09-30-2026_proofs

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

YieldMax™ AI & Tech Portfolio Option Income ETF Tailored Shareholder Report

annual shareholder report July 31, 2026

YieldMax™ AI & Tech Portfolio Option Income ETF

TICKER: GPTY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ AI & Tech Portfolio Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/gpty/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ AI & Tech Portfolio Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ AI & Tech Portfolio Option Income ETF	$115	1.02%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (1/22/25)
Yieldmax™ AI & Tech Portfolio Option Income ETF - at NAV	26.39%	24.55%
S&P 500® Total Return Index	19.56%	16.04%

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 www.yieldmaxetfs.com/our-etfs/gpty/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, GPTY generated positive total returns while providing shareholders with regular income distributions. The Fund generated income through option premium received from its call spread strategy while maintaining exposure to a portfolio of AI and technology-related equity securities.

What Factors Influenced Performance?

Performance was influenced by the returns of the Fund's underlying portfolio, which included companies operating in areas such as semiconductors, software, cloud computing, and digital infrastructure. In addition, the Fund generated option premium income through the sale of call spreads on its holdings.

The level of implied volatility across the portfolio affected the amount of option premium available for sale.

Positioning of the Fund

The Fund remains invested in a portfolio of AI and technology-related companies and continues to employ its option strategy to generate income. The Fund seeks to provide current income while maintaining exposure to the long-term performance of its underlying equity holdings.

YieldMax™ AI & Tech Portfolio Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$101,782
Number of Holdings	81
Total Advisory Fee Paid	$801,717
Portfolio Turnover	29%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

Amount does not round to 0.1% or -0.1%.

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

Top Holdings	(% of Net Assets)
NVIDIA Corp.	6.7
Snowflake, Inc. - Class A	6.5
Alphabet, Inc. - Class A	6.2
Amazon.com, Inc.	4.9
Microsoft Corp.	4.9
Apple, Inc.	4.8
International Business Machines Corp.	4.7
Advanced Micro Devices, Inc.	4.6
Broadcom, Inc.	4.4
Hut 8 Corp.	4.3

Fund Changes

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/gpty/.

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.

YieldMax™ CRCL Option Income Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ CRCL Option Income Strategy ETF

TICKER: CRCO (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ CRCL Option Income Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/crco/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ CRCL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ CRCL Option Income Strategy ETF	$83*	1.30%**

The Fund commenced operations on September 29, 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)

Annual Performance

	Since Inception (9/29/25)
Yieldmax™ CRCL Option Income Strategy ETF - at NAV	-45.65%*
S&P 500® Total Return Index	13.54%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/crco/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, CRCO provided shareholders with regular income distributions while maintaining exposure to the performance of Circle Internet Group, Inc. ("CRCL"). The Fund generated income through a call spread strategy designed to capture option premium from CRCL.

What Factors Influenced Performance?

Performance was influenced by the market performance and implied volatility of CRCL. The Fund's option strategy generated premium income, with higher levels of implied volatility generally supporting higher option premiums.

Positioning of the Fund

The Fund continues to employ its option income strategy while maintaining exposure to CRCL. CRCO seeks to generate current income through the systematic sale of call spreads while retaining exposure to a portion of the underlying security's performance.

YieldMax™ CRCL Option Income Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$18,016
Number of Holdings	10
Total Advisory Fee Paid	$221,142
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	97.3
Circle Internet Group, Inc., Expiration: 9/18/2026; Exercise Price: $65.01	-15.2
Circle Internet Group, Inc., Expiration: 9/18/2026; Exercise Price: $65.01	11.9
Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $61.00	-4.6
Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $60.00	-3.6
Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $64.00	3.3
First American Government Obligations Fund - Class X, 3.58%	3.1
Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $63.00	2.6

Fund Changes

Effective September 29, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/crco/.

Householding

YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF

TICKER: LFGY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/lfgy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	$142	1.47%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (1/13/25)
Yieldmax™ Crypto Industry & Tech Portfolio Option Income ETF - at NAV	-5.45%	0.33%
S&P 500® Total Return Index	19.56%	18.97%

Visit www.yieldmaxetfs.com/our-etfs/lfgy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, LFGY generated a slightly negative total return, as income generated through its call spread strategy wasn’t enough to offset periods of sharp weakness across crypto-related equities. The Fund provided shareholders with regular income distributions throughout the period.

What Factors Influenced Performance?

Performance was influenced by the returns of the Fund's underlying portfolio, which included crypto infrastructure and technology companies such as digital asset miners, exchanges, and payments-related businesses. The portfolio experienced significant volatility, including a pronounced drawdown in the first half of 2026 as digital asset prices declined sharply. The Fund generated option premium income through its call spread strategy, with elevated implied volatility across many of its holdings supporting higher premiums, particularly during periods of market stress.

Positioning of the Fund

The Fund remains invested in a portfolio of crypto industry and technology-related companies and continues to employ its call spread strategy to generate income. LFGY seeks to provide current income and capital appreciation through direct investments in a select portfolio of approximately 15 to 30 crypto industry and technology companies.

YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$91,274
Number of Holdings	86
Total Advisory Fee Paid	$1,456,353
Portfolio Turnover	56%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
First American Government Obligations Fund - Class X, 3.58%	10.2
Block, Inc. - Class A	6.4
PayPal Holdings, Inc.	6.2
Opera Ltd., ADR	5.9
Cipher Digital, Inc.	5.8
NVIDIA Corp.	5.7
Hut 8 Corp.	5.7
Riot Platforms, Inc.	5.1
Core Scientific, Inc.	4.6
MercadoLibre, Inc.	4.0

Fund Changes

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/lfgy/.

Householding

YieldMax™ GME Option Income Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ GME Option Income Strategy ETF

TICKER: GMEY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ GME Option Income Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/gmey/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ GME Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ GME Option Income Strategy ETF	$86*	1.03%**

The Fund commenced operations on September 8, 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)

Annual Performance

	Since Inception (9/8/25)
Yieldmax™ GME Option Income Strategy ETF - at NAV	-12.94%*
S&P 500® Total Return Index	16.50%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/gmey/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in GameStop Corp. (“GME”) outweighed income generated by its call spread strategy. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by GME’s share price and implied volatility. Declines in GME detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of GME’s performance.

YieldMax™ GME Option Income Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$2,738
Number of Holdings	9
Total Advisory Fee Paid	$86,135
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
First American Government Obligations Fund - Class X, 3.58%	58.7
U.S. Treasury Bills	36.5
GameStop Corp., Expiration: 8/21/2026; Exercise Price: $22.01	-3.2
GameStop Corp., Expiration: 8/21/2026; Exercise Price: $22.01	2.2
GameStop Corp., Expiration: 8/7/2026; Exercise Price: $21.50	-0.7
GameStop Corp., Expiration: 8/7/2026; Exercise Price: $22.00	-0.6
GameStop Corp., Expiration: 8/7/2026; Exercise Price: $23.00	0.2
GameStop Corp., Expiration: 8/7/2026; Exercise Price: $22.50	0.2

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/gmey/.

Householding

YieldMax™ HIMS Option Income Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ HIMS Option Income Strategy ETF

TICKER: HIYY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ HIMS Option Income Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/hiyy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ HIMS Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ HIMS Option Income Strategy ETF	$121*	1.89%**

The Fund commenced operations on September 22, 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)

Annual Performance

	Since Inception (9/22/25)
Yieldmax™ HIMS Option Income Strategy ETF - at NAV	-48.42%*
S&P 500® Total Return Index	12.99%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/hiyy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in Hims & Hers Health, Inc. (“HIMS”) outweighed income generated by its call spread strategy. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by HIMS’s share price and implied volatility. Declines in HIMS detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of HIMS’s performance.

YieldMax™ HIMS Option Income Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$13,387
Number of Holdings	12
Total Advisory Fee Paid	$139,333
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	77.0
Hims & Hers Health, Inc., Expiration: 9/18/2026; Exercise Price: $27.01	15.5
Hims & Hers Health, Inc., Expiration: 9/18/2026; Exercise Price: $27.01	-13.8
First American Government Obligations Fund - Class X, 3.58%	12.1
Hims & Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $26.50	-2.6
Hims & Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $27.50	-2.1
Hims & Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $27.00	-1.6
Hims & Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $29.50	1.5
Hims & Hers Health, Inc., Expiration: 8/7/2026; Exercise Price: $28.50	1.2

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/hiyy/.

Householding

YieldMax™ MSTR Performance & Distribution Target 25 ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ MSTR Performance & Distribution Target 25 ETF

TICKER: MSST (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the YieldMax™ MSTR Performance & Distribution Target 25 ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/msst/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ MSTR Performance & Distribution Target 25 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ MSTR Performance & Distribution Target 25 ETF	$54*	1.02%**

The Fund commenced operations on 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)

Annual Performance

	Since Inception (11/17/2025)
Yieldmax™ MSTR Performance & Distribution Target 25 ETF - at NAV	-47.72%*
S&P 500® Total Return Index	13.17%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/msst/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in Strategy Inc. (“MSTR”) outweighed income generated by its options strategies. The Fund also made regular distributions.

What Factors Influenced Performance?

Performance was primarily influenced by MSTR’s share price and implied volatility. Declines in MSTR detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund maintained synthetic exposure to MSTR and employed options strategies to generate premiums. MSST targets annual cash distributions of approximately 25% of net asset value while seeking capital appreciation.

YieldMax™ MSTR Performance & Distribution Target 25 ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$1,103
Number of Holdings	7
Total Advisory Fee Paid	$20,885
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	101.7
Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.01	-14.8
Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.01	8.4
Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $105.00	-3.0
First American Government Obligations Fund - Class X, 3.58%	2.1
Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $115.00	1.3

Fund Changes

Effective November 12, 2025 the Fund's listing exchange was changed to Cboe BZX Exchange, Inc.

Effective November 14, 2025 the Fund's ticker symbol was changed to MSST.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/msst/.

Householding

YieldMax™ MSTR Short Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ MSTR Short Option Income ETF

TICKER: WNTR (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ MSTR Short Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/wntr/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ MSTR Short Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ MSTR Short Option Income Strategy ETF	$156	1.00%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (3/26/25)
Yieldmax™ MSTR Short Option Income ETF - at NAV	113.92%	48.93%
S&P 500® Total Return Index	19.56%	23.74%

Visit www.yieldmaxetfs.com/our-etfs/wntr/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, the Fund generated positive total returns while making regular distributions to shareholders. The Fund's performance was driven primarily by its inverse ex-posure to Strategy, Inc. ("MSTR") and income generated through its options strategy

What Factors Influenced Performance?

The Fund's performance was affected principally by changes in the market price of MSTR and the premiums generated through the Fund's options strategy. As a result of its inverse expo-sure, the Fund generally benefited from declines in MSTR's share price. The level of implied volatility also influenced the amount of option premium available during the reporting peri-od.

Positioning of the Fund

The Fund seeks to provide current income while maintaining inverse exposure to MSTR through a systematic options strategy. WNTR seeks to generate current income through the systematic sale of puts and put spreads while retaining inverse exposure to a portion of the underlying security's performance.

YieldMax™ MSTR Short Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$83,918
Number of Holdings	21
Total Advisory Fee Paid	$644,158
Portfolio Turnover	123%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	60.8
First American Government Obligations Fund - Class X, 3.58%	7.4
Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $95.02	5.9
Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $95.02	-4.8
Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.02	2.7
Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.02	-1.5
Strategy, Inc., Expiration 8/7/2026; Exercise Price: $88.00	-0.7
Strategy, Inc., Expiration 8/7/2026; Exercise Price: $90.00	-0.6
Strategy, Inc., Expiration 8/7/2026; Exercise Price: $94.00	-0.5
Strategy, Inc., Expiration 8/7/2026; Exercise Price: $91.00	-0.5

Fund Changes

Effective September 18, 2025 the Fund intends to pay out dividends and interest income, if any, at least monthly, and distribute any net realized capital gains to its shareholders at least annually.

Effective October 14, 2025 the Fund's payment of income distributions were changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/wntr/.

Householding

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF

TICKER: QDTY (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/qdty/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF	$120	1.09%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (2/12/25)
Yieldmax™ Nasdaq 100 0DTE Covered Call Strategy ETF - at NAV	20.51%	15.40%
S&P 500® Total Return Index	19.56%	17.13%

Visit www.yieldmaxetfs.com/our-etfs/qdty/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a positive total return as gains in the Nasdaq-100 Index and income generated by its options strategy contributed to performance. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by movements in the Nasdaq-100 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration (“0DTE”) call options contributed positively to results.

Positioning of the Fund

The Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the Nasdaq-100 Index. The Fund sold 0DTE call options daily and starting in mid-September of 2025, began distributing income weekly.

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$24,324
Number of Holdings	4
Total Advisory Fee Paid	$215,443
Portfolio Turnover	20%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Nasdaq-100 Index, Expiration: 12/18/2026; Exercise Price: $1,001.26	89.5
Nasdaq-100 Micro Index, Expiration: 12/18/2026; Exercise Price: $10.02	5.6
First American Government Obligations Fund - Class X, 3.58%	3.8
U.S. Treasury Bills	0.1

Fund Changes

Effective September 12, 2025 the Fund intends to pay out dividends and interest income, if any, weekly, and distribute any net realized capital gains to its shareholders at least annually. The Fund intends to distribute to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/qdty/.

Householding

YieldMax™ NVDA Performance & Distribution Target 25 ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ NVDA Performance & Distribution Target 25 ETF

TICKER: NVIT (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the YieldMax™ NVDA Performance & Distribution Target 25 ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/nvit/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ NVDA Performance & Distribution Target 25 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ NVDA Performance & Distribution Target 25 ETF	$74*	0.99%**

The Fund commenced operations on 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)

Annual Performance

	Since Inception (11/17/25)
Yieldmax™ NVDA Performance & Distribution Target 25 ETF - at NAV	13.68%*
S&P 500® Total Return Index	13.17%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/nvit/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a positive total return as appreciation in NVIDIA Corporation (“NVDA”) and income generated by its options strategies contributed to performance. The Fund also made regular distributions.

What Factors Influenced Performance?

Performance was primarily influenced by NVDA’s share price and implied volatility. Gains in NVDA and option premiums contributed to results

Positioning of the Fund

The Fund maintained synthetic exposure to NVDA and employed options strategies to generate premiums. NVIT targets annual cash distributions of approximately 25% of net asset value while seeking capital appreciation.

YieldMax™ NVDA Performance & Distribution Target 25 ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$10,817
Number of Holdings	10
Total Advisory Fee Paid	$39,517
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	53.2
First American Government Obligations Fund - Class X, 3.58%	34.8
NVIDIA Corp., Expiration: 9/18/2026; Exercise Price: $200.01	6.5
NVIDIA Corp., Expiration: 9/18/2026; Exercise Price: $200.01	-5.7
NVIDIA Corp., Expiration: 8/21/2026; Exercise Price: $210.00	-1.8
NVIDIA Corp., Expiration: 8/21/2026; Exercise Price: $225.00	0.5

Fund Changes

Effective November 12, 2025 the Fund's listing exchange was changed to Cboe BZX Exchange, Inc.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/nvit/.

Householding

YieldMax™ R2000 0DTE Covered Call Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ R2000 0DTE Covered Call Strategy ETF

TICKER: RDTY (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the YieldMax™ R2000 0DTE Covered Call Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/rdty/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ R2000 0DTE Covered Call Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ R2000 0DTE Covered Call Strategy ETF	$139	1.24%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (3/5/25)
Yieldmax™ R2000 0DTE Covered Call Strategy ETF - at NAV	25.22%	20.38%
S&P 500® Total Return Index	19.56%	20.80%

Visit www.yieldmaxetfs.com/our-etfs/rdty/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a positive total return as gains in the Russell 2000 Index and income generated by its options strategy contributed to performance. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by movements in the Russell 2000 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration (“0DTE”) call options contributed positively to results.

Positioning of the Fund

The Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the Russell 2000 Index. The Fund sold 0DTE call options daily and, starting in mid-September 2025, began distributing income weekly.

YieldMax™ R2000 0DTE Covered Call Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$30,921
Number of Holdings	3
Total Advisory Fee Paid	$138,067
Portfolio Turnover	3%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Russell 2000 Index, Expiration: 12/18/2026; Exercise Price: $310.26	88.5
First American Government Obligations Fund - Class X, 3.58%	9.8
U.S. Treasury Bills	0.1

Fund Changes

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/rdty/.

Householding

YieldMax™ RDDT Option Income Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ RDDT Option Income Strategy ETF

TICKER: RDYY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ RDDT Option Income Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/rdyy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ RDDT Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ RDDT Option Income Strategy ETF	$74*	1.02%**

The Fund commenced operations on September 8, 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)

Annual Performance

	Since Inception (9/8/25)
Yieldmax™ RDDT Option Income Strategy ETF - at NAV	-36.84%*
S&P 500® Total Return Index	16.50%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/rdyy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in Reddit, Inc. (“RDDT”) outweighed income generated by its call spread strategy. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by RDDT’s share price and implied volatility. Declines in RDDT detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of RDDT’s performance.

YieldMax™ RDDT Option Income Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$12,589
Number of Holdings	12
Total Advisory Fee Paid	$169,267
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	96.1
Reddit, Inc., Expiration: 9/18/2026; Exercise Price: $140.01	-9.8
Reddit, Inc., Expiration: 9/18/2026; Exercise Price: $140.01	9.6
First American Government Obligations Fund - Class X, 3.58%	4.1
Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $144.00	-2.1
Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $140.00	-1.2
Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $152.50	0.9
Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $147.00	0.6

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/rdyy/.

Householding

YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ S&P 500 0DTE Covered Call Strategy ETF

TICKER: SDTY (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/sdty/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ S&P 500 0DTE Covered Call Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ S&P 500 0DTE Covered Call Strategy ETF	$110	1.02%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (2/5/25)
Yieldmax™ S&P 500 0DTE Covered Call Strategy ETF - at NAV	17.56%	13.23%
S&P 500® Total Return Index	19.56%	16.79%

Visit www.yieldmaxetfs.com/our-etfs/sdty/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a positive total return as gains in the S&P 500 Index and income generated by its options strategy contributed to performance. The Fund also provided shareholders with regular income distributions.

What Factors Influenced Performance?

Performance was primarily influenced by movements in the S&P 500 Index and index volatility. Index gains and premiums from daily zero-days-to-expiration (“0DTE”) call options contributed positively to results.

Positioning of the Fund

The Fund continued to employ a synthetic covered call strategy designed to generate current income while maintaining exposure to the S&P 500 Index. The Fund sold 0DTE call options daily and beginning in mid-September 2025, started distributing income weekly.

YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$46,284
Number of Holdings	5
Total Advisory Fee Paid	$213,011
Portfolio Turnover	0%*

Does not round to 1%.

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
S&P 500 Index, Expiration: 12/18/2026; Exercise Price: $1,200.26	84.0
First American Government Obligations Fund - Class X, 3.58%	12.2
U.S. Treasury Bills	1.6

Fund Changes

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/sdty/.

Householding

YieldMax™ Semiconductor Portfolio Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Semiconductor Portfolio Option Income ETF

TICKER: CHPY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Semiconductor Portfolio Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/chpy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Semiconductor Portfolio Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Semiconductor Portfolio Option Income ETF	$144	0.99%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (4/2/25)
Yieldmax™ Semiconductor Portfolio Option Income ETF - at NAV	91.24%	87.47%
S&P 500® Total Return Index	19.56%	24.78%

Visit www.yieldmaxetfs.com/our-etfs/chpy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, CHPY generated a positive total return, driven by strong gains across its semiconductor holdings, while providing shareholders with substantial income distributions, which started being paid out weekly in mid-October 2025.

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio of semiconductor companies, which benefited from continued demand tied to artificial intelligence infrastructure buildout. The Fund also generated meaningful option premium income through its call spread strategy. Elevated implied volatility within the semiconductor sector supported a high level of premium income, though the Fund's use of call spreads capped a portion of its upside participation in the sector's advance.

Positioning of the Fund

The Fund continues to be invested in a portfolio of approximately 15 to 30 semiconductor companies selected based on liquidity, price level, and implied volatility, and continues to employ its call spread strategy in seeking to generate current income while capturing a portion of the sector's capital appreciation potential.

YieldMax™ Semiconductor Portfolio Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$1,023,356
Number of Holdings	89
Total Advisory Fee Paid	$4,131,039
Portfolio Turnover	38%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
NVIDIA Corp.	6.1
Broadcom, Inc.	5.9
Advanced Micro Devices, Inc.	5.3
Lam Research Corp.	5.2
Marvell Technology, Inc.	4.6
Intel Corp.	4.5
Astera Labs, Inc.	4.3
Micron Technology, Inc.	4.3
ASML Holding NV	4.1
United Microelectronics Corp., ADR	4.0

Fund Changes

Effective October 14, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a weekly basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/chpy/.

Householding

YieldMax™ SPCX Option Income Strategy ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ SPCX Option Income Strategy ETF

TICKER: YSPC (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ SPCX Option Income Strategy ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/yspc/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ SPCX Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ SPCX Option Income Strategy ETF	$4*	0.99%**

The Fund commenced operations on July 14, 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)

Annual Performance

	Since Inception (7/14/26)
Yieldmax™ SPCX Option Income Strategy ETF - at NAV	-16.75%*
S&P 500® Total Return Index	-0.68%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/yspc/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in Space Exploration Technologies Corp. (“SPCX”) outweighed income generated by its call spread strategy. The Fund also made an income distribution.

What Factors Influenced Performance?

Performance was primarily influenced by SPCX’s share price and implied volatility. Declines in SPCX detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund continued to sell call spreads to generate current income while maintaining exposure to a portion of SPCX’s performance.

YieldMax™ SPCX Option Income Strategy ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$2,060
Number of Holdings	8
Total Advisory Fee Paid	$491
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	98.0
Space Exploration Technologies Corp., Expiration: 8/14/2026; Exercise Price: $114.01	-13.0
Space Exploration Technologies Corp., Expiration: 8/14/2026; Exercise Price: $114.01	7.9
First American Government Obligations Fund - Class X, 3.58%	3.9
Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $110.00	-3.7
Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $115.00	-3.0
Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $120.00	2.3
Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $126.00	1.7

Fund Changes

There were no material changes during the reporting period.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/yspc/.

Householding

YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF

TICKER: MINY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/miny/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF	$38*	0.99%**

The Fund commenced operations on February 26, 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)

Annual Performance

	Since Inception (2/26/26)
Yieldmax™ Strategic Metals & Mining Portfolio Option Income ETF - at NAV	-19.76%*
S&P 500® Total Return Index	8.93%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/miny/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

Since its inception in February 2026, which is less than the full reporting period, MINY generated a negative total return, as weakness across strategic metals and mining companies drove performance. The Fund provides shareholders with regular income distributions which offset the underlying equity losses over this time frame.

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio of metals and mining companies, which experienced a sustained selloff in precious and strategic metals prices. The Fund generated option premium income through its options strategy, with elevated implied volatility across many holdings supporting meaningful premium income.

Positioning of the Fund

The Fund maintains a portfolio of U.S.-listed strategic metals and mining companies and employs an options strategy across its holdings. MINY seeks to provide current income and, secondarily, capital appreciation through direct investments in a focused portfolio of metals and mining companies.

YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$4,420
Number of Holdings	79
Total Advisory Fee Paid	$19,275
Portfolio Turnover	38%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Nucor Corp.	7.6
Steel Dynamics, Inc.	6.8
Freeport-McMoRan, Inc.	4.8
Caterpillar, Inc.	4.5
Southern Copper Corp.	4.5
Constellation Energy Corp.	4.3
BHP Group Ltd., ADR	4.1
VanEck Gold Miners ETF	4.0
Global X Lithium & Battery Tech ETF	3.9
Newmont Corp.	3.8

Fund Changes

Effective July 23, 2026 the Fund’s investment strategy is revised to provide that the Fund may invest in U.S.-listed equity securities of Strategic Metals & Mining Companies and/or shares of one or more Strategic Metals & Mining ETFs (collectively, the “Underlying Securities”). The Fund will also seek to generate income using options contracts on the Underlying Securities. Strategic Metals & Mining Companies may include foreign companies, including companies located in emerging markets, and their U.S.-listed depositary receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/miny/.

Householding

YieldMax™ Target 12 Big 50 Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Target 12 Big 50 Option Income ETF

TICKER: BIGY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Target 12 Big 50 Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/bigy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Target 12 Big 50 Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Target 12 Big 50 Option Income ETF	$106	1.01%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (11/20/24)
Yieldmax™ Target 12 Big 50 Option Income ETF - at NAV	15.25%	14.26%
S&P 500® Total Return Index	19.56%	16.37%

Visit www.yieldmaxetfs.com/our-etfs/bigy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, BIGY generated a positive total return, led by gains among its largest holdings, including NVIDIA, Apple, Alphabet, and Amazon. Beginning in mid-September 2025, the fund made regular monthly distributions to shareholders toward its 12% annual income target.

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio of the 50 largest U.S. companies, which benefited from continued strength across mega-cap technology and other large-cap names. The Fund's covered call strategy generated premium income used to help meet its annual 12% target, with the diversified nature of the underlying portfolio helping to reduce the impact of weakness in any single holding.

Positioning of the Fund

The Fund continues to hold a diversified portfolio of the 50 largest U.S. companies (the "Big 50 Companies") and employs a covered call strategy across its holdings. BIGY seeks to generate cash distributions based on a targeted annual cash distribution level of 12% while also seeking capital appreciation.

YieldMax™ Target 12 Big 50 Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$54,361
Number of Holdings	207
Total Advisory Fee Paid	$227,003
Portfolio Turnover	41%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Apple, Inc.	6.8
NVIDIA Corp.	6.2
Amazon.com, Inc.	5.5
Alphabet, Inc. - Class A	5.1
Microsoft Corp.	3.7
Advanced Micro Devices, Inc.	3.7
Broadcom, Inc.	3.4
JPMorgan Chase & Co.	3.4
Meta Platforms, Inc. - Class A	3.2
Walmart, Inc.	2.7

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/bigy/.

Householding

YieldMax™ Target 12 Real Estate Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Target 12 Real Estate Option Income ETF

TICKER: RNTY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Target 12 Real Estate Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/rnty/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Target 12 Real Estate Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Target 12 Real Estate Option Income ETF	$107	1.02%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (4/16/25)
Yieldmax™ Target 12 Real Estate Option Income ETF - at NAV	11.04%	11.44%
S&P 500® Total Return Index	19.56%	32.78%

Visit www.yieldmaxetfs.com/our-etfs/rnty/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, RNTY generated a positive total return, as modest gains across its real estate holdings, together with option premium income, contributed to results. Beginning in mid-September 2025, the Fund also made regular monthly distributions toward its 12% annual income target.

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio of real estate companies and real estate investment trusts ("REITs"), which benefited from the trajectory of interest rates over the period. The Fund's covered call strategy generated premium income used to help meet its annual 12% target, though this strategy limited participation in a portion of the sector's gains.

Positioning of the Fund

The Fund continues to hold a portfolio of 15 to 30 U.S.-listed real estate companies, REITs, and real estate-related investments, and employs a covered call strategy across its holdings. RNTY seeks to generate current income, so as to be able to make cash distributions based on a targeted annual cash distribution level of 12% while also seeking capital appreciation.

YieldMax™ Target 12 Real Estate Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$8,739
Number of Holdings	76
Total Advisory Fee Paid	$55,765
Portfolio Turnover	752%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Welltower, Inc. - REIT	7.2
Prologis, Inc. - REIT	6.7
Digital Realty Trust, Inc. - REIT	5.8
Simon Property Group, Inc. - REIT	5.5
Equinix, Inc. - REIT	4.6
Texas Pacific Land Corp.	4.5
Realty Income Corp. - REIT	4.1
Iron Mountain, Inc. - REIT	4.1
St. Joe Co.	4.0
Public Storage - REIT	4.0

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/rnty/.

Householding

YieldMax™ Target 12 Semiconductor Option Income ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ Target 12 Semiconductor Option Income ETF

TICKER: SOXY (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ Target 12 Semiconductor Option Income ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/soxy/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ Target 12 Semiconductor Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ Target 12 Semiconductor Option Income ETF	$146	1.01%*

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

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

	1 Year	Since Inception (12/2/24)
Yieldmax™ Target 12 Semiconductor Option Income ETF - at NAV	90.25%	57.91%
S&P 500® Total Return Index	19.56%	15.16%

Visit www.yieldmaxetfs.com/our-etfs/soxy/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

During the reporting period, SOXY generated a strong positive total return, as substantial gains across its semiconductor holdings significantly outweighed the capped upside from its call spread strategy. Beginning in mid-September 2025, the Fund also starting making regular monthly distributions toward its 12% annual income target.

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio of semiconductor companies, which benefited from continued demand tied to artificial intelligence infrastructure and data center buildout. The Fund's covered call strategy generated premium income used to help meet its annual 12% target. Elevated implied volatility across the sector supported higher premiums.

Positioning of the Fund

The Fund continues to hold a portfolio of 15 to 30 semiconductor companies directly and employs a covered call strategy across its holdings. SOXY seeks to generate current income to allow for cash distributions based on a targeted annual cash distribution level of 12% while also seeking capital appreciation.

YieldMax™ Target 12 Semiconductor Option Income ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$64,010
Number of Holdings	85
Total Advisory Fee Paid	$303,976
Portfolio Turnover	68%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
NVIDIA Corp.	6.1
Advanced Micro Devices, Inc.	5.2
Broadcom, Inc.	4.9
ASML Holding NV	4.7
Marvell Technology Inc	4.5
ACM Research, Inc. - Class A	4.4
Lam Research Corp.	4.4
Applied Materials, Inc.	4.3
Astera Labs, Inc.	4.2
Micron Technology, Inc.	4.2

Fund Changes

Effective September 18, 2025 the Fund's payment of income distributions was changed to seek to make such distributions on a monthly or more frequent basis.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/soxy/.

Householding

YieldMax™ TSLA Performance & Distribution Target 25 ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ TSLA Performance & Distribution Target 25 ETF

TICKER: TEST (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the YieldMax™ TSLA Performance & Distribution Target 25 ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/test/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ TSLA Performance & Distribution Target 25 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ TSLA Performance & Distribution Target 25 ETF	$64*	1.01%**

The Fund commenced operations on 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)

Annual Performance

	Since Inception (11/17/25)
Yieldmax™ TSLA Performance & Distribution Target 25 ETF - at NAV	-17.86%*
S&P 500® Total Return Index	13.17%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/test/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

The Fund had a negative total return as declines in Tesla, Inc. (“TSLA”) outweighed income generated by its options strategies. The Fund also made regular distributions.

What Factors Influenced Performance?

Performance was primarily influenced by TSLA’s share price since inception which has been less than 12 months, and implied volatility. Declines in TSLA detracted from results, while option premiums partially offset those losses.

Positioning of the Fund

The Fund maintained synthetic exposure to TSLA and employed options strategies to generate premiums while targeting annual cash distributions of approximately 25% of net asset value and seeking current income and capital appreciation.

YieldMax™ TSLA Performance & Distribution Target 25 ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$3,468
Number of Holdings	12
Total Advisory Fee Paid	$17,491
Portfolio Turnover	0%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	54.0
First American Government Obligations Fund - Class X, 3.58%	52.8
Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $395.01	-27.2
Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $330.00	-2.1
Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $360.00	1.0
Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $395.01	0.9
Tesla, Inc., Expiration: 8/21/2026; Exercise Price: $322.50	-0.8
Tesla, Inc., Expiration: 8/21/2026; Exercise Price: $327.50	-0.6
Tesla, Inc., Expiration: 8/21/2026; Exercise Price: $345.00	0.3
Tesla, Inc., Expiration: 8/21/2026; Exercise Price: $355.00	02

Fund Changes

Effective November 12, 2025 the Fund's listing exchange has been changed to Cboe BZX Exchange, Inc.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/test/.

Householding

YieldMax™ U.S. Stocks Target Double Distribution ETF Tailored Shareholder Report

annual Shareholder Report July 31, 2026

YieldMax™ U.S. Stocks Target Double Distribution ETF

TICKER: DDDD (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the YieldMax™ U.S. Stocks Target Double Distribution ETF (the "Fund") for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/dddd/. You can also request this information by contacting us at (844) 737-3001 or by writing to YieldMax™ U.S. Stocks Target Double Distribution ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.

What were the Fund costs for the past 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
YieldMax™ U.S. Stocks Target Double Distribution ETF	$40*	0.99%**

The Fund commenced operations on March 11, 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)

Annual Performance

	Since Inception (3/11/26)
Yieldmax™ U.S. Stocks Target Double Distribution ETF - at NAV	7.61%*
S&P 500® Total Return Index	11.00%

Not Annualized for periods less than one year.

Visit www.yieldmaxetfs.com/our-etfs/dddd/ for more recent performance information.

How Did the Fund Perform During the Reporting Period?

Since its inception in March 2026, DDDD generated a positive total return, as gains among its underlying dividend equity holdings were supplemented by income generated through its options overlay. The Fund made regular distributions designed to approximate double the annualized distribution yield of the Schwab U.S. Dividend Equity ETF (SCHD).

What Factors Influenced Performance?

Performance was primarily influenced by the returns of the Fund's underlying portfolio, which tracks the constituents of the Dow Jones U.S. Dividend 100 Index, comprised of high-quality U.S. companies with strong financial fundamentals and consistent dividend histories. The Fund's actively managed options overlay, which sells credit call and put spreads on a select subset of the underlying holdings, generated additional premium income.

Positioning of the Fund

The Fund continues to combine long positions in high-quality, dividend-paying U.S. companies with an actively managed options overlay designed to generate additional income. DDDD seeks to target approximately double the annualized distribution yield of SCHD while seeking similar price exposure to the underlying dividend equities.

YieldMax™ U.S. Stocks Target Double Distribution ETF Tailored Shareholder Report

Key Fund Statistics

(as of July 31, 2026)

Fund Size (Thousands)	$6,567
Number of Holdings	264
Total Advisory Fee Paid	$16,507
Portfolio Turnover	40%

What did the Fund invest in?

(as of July 31, 2026)

Security Type - Investments

(% of Net Assets)

Security Type - Other Financial Instruments

(% of Net Assets)

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

Top Holdings	(% of Net Assets)
Abbott Laboratories	4.7
Amgen, Inc.	4.4
Merck & Co., Inc.	4.4
Coca-Cola Co.	4.3
UnitedHealth Group, Inc.	4.2
Home Depot, Inc.	4.1
Chevron Corp.	4.0
Procter & Gamble Co.	4.0
Verizon Communications, Inc.	3.9
PepsiCo, Inc.	3.8

Fund Changes

Effective April 16, 2026 the Fund’s investment strategy is revised to provide that the Fund may invest in shares of Schwab U.S. Dividend Equity ETF (“SCHD”), as well as select securities held by SCHD or securities highly correlated with such holdings. The Fund may also generate premiums by selling (writing) options on SCHD and such underlying or correlated securities.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/dddd/.

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, David Norris, and Domenick Pugliese.

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

The YieldMax ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a 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. The Funds are considered non-diversified under the 1940 Act. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

The primary investment objective of the GPTY ETF, CRCO ETF, LFGY ETF, GMEY ETF, HIYY ETF, MSST ETF, WNTR ETF, QDTY ETF, NVIT ETF, RDTY ETF, RDYY ETF, SDTY ETF, CHPY ETF, YSPC ETF, MINY ETF, BIGY ETF, RNTY ETF, SOXY ETF, TEST ETF, and DDDD ETF is to seek current income.

The secondary objective of the GPTY ETF is to seek capital appreciation via investments in a select portfolio of AI and technology companies.

The secondary objective of the CRCO ETF is to seek exposure to the share price of Circle Internet Group, Inc., subject to a limit on potential investment gains.

The secondary objective of the LFGY ETF is to seek capital appreciation via investments in a select portfolio of crypto industry and technology companies.

The secondary objective of the GMEY ETF is to seek exposure to the share price of GameStop Corp., subject to a limit on potential investment gains.

The secondary objective of the HIYY ETF is to seek exposure to the share price of Hims & Hers Health, Inc., subject to a limit on potential investment gains.

The secondary objective of the MSST ETF is to seek indirect exposure to the share price of Strategy, Inc., subject to a limit on potential investment gains.

The secondary objective of the WNTR ETF is to seek inverse exposure to the share price of the common stock of Strategy, Inc., subject to a limit on potential investment gains.

The secondary objective of the QDTY ETF, RDTY ETF, SDTY ETF, MINY ETF and DDDD ETF is to seek capital appreciation.

The secondary objective of the NVIT ETF is to seek indirect exposure to the share price of Nvidia Corp., subject to a limit on potential investment gains.

The secondary objective of the RDYY ETF is to seek exposure to the share price of Reddit, Inc., subject to a limit on potential investment gains.

The secondary objective of the CHPY ETF is to seek capital appreciation via investments in a select portfolio of semiconductor companies.

The secondary objective of the YSPC ETF is to seek exposure to the share price of Class A common stock of Space Exploration Technologies Corp., subject in certain circumstances to a limit on the Fund’s participation in gains.

The secondary objective of the BIGY ETF is to seek capital appreciation via investments in a portfolio of 50 of the largest U.S. companies.

The secondary objective of the RNTY ETF is to seek capital appreciation via investments in a select portfolio of companies operating in the real estate industry and other real estate related investments.

The secondary objective of the SOXY ETF is to seek capital appreciation via investments in a select portfolio of companies engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment.

The secondary objective of the TEST ETF is to seek indirect exposure to the share price of Tesla, Inc., subject to a limit on potential investment gains.

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, including exchange traded funds (“ETF’s”), 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, respectively. 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.

Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors. FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. In selecting the model prices, the Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s net asset value (“NAV”) . If either pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

Investments in money market mutual funds are valued at each underlying fund’s published 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.

The Board of Trustees has designated the Adviser as the Fund’s valuation designee. 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 July 31, 2026:

Refer to the Schedules of Investments and Schedules of written option contracts for further disaggregation of investment categories.

Derivative Instruments - As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub- Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short- term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation. FLEX Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American-style, exercisable any time prior to the expiration date, or European-style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the FLEX Option’s expiration date.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

By virtue of each Fund’s investments in option contracts, equity ETFs and equity indices, the Funds are exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each Fund provides disclosures regarding its use of derivative instruments and their effect on the Fund’s financial position and results of operations. The following tables present each Fund’s average notional amounts by derivative type, together with the fair value and location of each Fund’s derivative assets and liabilities and the related realized and unrealized gains and losses for the reporting period.

For the period ended July 31, 2026, each Fund’s monthly average notional amount is described below:

The effect of derivative instruments on the Statements of Operations for the year or period ended July 31, 2026:

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

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 of 1986, as amended (the “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 July 31, 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.

Deposits at Brokers - Deposits at brokers for option contracts and securities sold short, if any, represent amounts that are held by third parties under certain of the Funds ‘derivative transactions. Such cash is excluded from cash and equivalents in the Statements of Assets and Liabilities. Cash and cash equivalents and deposits at broker are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporation (“SIPC”) or Federal Deposit Insurance Corporation (“FDIC”) limitations.

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 and expense is recorded on the ex-dividend date. Interest income and expense 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 received from the Funds’ investments in REITs may be characterized as ordinary income, net capital gains or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds may use estimates in reporting the character of their income and distributions for financial statement purposes; otherwise, these amounts are recorded once the issuers provide the information about the actual composition of the distributions. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

The Funds may invest in other investment companies (the “Underlying Funds”), including ETFs, mutual funds, or money market funds. Securities transactions are recorded on a trade-date basis. Realized gains and losses from the sale of securities are determined using the specific identification method. Dividend income and distributions from Underlying Funds, if any, are recorded on the ex-dividend date. Interest income, if any, is recognized on an accrual basis.

Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Funds are declared and paid weekly except for BIGY ETF, RNTY ETF, and SOXY ETF which are declared and paid on a monthly or more frequent basis and DDDD ETF which is declared and paid on a quarterly or more frequent basis. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Prior to September 29, 2025, CRCO ETF, and prior to October14, 2025 GMEY ETF, HIYY ETF and RDYY ETF, each declared and paid distributions from net investment income monthly. Distributions are recorded on the ex-dividend date.

Short Sales - The Funds may engage in short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of the security will decline. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the borrowed security by purchasing it subsequently at prevailing market prices, which may be higher than the price at which the security was sold by the Fund. Until the borrowed security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue on the borrowed security during the period of the loan. In addition, the Fund may be required to pay a premium or other fee to borrow the security. The Fund’s potential loss on a short sale is theoretically unlimited.

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 the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the Cboe BZX Exchange, Inc. (“CBOE”) for MSST ETF, NVIT ETF and TEST ETF, the NASDAQ for QDTY ETF, RDTY ETF and SDTY ETF, the NYSE Arca, Inc. (“ARCA”) for all other Funds, or the New York Stock Exchange, 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 redemptions in-kind or net operating loss. For the fiscal period ended July 31, 2026, the following adjustments were made:

Counterparty Risk. The Funds are subject to counterparty risk by virtue of their investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, each Fund’s counterparty is a clearing house rather than a bank or broker. Since the Funds are not members of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Funds will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Funds will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Funds with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of each Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Funds might not be fully protected in the event of the clearing member’s bankruptcy, as the Funds would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Funds are also subject to the risk that a limited number of clearing members are willing to transact on each Fund’s behalf, which heightens the risks associated with a clearing member’s default. This risk is greater for certain Funds that seek to hold options contracts on a single security, and not a broader range of options contracts, which may limit the number of clearing members that are willing to transact on each applicable Fund’s behalf. If a clearing member defaults, the Funds could lose some or all of the benefits of a transaction entered into by the Funds with the clearing member. If the Funds cannot find clearing members to transact with on each Fund’s behalf, the Funds may be unable to effectively implement their investment strategies.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Funds’ investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risks related to the market, imperfect correlation with underlying investments or the Funds’ other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than would result from directly investing in securities. When a Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose a Fund to losses in excess of those amounts initially invested. Less liquidity in the trading of the Fund’s FLEX Options could have an impact on the prices paid or received by the Fund for the FLEX Options in connection with creations and redemptions of the Fund’s shares. Depending on the nature of this impact on pricing, the Fund may be forced to pay more for redemptions (or receive less for creations) than the price at which it currently values the FLEX Options. Such overpayment or under collection may impact the value of the Fund and whether the Fund can satisfy its investment objective. In addition, the Funds’ investments in derivatives are subject to the following risks:

The Funds may experience substantial downside risk from certain options positions, including the potential for purchased options to expire worthless, resulting in the loss of premiums paid. Additionally, selling (writing) options exposes the Funds to significant risks that can exceed the premiums received. When writing call options, the Funds face the risk of unlimited losses if the Indexes rise significantly, as they may be required to pay the difference between the strike price and the higher market value of the Indexes. Conversely, writing put options can lead to substantial losses if the Indexes decline significantly, as the Funds may be obligated to pay the difference between the strike price and the lower market value of the Indexes. These risks are heightened with 0DTE options, as their sensitivity to intraday price movements and volatility can lead to sudden and extreme losses within a single trading day.

The Funds may also encounter challenges in managing written options positions, particularly in volatile or illiquid markets, where closing or adjusting positions may be difficult or costly. Additionally, the process of rolling options positions— replacing expiring options with new contracts to maintain exposure—can involve significant transaction costs and expose the Funds to additional risks, such as adverse price movements during the roll period or reduced liquidity in the desired contracts. The Funds may also face margin requirements associated with written options, which could require the Funds to liquidate other assets to meet these obligations, potentially at unfavorable prices. Collectively, these risks may result in significant losses or reduced investment efficiency for the Funds.

Distribution Risk. As part of their investment objectives to provide current income, the Funds seek to provide weekly income distributions. There is no assurance that the Funds will make a distribution in any given week. If the Funds do make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, weekly distributions, if any, may consist of returns of capital, which would decrease each Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses on their investment.

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 Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (“Investment Advisory Fee”) based on the average daily net assets of each Fund. Each fund pays an annual rate of 0.99% of each Fund’s average daily net assets.

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, accounting, 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 each Fund except for 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, litigation expenses, other non-routine or extraordinary expenses, and distribution fees and expenses paid by each 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 calculated daily and paid monthly to the Adviser. Investment Advisory Fees for the period ended July 31, 2026, are disclosed in the Statements of Operations.

There is no sub-advisory agreement currently in effect for the Funds, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

The Adviser has entered into an agreement with ZEGA Financial, LLC, Lucania Investments LLC, and Level ETF Ventures LLC (each a “Supporter” and collectively the “Supporters”), with respect to the Funds, under which each Supporter assumes the obligation of the Adviser to pay all or a portion of expenses of the Funds, except the Excluded Expenses (such expenses of the Funds, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Supporters all or a portion of the profits, if any, generated by each Fund’s unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Supporters include fees charged by Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group Company and an affiliate of the Adviser. Although the Supporters have agreed to be responsible for all of the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses.

Tidal serves as the Funds’ administrator and, in that capacity, performs or arranges for various administrative, compliance and management services (other than investment advisory 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’ sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative, management (other than investment advisory services) and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian.

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, the Funds are 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 their 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.

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, who 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 year or period ended July 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, in-kind transactions, and purchases and sales of the Subsidiaries were as follows:

For the year or period ended July 31, 2026, none of the Funds had purchases or sales of long-term U.S. government securities.

For the year or period ended July 31, 2026, long-term in-kind transactions associated with creations and redemptions for the Funds were as follows:

The tax character of distributions paid during the fiscal periods ended July 31, 2026 and July 31, 2025 were as follows:

As of the fiscal period ended July 31, 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 year ended July 31, 2026, the Funds had elected to defer the following post-October or late-year losses:

As of July 31, 2026, the Funds had the following long-term and short-term capital loss carryovers, which do not expire:

Shares of the Funds are listed and traded on the ARCA, except for the MSST ETF, QDTY ETF, NVIT ETF, RDTY ETF, SDTY ETF and TEST ETF. Shares of QDTY ETF, RDTY ETF, and SDTY ETF are listed and traded on the NASDAQ. Shares of the MSST ETF, NVIT ETF and TEST ETF are listed and traded 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.

The Funds currently offer one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee, payable to the Custodian, is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee is $300 for each Fund, other than BIGY ETF, RNTY ETF and SOXY ETF, of which the fee is $500 for those Funds. 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, payable to each Fund, may be charged on all cash transactions, non -standard orders, or partial cash transactions 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 the cash transactions. Variable fees received by the Funds, if any, are disclosed in the Capital 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. Management has determined that there are no 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 written options contracts (as applicable), of YieldMax ETFs comprising the funds listed below (the “Funds”), each a series of Tidal Trust II, as of July 31, 2026, the related statements of operations and 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 July 31, 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 July 31, 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 periods ended July 31, 2026, certain dividends paid by the Funds 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 periods ended July 31, 2026, were as follows:

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the periods ended July 31, 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.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on June 18, 2026, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

● the Investment Advisory Agreements (each, an “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each New Fund

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 was 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.

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 New 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 New Funds are new, it was difficult to estimate the profitability of each New 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 New Funds are new, it also was difficult to estimate whether the New 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.

The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser for their services. The Board considered the fee in light of the services being provided. The Board determined that the proposed fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work performed by each firm. The Board also considered that the Adviser, ZEGA Financial, LLC, Lucania Investments LLC and LEVEL ETF Ventures were acting as sponsors to the YieldMax 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.

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 each Agreement for an initial term of two years.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on January 14, 2026, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

● the Investment Advisory Agreements (each, an “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each Fund;

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 was 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.

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 and Sub-Advisers’ 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 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.

The Board also considered that the Adviser, ZEGA, Lucania Investments LLC and Level ETF Ventures LLC were acting as sponsors to the YieldMax 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.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on August 6-7, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

● the Investment Advisory Agreements (each, an “Advisory Agreement”), collectively the “Advisory Agreements”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each Fund;

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.

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.

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 also considered the Adviser, ZEGA Financial LLC, Lucania Investments LLC and Level ETF Ventures LLC, were acting as sponsor for the YieldMax ETFs. 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.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at meetings held between November 6- 7, 2024, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

● the Investment Advisory Agreement (the “Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each Fund.

● a Sub-Advisory Agreement between the Adviser and ZEGA Financial, LLC (“ZEGA”) with respect to the YieldMax ETFs.

Pursuant to Section 15 of the 1940 Act, the Agreement must be approved by the vote of a majority of the Trustees who are not parties to the Agreement 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; (iii) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (iv) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for each Fund reflect these economies of scale for the benefit of each Fund; and (v) 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 meetings held between November 6-7, 2024, January 1, 2025, and 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 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 Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Agreement 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 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 the importance of the fact that the proposed advisory fee for each Fund is a “unified fee,” meaning that the shareholders of each 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 each Fund under any distribution plan adopted pursuant to Rule 12b-1 under 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 each 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.

The Board also reviewed the proposed advisory fee paid to the Adviser, where applicable, for their services. The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser given the work performed by the Adviser. The Board also considered that ZEGA was acting as sponsor to the Funds 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 ZEGA out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered. The Board also considered that the sub-advisory fees paid to the Sub-Adviser is paid out of the Adviser’s unified fee and represents an arm’s-length negotiation between the Adviser and the Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from respective relationships with the respective Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreement. The Board considered that, because these fees are paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

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.

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.

Date	YieldMax™ AI & Tech Portfolio Option Income ETF - at NAV - $13,964	S&P 500® Total Return Index - $12,539
1/22/2025	10000	10000
4/30/2025	8547	9182
7/31/2025	11052	10487
10/31/2025	12750	11350
1/31/2026	11722	11550
4/30/2026	13319	12034
7/31/2026	13964	12539

Sector	%
Common Stocks	98.2%
Purchased Call Options	1.8%
Cash & Cash Equivalents	0.0%*

Sector	%
Written Call Options	-2.6%
Written Put Options	-1.0%

Date	YieldMax™ CRCL Option Income Strategy ETF - at NAV - $5,463	S&P 500® Total Return Index - $11,354
9/29/2025	10000	10000
10/31/2025	9402	10277
1/31/2026	5297	10458
4/30/2026	6975	10896
7/31/2026	5463	11354

Sector	%
Pruchased Call Options	17.8%
Cash & Cash Equivalents	82.2%

Date	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF - at NAV - $10,051	S&P 500® Total Return Index - $13,078
1/13/2025	10000	10000
4/30/2025	8736	9578
7/31/2025	10627	10938
10/31/2025	11929	11838
1/31/2026	9544	12047
4/30/2026	10244	12552
7/31/2026	10051	13078

Sector	%
Common Stocks	84.8%
Purchased Call Options	7.9%
Purchased Put Options	0.3%
Cash & Cash Equivalents	7.0%

Date	YieldMax™ GME Option Income Strategy ETF - at NAV - $8,723	S&P 500® Total Return Index - $11,650
9/8/2025	10000	10000
10/31/2025	9431	10545
1/31/2026	9303	10731
4/30/2026	9682	11181
7/31/2026	8723	11650

Sector	%
Purchased Call Options	2.6%
Cash & Cash Equivalents	97.4%

Date	YieldMax™ HIMS Option Income Strategy ETF - at NAV - $5,266	S&P 500® Total Return Index - $11,299
9/22/2025	10000	10000
10/31/2025	7918	10228
1/31/2026	5253	10408
4/30/2026	5178	10844
7/31/2026	5266	11299

Sector	%
Purchased Call Options	18.2%
Cash & Cash Equivalents	81.8%

Date	YieldMax™ MSTR Performance & Distribution Target 25 ETF - at NAV - $5,228	S&P 500® Total Return Index - $11,317
11/17/2025	10000	10000
11/30/2025	9280	10269
1/31/2026	8259	10425
4/30/2026	8996	10862
7/31/2026	5228	11317

Sector	%
Purchased Call Options	9.7%
Cash & Cash Equivalents	90.3%

Date	YieldMax™ MSTR Short Option Income Strategy ETF - at NAV - $17,106	S&P 500® Total Return Index - $13,326
3/26/2025	10000	10000
4/30/2025	8554	9759
7/31/2025	8002	11145
10/31/2025	10472	12062
1/31/2026	14913	12275
4/30/2026	12177	12790
7/31/2026	17106	13326

Sector	%
Purchased Put Options	9.5%
Purchased Call Options	0.1%
Cash & Cash Equivalents	90.4%

Date	YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF - at NAV - $12,331	S&P 500® Total Return Index - $12,602
2/12/2025	10000	10000
4/30/2025	8422	9229
7/31/2025	10246	10540
10/31/2025	11316	11407
1/31/2026	11467	11608
4/30/2026	11850	12095
7/31/2026	12331	12602

Sector	%
Purchased Call Options	95.1%
Cash & Cash Equivalents	4.9%

Date	YieldMax™ R2000 0DTE Covered Call Strategy ETF - at NAV - $12,979	S&P 500® Total Return Index - $13,041
3/5/2025	10000	10000
4/30/2025	9045	9551
7/31/2025	10360	10907
10/31/2025	11145	11805
1/31/2026	11376	12013
4/30/2026	12154	12516
7/31/2026	12979	13041

Sector	%
Purchased Call Options	88.5%
Cash & Cash Equivalents	11.5%

Sector	%
Purchased Call Options	11.1%
Cash & Cash Equivalents	88.9%

Date	YieldMax™ S&P 500 0DTE Covered Call Strategy ETF - at NAV - $12,021	S&P 500® Total Return Index - $12,587
2/5/2025	10000	10000
4/30/2025	8841	9218
7/31/2025	10228	10527
10/31/2025	10932	11393
1/31/2026	11258	11594
4/30/2026	11488	12080
7/31/2026	12021	12587

Sector	%
Purchased Call Options	84.0%
Cash & Cash Equivalents	16.0%

Date	YieldMax™ Semiconductor Portfolio Option Income ETF - at NAV - $23,049	S&P 500® Total Return Index - $13,420
4/2/2025	10000	10000
4/30/2025	9805	9828
7/31/2025	12041	11224
10/31/2025	14738	12148
1/31/2026	16514	12362
4/30/2026	21294	12880
7/31/2026	23049	13420

Sector	%
Common Stocks	100.6%
Purchased Call Options	2.4%
Cash & Cash Equivalents	-3.0%

Date	YieldMax™ SPCX Option Income Strategy ETF - at NAV - $8,415	S&P 500® Total Return Index - $9,932
7/14/2026	10000	10000
7/31/2026	8415	9932

Sector	%
Purchased Call Options	11.8%
Cash & Cash Equivalents	88.2%

Date	YieldMax™ Strategic Metals & Mining Portfolio Option Income ETF - at NAV - $8,043	S&P 500® Total Return Index - $10,893
2/26/2026	10000	10000
3/31/2026	8928	9462
4/30/2026	9470	10454
5/31/2026	9456	11005
6/30/2026	8423	10900
7/31/2026	8043	10893

Sector	%
Common Stocks	79.7%
Exchange Traded Funds	21.3%
Purchased Call Options	1.4%
Cash & Cash Equivalents	-2.4%

Date	YieldMax™ Target 12 Big 50 Option Income ETF - at NAV - $12,533	S&P 500® Total Return Index - $12,926
11/20/2024	10000	10000
1/31/2025	10241	10233
4/30/2025	9441	9466
7/31/2025	10874	10811
10/31/2025	11949	11700
1/31/2026	11940	11906
4/30/2026	12273	12406
7/31/2026	12533	12926

Sector	%
Common Stocks	100.2%
Purchased Call Options	2.4%
Cash & Cash Equivalents	-2.6%

Date	YieldMax™ Target 12 Real Estate Option Income ETF - at NAV - $11,499	S&P 500® Total Return Index - $14,418
4/16/2025	10000	10000
4/30/2025	10350	10559
7/31/2025	10293	12059
10/31/2025	10425	13051
1/31/2026	10838	13281
4/30/2026	11375	13837
7/31/2026	11499	14418

Sector	%
Common Stocks	99.8%
Purchased Call Options	0.8%
Cash & Cash Equivalents	-0.6%

Date	YieldMax™ Target 12 Semiconductor Option Income ETF - at NAV - $21,352	S&P 500® Total Return Index - $12,641
12/2/2024	10000	10000
4/30/2025	8883	9257
7/31/2025	11224	10573
10/31/2025	13635	11442
1/31/2026	15079	11644
4/30/2026	19498	12132
7/31/2026	21352	12641

Sector	%
Common Stocks	99.2%
Purchased Call Options	2.2%
Cash & Cash Equivalents	-1.4%

Date	YieldMax™ U.S. Stocks Target Double Distribution ETF - at NAV - $10,760	S&P 500® Total Return Index - $11,100
3/11/2026	10000	10000
3/31/2026	9977	9641
4/30/2026	10348	10653
5/31/2026	10484	11214
6/30/2026	10254	11107
7/31/2026	10760	11100