YieldMax AI Option Income Strategy ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
U.S. TREASURY SECURITIES - 42.6%
    
Par
    
Value
  
United States Treasury Note/Bond
  
4.25%, 10/15/2025 (a)
    
$
23,302,000
    
$
23,299,375
  
3.88%, 01/15/2026 (a)
      
20,967,000
      
20,930,512
  
TOTAL U.S. TREASURY SECURITIES (Cost $44,222,732)
      
44,229,887
  
                       
PURCHASED OPTIONS - 2.6%(b)
  
Notional Amount
    
Contracts
          
Call Options - 2.6%
            
$
–
  
C3.ai, Inc. (c)(d)(e)
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $26.50
  
$
34,868,800
      
14,800
      
148,000
  
Expiration: 08/08/2025; Exercise Price: $27.50
    
32,984,000
      
14,000
      
91,000
  
Expiration: 08/08/2025; Exercise Price: $28.00
    
28,875,136
      
12,256
      
61,280
  
Expiration: 08/15/2025; Exercise Price: $25.00
    
97,550,180
      
41,405
      
1,966,737
  
Expiration: 09/19/2025; Exercise Price: $25.00
    
5,890,000
      
2,500
      
430,000
  
TOTAL PURCHASED OPTIONS (Cost $8,830,981)
      
2,697,017
  
                         
SHORT-TERM INVESTMENTS
  
U.S. TREASURY BILLS - 57.9%
    
Par
          
4.14%, 08/14/2025 (a)(f)
    
$
10,195,000
      
10,179,317
  
4.20%, 11/06/2025 (a)(f)
      
15,620,000
      
15,443,128
  
4.03%, 02/19/2026 (a)(f)
      
14,251,000
      
13,925,547
  
4.07%, 07/09/2026 (a)(f)
      
21,412,000
      
20,609,298
  
TOTAL U.S. TREASURY BILLS (Cost $60,177,566)
      
60,157,290
  
                         
MONEY MARKET FUNDS - 6.1%
    
Shares
          
First American Government Obligations Fund - Class X, 4.23%(g)
      
6,336,119
      
6,336,119
  
TOTAL MONEY MARKET FUNDS (Cost $6,336,119)
      
6,336,119
  
                         
TOTAL INVESTMENTS - 109.2% (Cost $119,567,398)
      
113,420,313
  
Liabilities in Excess of Other Assets - (9.2)%
      
(9,540,023
)
TOTAL NET ASSETS - 100.0%
                  
$
103,880,290
  
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 AI Option Income Strategy ETF
  
Schedule of Written Options
  
July 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (8.9)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.9)%
  
C3.ai, Inc. (a)(b)
          
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $25.00
  
$
(34,868,800
)
    
(14,800
)
  
$
(407,000
)
Expiration: 08/08/2025; Exercise Price: $25.50
    
(38,874,000
)
    
(16,500
)
    
(313,500
)
Expiration: 08/08/2025; Exercise Price: $26.00
    
(29,697,380
)
    
(12,605
)
    
(176,470
)
Total Call Options
                    
(896,970
)
                         
Put Options - (8.0)%
  
C3.ai, Inc. (a)(b)(c)
            
–
    
$
–
  
Expiration: 08/15/2025; Exercise Price: $25.01
    
(97,550,180
)
    
(41,405
)
    
(7,670,400
)
Expiration: 09/19/2025; Exercise Price: $25.01
    
(5,890,000
)
    
(2,500
)
    
(702,500
)
Total Put Options
                    
(8,372,900
)
TOTAL WRITTEN OPTIONS (Premiums received $11,591,970)
                  
$
(9,269,870
)
   
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 AI 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
  
$
–
    
$
44,229,887
    
$
–
    
$
44,229,887
  
  Purchased Options
    
–
      
2,697,017
      
–
      
2,697,017
  
  U.S. Treasury Bills
    
–
      
60,157,290
      
–
      
60,157,290
  
  Money Market Funds
    
6,336,119
      
–
      
–
      
6,336,119
  
Total Investments
  
$
6,336,119
    
$
107,084,194
    
$
–
    
$
113,420,313
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(9,269,870
)
  
$
–
    
$
(9,269,870
)
Total Investments
  
$
–
    
$
(9,269,870
)
  
$
–
    
$
(9,269,870
)