Tidal ETF Trust II NPORTP Even Herd Long Short ETF (Dec 2024 report)

Even Herd Long Short ETF
Schedule of Investments
December 31, 2024 (Unaudited)

COMMON STOCKS - 102.4%	Shares		Value
Aerospace & Defense - 3.4%
Curtiss-Wright Corp.		1,490	$	528,756
Howmet Aerospace, Inc.		5,748		628,659
Intuitive Machines, Inc. - Class A ^(a)		5,852		106,272
Leonardo DRS, Inc. ^(a)		3,219		104,006
Redwire Corp. ^(a)		8,216		135,236
Rocket Lab USA, Inc. ^(a)		10,822		275,636
				1,778,565

Agriculture - 1.1%
Turning Point Brands, Inc.		9,380		563,738

Airlines - 1.0%
SkyWest, Inc. ^(a)		3,618		362,270
United Airlines Holdings, Inc. ^(a)		1,741		169,051
				531,321

Apparel - 0.7%
Kontoor Brands, Inc.		1,573		134,350
On Holding AG - Class A ^(a)		2,434		133,310
Wolverine World Wide, Inc.		4,697		104,273
				371,933

Auto Manufacturers - 1.0%
Tesla, Inc. ^(a)		1,357		548,011

Auto Parts & Equipment - 1.0%
Allison Transmission Holdings, Inc.		2,516		271,879
Dorman Products, Inc. ^(a)		970		125,664
Miller Industries, Inc.		2,031		132,746
				530,289

Banks - 5.9%
Amalgamated Financial Corp.		8,416		281,683
Banco Macro SA - ADR		12,751		1,233,787
Bank of New York Mellon Corp.		6,986		536,734
Coastal Financial Corp. ^(a)		4,032		342,357
Morgan Stanley		1,265		159,036
Northeast Bank		2,864		262,715
Pathward Financial, Inc.		1,827		134,431
Third Coast Bancshares, Inc. ^(a)		4,622		156,917
				3,107,660

Biotechnology - 1.5%
ADMA Biologics, Inc. ^(a)		26,429		453,257
Exelixis, Inc. ^(a)		3,551		118,248
LENZ Therapeutics, Inc.		3,133		90,450
Veracyte, Inc. ^(a)		3,186		126,166
				788,121

Building Materials - 0.4%
Loma Negra Cia Industrial Argentina SA - ADR ^(a)		8,580		102,445
Modine Manufacturing Co. ^(a)		1,120		129,842
				232,287

Chemicals - 1.0%
Hawkins, Inc.		4,446		545,391

Commercial Services - 2.3%
Barrett Business Services, Inc.		6,939		301,430
Cintas Corp.		642		117,293
Herc Holdings, Inc.		599		113,409
Stride, Inc. ^(a)		2,537		263,671
Toast, Inc. - Class A ^(a)		4,931		179,735
Universal Technical Institute, Inc. ^(a)		8,165		209,922
				1,185,460

Computers - 1.6%
D-Wave Quantum, Inc. ^(a)		12,341		103,665
ExlService Holdings, Inc. ^(a)		4,831		214,400
Grid Dynamics Holdings, Inc. ^(a)		5,467		121,586
Lumentum Holdings, Inc. ^(a)		1,240		104,098
PAR Technology Corp. ^(a)		2,157		156,749
Rigetti Computing, Inc. ^(a)		7,805		119,104
				819,602

Distribution & Wholesale - 0.2%
WW Grainger, Inc.		118		124,378

Diversified Financial Services - 6.8%
American Express Co.		1,420		421,442
Ares Management Corp. - Class A		3,332		589,864
Freedom Holding Corp./NV ^(a)		1,291		168,721
FTAI Aviation Ltd.		4,140		596,326
Hamilton Lane, Inc. - Class A		879		130,136
Mr Cooper Group, Inc. ^(a)		2,859		274,492
Piper Sandler Cos.		1,791		537,210
Qifu Technology, Inc. - ADR		8,074		309,880
SoFi Technologies, Inc. ^(a)		15,873		244,444
StoneX Group, Inc. ^(a)		2,639		258,543
Upstart Holdings, Inc. ^(a)		705		43,407
				3,574,465

Electric - 5.0%
Central Puerto SA - ADR		12,165		176,271
Constellation Energy Corp.		2,116		473,370
Empresa Distribuidora Y Comercializadora Norte – Class B - ADR ^(a)		12,095		518,997
NRG Energy, Inc.		5,647		509,472
Pampa Energia SA - ADR ^(a)		4,894		430,378
Vistra Corp.		3,658		504,329
				2,612,817

Electrical Components & Equipment - 0.9%
Generac Holdings, Inc. ^(a)		737		114,272
Powell Industries, Inc.		1,535		340,233
				454,505

Electronics - 2.2%
Benchmark Electronics, Inc.		5,799		263,274
Celestica, Inc. ^(a)		3,103		286,407
Coherent Corp. ^(a)		1,663		157,536
ESCO Technologies, Inc.		927		123,486
Flex Ltd. ^(a)		8,415		323,052
				1,153,755

Engineering & Construction - 4.8%
EMCOR Group, Inc.		796		361,304
Frontdoor, Inc. ^(a)		8,609		470,654
Granite Construction, Inc.		6,155		539,855
IES Holdings, Inc. ^(a)		1,622		325,957
Limbach Holdings, Inc. ^(a)		6,725		575,257
Sterling Infrastructure, Inc. ^(a)		1,446		243,579
				2,516,606

Entertainment - 1.9%
Cinemark Holdings, Inc. ^(a)		8,490		263,020
Live Nation Entertainment, Inc. ^(a)		1,621		209,920
Rush Street Interactive, Inc. - Class A ^(a)		38,360		526,299
				999,239

Environmental Control - 0.3%
Pentair PLC		1,508		151,765

Food - 1.3%
Cal-Maine Foods, Inc.		1,715		176,508
Natural Grocers by Vitamin Cottage, Inc.		3,219		127,859
Sprouts Farmers Market, Inc. ^(a)		2,792		354,779
				659,146

Forest Products & Paper - 0.3%
Sylvamo Corp.		2,011		158,909

Gas - 0.2%
MDU Resources Group, Inc.		6,864		123,689

Hand & Machine Tools - 0.2%
Enerpac Tool Group Corp.		2,798		114,970

Healthcare - Products - 2.1%
Artivion, Inc. ^(a)		4,434		126,768
Boston Scientific Corp. ^(a)		3,638		324,946
CareDx, Inc. ^(a)		11,124		238,165
Intuitive Surgical, Inc. ^(a)		770		401,909
				1,091,788

Healthcare - Services - 2.0%
GeneDx Holdings Corp. ^(a)		7,202		553,545
RadNet, Inc. ^(a)		7,214		503,826
				1,057,371

Home Builders - 0.2%
Cavco Industries, Inc. ^(a)		269		120,036

Insurance - 3.3%
Assurant, Inc.		733		156,290
Brown & Brown, Inc.		1,309		133,544
Hippo Holdings, Inc. ^(a)		5,727		153,312
International General Insurance Holdings Ltd.		21,363		507,585
Jackson Financial, Inc. - Class A		4,574		398,304
Progressive Corp.		563		134,900
Trupanion, Inc. ^(a)		2,318		111,728
Unum Group		1,843		134,594
				1,730,257

Internet - 11.3%
Amazon.com, Inc. ^(a)		1,180		258,880
Booking Holdings, Inc.		32		158,989
DoorDash, Inc. - Class A ^(a)		2,831		474,900
Full Truck Alliance Co. Ltd. - Class A - ADR		7,035		76,119
Liquidity Services, Inc. ^(a)		6,538		211,112
MakeMyTrip Ltd. ^(a)		2,523		283,282
Meta Platforms, Inc. - Class A		1,364		798,636
Netflix, Inc. ^(a)		183		163,112
Q2 Holdings, Inc. ^(a)		5,131		516,435
Robinhood Markets, Inc. - Class A ^(a)		16,698		622,168
Sea Ltd. - Class A - ADR ^(a)		6,736		714,690
Shopify, Inc. - Class A ^(a)		1,187		126,214
SimilarWeb Ltd. ^(a)		5,673		80,386
Spotify Technology SA ^(a)		2,296		1,027,185
Trip.com Group Ltd. - ADR ^(a)		3,028		207,902
Wix.com Ltd. ^(a)		959		205,753
				5,925,763

Investment Companies - 1.3%
Core Scientific, Inc. ^(a)		30,509		428,652
Hut 8 Corp. ^(a)		5,039		103,249
Terawulf, Inc. ^(a)		24,838		140,583
				672,484

Iron & Steel - 1.0%
Carpenter Technology Corp.		3,169		537,811

Leisure Time - 0.4%
Norwegian Cruise Line Holdings Ltd. ^(a)		8,274		212,890

Lodging - 0.3%
InterContinental Hotels Group PLC - ADR		1,079		134,789

Machinery - Diversified - 2.0%
Applied Industrial Technologies, Inc.		1,093		261,741
CSW Industrials, Inc.		1,341		473,105
Westinghouse Air Brake Technologies Corp.		1,670		316,615
				1,051,461

Metal Fabricate & Hardware - 0.2%
AZZ, Inc.		1,156		94,700

Mining - 2.6%
Cameco Corp.		4,049		208,078
IperionX Ltd. - ADR ^(a)		14,719		506,334
Perpetua Resources Corp. ^(a)		13,413		143,117
United States Lime & Minerals, Inc.		3,687		489,412
				1,346,941

Miscellaneous Manufacturers - 0.2%
Byrna Technologies, Inc. ^(a)		4,490		129,357

Multi-National - 0.4%
Banco Latinoamericano de Comercio Exterior SA – Class E		6,022		214,203

Oil & Gas - 3.0%
CNX Resources Corp. ^(a)		7,416		271,945
Gulfport Energy Corp. ^(a)		1,462		269,300
PrimeEnergy Resources Corp. ^(a)		593		130,217
Texas Pacific Land Corp.		357		394,828
YPF SA – Class D - ADR ^(a)		12,270		521,597
				1,587,887

Oil & Gas Services - 1.1%
Archrock, Inc.		6,436		160,192
Ranger Energy Services, Inc. - Class A		6,610		102,323
Select Water Solutions, Inc. - Class A		7,575		100,293
TechnipFMC PLC		7,333		212,217
				575,025

Packaging & Containers - 0.5%
Packaging Corp. of America		1,164		262,051

Pharmaceuticals - 0.2%
BellRing Brands, Inc. ^(a)		1,769		133,276

Pipelines - 1.9%
Excelerate Energy, Inc. - Class A		14,788		447,337
Targa Resources Corp.		3,003		536,035
				983,372

Private Equity - 1.4%
Brookfield Corp. – Class A		5,667		325,569
KKR & Co., Inc.		2,713		401,280
				726,849

Real Estate - 2.4%
CBRE Group, Inc. - Class A ^(a)		2,446		321,135
IRSA Inversiones y Representaciones SA - ADR		25,974		387,787
Real Brokerage, Inc. ^(a)		117,924		542,450
				1,251,372

Retail - 1.8%
Build-A-Bear Workshop, Inc.		3,542		163,074
Cango, Inc. - Class A - ADR ^(a)		27,296		120,102
Carvana Co. – Class A ^(a)		2,383		484,607
Sweetgreen, Inc. - Class A ^(a)		5,823		186,685
				954,468

Semiconductors - 1.8%
NVIDIA Corp.		5,313		713,483
SiTime Corp. ^(a)		1,012		217,104
				930,587

Software - 9.9%
Agilysys, Inc. ^(a)		766		100,890
AvePoint, Inc. ^(a)		30,865		509,581
Cellebrite DI Ltd. ^(a)		23,899		526,495
Climb Global Solutions, Inc.		2,280		288,990
Descartes Systems Group, Inc. ^(a)		1,157		131,435
DocuSign, Inc. ^(a)		2,531		227,638
DouYu International Holdings Ltd. - ADR		9,701		108,748
Doximity, Inc. - Class A ^(a)		4,609		246,075
Fair Isaac Corp. ^(a)		184		366,331
Fiserv, Inc. ^(a)		1,213		249,174
Guidewire Software, Inc. ^(a)		1,220		205,668
IonQ, Inc. ^(a)		4,183		174,724
Karooooo Ltd.		1,702		76,845
Kingsoft Cloud Holdings Ltd. - ADR ^(a)		9,262		97,158
MicroStrategy, Inc. - Class A ^(a)		284		82,252
Palantir Technologies, Inc. - Class A ^(a)		5,463		413,167
Pegasystems, Inc.		4,398		409,894
Red Cat Holdings, Inc. ^(a)		21,012		270,004
ReposiTrak, Inc.		7,189		159,093
Twilio, Inc. - Class A ^(a)		2,705		292,356
Vertex, Inc. - Class A ^(a)		5,340		284,889
				5,221,407

Telecommunications - 5.9%
Arista Networks, Inc. ^(a)		5,012		553,976
AST SpaceMobile, Inc. - Class A ^(a)		14,277		301,245
Ciena Corp. ^(a)		1,232		104,486
Credo Technology Group Holding Ltd. ^(a)		2,934		197,194
GDS Holdings Ltd. – Class A - ADR ^(a)		33,010		784,318
Motorola Solutions, Inc.		872		403,065
T-Mobile US, Inc.		1,203		265,538
VEON Ltd. - ADR ^(a)		12,071		484,047
				3,093,869

Transportation - 0.2%
Matson, Inc.		781		105,310
TOTAL COMMON STOCKS (Cost $46,994,589)				53,791,946

REAL ESTATE INVESTMENT TRUSTS - 1.6%
Real Estate Investment Trusts (REITs) - 1.6%
Digital Realty Trust, Inc.		726		128,741
Iron Mountain, Inc.		1,535		161,344
SL Green Realty Corp.		2,814		191,127
Tanger, Inc.		6,262		213,722
Welltower, Inc.		1,067		134,474
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $837,020)				829,408

SHORT-TERM INVESTMENTS - 10.0%
Money Market Funds - 10.0%
First American Government Obligations Fund - Class X, 4.41% ^(b)		5,229,459		5,229,459
TOTAL SHORT-TERM INVESTMENTS (Cost $5,229,459)				5,229,459

TOTAL INVESTMENTS - 114.0% (Cost $53,061,068)				59,850,813
Liabilities in Excess of Other Assets - (14.0)%				(7,328,178	)
TOTAL NET ASSETS - 100.0%			$	52,522,635
two				–	%
Percentages are stated as a percent of net assets.				–	%

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Even Herd Long Short ETF
Schedule of Securities Sold Short
December 31, 2024 (Unaudited)

COMMON STOCKS - (39.7)%	Shares			Value
Aerospace & Defense - (0.6)%
Boeing Co.		(967	)	$	(171,159	)
Hexcel Corp.		(2,443	)		(153,176	)
					(324,335	)

Agriculture - (0.5)%
Archer-Daniels-Midland Co.		(2,549	)		(128,776	)
Bunge Global SA		(1,540	)		(119,750	)
					(248,526	)

Airlines - (0.3)%
Ryanair Holdings PLC - ADR		(3,233	)		(140,926	)

Apparel - (0.6)%
NIKE, Inc. - Class B		(1,606	)		(121,526	)
Oxford Industries, Inc.		(2,169	)		(170,874	)
					(292,400	)

Auto Manufacturers - (0.2)%
Ford Motor Co.		(11,959	)		(118,394	)

Auto Parts & Equipment - (0.8)%
Adient PLC		(5,539	)		(95,437	)
Aptiv PLC		(1,826	)		(110,436	)
Autoliv, Inc.		(1,338	)		(125,491	)
Lear Corp.		(1,214	)		(114,966	)
					(446,330	)

Banks - (0.5)%
Hilltop Holdings, Inc.		(5,592	)		(160,099	)
Toronto-Dominion Bank		(1,511	)		(80,446	)
					(240,545	)

Beverages - (0.7)%
Constellation Brands, Inc. - Class A		(583	)		(128,843	)
Fomento Economico Mexicano SAB de CV - ADR		(1,516	)		(129,603	)
PepsiCo, Inc.		(833	)		(126,666	)
					(385,112	)

Biotechnology - (0.9)%
Apellis Pharmaceuticals, Inc.		(2,321	)		(74,063	)
BioMarin Pharmaceutical, Inc.		(1,634	)		(107,403	)
CRISPR Therapeutics AG		(1,966	)		(77,382	)
Cytokinetics, Inc.		(2,131	)		(100,242	)
Ionis Pharmaceuticals, Inc.		(3,999	)		(139,805	)
					(498,895	)

Building Materials - (0.2)%
Gibraltar Industries, Inc.		(1,752	)		(103,193	)

Chemicals - (2.9)%
Albemarle Corp.		(1,459	)		(125,591	)
Ashland, Inc.		(1,486	)		(106,189	)
Chemours Co.		(6,651	)		(112,402	)
HB Fuller Co.		(1,742	)		(117,550	)
Mosaic Co.		(5,886	)		(144,678	)
Nutrien Ltd.		(3,065	)		(137,159	)
Olin Corp.		(2,912	)		(98,426	)
PPG Industries, Inc.		(1,304	)		(155,763	)
Quaker Chemical Corp.		(891	)		(125,417	)
Rogers Corp.		(1,208	)		(122,745	)
Stepan Co.		(1,735	)		(112,254	)
Westlake Corp.		(1,267	)		(145,261	)
					(1,503,435	)

Coal - (0.8)%
Alpha Metallurgical Resources, Inc.		(789	)		(157,894	)
Peabody Energy Corp.		(5,871	)		(122,939	)
Teck Resources Ltd. - Class B		(2,945	)		(119,361	)
					(400,194	)

Commercial Services - (1.6)%
AMN Healthcare Services, Inc.		(3,556	)		(85,059	)
Avis Budget Group, Inc.		(1,685	)		(135,828	)
Cimpress PLC		(970	)		(69,568	)
Insperity, Inc.		(864	)		(66,969	)
Kforce, Inc.		(1,322	)		(74,957	)
MarketAxess Holdings, Inc.		(469	)		(106,013	)
Progyny, Inc.		(6,489	)		(111,935	)
TriNet Group, Inc.		(1,179	)		(107,018	)
WillScot Holdings Corp.		(3,195	)		(106,873	)
					(864,220	)

Computers - (0.6)%
ASGN, Inc.		(1,194	)		(99,508	)
Rapid7, Inc.		(1,934	)		(77,805	)
Super Micro Computer, Inc.		(1,905	)		(58,065	)
Tenable Holdings, Inc.		(2,001	)		(78,799	)
					(314,177	)

Cosmetics & Personal Care - (0.2)%
Perrigo Co. PLC		(4,234	)		(108,856	)

Distribution & Wholesale - (0.6)%
A-Mark Precious Metals, Inc.		(5,379	)		(147,385	)
LKQ Corp.		(4,082	)		(150,013	)
					(297,398	)

Diversified Financial Services - (0.9)%
Franklin Resources, Inc.		(9,237	)		(187,419	)
Rocket Cos., Inc. - Class A		(7,198	)		(81,049	)
Western Union Co.		(8,773	)		(92,994	)
World Acceptance Corp.		(894	)		(100,521	)
					(461,983	)

Electric - (1.1)%
AES Corp.		(6,656	)		(85,663	)
Ameresco, Inc. - Class A		(4,148	)		(97,395	)
Eversource Energy		(2,621	)		(150,524	)
Exelon Corp.		(2,943	)		(110,774	)
Otter Tail Corp.		(1,795	)		(132,543	)
					(576,899	)

Electrical Components & Equipment - (0.2)%
EnerSys		(1,119	)		(103,429	)

Electronics - (0.7)%
Arrow Electronics, Inc.		(929	)		(105,088	)
Atkore, Inc.		(1,476	)		(123,172	)
Mettler-Toledo International, Inc.		(117	)		(143,171	)
					(371,431	)

Energy - Alternate Sources - (0.4)%
Enphase Energy, Inc.		(1,605	)		(110,231	)
Sunrun, Inc.		(8,458	)		(78,237	)
					(188,468	)

Engineering & Construction - (0.2)%
NV5 Global, Inc.		(6,157	)		(115,998	)

Entertainment - (0.4)%
International Game Technology PLC		(6,134	)		(108,327	)
Vail Resorts, Inc.		(436	)		(81,728	)
					(190,055	)

Food - (1.2)%
General Mills, Inc.		(2,079	)		(132,578	)
Grocery Outlet Holding Corp.		(7,849	)		(122,523	)
J M Smucker Co.		(721	)		(79,396	)
John B Sanfilippo & Son, Inc.		(1,616	)		(140,770	)
TreeHouse Foods, Inc.		(4,292	)		(150,778	)
					(626,045	)

Healthcare - Products - (2.1)%
Agilent Technologies, Inc.		(565	)		(75,902	)
Avantor, Inc.		(5,642	)		(118,877	)
Enovis Corp.		(2,568	)		(112,684	)
Hologic, Inc.		(1,484	)		(106,982	)
IDEXX Laboratories, Inc.		(379	)		(156,694	)
Inari Medical, Inc.		(1,457	)		(74,380	)
QuidelOrtho Corp.		(3,651	)		(162,652	)
STERIS PLC		(624	)		(128,269	)
Thermo Fisher Scientific, Inc.		(300	)		(156,069	)
					(1,092,509	)

Healthcare - Services - (0.7)%
Charles River Laboratories International, Inc.		(791	)		(146,019	)
Chemed Corp.		(205	)		(108,609	)
Elevance Health, Inc.		(305	)		(112,514	)
					(367,142	)

Home Builders - (0.2)%
Forestar Group, Inc.		(3,896	)		(100,984	)

Household Products & Wares - (0.4)%
Avery Dennison Corp.		(664	)		(124,254	)
Helen of Troy Ltd.		(1,146	)		(68,565	)
					(192,819	)

Insurance - (0.3)%
Everest Group Ltd.		(435	)		(157,670	)

Internet - (2.0)%
CDW Corp.		(802	)		(139,580	)
Etsy, Inc.		(1,458	)		(77,113	)
IAC, Inc.		(2,915	)		(125,753	)
Match Group, Inc.		(5,315	)		(173,854	)
Okta, Inc. - Class A		(967	)		(76,199	)
Pinterest, Inc. - Class A		(5,744	)		(166,576	)
Uber Technologies, Inc.		(1,315	)		(79,321	)
Wayfair, Inc. - Class A		(1,471	)		(65,195	)
Ziff Davis, Inc.		(2,991	)		(162,531	)
					(1,066,122	)

Iron & Steel - (0.2)%
Nucor Corp.		(819	)		(95,585	)

Leisure Time - (0.2)%
BRP, Inc.		(2,424	)		(123,309	)

Lodging - (0.2)%
MGM Resorts International		(3,771	)		(130,665	)

Machinery - Construction & Mining - (0.2)%
Terex Corp.		(2,354	)		(108,802	)

Machinery - Diversified - (0.8)%
Albany International Corp. - Class A		(1,939	)		(155,062	)
Middleby Corp.		(796	)		(107,818	)
Nordson Corp.		(506	)		(105,876	)
Tennant Co.		(936	)		(76,312	)
					(445,068	)

Metal Fabricate & Hardware - (0.2)%
Worthington Enterprises, Inc.		(3,196	)		(128,192	)

Mining - (0.6)%
Franco-Nevada Corp.		(1,150	)		(135,229	)
Rio Tinto PLC - ADR		(2,636	)		(155,023	)
					(290,252	)

Miscellaneous Manufacturers - (0.7)%
A. O. Smith Corp. – Class A		(2,300	)		(156,883	)
Materion Corp.		(1,333	)		(131,807	)
Textron, Inc.		(1,340	)		(102,497	)
					(391,187	)

Oil & Gas - (4.6)%
APA Corp.		(5,562	)		(128,426	)
Cenovus Energy, Inc.		(7,626	)		(115,534	)
Chord Energy Corp.		(1,226	)		(143,344	)
Civitas Resources, Inc.		(2,981	)		(136,738	)
ConocoPhillips		(1,298	)		(128,723	)
CVR Energy, Inc.		(4,270	)		(80,020	)
Devon Energy Corp.		(3,790	)		(124,047	)
Helmerich & Payne, Inc.		(4,631	)		(148,285	)
Marathon Petroleum Corp.		(885	)		(123,457	)
Murphy Oil Corp.		(4,602	)		(139,256	)
Noble Corp. PLC		(3,959	)		(124,313	)
Par Pacific Holdings, Inc.		(6,738	)		(110,436	)
Precision Drilling Corp.		(2,196	)		(134,110	)
Shell PLC - ADR		(2,130	)		(133,444	)
TotalEnergies SE - ADR		(2,434	)		(132,653	)
Valaris Ltd.		(2,217	)		(98,080	)
Valero Energy Corp.		(1,203	)		(147,476	)
Vital Energy, Inc.		(4,839	)		(149,622	)
Weatherford International PLC		(1,971	)		(141,183	)
					(2,439,147	)

Oil & Gas Services - (0.5)%
Halliburton Co.		(4,395	)		(119,500	)
Schlumberger NV		(3,565	)		(136,682	)
					(256,182	)

Packaging & Containers - (0.4)%
Ball Corp.		(1,863	)		(102,707	)
Sonoco Products Co.		(2,721	)		(132,921	)
					(235,628	)

Pharmaceuticals - (1.1)%
Becton Dickinson & Co.		(615	)		(139,525	)
Merck & Co., Inc.		(1,300	)		(129,324	)
Novo Nordisk AS – Class A - ADR		(1,351	)		(116,213	)
Owens & Minor, Inc.		(10,571	)		(138,163	)
Zoetis, Inc.		(454	)		(73,970	)
					(597,195	)

Private Equity - (0.2)%
Patria Investments Ltd. - Class A		(6,969	)		(81,049	)

Real Estate - (0.2)%
CoStar Group, Inc.		(1,762	)		(126,142	)

Retail - (0.8)%
Camping World Holdings, Inc. - Class A		(3,225	)		(67,983	)
ODP Corp.		(5,105	)		(116,088	)
Papa John's International, Inc.		(3,112	)		(127,810	)
Restaurant Brands International, Inc.		(1,528	)		(99,595	)
					(411,476	)

Semiconductors - (1.2)%
Allegro MicroSystems, Inc.		(3,779	)		(82,609	)
ASML Holding NV		(182	)		(126,140	)
Cohu, Inc.		(3,108	)		(82,984	)
Diodes, Inc.		(1,298	)		(80,048	)
ON Semiconductor Corp.		(2,241	)		(141,295	)
Veeco Instruments, Inc.		(3,830	)		(102,644	)
					(615,720	)

Shipbuilding - (0.3)%
Huntington Ingalls Industries, Inc.		(857	)		(161,947	)

Software - (1.3)%
Adobe, Inc.		(240	)		(106,723	)
Akamai Technologies, Inc.		(812	)		(77,668	)
DoubleVerify Holdings, Inc.		(5,432	)		(104,349	)
Five9, Inc.		(2,035	)		(82,702	)
Open Text Corp.		(2,211	)		(62,616	)
PagerDuty, Inc.		(3,798	)		(69,351	)
PDF Solutions, Inc.		(3,753	)		(101,631	)
Teradata Corp.		(2,490	)		(77,564	)
					(682,604	)

Telecommunications - (0.7)%
America Movil SAB de CV - ADR		(9,344	)		(133,713	)
Calix, Inc.		(2,471	)		(86,164	)
Rogers Communications, Inc. - Class B		(3,980	)		(122,305	)
					(342,182	)

Transportation - (1.7)%
Canadian National Railway Co.		(1,313	)		(133,283	)
Dorian LPG Ltd.		(5,706	)		(139,055	)
Expeditors International of Washington, Inc.		(1,115	)		(123,509	)
FLEX LNG Ltd.		(4,039	)		(92,655	)
Marten Transport Ltd.		(8,835	)		(137,914	)
Scorpio Tankers, Inc.		(1,646	)		(81,790	)
Teekay Tankers Ltd. - Class A		(2,556	)		(101,703	)
United Parcel Service, Inc. - Class B		(844	)		(106,428	)
					(916,337	)

Water - (0.8)%
American Water Works Co., Inc.		(1,191	)		(148,268	)
California Water Service Group		(2,535	)		(114,911	)
SJW Group		(2,689	)		(132,353	)
					(395,532	)
TOTAL COMMON STOCKS (Proceeds $22,584,305)					(20,872,691	)

REAL ESTATE INVESTMENT TRUSTS - (2.2)%
Real Estate Investment Trusts (REITs) - (2.2)%
Alexandria Real Estate Equities, Inc.		(1,315	)		(128,278	)
Americold Realty Trust, Inc.		(5,009	)		(107,193	)
Armada Hoffler Properties, Inc. - Class A		(7,411	)		(75,814	)
EastGroup Properties, Inc.		(785	)		(125,985	)
Invitation Homes, Inc.		(3,195	)		(102,144	)
NETSTREIT Corp.		(8,063	)		(114,091	)
PotlatchDeltic Corp.		(3,183	)		(124,933	)
Prologis, Inc.		(1,121	)		(118,490	)
STAG Industrial, Inc. - Class A		(3,707	)		(125,371	)
WP Carey, Inc.		(2,306	)		(125,631	)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $1,247,168)					(1,147,930	)

TOTAL SECURITIES SOLD SHORT - (41.9)% (Proceeds $23,831,473)				$	(22,020,621	)

Percentages are stated as a percent of net assets.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Even Herd Long Short ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Common Stocks	$	53,791,946		$	–	$	–	$	53,791,946
Real Estate Investment Trusts		829,408			–		–		829,408
Money Market Funds		5,229,459			–		–		5,229,459
Total Investments	$	59,850,813		$	–	$	–	$	59,850,813

Liabilities:
Investments:
Common Stocks	$	(20,872,691	)	$	–	$	–	$	(20,872,691	)
Real Estate Investment Trusts		(1,147,930	)		–		–		(1,147,930	)
Total Investments	$	(22,020,621	)	$	–	$	–	$	(22,020,621	)


Refer to the Schedule of Investments for further disaggregation of investment categories.

Tidal ETF Trust II NPORT-PEven Herd Long Short ETF (Dec 2024 report)