YieldMax Strategic Metals & Mining Portfolio Option Income ETF
Schedule of Investments
April 30, 2026 (Unaudited)
| COMMON STOCKS - 78.9% | Shares | Value | ||||||
| Industrial Products - 8.1% | ||||||||
| Caterpillar, Inc.(a) | 200 | $ | 178,022 | |||||
| NuScale Power Corp. - Class A(a)(b) | 14,936 | 186,102 | ||||||
| 364,124 | ||||||||
| Materials - 66.6%(c) | ||||||||
| Agnico Eagle Mines Ltd.(a) | 795 | 149,627 | ||||||
| Albemarle Corp.(a) | 1,056 | 207,715 | ||||||
| BHP Group Ltd., ADR(a) | 1,809 | 143,454 | ||||||
| Cameco Corp.(a) | 1,665 | 204,862 | ||||||
| Energy Fuels, Inc.(a)(b) | 6,476 | 140,141 | ||||||
| Freeport-McMoRan, Inc.(a) | 2,878 | 166,291 | ||||||
| Hecla Mining Co.(a) | 8,064 | 145,313 | ||||||
| MP Materials Corp.(a)(b) | 3,256 | 215,026 | ||||||
| Newmont Corp.(a) | 1,536 | 170,634 | ||||||
| NexGen Energy Ltd.(a)(b) | 13,580 | 170,701 | ||||||
| Nucor Corp.(a) | 1,107 | 249,396 | ||||||
| Pan American Silver Corp.(a) | 2,908 | 152,059 | ||||||
| Royal Gold, Inc.(a) | 666 | 155,431 | ||||||
| Southern Copper Corp.(a) | 904 | 155,208 | ||||||
| Steel Dynamics, Inc.(a) | 1,010 | 230,947 | ||||||
| Uranium Energy Corp.(a)(b) | 12,796 | 190,532 | ||||||
| Wheaton Precious Metals Corp.(a) | 1,220 | 154,281 | ||||||
| 3,001,618 | ||||||||
| Utilities - 4.2% | ||||||||
| Constellation Energy Corp.(a) | 608 | 190,304 | ||||||
| TOTAL COMMON STOCKS (Cost $3,656,978) | 3,556,046 | |||||||
| EXCHANGE TRADED FUNDS - 5.8% | Shares | Value | ||||||
| VanEck Rare Earth and Strategic Metals ETF(a) | 2,503 | 263,891 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $246,569) | 263,891 | |||||||
| PURCHASED OPTIONS - 2.4%(b)(d)(e)(f) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 2.4% | ||||||||||||
| Agnico Eagle Mines Ltd., Expiration: 5/1/2026; Exercise Price: $190.00 | $ | 131,747 | 7 | $ | 1,890 | |||||||
| Albemarle Corp., Expiration: 5/1/2026; Exercise Price: $205.00 | 196,700 | 10 | 1,005 | |||||||||
| Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $33.00 | 117,280 | 40 | 320 | |||||||||
| Amplify Junior Silver Miners ETF, Expiration: 5/15/2026; Exercise Price: $31.00 | 117,280 | 40 | 2,860 | |||||||||
| BHP Group Ltd., Expiration: 5/15/2026; Exercise Price: $85.00 | 142,740 | 18 | 990 | |||||||||
| Cameco Corp., Expiration: 5/8/2026; Exercise Price: $125.00 | 196,864 | 16 | 7,560 | |||||||||
| Caterpillar, Inc., Expiration: 5/1/2026; Exercise Price: $895.00 | 178,022 | 2 | 1,235 | |||||||||
| Constellation Energy Corp., Expiration: 5/8/2026; Exercise Price: $332.50 | 187,800 | 6 | 1,710 | |||||||||
| Energy Fuels, Inc., Expiration: 5/1/2026; Exercise Price: $23.00 | 138,496 | 64 | 448 | |||||||||
| Freeport-McMoRan, Inc., Expiration: 5/1/2026; Exercise Price: $62.00 | 161,784 | 28 | 56 | |||||||||
| Global X Lithium & Battery Tech ETF, Expiration: 7/17/2026; Exercise Price: $71.00 | 202,952 | 23 | 40,710 | |||||||||
| Global X Silver Miners ETF, Expiration: 5/15/2026; Exercise Price: $125.00 | 168,302 | 19 | 95 | |||||||||
| Global X Silver Miners ETF, Expiration: 7/17/2026; Exercise Price: $95.00 | 168,302 | 19 | 11,305 | |||||||||
| Hecla Mining Co., Expiration: 5/8/2026; Exercise Price: $19.50 | 144,160 | 80 | 2,240 | |||||||||
| MP Materials Corp., Expiration: 5/1/2026; Exercise Price: $66.00 | 211,328 | 32 | 4,032 | |||||||||
| Newmont Corp., Expiration: 5/1/2026; Exercise Price: $120.00 | 166,635 | 15 | 30 | |||||||||
| NexGen Energy Ltd., Expiration: 5/15/2026; Exercise Price: $15.00 | 169,695 | 135 | 1,350 | |||||||||
| Nucor Corp., Expiration: 5/15/2026; Exercise Price: $230.00 | 247,819 | 11 | 4,180 | |||||||||
| NuScale Power Corp., Expiration: 5/1/2026; Exercise Price: $14.00 | 185,654 | 149 | 298 | |||||||||
| Pan American Silver Corp., Expiration: 5/8/2026; Exercise Price: $57.00 | 151,641 | 29 | 1,885 | |||||||||
| Royal Gold, Inc., Expiration: 5/15/2026; Exercise Price: $310.00 | 23,338 | 1 | 25 | |||||||||
| Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $190.00 | 154,521 | 9 | 675 | |||||||||
| Steel Dynamics, Inc., Expiration: 5/15/2026; Exercise Price: $240.00 | 228,660 | 10 | 3,500 | |||||||||
| Uranium Energy Corp., Expiration: 5/1/2026; Exercise Price: $16.50 | 189,103 | 127 | 191 | |||||||||
| VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $93.00 | 167,751 | 19 | 893 | |||||||||
| VanEck Gold Miners ETF, Expiration: 7/17/2026; Exercise Price: $97.00 | 167,751 | 19 | 7,933 | |||||||||
| VanEck Junior Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $124.00 | 127,974 | 11 | 797 | |||||||||
| VanEck Junior Gold Miners ETF, Expiration: 6/18/2026; Exercise Price: $126.00 | 127,974 | 11 | 5,472 | |||||||||
| VanEck Rare Earth and Strategic Metals ETF, Expiration: 5/15/2026; Exercise Price: $125.00 | 263,575 | 25 | 1,125 | |||||||||
| Wheaton Precious Metals Corp., Expiration: 5/8/2026; Exercise Price: $134.00 | 151,752 | 12 | 1,740 | |||||||||
| Total Call Options | 106,550 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $123,806) | 106,550 | |||||||||||
| SHORT-TERM INVESTMENTS - 14.1% | ||||||||
| Money Market Funds - 14.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(g) | 633,755 | 633,755 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $633,755) | 633,755 | |||||||
| TOTAL INVESTMENTS - 101.2% (Cost $4,661,108) | $ | 4,560,242 | ||||||
| Liabilities in Excess of Other Assets - (1.2)% | (52,582 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 4,507,660 | ||||||
Percentages are stated as a percent of net assets.
| ADR | American Depositary Receipt |
| (a) | All or a portion of this security has been pledged as collateral for written options. As of April 30, 2026, the total value of securities pledged as collateral is $1,324,683. |
| (b) | Non-income producing security. |
| (c) | 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. |
| (d) | Exchange-traded. |
| (e) | 100 shares per contract. |
| (f) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (g) | The rate shown represents the 7-day annualized effective yield as of April 30, 2026. |
YieldMax Strategic Metals & Mining Portfolio Option Income ETF
Schedule of Written Options Contracts
April 30, 2026 (Unaudited)
| WRITTEN OPTIONS - (5.4)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.8)% | ||||||||||||
| Agnico Eagle Mines Ltd., Expiration: 5/1/2026; Exercise Price: $187.50 | $ | (131,747 | ) | (7 | ) | $ | (2,660 | ) | ||||
| Albemarle Corp., Expiration: 5/1/2026; Exercise Price: $195.00 | (196,700 | ) | (10 | ) | (4,525 | ) | ||||||
| Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $31.00 | (117,280 | ) | (40 | ) | (1,020 | ) | ||||||
| BHP Group Ltd., Expiration: 5/15/2026; Exercise Price: $80.00 | (142,740 | ) | (18 | ) | (3,600 | ) | ||||||
| Cameco Corp., Expiration: 5/8/2026; Exercise Price: $120.00 | (196,864 | ) | (16 | ) | (11,560 | ) | ||||||
| Caterpillar, Inc., Expiration: 5/1/2026; Exercise Price: $865.00 | (178,022 | ) | (2 | ) | (5,210 | ) | ||||||
| Constellation Energy Corp., Expiration: 5/8/2026; Exercise Price: $320.00 | (187,800 | ) | (6 | ) | (4,260 | ) | ||||||
| Energy Fuels, Inc., Expiration: 5/1/2026; Exercise Price: $22.00 | (138,496 | ) | (64 | ) | (1,984 | ) | ||||||
| Freeport-McMoRan, Inc., Expiration: 5/1/2026; Exercise Price: $60.00 | (161,784 | ) | (28 | ) | (224 | ) | ||||||
| Global X Lithium & Battery Tech ETF, Expiration: 5/15/2026; Exercise Price: $83.00 | (202,952 | ) | (23 | ) | (13,455 | ) | ||||||
| Global X Silver Miners ETF, Expiration: 5/15/2026; Exercise Price: $100.00 | (168,302 | ) | (19 | ) | (1,140 | ) | ||||||
| Hecla Mining Co., Expiration: 5/8/2026; Exercise Price: $18.50 | (144,160 | ) | (80 | ) | (5,480 | ) | ||||||
| MP Materials Corp., Expiration: 5/1/2026; Exercise Price: $63.00 | (211,328 | ) | (32 | ) | (10,880 | ) | ||||||
| Newmont Corp., Expiration: 5/1/2026; Exercise Price: $115.00 | (166,635 | ) | (15 | ) | (278 | ) | ||||||
| NexGen Energy Ltd., Expiration: 5/15/2026; Exercise Price: $12.00 | (169,695 | ) | (135 | ) | (13,500 | ) | ||||||
| Nucor Corp., Expiration: 5/15/2026; Exercise Price: $200.00 | (247,819 | ) | (11 | ) | (29,040 | ) | ||||||
| NuScale Power Corp., Expiration: 5/1/2026; Exercise Price: $13.00 | (185,654 | ) | (149 | ) | (1,788 | ) | ||||||
| Pan American Silver Corp., Expiration: 5/8/2026; Exercise Price: $54.00 | (151,641 | ) | (29 | ) | (4,350 | ) | ||||||
| Royal Gold, Inc., Expiration: 5/15/2026; Exercise Price: $280.00 | (116,690 | ) | (5 | ) | (413 | ) | ||||||
| Royal Gold, Inc., Expiration: 5/15/2026; Exercise Price: $270.00 | (23,338 | ) | (1 | ) | (125 | ) | ||||||
| Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $180.00 | (154,521 | ) | (9 | ) | (1,980 | ) | ||||||
| Steel Dynamics, Inc., Expiration: 5/15/2026; Exercise Price: $200.00 | (228,660 | ) | (10 | ) | (29,450 | ) | ||||||
| Uranium Energy Corp., Expiration: 5/1/2026; Exercise Price: $15.50 | (189,103 | ) | (127 | ) | (2,413 | ) | ||||||
| VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $89.00 | (167,751 | ) | (19 | ) | (3,448 | ) | ||||||
| VanEck Junior Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $118.00 | (127,974 | ) | (11 | ) | (2,442 | ) | ||||||
| VanEck Rare Earth and Strategic Metals ETF, Expiration: 5/15/2026; Exercise Price: $105.00 | (263,575 | ) | (25 | ) | (11,125 | ) | ||||||
| Wheaton Precious Metals Corp., Expiration: 5/8/2026; Exercise Price: $129.00 | (151,752 | ) | (12 | ) | (3,540 | ) | ||||||
| Total Call Options | (169,890 | ) | ||||||||||
| Put Options - (1.6)% | ||||||||||||
| Amplify Junior Silver Miners ETF, Expiration: 5/15/2026; Exercise Price: $31.01 | (117,280 | ) | (40 | ) | (9,217 | ) | ||||||
| Global X Lithium & Battery Tech ETF, Expiration: 7/17/2026; Exercise Price: $71.01 | (202,952 | ) | (23 | ) | (2,222 | ) | ||||||
| Global X Silver Miners ETF, Expiration: 7/17/2026; Exercise Price: $95.01 | (168,302 | ) | (19 | ) | (22,127 | ) | ||||||
| VanEck Gold Miners ETF, Expiration: 7/17/2026; Exercise Price: $97.01 | (167,751 | ) | (19 | ) | (22,707 | ) | ||||||
| VanEck Junior Gold Miners ETF, Expiration: 6/18/2026; Exercise Price: $126.01 | (127,974 | ) | (11 | ) | (15,303 | ) | ||||||
| Total Put Options | (71,576 | ) | ||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $175,804) | $ | (241,466 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |