0001924868 2026-09-02 2026-09-02 0001924868 hoox:S000091053Member 2026-09-02 2026-09-02 0001924868 hoox:C000258448Member 2026-09-02 2026-09-02 iso4217:USD pure false Tidal Trust II N-1A 0001924868 497 2026-09-02 Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information, each dated August 28, 2026 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 100%; font-size: 12pt"> </td></tr> </table> Effective August 20, 2026, the investment adviser, Tidal Investments LLC, has agreed to reduce the Fund’s unitary management fee from 1.29% to 0.65% of the Fund’s average daily net assets. The following changes to the Prospectuses and Statement of Additional Information apply: In the Fund Summary section of the Prospectus related to the Defiance Daily Target 2X Long HOOD ETF, the table and text under the “Fees and Expenses of the Fund” and “Example” headings are deleted in their entirety and replaced with the following: 2026-08-28 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="3" id="xdx_988_eoef--OperatingExpensesCaption_c20260902__20260902__dei--LegalEntityAxis__custom--S000091053Member_zRQnKZsVAuo1" style="border-top: black 1pt solid; padding-top: 6pt; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 71%; text-align: justify"> </td> <td style="width: 6%; padding-left: 0.5in; text-align: justify"> </td> <td style="width: 23%; padding-left: 0.5in; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Management Fee </td> <td style="padding-left: 0.5in; text-align: justify"> </td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dp_c20260902__20260902__oef--ClassAxis__custom--C000258448Member_fMQ_____z9Q0QfYUJhjk" style="padding-left: 0.5in; text-align: center">0.65%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Distribution and Service (12b-1) Fees</td> <td style="padding-left: 0.5in; text-align: justify"> </td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260902__20260902__oef--ClassAxis__custom--C000258448Member_fMQ_____z9MwBQljfU8f" style="padding-left: 0.5in; text-align: center">None</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Other Expenses</td> <td style="padding-left: 0.5in; text-align: justify"> </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dpn_c20260902__20260902__oef--ClassAxis__custom--C000258448Member_fMQ_____zQGpNFwGZb02" style="padding-left: 0.5in; text-align: center">0.02%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Acquired Fund Fees and Expenses (2)</td> <td style="padding-left: 0.5in; text-align: justify"> </td> <td id="xdx_982_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260902__20260902__oef--ClassAxis__custom--C000258448Member_fMSAy_zGtEoHMPttra" style="padding-left: 0.5in; text-align: center">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="padding-left: 0.5in; text-align: justify"> </td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260902__20260902__oef--ClassAxis__custom--C000258448Member_fMSAz_zOy8vruRzlGc" style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: center">0.68%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 9%; padding-left: 0.5in">(1)</td> <td style="padding-top: 3pt; width: 91%; padding-left: 6pt; text-align: justify">Restated to reflect the Fund’s contractual management fee effective August 20, 2026. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%; padding-left: 0.5in">(2)</td> <td style="padding-top: 3pt; width: 98%; padding-left: 6pt">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-left: 0.5in; width: 2%">(3)</td> <td style="padding-top: 3pt; padding-left: 6pt; width: 98%">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0 0.0002 0.0001 0.0068 Restated to reflect the Fund’s contractual management fee effective August 20, 2026. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_z2xY8lLrXeAg" style="border-top: black 1pt solid; width: 57%; padding-left: 0.5in; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zQXSiHi6cnvi" style="border-top: black 1pt solid; width: 43%; padding-left: 0.5in; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260902__20260902__oef--ClassAxis__custom--C000258448Member_zXWCyMyDsM1f" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: center">$68</td> <td style="border-bottom: black 1pt solid; padding-left: 0.5in; text-align: center">$214</td></tr> </table> 68 214 Restated to reflect the Fund’s contractual management fee effective August 20, 2026. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.