YieldMax NVDA Performance & Distribution Target 25 ETF
Schedule of Investments
April 30, 2026 (Unaudited)
| PURCHASED OPTIONS - 9.6%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 9.6% | ||||||||||||
| NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $210.00 | $ | 8,741,166 | 438 | $ | 108,186 | |||||||
| NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $185.01 | 3,692,045 | 185 | 305,378 | |||||||||
| NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $185.00 | 5,049,121 | 253 | 418,715 | |||||||||
| Total Call Options | 832,279 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $768,318) | 832,279 | |||||||||||
| SHORT-TERM INVESTMENTS - 68.4% | ||||||||
| Money Market Funds - 2.6% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 225,646 | 225,646 | ||||||
| U.S. Treasury Bills - 65.8% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 6/11/2026, 3.57%(f)(g) | $ | 474,000 | 472,059 | |||||
| U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g) | 821,000 | 815,331 | ||||||
| U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g) | 1,223,000 | 1,211,203 | ||||||
| U.S. Treasury Bill, 9/3/2026, 3.64%(f)(h) | 3,282,000 | 3,241,260 | ||||||
| 5,739,853 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,966,263) | 5,965,499 | |||||||
| TOTAL INVESTMENTS - 78.0% (Cost $6,734,581) | $ | 6,797,778 | ||||||
| Other Assets in Excess of Liabilities - 22.0% | 1,920,312 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 8,718,090 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| (c) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (d) | Non-income producing security. |
| (e) | The rate shown represents the 7-day annualized effective yield as of April 30, 2026. |
| (f) | The rate shown is the annualized effective yield as of April 30, 2026. |
| (g) | 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 $1,934,464. |
| (h) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
YieldMax NVDA Performance & Distribution Target 25 ETF
Schedule of Written Options Contracts
April 30, 2026 (Unaudited)
| WRITTEN OPTIONS - (3.9)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.1)% | ||||||||||||
| NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $200.00 | $ | (8,741,166 | ) | (438 | ) | $ | (270,465 | ) | ||||
| Put Options - (0.8)% | ||||||||||||
| NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $185.01 | (8,741,166 | ) | (438 | ) | (70,303 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $775,670) | $ | (340,768 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |