0001145549-24-001935.txt : 20240116 0001145549-24-001935.hdr.sgml : 20240116 20240116122704 ACCESSION NUMBER: 0001145549-24-001935 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20240116 DATE AS OF CHANGE: 20240116 EFFECTIVENESS DATE: 20240116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tidal Trust II CENTRAL INDEX KEY: 0001924868 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23793 FILM NUMBER: 24534385 BUSINESS ADDRESS: STREET 1: 234 WEST FLORIDA STREET, SUITE 203 CITY: MILWAUKEE STATE: WI ZIP: 53204 BUSINESS PHONE: (844) 986-7676 MAIL ADDRESS: STREET 1: 234 WEST FLORIDA STREET, SUITE 203 CITY: MILWAUKEE STATE: WI ZIP: 53204 FORMER COMPANY: FORMER CONFORMED NAME: Tidal ETF Trust II DATE OF NAME CHANGE: 20220421 0001924868 S000077649 YieldMax AAPL Option Income Strategy ETF C000238137 YieldMax AAPL Option Income Strategy ETF APLY 0001924868 S000077650 YieldMax TSLA Option Income Strategy ETF C000238138 YieldMax TSLA Option Income Strategy ETF TSLY 0001924868 S000077651 YieldMax AMZN Option Income Strategy ETF C000238139 YieldMax AMZN Option Income Strategy ETF AMZY 0001924868 S000077653 YieldMax COIN Option Income Strategy ETF C000238141 YieldMax COIN Option Income Strategy ETF CONY 0001924868 S000077654 YieldMax GOOGL Option Income Strategy ETF C000238142 YieldMax GOOGL Option Income Strategy ETF GOOY 0001924868 S000077655 YieldMax META Option Income Strategy ETF C000238143 YieldMax META Option Income Strategy ETF FBY 0001924868 S000077656 YieldMax NFLX Option Income Strategy ETF C000238144 YieldMax NFLX Option Income Strategy ETF NFLY 0001924868 S000077657 YieldMax NVDA Option Income Strategy ETF C000238145 YieldMax NVDA Option Income Strategy ETF NVDY 0001924868 S000077658 YieldMax SQ Option Income Strategy ETF C000238146 YieldMax SQ Option Income Strategy ETF SQY 0001924868 S000077664 YieldMax Innovation Option Income Strategy ETF C000238152 YieldMax Innovation Option Income Strategy ETF OARK 0001924868 S000077774 Senior Secured Credit Opportunities ETF C000238319 Senior Secured Credit Opportunities ETF 0001924868 S000077894 The Meet Kevin Pricing Power ETF C000238525 The Meet Kevin Pricing Power ETF PP 0001924868 S000078265 Nicholas Fixed Income Alternative ETF C000239025 Nicholas Fixed Income Alternative ETF FIAX 0001924868 S000081455 YieldMax XOM Option Income Strategy ETF C000244357 YieldMax XOM Option Income Strategy ETF 0001924868 S000081456 YieldMax AMD Option Income Strategy ETF C000244358 YieldMax AMD Option Income Strategy ETF 0001924868 S000081458 YieldMax DIS Option Income Strategy ETF C000244360 YieldMax DIS Option Income Strategy ETF 0001924868 S000081459 YieldMax JPM Option Income Strategy ETF C000244361 YieldMax JPM Option Income Strategy ETF 0001924868 S000081460 YieldMax MRNA Option Income Strategy ETF C000244362 YieldMax MRNA Option Income Strategy ETF 0001924868 S000081461 YieldMax MSFT Option Income Strategy ETF C000244363 YieldMax MSFT Option Income Strategy ETF 0001924868 S000081463 YieldMax PYPL Option Income Strategy ETF C000244365 YieldMax PYPL Option Income Strategy ETF N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001924868 XXXXXXXX false false false N-1A S000077894 C000238525 S000078265 C000239025 S000077649 C000238137 S000081456 C000244358 S000077651 C000238139 S000077653 C000238141 S000081458 C000244360 S000077654 C000238142 S000077664 C000238152 S000081459 C000244361 S000077655 C000238143 S000081460 C000244362 S000081461 C000244363 S000077656 C000238144 S000077657 C000238145 S000081463 C000244365 S000077658 C000238146 S000077650 C000238138 S000081455 C000244357 S000077774 C000238319 Tidal Trust II 811-23793 0001924868 549300BGXECFCIZF2P89 c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee 53204 US-WI US 8449867700 U.S. Bancorp Fund Services LLC 615 East Michigan St. Milwaukee 53202 18336121912 Maintain physical/electronic accounts/books or any document required by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section. 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Strategy ETF S000077657 549300NB95KDV3FTQM03 Y 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 11940.000000000000 CITADEL SECURITIES LLC 8-53574 000116797 12UUJYTN7D3SW8KCSG25 870.000000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 35117.500000000000 JANE STREET EXECUTION SERVICES LLC 8-69254 000167280 549300HXJLXCPDWAH070 13188.000000000000 TRADEWEB L.L.C 8-49994 000042759 5493009DYKOCXWBRC524 5352.900000000000 WOLVERINE EXECUTION SERVICES LLC 8-65336 000120719 2549003XDWF020DPX559 32238.250000000000 98706.650000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 185224287.070000000000 185224287.070000000000 N 70784719.895000000000 N N N N YieldMax PYPL Option Income Strategy ETF S000081463 529900NHR1YBDBGP0D48 Y 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 6c-11 (17 CFR 270.6c-11) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 2440.000000000000 WALLACHBETH CAPITAL LLC 8-67936 000147853 549300R371KUKXEXC133 180.000000000000 2620.000000000000 0.000000000000 N 1657351.743000000000 N N N N YieldMax SQ Option Income Strategy ETF S000077658 549300WBCL4N7MGWDL29 Y 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 6c-11 (17 CFR 270.6c-11) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 7065.000000000000 WALLACHBETH CAPITAL LLC 8-67936 000147853 549300R371KUKXEXC133 240.000000000000 7305.000000000000 0.000000000000 N 3137716.450000000000 N N N N YieldMax TSLA Option Income Strategy ETF S000077650 549300X6ZY65U9N3R703 Y 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 533.000000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 195525.340000000000 JANE STREET EXECUTION SERVICES LLC 8-69254 000167280 549300HXJLXCPDWAH070 1086016.500000000000 WOLVERINE EXECUTION SERVICES LLC 8-65336 000120719 2549003XDWF020DPX559 119835.000000000000 1401909.840000000000 COWEN AND COMPANY LLC 8-22522 000007616 549300WR155U7DVMIW58 1333259189.740000000000 PERSHING LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 802576.170000000000 1334061765.910000000000 N 205458437.018000000000 N N N N YieldMax XOM Option Income Strategy ETF S000081455 529900MPVS5LWHVSGX85 Y 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) N N N N Tidal Investments LLC 801-76857 000164201 N/A N ZEGA Financial, LLC 801-78723 000156803 N/A N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N Refinitiv US LLC 213800HQORQAP68CJJ04 N IHS Markit Ltd. 549300HLPTRASHS0E726 BM N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N Tidal ETF Services, LLC N/A Y N U.S. Bancorp Global Fund Services LLC N1GZ7BBF3NP8GI976H15 N Y N CANTOR FITZGERALD & CO. 8-201 000000134 5493004J7H4GCPG6OB62 9125.000000000000 9125.000000000000 0.000000000000 N 5012956.606000000000 N N N N The Meet Kevin Pricing Power ETF S000077894 N 25000.000000000000 16.660000000000 13.010000000000 83.340000000000 13.010000000000 -8.170000000000 32.180000000000 108.170000000000 32.180000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 Y Nicholas Fixed Income Alternative ETF S000078265 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax AAPL Option Income Strategy ETF S000077649 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax AMD Option Income Strategy ETF S000081456 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax AMZN Option Income Strategy ETF S000077651 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax COIN Option Income Strategy ETF S000077653 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax DIS Option Income Strategy ETF S000081458 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax GOOGL Option Income Strategy ETF S000077654 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax Innovation Option Income Strategy ETF S000077664 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax JPM Option Income Strategy ETF S000081459 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax META Option Income Strategy ETF S000077655 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax MRNA Option Income Strategy ETF S000081460 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax MSFT Option Income Strategy ETF S000081461 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax NFLX Option Income Strategy ETF S000077656 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax NVDA Option Income Strategy ETF S000077657 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax PYPL Option Income Strategy ETF S000081463 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax SQ Option Income Strategy ETF S000077658 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax TSLA Option Income Strategy ETF S000077650 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N YieldMax XOM Option Income Strategy ETF S000081455 N 25000.000000000000 100.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 0.000000000000 300.000000000000 0.000000000000 N true INTERNAL CONTROL RPT 2 kevin.htm MEET KEVIN ETF - 10/31/23 INTERNAL CONTROL REPORT


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of The Meet Kevin Pricing Power ETF and
Board of Trustees of Tidal Trust II

In planning and performing our audit of the financial statements of The Meet Kevin Pricing Power ETF (the “Fund”), a series of Tidal Trust II, as of and for the period ended October 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2023.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
December 29, 2023
INTERNAL CONTROL RPT 3 nicholas.htm NICHOLAS ETF - 10/31/23 INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Shareholders of Nicholas Fixed Income Alternative ETF and
Board of Trustees of Tidal Trust II

In planning and performing our audit of the financial statements of Nicholas Fixed Income Alternative ETF (the “Fund”), a series of Tidal Trust II, as of and for the period ended October 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2023.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
December 29, 2023

INTERNAL CONTROL RPT 4 yieldmax.htm YIELDMAX ETFS - 10/31/23 INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of YieldMax ETFs and
Board of Trustees of Tidal Trust II

In planning and performing our audit of the financial statements of YieldMax ETFs comprising YieldMax Innovation Option Income Strategy ETF, YieldMax TSLA Option Income Strategy ETF, YieldMax AAPL Option Income Strategy ETF, YieldMax NVDA Option Income Strategy ETF, YieldMax AMZN Option Income Strategy ETF, YieldMax GOOGL Option Income Strategy ETF, YieldMax META Option Income Strategy ETF, YieldMax NFLX Option Income Strategy ETF, YieldMax COIN Option Income Strategy ETF, YieldMax DIS Option Income Strategy ETF, YieldMax MSFT Option Income Strategy ETF, YieldMax XOM Option Income Strategy ETF, YieldMax JPM Option Income Strategy ETF, YieldMax AMD Option Income Strategy ETF, YieldMax PYPL Option Income Strategy ETF, YieldMax SQ Option Income Strategy ETF, and YieldMax MRNA Option Income Strategy ETF (the “Funds”), each a series of Tidal Trust II, as of and for the period ended October 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2023.




This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
December 29, 2023