YieldMax MSTR Performance & Distribution Target 25 ETF
Schedule of Investments
April 30, 2026 (Unaudited)
| PURCHASED OPTIONS - 11.8%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 11.8% | ||||||||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $172.50 | $ | 1,654,500 | 100 | $ | 67,000 | |||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $170.00 | 4,086,615 | 247 | 187,720 | |||||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $165.00 | 545,985 | 33 | 32,423 | |||||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $162.50 | 6,287,100 | 380 | 421,800 | |||||||||
| Total Call Options | 708,943 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $570,526) | 708,943 | |||||||||||
| SHORT-TERM INVESTMENTS - 49.6% | ||||||||
| Money Market Funds - 3.0% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 180,871 | 180,871 | ||||||
| U.S. Treasury Bills - 46.6% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 6/11/2026, 3.57%(f)(g) | $ | 391,000 | 389,399 | |||||
| U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g) | 725,000 | 719,994 | ||||||
| U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)(h) | 1,716,000 | 1,699,447 | ||||||
| 2,808,840 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,990,108) | 2,989,711 | |||||||
| TOTAL INVESTMENTS - 61.4% (Cost $3,560,634) | $ | 3,698,654 | ||||||
| Other Assets in Excess of Liabilities - 38.6% | 2,328,072 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 6,026,726 | ||||||
| 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 $2,808,776. |
| (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 MSTR Performance & Distribution Target 25 ETF
Schedule of Written Options Contracts
April 30, 2026 (Unaudited)
| WRITTEN OPTIONS - (16.1)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (10.6)% | ||||||||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $165.00 | $ | (1,654,500 | ) | (100 | ) | $ | (98,250 | ) | ||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $150.00 | (4,632,600 | ) | (280 | ) | (541,800 | ) | ||||||
| Total Call Options | (640,050 | ) | ||||||||||
| Put Options - (5.5)% | ||||||||||||
| Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $162.51 | (6,287,100 | ) | (380 | ) | (330,980 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $585,359) | $ | (971,030 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |