YieldMax Universe Fund of Option Income ETFs
Schedule of Investments
January 31, 2026 (Unaudited)
 
EXCHANGE TRADED FUNDS - 93.8%  Shares   Value 
YieldMax AAPL Option Income Strategy ETF (a)        1,258,516   $15,781,791 
YieldMax ABNB Option Income Strategy ETF (a)        348,727    15,401,380 
YieldMax AI Option Income Strategy ETF (a)        961,054    13,483,585 
YieldMax AMD Option Income Strategy ETF (a)        396,052    14,812,330 
YieldMax AMZN Option Income Strategy ETF (a)        1,186,853    15,571,511 
YieldMax BABA Option Income Strategy ETF (a)        1,095,594    15,601,259 
YieldMax Bitcoin Option Income Strategy ETF (a)        465,024    14,150,668 
YieldMax BRK.B Option Income Strategy ETF (a)        355,013    15,234,921 
YieldMax COIN Option Income Strategy ETF (a)        398,985    12,986,965 
YieldMax CRCL Option Income Strategy ETF (a)        684,217    13,000,123 
YieldMax CVNA Option Income Strategy ETF (a)        413,422    13,742,147 
YieldMax DIS Option Income Strategy ETF (a)        1,326,914    15,675,897 
YieldMax DKNG Option Income Strategy ETF (a)        557,442    13,456,650 
YieldMax GME Option Income Strategy ETF (a)        439,087    16,406,178 
YieldMax Gold Miners Option Income Strategy ETF (a)        878,829    14,043,687 
YieldMax GOOGL Option Income Strategy ETF (a)        1,046,357    15,799,991 
YieldMax HIMS Option Income Strategy ETF (a)        679,415    13,653,864 
YieldMax HOOD Option Income Strategy ETF (a)        349,363    14,194,619 
YieldMax Innovation Option Income Strategy ETF (a)        422,517    14,475,432 
YieldMax JP Option Income Strategy ETF (a)        1,024,192    15,255,135 
YieldMax META Option Income Strategy ETF (a)        1,334,827    17,566,323 
YieldMax MRNA Option Income Strategy ETF (a)        815,980    15,422,022 
YieldMax MSFT Option Income Strategy ETF (a)        1,073,273    14,660,909 
YieldMax MSTR Option Income Strategy ETF (a)        1    22 
YieldMax NFLX Option Income Strategy ETF (a)        1,374,442    14,816,485 
YieldMax NVDA Option Income Strategy ETF (a)        1,100,833    16,083,170 
YieldMax PLTR Option Income Strategy ETF (a)        318,841    13,193,641 
YieldMax PYPL Option Income Strategy ETF (a)        400,594    14,621,696 
YieldMax RBLX Option Income Strategy ETF (a)        553,848    12,506,054 
YieldMax RDDT Option Income Strategy ETF (a)        436,089    12,271,544 
YieldMax SMCI Option Income Strategy ETF (a)        1,855,384    14,119,472 
YieldMax SNOW Option Income Strategy ETF (a)        1,386,108    14,581,856 
YieldMax TSLA Option Income Strategy ETF (a)        439,743    15,509,736 
YieldMax TSM Option Income Strategy ETF (a)        951,623    15,187,903 
YieldMax XOM Option Income Strategy ETF (a)        1,257,045    16,207,081 
YieldMax XYZ Option Income Strategy ETF (a)        479,096    14,378,437 
TOTAL EXCHANGE TRADED FUNDS (Cost $772,327,858)             513,854,484 
                
PURCHASED OPTIONS - 0.5% (b)   Notional Amount    Contracts      
Call Options - 0.5% (c)(d)(e)               
MARA Holdings, Inc., Expiration: 03/20/2026; Exercise Price: $10.00  $14,060,000    14,800    1,591,000 
Strategy, Inc., Expiration: 03/20/2026; Exercise Price: $160.00   14,447,015    965    1,145,937 
TOTAL PURCHASED OPTIONS (Cost $4,046,735)             2,736,937 
                
SHORT-TERM INVESTMENTS
 
MONEY MARKET FUNDS - 4.6%        Shares      
First American Government Obligations Fund - Class X, 3.61% (f)        24,911,564    24,911,564 
TOTAL MONEY MARKET FUNDS (Cost $24,911,564)             24,911,564 
                
TOTAL INVESTMENTS - 98.9% (Cost $801,286,157)             541,502,985 
Other Assets in Excess of Liabilities - 1.1%             5,885,296 
TOTAL NET ASSETS - 100.0%            $547,388,281 

 

Percentages are stated as a percent of net assets. 

 
(a)   Affiliated security as defined by the Investment Company Act of 1940.
(b)   Non-income producing security.
(c)   100 shares per contract.
(d)   Exchange-traded.
(e)   Held in connection with written option contracts. See Schedule of Written Options for further information.
(f)   The rate shown represents the 7-day annualized yield as of January 31, 2026.

 

 

 

 

 
YieldMax Universe Fund of Option Income ETFs
Schedule of Written Options
January 31, 2026 (Unaudited)
 
WRITTEN OPTIONS - (0.8)%  Notional Amount   Contracts   Value 
Put Options - (0.8)% (a)(b)               
MARA Holdings, Inc., Expiration: 03/20/2026; Exercise Price: $10.01  $(14,060,000)   (14,800)  $(2,239,774)
Strategy, Inc., Expiration: 03/20/2026; Exercise Price: $160.01   (14,447,015)   (965)   (2,057,222)
TOTAL WRITTEN OPTIONS (Premiums received $3,243,165)            $(4,296,996)

 

Percentages are stated as a percent of net assets.

 

(a)   100 shares per contract.
(b)   Exchange-traded.

 

 

Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)

 

YieldMax Universe Fund of Option Income ETFs (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 January 31, 2026:

 

   Level 1   Level 2   Level 3   Total 
Assets:                    
Investments:                    
  Exchange Traded Funds  $513,854,484   $—   $—   $513,854,484 
  Purchased Options   —    2,736,937    —    2,736,937 
  Money Market Funds   24,911,564    —    —    24,911,564 
Total Investments  $538,766,048   $2,736,937   $—   $541,502,985 
                     
Liabilities:                    
Investments:                    
  Written Options  $—   $(4,296,996)  $—   $(4,296,996)
Total Investments  $—   $(4,296,996)  $—   $(4,296,996)

 

 

 

 

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

 

   Value as of October 31, 2025   Purchases   Sales   Realized Gain (Loss)   Net Change in Unrealized Appreciation (Depreciation)   Value as of January 31, 2026   Shares as of January 31, 2026   Dividend Income 
YieldMax AAPL Option Income Strategy ETF  $26,506,026   $1,634,884   $(10,741,712)  $(789,874)  $(827,533)  $15,781,791    1,258,516   $1,322,979 
YieldMax ABNB Option Income Strategy ETF   26,004,305    936,893    (9,630,377)   (3,696,274)   1,786,833    15,401,380    348,727    2,100,395 
YieldMax AI Option Income Strategy ETF   25,334,205    4,502,188    (5,866,271)   (680,324)   (9,806,213)   13,483,585    961,054    3,170,499 
YieldMax AMD Option Income Strategy ETF   26,679,515    1,805,626    (7,701,741)   203,118    (6,174,188)   14,812,330    396,052    3,263,610 
YieldMax AMZN Option Income Strategy ETF   28,544,328    938,321    (10,864,547)   (3,046,587)   (4)   15,571,511    1,186,853    2,131,904 
YieldMax BABA Option Income Strategy ETF   25,434,628    2,006,131    (9,581,601)   (1,057,037)   (1,200,862)   15,601,259    1,095,594    2,304,320 
YieldMax Bitcoin Option Income Strategy ETF   26,001,466    1,973,338    (6,313,589)   (2,381,390)   (5,129,157)   14,150,668    465,024    2,384,974 
YieldMax BRK.B Option Income Strategy ETF   25,904,218    1,140,403    (10,946,329)   (467,597)   (395,774)   15,234,921    355,013    1,036,452 
YieldMax COIN Option Income Strategy ETF   25,551,075    5,663,217    (5,716,142)   (1,218,041)   (11,293,144)   12,986,965    398,985    2,996,740 
YieldMax CRCL Option Income Strategy ETF   24,229,921    9,822,278    (7,479,897)   (2,658,048)   (10,914,131)   13,000,123    684,217    3,996,451 
YieldMax CVNA Option Income Strategy ETF   24,412,349    932,750    (13,353,548)   (1,762,909)   3,513,505    13,742,147    413,422    3,877,430 
YieldMax DIS Option Income Strategy ETF   26,685,245    837,182    (10,264,138)   (2,689,821)   1,107,429    15,675,897    1,326,914    1,643,537 
YieldMax DKNG Option Income Strategy ETF   23,490,491    1,819,051    (7,237,588)   (2,015,946)   (2,599,358)   13,456,650    557,442    3,232,732 
YieldMax GME Option Income Strategy ETF   24,936,574    1,701,654    (6,701,003)   (1,070,998)   (2,460,049)   16,406,178    439,087    2,954,764 
YieldMax Gold Miners Option Income Strategy ETF   24,030,155    820,990    (11,852,362)   1,007,546    37,358    14,043,687    878,829    2,664,751 
YieldMax GOOGL Option Income Strategy ETF   27,886,142    1,959,321    (15,095,915)   1,494,386    (443,943)   15,799,991    1,046,357    2,407,439 
YieldMax HIMS Option Income Strategy ETF   23,278,053    6,987,844    (5,611,978)   (908,417)   (10,091,638)   13,653,864    679,415    3,432,590 
YieldMax HOOD Option Income Strategy ETF   26,766,129    3,656,476    (5,964,725)   (683,303)   (9,579,958)   14,194,619    349,363    3,514,391 
YieldMax Innovation Option Income Strategy ETF   26,033,090    819,100    (6,983,992)   (954,149)   (4,438,617)   14,475,432    422,517    2,163,423 
YieldMax JPM Option Income Strategy ETF   26,825,848    828,868    (10,262,384)   (950,334)   (1,186,863)   15,255,135    1,024,192    1,484,568 
YieldMax MARA Option Income Strategy ETF (a)   22,555,231    10,662,611    (20,084,637)   (25,255,257)   12,122,052    —    —    3,746,749 
YieldMax META Option Income Strategy ETF   23,697,698    1,315,606    (6,507,871)   (1,500,840)   561,730    17,566,323    1,334,827    1,858,705 
YieldMax MRNA Option Income Strategy ETF   25,857,331    843,207    (13,240,411)   (922,510)   2,884,405    15,422,022    815,980    4,131,833 
YieldMax MSFT Option Income Strategy ETF   26,555,792    987,722    (8,397,172)   (1,077,955)   (3,407,478)   14,660,909    1,073,273    1,449,315 
YieldMax MSTR Option Income Strategy ETF   23,615,760    8,488,025    (20,637,181)   (35,964,015)   24,497,433    22    1    3,470,715 
YieldMax NFLX Option Income Strategy ETF   24,211,003    2,898,840    (6,350,325)   (982,416)   (4,960,617)   14,816,485    1,374,442    1,691,146 
YieldMax NVDA Option Income Strategy ETF   28,231,056    1,075,222    (9,704,411)   (2,653,792)   (864,905)   16,083,170    1,100,833    2,588,098 
YieldMax PLTR Option Income Strategy ETF   28,071,562    2,430,830    (8,563,991)   (1,301,453)   (7,443,307)   13,193,641    318,841    3,242,894 
YieldMax PYPL Option Income Strategy ETF   26,019,128    1,724,902    (6,557,140)   (2,263,289)   (4,301,905)   14,621,696    400,594    2,015,311 
YieldMax RBLX Option Income Strategy ETF   22,587,349    6,563,557    (5,793,587)   (1,264,050)   (9,587,215)   12,506,054    553,848    2,640,088 
YieldMax RDDT Option Income Strategy ETF   26,745,968    1,526,311    (8,997,001)   (922,111)   (6,081,623)   12,271,544    436,089    4,052,040 
YieldMax SMCI Option Income Strategy ETF   24,446,655    8,404,975    (6,118,002)   (2,599,276)   (10,014,880)   14,119,472    1,855,384    3,651,166 
YieldMax SNOW Option Income Strategy ETF   28,144,172    3,359,273    (8,690,628)   (1,155,438)   (7,075,523)   14,581,856    1,386,108    2,622,359 
YieldMax TSLA Option Income Strategy ETF   26,837,502    2,150,521    (9,586,971)   (1,377,305)   (2,514,011)   15,509,736    439,743    3,194,906 
YieldMax TSM Option Income Strategy ETF   26,005,472    830,486    (10,459,639)   (997,420)   (190,996)   15,187,903    951,623    2,149,768 
YieldMax XOM Option Income Strategy ETF   26,656,633    818,569    (13,025,883)   (1,639,795)   3,397,557    16,207,081    1,257,045    1,364,600 
YieldMax XYZ Option Income Strategy ETF   25,671,846    2,080,347    (6,115,956)   (1,945,894)   (5,311,906)   14,378,437    479,096    2,891,863 
   $950,443,921   $106,947,519   $(347,000,645)  $(108,148,815)  $(88,387,496)  $513,854,484    28,065,300   $98,845,505 
     
(a)   Security was affiliated during the period but is no longer held as of January 31, 2026.