Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-23793)

Tidal Trust II

(Exact name of registrant as specified in charter)

234 West Florida Street, Suite 700
Milwaukee, Wisconsin 53204

(Address of principal executive offices) (Zip code)

Eric W. Falkeis

Tidal Trust II

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

(Name and address of agent for service)

(844) 986-7700

Registrant's telephone number, including area code

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

(a)

Financial Statements

December 31, 2025 (Unaudited)

Tidal Trust II

Blueprint Chesapeake Multi-Asset Trend ETF

| TFPN | NYSE Arca, Inc.

Blueprint Chesapeake Multi-Asset Trend ETF

Table of Contents

	Page
Consolidated Schedule of Investments	1
Consolidated Schedule of Securities Sold Short	7
Consolidated Schedule of Futures Contracts	11
Consolidated Schedule of Forward Currency Contracts	13
Consolidated Statement of Assets and Liabilities	15
Consolidated Statement of Operations	16
Consolidated Statements of Changes in Net Assets	17
Consolidated Financial Highlights	18
Notes to the Consolidated Financial Statements	19

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

COMMON STOCKS - 78.4%		Shares				Value
Aerospace & Defense - 5.4%
Boeing Co. (a)			2,249			$	488,303
Bombardier, Inc. - Class B (a)			6,105				1,039,954
Embraer SA - ADR			18,919				1,217,816
General Dynamics Corp. (b)			2,686				904,269
Kratos Defense & Security Solutions, Inc. (a) (b)			18,165				1,378,905
L3Harris Technologies, Inc. (b)			3,107				912,122
Northrop Grumman Corp. (b)			1,608				916,898
							6,858,267
Agriculture - 1.2%
Archer-Daniels-Midland Co.			9,750				560,528
Bunge Global SA			5,220				464,998
Vital Farms, Inc. (a)			14,550				464,727
							1,490,253
Apparel - 0.6%
Kering SA			1,502				530,973
LVMH Moet Hennessy Louis Vuitton SE			370				280,283
							811,256
Auto Manufacturers - 0.9%
Bayerische Motoren Werke AG			4,934				539,723
Mercedes-Benz Group AG			9,387				662,248
							1,201,971
Banks - 2.8%
Bank of Nova Scotia (b)			18,768				1,383,014
HDFC Bank Ltd. - ADR			19,782				722,834
NU Holdings Ltd. - Class A (a)			31,511				527,494
Toronto-Dominion Bank (b)			10,055				947,181
							3,580,523
Beverages - 0.9%
Anheuser-Busch InBev SA - ADR			4,417				282,865
Monster Beverage Corp. (a)			10,239				785,024
PepsiCo, Inc.			797				114,385
							1,182,274
Biotechnology - 1.9%
Biogen, Inc. (a)			3,544				623,709
Corteva, Inc. (b)			13,371				896,258
Illumina, Inc. (a)			3,166				415,253
Regeneron Pharmaceuticals, Inc.			596				460,034
							2,395,254
Building Materials - 2.0%
Armstrong World Industries, Inc.			3,736				713,950
Griffon Corp.			5,771				425,034
Martin Marietta Materials, Inc.			1,103				686,794
Vulcan Materials Co.			2,752				784,925
							2,610,703

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Chemicals - 1.8%
Air Liquide SA			794				149,445
Albemarle Corp.			2,764				390,940
Ecolab, Inc.			3,706				972,899
Mosaic Co.			8,209				197,755
Nutrien Ltd.			8,983				554,431
							2,265,470
Coal - 0.6%
Alpha Metallurgical Resources, Inc. (a)			1,494				298,621
Warrior Met Coal, Inc.			5,744				506,448
							805,069
Commercial Services - 1.3%
Quanta Services, Inc.			1,769				746,624
UL Solutions, Inc.			6,264				493,979
United Rentals, Inc.			525				424,893
							1,665,496
Computers - 3.4%
Cognizant Technology Solutions Corp. - Class A			6,191				513,853
Lumentum Holdings, Inc. (a)			4,582				1,688,879
Rubrik, Inc. - Class A (a)			4,470				341,866
Western Digital Corp. (b)			9,418				1,622,439
Zscaler, Inc. (a)			901				202,653
							4,369,690
Cosmetics & Personal Care - 0.5%
L'Oreal SA			1,338				576,082
Distribution & Wholesale - 0.4%
WW Grainger, Inc.			499				503,516
Diversified Financial Services - 0.4%
Coinbase Global, Inc. - Class A (a)			1,517				343,054
Galaxy Digital, Inc. - Class A (a)			8,318				185,991
							529,045
Electric - 2.0%
NextEra Energy, Inc.			8,968				719,951
Ormat Technologies, Inc.			6,334				699,717
RWE AG			22,359				1,188,510
							2,608,178
Electrical Components & Equipment - 1.4%
AZZ, Inc. (b)			16,194				1,735,673
Electronics - 2.8%
Atmus Filtration Technologies, Inc.			12,726				660,607
Coherent Corp. (a)			3,393				626,246
Keysight Technologies, Inc. (a)			2,548				517,728
nVent Electric PLC			9,126				930,578
TE Connectivity PLC (b)			3,388				770,804
							3,505,963

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Energy - Alternate Sources - 0.8%
Nextpower, Inc. - Class A (a)			5,756				501,405
Sprott Physical Uranium Trust (a)			27,295				534,251
							1,035,656
Engineering & Construction - 1.8%
Granite Construction, Inc.			5,235				603,857
MasTec, Inc. (a)			3,405				740,145
Vinci SA			6,767				954,101
							2,298,103
Entertainment - 1.2%
TKO Group Holdings, Inc. - Class A (b)			7,171				1,498,739
Environmental Control - 0.1%
PureCycle Technologies, Inc. (a)			18,496				158,881
Food - 0.8%
Hershey Co.			644				117,195
Sysco Corp.			10,717				789,736
Tyson Foods, Inc. - Class A			2,179				127,733
							1,034,664
Healthcare - Products - 2.1%
Danaher Corp.			1,314				300,801
Edwards Lifesciences Corp. (a)			9,616				819,764
IDEXX Laboratories, Inc. (a)			989				669,088
Insulet Corp. (a)			1,502				426,928
Thermo Fisher Scientific, Inc.			779				451,392
							2,667,973
Healthcare - Services - 0.3%
IQVIA Holdings, Inc. (a)			1,933				435,718
Home Builders - 0.1%
D.R. Horton, Inc.			1,193				171,828
Insurance - 1.6%
Arch Capital Group Ltd. (a)			10,528				1,009,846
Prudential Financial, Inc.			9,606				1,084,325
							2,094,171
Internet - 0.2%
Coupang, Inc. (a)			12,112				285,722
Investment Companies - 0.7%
Bitdeer Technologies Group - Class A (a)			7,954				89,164
Cleanspark, Inc. (a)			14,378				145,506
Hive Digital Technologies Ltd. (a)			39,736				102,519
IREN Ltd. (a)			15,434				582,942
							920,131
Iron & Steel - 3.3%
ATI, Inc. (a)			3,794				435,400
Carpenter Technology Corp.			5,322				1,675,579
Cleveland-Cliffs, Inc. (a)			13,937				185,083

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Nucor Corp.			3,262				532,065
Steel Dynamics, Inc.			3,654				619,170
Vale SA - ADR			53,646				699,007
							4,146,304
Leisure Time - 0.3%
Amer Sports, Inc. (a)			8,479				316,691
Machinery - Construction & Mining - 1.6%
Bloom Energy Corp. - Class A (a)			8,776				762,547
BWX Technologies, Inc.			4,216				728,693
GE Vernova, Inc. (b)			839				548,345
							2,039,585
Machinery - Diversified - 1.9%
AGCO Corp.			3,619				377,534
Crane Co.			3,438				634,070
Rockwell Automation, Inc.			1,426				554,814
Xylem, Inc.			6,399				871,416
							2,437,834
Media - 0.2%
Liberty Media Corp.-Liberty Formula One - Class C (a)			3,150				310,306
Metal Fabricate & Hardware - 2.1%
Advanced Drainage Systems, Inc.			3,060				443,180
RBC Bearings, Inc. (a)			1,695				760,089
Tenaris SA - ADR			12,075				464,284
Valmont Industries, Inc.			2,535				1,019,881
							2,687,434
Mining - 7.6%
Agnico Eagle Mines Ltd. (b)			8,180				1,386,756
Alamos Gold, Inc. - Class A			17,560				677,465
Anglogold Ashanti PLC			14,472				1,234,172
BHP Group Ltd. - ADR			10,854				655,256
Cameco Corp.			5,715				522,865
Centrus Energy Corp. - Class A (a)			4,746				1,152,139
Lundin Mining Corp.			42,145				907,005
MP Materials Corp. (a) (b)			15,317				773,815
NexGen Energy Ltd. (a)			37,542				345,387
Rio Tinto PLC - ADR			10,937				875,288
Southern Copper Corp.			5,134				736,614
Teck Resources Ltd. - Class B			8,080				386,951
							9,653,713
Miscellaneous Manufacturing - 1.3%
Axon Enterprise, Inc. (a)			1,100				624,723
ITT, Inc.			6,296				1,092,419
							1,717,142
Oil & Gas - 2.6%
BP PLC - ADR			21,366				742,041
Devon Energy Corp.			14,865				544,505
EQT Corp.			8,770				470,072
Suncor Energy, Inc.			16,860				747,910

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

TotalEnergies SE			12,025				786,675
							3,291,203
Oil & Gas Services - 0.9%
Halliburton Co.			16,181				457,275
Kodiak Gas Services, Inc.			18,188				680,231
							1,137,506
Packaging & Containers - 0.4%
Crown Holdings, Inc.			4,492				462,541
Pharmaceuticals - 2.0%
CVS Health Corp.			8,683				689,083
GSK PLC - ADR			12,902				632,714
Merck & Co., Inc.			6,458				679,769
Pfizer, Inc.			19,986				497,651
							2,499,217
Pipelines - 0.5%
Golar LNG Ltd.			15,977				594,504
Retail - 1.6%
Ferguson Enterprises, Inc.			2,187				486,892
Restaurant Brands International, Inc.			8,101				552,731
Ross Stores, Inc.			5,776				1,040,489
							2,080,112
Semiconductors - 3.1%
Advanced Micro Devices, Inc. (a)			2,325				497,922
KLA Corp.			517				628,196
Lam Research Corp.			5,257				899,893
Micron Technology, Inc.			3,684				1,051,451
NVIDIA Corp. (b)			4,362				813,513
							3,890,975
Shipbuilding - 0.6%
Huntington Ingalls Industries, Inc.			2,317				787,942
Software - 3.7%
Cadence Design Systems, Inc. (a)			2,324				726,436
Clear Secure, Inc. - Class A			11,376				399,070
Cloudflare, Inc. - Class A (a)			2,587				510,027
Intuit, Inc.			859				569,019
IonQ, Inc. (a)			13,907				624,007
Microsoft Corp. (b)			1,536				742,840
NetEase, Inc. - ADR			4,296				591,215
Snowflake, Inc. (a)			2,363				518,348
							4,680,962
Telecommunications - 1.1%
America Movil SAB de CV - ADR			37,043				765,679
Applied Digital Corp. (a)			13,165				322,806
Motorola Solutions, Inc.			945				362,237
							1,450,722

Consolidated Schedule of Investments

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Transportation - 1.8%
C.H. Robinson Worldwide, Inc.			4,522				726,957
Frontline PLC			18,109				395,138
Norfolk Southern Corp. (b)			2,950				851,724
ZIM Integrated Shipping Services Ltd.			14,506				307,962
							2,281,781
Trucking & Leasing - 0.6%
GATX Corp.			4,789				812,214
Water - 1.2%
American Water Works Co., Inc.			1,850				241,425
Essential Utilities, Inc.			15,204				583,226
Veolia Environnement SA			21,406				747,171
							1,571,822
TOTAL COMMON STOCKS (Cost $76,468,748)							100,146,779
EXCHANGE TRADED FUNDS - 14.9%
iShares 0-1 Year Treasury Bond ETF			32,300				3,557,845
iShares Bitcoin Trust ETF (a)			10,962				544,263
iShares Ethereum Trust ETF (a)			2,107				47,260
iShares J.P. Morgan USD Emerging Markets Bond ETF			13,381				1,288,323
iShares MBS ETF			11,439				1,089,221
iShares National Muni Bond ETF			39,960				4,280,116
iShares Preferred and Income Securities ETF			40,663				1,258,926
iShares TIPS Bond ETF (b)			19,159				2,105,766
State Street SPDR Bloomberg Convertible Securities ETF (b)			18,371				1,638,693
Vanguard Intermediate-Term Corporate Bond ETF			13,653				1,143,439
Vanguard Short-Term Corporate Bond ETF (b)			25,526				2,035,188
TOTAL EXCHANGE TRADED FUNDS (Cost $18,285,866)							18,989,040
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.8%
Realty Income Corp.			18,442				1,039,575
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $1,040,808)							1,039,575
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.4%
First American Government Obligations Fund - Class X, 3.67% (c)			515,990				515,990
TOTAL MONEY MARKET FUNDS (Cost $515,990)							515,990
TOTAL INVESTMENTS - 94.5% (Cost $96,311,412)							120,691,384
Other Assets in Excess of Liabilities - 5.5%							7,036,167
TOTAL NET ASSETS - 100.0%						$	127,727,551

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security has been pledged as collateral for securities sold short. The fair value of securities committed as collateral as of December 31, 2025 is $18,019,188.

(c)

The rate shown represents the 7-day annualized yield as of December 31, 2025.

Consolidated Schedule of Securities Sold Short

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

COMMON STOCKS - (34.8)%		Shares				Value
Aerospace & Defense - (0.1)%
Leonardo DRS, Inc.			(2,923	)		$	(99,645	)
Apparel - (0.3)%
Hermes International SCA			(142	)			(353,891	)
Banks - (0.3)%
ICICI Bank Ltd. - ADR			(10,730	)			(319,754	)
Beverages - (1.1)%
Brown-Forman Corp. - Class B			(14,363	)			(374,300	)
Constellation Brands, Inc. - Class A			(3,739	)			(515,832	)
Diageo PLC			(11,552	)			(249,151	)
Fomento Economico Mexicano SAB de CV - ADR			(2,051	)			(207,295	)
							(1,346,578	)
Chemicals - (3.0)%
Air Products and Chemicals, Inc.			(3,174	)			(784,041	)
Balchem Corp.			(5,268	)			(807,900	)
Dow, Inc.			(14,892	)			(348,175	)
Linde PLC			(1,776	)			(757,269	)
LyondellBasell Industries NV - Class A			(9,712	)			(420,530	)
PPG Industries, Inc.			(5,295	)			(542,526	)
Sherwin-Williams Co.			(502	)			(162,663	)
							(3,823,104	)
Commercial Services - (1.4)%
Automatic Data Processing, Inc.			(2,980	)			(766,545	)
Cintas Corp.			(2,998	)			(563,834	)
Verisk Analytics, Inc.			(2,291	)			(512,474	)
							(1,842,853	)
Computers - (0.5)%
Accenture PLC - Class A			(2,185	)			(586,235	)
Cosmetics & Personal Care - (1.2)%
Colgate-Palmolive Co.			(9,566	)			(755,905	)
Procter & Gamble Co.			(5,857	)			(839,367	)
							(1,595,272	)
Distribution & Wholesale - (0.8)%
Copart, Inc.			(16,441	)			(643,665	)
LKQ Corp.			(13,447	)			(406,100	)
							(1,049,765	)
Diversified Financial Services - (0.4)%
Intercontinental Exchange, Inc.			(3,034	)			(491,387	)
Environmental Control - (1.8)%
Republic Services, Inc.			(2,725	)			(577,509	)
Waste Connections, Inc.			(5,055	)			(886,445	)
Waste Management, Inc.			(3,637	)			(799,085	)
							(2,263,039	)

Consolidated Schedule of Securities Sold Short

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Food - (4.0)%
Cal-Maine Foods, Inc.			(2,172	)			(172,826	)
Conagra Brands, Inc.			(28,617	)			(495,360	)
General Mills, Inc.			(12,278	)			(570,927	)
Hormel Foods Corp.			(15,360	)			(364,032	)
Ingredion, Inc.			(8,206	)			(904,794	)
Kraft Heinz Co.			(20,495	)			(497,004	)
Kroger Co.			(2,500	)			(156,200	)
McCormick & Co., Inc.			(11,124	)			(757,656	)
Mondelez International, Inc. - Class A			(11,798	)			(635,086	)
Nestle SA			(1,402	)			(139,342	)
Pilgrim's Pride Corp.			(12,073	)			(470,726	)
							(5,163,953	)
Healthcare - Products - (0.6)%
Stryker Corp.			(454	)			(159,567	)
Zimmer Biomet Holdings, Inc.			(6,392	)			(574,769	)
							(734,336	)
Healthcare - Services - (0.5)%
Centene Corp.			(11,878	)			(488,780	)
Elevance Health, Inc.			(323	)			(113,227	)
							(602,007	)
Household Products & Wares - (1.1)%
Church & Dwight Co., Inc.			(7,925	)			(664,511	)
Kimberly-Clark Corp.			(6,914	)			(697,554	)
							(1,362,065	)
Insurance - (2.4)%
Aon PLC - Class A			(2,122	)			(748,811	)
Arthur J Gallagher & Co.			(2,395	)			(619,802	)
Marsh & McLennan Cos., Inc.			(4,078	)			(756,551	)
Progressive Corp.			(3,316	)			(755,119	)
Prudential Financial, Inc.			(2,134	)			(240,886	)
							(3,121,169	)
Machinery - Diversified - (0.4)%
CNH Industrial NV			(58,200	)			(536,604	)
Media - (1.3)%
Comcast Corp. - Class A			(37,257	)			(1,113,612	)
Thomson Reuters Corp.			(4,534	)			(597,989	)
							(1,711,601	)
Oil & Gas - (0.8)%
ConocoPhillips			(5,843	)			(546,963	)
Occidental Petroleum Corp.			(11,725	)			(482,132	)
							(1,029,095	)
Oil & Gas Services - (0.0)% (a)
SLB Ltd.			(1,202	)			(46,133	)
Packaging & Containers - (1.5)%
AptarGroup, Inc.			(7,662	)			(934,458	)
Graphic Packaging Holding Co.			(27,820	)			(418,969	)

Consolidated Schedule of Securities Sold Short

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

Silgan Holdings, Inc.			(15,446	)			(623,555	)
							(1,976,982	)
Pharmaceuticals - (1.5)%
Becton Dickinson & Co.			(2,412	)			(468,097	)
Novo Nordisk AS - ADR			(1,662	)			(84,563	)
Sanofi SA			(6,516	)			(633,034	)
Zoetis, Inc.			(5,731	)			(721,074	)
							(1,906,768	)
Pipelines - (1.2)%
Cheniere Energy, Inc.			(3,833	)			(745,097	)
ONEOK, Inc.			(9,864	)			(725,004	)
							(1,470,101	)
Retail - (1.9)%
Alimentation Couche-Tard, Inc.			(16,185	)			(885,083	)
Chipotle Mexican Grill, Inc.			(16,348	)			(604,876	)
Costco Wholesale Corp.			(940	)			(810,600	)
Home Depot Inc			(439	)			(151,060	)
							(2,451,619	)
Software - (3.2)%
Adobe, Inc.			(1,775	)			(621,232	)
Dassault Systemes SE			(19,775	)			(553,680	)
Fidelity National Information Services, Inc.			(10,430	)			(693,178	)
Fiserv, Inc.			(7,009	)			(470,794	)
Paychex, Inc.			(5,727	)			(642,455	)
Paycom Software, Inc.			(3,169	)			(505,012	)
Roper Technologies, Inc.			(1,491	)			(663,689	)
							(4,150,040	)
Telecommunications - (2.0)%
Motorola Solutions, Inc.			(4,050	)			(1,552,446	)
T-Mobile US, Inc.			(3,095	)			(628,409	)
Verizon Communications, Inc.			(8,772	)			(357,283	)
							(2,538,138	)
Transportation - (1.5)%
Canadian National Railway Co.			(10,923	)			(1,079,739	)
Canadian Pacific Kansas City Ltd.			(7,359	)			(541,843	)
United Parcel Service, Inc. - Class B			(2,913	)			(288,940	)
							(1,910,522	)
TOTAL COMMON STOCKS (Proceeds $49,771,510)							(44,482,656	)

Consolidated Schedule of Securities Sold Short

Blueprint Chesapeake Multi-Asset Trend ETF

December 31, 2025 (Unaudited)

REAL ESTATE INVESTMENT TRUSTS - COMMON - (2.0)%
Alexandria Real Estate Equities, Inc.			(6,992	)			(342,188	)
American Tower Corp.			(4,271	)			(749,859	)
Crown Castle, Inc.			(3,695	)			(328,375	)
Digital Realty Trust, Inc.			(983	)			(152,080	)
Equinix, Inc.			(233	)			(178,515	)
Invitation Homes, Inc.			(20,935	)			(581,784	)
Public Storage			(673	)			(174,644	)
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Proceeds $2,898,560)							(2,507,445	)
TOTAL SECURITIES SOLD SHORT - (36.8)% (Proceeds $52,670,070)						$	(46,990,101	)

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Represents less than (0.05)% of net assets.

Consolidated Schedule of Futures Contracts	Blueprint Chesapeake Multi-Asset Trend ETF
December 31, 2025 (Unaudited)

The Blueprint Chesapeake Multi-Asset Trend ETF & Blueprint-Chesapeake Cayman Subsidiary had the following futures contracts outstanding with StoneX Financial Inc.:

Description		Contracts Purchased			Expiration Date		Notional Value				Value / Unrealized Appreciation (Depreciation)
U.S. Treasury Ultra Long 10 Year Notes		27			03/20/2026		$	3,105,422			$	(36,175	)
3 Month Canadian Overnight Repo Rate Average		93			06/15/2027			16,523,062				8,260
3 Month Canadian Overnight Repo Rate Average		102			12/14/2027			18,095,094				8,855
New Zealand 3 Month Treasury Bills		122			09/16/2026			69,692,091				13,168
3 Month Secured Overnight Financing Rate		81			12/19/2028			19,554,413				(5,408	)
3 Month Swiss Average Overnight Rate		5			12/14/2027			1,574,787				139
3 Month Tokyo Overnight Average Rate		177			06/16/2026			28,007,544				(17,129	)
Arabica Coffee (a)		3			03/19/2026			392,344				(50,753	)
Brent Crude Oil (a)		6			01/30/2026			365,100				(4,583	)
Copper (a)		2			03/27/2026			284,100				29,466
Corn (a)		156			03/16/2026			953,252				(315	)
Crude Palm Oil (a)		9			03/13/2026			224,556				2,452
Crude Soybean Oil (a)		14			03/13/2026			407,904				(28,380	)
Euro STOXX 50 Dividend Index		98			12/18/2026			1,892,185				52,492
Euro STOXX 50 Dividend Index		85			12/17/2027			1,684,107				121,340
Euro STOXX Select Dividend 30 Index		99			03/20/2026			2,562,029				29,071
Euro-BTP Italian Government Bonds		14			03/06/2026			1,976,041				(3,500	)
Feeder Cattle (a)		10			03/26/2026			1,726,625				29,849
Gold (a)		5			02/25/2026			2,170,550				82,527
iBoxx iShares $ Investment Grade Corporate Bond Index		12			03/02/2026			1,761,540				(10,549	)
iBoxx iShares $ High Yield Corporate Bond Index		27			03/02/2026			4,868,505				6,775
3 Month Sterling Overnight Index Average Rate		62			12/19/2028			20,088,269				11,231
European Climate Exchange Emissions (a)		8			12/14/2026			820,896				7,890
International Arabica Coffee (a)		13			03/23/2026			552,695				(40,095	)
Live Cattle (a)		19			02/27/2026			1,760,160				74,763
London Metal Exchange - Aluminum(a)		20			03/18/2026			1,497,235				48,899
London Metal Exchange - Copper(a)		6			03/18/2026			1,866,075				178,603
London Metal Exchange - Nickel(a)		7			03/18/2026			698,835				(3,525	)
London Metal Exchange - Tin(a)		5			03/18/2026			1,015,025				56,757
London Metal Exchange - Zinc(a)		11			03/18/2026			857,703				29,884
Long Gilt		11			03/27/2026			1,351,864				2,476
Low Sulphur Gas Oil (a)		7			02/12/2026			434,000				3,473
NY Harbor Ultra-Low Sulfur Diesel (a)		5			01/30/2026			445,515				334
Palladium (a)		3			03/27/2026			495,420				65,316
Platinum (a)		10			04/28/2026			1,022,100				(45,246	)
S&P 500 Annual Dividend Index		356			12/18/2026			7,235,700				96,116
S&P 500 Annual Dividend Index		293			12/17/2027			5,962,550				71,600
SGX TSI Iron Ore (a)		79			02/27/2026			830,369				(3,081	)
Euro-BTP Italian Government Short Bonds		13			03/06/2026			1,638,703				(1,189	)
Silver (a)		4			03/27/2026			1,412,060				379,441
Soybeans (a)		21			03/13/2026			1,099,875				(18,746	)
Canadian 2 Year Government Bonds		147			03/20/2026			11,325,140				1,502
U.S. Treasury 3 Year Notes		36			03/31/2026			7,676,156				(23,476	)
U.S. Treasury 5 Year Notes		50			03/31/2026			5,465,234				(31,434	)
U.S. Treasury 10 Year Notes		29			03/20/2026			3,260,687				(33,188	)
U.K. Emissions Trading Registry Allowance (a)		6			12/14/2026			541,273				68,793
											$	1,124,700

Consolidated Schedule of Futures Contracts	Blueprint Chesapeake Multi-Asset Trend ETF
December 31, 2025 (Unaudited)

Description		Contracts Sold			Expiration Date		Notional Value				Value / Unrealized Appreciation (Depreciation)
3 Month Euribor		(62)			09/13/2027		$	17,783,513			$	(7,313	)
3 Month Euribor		(25)			09/18/2028			7,152,054				(2,653	)
3 Month Secured Overnight Financing Rate		(31)			12/14/2027			7,502,388				1,030
3 Month Swiss Average Overnight Rate		(1)			06/15/2027			315,368				(67	)
30 Day Federal Funds Rate		(33)			05/29/2026			13,278,062				2,825
Australian Government 10 Year Bonds		(37)			03/16/2026			2,701,345				3,356
Australian Government 3 Year Bonds		(101)			03/16/2026			7,071,634				1,564
Australian 90 Day Bank Bills		(141)			03/11/2027			93,075,565				(2,794	)
Australian 90 Day Bank Bills		(126)			09/09/2027			83,165,789				(6,555	)
Canadian Canola Oil (a)		(52)			03/13/2026			457,046				12,837
Milk (a)		(18)			03/03/2026			561,600				(913	)
Corn No. 2 Yellow (a)		(28)			03/13/2026			616,350				(3,644	)
Cotton No.2 (a)		(20)			03/09/2026			642,700				5,098
Euro-Buxl 30 Year		(8)			03/06/2026			1,034,646				13,879
Euro-Bobl		(39)			03/06/2026			5,320,555				960
Euro-Bund		(20)			03/06/2026			2,996,500				19,429
Euro-Schatz		(82)			03/06/2026			10,284,429				9,355
European Rapeseed (a)		(21)			01/30/2026			558,937				2,698
Euro-OAT		(22)			03/06/2026			3,115,801				6,386
Hard Red Winter Wheat (a)		(14)			03/13/2026			360,325				19,528
3 Month Sterling Overnight Index Average Rate		(21)			12/14/2027			6,817,861				(4,317	)
International Live Cattle (a)		(67)			01/30/2026			1,266,339				15,099
Japanese 10 Year Government Bonds		(7)			03/13/2026			5,913,235				52,221
Lean Hogs (a)		(5)			02/13/2026			170,200				(12,226	)
London Metal Exchange - Lead(a)		(15)			03/18/2026			752,884				10,091
London Metal Exchange - Nickel(a)		(6)			03/18/2026			599,001				(61,079	)
Lumber (a)		(36)			03/13/2026			570,240				(3,097	)
MIAX Hard Red Spring Wheat (a)		(13)			03/13/2026			373,100				5,625
Milling Wheat No. 2 (a)		(62)			03/10/2026			690,843				12,470
Oats(a)		(54)			03/13/2026			816,750				14,135
Rough Rice (a)		(40)			03/13/2026			794,000				16,178
Soybean Meal (a)		(3)			03/13/2026			89,820				7,995
Soybeans (a)		(21)			03/24/2026			848,618				81,330
Sugar No. 11 (a)		(44)			02/27/2026			739,693				53,983
U.S. Treasury 2 Year Notes		(17)			03/31/2026			3,549,414				3,921
U.S. Treasury Long Bonds		(11)			03/20/2026			1,271,531				23,419
U.S. Treasury Ultra Long Bonds		(5)			03/20/2026			590,000				16,230
Wheat (a)		(24)			03/13/2026			608,400				54,476
Wheat (a)		(238)			03/24/2026			4,301,811				(51,263	)
White Maize (a)		(33)			03/24/2026			703,814				45,659
White Sugar (a)		(29)			02/13/2026			619,875				(31,051	)
Yellow Maize (a)		(32)			03/24/2026			668,775				38,349
											$	363,154
Net Unrealized Appreciation (Depreciation)											$	1,487,854

(a) All or a portion of the investment is a holding of the Blueprint-Chesapeake Cayman Subsidiary.

Consolidated Schedule of Forward Currency Contracts	Blueprint Chesapeake Multi-Asset Trend ETF
December 31, 2025 (Unaudited)

Counterparty		Settlement Date		Currency Purchased						Currency Sold							Unrealized Appreciation (Depreciation)
StoneX Financial, Inc.		01/21/2026		AUD			4,121,000				CAD			3,780,498			$	(12,237	)
StoneX Financial, Inc.		01/21/2026		AUD			1,057,426				GBP			527,000				(3,586	)
StoneX Financial, Inc.		01/21/2026		AUD			3,313,000				JPY			342,832,951				18,140
StoneX Financial, Inc.		01/21/2026		AUD			6,912,000				NZD			7,927,097				47,209
StoneX Financial, Inc.		03/18/2026		AUD			3,121,000				USD			2,089,134				(7,772	)
StoneX Financial, Inc.		03/18/2026		BRL			6,660,000				USD			1,196,060				(2,594	)
StoneX Financial, Inc.		01/21/2026		CAD			2,304,000				JPY			259,972,877				20,709
StoneX Financial, Inc.		01/21/2026		CAD			2,965,069				NZD			3,709,000				30,406
StoneX Financial, Inc.		03/18/2026		CAD			1,360,000				USD			992,737				2,704
StoneX Financial, Inc.		01/21/2026		CHF			1,066,896				AUD			2,012,000				7,946
StoneX Financial, Inc.		01/21/2026		CHF			1,010,142				CAD			1,747,000				2,284
StoneX Financial, Inc.		01/21/2026		CHF			1,784,000				CNH			15,753,723				(2,928	)
StoneX Financial, Inc.		01/21/2026		CHF			1,405,374				EUR			1,508,000				5,182
StoneX Financial, Inc.		01/21/2026		CHF			1,055,972				GBP			992,000				1,749
StoneX Financial, Inc.		01/21/2026		CHF			1,884,000				JPY			367,405,133				35,123
StoneX Financial, Inc.		01/21/2026		CHF			892,000				NOK			11,328,140				5,363
StoneX Financial, Inc.		03/18/2026		CHF			1,056,000				USD			1,329,952				13,957
StoneX Financial, Inc.		03/18/2026		CLP			1,659,640,000				USD			1,803,325				40,227
StoneX Financial, Inc.		01/21/2026		CNH			4,183,071				AUD			894,000				3,860
StoneX Financial, Inc.		01/21/2026		CNH			20,525,000				CAD			4,022,318				7,236
StoneX Financial, Inc.		01/21/2026		CNH			4,842,545				GBP			515,000				2,027
StoneX Financial, Inc.		01/21/2026		CNH			13,687,000				JPY			302,536,599				29,687
StoneX Financial, Inc.		03/18/2026		CNH			52,604,000				USD			7,490,033				81,184
StoneX Financial, Inc.		01/21/2026		COP			6,133,001,000				USD			1,586,749				17,830
StoneX Financial, Inc.		01/21/2026		CZK			104,235,315				EUR			4,294,000				18,004
StoneX Financial, Inc.		03/18/2026		CZK			30,644,000				USD			1,475,724				14,948
StoneX Financial, Inc.		01/21/2026		DKK			8,932,000				USD			1,397,860				8,436
StoneX Financial, Inc.		01/21/2026		EUR			2,252,000				AUD			3,961,291				5,633
StoneX Financial, Inc.		01/21/2026		EUR			2,233,000				CAD			3,601,232				(4,549	)
StoneX Financial, Inc.		01/21/2026		EUR			2,131,151				CNH			17,556,000				(13,088	)
StoneX Financial, Inc.		01/21/2026		EUR			1,986,000				GBP			1,739,743				(5,138	)
StoneX Financial, Inc.		01/21/2026		EUR			2,082,000				JPY			378,667,956				27,221
StoneX Financial, Inc.		01/21/2026		EUR			972,000				NOK			11,511,564				1,361
StoneX Financial, Inc.		03/18/2026		EUR			1,388,000				USD			1,624,795				11,279
StoneX Financial, Inc.		01/21/2026		EUR			31,000				ZAR			617,168				(745	)
StoneX Financial, Inc.		01/21/2026		GBP			813,000				CAD			1,497,496				(40	)
StoneX Financial, Inc.		01/21/2026		GBP			921,000				JPY			191,393,940				15,349
StoneX Financial, Inc.		03/18/2026		GBP			1,055,000				USD			1,406,907				11,832
StoneX Financial, Inc.		01/21/2026		HUF			1,369,817,440				EUR			3,558,000				967
StoneX Financial, Inc.		03/18/2026		HUF			436,676,000				USD			1,320,056				8,787
StoneX Financial, Inc.		03/18/2026		ILS			6,272,000				USD			1,940,594				27,920
StoneX Financial, Inc.		03/18/2026		MXN			38,393,000				USD			2,091,422				27,684
StoneX Financial, Inc.		01/21/2026		NOK			21,336,432				GBP			1,579,000				(8,272	)
StoneX Financial, Inc.		01/21/2026		NOK			18,047,000				JPY			277,416,533				16,085
StoneX Financial, Inc.		03/18/2026		NOK			11,952,000				USD			1,178,163				6,447
StoneX Financial, Inc.		01/21/2026		NZD			2,620,000				JPY			236,538,735				(3,966	)
StoneX Financial, Inc.		01/21/2026		PLN			10,953,000				EUR			2,586,912				4,824
StoneX Financial, Inc.		03/18/2026		PLN			3,812,000				USD			1,050,526				9,340
StoneX Financial, Inc.		01/21/2026		SEK			6,062,729				CHF			522,000				(2,027	)
StoneX Financial, Inc.		01/21/2026		SEK			34,710,217				EUR			3,204,000				2,682
StoneX Financial, Inc.		01/21/2026		SEK			17,123,347				GBP			1,384,000				(1,936	)
StoneX Financial, Inc.		01/21/2026		SEK			15,367,000				JPY			257,856,748				20,582
StoneX Financial, Inc.		01/21/2026		SEK			13,020,063				NOK			14,225,000				3,547
StoneX Financial, Inc.		03/18/2026		SEK			10,700,000				USD			1,154,990				10,414

Consolidated Schedule of Forward Currency Contracts	Blueprint Chesapeake Multi-Asset Trend ETF
December 31, 2025 (Unaudited)

StoneX Financial, Inc.		01/21/2026		SGD			1,567,849				CNH			8,573,000				(8,940	)
StoneX Financial, Inc.		03/18/2026		THB			55,280,000				USD			1,744,434				20,305
StoneX Financial, Inc.		01/21/2026		TWD			33,952,000				USD			1,091,384				(9,209	)
StoneX Financial, Inc.		03/18/2026		USD			2,897,330				CAD			4,000,000				(30,440	)
StoneX Financial, Inc.		01/21/2026		USD			3,280,966				IDR			54,960,000,000				(14,281	)
StoneX Financial, Inc.		03/18/2026		USD			3,202,236				INR			291,000,000				(16,527	)
StoneX Financial, Inc.		03/18/2026		USD			1,050,390				JPY			162,991,000				3,587
StoneX Financial, Inc.		03/18/2026		USD			1,506,037				KRW			2,209,279,000				(32,272	)
StoneX Financial, Inc.		03/18/2026		USD			1,299,046				NZD			2,240,000				7,165
StoneX Financial, Inc.		01/21/2026		USD			2,336,572				PHP			138,979,000				(23,957	)
StoneX Financial, Inc.		03/18/2026		USD			1,368,050				SGD			1,762,000				(9,011	)
StoneX Financial, Inc.		01/21/2026		ZAR			20,981,958				EUR			1,066,000				11,126
StoneX Financial, Inc.		03/18/2026		ZAR			28,370,000				USD			1,660,031				42,658
Net Unrealized Appreciation (Depreciation)																	$	497,491

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

CNH - Chinese Offshore Yuan

COP - Colombian Peso

CZK - Czech Republic Koruna

DKK - Danish Krone

EUR - Euro

GBP - British Pound

HUF - Hungarian Forint

IDR - Indonesian Rupiah

ILS - Israeli New Shekel

INR - Indian Rupee

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PHP - Philippine Peso

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

THB - Thai Baht

TWD - New Taiwan Dollar

USD - United States Dollar

ZAR - South African Rand

Consolidated Statement of Assets and Liabilities	Blueprint Chesapeake Multi-Asset Trend ETF
December 31, 2025 (Unaudited)

ASSETS:
Investments, at value (Note 2)		$	120,691,384
Deposit at broker for securities sold short			41,897,086
Deposit at broker for open forward currency contracts			5,608,351
Deposit at broker for futures contracts			4,237,330
Unrealized appreciation on futures contracts			2,031,598
Receivable for open forward currency contracts			711,006
Receivable for investments sold			153,719
Dividends receivable			94,768
Dividend tax reclaims receivable			8,054
Cash			312,843
Prepaid expenses and other assets			53
Total assets			175,746,192
LIABILITIES:
Securities sold short, at value			46,990,101
Payable for open forward currency contracts			213,515
Unrealized depreciation on futures contracts			543,744
Payable to Adviser (Note 4)			107,386
Payable for investments purchased			86
Interest payable			96,702
Dividends payable			66,879
Payable to custodian for foreign currency, at value			228
Total liabilities			48,018,641
NET ASSETS		$	127,727,551
NET ASSETS CONSISTS OF:
Paid-in capital		$	123,740,593
Total distributable earnings			3,986,958
Total net assets		$	127,727,551
Net assets		$	127,727,551
Shares issued and outstanding (a)			4,975,000
Net asset value per share		$	25.67
COST:
Investments, at cost		$	96,311,412
Payable to custodian for foreign currency, at cost			(86	)
PROCEEDS:
Securities sold short proceeds		$	52,670,070

(a)	Unlimited shares authorized.

Consolidated Statement of Operations	Blueprint Chesapeake Multi-Asset Trend ETF
For the Six-Months Ended December 31, 2025 (Unaudited)

INVESTMENT INCOME:
Dividend income		$	1,160,558
Less: issuance fees			(2,037	)
Less: dividend withholding taxes			(31,292	)
Interest income			121,563
Total investment income			1,248,792
EXPENSES:
Investment advisory fee (Note 4)			609,575
Dividend expense			475,028
Interest expense			370,205
Total expenses			1,454,808
NET INVESTMENT LOSS			(206,016	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			(688,687	)
Securities sold short			(921,705	)
Futures contracts			1,192,470
Forward currency contracts			1,309,888
Foreign currency translation			(64,167	)
Net realized gain (loss)			827,799
Net change in unrealized appreciation (depreciation) on:
Investments			10,077,027
Securities sold short			1,082,169
Future contracts			1,632,504
Forward currency contracts			(135,766	)
Foreign currency translation			127,035
Net change in unrealized appreciation (depreciation)			12,782,969
Net realized and unrealized gain (loss)			13,610,768
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	13,404,752

Consolidated Statement of Changes in Net Assets	Blueprint Chesapeake Multi-Asset Trend ETF

		Six-Months ended December 31, 2025 (Unaudited)				Year ended June 30, 2025
OPERATIONS:
Net investment income (loss)		$	(206,016	)		$	2,216,897
Net realized gain (loss)			827,799				(25,766,761	)
Net change in unrealized appreciation (depreciation)			12,782,969				13,438,166
Net increase (decrease) in net assets from operations			13,404,752				(10,111,698	)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings			-				(1,337,360	)
Total distributions to shareholders			-				(1,337,360	)
CAPITAL TRANSACTIONS:
Shares sold			-				38,882,373
Shares redeemed			(1,800,018	)			(24,542,810	)
Net increase (decrease) in net assets from capital transactions			(1,800,018	)			14,339,563
NET INCREASE (DECREASE) IN NET ASSETS			11,604,734				2,890,505
NET ASSETS:
Beginning of the period			116,122,817				113,232,312
End of the period		$	127,727,551			$	116,122,817
SHARES TRANSACTIONS
Shares sold			-				1,575,000
Shares redeemed			(75,000	)			(1,025,000	)
Total increase (decrease) in shares outstanding			(75,000	)			550,000

Consolidated Financial Highlights	Blueprint Chesapeake Multi-Asset Trend ETF
For a share outstanding throughout the periods presented

		Six-Months ended December 31, 2025 (Unaudited)				Year ended June 30, 2025				Period ended June 30, 2024(a)
PER SHARE DATA:
Net asset value, beginning of period		$	22.99			$	25.16			$	25.00
INVESTMENT OPERATIONS:
Net investment income (loss) (b)			(0.04	)			0.41				0.57
Net realized and unrealized gain (loss) on investments (c)			2.72				(2.35	)			(0.17	)
Total from investment operations			2.68				(1.94	)			0.40
LESS DISTRIBUTIONS FROM:
Net investment income			-				(0.23	)			(0.24	)
Total distributions			-				(0.23	)			(0.24	)
Net asset value, end of period		$	25.67			$	22.99			$	25.16
TOTAL RETURN (d)			11.65	%			-7.78	%(h)			1.65	%(i)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)		$	127,728			$	116,123			$	113,232
Ratio of expenses to average net assets (e)(f)			2.36	%			1.92	%			2.01	%
Ratio of dividend and interest expenses to average net assets (e)(f)			1.33	%			0.93	%			1.02	%
Ratio of operational expenses to average net assets excluding dividend and interest expenses (e)(f)			1.03	%			0.99	%			0.99	%
Ratio of net investment income (loss) to average net assets (f)			(0.33	)%			1.71	%			2.35	%
Portfolio turnover rate (d)(g)			35	%			119	%			89	%

(a)

Inception date of the Fund was July 11, 2023.

(b)

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

(c)

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

(d)

Not annualized for periods of less than one year.

(e)

Ratio does not include the expenses of the underlying funds in which the Fund invests.

(f)

Annualized for periods of less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions, if any.

(h)

As a result of trade errors, the Fund experienced a loss totaling $22,981 for the period ended June 30, 2025, all of which was reimbursed by the Adviser (defined in Note 1). Total return would have been lower by 0.00%.

(i)

As a result of trade errors, the Fund experienced a loss totaling $14,551 for the year ended June 30, 2024, all of which was reimbursed by the Adviser (defined in Note 1). Total return would have been lower by 0.00%.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

NOTE 1 - ORGANIZATION

The Blueprint Chesapeake Multi-Asset Trend ETF (the "Fund") is a non-diversified series of Tidal Trust II (the "Trust"). The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Fund. Blueprint Fund Management, LLC ("Blueprint" or a "Sub-Adviser") and Chesapeake Capital Corporation ("Chesapeake" or a "Sub-Adviser") (collectively the "Sub-Advisers"), serve as investment sub-advisers to the Fund. Chesapeake also serves as future trading advisor to Blueprint-Chesapeake Cayman Subsidiary (the "Subsidiary"), a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to a futures trading agreement among the Adviser, Chesapeake and the Subsidiary (the "Subsidiary Trading Agreement"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services - Investment Companies". The Fund commenced operations on July 11, 2023.

The investment objective of the Fund is to preserve capital and generate long-term capital appreciation.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

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

A.

Security Valuation. Equity securities, including Real Estate Investment Trusts ("REITs"), 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 ("The 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 Fund is 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.

Futures contracts and forward currency contacts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the 30-, 60-, 90- and 180- day forward rates provided by an independent source.

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.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Common Stocks(a)		$	100,146,779			$	-			$	-			$	100,146,779
Exchange Traded Funds			18,989,040				-				-				18,989,040
Real Estate Investment Trusts - Common			1,039,575				-				-				1,039,575
Money Market Funds			515,990				-				-				515,990
Total Investments		$	120,691,384			$	-			$	-			$	120,691,384
Other Financial Instruments: (b)
Forward Currency Contracts		$	-			$	711,006			$	-			$	711,006
Futures Contracts			2,031,598				-				-				2,031,598
Total Other Financial Instruments		$	2,031,598			$	711,006			$	-			$	2,742,604
Liabilities:
Investments:
Common Stocks(a)		$	(44,482,656	)		$	-			$	-			$	(44,482,656	)
Real Estate Investment Trusts - Common			(2,507,445	)			-				-				(2,507,445	)
Total Investments		$	(46,990,101	)		$	-			$	-			$	(46,990,101	)
Other Financial Instruments: (b)
Forward Currency Contracts		$	-			$	(213,515	)		$	-			$	(213,515	)
Futures Contracts			(543,744	)			-				-				(543,744	)
Total Other Financial Instruments		$	(543,744	)		$	(213,515	)		$	-			$	(757,259	)

(a)

See Consolidated Schedules of Investments and Securities Sold Short for the industry breakout.

(b)

Other Financial Instruments are derivative instruments which are presented at the net unrealized appreciation(depreciation) on the investment as shown on the Consolidated Schedules of Futures Contracts and Forward Currency Contracts.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

B.

Derivative Instruments. The Fund has provided additional disclosures below regarding derivatives and hedging activity intending to improve financial reporting by enabling investors to understand how and why the Fund uses futures contracts and forward currency contracts (both a type of derivative), how they are accounted for and how they affect an entity's results of operations and financial position. The Fund may use derivatives for risk management purposes or as part of their investment strategies. Derivatives are financial contracts whose values depend on, or are derived from, the value of an underlying asset, reference rate or index. The Fund may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its portfolio, to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets.

The average notional amount for open futures contracts and forward currency contracts is based on the monthly notional amounts. The notional amount for open futures contracts and forward currency contracts represents the U.S. dollar value of the contract as of the day of opening the transaction or latest contract reset date. For the six-months ended December 31, 2025, the average monthly notional value of futures contracts and forward currency contracts was $486,104,832 and $213,498,570, respectively.

The following tables show the effects of derivative instruments on the consolidated financial statements.

Consolidated Statement of Assets and Liabilities

Fair value of derivative instruments as of December 31, 2025:

		Asset Derivatives						Liability Derivatives
Derivative Instrument		Consolidated Statement of Assets and Liabilities			Fair Value			Consolidated Statement of Assets and Liabilities			Fair Value
Futures Contracts		Unrealized appreciation on futures contracts						Unrealized depreciation on futures contracts
Commodities Risk				$	596,691					$	183,043
Equities Risk					925,553						10,549
Foreign Exchange Currencies Risk					-						-
Interest Rate Risk					509,354						350,152
Total Futures Contracts				$	2,031,598					$	543,744
Forward Currency Contracts		Receivable for open forward currency contracts						Payable for open forward currency contracts
Foreign Exchange Currencies Risk				$	711,006					$	213,515
Totals				$	2,742,604					$	757,259

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

Consolidated Statement of Operations

The effect of derivative instruments on the Consolidated Statement of Operations for the six-months ended December 31, 2025:

Derivative Instrument		Location of Gain (Loss) on Derivatives		Realized Gain (Loss) on Derivatives				Change in Unrealized Appreciation (Depreciation) on Derivatives
Futures Contracts		Net realized and net change in unrealized gain (loss) on futures contracts
Commodities Risk				$	980,388			$	393,036
Equities Risk					5,764				574,063
Foreign Exchange Currencies Risk					-				-
Interest Rate Risk					206,318				665,405
Total Futures Contracts				$	1,192,470			$	1,632,504
Forward Currency Contracts		Net realized and net change in unrealized gain (loss) on forward currency contracts
Foreign Exchange Currencies Risk				$	1,309,888			$	(135,766	)
Totals				$	2,502,358			$	1,496,738

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

C.

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

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

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

As of December 31, 2025, the Fund did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Consolidated Statement of Operations. The Subsidiary is an exempted Cayman investment company and as such is not subject to Cayman Island taxes at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation not subject to U.S. income taxes. As a wholly-owned controlled foreign corporation, the Subsidiary's net income and capital gains, if any, will be included each year in the Fund's investment company taxable income.

D.

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

E.

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

F.

Futures Contracts. The Fund may purchase or sell futures contracts to gain long or short exposure to equities, fixed income, currencies, and commodities. The purchase or sale of futures contracts may be more efficient or cost-effective than buying or selling the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate, or index) at a specific price on the contract maturity date. Upon entering into a futures contract, the Fund is required to pledge to the counterparty an amount of cash, U.S. government securities or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange or the broker. Thereafter, a "variation margin" amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to market value of the futures contract. London Metal Exchange futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The account is marked-to market daily and the variation margin is monitored by the Adviser and U.S. Bank N.A. (the "Custodian") on a daily basis. When the contract is closed, the Fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Fund will cover their current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Fund's use of futures contracts may involve risks that are different from, or possibly greater than, the risk associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indices that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than a Fund's initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Fund had futures contracts activity during the six-months ended December 31, 2025. Realized and unrealized gains and losses are included in the Consolidated Statement of Operations. The futures contracts held by the Fund are exchange-traded with StoneX Financial, Inc. acting as the futures commission merchant.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

G.

Forward Currency Contracts. The Fund may purchase forward currency contracts. A forward currency contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate (e.g., 30-, 60-, or 90-days). The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. The Fund had forward currency contracts activity during the six-months ended December 31, 2025. Realized and unrealized gains and losses are included in the Consolidated Statement of Operations. The forward currency contracts held by the Fund are traded with StoneX Financial, Inc. acting as the forward contracts commission merchant.

H.

Basis for Consolidation for the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary will generally invest in futures contracts and other derivative instruments that do not generate "qualifying income" under the source of income test required to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in futures contracts and other derivative instruments; however, the Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. The financial statements of the Subsidiary are consolidated with the Fund's financial statements. The Fund had $3,360,525 or 2.6% of its net assets invested in the Subsidiary as of December 31, 2025.

I.

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 Fund has implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

J.

Deposits at Brokers. Deposits at brokers for futures contracts, forward currency contracts, and securities sold short represent amounts that are held by third parties under certain of the Fund's derivative transactions. Such cash is excluded from cash and cash equivalents in the Consolidated Statement 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.

K.

Short Sales. The Fund 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.

L.

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

M.

Use of Estimates. The preparation of consolidated 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 consolidated 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.

N.

Share Valuation. The net asset value ("NAV") per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the NYSE Arca, Inc. ("NYSE") or the New York Stock Exchange is closed for trading.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

O.

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

P.

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

NOTE 3 - PRINCIPAL INVESTMENT RISKS

Counterparty Risk. Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund's clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties.

Commodities Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Exposure to the commodities markets through investments in commodities (or indirectly via derivative instruments) may subject the Fund to greater volatility than investments in traditional securities. Significant changes in the value of commodities may lead to volatility in the Fund's NAV and market price.

●

Energy Commodities Risk. The prices of energy commodities are subject to national and global political events such as governmental regulation and intervention, price controls, and restrictions on production levels. Energy commodities have had significant price swings in recent years. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers.

●

Precious Metal Commodities Risk. The prices of precious metals may be influenced by macroeconomic conditions, including confidence in the global monetary system and the relative strength of various currencies, as well as demand in the industrial and jewelry sectors. Political events also influence the prices of precious metals. Prices are influenced by supplies of precious metals, which may be affected by sales by central banks and governmental agencies that hold large amounts of these metals, particularly gold.

●

Industrial Metal Commodities Risk. The prices of commodities comprising the industrial metals are subject to a number of factors that can cause price fluctuations, including changes in the level of industrial activity; disruptions in mining, storing, and refining the metals; adjustments to inventory; variations in production costs; and regulatory compliance costs.

●

Grains Commodities Risk. The commodities comprising the grains are subject to a number of factors that can cause price fluctuations, including weather conditions, changes in government policies and trade agreements, planting decisions, and changes in demand.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

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

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

NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser also serves as adviser to the Subsidiary pursuant to the advisory agreement between the Adviser and the Subsidiary (the "Subsidiary Advisory Agreement"). The Adviser does not receive any compensation for services rendered by the Adviser as investment adviser to the Subsidiary and is not entitled to any compensation under the Subsidiary Advisory Agreement. The Adviser provides oversight of the Sub-Advisers and review of the Sub-Advisers' performance.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of the Fund at the annualized rate of 0.99%. Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Advisers to pay, all expenses incurred by the 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, any other non-routine or extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"), and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are calculated daily and paid monthly to the Adviser. Investment Advisory Fees for the six-months ended December 31, 2025 are disclosed in the Consolidated Statement of Operations.

The Sub-Advisers serve as investment sub-advisers to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Advisers with respect to the Fund (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreements, the Sub-Advisers are responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Advisers are paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of the Fund's average daily net assets (the "Sub-Advisory Fee"). The Sub-Advisers have agreed to assume the Adviser's obligation to pay all expenses incurred by the Fund except for Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay to the Sub-Advisers the profits, if any, generated by the Fund's Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by the Sub -Advisers include fees charged by Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser.

Pursuant to the Subsidiary Trading Agreement, Chesapeake serves as the Futures Trading Advisor to the Subsidiary and is also responsible for the day-to-day management of the Subsidiary's commodities portfolio, and the Fund's equity portfolio, including making recommendations about investments to be purchased and sold by the Fund and the Subsidiary, subject to the supervision of the Adviser and the Board. Chesapeake is not paid an additional fee under the Subsidiary Trading Agreement.

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

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

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

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

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

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

NOTE 5 - SEGMENT REPORTING

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

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

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

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

NOTE 6 - PURCHASES AND SALES OF SECURITIES

For the six-months ended December 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, securities sold short, U.S. government securities, in-kind transactions and purchases and sales of the Subsidiary, were $57,694,796 and $39,142,228, respectively.

For the six-months ended December 31, 2025, there were no purchases or sales of long-term U.S. government securities.

For the six-months ended December 31, 2025, there were no in-kind transactions associated with creations or redemptions for the Fund.

NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the six-months ended December 31, 2025 (estimated) and the prior fiscal year ended June 30, 2025, were as follows:

Distributions paid from:		December 31, 2025				June 30, 2025
Ordinary Income		$	-			$	1,337,360

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

As of the prior fiscal year ended June 30, 2025, the components of distributable earnings on a tax basis were as follows:

Investments, at cost(a)		$	90,241,966
Gross tax unrealized appreciation			21,324,637
Gross tax unrealized depreciation			(3,097,711	)
Net tax unrealized appreciation (depreciation)			18,226,926
Undistributed ordinary income (loss)			-
Undistributed long-term capital gain (loss)			-
Total accumulated losses			-
Other accumulated gain (loss)			(27,644,720	)
Total distributable earnings (accumulated losses)		$	(9,417,794	)

(a)

Investments, at cost includes long & short investments, futures, and forward currency contracts. The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales, mark-to-market treatment of futures and open forward currency contracts.

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 the Fund's next taxable year.

As of the prior fiscal year ended June 30, 2025, the Fund had not elected to defer any post-October losses and elected to defer $2,311,215 of late-year losses.

As of the prior fiscal year ended June 30, 2025, the Fund had long-term and short-term capital loss carryovers of $1,943,001 and $23,388,784, respectively, which do not expire.

NOTE 8 - SHARES TRANSACTIONS

Shares of the Fund are listed and traded on the NYSE. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the Creation Order 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 the Fund, may be charged on all cash purchases, non-standard orders or partial cash purchases of Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Consolidated Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

Notes to the Consolidated Financial Statements	Blueprint Chesapeake Multi-Asset Trend ETF

NOTE 9 - RECENT MARKET EVENTS

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

NOTE 10 - SUBSEQUENT EVENTS

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

(b)

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

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

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

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

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

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 the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

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

APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS

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

●

the Investment Advisory Agreement (an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of Blueprint Chesapeake Multi-Asset Trend ETF;

●

the Advisory Agreement between the Advisor and Blueprint Chesapeake Cayman Subsidiary on behalf of the Blueprint Chesapeake Multi-Asset Trend ETF;

●

a Sub-Advisory Agreement between the Adviser and Blueprint Fund Management ("Blueprint") with respect to the Blueprint Chesapeake ETF;

●

a Sub-Advisory Agreement between the Adviser and Chesapeake Capital Corporation ("Chesapeake") with respect to the Blueprint Chesapeake ETF;

●

a Futures Trading Advisory Agreement between the Adviser and Chesapeake with respect to the Blueprint Chesapeake ETF;

●

a Subsidiary Futures Trading Advisory Agreement between the Adviser and Chesapeake with respect to the Blueprint Chesapeake Cayman Subsidiary;

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 and Sub-Advisers.

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

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the 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 Provided. The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board reviewed the Adviser's and each Sub-Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Adviser working with each ETF. The Board also considered other services provided to the Fund by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser and Sub-Adviser based on their experience, personnel, operations and resources.

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

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

For Blueprint Chesapeake ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

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

The Board noted the importance of the fact that the advisory fee for the Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources.

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

For Blueprint Chesapeake ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

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

The Board also reviewed the sub-advisory fee paid to each Sub-Adviser for its services under the Sub-Advisory Agreement. The Board considered this fee in light of the services each Sub-Adviser provides as investment sub-adviser to the Sub-advised Fund, as applicable. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Adviser given the work performed by each firm. The Board also considered that the Fund had one or more sponsors, each which 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 sponsor(s) out of its profits. The Board concluded that the sub-advisory fee for the Sub-advised Fund was reasonable in light of the services rendered.

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

The Board also considered that the sub-advisory fee paid to each Sub-Adviser is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and each Sub- Adviser.. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from its relationship with the respective Fund was not a material factor in their deliberations with respect to consideration of approval of each Sub-Advisory Agreement. The Board considered that, because the sub-advisory fee was 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 respective sub-advisory fee.

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 and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's and Sub-Adviser's fees are reasonable in light of the services that the Adviser and Sub-Adviser provide to the Fund; and (c) agreed to approve renewal of the Advisory Agreement and Sub-Advisory Agreement for a term of one year.

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

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

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

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(a)

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

(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.

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(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.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	(Registrant)	Tidal Trust II
	By (Signature and Title)*	/s/ Eric W. Falkeis
		Eric W. Falkeis, Principal Executive Officer
	Date	March 6, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	By (Signature and Title)*	/s/ Eric W. Falkeis
		Eric W. Falkeis, Principal Executive Officer
	Date	March 6, 2026
	By (Signature and Title)*	s/ Aaron J. Perkovich
		Aaron J. Perkovich, Treasurer/Principal Financial Officer
	Date	March 6, 2026

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