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

811-22549

Northern Lights Fund Trust II

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246
(Address of principal executive offices)	(Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code:

631-490-4300

Date of fiscal year end: 5/31

Date of reporting period: 11/30/25

Item 1. Reports to Stockholders.

(a)

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Investments.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a)

One Global ETF

(formerly known as The Future Fund Active ETF)

(FFND)

The Future Fund Long/Short ETF

(FFLS)

Semi-Annual Financial Statements and Additional Information

November 30, 2025

1-877-466-7090

www.FutureFundETF.com

Distributed by Northern Lights Distributors, LLC

Member FINRA

ONE GLOBAL ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 97.4%
				AEROSPACE & DEFENSE - 6.1%
	15,344			Airbus S.E. - ADR		$	886,116
	14,810			BAE Systems plc - ADR			1,269,364
	16,115			Embraer S.A. - ADR			1,010,733
	4,117			General Dynamics Corporation			1,406,491
	70,451			Rolls-Royce Holdings plc - ADR			992,655
	11,921			Safran S.A. - ADR			996,119
							6,561,478
				APPAREL & TEXTILE PRODUCTS - 0.9%
	14,584			NIKE, Inc., Class B			942,564
				ASSET MANAGEMENT - 4.7%
	16,671			AllianceBernstein Holding, L.P.			688,679
	900			Blackrock, Inc.			942,570
	12,352			Charles Schwab Corporation (The)			1,145,401
	3,042			LPL Financial Holdings, Inc.			1,083,074
	31,678			UBS Group A.G.			1,222,770
							5,082,494
				AUTOMOTIVE - 1.0%
	9,541			Lear Corporation			1,024,322
				BANKING - 4.8%
	23,443			Bank of America Corporation			1,257,717
	13,632			Citigroup, Inc.			1,412,275
	3,119			Credicorp Ltd.			802,238
	5,545			JPMorgan Chase & Company			1,736,029
							5,208,259
				BEVERAGES - 1.2%
	14,345			Celsius Holdings, Inc.(a)			587,284
	7,526			Fomento Economico Mexicano S.A.B. de C.V. - ADR			722,044
							1,309,328
				BIOTECH & PHARMA - 6.8%
	1,288			Argenx S.E. - ADR(a)			1,174,630
	20,716			Galderma Group A.G. - ADR			832,369
	6,125			Gilead Sciences, Inc.			770,770

See accompanying notes which are an integral part of these financial statements.

ONE GLOBAL ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 97.4% (Continued)
				BIOTECH & PHARMA - 6.8% (Continued)
	17,222			Halozyme Therapeutics, Inc.(a)		$	1,229,651
	8,235			Johnson & Johnson			1,703,986
	3,746			Vertex Pharmaceuticals, Inc.(a)			1,624,303
							7,335,709
				CHEMICALS - 1.4%
	15,878			Air Liquide S.A. - ADR			607,651
	8,235			RPM International, Inc.			883,204
							1,490,855
				CONSTRUCTION MATERIALS - 0.6%
	8,031			Knife River Corporation(a)			601,040
				CONSUMER FINANCE - 0.7%
	2,177			American Express Company			795,193
				DATA CENTER REIT - 0.9%
	1,249			Equinix, Inc.			940,884
				E-COMMERCE DISCRETIONARY - 4.6%
	6,136			Alibaba Group Holding Ltd. - ADR			965,193
	14,000			Amazon.com, Inc.(a)			3,265,080
	17,560			Global-e Online Ltd.(a)			709,775
							4,940,048
				ELECTRIC UTILITIES - 1.8%
	20,587			Dominion Energy, Inc.			1,292,246
	8,427			National Grid plc - ADR			641,379
							1,933,625
				ELECTRICAL EQUIPMENT - 1.5%
	2,853			BWX Technologies, Inc.			510,345
	19,325			Schneider Electric S.E. - ADR			1,036,593
							1,546,938
				HEALTH CARE FACILITIES & SERVICES - 0.7%
	7,100			HealthEquity, Inc.(a)			746,778

See accompanying notes which are an integral part of these financial statements.

ONE GLOBAL ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 97.4% (Continued)
				HOME CONSTRUCTION - 0.7%
	4,889			DR Horton, Inc.		$	777,400
				HOUSEHOLD PRODUCTS - 0.7%
	74,153			Haleon plc - ADR			725,216
				INSTITUTIONAL FINANCIAL SERVICES - 2.9%
	1,623			Goldman Sachs Group, Inc. (The)			1,340,662
	17,207			Lazard, Inc.			868,954
	29,709			London Stock Exchange Group plc - ADR(a)			885,031
							3,094,647
				INSURANCE - 1.7%
	2,617			Aon PLC, Class A			926,209
	12,352			MetLife, Inc.			945,669
							1,871,878
				INTERNET MEDIA & SERVICES - 10.3%
	9,490			Alphabet, Inc., Class A			3,038,508
	8,399			Baidu, Inc. - ADR(a)			981,759
	6,154			DoorDash, Inc., Class A(a)			1,220,769
	3,625			Meta Platforms, Inc., Class A			2,348,819
	11,880			Netflix, Inc.(a)			1,278,050
	32,015			Pinterest, Inc., Class A(a)			836,232
	1,287			Spotify Technology S.A.(a)			770,746
	7,561			Uber Technologies, Inc.(a)			661,890
							11,136,773
				LEISURE FACILITIES & SERVICES - 1.8%
	29,273			DraftKings, Inc.(a)			970,693
	49,110			Super Group SGHC Ltd.			531,861
	54,944			Wynn Macau Ltd. - ADR			459,881
							1,962,435
				LEISURE PRODUCTS - 1.2%
	32,196			YETI Holdings, Inc.(a)			1,335,490
				MACHINERY - 1.7%
	2,144			Caterpillar, Inc.			1,234,429

See accompanying notes which are an integral part of these financial statements.

ONE GLOBAL ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 97.4% (Continued)
				MACHINERY - 1.7% (Continued)
	18,219			Smiths Group plc - ADR		$	600,680
							1,835,109
				MEDICAL EQUIPMENT & DEVICES - 4.8%
	7,763			Abbott Laboratories			1,000,651
	45,891			ConvaTec Group plc - ADR			574,051
	11,779			Edwards Lifesciences Corporation(a)			1,020,886
	4,092			Penumbra, Inc.(a)			1,199,652
	2,382			Thermo Fisher Scientific, Inc.			1,407,356
							5,202,596
				OIL & GAS PRODUCERS - 2.9%
	26,475			BP PLC - ADR			955,748
	6,807			Chevron Corporation			1,028,742
	9,663			Exxon Mobil Corporation			1,120,135
							3,104,625
				OIL & GAS SERVICES & EQUIPMENT - 1.1%
	25,572			TechnipFMC plc			1,157,389
				PERSONAL CARE PRODUCTS - 1.0%
	19,325			Unilever plc - ADR			1,170,903
				RETAIL - CONSUMER STAPLES - 1.2%
	11,596			Walmart, Inc.			1,281,474
				RETAIL - DISCRETIONARY - 2.3%
	13,000			Floor & Decor Holdings, Inc., Class A(a)			827,060
	2,649			Home Depot, Inc. (The)			945,481
	4,439			RH(a)			699,542
							2,472,083
				SEMICONDUCTORS - 7.0%
	5,689			Applied Materials, Inc.			1,435,050
	5,523			Cirrus Logic, Inc.(a)			664,638
	8,184			Marvell Technology, Inc.			731,650
	13,440			NVIDIA Corporation			2,378,880
	19,454			ON Semiconductor Corporation(a)			977,369

See accompanying notes which are an integral part of these financial statements.

ONE GLOBAL ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 97.4% (Continued)
				SEMICONDUCTORS - 7.0% (Continued)
	4,831			Taiwan Semiconductor Manufacturing Company Ltd. - ADR		$	1,408,285
							7,595,872
				SOFTWARE - 5.8%
	4,470			Datadog, Inc., Class A(a)			715,245
	19,745			Gitlab, Inc., Class A(a)			810,730
	4,117			Microsoft Corporation			2,025,604
	6,261			Palo Alto Networks, Inc.(a)			1,190,404
	3,755			Salesforce, Inc.			865,678
	2,816			SAP S.E. - ADR			680,768
							6,288,429
				TECHNOLOGY HARDWARE - 7.9%
	16,170			Apple, Inc.			4,509,004
	11,321			Cisco Systems, Inc.			871,038
	8,037			Dell Technologies, Inc., Class C			1,071,734
	38,828			Nintendo Company Ltd. - ADR			821,600
	37,780			Sony Group Corporation - ADR			1,108,843
							8,382,219
				TECHNOLOGY SERVICES - 2.3%
	16,880			Block, Inc.(a)			1,127,584
	4,117			Visa, Inc., Class A			1,376,889
							2,504,473
				TELECOMMUNICATIONS - 2.4%
	22,029			GDS Holdings Ltd. - ADR(a)			748,325
	21,256			Millicom International Cellular S.A.			1,128,056
	3,596			T-Mobile US, Inc.			751,600
							2,627,981
				TOTAL COMMON STOCKS (Cost $95,851,189)			104,986,507
				TOTAL INVESTMENTS - 97.4% (Cost $95,851,189)		$	104,986,507
				OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%			2,773,407
				NET ASSETS - 100.0%		$	107,759,914

(a)

Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF INVESTMENTS (Unaudited)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 83.5%
				AEROSPACE & DEFENSE - 5.1%
	10,123			Embraer S.A. - ADR		$	634,915
	30,370			Rolls-Royce Holdings plc - ADR			427,913
	12,148			Safran S.A. - ADR			1,015,087
							2,077,915
				ASSET MANAGEMENT - 2.4%
	2,691			LPL Financial Holdings, Inc.			958,104
				BIOTECH & PHARMA - 5.8%
	23,194			Halozyme Therapeutics, Inc.(a)			1,656,052
	1,563			Vertex Pharmaceuticals, Inc.(a)			677,732
							2,333,784
				DATA CENTER REIT - 2.1%
	1,144			Equinix, Inc.			861,787
				E-COMMERCE DISCRETIONARY - 6.5%
	6,074			Alibaba Group Holding Ltd. - ADR			955,440
	7,162			Amazon.com, Inc.(a)			1,670,322
							2,625,762
				HEALTH CARE FACILITIES & SERVICES - 2.5%
	9,738			HealthEquity, Inc.(a)			1,024,243
				INTERNET MEDIA & SERVICES - 19.1%
	6,067			Alphabet, Inc., Class A			1,942,531
	6,612			Baidu, Inc. - ADR(a)			772,877
	3,832			DoorDash, Inc., Class A(a)			760,154
	2,456			Meta Platforms, Inc., Class A			1,591,365
	7,660			Netflix, Inc.(a)			824,063
	32,673			Pinterest, Inc., Class A(a)			853,419
	11,330			Uber Technologies, Inc.(a)			991,828
							7,736,237
				LEISURE FACILITIES & SERVICES - 2.6%
	32,016			DraftKings, Inc.(a)			1,061,651

See accompanying notes which are an integral part of these financial statements.

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 83.5% (Continued)
				LEISURE PRODUCTS - 4.0%
	38,813			YETI Holdings, Inc.(a)		$	1,609,963
				MEDICAL EQUIPMENT & DEVICES - 4.8%
	15,334			Edwards Lifesciences Corporation(a)			1,328,997
	2,050			Penumbra, Inc.(a)			600,999
							1,929,996
				OIL & GAS SERVICES & EQUIPMENT - 1.7%
	15,185			TechnipFMC plc			687,273
				RETAIL - DISCRETIONARY - 2.1%
	13,163			Floor & Decor Holdings, Inc., Class A(a)			837,430
				SEMICONDUCTORS - 10.2%
	3,138			Cirrus Logic, Inc.(a)			377,627
	9,226			Marvell Technology, Inc.			824,804
	9,638			NVIDIA Corporation			1,705,926
	23,399			ON Semiconductor Corporation(a)			1,175,566
							4,083,923
				SOFTWARE - 9.6%
	3,037			Datadog, Inc., Class A(a)			485,950
	19,321			Gitlab, Inc., Class A(a)			793,320
	7,344			Palo Alto Networks, Inc.(a)			1,396,315
	5,178			Salesforce, Inc.			1,193,736
							3,869,321
				TECHNOLOGY HARDWARE - 0.9%
	2,863			Dell Technologies, Inc., Class C			381,781
				TECHNOLOGY SERVICES - 2.2%
	13,152			Block, Inc.(a)			878,554

See accompanying notes which are an integral part of these financial statements.

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - 83.5% (Continued)
				TELECOMMUNICATIONS - 1.9%
	22,499			GDS Holdings Ltd. - ADR(a)		$	764,291
				TOTAL COMMON STOCKS (Cost $29,935,244)			33,722,015
				TOTAL INVESTMENTS - 83.5% (Cost $29,935,244)		$	33,722,015
				TOTAL SECURITIES SOLD SHORT (52.2)% - (Proceeds - $19,106,919)			(21,082,401	)
				OTHER ASSETS IN EXCESS OF LIABILITIES - 68.7%			27,727,819
				NET ASSETS - 100.0%		$	40,367,433

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

November 30, 2025

Shares						Fair Value
				BUSINESS DEVELOPMENT COMPANIES - (2.6)%
				ASSET MANAGEMENT - (2.6)%
	(51,000	)		Ares Capital Corporation		$	(1,051,620	)
Shares						Fair Value
				COMMON STOCKS - (49.6)%
				AEROSPACE & DEFENSE - (2.0)%
	(1,500	)		Axon Enterprise, Inc.			(810,210	)
				APPAREL & TEXTILE PRODUCTS - (2.1)%
	(10,000	)		PVH Corporation			(847,600	)
				BANKING - (4.1)%
	(16,000	)		Banco Latinoamericano de Comercio Exterior S.A., Class E			(718,400	)
	(11,000	)		Cathay General Bancorp			(532,840	)
	(4,000	)		East West Bancorp, Inc.			(426,800	)
							(1,678,040	)

See accompanying notes which are an integral part of these financial statements.

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - (49.6)% (Continued)
				ELECTRICAL EQUIPMENT - (7.5)%
	(3,500	)		Amphenol Corporation, Class A		$	(493,150	)
	(3,300	)		Littelfuse, Inc.			(844,866	)
	(12,000	)		Trimble, Inc.			(977,040	)
	(4,000	)		Vertiv Holdings Company, Class A			(718,920	)
							(3,033,976	)
				ENGINEERING & CONSTRUCTION - (2.1)%
	(1,800	)		Quanta Services, Inc.			(836,784	)
				ENTERTAINMENT CONTENT - (1.6)%
	(7,000	)		ROBLOX Corporation, Class A			(665,210	)
				HEALTH CARE FACILITIES & SERVICES - (3.9)%
	(2,000	)		Cigna Group (The)			(554,560	)
	(2,000	)		HCA Healthcare, Inc.			(1,016,580	)
							(1,571,140	)
				INDUSTRIAL SUPPORT SERVICES - (2.0)%
	(1,000	)		United Rentals, Inc.			(815,180	)
				INSTITUTIONAL FINANCIAL SERVICES - (1.7)%
	(2,500	)		Coinbase Global, Inc., Class A			(682,050	)
				INTERNET MEDIA & SERVICES - (1.5)%
	(18,000	)		Match Group, Inc.			(599,580	)
				MEDICAL EQUIPMENT & DEVICES - (1.3)%
	(2,100	)		ResMed, Inc.			(537,243	)
				SEMICONDUCTORS - (4.2)%
	(4,000	)		Advanced Micro Devices, Inc.			(870,120	)
	(3,500	)		Micron Technology, Inc.			(827,680	)
							(1,697,800	)
				SOFTWARE - (6.6)%
	(3,000	)		Adobe, Inc.			(960,390	)
	(2,000	)		Crowdstrike Holdings, Inc., Class A			(1,018,320	)

See accompanying notes which are an integral part of these financial statements.

THE FUTURE FUND LONG/SHORT ETF

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

November 30, 2025

Shares						Fair Value
				COMMON STOCKS - (49.6)% (Continued)
				SOFTWARE - (6.6)% (Continued)
	(4,000	)		Palantir Technologies, Inc., Class A		$	(673,800	)
							(2,652,510	)
				SPECIALTY FINANCE - (1.0)%
	(13,000	)		SoFi Technologies, Inc.			(386,360	)
				TECHNOLOGY HARDWARE - (4.4)%
	(5,000	)		Ciena Corporation			(1,021,050	)
	(9,000	)		Corning, Inc.			(757,800	)
							(1,778,850	)
				TECHNOLOGY SERVICES - (3.6)%
	(5,000	)		Affirm Holdings, Inc., Class A			(354,750	)
	(600	)		Fair Isaac Corporation			(1,083,498	)
							(1,438,248	)
				TOTAL SECURITIES SOLD SHORT - (Proceeds - $19,106,919)		$	(21,082,401	)

(a)

Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

The Future Fund ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

November 30, 2025

						The Future
		One Global ETF				Long/Short ETF
ASSETS
Investment in securities at value (identified cost $95,851,189 and $29,935,244)		$	104,986,507			$	33,722,015
Cash			2,736,641				-
Broker Cash *			-				27,864,972
Dividends and interest receivable			123,407				70,978
Prepaid expenses and other assets			18,768				1,014
TOTAL ASSETS			107,865,323				61,658,979
LIABILITIES
Due to Custodian			-				155,863
Securities sold short (proceeds $19,106,919)			-				21,082,401
Investment advisory fees payable			43,499				19,123
Payable to related parties			58,775				13,621
Dividends payable			-				6,880
Accrued expenses and other liabilities			3,135				13,658
TOTAL LIABILITIES			105,409				21,291,546
NET ASSETS		$	107,759,914			$	40,367,433
Net Assets Consist Of:
Paid in capital		$	100,781,629			$	37,567,990
Accumulated gains (losses)			6,978,285				2,799,443
NET ASSETS		$	107,759,914			$	40,367,433
Net Asset Value Per Share:
Net Assets		$	107,759,914			$	40,367,433
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			3,580,000				1,640,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share		$	30.10			$	24.61

*

Amount represents cash segregated at StoneX for short holdings.

See accompanying notes which are an integral part of these financial statements.

The Future Fund ETFs

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended November 30, 2025

						The Future
		One Global ETF				Long/Short ETF
INVESTMENT INCOME
Dividend income		$	595,520			$	47,080
Interest			17				338,178
Foreign tax withholding			(20,513	)			(736	)
TOTAL INVESTMENT INCOME			575,024				384,522
EXPENSES
Investment advisory fees			229,501				203,374
Administrative services fees			62,129				46,367
Custodian fees			19,471				13,770
Transfer agent fees			19,123				6,128
Legal fees			14,189				16,250
Trustees fees and expenses			12,552				13,886
Printing and postage expenses			6,452				16,690
Compliance officer fees			8,341				10,371
Audit fees			8,273				9,144
Insurance expense			2,712				692
Dividend expense on short sales			-				125,000
Other expenses			6,214				4,498
TOTAL EXPENSES			388,957				466,170
Plus: Recapture of Fees Previously Waived /Expenses Reimbursed by the Adviser			20,000				-
Less: Fees Waived/Expenses Reimbursed by the Adviser			-				(88,915	)
NET EXPENSES			408,957				377,255
NET INVESTMENT INCOME			166,067				7,267
REALIZED AND UNREALIZED GAIN/ (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Net realized gain from security transactions			2,307,176				2,895,509
Net realized loss on securities sold short			-				(4,329,209	)
Net realized gain from in-kind redemptions			121,241				252,644
Foreign currency translations			(19,758	)			-
			2,408,659				(1,181,056	)
Net change in unrealized appreciation (depreciation) on:
Investments			8,794,213				1,356,658
Securities sold short			-				(93,622	)
Foreign currency translations			29,438				-
			8,823,651				1,263,036
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS			11,232,310				81,980
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	11,398,377			$	89,247

See accompanying notes which are an integral part of these financial statements.

One Global ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For The				For The
		Six Months Ended				Year Ended
		November 30, 2025				May 31, 2025
		(Unaudited)
FROM OPERATIONS
Net investment income		$	166,067			$	161,712
Net realized gain from security transactions, securities sold short, in-kind redemptions and foreign currency transactions			2,408,659				403,252
Net change in unrealized appreciation of investments and foreign currency translations			8,823,651				402,200
Net increase in net assets resulting from operations			11,398,377				967,164
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:			25,433,860				82,080,694
Payments for shares redeemed:			(599,386	)			(22,984,593	)
Net increase in net assets resulting from shares of beneficial interest			24,834,474				59,096,101
TOTAL INCREASE IN NET ASSETS			36,232,851				60,063,265
NET ASSETS
Beginning of Period			71,527,063				11,463,798
End of Period		$	107,759,914			$	71,527,063
SHARE ACTIVITY
Shares sold			880,000				3,160,000
Shares redeemed			(20,000	)			(940,000	)
Net increase in shares of beneficial interest outstanding			860,000				2,220,000

See accompanying notes which are an integral part of these financial statements.

The Future Fund Long/Short ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For The				For The
		Six Months Ended				Year Ended
		November 30, 2025				May 31, 2025
		(Unaudited)
FROM OPERATIONS
Net investment income		$	7,267			$	67,312
Net realized gain (loss) from security transactions, securities sold short and in-kind redemptions			(1,181,056	)			3,347,516
Net change in unrealized appreciation of investments			1,263,036				160,875
Net increase in net assets resulting from operations			89,247				3,575,703
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:			-				(1,139,304	)
Net decrease in net assets resulting from distributions to shareholders			-				(1,139,304	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:			2,000,278				15,183,626
Payments for shares redeemed:			(1,024,319	)			(902,586	)
Net increase in net assets resulting from shares of beneficial interest			975,959				14,281,040
TOTAL INCREASE IN NET ASSETS			1,065,206				16,717,439
NET ASSETS
Beginning of Period			39,302,227				22,584,788
End of Period		$	40,367,433			$	39,302,227
SHARE ACTIVITY
Shares sold			80,000				660,000
Shares redeemed			(40,000	)			(40,000	)
Net increase in shares of beneficial interest outstanding			40,000				620,000

See accompanying notes which are an integral part of these financial statements.

One Global ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

		For The				For The				For The				For The				For The
		Six Months Ended				Year Ended				Year Ended				Year Ended				Period Ended
		November 30, 2025				May 31, 2025				May 31, 2024				May 31, 2023				May 31, 2022 *
		(Unaudited)
Net asset value, beginning of period		$	26.30			$	22.93			$	17.18			$	17.44			$	25.00
Activity from investment operations:
Net investment income (loss) (1)			0.05				0.15				(0.16	)			(0.14	)			(0.13	)
Net realized and unrealized gain (loss) on investments			3.75				3.22				5.91				(0.12	)			(7.42	)
Total from investment operations			3.80				3.37				5.75				(0.26	)			(7.55	)
Less distributions from:
Net realized gains			-				-				-				-				(0.01	)
Return of capital			-				-				-				-				(0.00	) (6)
Total distributions			-				-				-				-				(0.01	)
Net asset value, end of period		$	30.10			$	26.30			$	22.93			$	17.18			$	17.44
Total return (2)			14.45	% (4)			14.70	%			33.47	%			(1.49	)%			(30.22	)% (4)
Net assets, at end of period (000s)		$	107,760			$	71,527			$	11,464			$	8,592			$	9,766
Ratio of gross expenses to average net assets			0.84	% (3)			1.61	%			3.18	%			3.76	%			2.14	% (3)
Ratio of net expenses to average net assets			0.89	% (3)			1.00	%			1.00	%			1.00	%			1.00	% (3)
Ratio of net investment income (loss) to average net assets			0.36	% (3)			0.58	%			(0.81	)%			(0.84	)%			(0.76	)% (3)
Portfolio Turnover Rate (5)			36	% (4)			115	%			78	%			34	%			79	% (4)

*

Commencement of Operations was August 23, 2021.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2)

Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period.

Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions.

(3)

Annualized for periods less than one full year.

(4)

Not annualized.

(5)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(6)

Represents less than $0.005.

See accompanying notes which are an integral part of these financials statements.

The Future Fund Long/Short ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

		For The				For The				For The
		Six Months Ended				Year Ended				Period Ended
		November 30, 2025				May 31, 2025				May 31, 2024 *
		(Unaudited)
Net asset value, beginning of period		$	24.56			$	23.05			$	20.00
Activity from investment operations:
Net investment income (loss) (1)			-				0.05				(0.03	)
Net realized and unrealized gain on investments			0.05				2.23				3.08
Total from investment operations			0.05				2.28				3.05
Less distributions from:
Net investment income			-				(0.04	)			-
Net realized gains			-				(0.73	)			-
Total distributions			-				(0.77	)			-
Net asset value, end of period		$	24.61			$	24.56			$	23.05
Total return (2)			0.20	% (5)			10.09	%			15.25	% (5)
Net assets, at end of period (000s)		$	40,367			$	39,302			$	22,585
Ratio of gross expenses to average net assets (3)			2.28	% (4)			2.05	%			11.99	% (4)
Ratio of net expenses to average net assets (3)			1.84	% (4)			1.60	%			1.64	% (4)
Ratio of net investment loss to average net assets			0.04	% (4)			0.20	%			(0.16	)% (4)
Portfolio Turnover Rate (6)			217	% (5)			313	%			88	% (5)

*

Commencement of Operations was June 20, 2023.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(2)

Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period.

Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder transactions.

(3)

Excluding interest expense and dividends on securities sold short, the following ratios would have been:

Gross expenses to average net assets			1.67	%			1.69	%			11.59	%
Net expenses to average net assets			1.23	%			1.24	%			1.24	%

(4)

Annualized for periods less than one full year.

(5)

Not annualized.

(6)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

See accompanying notes which are an integral part of these financials statements.

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)

November 30, 2025

1.

ORGANIZATION

One Global ETF (“FFND”), formerly The Future Fund Active ETF, and the Future Fund Long/Short ETF (“FFLS”) (each a “Fund” and collectively the “Funds”) are each a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust II (the “Trust”), a statutory trust organized under the laws of the State of Delaware on August 26, 2010, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund’s investment objective is to seek to provide capital appreciation. FFND commenced operations on August 23, 2021. FFLS commenced operations on June 20, 2023.

2.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services - Investment Companies.”

Operating Segments - The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

Security Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

Each Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Trusts’ Board of Trustees (the “Board”). The Board has retained responsibility for fair value determinations, however, it delegated execution of the fair value procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Adviser. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third-party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process - As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset values. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure fair value of all of their investments on a recurring basis. GAAP establishes the hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 - Unadjusted quoted prices in active markets for identical assets and 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 in 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025 for the Funds’ assets and liabilities measured at fair value:

FFND
Assets*		Level 1				Level 2				Level 3				Total
Common Stocks		$	104,986,507			$	-			$	-			$	104,986,507
Total		$	104,986,507			$	-			$	-			$	104,986,507

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

FFLS
Assets*		Level 1				Level 2				Level 3				Total
Common Stocks		$	33,722,015			$	-			$	-			$	33,722,015
Total		$	33,722,015			$	-			$	-			$	33,722,015
Liabilities*		Level 1				Level 2				Level 3				Total
Business Development Companies		$	1,051,620			$	-			$	-			$	1,051,620
Common Stocks			20,030,781				-				-				20,030,781
Total		$	21,082,401			$	-			$	-			$	21,082,401

*

Please refer to the Schedule of Investments for industry classifications.

There were no level 3 holdings as of November 30, 2025.

Short Sales Risk - FFLS is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction.

Security Transactions and Related Income - Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding Tax Policy -The Funds are subject to foreign withholding tax imposed by certain foreign countries in which each Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Funds will record receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history.

Dividends and Distributions to Shareholders - Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

Federal Income Taxes - The Funds have qualified and intend to continue to qualify each year as regulated investment companies (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

Expenses - Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the fund in the Trust.

Indemnification - The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. A 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 Funds expect the risk of loss due to these warranties and indemnities to be remote.

3.

INVESTMENT TRANSACTIONS

For the six months ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities (include opening of short positions and cover of shorts, reflected on an absolute value basis and excluding in-kind transactions and short-term investments) for the Funds were as follows:

		Purchases				Sales
FFND		$	19,786,574			$	20,906,189
FFLS		$	36,167,744			$	42,786,697

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

For the six months ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

		Purchases				Sales
FFND		$	24,537,125			$	570,730
FFLS		$	1,705,759			$	822,033

4.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The Future Fund, LLC (“Adviser”) serves as investment adviser to each of the Funds. Pursuant to an Advisory Agreement with the Trust on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.50% and 1.00% of average daily net assets for FFND and FFLS, respectively. For the six months ended November 30, 2025, FFND and FFLS incurred $229,501 and $203,374 in advisory fees, respectively.

Effective as of May 1, 2025, the advisory fee for the FFND is 0.50% on the first $200,000,000 of net assets, 0.45% on net assets between $200,000,001 - $500,000,000, 0.40% on net assets between $500,000,001 - $1,000,000,000, and 0.35% on net assets $1,000,000,001 and over. Prior to May 1,2025, and effective as of April 1, 2025, the advisory fee for the FFND is 0.70% on the first $50,000,000 of net assets, 0.65% on net assets between $50,000,001 - $100,000,000, 0.55% on net assets between $100,000,001 - $200,000,000, 0.50% on net assets between $200,000,001 - $500,000,000, 0.45% on net assets between $500,000,001 - $1,000,000,000, and 0.40% on net assets $1,000,000,001 and over. Prior to April 1, 2025, FFND computed and accrued daily and paid monthly management fees at an annual rate of 0.75%.

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed, at least until September 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Funds (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) do not exceed 1.00% for FFND and 1.24% for FFLS. For the six months ended November 30, 2025, the Adviser recaptured $20,000 of previously waived fees in FFND and waived fees/reimbursed expenses of $88,915 in FFLS.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and any Fund’s operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the Fund provided that such

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

reimbursement does not cause the Fund’s operating expenses to exceed the expense limitation. The Adviser is permitted to receive reimbursement from a Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. A Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of management fees and/or expenses. This Operating Expense Limitation Agreement can be terminated only by, or with the consent, of the Board of Trustees.

As of May 31, 2025, the following amounts previously waived by the Adviser are subject to recapture by the Funds by the following dates:

		May 31, 2026				May 31, 2027				May 31, 2028				Total
FFND		$	235,831			$	214,887			$	169,863			$	620,581
FFLS		$	-			$	201,787			$	155,301			$	357,088

The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent.

Distributor - Northern Lights Distributors, LLC, (the “Distributor”), serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an ETF Distribution Agreement with the Trust (the “Distribution Agreement”). The offerings of the Shares are continuous and the Distributor acts as an agent for the Trust.

The Funds do not pay the Distributor any fees under the Distribution Agreement. However, the Adviser pays an annual fee to the Distributor plus reasonable out-of-pocket expenses incurred by Distributor in connection with activities performed for the Funds, including, without limitation, printing and distribution of prospectuses and shareholder reports, out of its own resources.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC (“UFS”)- UFS, an affiliate of the Distributor, provides administration, and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.

The amounts due to UFS for administration and fund accounting services are listed in the Statements of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the year are shown in the Statements of Operations under “Administrative service fees.”

Northern Lights Compliance Services, LLC (“NLCS”)- NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

The amounts due to NLCS for chief compliance officer services are listed in the Statements of Assets and Liabilities under “Payable to related parties” and the amounts accrued for the year are shown in the Statements of Operations under “Compliance officer fees.”

Blu Giant, LLC(“Blu Giant”)- Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

5.

CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 20,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. 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. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of a Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Funds for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Funds and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the accounts of the Funds. Transactions in capital shares for the Funds are disclosed in the Statement of Changes in Net Assets.

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Funds are listed in the table below:

	Fee for In-Kind and	Maximum Additional Variable
Ticker	Cash Purchases	Charge for Cash Purchases*
FFND	$300	Slippage - Maximum Amount 200 bps
FFLS	$300	Slippage - Maximum Amount 200 bps

*

As a percentage of the amount invested.

6.

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of Fund distributions for the year ended May 31, 2025 was as follows:

For Year Ended		Ordinary				Long-Term				Return of
5/31/2025		Income				Capital Gains				Capital				Total
FFND		$	-			$	-			$	-			$	-
FFLS			1,139,304				-				-				1,139,304

There were no Fund distributions for the year ended May 31, 2024.

As of May 31, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

		Undistributed				Undistributed				Post October Loss				Capital Loss				Other				Unrealized				Total
		Ordinary				Long-Term				and				Carry				Book/Tax				Appreciation/				Accumulated
		Income				Capital Gains				Late Year Loss				Forwards				Differences				(Depreciation)				Earnings/(Deficits)
FFND		$	143,631			$	-			$	(1,341,528	)		$	(3,516,451	)		$	-			$	294,256			$	(4,420,092	)
FFLS			2,503,322				-				-				-				-				206,874				2,710,196

The difference between book basis and tax basis accumulated net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for partnerships, and mark-to-market on open passive foreign investment companies. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(29,440).

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The One Global ETF incurred and elected to defer such capital losses of $1,341,528.

At May 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

		Short-Term				Long-Term				Total				CLCF Utilized
FFND		$	1,260,771			$	2,255,680			$	3,516,451			$	-
FFLS			-				-				-				-

The Future Fund ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

November 30, 2025

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of in-kind redemptions, resulted in reclassifications for the funds for the fiscal period ended May 31, 2025, as follows:

		Paid
		In				Accumulated
		Capital				Earnings (Losses)
FFND		$	1,946,911			$	(1,946,911	)
FFLS			212,455				(212,455	)

7.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

						Gross				Gross				Net Unrealized
		Tax				Unrealized				Unrealized				Appreciation/
		Cost				Appreciation				Depreciation				(Depreciation)
FFND		$	95,868,598			$	11,968,505			$	(2,850,596	)		$	9,117,909
FFLS			11,169,704				5,539,825				(4,069,915	)			1,469,910

8.

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

ADDITIONAL INFORMATION

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period covered by this report.

Proxy Disclosures - Not applicable

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein

Statement Regarding Basis for Approval of Investment Advisory Agreement

FACTORS CONSIDERED BY THE TRUSTEES IN APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

At a Meeting (the “Meeting”) of the Board of Trustees (the “Board”) of Northern Lights Fund Trust II (the “Trust”) held on July 30, 2025 the Board, including the disinterested Trustees (the “Independent Trustees”), considered the renewal of the investment advisory agreement (the “Advisory Agreement”) between The Future Fund, LLC (“Future Fund, LLC”) and the Trust on behalf of each of the One Global ETF (“One Global”) and Future Fund Long/Short ETF (“Future Fund Long/Short”, and, collectively, the “Future Funds”).

Based on their evaluation of the information provided by Future Fund, LLC, in conjunction with the Funds’ other service providers, the Board, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Advisory Agreement with respect to each of the Funds.

In advance of the Meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Advisory Agreement, a memorandum prepared by Independent trustee counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Advisory Agreement and comparative information relating to the advisory fee and other expenses of the Funds. The materials also included due diligence materials relating to Future Fund, LLC (including due diligence questionnaires completed by Future Fund, LLC, select financial information of Future Fund, LLC, bibliographic information regarding Future Fund, LLC’s key management and investment advisory personnel, and comparative fee and performance information relating to the Funds and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from Fund management. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement. In considering the renewal of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

Nature, Extent and Quality of Services. The Board reviewed materials provided by Future Fund, LLC related to the proposed renewal of the Advisory Agreement, including its ADV, a description of the manner in which investment decisions are made and executed, and a review of the personnel performing services for each of the Future Funds, including the individuals that primarily monitor and execute the investment process. The Board discussed Future Fund, LLC’s research capabilities and the quality of its compliance infrastructure, noting that Future Fund, LLC uses an outside compliance consulting firm, Constellation Advisors (“Constellation”), to assist in the ongoing development and oversight of its compliance program. The Board noted that the personnel at Constellation who are assisting Future Fund, LLC with its compliance program are very

experienced in the 1940 Act and in the operations and regulations governing the management of registered investment companies including exchange traded funds. Additionally, the Board received satisfactory responses from representatives of Future Fund, LLC with respect to a series of important questions, including: whether Future Fund, LLC or its principals were involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of each of the Future Funds; and whether there are procedures in place to adequately allocate trades among its clients. The Board reviewed the description provided on the practices for monitoring compliance with each of the Future Funds’ investment limitations, noting that Future Fund, LLC’s chief compliance officer actively reviews the portfolio managers’ performance of their duties to ensure compliance under Future Fund, LLC’s compliance program. The Board discussed the capitalization of Future Fund, LLC, and, based on discussions with the representative of Future Fund, LLC, concluded that Future Fund, LLC’s principals had the ability to make additional contributions in order to meet Future Fund, LLC’s obligations to each of the Future Funds. The Board also discussed Future Fund, LLC’s compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust represented that Future Fund, LLC’s policies and procedures were reasonably designed to prevent violations of applicable securities laws. The Board also noted Future Fund, LLC’s representation that the prospectus and statement of additional information for each of the Future Funds accurately describe the investment strategies of each of the Future Funds. The Board concluded that Future Fund, LLC had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided by Future Fund, LLC to each of the Future Funds appear to be satisfactory.

Performance. The Board discussed the report prepared by Broadridge and reviewed the performance of each of the Future Funds as compared to its respective peer group, Morningstar category and benchmark for the one-year and since inception periods ended June 30, 2025, as well as the three -year period ended June 30, 2025 in the case of One Global. With respect to One Global, the Board noted that it had outperformed its peer group median, Morningstar category median and benchmark (S&P 500) for the one-year period, while also outperforming its benchmark in the three-year period but underperforming its peer group median and Morningstar category median for that period. The Board also noted that One Global had underperformed its peer group median, Morningstar category median and benchmark for the since inception period. With respect to the Future Fund Long/Short, the Board noted that it had outperformed its peer group median and Morningstar category median for the one-year and since inception periods but had underperformed its benchmark (the S&P 500 Total Return Index) for the same periods. The Board further noted that Future Fund, LLC did not intend to make adjustments to the strategy or investment process for either of the Future Funds. After further discussion, the Board concluded that overall, each of the Future Funds’ past performance was acceptable and in-line with its investment objective, with recent performance showing improvement.

Fees and Expenses. As to the costs of the services to be provided by Future Fund, LLC, the Board reviewed and discussed the advisory fee and total operating expenses of each of the Future Funds as compared to its respective peer group and Morningstar category as presented in the Broadridge Report. With respect to One Global, the Board noted that while the advisory fee is below its peer group median and Morningstar category median, although net expenses were at the higher end of its peer group. The Board then reviewed the contractual arrangements for One Global noting that Future Fund, LLC had agreed to contractually waive or limit its advisory fee and/or reimburse expenses in order to limit net annual operating expenses, exclusive of certain fees, at least until September 30, 2026, so as not to exceed 1.00% of the average annual net assets, and found such arrangements beneficial to shareholders of One Global. The Board concluded that the advisory fee charged by Future Fund, LLC to One Global was not unreasonable.

With respect to Future Fund Long/Short, the Board noted that while the advisory fee for Future Fund Long/Short was slightly higher than its peer group median and in line with its Morningstar category median although noting that net expenses were at the higher end of its peer group and Morningstar category. The Board then reviewed the contractual arrangements for Future Fund Long/Short noting that Future Fund, LLC had agreed to contractually waive or limit its advisory fee and/or reimburse expenses in order to limit net annual operating expenses, exclusive of certain fees until September 30, 2026, so as not to exceed 1.24% of the average annual net assets, and found such arrangements beneficial to shareholders of Future Fund

Long/Short. The Board concluded that the advisory fee charged by Future Fund, LLC to Future Fund Long/Short was not unreasonable.

Profitability. The Board also considered the level of profits that could be expected to accrue to Future Fund, LLC with respect to each of the Future Funds based on profitability estimates and analyses provided by Future Fund, LLC and reviewed by the Board. After review and discussion, the Board concluded that, based on the services provided by Future Fund, LLC, the level of profit from Future Fund, LLC’s relationship with each of the Future Funds was not excessive.

Economies of Scale. As to the extent to which each of the Future Funds will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed Future Fund, LLC’s expectations for growth for each of the Future Funds and concluded that any material economies of scale would not be achieved in the near term.

Conclusion. Trust counsel and Independent Trustee counsel again assisted the Trustees throughout the agreement review process. The Board relied upon the advice of counsel, and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Future Fund, LLC as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement with respect to each of the Future Funds and as assisted by the advice of independent counsel, the Trustees, including a majority of the Independent Trustees, determined that: (a) the terms of the Advisory Agreement are reasonable; (b) the advisory fee is not unreasonable; and (c) the Advisory Agreement is in the best interests of each of the Future Funds and their respective shareholders. In considering the renewal of the Advisory Agreement, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that renewal of the Advisory Agreement was in the best interests of the Future Funds and their shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended November 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-466-7090 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-466-7090.

INVESTMENT ADVISOR

The Future Fund, LLC

330 N Wabash, Suite 2300

Chicago, IL 60611

ADMINISTRATOR

Ultimus Fund Solutions, LLC

4221 North 203rd Street Suite 100

Elkhorn, Nebraska 68022

FFETFS-SA25

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

There were no changes in or disagreements with accountants during the period covered by this report

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable

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

Refer to the financial statements included herein

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

Item 16. Controls and Procedures

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable

(b)

Not applicable

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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) Northern Lights Fund Trust II

By	/s/ Kevin E. Wolf
Kevin E. Wolf
Principal Executive Officer/President
Date: 02/06/2026

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	/s/ Kevin E. Wolf
Kevin E. Wolf
Principal Executive Officer/President
Date: 02/06/2026
By	/s/ Erik Naviloff
Erik Naviloff
Principal Financial Officer/Treasurer
Date: 02/06/2026