YieldMax Ultra Option Income Strategy ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.4%
    
Shares
    
Value
 
Computers - 7.8%
        
Rigetti Computing, Inc. (a)(b)(c)
      
7,873,100
    
$
114,159,950
  
Super Micro Computer, Inc. (a)(b)(c)
      
1,533,100
      
90,406,907
  
               
204,566,857
  
                       
Diversified Financial Services - 17.6%
          
BitMine Immersion Technologies, Inc. (a)(b)
      
2,503,000
      
86,703,920
  
Coinbase Global, Inc. - Class A (a)(b)(c)
      
336,100
      
126,965,136
  
Galaxy Digital, Inc. - Class A (a)(b)(c)
      
3,097,100
      
88,004,096
  
Upstart Holdings, Inc. (a)(b)(c)
      
1,524,700
      
124,628,978
  
Webull Corp. (a)(b)
      
2,500,000
      
35,475,000
  
               
461,777,130
  
                       
Electric - 5.8%
          
Oklo, Inc. (a)(b)(c)
      
1,239,200
      
94,910,328
  
Vistra Corp. (b)(c)
      
277,200
      
57,807,288
  
               
152,717,616
  
                       
Electronics - 3.3%
          
Applied Optoelectronics, Inc. (a)(b)(c)
      
3,752,600
      
85,821,962
  
                       
Energy-Alternate Sources - 4.5%
          
First Solar, Inc. (a)(b)(c)
      
679,700
      
118,763,981
  
                       
Healthcare-Products - 2.5%
          
Tempus AI, Inc. (a)(b)(c)
      
1,159,100
      
65,593,469
  
                       
Internet - 11.3%
          
Reddit, Inc. - Class A (a)(b)(c)
      
902,900
      
144,996,711
  
Robinhood Markets, Inc. - Class A (a)(b)(c)
      
845,300
      
87,108,165
  
Snap, Inc. - Class A (a)(b)(c)
      
6,837,900
      
64,481,397
  
               
296,586,273
  
                       
Investment Companies - 4.0%
          
MARA Holdings, Inc. (a)(b)(c)
      
6,555,100
      
105,406,008
  
                       
Machinery-Construction & Mining - 7.2%
          
NuScale Power Corp. (a)(b)(c)
      
2,537,200
      
127,392,812
  
Vertiv Holdings Co. - Class A (b)(c)
      
430,100
      
62,622,560
  
               
190,015,372
  
                       
Software - 26.4%(d)
          
AppLovin Corp. - Class A (a)(b)(c)
      
327,000
      
127,758,900
  
Innodata, Inc. (a)(b)(c)
      
2,139,400
      
117,453,060
  
IonQ, Inc. (a)(b)(c)
      
2,798,800
      
111,588,156
  
MicroStrategy, Inc. - Class A (a)(b)(c)
      
328,500
      
132,011,010
  
Nebius Group NV (a)(b)(c)
      
2,410,000
      
131,176,300
  
Palantir Technologies, Inc. - Class A (a)(b)(c)
      
456,300
      
72,255,105
  
               
692,242,531
  
                       
Telecommunications - 3.0%
          
AST SpaceMobile, Inc. (a)(b)(c)
      
1,483,600
      
78,883,012
  
TOTAL COMMON STOCKS (Cost $2,264,336,619)
      
2,452,374,211
  
                       
PURCHASED OPTIONS - 2.0%(a)
  
Notional Amount
    
Contracts
          
Call Options - 0.1%(b)(e)(f)
            
$
–
  
QUALCOMM, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $145.00
  
$
29,352,000
      
2,000
      
780,000
  
Expiration: 08/08/2025; Exercise Price: $155.00
    
79,250,400
      
5,400
      
245,700
  
Super Micro Computer, Inc., Expiration: 08/08/2025; Exercise Price: $60.00
    
35,382,000
      
6,000
      
2,025,000
  
Total Call Options
                    
3,050,700
  
                         
Put Options - 1.9%(b)(e)(f)
            
$
–
  
2x Long VIX Futures ETF, Expiration: 08/15/2025; Exercise Price: $16.00
    
33,952,800
      
19,740
      
1,480,500
  
Applied Optoelectronics, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $21.00
    
66,286,408
      
28,984
      
4,202,680
  
Expiration: 08/08/2025; Exercise Price: $23.00
    
19,535,554
      
8,542
      
2,028,725
  
AppLovin Corp.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $340.00
    
48,837,500
      
1,250
      
1,237,500
  
Expiration: 08/08/2025; Exercise Price: $350.00
    
78,921,400
      
2,020
      
2,727,000
  
AST SpaceMobile, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $49.00
    
4,359,940
      
820
      
7,380
  
Expiration: 08/01/2025; Exercise Price: $50.00
    
74,523,072
      
14,016
      
238,272
  
BitMine Immersion Technologies, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $31.00
    
20,136,232
      
5,813
      
494,105
  
Expiration: 08/15/2025; Exercise Price: $30.00
    
51,960,000
      
15,000
      
2,325,000
  
Expiration: 08/15/2025; Exercise Price: $32.00
    
14,607,688
      
4,217
      
1,012,080
  
Coinbase Global, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $340.00
    
56,588,448
      
1,498
      
154,294
  
Expiration: 08/01/2025; Exercise Price: $350.00
    
70,376,688
      
1,863
      
423,833
  
First Solar, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $155.00
    
12,143,735
      
695
      
39,615
  
Expiration: 08/01/2025; Exercise Price: $160.00
    
106,620,246
      
6,102
      
643,761
  
Galaxy Digital, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $27.00
    
68,554,029
      
24,126
      
482,520
  
Expiration: 08/08/2025; Exercise Price: $26.00
    
19,450,068
      
6,845
      
633,163
  
Innodata, Inc., Expiration: 08/15/2025; Exercise Price: $48.00
    
117,453,060
      
21,394
      
7,273,960
  
IonQ, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $36.00
    
11,841,390
      
2,970
      
365,310
  
Expiration: 08/08/2025; Exercise Price: $36.50
    
59,876,766
      
15,018
      
2,170,101
  
Expiration: 08/08/2025; Exercise Price: $38.00
    
39,870,000
      
10,000
      
1,995,000
  
MARA Holdings, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $14.50
    
45,015,960
      
27,995
      
349,937
  
Expiration: 08/08/2025; Exercise Price: $15.00
    
60,390,048
      
37,556
      
807,454
  
MicroStrategy, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $370.00
    
53,889,426
      
1,341
      
162,932
  
Expiration: 08/01/2025; Exercise Price: $375.00
    
78,121,584
      
1,944
      
301,320
  
Nebius Group NV
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $46.50
    
85,286,367
      
15,669
      
117,518
  
Expiration: 08/08/2025; Exercise Price: $50.00
    
45,889,933
      
8,431
      
1,264,650
  
NuScale Power Corp.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $44.50
    
71,780,216
      
14,296
      
650,468
  
Expiration: 08/08/2025; Exercise Price: $43.50
    
55,612,596
      
11,076
      
1,362,348
  
Oklo, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $66.00
    
48,014,271
      
6,269
      
21,942
  
Expiration: 08/08/2025; Exercise Price: $71.00
    
46,896,057
      
6,123
      
1,154,185
  
Palantir Technologies, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $146.00
    
16,769,265
      
1,059
      
11,119
  
Expiration: 08/08/2025; Exercise Price: $138.00
    
55,485,840
      
3,504
      
821,688
  
QUALCOMM, Inc., Expiration: 08/08/2025; Exercise Price: $140.00
    
49,898,400
      
3,400
      
231,200
  
Reddit, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $134.00
    
17,134,953
      
1,067
      
245,943
  
Expiration: 08/01/2025; Exercise Price: $135.00
    
49,718,664
      
3,096
      
681,120
  
Expiration: 08/01/2025; Exercise Price: $140.00
    
78,143,094
      
4,866
      
1,715,265
  
Rigetti Computing, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $13.00
    
54,709,950
      
37,731
      
830,082
  
Expiration: 08/08/2025; Exercise Price: $13.50
    
14,500,000
      
10,000
      
360,000
  
Expiration: 08/15/2025; Exercise Price: $13.00
    
44,950,000
      
31,000
      
1,751,500
  
Robinhood Markets, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $97.00
    
36,490,005
      
3,541
      
116,853
  
Expiration: 08/08/2025; Exercise Price: $95.00
    
50,618,160
      
4,912
      
474,008
  
Snap, Inc., Expiration: 08/08/2025; Exercise Price: $8.50
    
64,481,397
      
68,379
      
2,769,349
  
Super Micro Computer, Inc.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $44.00
    
28,488,407
      
4,831
      
137,683
  
Expiration: 08/08/2025; Exercise Price: $45.00
    
41,279,000
      
7,000
      
231,000
  
Expiration: 08/08/2025; Exercise Price: $56.00
    
20,639,500
      
3,500
      
841,750
  
Tempus AI, Inc., Expiration: 08/08/2025; Exercise Price: $52.00
    
65,593,469
      
11,591
      
1,593,763
  
Upstart Holdings, Inc.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $73.00
    
5,615,538
      
687
      
5,496
  
Expiration: 08/01/2025; Exercise Price: $75.00
    
35,377,072
      
4,328
      
43,280
  
Expiration: 08/01/2025; Exercise Price: $77.00
    
65,007,822
      
7,953
      
167,013
  
Expiration: 08/08/2025; Exercise Price: $75.00
    
18,628,546
      
2,279
      
1,179,383
  
Vertiv Holdings Co.
      
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $130.00
    
5,736,640
      
394
      
2,561
  
Expiration: 08/01/2025; Exercise Price: $135.00
    
39,967,200
      
2,745
      
34,313
  
Expiration: 08/08/2025; Exercise Price: $140.00
    
16,918,720
      
1,162
      
230,076
  
Vistra Corp.
      
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $175.00
    
28,424,002
      
1,363
      
102,225
  
Expiration: 08/08/2025; Exercise Price: $180.00
    
8,049,644
      
386
      
47,092
  
Expiration: 08/08/2025; Exercise Price: $190.00
    
21,333,642
      
1,023
      
283,882
  
Webull Corp., Expiration: 08/08/2025; Exercise Price: $12.00
    
35,475,000
      
25,000
      
237,500
  
Total Put Options
                    
51,272,697
  
TOTAL PURCHASED OPTIONS (Cost $59,715,165)
      
54,323,397
  
                         
EXCHANGE TRADED FUNDS - 1.3%
    
Shares
          
2x Long VIX Futures ETF (a)(b)(c)
      
1,974,000
      
33,952,800
  
TOTAL EXCHANGE TRADED FUNDS (Cost $33,760,141)
      
33,952,800
  
                         
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 7.7%
                  
First American Government Obligations Fund - Class X, 4.23%(g)
      
201,104,294
      
201,104,294
  
TOTAL MONEY MARKET FUNDS (Cost $201,104,294)
      
201,104,294
  
                         
TOTAL INVESTMENTS - 104.4% (Cost $2,558,916,219)
      
2,741,754,702
  
Liabilities in Excess of Other Assets - (4.4)%
      
(115,294,997
)
TOTAL NET ASSETS - 100.0%
                  
$
2,626,459,705
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
All or a portion of this security has been pledged to the broker in connection with written options as of July 31, 2025.
(d)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(e)
Exchange-traded.
(f)
100 shares per contract.
(g)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.


YieldMax Ultra Option Income Strategy ETF
  
Schedule of Written Options
  
July 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (3.2)% (a)(b)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (3.2)%
  
2x Long VIX Futures ETF, Expiration: 08/15/2025; Exercise Price: $20.00
  
$
(33,952,800
)
    
(19,740
)
  
$
(2,092,440
)
Applied Optoelectronics, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $25.00
    
(11,830,651
)
    
(5,173
)
    
(788,883
)
Expiration: 08/08/2025; Exercise Price: $26.00
    
(54,455,757
)
    
(23,811
)
    
(2,857,320
)
Expiration: 08/08/2025; Exercise Price: $27.00
    
(19,535,554
)
    
(8,542
)
    
(811,490
)
AppLovin Corp.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $400.00
    
(48,837,500
)
    
(1,250
)
    
(3,400,000
)
Expiration: 08/08/2025; Exercise Price: $420.00
    
(78,921,400
)
    
(2,020
)
    
(3,989,500
)
AST SpaceMobile, Inc., Expiration: 08/01/2025; Exercise Price: $55.00
    
(78,883,012
)
    
(14,836
)
    
(645,366
)
BitMine Immersion Technologies, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $37.00
    
(20,136,232
)
    
(5,813
)
    
(1,002,743
)
Expiration: 08/15/2025; Exercise Price: $35.00
    
(51,960,000
)
    
(15,000
)
    
(4,875,000
)
Expiration: 08/15/2025; Exercise Price: $39.00
    
(14,607,688
)
    
(4,217
)
    
(906,655
)
Coinbase Global, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $405.00
    
(14,997,072
)
    
(397
)
    
(150,860
)
Expiration: 08/01/2025; Exercise Price: $410.00
    
(60,932,688
)
    
(1,613
)
    
(467,770
)
Expiration: 08/01/2025; Exercise Price: $415.00
    
(51,035,376
)
    
(1,351
)
    
(337,750
)
First Solar, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $185.00
    
(12,143,735
)
    
(695
)
    
(130,312
)
Expiration: 08/01/2025; Exercise Price: $192.50
    
(36,029,326
)
    
(2,062
)
    
(310,331
)
Expiration: 08/01/2025; Exercise Price: $195.00
    
(70,590,920
)
    
(4,040
)
    
(404,000
)
Galaxy Digital, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $30.00
    
(68,554,029
)
    
(24,126
)
    
(603,150
)
Expiration: 08/08/2025; Exercise Price: $32.00
    
(19,450,068
)
    
(6,845
)
    
(718,725
)
Innodata, Inc.
            
–
    
$
–
  
Expiration: 08/15/2025; Exercise Price: $55.00
    
(62,564,040
)
    
(11,396
)
    
(7,065,520
)
Expiration: 08/15/2025; Exercise Price: $60.00
    
(54,889,020
)
    
(9,998
)
    
(4,149,170
)
IonQ, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $44.50
    
(11,841,390
)
    
(2,970
)
    
(435,105
)
Expiration: 08/08/2025; Exercise Price: $45.00
    
(59,876,766
)
    
(15,018
)
    
(1,892,268
)
Expiration: 08/08/2025; Exercise Price: $47.00
    
(39,870,000
)
    
(10,000
)
    
(925,000
)
MARA Holdings, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $17.50
    
(45,015,960
)
    
(27,995
)
    
(615,890
)
Expiration: 08/08/2025; Exercise Price: $18.00
    
(60,390,048
)
    
(37,556
)
    
(582,118
)
MicroStrategy, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $420.00
    
(90,097,012
)
    
(2,242
)
    
(607,582
)
Expiration: 08/01/2025; Exercise Price: $422.50
    
(41,913,998
)
    
(1,043
)
    
(270,137
)
Nebius Group NV
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $54.50
    
(85,286,367
)
    
(15,669
)
    
(1,527,728
)
Expiration: 08/08/2025; Exercise Price: $59.00
    
(45,889,933
)
    
(8,431
)
    
(1,475,425
)
NuScale Power Corp.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $54.00
    
(71,780,216
)
    
(14,296
)
    
(364,548
)
Expiration: 08/08/2025; Exercise Price: $56.00
    
(55,612,596
)
    
(11,076
)
    
(2,115,516
)
Oklo, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $75.00
    
(48,014,271
)
    
(6,269
)
    
(1,438,736
)
Expiration: 08/08/2025; Exercise Price: $85.00
    
(46,896,057
)
    
(6,123
)
    
(930,696
)
Palantir Technologies, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $162.50
    
(16,769,265
)
    
(1,059
)
    
(42,889
)
Expiration: 08/08/2025; Exercise Price: $160.00
    
(15,233,270
)
    
(962
)
    
(839,345
)
Expiration: 08/08/2025; Exercise Price: $162.50
    
(40,252,570
)
    
(2,542
)
    
(1,931,920
)
QUALCOMM, Inc., Expiration: 08/08/2025; Exercise Price: $150.00
    
(108,602,400
)
    
(7,400
)
    
(1,113,700
)
Reddit, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $160.00
    
(17,134,953
)
    
(1,067
)
    
(1,269,730
)
Expiration: 08/01/2025; Exercise Price: $165.00
    
(37,481,706
)
    
(2,334
)
    
(2,298,990
)
Expiration: 08/01/2025; Exercise Price: $175.00
    
(90,380,052
)
    
(5,628
)
    
(3,433,080
)
Rigetti Computing, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $15.50
    
(54,709,950
)
    
(37,731
)
    
(1,716,760
)
Expiration: 08/08/2025; Exercise Price: $16.00
    
(14,500,000
)
    
(10,000
)
    
(340,000
)
Expiration: 08/15/2025; Exercise Price: $16.00
    
(44,950,000
)
    
(31,000
)
    
(2,309,500
)
Robinhood Markets, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $107.00
    
(36,490,005
)
    
(3,541
)
    
(175,280
)
Expiration: 08/08/2025; Exercise Price: $108.00
    
(50,618,160
)
    
(4,912
)
    
(886,616
)
Snap, Inc., Expiration: 08/08/2025; Exercise Price: $10.50
    
(64,481,397
)
    
(68,379
)
    
(3,077,055
)
Super Micro Computer, Inc.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $55.00
    
(69,767,407
)
    
(11,831
)
    
(7,216,910
)
Expiration: 08/08/2025; Exercise Price: $67.00
    
(20,639,500
)
    
(3,500
)
    
(449,750
)
Expiration: 08/08/2025; Exercise Price: $70.00
    
(35,382,000
)
    
(6,000
)
    
(504,000
)
Tempus AI, Inc., Expiration: 08/08/2025; Exercise Price: $62.00
    
(65,593,469
)
    
(11,591
)
    
(1,941,492
)
Upstart Holdings, Inc.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $84.00
    
(5,615,538
)
    
(687
)
    
(49,807
)
Expiration: 08/01/2025; Exercise Price: $85.00
    
(57,291,566
)
    
(7,009
)
    
(332,927
)
Expiration: 08/01/2025; Exercise Price: $87.00
    
(43,093,328
)
    
(5,272
)
    
(187,156
)
Expiration: 08/08/2025; Exercise Price: $90.00
    
(18,628,546
)
    
(2,279
)
    
(1,190,777
)
Vertiv Holdings Co.
            
–
    
$
–
  
Expiration: 08/01/2025; Exercise Price: $148.00
    
(45,703,840
)
    
(3,139
)
    
(317,039
)
Expiration: 08/08/2025; Exercise Price: $155.00
    
(16,918,720
)
    
(1,162
)
    
(160,937
)
Vistra Corp.
            
–
    
$
–
  
Expiration: 08/08/2025; Exercise Price: $200.00
    
(10,510,416
)
    
(504
)
    
(711,900
)
Expiration: 08/08/2025; Exercise Price: $210.00
    
(17,913,586
)
    
(859
)
    
(745,183
)
Expiration: 08/08/2025; Exercise Price: $217.50
    
(29,383,286
)
    
(1,409
)
    
(778,473
)
Webull Corp., Expiration: 08/08/2025; Exercise Price: $15.50
    
(35,475,000
)
    
(25,000
)
    
(1,050,000
)
Total Call Options
                    
(83,958,950
)
                         
Put Options - (0.0)% (c)
  
2x Long VIX Futures ETF, Expiration: 08/15/2025; Exercise Price: $14.00
    
(33,952,800
)
    
(19,740
)
    
(424,410
)
QUALCOMM, Inc., Expiration: 08/08/2025; Exercise Price: $145.00
    
(49,898,400
)
    
(3,400
)
    
(663,000
)
Total Put Options
                    
(1,087,410
)
TOTAL WRITTEN OPTIONS (Premiums received $96,214,760)
                  
$
(85,046,360
)
   
Percentages are stated as a percent of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
(c)
Represents less than 0.05% of net assets.


Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
YieldMax Ultra 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:
                        
  Common Stocks
  
$
2,452,374,211
    
$
–
    
$
–
    
$
2,452,374,211
  
  Purchased Options
    
–
      
54,323,397
      
–
      
54,323,397
  
  Exchange Traded Funds
    
33,952,800
      
–
      
–
      
33,952,800
  
  Money Market Funds
    
201,104,294
      
–
      
–
      
201,104,294
  
Total Investments
  
$
2,687,431,305
    
$
54,323,397
    
$
–
    
$
2,741,754,702
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(85,046,360
)
  
$
–
    
$
(85,046,360
)
Total Investments
  
$
–
    
$
(85,046,360
)
  
$
–
    
$
(85,046,360
)