YieldMax ABNB Option Income Strategy ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
U.S. TREASURY SECURITIES - 27.1%
    
Par
    
Value
  
United States Treasury Note/Bond
  
4.25%, 10/15/2025 (a)
    
$
3,127,000
    
$
3,126,648
  
3.88%, 01/15/2026 (a)
      
7,133,000
      
7,120,586
  
TOTAL U.S. TREASURY SECURITIES (Cost $10,250,241)
      
10,247,234
  
                       
PURCHASED OPTIONS - 6.0%(b)
  
Notional Amount
    
Contracts
          
Call Options - 6.0%
            
$
–
  
Airbnb, Inc. (c)(d)(e)
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $145.00
  
$
15,756,790
      
1,190
      
166,600
  
Expiration: 08/08/2025; Exercise Price: $148.00
    
1,588,920
      
120
      
11,580
  
Expiration: 08/08/2025; Exercise Price: $149.00
    
11,916,900
      
900
      
76,500
  
Expiration: 09/19/2025; Exercise Price: $135.00
    
37,736,850
      
2,850
      
1,995,000
  
TOTAL PURCHASED OPTIONS (Cost $3,347,093)
      
2,249,680
  
                         
SHORT-TERM INVESTMENTS
  
U.S. TREASURY BILLS - 52.2%
    
Par
          
4.12%, 08/14/2025 (a)(f)
    
$
3,312,000
      
3,306,905
  
4.17%, 11/06/2025 (a)(f)
      
5,022,000
      
4,965,134
  
4.01%, 02/19/2026 (a)(f)
      
5,877,000
      
5,742,786
  
4.06%, 07/09/2026 (a)(f)
      
5,966,000
      
5,742,344
  
TOTAL U.S. TREASURY BILLS (Cost $19,766,871)
      
19,757,169
  
                         
MONEY MARKET FUNDS - 11.2%
    
Shares
          
First American Government Obligations Fund - Class X, 4.23%(g)
      
4,233,604
      
4,233,604
  
TOTAL MONEY MARKET FUNDS (Cost $4,233,604)
      
4,233,604
  
                         
TOTAL INVESTMENTS - 96.5% (Cost $37,597,809)
      
36,487,687
  
Other Assets in Excess of Liabilities - 3.5%
      
1,336,072
  
TOTAL NET ASSETS - 100.0%
                  
$
37,823,759
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

(a)
All or a portion of this security has been pledged to the broker in connection with written options as of July 31, 2025.
(b)
Non-income producing security.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(f)
The rate shown is the annualized effective yield as of July 31, 2025.
(g)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.


 

YieldMax ABNB Option Income Strategy ETF
  
Schedule of Written Options
  
July 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (8.0)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (1.4)%
  
Airbnb, Inc. (a)(b)
          
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $139.00
  
$
(15,756,790
)
    
(1,190
)
  
$
(336,175
)
Expiration: 08/08/2025; Exercise Price: $141.00
    
(1,588,920
)
    
(120
)
    
(26,820
)
Expiration: 08/08/2025; Exercise Price: $142.00
    
(11,916,900
)
    
(900
)
    
(178,200
)
Total Call Options
                    
(541,195
)
                         
Put Options - (6.6)%
  
Airbnb, Inc., Expiration: 09/19/2025; Exercise Price: $135.01 (a)(b)(c)
    
(37,736,850
)
    
(2,850
)
    
(2,470,497
)
TOTAL WRITTEN OPTIONS (Premiums received $2,813,482)
                  
$
(3,011,692
)
   
Percentages are stated as a percent of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
(c)
FLexible EXchange® Options.


Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
YieldMax ABNB Option Income Strategy ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  U.S. Treasury Securities
  
$
–
    
$
10,247,234
    
$
–
    
$
10,247,234
  
  Purchased Options
    
–
      
2,249,680
      
–
      
2,249,680
  
  U.S. Treasury Bills
    
–
      
19,757,169
      
–
      
19,757,169
  
  Money Market Funds
    
4,233,604
      
–
      
–
      
4,233,604
  
Total Investments
  
$
4,233,604
    
$
32,254,083
    
$
–
    
$
36,487,687
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(3,011,692
)
  
$
–
    
$
(3,011,692
)
Total Investments
  
$
–
    
$
(3,011,692
)
  
$
–
    
$
(3,011,692
)