Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

Defiance 2X Daily Long Pure Quantum ETF Tailored Shareholder Report

annual shareholder report April 30, 2026

Defiance 2X Daily Long Pure Quantum ETF

Ticker: QPUX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance 2X Daily Long Pure Quantum ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/qpux. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance 2X Daily Long Pure Quantum ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance 2X Daily Long Pure Quantum ETF	$68	1.29%*

The Fund commenced operations August 6, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance 2X Daily Long Pure Quantum ETF	S&P 500® Total Return Index
8/6/2025	10000.0	10000.0
8/31/2025	9259.0	10193.0
9/30/2025	19284.0	10565.0
10/31/2025	24737.0	10812.0
11/30/2025	9878.0	10839.0
12/31/2025	7984.0	10845.0
1/31/2026	5525.0	11002.0
2/28/2026	4309.0	10919.0
3/31/2026	2525.0	10375.0
4/30/2026	4388.0	11464.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (8/6/2025)
Defiance 2X Daily Long Pure Quantum ETF - at NAV	-56.14%
S&P 500® Total Return Index	14.64%

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

Visit https://www.defianceetfs.com/qpux for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (August 6, 2025) through April 30, 2026, QPUX had a NAV total return of -56.14%. QPUX seeks to deliver 2x the daily performance of an actively-managed group of pure quantum company securities. High volatility within the quantum computing sector can exacerbate compounding effects, causing returns to deviate significantly from the expected 2x multiple over time.

What factors influenced performance?

Quantum computing stocks experienced significant volatility driven by government investment announcements, technology milestones from leading companies, and shifting investor expectations about the timeline for commercially viable quantum systems. Sector-wide enthusiasm and skepticism cycles, along with earnings results from constituent companies, shaped the underlying index performance that QPUX amplifies through its daily 2x leverage.

Defiance 2X Daily Long Pure Quantum ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$31,142
Number of Holdings	10
Total Advisory Fee	$218,846
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.

Top Holdings	(% of Net Assets)
IonQ, Inc. Swap; Maturity Date: 11/23/2027	9.4
United States Treasury Bills	8.7
IonQ, Inc. Swap; Maturity Date: 09/04/2026	6.7
D-Wave Quantum, Inc. Swap; Maturity Date: 03/14/2028	6.6
Quantum Computing, Inc. Swap; Maturity Date: 11/23/2027	4.8
First American Government Obligations Fund - Class X, 3.56%	3.9
D-Wave Quantum, Inc. Swap; Maturity Date: 09/04/2026	3.4
Quantum Computing, Inc. Swap; Maturity Date: 09/04/2026	2.8
Rigetti Computing, Inc. Swap; Maturity Date: 03/14/2028	2.8
Rigetti Computing, Inc. Swap; Maturity Date: 09/04/2026	1.8

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/qpux.

Material Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 23, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

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.

Defiance Daily Target 2X Long OSCR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long OSCR ETF

Ticker: OSCX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long OSCR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/oscx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long OSCR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long OSCR ETF	$64	1.32%*

The Fund commenced operations September 24, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long OSCR ETF	S&P 500® Total Return Index
9/24/2025	10000.0	10000.0
9/30/2025	10468.0	10078.0
10/31/2025	8730.0	10313.0
11/30/2025	7582.0	10339.0
12/31/2025	4615.0	10345.0
1/31/2026	4360.0	10495.0
2/28/2026	3758.0	10415.0
3/31/2026	2507.0	9897.0
4/30/2026	6153.0	10935.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (9/24/2025)
Defiance Daily Target 2X Long OSCR ETF - at NAV	-38.49%
S&P 500® Total Return Index	9.35%

Visit https://www.defianceetfs.com/oscx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (September 24, 2025) through April 30, 2026, OSCX had a NAV total return of -38.49%. OSCX seeks to deliver twice the daily performance of OSCR (Oscar Health, Inc.). The fund's 2x leverage magnifies OSCR's daily stock movements in OSCX.

What factors influenced performance?

Oscar Health's stock performance was shaped by membership growth, medical loss ratio trends, and the company's profitability trajectory in the individual and small group health insurance markets. Federal policy developments related to the Affordable Care Act marketplaces, premium subsidy dynamics, and competitive positioning against larger insurers drove investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.

Defiance Daily Target 2X Long OSCR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$9,349
Number of Holdings	7
Total Advisory Fee	$52,505
Portfolio Turnover	6,599%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Oscar Health, Inc. Swap; Maturity Date: 09/28/2028	12.2
Oscar Health, Inc. Swap; Maturity Date: 09/08/2028	12.1
Oscar Health, Inc. Swap; Maturity Date: 03/31/2033	11.4
Oscar Health, Inc. Swap; Maturity Date: 03/18/2033	11.1
Oscar Health, Inc. Swap; Maturity Date: 11/09/2027	11.0
United States Treasury Bills	11.0
First American Government Obligations Fund - Class X, 3.56%	1.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/oscx.

Material Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 23, 2026, the Fund effected a 1:4 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long RGTI ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long RGTI ETF

Ticker: RGTX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long RGTI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/rgtx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long RGTI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long RGTI ETF	$150	1.56%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long RGTI ETF	S&P 500® Total Return Index
3/31/2025	10000.0	10000.0
4/30/2025	11399.0	9932.0
5/31/2025	17588.0	10557.0
6/30/2025	15881.0	11094.0
7/31/2025	20993.0	11343.0
8/31/2025	24404.0	11573.0
9/30/2025	74033.0	11996.0
10/31/2025	129730.0	12276.0
11/30/2025	37118.0	12307.0
12/31/2025	24404.0	12314.0
1/31/2026	15061.0	12493.0
2/28/2026	12305.0	12398.0
3/31/2026	7406.0	11780.0
4/30/2026	10459.0	13016.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/31/2025)
Defiance Daily Target 2X Long RGTI ETF - at NAV	-8.21%	4.28%
S&P 500® Total Return Index	31.05%	27.58%

Visit https://www.defianceetfs.com/rgtx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, RGTX had a NAV total return of -8.21%. RGTX seeks to deliver twice the daily performance of RGTI (Rigetti Computing Inc.). Since its inception, RGTX has experienced significant volatility reflecting the leveraged nature of the fund and the performance of Rigetti's stock.

What factors influenced performance?

Rigetti Computing's performance was driven by government and enterprise quantum computing contracts, technology milestones in qubit count and fidelity, and the broader competitive quantum computing landscape. Financial results highlighting the gap between revenue and investment requirements introduced volatility. Strategic partnerships and continued investor optimism about long-term quantum computing prospects were balanced against near-term profitability challenges.

Defiance Daily Target 2X Long RGTI ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$54,842
Number of Holdings	10
Total Advisory Fee	$878,158
Portfolio Turnover	118,871%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	15.4
Rigetti Computing, Inc. Swap; Maturity Date: 03/18/2033	9.4
First American Government Obligations Fund - Class X, 3.56%	8.5
Rigetti Computing, Inc. Swap; Maturity Date: 03/06/2028	6.0
Rigetti Computing, Inc. Swap; Maturity Date: 09/08/2028	5.5
Rigetti Computing, Inc. Swap; Maturity Date: 01/31/2033	3.5
Rigetti Computing, Inc. Swap; Maturity Date: 02/02/2029	3.4
Rigetti Computing, Inc. Swap; Maturity Date: 03/31/2033	2.8
Rigetti Computing, Inc. Swap; Maturity Date: 07/01/2027	2.5
Rigetti Computing, Inc. Swap; Maturity Date: 04/11/2031	0.9

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/rgtx.

Material Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on December 8, 2025, the Fund effected a 4:1 forward split of its issued and outstanding shares.

After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:4 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long RIOT ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long RIOT ETF

Ticker: RIOX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long RIOT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/riox. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long RIOT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long RIOT ETF	$250	1.62%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long RIOT ETF	S&P 500® Total Return Index
1/2/2025	10000.0	10000.0
1/31/2025	11671.0	10301.0
2/28/2025	6715.0	10167.0
3/31/2025	3640.0	9594.0
4/30/2025	3440.0	9529.0
5/31/2025	4037.0	10128.0
6/30/2025	7436.0	10644.0
7/31/2025	10008.0	10882.0
8/31/2025	9444.0	11103.0
9/30/2025	16726.0	11508.0
10/31/2025	16151.0	11778.0
11/30/2025	9816.0	11807.0
12/31/2025	5656.0	11814.0
1/31/2026	7694.0	11985.0
2/28/2026	7637.0	11894.0
3/31/2026	4000.0	11302.0
4/30/2026	7179.0	12488.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (1/2/2025)
Defiance Daily Target 2X Long RIOT ETF - at NAV	108.53%	-22.15%
S&P 500® Total Return Index	31.05%	18.28%

Visit https://www.defianceetfs.com/riox for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, RIOX had a NAV total return of 108.53%. RIOX seeks to deliver twice the daily performance of RIOT (Riot Platforms, Inc.). RIOT's operations are closely tied to Bitcoin mining economics, making RIOX sensitive to both Bitcoin price movements and mining industry dynamics.

What factors influenced performance?

Riot Platforms' stock reflected Bitcoin price volatility, changes in Bitcoin mining difficulty and hash rate, and the impact of the Bitcoin halving on mining profitability. Operational updates including facility expansions, energy costs, and competitive positioning within the Bitcoin mining industry influenced investor sentiment. Broader cryptocurrency market conditions and regulatory developments provided additional context.

Defiance Daily Target 2X Long RIOT ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$22,785
Number of Holdings	9
Total Advisory Fee	$267,071
Portfolio Turnover	34,085%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Riot Platforms, Inc. Swap; Maturity Date: 09/08/2028	14.2
Riot Platforms, Inc. Swap; Maturity Date: 09/22/2026	7.5
Riot Platforms, Inc. Swap; Maturity Date: 03/31/2033	7.2
Riot Platforms, Inc. Swap; Maturity Date: 02/04/2029	6.5
First American Government Obligations Fund - Class X, 3.56%	5.6
Riot Platforms, Inc. Swap; Maturity Date: 03/18/2033	5.3
Riot Platforms, Inc. Swap; Maturity Date: 09/01/2026	4.4
United States Treasury Bills	4.3
Riot Platforms, Inc. Swap; Maturity Date: 01/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/riox.

Material Fund Changes

After the close of trading on NYSE Arca, Inc. on March 19, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long RKLB ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long RKLB ETF

Ticker: RKLX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long RKLB ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/rklx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long RKLB ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long RKLB ETF	$532	1.62%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long RKLB ETF	S&P 500® Total Return Index
3/12/2025	10000.0	10000.0
3/31/2025	9092.0	10030.0
4/30/2025	12248.0	9962.0
5/31/2025	17276.0	10589.0
6/30/2025	28829.0	11127.0
7/31/2025	44479.0	11377.0
8/31/2025	47692.0	11608.0
9/30/2025	42296.0	12031.0
10/31/2025	68067.0	12313.0
11/30/2025	28133.0	12343.0
12/31/2025	68529.0	12351.0
1/31/2026	83946.0	12530.0
2/28/2026	57031.0	12435.0
3/31/2026	44111.0	11815.0
4/30/2026	68187.0	13055.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/12/2025)
Defiance Daily Target 2X Long RKLB ETF at NAV	456.72%	443.28%
S&P 500® Total Return Index	31.05%	26.50%

Visit https://www.defianceetfs.com/rklx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, RKLX had a NAV total return of 456.72%. RKLX seeks to deliver twice the daily performance of RKLB (Rocket Lab Corp.). Fluctuations in RKLB's stock price are magnified in RKLX due to its leveraged structure.

What factors influenced performance?

Rocket Lab's performance was driven by launch cadence, contract wins from commercial and government customers, and progress on its Neutron medium-lift rocket development. Quarterly earnings relative to expectations, broader aerospace and defense sector sentiment, and investor appetite for commercial space companies influenced RKLB's stock. Strategic partnerships and the competitive landscape in launch services were also key factors.

Defiance Daily Target 2X Long RKLB ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$228,009
Number of Holdings	10
Total Advisory Fee	$1,465,426
Portfolio Turnover	69,322%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Rocket Lab Corp. Swap; Maturity Date: 03/18/2033	14.6
Rocket Lab Corp. Swap; Maturity Date: 01/22/2029	12.8
Rocket Lab Corp. Swap; Maturity Date: 03/31/2033	7.0
Rocket Lab Corp. Swap; Maturity Date: 08/25/2026	6.9
Rocket Lab Corp. Swap; Maturity Date: 10/01/2026	5.6
United States Treasury Bills	5.4
Rocket Lab Corp. Swap; Maturity Date: 09/15/2028	-5.0
Rocket Lab Corp. Swap; Maturity Date: 09/21/2026	3.9
Rocket Lab Corp. Swap; Maturity Date: 01/31/2033	3.6
First American Government Obligations Fund - Class X, 3.56%	2.6

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/rklx.

Material Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on December 8, 2025, the Fund effected a 3:1 forward split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short BMNR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short BMNR ETF

Ticker: BMNZ (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short BMNR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/bmnz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short BMNR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short BMNR ETF	$58	1.40%*

The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short BMNR ETF	S&P 500® Total Return Index
11/12/2025	10000.0	10000.0
11/30/2025	10887.0	10005.0
12/31/2025	11948.0	10011.0
1/31/2026	11145.0	10157.0
2/28/2026	13894.0	10079.0
3/31/2026	10018.0	9577.0
4/30/2026	7919.0	10582.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/12/2025)
Defiance Daily Target 2X Short BMNR ETF - at NAV	-20.85%
S&P 500® Total Return Index	5.82%

Visit https://www.defianceetfs.com/bmnz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 12, 2025) through April 30, 2026, BMNZ had a NAV total return of -20.85%. BMNZ seeks to deliver twice the daily inverse performance of BMNR (BitMine Immersion Technologies, Inc.). As an inverse leveraged fund, it gains when BMNR declines and loses when BMNR rises.

What factors influenced performance?

BitMine’s stock performance—tied to Bitcoin mining economics, Bitcoin price levels, and cryptocurrency market sentiment—directly influenced BMNZ's performance through its inverse exposure. Operational updates, hash rate developments, and energy cost dynamics affecting Bitcoin mining profitability drove stock volatility. Daily rebalancing and compounding effects caused BMNZ's cumulative return to deviate from the expected -2x multiple over the holding period.

Defiance Daily Target 2X Short BMNR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$18,363
Number of Holdings	7
Total Advisory Fee	$99,489
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
First American Government Obligations Fund - Class X, 3.56%	5.7
United States Treasury Bills	1.1
BitMine Immersion Technologies, Inc. Swap; Maturity Date: 03/30/2033	-0.8
BitMine Immersion Technologies, Inc. Swap; Maturity Date: 01/11/2028	0.5
BitMine Immersion Technologies, Inc. Swap; Maturity Date: 03/18/2033	0.3
BitMine Immersion Technologies, Inc. Swap; Maturity Date: 11/01/2028	0.3
BitMine Immersion Technologies, Inc. Swap; Maturity Date: 11/12/2028	0.0*

Percentages for swap contracts are based on unrealized appreciation (depreciation).

*	Less than 0.05%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/bmnz.

Householding

Defiance Daily Target 2X Short HOOD ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short HOOD ETF

Ticker: HOOZ (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short HOOD ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/hooz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short HOOD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short HOOD ETF	$77	1.29%*

The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short HOOD ETF	S&P 500® Total Return Index
11/12/2025	10000.0	10000.0
11/30/2025	9516.0	10005.0
12/31/2025	11389.0	10011.0
1/31/2026	13954.0	10157.0
2/28/2026	18896.0	10079.0
3/31/2026	20352.0	9577.0
4/30/2026	15640.0	10582.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/12/2025)
Defiance Daily Target 2X Short HOOD ETF - at NAV	56.40%
S&P 500® Total Return Index	5.82%

Visit https://www.defianceetfs.com/hooz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 12, 2025) through April 30, 2026, HOOZ had a NAV total return of 56.40%. HOOZ seeks to deliver twice the daily inverse performance of HOOD (Robinhood Markets, Inc.). As an inverse leveraged fund, it experiences losses when HOOD's stock rises and gains when it falls.

What factors influenced performance?

Robinhood's retail trading volumes, product expansion initiatives, and broader market sentiment directly influenced HOOZ's performance given its inverse exposure to HOOD. Periods of elevated market volatility that drove retail trading activity and supported HOOD's stock created headwinds for HOOZ. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.

Defiance Daily Target 2X Short HOOD ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$5,318
Number of Holdings	7
Total Advisory Fee	$32,282
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Robinhood Markets, Inc. Swap; Maturity Date: 01/11/2028	12.4
Robinhood Markets, Inc. Swap; Maturity Date: 03/18/2033	11.9
Robinhood Markets, Inc. Swap; Maturity Date: 03/31/2033	12.8
First American Government Obligations Fund - Class X, 3.56%	10.7
United States Treasury Bills	6.8
Robinhood Markets, Inc. Swap; Maturity Date: 11/01/2028	3.5
Robinhood Markets, Inc. Swap; Maturity Date: 11/12/2028	-1.4

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/hooz.

Material Fund Changes

Between August 19-20, 2026, the Board determined to close and liquidate the HOOZ ETF at the recommendation of the Adviser. The Fund will cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 8, 2026.

Householding

Defiance Daily Target 2X Short IONQ ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short IONQ ETF

Ticker: IONZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short IONQ ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/ionz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short IONQ ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short IONQ ETF	$86	1.91%*

The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short IONQ ETF	S&P 500® Total Return Index
6/23/2025	10000.0	10000.0
6/30/2025	8712.0	10300.0
7/31/2025	8861.0	10532.0
8/31/2025	6846.0	10745.0
9/30/2025	2562.0	11137.0
10/31/2025	1706.0	11398.0
11/30/2025	2056.0	11426.0
12/31/2025	1896.0	11433.0
1/31/2026	1936.0	11599.0
2/28/2026	1338.0	11511.0
3/31/2026	2063.0	10937.0
4/30/2026	547.0	12085.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (6/23/2025)
Defiance Daily Target 2X Short IONQ ETF - at NAV	-94.53%
S&P 500® Total Return Index	20.85%

Visit https://www.defianceetfs.com/ionz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (June 23, 2025) through April 30, 2026, IONZ had a NAV total return of –94.53%. IONZ seeks to deliver twice the daily inverse performance of IONQ (IonQ, Inc.). As an inverse leveraged fund, it gains when IONQ declines and loses when IONQ rises.

What factors influenced performance?

IonQ's quantum computing progress, contract wins, and technology milestones drove stock volatility that directly affected IONZ's performance. Periods of strong investor optimism toward quantum computing created headwinds for the inverse fund. Daily leverage compounding over the holding period caused IONZ's cumulative return to deviate from the expected -2x multiple of IonQ's cumulative performance.

Defiance Daily Target 2X Short IONQ ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$20,854
Number of Holdings	7
Total Advisory Fee	$305,021
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	33.1
First American Government Obligations Fund - Class X, 3.56%	8.0
IonQ, Inc. Swap; Maturity Date: 09/24/2026	2.6
IonQ, Inc. Swap; Maturity Date: 03/31/2033	2.5
IonQ, Inc. Swap; Maturity Date: 11/16/2027	1.8
IonQ, Inc. Swap; Maturity Date: 03/18/2033	1.3
IonQ, Inc. Swap; Maturity Date: 09/08/2028	0.9

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/ionz.

Material Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on December 8, 2025, the Fund effected a 1:6 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short OKLO ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short OKLO ETF

Ticker: OKLS (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short OKLO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/okls. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short OKLO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short OKLO ETF	$44	1.51%*

The Fund commenced operations November 25, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short OKLO ETF	S&P 500® Total Return Index
11/25/2025	10000.0	10000.0
11/30/2025	8705.0	10124.0
12/31/2025	10633.0	10130.0
1/31/2026	6461.0	10277.0
2/28/2026	7861.0	10199.0
3/31/2026	10713.0	9691.0
4/30/2026	3489.0	10707.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/25/2025)
Defiance Daily Target 2X Short OKLO ETF - at NAV	-65.13%
S&P 500® Total Return Index	7.07%

Visit https://www.defianceetfs.com/okls for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 25, 2025) through April 30, 2026, OKLS had a NAV total return of -65.13%. OKLS seeks to deliver twice the daily inverse performance of OKLO (Oklo Inc.). As an inverse leveraged fund, it experiences losses when OKLO's stock rises.

What factors influenced performance?

Oklo's regulatory milestones, data center partnerships, and investor enthusiasm for nuclear energy as a clean power source for AI infrastructure drove stock movements that created headwinds for OKLS given its inverse exposure. Periods of positive news flow around advanced fission technology licensing and government support for next-generation nuclear power amplified losses for OKLS through its leveraged inverse structure.

Defiance Daily Target 2X Short OKLO ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$9,554
Number of Holdings	7
Total Advisory Fee	$29,727
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	25.2
First American Government Obligations Fund - Class X, 3.56%	2.9
Oklo, Inc. Swap; Maturity Date: 01/25/2028	1.7
Oklo, Inc. Swap; Maturity Date: 11/01/2028	0.7
Oklo, Inc. Swap; Maturity Date: 03/31/2033	0.0*
Oklo, Inc. Swap; Maturity Date: 03/18/2033	0.0
Oklo, Inc. Swap; Maturity Date: 11/24/2028	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

Less than 0.05%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/okls.

Material Fund Changes

Effective March 23, 2026, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.

Between August 19-20, 2026, the Board determined to close and liquidate the OKLS ETF at the recommendation of the Adviser. The Fund will cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 8, 2026.

Householding

Defiance Daily Target 2X Short PLTR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short PLTR ETF

Ticker: PLTZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short PLTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/pltz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short PLTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short PLTR ETF	$81	1.30%*

The Fund commenced operations June 5, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short PLTR ETF	S&P 500® Total Return Index
6/5/2025	10000.0	10000.0
6/30/2025	7307.0	10457.0
7/31/2025	5256.0	10692.0
8/31/2025	5000.0	10908.0
9/30/2025	3576.0	11307.0
10/31/2025	2807.0	11571.0
11/30/2025	3596.0	11600.0
12/31/2025	3101.0	11607.0
1/31/2026	4368.0	11775.0
2/28/2026	4483.0	11686.0
3/31/2026	3652.0	11104.0
4/30/2026	3761.0	12269.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (6/5/2025)
Defiance Daily Target 2X Short PLTR ETF - at NAV	-62.39%
S&P 500® Total Return Index	22.69%

Visit https://www.defianceetfs.com/pltz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (June 5, 2025) through April 30, 2026, PLTZ had a NAV total return of -62.39%. PLTZ seeks to deliver twice the daily inverse performance of PLTR (Palantir Technologies Inc.). As an inverse leveraged fund, it experiences losses when PLTR's stock rises.

What factors influenced performance?

Palantir's stock performance was driven by government contract wins, growth in its commercial AI platform (AIP), and strong quarterly revenue results. Investor enthusiasm for AI software applications and Palantir's positioning as a defense and intelligence data analytics leader contributed to significant stock movements. These factors created headwinds for PLTZ given its inverse exposure, compounded by daily rebalancing effects over the holding period.

Defiance Daily Target 2X Short PLTR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$24,556
Number of Holdings	7
Total Advisory Fee	$616,424
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Palantir Technologies, Inc. Swap; Maturity Date: 10/02/2026	-19.5
Palantir Technologies, Inc. Swap; Maturity Date: 09/21/2026	15.6
Palantir Technologies, Inc. Swap; Maturity Date: 03/31/2033	14.2
United States Treasury Bills	14.0
Palantir Technologies, Inc. Swap; Maturity Date: 01/04/2028	13.1
First American Government Obligations Fund - Class X, 3.56%	1.8
Palantir Technologies, Inc. Swap; Maturity Date: 03/01/2028	1.4

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/pltz.

Material Fund Changes

Effective December 8, 2025, the Fund executed a 1:4 reverse stock split on its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short QBTS ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short QBTS ETF

Ticker: QBTZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short QBTS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/qbtz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short QBTS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short QBTS ETF	$83	2.31%*

The Fund commenced operations October 6, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short QBTS ETF	S&P 500® Total Return Index
10/6/2025	10000.0	10000.0
10/31/2025	5254.0	10153.0
11/30/2025	10376.0	10178.0
12/31/2025	4788.0	10184.0
1/31/2026	6066.0	10332.0
2/28/2026	5627.0	10253.0
3/31/2026	8201.0	9743.0
4/30/2026	2650.0	10765.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/6/2025)
Defiance Daily Target 2X Short QBTS ETF - at NAV	-73.50%
S&P 500® Total Return Index	7.65%

Visit https://www.defianceetfs.com/qbtz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 6, 2025) through April 30, 2026, QBTZ had a NAV total return of -73.50%. QBTZ seeks to deliver twice the daily inverse performance of QBTS (D-Wave Quantum Inc.). As an inverse leveraged fund, it gains when QBTS declines and loses when QBTS rises.

What factors influenced performance?

D-Wave Quantum's stock volatility—driven by commercial contract wins, government quantum computing initiatives, and broader investor sentiment toward early-stage quantum technology companies—directly influenced QBTZ's performance. As an inverse fund, periods of positive momentum in quantum computing stocks created headwinds. Daily rebalancing and compounding effects caused QBTZ's returns to deviate from the expected -2x multiple over the holding period.

Defiance Daily Target 2X Short QBTS ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$11,290
Number of Holdings	7
Total Advisory Fee	$135,871
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
D-Wave Quantum, Inc. Swap; Maturity Date: 11/16/2027	30.3
United States Treasury Bills	17.4
First American Government Obligations Fund - Class X, 3.56%	5.6
D-Wave Quantum, Inc. Swap; Maturity Date: 10/9/2028	2.4
D-Wave Quantum, Inc. Swap; Maturity Date: 03/18/2033	2.0
D-Wave Quantum, Inc. Swap; Maturity Date: 09/08/2028	0.8
D-Wave Quantum, Inc. Swap; Maturity Date: 03/30/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/qbtz.

Material Fund Changes

Effective March 23, 2026, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short RKLB ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short RKLB ETF

Ticker: RKLZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short RKLB ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/rklz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short RKLB ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short RKLB ETF	$33	1.35%*

The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short RKLB ETF	S&P 500® Total Return Index
11/17/2025	10000.0	10000.0
11/30/2025	10167.0	10269.0
12/31/2025	2571.0	10276.0
1/31/2026	1616.0	10425.0
2/28/2026	1733.0	10346.0
3/31/2026	1516.0	9830.0
4/30/2026	764.0	10862.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/17/2025)
Defiance Daily Target 2X Short RKLB ETF - at NAV	-92.36%
S&P 500® Total Return Index	8.62%

Visit https://www.defianceetfs.com/rklz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 17, 2025) through April 30, 2026, RKLZ had a NAV total return of -92.36%. RKLZ seeks to deliver twice the daily inverse performance of RKLB (Rocket Lab Corp.). As an inverse leveraged fund, it experiences losses when RKLB's stock rises.

What factors influenced performance?

Rocket Lab's launch cadence, contract announcements, and progress on its Neutron rocket program drove stock volatility that directly affected RKLZ's performance. Periods of positive news flow and sector enthusiasm for commercial space companies created headwinds for RKLZ given its inverse exposure. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.

Defiance Daily Target 2X Short RKLB ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$8,478
Number of Holdings	7
Total Advisory Fee	$65,786
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	52.4
First American Government Obligations Fund - Class X, 3.56%	9.1
Rocket Lab Corp. Swap; Maturity Date: 03/31/2033	3.8
Rocket Lab Corp. Swap; Maturity Date: 11/01/2028	3.0
Rocket Lab Corp. Swap; Maturity Date: 03/18/2033	1.8
Rocket Lab Corp. Swap; Maturity Date: 11/17/2028	1.3
Rocket Lab Corp. Swap; Maturity Date: 01/11/2028	0.9

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/rklz.

Material Fund Changes

Effective March 23, 2026, the Fund executed a 1:8 reverse stock split on its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short TSM ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short TSM ETF

Ticker: STSM (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short TSM ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/stsm. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short TSM ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short TSM ETF	$41	1.29%*

The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short TSM ETF	S&P 500® Total Return Index
11/17/2025	10000.0	10000.0
11/30/2025	9297.0	10269.0
12/31/2025	8353.0	10276.0
1/31/2026	6834.0	10425.0
2/28/2026	5138.0	10346.0
3/31/2026	5906.0	9830.0
4/30/2026	4126.0	10862.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/17/2025)
Defiance Daily Target 2X Short TSM ETF - at NAV	-58.74%
S&P 500® Total Return Index	8.62%

Visit https://www.defianceetfs.com/stsm for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 17, 2025) through April 30, 2026, STSM had a NAV total return of -58.74%. STSM seeks to deliver twice the daily inverse performance of TSM (Taiwan Semiconductor Manufacturing Co. Ltd.). As an inverse leveraged fund, it experiences losses when TSM's stock rises.

What factors influenced performance?

TSM's stock was influenced by global semiconductor demand, capacity expansion plans, geopolitical tensions related to Taiwan, and the company's role as the leading manufacturer of advanced AI chips. Strong demand from AI-related customers and new U.S. and Japan fabrication facility investments shaped investor sentiment. These factors created headwinds for STSM during periods of TSM stock strength.

Defiance Daily Target 2X Short TSM ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$1,155
Number of Holdings	6
Total Advisory Fee	$7,455
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	25.1
Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 01/11/2028	-3.2
Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 11/17/2028	-2.1
Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 11/01/2028	-1.6
First American Government Obligations Fund - Class X, 3.56%	0.3
Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 03/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/stsm.

Material Fund Changes

Effective March 23, 2026, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.

Householding

Defiance Daily Target 2X Short ASTS ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short ASTS ETF

Ticker: ASTN (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short ASTS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/astn. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short ASTS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short ASTS ETF	$27	1.31%*

The Fund commenced operations February 5, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short ASTS ETF	S&P 500® Total Return Index
2/5/2026	10000.0	10000.0
2/28/2026	11820.0	10129.0
3/31/2026	7607.0	9624.0
4/30/2026	7890.0	10634.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (2/5/2026)
Defiance Daily Target 2X Short ASTS ETF - at NAV	-21.10%
S&P 500® Total Return Index	6.34%

Visit https://www.defianceetfs.com/astn for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (February 5, 2026) through April 30, 2026, ASTN had a NAV total return of -21.10%. ASTN seeks to deliver twice the daily inverse performance of ASTS (AST SpaceMobile, Inc.). As an inverse leveraged fund, it experiences losses when ASTS's stock rises.

What factors influenced performance?

AST SpaceMobile's satellite broadband deployment progress, partnership announcements with wireless carriers, and investor enthusiasm for direct-to-device satellite connectivity drove stock movements that influenced ASTN's performance through its inverse exposure. Periods of positive news flow around satellite launches and commercial service milestones created headwinds for ASTN. Daily rebalancing and compounding effects caused returns to deviate from the expected -2x multiple over the holding period.

Defiance Daily Target 2X Short ASTS ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$1,578
Number of Holdings	5
Total Advisory Fee	$10,252
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
U.S. Treasury Bill, 5/21/2026, 3.46%	39.2
AST SpaceMobile, Inc. Swap; Maturity Date: 03/07/2028	25.1
AST SpaceMobile, Inc. Swap; Maturity Date: 09/08/2028	24.1
AST SpaceMobile, Inc. Swap; Maturity Date: 02/05/2029	-11.6
First American Government Obligations Fund - Class X, 3.56%	0.7

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/astn.

Householding

Defiance Daily Target 2X Long RCAT ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long RCAT ETF

Ticker: RCAX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long RCAT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/rcax. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long RCAT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs since inception?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long RCAT ETF	$49	1.30%*

The Fund commenced operations February 2, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long RCAT ETF	S&P 500® Total Return Index
2/2/2026	10000.0	10000.0
2/28/2026	6569.0	9870.0
3/31/2026	6883.0	9379.0
4/30/2026	5035.0	10363.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (2/2/2026)
Defiance Daily Target 2X Long RCAT ETF - at NAV	-49.65%
S&P 500® Total Return Index	3.63%

Visit https://www.defianceetfs.com/rcax for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (February 2, 2026) through April 30, 2026, RCAX had a NAV total return of -49.65%. RCAX seeks to deliver twice the daily performance of RCAT (Red Cat Holdings, Inc.). The fund's 2x leverage magnifies RCAT's daily stock movements in RCAX.

What factors influenced performance?

Red Cat Holdings' stock performance was driven by defense and security contract awards for its tactical drone systems, including deployment in military and law enforcement applications. Growing demand for small unmanned aerial systems in defense contexts, government procurement activity, and the company's revenue growth relative to investor expectations shaped stock volatility amplified through RCAX's 2x leverage.

Defiance Daily Target 2X Long RCAT ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$8,863
Number of Holdings	7
Total Advisory Fee	$17,675
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026)

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.8
First American Government Obligations Fund - Class X, 3.56%	5.8
Red Cat Holdings, Inc. Swap; Maturity Date: 09/08/2028	2.4
Red Cat Holdings, Inc. Swap; Maturity Date: 02/02/2029	1.7
Red Cat Holdings, Inc. Swap; Maturity Date: 02/22/2028	0.3
Red Cat Holdings, Inc. Swap; Maturity Date: 01/31/2033	0.0*
Red Cat Holdings, Inc. Swap; Maturity Date: 03/30/2033	-0.0^

Percentages for swap contracts are based on unrealized appreciation (depreciation).

*	Less than 0.05%
^	Less than -0.05%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/rcax.

Householding

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Services that the Funds’ Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by Cohen to the Adviser and any entities that provide ongoing services to the Funds, for engagements directed related to the Funds’ operations and financial reporting, during the Funds’ last two fiscal years.

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, and David Norris.

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

The Defiance ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a non-diversified series of Tidal Trust II (the “Trust”). The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust 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 Funds’ 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 Funds. Each 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 QPUX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the performance of an actively-managed group of “pure quantum” company securities. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The OSCX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Oscar Health, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RCAX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Red Cat Holdings, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RGTX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Rigetti Computing, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RIOX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Riot Platforms, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RKLX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Rocket Lab Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The ASTN ETF’s primary investment objective is to seek daily inverse leveraged investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of AST SpaceMobile, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The BMNZ ETF’s primary investment objective is to seek daily inverse leveraged investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of BitMine Immersion Technologies, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The HOOZ ETF’s primary investment objective is to seek daily inverse leveraged investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Robinhood Markets, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The IONZ ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of IonQ, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The OKLS ETF’s primary investment objective is to seek daily inverse leveraged investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Oklo, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The PLTZ ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Palantir Technologies, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The QBTZ ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of D-Wave Quantum, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RKLZ ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Rocket Lab Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The STSM ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Taiwan Semiconductor Manufacturing Co. Ltd. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

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

Security Valuation - Equity securities 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 Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Swap contract terms are agreed among the counterparty and the Adviser. Total return swap contracts are valued using the closing price of the underlying reference asset, which may include individual stocks, baskets of securities, market indices, exchange-traded funds, or other instruments that the contract is tracking.

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

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 NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their 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 Funds have 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

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

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

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2026:

(a) The fair value of the Fund’s other financial instruments represents the net unrealized appreciation (depreciation) as of April 30, 2026.

Derivative Instruments - Each Fund may enter into total return swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by each Fund to the counterparty. The net amount of the excess, if any, of each Fund’s obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds’ custodian. Until a swap contract, or a portion of a swap contract, is settled in cash, reset, terminated, partially unwound or closed according to its terms, the changes in value are recorded as unrealized appreciation or depreciation. Upon such event, the related gain or loss is recorded as net realized gain or loss from swap contracts. A partial unwind or other contractual reduction is treated as a realized event when the related swap economics are extinguished or reduced, regardless of whether the related cash is received or paid on the same date. Certain Funds may receive or deliver cash from or to swap counterparties based on the mark-to-market value of outstanding swap contracts. Such transfers may represent either settlement of swap economics or collateral, variation margin, excess variation margin or similar mark-to-market transfers, depending on the applicable contractual terms and counterparty settlement mechanics. Amounts applied to settle or partially settle the related swap economics are reflected in net realized gain or loss from swap contracts and reduce the related unrealized appreciation or depreciation. Amounts not applied to settle or reduce the related swap value and that remain subject to return, recall or future application are reflected as cash, segregated cash, due from broker or due to broker, as applicable, and the related swap remains recorded at fair value with changes reflected as net change in unrealized appreciation or depreciation on swap contracts.

Amounts presented as due from broker or due to broker may include amounts receivable or payable for contractual swap resets, financing resets, partial unwinds, terminations or other settlement events, and cash collateral, variation margin, excess variation margin or similar mark-to-market transfers posted to or received from counterparties. The transfer or receipt of cash or collateral does not, by itself, reduce the notional amount, economic exposure or daily target leveraged exposure of a swap contract unless the swap contract is amended, reset, partially unwound, terminated or otherwise contractually modified to reduce such notional amount or exposure.

By virtue of each Fund’s investments in total return swaps, each Fund is exposed to common stocks indirectly which subjects that 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 each Fund invests.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

For the period ended April 30, 2026, each Fund’s monthly average notional amount is described below for any derivatives that they invested in:

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026:

The total return swap contracts are subject to master netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds through a single payment, in the event of default or termination. Amounts presented on the Schedules of Total Return Swap Contracts are gross settlement amounts.

Under the master netting agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master netting agreements with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of master netting agreements.

The following table presents the Funds’ gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of April 30, 2026.

Federal Income Taxes - Each 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 Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a 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 Funds’ fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds 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 Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of April 30, 2026, the Funds 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 Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

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. 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 Funds’ understanding of the applicable country’s tax rules and rates.

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for RIOX ETF are declared and paid monthly. Distributions to shareholders from net investment income, if any, for the remaining Funds are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

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.

Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. The QPUX ETF, OSCX ETF, RCAX ETF, RGTX ETF, RKLX ETF, RKLZ ETF, IONZ ETF, PLTZ ETF, and QBTZ ETF Shares will not be priced on the days on which The Nasdaq Stock Market, LLC (“NASDAQ”) or The New York Stock Exchange (“NYSE”) is closed for trading. The RIOX ETF, BMNZ ETF, HOOZ ETF, OKLS ETF, and STSM ETF Shares will not be priced on the days on which the NYSE Arca, Inc. (“ARCA”) or NYSE is closed for trading. The ASTN ETF Shares will not be priced on the days on which the Cboe BZX Exchange, Inc. (“CBOE”) or NYSE is closed for trading.

Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Illiquid Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each 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 a 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 a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

Derivatives Transactions - Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

Reclassification of Capital Accounts - U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to equalization or net operating loss. For the periods ended April 30, 2026, the following adjustments were made:

Compounding and Market Volatility Risk. Each Fund has a daily leveraged investment objective and a Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the respective Underlying Security’s performance, before a Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For each Fund aiming to replicate two times the daily performance of its Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as an Underlying Security’s volatility and the holding period increase. The effect of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held and the volatility of the respective Underlying Security during a shareholder’s holding period of an investment in each Fund.

Daily Correlation/Tracking Risk. There is no guarantee that the Funds will achieve a high degree of leveraged correlation to the Target Portfolio and therefore achieve their daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, each Fund seeks to rebalance their portfolio daily to keep exposure consistent with their daily leveraged investment objective. The possibility of the Funds being materially over- or under-exposed to the Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Additionally, if securities within the Target Portfolio exhibit unexpected or heightened correlations, each Fund’s ability to achieve their daily investment objective may be adversely impacted as overlapping exposures may reduce potential diversification benefits and amplify the effects of market movements. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect each Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Target Portfolio experiences a significant increase or decline, each Fund may not meet their investment objective, be able to rebalance their portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Each Fund may have difficulty achieving their daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Funds. The Funds may also be impacted by large movements of assets into and out of the Funds, potentially resulting in the Funds being over- or under-exposed to the Target Portfolio. The Funds may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact each Fund’s leveraged correlation to the Target Portfolio. Finally, during periods of high volatility, compounding effects and correlation shifts between securities in the Target Portfolio may cause each Fund’s returns to deviate materially from two times (2X) the daily performance of the Target Portfolio.

Leverage Risk. The Funds obtain investment exposure in excess of their net assets by utilizing leverage and may lose more money in market conditions that are adverse to their investment objective than a fund that does not utilize leverage. An investment in each Fund is exposed to the risk that a decline in the daily performance of the Target Portfolio will be magnified. This means that an investment in each Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Target Portfolio, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Funds could theoretically lose an amount greater than their net assets in the event the share price of the Target Portfolio declines more than 50%. Leverage will also have the effect of magnifying any differences in each Fund’s performances correlation with the Target Portfolio’s share price.

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

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

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of each Fund as follows:

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds 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, 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 periods ended April 30, 2026 are disclosed in the Statements of Operations.

The Adviser has entered into an agreement with Defiance ETFs, LLC (“Defiance”) under which Defiance assumes the obligations of the Adviser to pay all or a portion of expenses of the Fund, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligations of the Fund, the Adviser has agreed to pay Defiance a corresponding share of the profits, if any, generated by the Fund’s unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by Defiance include fees charged by Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser. Although Defiance has agreed to be responsible for all or a portion of the Unitary Expenses of the Fund, the Adviser retains the ultimate obligation to the Fund to pay such expenses.

Tidal serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. 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 each 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 Funds’ fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. Prior to April 1, 2026, Fund Services also served as the Funds’ sub-administrator.

Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of each 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 Funds.

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, each Fund is authorized to pay an amount up to 0.25% of their 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 Funds, 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 each 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.

During the period ended April 30, 2026, the HOOZ ETF incurred an $1,836 loss from an NAV error. This amount is reported on the HOOZ ETF’s Statements of Changes in Net Assets under the caption “Capital contributions from adviser”. The reimbursement of this loss had a 0.90% impact to the total return.

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

Each Fund’s investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do 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 Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. 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 Funds do 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.

For the periods ended April 30, 2026, 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:

For the periods ended April 30, 2026, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the periods ended April 30, 2026, there were no in-kind transactions associated with creations or redemptions for the Funds.

The tax character of distributions paid during the periods ended April 30, 2026 and April 30, 2025 were as follows:

As of the fiscal periods ended April 30, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

Net capital losses incurred after October 31 (post-October losses) and 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 each Fund’s next taxable year. As of the fiscal periods ended April 30, 2026, the Funds have elected to defer the following post-October and late-year losses, where applicable.

As of April 30, 2026, the table below presents long-term and short-term capital loss carryovers, where applicable, which do not expire.

During the periods ended April 30, 2026, the Shares of the below Funds were adjusted for a stock split or reverse stock split. The effect of these stock splits were to increase or decrease the number of Shares outstanding in the Funds while maintaining each Fund’s and shareholder’s aggregate NAV. Set forth below are details regarding the stock splits or reverse stock splits which have been retroactively applied to the financial statements.

Shares of QPUX ETF, OSCX ETF, RCAX ETF, RGTX ETF, RKLX ETF, IONZ ETF, PLTZ ETF, QBTZ ETF, and RKLZ ETF are listed on the NASDAQ. Shares of RIOX ETF, BMNZ ETF, HOOZ ETF, OKLS ETF and STSM ETF are listed on the ARCA. Shares of ASTN ETF are listed on the CBOE. Market prices for the Shares may be different from their NAV. The Funds issue and redeem 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 Funds. 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 Funds. 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.

Each 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 each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ 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 Funds for transaction costs associated with cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

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.

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Between August 19-20, 2026, the Board determined to close and liquidate the HOOZ ETF and the OKLS ETF at the recommendation of the Adviser. Each Fund will cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 8, 2026. Management has determined that there are no additional subsequent events that would need to be recognized or disclosed in the Funds’ financial statements.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and total return swaps contracts, of Defiance ETFs comprising the funds listed below (the “Funds”), each a series of Tidal Trust II, as of April 30, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

For the fiscal periods ended April 30, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal periods ended April 30, 2026, were as follows:

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the fiscal periods ended April 30, 2026, were as follows:

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

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

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

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

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

Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Long RKLB ETF (the “Defiance ETFs” each, a “Fund” and collectively the “Funds”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on February 5-6, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on February 5-6, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”

The Board noted the importance of the fact that the proposed advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or “fall-out” benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Funds would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieved asset growth.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF and Defiance Daily Target 2X Short RKLB ETF (together "Defiance ETFs" and each a “Fund”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on April 4, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. It is noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on April 4, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieved asset growth.

Defiance 2X Daily Long Pure Quantum ETF (the “Defiance ETFs”, each, a “Fund” and collectively the “Funds”)

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on May 12-13, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

The Board also considered Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs and had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on May 12-13, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on May 12-13, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

The Board also considered the Adviser and Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs and each had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Defiance Daily Target 2x Long RIOT ETF (the “Defiance ETFs”, each a “Fund”),

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on August 27, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of the renewal of:

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services provided and the profits realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on June 30, 2025, meetings held on August 6 and August 7, 2025, and the meeting held on August 27, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Nature, Extent and Quality of Services Provided. The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement. In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with each ETF. The Board also considered other services provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund’s stated investment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate by the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while others may have more generalized strategies but are significantly different from other funds in the same investment universe. In these circumstances, the Board considered that it was t difficult to fairly benchmark performance against peers and also took into account that certain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring performance. The Board considered that each Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

The Board reviewed each Fund’s performance on a case-by-case basis. The Board also took into account that each Fund’s track record was measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of each Fund’s performance track record as of May 30, 2025, is provided below:

For Defiance Daily Target 2X Long RIOT ETF, the Board noted that there was not yet a year of performance.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory.

Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had distinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative universe, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”

The Board noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except as noted above) out of its own fees and resources.

The Board’s overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor’s net experience, was fair and reasonable.

For Defiance Daily Target 2X Long RIOT ETF, the Board noted that the Fund’s unitary fee was above the peer group median and the net expense ratio was below the peer group median.

The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with each of the Funds, and concluded that many of the Funds were profitable to the Adviser, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues of its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the Adviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by the Adviser in launching and maintaining the Funds.

The Board discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser provide to each Fund; and (c) agreed to approve renewal of the Advisory Agreement for a term of one year.

Defiance Daily Target 2x Long RCAT ETF, Defiance Daily Target 2x Long OSCR ETF (the “Defiance ETFs”, each, a “Fund”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 16, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on September 16, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

Defiance Daily Target 2X Short ASTS ETF, Defiance Daily Target 2X Short HOOD ETF, Defiance Daily Target 2X Short OKLO ETF, Defiance Daily Target 2X Short TSM ETF, Defiance Daily Target 2X Short BMNR ETF

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on October 20, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the initial approval of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser, based on their experience, personnel, operations and resources.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

The Board also considered the Adviser and Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs and had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

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

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

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

For the year ended April 30, 2025, the Registrant’s PEO and PFO identified a similar material weakness in the design and operation of controls over financial reporting relating to the classification and disclosure of total return swap activity. Although the Registrant implemented enhancements to address this material weakness during the year ended April 30, 2026, management concluded that the material weakness had not been adequately remediated as of April 30, 2026.

The material weakness relates to the design of controls over classification and disclosure of total return swap activity and related balances including amounts due to and from brokers, swap receivables and payables, cash balances, and related realized and unrealized gains and losses.

During the year ended April 30, 2026, the volume and complexity of the Funds’ total return swap activity increased significantly, including an increase in the number of Funds, swap transactions, counterparties, brokers, and variations in swap terms. The enhancements implemented during the period were not sufficient to ensure that controls operated effectively in light of this increased volume and complexity.

This material weakness would have resulted in misstatements in the classification and disclosure of amounts reported in the Funds’ initial draft Schedules of Total Return Swap Contracts, Statements of Assets and Liabilities, and Statements of Operations. The misstatements were corrected in April 30, 2026’s financial statements prior to issuance.

Management is implementing enhancements to the Registrant’s disclosure controls and procedures and internal control over financial reporting to remediate the material weakness described above. These enhancements are expected to include experienced personnel; strengthened management oversight of total return swap reconciliations, classification, and presentation procedures; expanded procedures performed by the fund accountant with respect to the completeness, accuracy, classification, and presentation of total return swap activity and related broker balances; and periodic reporting to management and the Board regarding remediation progress, open items, and testing results.

The material weakness will not be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing and documented evaluation, that such controls are designed and operating effectively.

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

(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.

(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.

(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.

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.

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.

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$14,250	N/A
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,100	N/A
( d ) All Other Fees	N/A	N/A

	FYE 4/30/2026	FYE 4/30/2025
( a) Audit-Related Fees	N/A	N/A
( b) Tax Fees	$495,000	N/A
( c ) All Other Fees	N/A	N/A

Non-Audit Related Fees	FYE 4/30/2026	FYE 4/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

	Tidal Trust II
●	Defiance 2X Daily Long Pure Quantum ETF	QPUX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long OSCR ETF	OSCX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long RCAT ETF	RCAX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long RGTI ETF	RGTX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long RIOT ETF	RIOX	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long RKLB ETF	RKLX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short ASTS ETF	ASTN	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Short BMNR ETF	BMNZ	NYSE Arca, Inc.
●	Defiance Daily Target 2X Short HOOD ETF	HOOZ	NYSE Arca, Inc.
●	Defiance Daily Target 2X Short IONQ ETF	IONZ	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short OKLO ETF	OKLS	NYSE Arca, Inc.
●	Defiance Daily Target 2X Short PLTR ETF	PLTZ	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short QBTS ETF	QBTZ	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short RKLB ETF	RKLZ	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short TSM ETF	STSM	NYSE Arca, Inc.

	Page
Schedules of Investments & Total Return Swap Contracts	1
Statements of Assets and Liabilities	31
Statements of Operations	35
Statements of Changes in Net Assets	39
Financial Highlights	44
Notes to the Financial Statements	46
Report of Independent Registered Public Accounting Firm	73
Additional Information (Unaudited)	75

SHORT-TERM INVESTMENTS - 12.6%
Money Market Funds - 3.9%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		1,200,636	$	1,200,636

U.S. Treasury Bills - 8.7%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	2,730,000		2,724,578

TOTAL SHORT-TERM INVESTMENTS (Cost $3,925,218)				3,925,214

TOTAL INVESTMENTS - 12.6% (Cost $3,925,218)			$	3,925,214
Other Assets in Excess of Liabilities - 87.4%				27,216,716
TOTAL NET ASSETS - 100.0%			$	31,141,930

(a)	The rate shown represents the 7-day annualized effective yield as of April 30, 2026.
(b)	The rate shown is the annualized effective yield as of April 30, 2026.
(c)	All or a portion of the security has been pledged as collateral for total return swap contracts. The fair value of securities committed as collateral as of April 30, 2026 was $2,724,567.

(a)	Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds.
(b)	Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. Both may periodically reset throughout the term on an ad-hoc basis.

SHORT-TERM INVESTMENTS - 12.1%
Money Market Funds - 1.1%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		104,543	$	104,543

U.S. Treasury Bills - 11.0%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	1,030,000		1,027,954

TOTAL SHORT-TERM INVESTMENTS (Cost $1,132,502)				1,132,497

TOTAL INVESTMENTS - 12.1% (Cost $1,132,502)			$	1,132,497
Other Assets in Excess of Liabilities - 87.9%				8,216,075
TOTAL NET ASSETS - 100.0%			$	9,348,572

SHORT-TERM INVESTMENTS - 27.6%
Money Market Funds - 5.8%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		512,041	$	512,041

U.S. Treasury Bills - 21.8%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	1,940,000		1,936,147

TOTAL SHORT-TERM INVESTMENTS (Cost $2,448,196)				2,448,188

TOTAL INVESTMENTS - 27.6% (Cost $2,448,196)			$	2,448,188
Other Assets in Excess of Liabilities - 72.4%				6,414,337
TOTAL NET ASSETS - 100.0%			$	8,862,525

SHORT-TERM INVESTMENTS - 23.9%
Money Market Funds - 8.5%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		4,680,864	$	4,680,864

U.S. Treasury Bills - 15.4%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	8,438,000		8,421,241

TOTAL SHORT-TERM INVESTMENTS (Cost $13,102,126)				13,102,105

TOTAL INVESTMENTS - 23.9% (Cost $13,102,126)			$	13,102,105
Other Assets in Excess of Liabilities - 76.1%				41,739,694
TOTAL NET ASSETS - 100.0%			$	54,841,799

SHORT-TERM INVESTMENTS - 9.9%
Money Market Funds - 5.6%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		1,284,198	$	1,284,198

U.S. Treasury Bills - 4.3%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	970,000		968,073

TOTAL SHORT-TERM INVESTMENTS (Cost $2,252,275)				2,252,271

TOTAL INVESTMENTS - 9.9% (Cost $2,252,275)			$	2,252,271
Other Assets in Excess of Liabilities - 90.1%				20,532,821
TOTAL NET ASSETS - 100.0%			$	22,785,092

SHORT-TERM INVESTMENTS - 8.0%
Money Market Funds - 2.6%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		5,888,092	$	5,888,092

U.S. Treasury Bills - 5.4%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	12,330,000		12,305,512

TOTAL SHORT-TERM INVESTMENTS (Cost $18,193,625)				18,193,604

TOTAL INVESTMENTS - 8.0% (Cost $18,193,625)			$	18,193,604
Other Assets in Excess of Liabilities - 92.0%				209,815,514
TOTAL NET ASSETS - 100.0%			$	228,009,118

SHORT-TERM INVESTMENTS - 39.9%
Money Market Funds - 0.7%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		11,656	$	11,656

U.S. Treasury Bills - 39.2%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	619,000		617,770

TOTAL SHORT-TERM INVESTMENTS (Cost $629,428)				629,426

TOTAL INVESTMENTS - 39.9% (Cost $629,428)			$	629,426
Other Assets in Excess of Liabilities - 60.1%				948,289
TOTAL NET ASSETS - 100.0%			$	1,577,715

SHORT-TERM INVESTMENTS - 6.8%
Money Market Funds - 5.7%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		1,051,345	$	1,051,345

U.S. Treasury Bills - 1.1%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	190,000		189,623

TOTAL SHORT-TERM INVESTMENTS (Cost $1,240,969)				1,240,968

TOTAL INVESTMENTS - 6.8% (Cost $1,240,969)			$	1,240,968
Other Assets in Excess of Liabilities - 93.2%				17,122,177
TOTAL NET ASSETS - 100.0%			$	18,363,145

SHORT-TERM INVESTMENTS - 17.5%
Money Market Funds - 10.7%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		572,240	$	572,240

U.S. Treasury Bills - 6.8%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	360,000		359,285

TOTAL SHORT-TERM INVESTMENTS (Cost $931,526)				931,525

TOTAL INVESTMENTS - 17.5% (Cost $931,526)			$	931,525
Other Assets in Excess of Liabilities - 82.5%				4,386,727
TOTAL NET ASSETS - 100.0%			$	5,318,252

SHORT-TERM INVESTMENTS - 41.1%
Money Market Funds - 8.0%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		1,673,031	$	1,673,031

U.S. Treasury Bills - 33.1%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	6,906,000		6,892,284

TOTAL SHORT-TERM INVESTMENTS (Cost $8,565,315)				8,565,315

TOTAL INVESTMENTS - 41.1% (Cost $8,565,315)			$	8,565,315
Other Assets in Excess of Liabilities - 58.9%				12,288,768
TOTAL NET ASSETS - 100.0%			$	20,854,083

SHORT-TERM INVESTMENTS - 28.1%
Money Market Funds - 2.9%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		277,793	$	277,793

U.S. Treasury Bills - 25.2%		Principal Amount		Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$	2,410,000		2,405,213

TOTAL SHORT-TERM INVESTMENTS (Cost $2,683,017)				2,683,006

TOTAL INVESTMENTS - 28.1% (Cost $2,683,017)			$	2,683,006
Other Assets in Excess of Liabilities - 71.9%				6,871,018
TOTAL NET ASSETS - 100.0%			$	9,554,024

SHORT-TERM INVESTMENTS - 15.8%
Money Market Funds - 1.8%	Shares		Value
First American Government Obligations Fund - Class X, 3.56%^(a)		449,534	$	449,534