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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MARA Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MARA 8 C19.5"/>
          <other otherDesc="BBGID" value="BBG01VJ0LLD5"/>
        </identifiers>
        <balance>40605.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>40605.200000000000</valUSD>
        <pctVal>0.0323802621</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CHICAGO</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>19.500000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-917022.080000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MARA Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MARA 8 C20.5"/>
          <other otherDesc="BBGID" value="BBG01VJ0LWB3"/>
        </identifiers>
        <balance>-13200.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6600.070000000000</valUSD>
        <pctVal>-0.0052631682</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CHICAGO</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>20.500000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>398950.130000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MARA Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MARA 8 C19"/>
          <other otherDesc="BBGID" value="BBG01VSQPJX7"/>
        </identifiers>
        <balance>-15000.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-127500.000000000000</valUSD>
        <pctVal>-0.1016737615</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CHICAGO</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>19.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-08-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>333352.500000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MARA Holdings Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MARA 9 C18"/>
          <other otherDesc="BBGID" value="BBG01RK3SYF9"/>
        </identifiers>
        <balance>77605.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7372475.000000000000</valUSD>
        <pctVal>5.8791157997</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CHICAGO</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MARA Holdings Inc</issuerName>
                <issueTitle>MARA Holdings Inc</issueTitle>
                <identifiers>
                  <cusip value="565788106"/>
                  <isin value="US5657881067"/>
                  <ticker value="MARA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>18.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-15444032.780000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-09-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Tidal Trust II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Aaron Perkovich</ncom:signature>
      <ncom:signerName>Aaron Perkovich</ncom:signerName>
      <ncom:title>Treasurer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
