YieldMax TSLA Performance & Distribution Target 25 ETF
Schedule of Investments
April 30, 2026 (Unaudited)
| PURCHASED OPTIONS - 7.7%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 7.7% | ||||||||||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $415.00 | $ | 1,068,564 | 28 | $ | 8,680 | |||||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $390.00 | 1,144,890 | 30 | 27,525 | |||||||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $365.01 | 2,213,454 | 58 | 131,799 | |||||||||
| Total Call Options | 168,004 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $149,289) | 168,004 | |||||||||||
| SHORT-TERM INVESTMENTS - 98.0% | ||||||||
| Money Market Funds - 11.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 250,090 | 250,090 | ||||||
| U.S. Treasury Bills - 86.5% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 6/11/2026, 3.57%(f)(g)(h) | $ | 615,000 | 612,482 | |||||
| U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)(h) | 641,000 | 636,574 | ||||||
| U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)(h) | 642,000 | 635,807 | ||||||
| 1,884,863 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,135,143) | 2,134,953 | |||||||
| TOTAL INVESTMENTS - 105.7% (Cost $2,284,432) | $ | 2,302,957 | ||||||
| Liabilities in Excess of Other Assets - (5.7)% | (125,179 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 2,177,778 | ||||||
| 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) | 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. |
| (h) | 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 $1,272,954. |
YieldMax TSLA Performance & Distribution Target 25 ETF
Schedule of Written Options Contracts
April 30, 2026 (Unaudited)
| WRITTEN OPTIONS - (6.6)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (5.1)% | ||||||||||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $385.00 | $ | (1,068,564 | ) | (28 | ) | $ | (31,570 | ) | ||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $360.00 | (1,144,890 | ) | (30 | ) | (79,575 | ) | ||||||
| Total Call Options | (111,145 | ) | ||||||||||
| Put Options - (1.5)% | ||||||||||||
| Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $365.01 | (2,213,454 | ) | (58 | ) | (31,929 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $211,889) | $ | (143,074 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |