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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Chicago Board Options Exchange</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Moderna Inc</issuerName>
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            <shareNo>100.000000000000</shareNo>
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            <unrealizedAppr>-1468363.840000000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Moderna Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MRNA 8 C38.5"/>
          <other otherDesc="BBGID" value="BBG01W2L4CY1"/>
        </identifiers>
        <balance>2044.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13286.000000000000</valUSD>
        <pctVal>0.0115262300</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>NYSEAmerican</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Moderna Inc</issuerName>
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            <shareNo>100.000000000000</shareNo>
            <exercisePrice>38.500000000000</exercisePrice>
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            <expDt>2025-08-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-104829.610000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Moderna Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MRNA 8 C40.5"/>
          <other otherDesc="BBGID" value="BBG01W82ZVK6"/>
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        <balance>20000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60000.000000000000</valUSD>
        <pctVal>0.0520528227</pctVal>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>NYSEAmerican</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Moderna Inc</issuerName>
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            <shareNo>100.000000000000</shareNo>
            <exercisePrice>40.500000000000</exercisePrice>
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            <expDt>2025-08-01</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1085479.440000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Moderna Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MRNA 9 C30"/>
          <other otherDesc="BBGID" value="BBG01Q6N8PF4"/>
        </identifiers>
        <balance>38540.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10752660.000000000000</valUSD>
        <pctVal>9.3284384004</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>NYSEAmerican</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Moderna Inc</issuerName>
                <issueTitle>Moderna Inc</issueTitle>
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            <shareNo>100.000000000000</shareNo>
            <exercisePrice>30.000000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-10030996.310000000000</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>
