trust II N-CSRS](smco_ncsrs-043025.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

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;

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;

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;(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;(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;(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;(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

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;(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;(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: | July 9, 2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

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;

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;

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;(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;(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;(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;(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

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;(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;(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: | July 9, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust II N-CSRS](smco_ncsrs-043025.htm)

**Exhibit 99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust II for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust II for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich |
| Eric W. Falkeis | Aaron J. Perkovich |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust II | Tidal Trust II |

---

Dated: <u>July 9, 2025</u> Dated: <u>July 9, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.