UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-23793)

Tidal Trust II
(Exact name of registrant as specified in charter)

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

Eric W. Falkeis

Tidal Trust II

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204
(Name and address of agent for service)

(844) 986-7700

Registrant's telephone number, including area code

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

Item 1. Reports to Stockholders.

YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report

semi-annual shareholder report April 30, 2026

YieldMax™ AAPL Option Income Strategy ETF

Ticker: APLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/APLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AAPL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ AAPL Option Income Strategy ETF	$58	1.16%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$109,328
Number of Holdings	11
Total Advisory Fee Paid	$616,167
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	4.1%
Cash & Cash Equivalents	95.9%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	98.0
Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.01	-4.4
Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.00	3.5
First American Government Obligations Fund - Class X, 3.58%	2.1
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $275.00	-0.9
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $282.50	0.6
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $277.50	-0.4

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/APLY.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ ABNB Option Income Strategy ETF

Ticker: ABNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/ABNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ ABNB Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ ABNB Option Income Strategy ETF	$65	1.24%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$21,925
Number of Holdings	12
Total Advisory Fee Paid	$122,555
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	11.0%
Cash & Cash Equivalents	89.0%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	84.3
Airbnb, Inc., Expiration: 06/18/2026; Exercise Price: $130.01	10.9
First American Government Obligations Fund - Class X, 3.58%	4.9
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $145.00	-0.2
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $144.00	-0.1
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $149.00	0.0*
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $148.00	0.0*

*	Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ABNY.

Householding

YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ AI Option Income Strategy ETF

Ticker: AIYY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AIYY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AI Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ AI Option Income Strategy ETF	$39	1.02%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$25,140
Number of Holdings	10
Total Advisory Fee Paid	$227,624
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	5.3%
Cash & Cash Equivalents	94.7%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	94.1
First American Government Obligations Fund - Class X, 3.58%	7.5
C3.ai, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $9.01	-2.0
C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.00	-0.8
C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.50	0.2
C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.00	-0.1
C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.50	0.0*

*	Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:10 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AIYY.

Householding

YieldMax AMD Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax AMD Option Income Strategy ETF

Ticker: AMDY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AMDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax AMD Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ AMD Option Income Strategy ETF	$58	1.03%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$234,882
Number of Holdings	16
Total Advisory Fee Paid	$842,783
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	7.2%
Cash & Cash Equivalents	92.8%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	54.7
Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.00	6.9
Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.01	-6.7
First American Government Obligations Fund - Class X, 3.58%	4.2
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $355.00	-0.7
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $357.50	-0.3
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $350.00	-0.3
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $370.00	0.1
Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $360.00	-0.1
Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $372.50	0.1

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMDY.

Householding

YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ AMZN Option Income Strategy ETF

Ticker: AMZY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AMZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AMZN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ AMZN Option Income Strategy ETF	$55	1.09%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$252,370
Number of Holdings	14
Total Advisory Fee Paid	$1,252,808
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	21.1%
Cash & Cash Equivalents	78.9%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	77.5
Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.00	21.0
First American Government Obligations Fund - Class X, 3.58%	3.4
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $262.50	-0.8
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $267.50	-0.2
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $260.00	-0.1
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $272.50	0.1
Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.01	(0.0)^

^	Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMZY.

Householding

YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ BABA Option Income Strategy ETF

Ticker: BABO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/BABO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ BABA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ BABA Option Income Strategy ETF	$51	1.13%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$17,907
Number of Holdings	14
Total Advisory Fee Paid	$184,299
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	1.6%
Cash & Cash Equivalents	98.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	101.7
Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.01	-11.1
First American Government Obligations Fund - Class X, 3.58%	7.1
Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.00	1.3
Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $132.00	-0.5
Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $136.00	0.3
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $133.00	-0.1
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $134.00	-0.1
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $135.00	(0.0)^
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $137.00	0.0*

*	Less than 0.05% of net assets.

^	Less than -0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/BABO.

Householding

YieldMax™ BRK.B Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ BRK.B Option Income Strategy ETF

Ticker: BRKC (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ BRK.B Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/BRKC. You can also request this information by contacting us at or by writing to the YieldMax™ BRK.B Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ BRK.B Option Income Strategy ETF	$49	1.00%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$7,159
Number of Holdings	8
Total Advisory Fee Paid	$116,571
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	0.8%
Cash & Cash Equivalents	99.2%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	92.2
First American Government Obligations Fund - Class X, 3.58%	4.7
Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.01	-3.70
Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.00	0.60
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $472.50	-0.50
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $470.00	-0.20
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $477.50	0.20

How has the Fund changed?

Effective January 2, 2026, a supplement was filed to the Summary Prospectus dated June 4, 2025 and the Prospectus dated February 28, 2025. The supplement adds disclosure to the “Principal Investment Risks” section of the Summary Prospectus and Prospectus, as well as the “Principal Risks of Investing in the Funds” section of the Prospectus, regarding Berkshire Hathaway management changes following Warren E. Buffett’s resignation as CEO and Greg Abel’s succession to the role.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/BRKC.

Householding

YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Bitcoin Option Income Strategy ETF

Ticker: YBIT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YBIT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Bitcoin Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Bitcoin Option Income Strategy ETF	$43	1.00%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$43,523
Number of Holdings	10
Total Advisory Fee Paid	$331,595
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	9.6%
Cash & Cash Equivalents	90.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	75.9
iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.00	8.6
First American Government Obligations Fund - Class X, 3.58%	5.5
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $43.50	-1.4
iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.01	-0.9
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.50	0.8
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.00	-0.4
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $45.50	0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YBIT.

Householding

YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ COIN Option Income Strategy ETF

Ticker: CONY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CONY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ COIN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ COIN Option Income Strategy ETF	$43	1.09%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$398,238
Number of Holdings	22
Total Advisory Fee Paid	$3,009,802
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	13.3%
Cash & Cash Equivalents	86.7%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	91.9
Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.00	8.1
First American Government Obligations Fund - Class X, 3.58%	4.9
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.01	-3.3
Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.01	-3.0
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00	2.9
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $185.00	-1.6
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $195.00	0.4
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $187.50	-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $197.50	0.7

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:10 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CONY.

Householding

YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ CVNA Option Income Strategy ETF

Ticker: CVNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ CVNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CVNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ CVNA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ CVNA Option Income Strategy ETF	$69	1.10%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$23,762
Number of Holdings	19
Total Advisory Fee Paid	$204,995
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	19.6%
Cash & Cash Equivalents	80.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	76.4
Carvana Co., Expiration: 05/15/2026; Exercise Price: $330.01	16.9
First American Government Obligations Fund - Class X, 3.58%	3.7
Carvana Co., Expiration: 05/08/2026; Exercise Price: $385.00	-1.1
Carvana Co., Expiration: 05/08/2026; Exercise Price: $390.00	-0.9
Carvana Co., Expiration: 05/08/2026; Exercise Price: $397.50	-0.8
Carvana Co., Expiration: 05/08/2026; Exercise Price: $400.00	0.7
Carvana Co., Expiration: 05/08/2026; Exercise Price: $405.00	0.6
Carvana Co., Expiration: 05/08/2026; Exercise Price: $412.50	0.4
Carvana Co., Expiration: 05/01/2026; Exercise Price: $410.00	-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CVNY.

Householding

YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ DIS Option Income Strategy ETF

Ticker: DISO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DISO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ DIS Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ DIS Option Income Strategy ETF	$62	1.28%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$5,037
Number of Holdings	8
Total Advisory Fee Paid	$95,557
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	1.6%
Cash & Cash Equivalents	98.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	101.7
The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.01	-7.5
First American Government Obligations Fund - Class X, 3.58%	2.4
The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.00	1.5
The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $104.00	-0.5
The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $106.00	0.1

How has the Fund changed?

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DISO.

Householding

YieldMax™ DKNG Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ DKNG Option Income Strategy ETF

Ticker: DRAY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ DKNG Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DRAY. You can also request this information by contacting us at or by writing to the YieldMax™ DKNG Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ DKNG Option Income Strategy ETF	$99	1.06%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$2,615
Number of Holdings	9
Total Advisory Fee Paid	$79,607
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	3.6%
Cash & Cash Equivalents	96.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	49.6
First American Government Obligations Fund - Class X, 3.58%	17.2
DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.01	-10.7
DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.00	3.5
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.00	-1.3
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.50	-0.3
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $24.50	0.1
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $25.00	0.0*

*	Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DRAY.

Householding

YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Gold Miners Option Income Strategy ETF

Ticker: GDXY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/GDXY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Gold Miners Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Gold Miners Option Income Strategy ETF	$52	1.00%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$282,211
Number of Holdings	16
Total Advisory Fee Paid	$1,282,581
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	3.0%
Cash & Cash Equivalents	97.0%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	96.7
First American Government Obligations Fund - Class X, 3.58%	4.6
VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.01	-4.4
VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.00	2.6
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $90.00	-1.0
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $93.00	0.3
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $89.50	-0.3
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $94.00	0.1
VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $90.00	(0.0)^
VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $91.00	(0.0)^

^	Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GDXY.

Householding

YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ GOOGL Option Income Strategy ETF

Ticker: GOOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/GOOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ GOOGL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ GOOGL Option Income Strategy ETF	$63	1.09%^*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$266,725
Number of Holdings	13
Total Advisory Fee Paid	$1,093,747
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	21.6%
Cash & Cash Equivalents	78.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Less than -0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	80.4
Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.00	19.7
First American Government Obligations Fund - Class X, 3.58%	4.1
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $375.00	-2.4
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $382.50	1.6
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $380.00	-0.4
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $395.00	0.3
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $387.50	-0.2
Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.01	(0.0)*

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GOOY.

Householding

YieldMax™ HOOD Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ HOOD Option Income Strategy ETF

Ticker: HOOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ HOOD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/HOOY. You can also request this information by contacting us at or by writing to the YieldMax™ HOOD Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ HOOD Option Income Strategy ETF	$39	0.99%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$105,658
Number of Holdings	16
Total Advisory Fee Paid	$716,110
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	11.5%
Cash & Cash Equivalents	88.5%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	92.0
Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.00	11.00
First American Government Obligations Fund - Class X, 3.58%	7.3
Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.01	-6.30
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $76.00	-0.70
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $75.00	-0.70
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $74.00	-0.40
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $81.00	0.20
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $80.00	0.20
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $79.00	0.10

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/HOOY.

Householding

YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Innovation Option Income Strategy ETF

Ticker: OARK (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/OARK. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Innovation Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Innovation Option Income Strategy ETF	$51	1.07%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$52,259
Number of Holdings	15
Total Advisory Fee Paid	$294,839
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	10.9%
Cash & Cash Equivalents	89.1%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	88.5
ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.00	10.6
First American Government Obligations Fund - Class X, 3.58%	3.1
ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.01	-2.9
ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $75.00	-0.9
ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $78.00	0.3
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $77.50	-0.1
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $78.00	(0.0)^
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $81.00	0.0*
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $80.00	0.0*

Less than 0.05% of net assets.

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/OARK.

Householding

YieldMax™ JP Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ JP Option Income Strategy ETF

Ticker: JPO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ JP Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/JPO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ JP Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ JPM Option Income Strategy ETF	$65	1.31%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$40,540
Number of Holdings	18
Total Advisory Fee Paid	$244,906
Portfolio Turnover	70%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	8.1%
Cash & Cash Equivalents	91.9%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	87.2
JPMorgan Chase & Co., Expiration: 05/15/2026; Exercise Price: $290.00	6.40
First American Government Obligations Fund - Class X, 3.58%	2.4
JPMorgan Chase & Co., Expiration: 05/15/2026; Exercise Price: $290.01	1.30
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $315.00	-0.30
JPMorgan Chase & Co., Expiration: 05/01/2026; Exercise Price: $312.50	-0.20
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $320.00	0.20
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $317.50	-0.10
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $322.50	0.0*
JPMorgan Chase & Co., Expiration: 05/01/2026; Exercise Price: $315.00	(0.0)^

Less than 0.05% of net assets.

Less than -0.05% of net assets.

How has the Fund changed?

Effective March 2, 2026, the name of the fund and ticker symbol changed to YieldMax™ JP Option Income Strategy ETF and ticker to JPO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/JPO.

Householding

YieldMax™ Magnificent 7 Fund of Option Income ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Magnificent 7 Fund of Option Income ETF

Ticker: YMAG (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Magnificent 7 Fund of Option Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YMAG. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Magnificent 7 Fund of Option Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Magnificent 7 Fund of Option Income ETFs	$14	0.29%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$315,905
Number of Holdings	8
Total Advisory Fee Paid	$532,993
Portfolio Turnover	13%

Security Type - Investments

(% of Net Assets)

Sector	%
Exchange Traded Funds	98.1%
Cash & Cash Equivalents	1.9%

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
YieldMax GOOGL Option Income Strategy ETF	15.6
YieldMax AMZN Option Income Strategy ETF	14.3
YieldMax AAPL Option Income Strategy ETF	14.1
YieldMax TSLA Option Income Strategy ETF	13.8
YieldMax MSFT Option Income Strategy ETF	13.8
YieldMax NVDA Option Income Strategy ETF	13.7
YieldMax META Option Income Strategy ETF	12.8
First American Government Obligations Fund - Class X, 3.58%	0.5

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAG.

Householding

YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MARA Option Income Strategy ETF

Ticker: MARO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MARA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MARO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MARA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ MARA Option Income Strategy ETF	$54	1.33%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$66,030
Number of Holdings	15
Total Advisory Fee Paid	$252,851
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	10.7%
Cash & Cash Equivalents	89.3%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	81.6
First American Government Obligations Fund - Class X, 3.58%	5.5
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.00	-3.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.00	2.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.50	-2.1
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.50	0.7
MARA Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $12.01	0.2
MARA Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $12.50	-0.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $13.00	-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MARO.

Householding

YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ META Option Income Strategy ETF

Ticker: FBY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/FBY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ META Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ META Option Income Strategy ETF	$54	1.14%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$103,058
Number of Holdings	17
Total Advisory Fee Paid	$619,906
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	10.0%
Cash & Cash Equivalents	90.0%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	86.5
Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.00	7.8
First American Government Obligations Fund - Class X, 3.58%	-3.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $615.00	-0.7
Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.01	-0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $620.00	-0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $632.50	0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $630.00	-0.3
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $637.50	0.2
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $617.50	-0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FBY.

Householding

YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MRNA Option Income Strategy ETF

Ticker: MRNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MRNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MRNA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ MRNA Option Income Strategy ETF	$75	1.24%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$87,328
Number of Holdings	15
Total Advisory Fee Paid	$474,042
Portfolio Turnover	340%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	3.4%
Cash & Cash Equivalents	96.6%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	98.2
Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.01	-11.9
First American Government Obligations Fund - Class X, 3.58%	6.3
Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.00	3.2
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $52.00	-0.3
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $55.00	0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $53.00	-0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $54.00	-0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $56.00	0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MRNY.

Householding

YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MSFT Option Income Strategy ETF

Ticker: MSFO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MSFO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSFT Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ MSFT Option Income Strategy ETF	$47	1.03%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$97,799
Number of Holdings	14
Total Advisory Fee Paid	$548,169
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	4.4%
Cash & Cash Equivalents	95.6%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	96.4
Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.00	3.5
First American Government Obligations Fund - Class X, 3.58%	2.5
Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.01	-1.5
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $405.00	-0.7
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $407.50	-0.7
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $412.50	0.5
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $415.00	0.4
Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $425.00	(0.0)^{^}
Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $440.00	0.0*

Less than 0.05% of net assets.

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSFO.

Householding

YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MSTR Option Income Strategy ETF

Ticker: MSTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MSTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSTR Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ MSTR Option Income Strategy ETF	$47	1.12%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$1,244,459
Number of Holdings	26
Total Advisory Fee Paid	$7,155,704
Portfolio Turnover	137%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	22.9%
Cash & Cash Equivalents	77.1%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	50.7
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.00	7.9
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.00	7.3
Strategy, Inc., Expiration: 05/15/2026; Exercise Price: $140.00	6.7
First American Government Obligations Fund - Class X, 3.58%	2.1
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $167.50	-0.9
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.01	-0.8
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $170.00	-0.6
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.01	-0.5
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $177.50	0.4

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSTY.

Householding

YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ NFLX Option Income Strategy ETF

Ticker: NFLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/NFLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ NFLX Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ NFLX Option Income Strategy ETF	$55	1.18%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$74,058
Number of Holdings	16
Total Advisory Fee Paid	$431,519
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	1.9%
Cash & Cash Equivalents	98.1%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	99.7
First American Government Obligations Fund - Class X, 3.58%	7.9
Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.01	-3.1
Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.00	1.8
Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $94.00	-0.3
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $93.00	-0.2
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $94.00	-0.1
Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $97.00	0.1
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $91.00	-0.1
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $95.00	-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NFLY.

Householding

YieldMax NVDA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax NVDA Option Income Strategy ETF

Ticker: NVDY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/NVDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax NVDA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ NVDA Option Income Strategy ETF	$56	1.11%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$1,387,743
Number of Holdings	17
Total Advisory Fee Paid	$7,412,514
Portfolio Turnover	275%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	4.0%
Cash & Cash Equivalents	96.0%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	95.4
First American Government Obligations Fund - Class X, 3.58%	2.7
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.01	-2.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.00	1.9
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.00	1.7
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $205.00	-0.8
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.01	-0.8
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $212.50	0.2
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $210.00	0.1
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $205.00	(0.0)*

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NVDY.

Householding

YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ PLTR Option Income Strategy ETF

Ticker: PLTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ PLTR Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/PLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PLTR Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ PLTR Option Income Strategy ETF	$49	1.14%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$348,649
Number of Holdings	18
Total Advisory Fee Paid	$2,372,361
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	5.7%
Cash & Cash Equivalents	94.3%

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top 10 Holdings	(% of Total Net Assets)
U.S. Treasury Bills	101.7
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.01	-5.8
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.01	-5.6
First American Government Obligations Fund - Class X, 3.58%	5.6
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.00	4.5
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $142.00	2.4
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.00	-2.2
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $149.00	1.5
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $145.00	1.1
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $152.50	-0.6

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PLTY.

Householding

YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ PYPL Option Income Strategy ETF

Ticker: PYPY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ PYPL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/PYPY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PYPL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ PYPL Option Income Strategy ETF	$61	1.39%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$29,881
Number of Holdings	10
Total Advisory Fee Paid	$156,379
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	5.1%
Cash & Cash Equivalents	94.9%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	97.1
PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.00	5.1
PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.01	-4.5
First American Government Obligations Fund - Class X, 3.58%	3.3
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $50.00	-0.4
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $51.00	-0.1
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $53.00	0.0*
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $52.00	0.0*

Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PYPY.

Householding

YieldMax™ RBLX Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ RBLX Option Income Strategy ETF

Ticker: RBLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ RBLX Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/RBLY. You can also request this information by contacting us at or by writing to the YieldMax™ RBLX Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ RBLX Option Income Strategy ETF	$62	1.64%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$1,652
Number of Holdings	12
Total Advisory Fee Paid	$74,664
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	10.5%
Cash & Cash Equivalents	89.5%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	72.9
First American Government Obligations Fund - Class X, 3.58%	32.2
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $55.00	-2.9
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $63.00	-0.9
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $61.00	0.8
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $62.00	-0.8
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $60.00	0.7
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $68.00	0.5
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $67.00	0.4
Roblox Corp., Expiration: 05/08/2026; Exercise Price: $56.01	0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/RBLY.

Householding

YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short COIN Option Income Strategy ETF

Ticker: FIAT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/FIAT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short COIN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Short COIN Option Income Strategy ETF	$60	1.01%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$38,833
Number of Holdings	24
Total Advisory Fee Paid	$209,227
Portfolio Turnover	1,398%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Put Options	8.0%
Purchased Call Options	0.3%
Cash & Cash Equivalents	91.7%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	85.4
First American Government Obligations Fund - Class X, 3.58%	13.7
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00	6.9
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.02	-5.9
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $182.50	-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $192.50	-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $175.00	0.7
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $195.00	-0.4
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $177.50	-0.3
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $182.50	0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FIAT.

Householding

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short N100 Option Income Strategy ETF

Ticker: YQQQ (Listed on The Nasdaq Stock Market LLC)

This semi-annual shareholder report contains important information about the YieldMax™ Short N100 Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YQQQ. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short N100 Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Short N100 Option Income Strategy ETF	$50	1.00%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$14,024
Number of Holdings	16
Total Advisory Fee Paid	$74,297
Portfolio Turnover	231%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Put Options	0.6%
Purchased Call Options*	0.0%
Cash & Cash Equivalents	99.4%

Security Type - Other Financial Instruments

(% of Net Assets)

Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	86.9
First American Government Obligations Fund - Class X, 3.58%	13.0
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.02	-11.3
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.00	0.6
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $655.00	-0.1
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $648.00	(0.0)^
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $645.00	(0.0)^
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $900.00	0.0*
Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $643.00	(0.0)^
Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $648.00	(0.0)^

Less than 0.05% of net assets.

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YQQQ.

Householding

YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short NVDA Option Income Strategy ETF

Ticker: DIPS (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DIPS. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short NVDA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Short NVDA Option Income Strategy ETF	$54	1.05%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$9,824
Number of Holdings	13
Total Advisory Fee	$47,471
Portfolio Turnover	167%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Put Options	1.3%
Purchased Call Options*	0.0%
Cash & Cash Equivalents	98.7%

Security Type - Other Financial Instruments

(% of Net Assets)

Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	83.9
First American Government Obligations Fund - Class X, 3.58%	18.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.02	-6.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.00	1.2
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $197.50	-0.3
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $195.00	(0.0)^
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $190.00	0.0*
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $280.00	0.0*
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $185.00	0.0*

Less than 0.05% of net assets.

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DIPS.

Householding

YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short TSLA Option Income Strategy ETF

Ticker: CRSH (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CRSH. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short TSLA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Short TSLA Option Income Strategy ETF	$54	1.01%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$18,952
Number of Holdings	13
Total Advisory Fee	$96,655
Portfolio Turnover	167%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Put Options	7.7%
Purchased Call Options*	0.0%
Cash & Cash Equivalents	92.3%

Security Type - Other Financial Instruments

(% of Net Assets)

Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	84.6
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00	7.5
First American Government Obligations Fund - Class X, 3.58%	7.2
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.02	-1.3
Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $372.50	-0.7
Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $355.00	0.2
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $595.00	0.0*
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $367.50	(0.0)^
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $347.50	0.0*

Less than 0.05% of net assets.

Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CRSH.

Householding

YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ SMCI Option Income Strategy ETF

Ticker: SMCY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ SMCI Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SMCY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SMCI Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ SMCI Option Income Strategy ETF	$41	1.05%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$107,306
Number of Holdings	15
Total Advisory Fee Paid	$803,660
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	4.9%
Cash & Cash Equivalents	95.1%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	113.7
Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.01	-19.2
First American Government Obligations Fund - Class X, 3.58%	3.9
Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.00	2.6
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.50	-2.6
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.50	1.4
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.00	-1.4
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.00	0.8
Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $27.00	-0.3
Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $28.00	-0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SMCY.

Householding

YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ SNOW Option Income Strategy ETF

Ticker: SNOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ SNOW Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SNOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SNOW Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ SNOW Option Income Strategy ETF	$39	1.02%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$16,681
Number of Holdings	15
Total Advisory Fee Paid	$232,780
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	2.7%
Cash & Cash Equivalents	97.3%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	100.0
Snowflake, Inc., Expiration: 05/15/2026; Exercise Price: $150.01	-9.8
First American Government Obligations Fund - Class X, 3.58%	7.9
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $138.00	-1.1
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $145.00	0.5
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $140.00	-0.4
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $147.00	0.2
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $140.00	-0.1
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $142.00	-0.1
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $147.00	0.0*

Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SNOY.

Householding

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ TSLA Option Income Strategy ETF

Ticker: TSLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/TSLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSLA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ TSLA Option Income Strategy ETF	$51	1.07%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$837,223
Number of Holdings	20
Total Advisory Fee Paid	$5,091,121
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	1.2%
Cash & Cash Equivalents	98.8%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	104.9
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.01	-4.1
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.01	-3.6
First American Government Obligations Fund - Class X, 3.58%	1.8
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00	0.6
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.00	0.5
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $382.50	-0.3
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $385.00	-0.1
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $387.50	-0.1
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $380.00	-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSLY.

Householding

YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ TSM Option Income Strategy ETF

Ticker: TSMY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/TSMY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSM Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ TSM Option Income Strategy ETF	$57	1.02%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$102,374
Number of Holdings	19
Total Advisory Fee Paid	$354,280
Portfolio Turnover	100%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	10.8%
Cash & Cash Equivalents	89.2%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	87.7
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.00	8.0
First American Government Obligations Fund - Class X, 3.58%	4.5
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.01	1.2
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $402.50	-0.7
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $395.00	-0.5
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $412.50	0.4
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $390.00	-0.3
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $405.00	0.3
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $395.00	-0.3

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSMY.

Householding

YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Ultra Option Income Strategy ETF

Ticker: ULTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/ULTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Ultra Option Income Strategy ETF	$58	1.24%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$854,456
Number of Holdings	91
Total Advisory Fee	$6,736,122
Portfolio Turnover	264%

Security Type - Investments

(% of Net Assets)

Sector	%
Common Stocks	91.4%
Exchange Traded Funds	8.5%
Purchased Put Options	2.1%
Cash & Cash Equivalents	-2.0%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
Alphabet, Inc. - Class A	5.7
Analog Devices, Inc.	5.5
Amazon.com, Inc.	5.1
Lam Research Corp.	5.0
Quanta Services, Inc.	4.9
Ciena Corp.	4.9
Lumentum Holdings, Inc.	4.9
NVIDIA Corp.	4.8
IREN Ltd.	4.8
Strategy, Inc.	4.6

How has the Fund changed?

Effective December 8, 2025, the Fund implemented revisions to its principal investment strategies, including changes to its equity allocation framework and options strategies designed to enhance options premium generation, manage volatility, and provide greater flexibility in pursuing upside participation and downside protection. The updated strategy also permits the Fund to invest up to 50% of its net assets in lower-volatility, large-cap equities to support greater NAV stability and expands the Adviser’s ability to utilize substitute ETFs and hedging techniques as part of the Fund’s options strategy implementation. Additionally, Scott Snyder and Quinn Berry replaced Michael Venuto and Christopher P. Mullen as portfolio managers of the Fund. Mr. Snyder and Mr. Berry now serve alongside Jay Pestrichelli as jointly and primarily responsible for the day-to-day management of the Fund.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ULTY.

Householding

YieldMax™ Ultra Short Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Ultra Short Option Income Strategy ETF

Ticker: SLTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Ultra Short Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Short Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Yieldmax™ Ultra Short Option Income Strategy ETF	$92	1.87%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$19,452
Number of Holdings	113
Total Advisory Fee Paid	$114,435
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	3.1%
Common Stocks*	0.0%
Cash & Cash Equivalents	96.9%

Security Type - Other Financial Instruments

(% of Net Assets)

Sector	%
Written Call Options	-2.9%
Common Stocks	-85.8%
Exchange Traded Funds	-11.5%
Written Put Options	-1.1%

*	Less than 0.05% of net assets.

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	84.3
First American Government Obligations Fund - Class X, 3.58%	9.1
Oklo, Inc.	-6.0
KKR & Co., Inc.	-4.9
Target Corp.	-4.6
Centene Corp.	-4.6
Salesforce, Inc.	-4.5
Starbucks Corp.	-4.4
Etsy, Inc.	-4.3
Rocket Lab USA, Inc.	-4.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SLTY.

Householding

YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Universe Fund of Option Income ETFs

Ticker: YMAX (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YMAX. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Universe Fund of Option Income ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ Universe Fund of Option Income ETFs	$14	0.29%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$392,904
Number of Holdings	32
Total Advisory Fee Paid	$831,310
Portfolio Turnover	166%

Security Type - Investments

(% of Net Assets)

Sector	%
Exchange Traded Funds	98.6%
Cash & Cash Equivalents	1.4%

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
YieldMax AMD Option Income Strategy ETF	6.8
YieldMax AMZN Option Income Strategy ETF	5.3
YieldMax TSM Option Income Strategy ETF	4.9
YieldMax Crypto Industry & Tech Portfolio Option Income ETF	4.9
YieldMax GOOGL Option Income Strategy ETF	4.8
YieldMax MARA Option Income Strategy ETF	4.7
YieldMax AI & Tech Portfolio Option Income ETF	4.7
YieldMax Semiconductor Portfolio Option Income ETF	4.6
YieldMax HOOD Option Income Strategy ETF	4.5
YieldMax NFLX Option Income Strategy ETF	4.5

How has the Fund changed?

Effective February 20, 2026, the Fund announced changes to its principal investment strategy in connection with its annual prospectus update. Under the revised strategy, the Fund will no longer invest equally across all eligible Underlying YieldMax® ETFs and instead will allocate assets to a select subset of eligible Underlying YieldMax® ETFs based on recent relative performance, with stronger-performing ETFs receiving larger portfolio weightings.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAX.

Householding

YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ XOM Option Income Strategy ETF

Ticker: XOMO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/XOMO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XOM Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ XOM Option Income Strategy ETF	$68	1.23%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$29,894
Number of Holdings	11
Total Advisory Fee Paid	$203,030
Portfolio Turnover	383%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	6.8%
Cash & Cash Equivalents	93.2%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	95.1
First American Government Obligations Fund - Class X, 3.58%	4.0
Exxon Mobil Corp., Expiration: 06/18/2026; Exercise Price: $150.01	2.8
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $150.00	-1.6
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $152.50	-1.2
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $155.00	0.5
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $160.00	0.1
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $157.50	0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/XOMO.

Householding

YieldMax™ XYZ Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ XYZ Option Income Strategy ETF

Ticker: XYZY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ XYZ Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/XYZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XYZ Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
YieldMax™ XYZ Option Income Strategy ETF	$67	1.42%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$38,549
Number of Holdings	13
Total Advisory Fee Paid	$199,591
Portfolio Turnover	0%

Security Type - Investments

(% of Net Assets)

Sector	%
Purchased Call Options	7.8%
Cash & Cash Equivalents	92.2%

Security Type - Other Financial Instruments

(% of Net Assets)

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings	(% of Net Assets)
U.S. Treasury Bills	98.2
Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.00	6.9
Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.01	-5.8
First American Government Obligations Fund - Class X, 3.58%	2.1
Block, Inc., Expiration: 05/08/2026; Exercise Price: $70.00	-1.3
Block, Inc., Expiration: 05/08/2026; Exercise Price: $73.00	0.9
Block, Inc., Expiration: 05/01/2026; Exercise Price: $72.00	-0.3
Block, Inc., Expiration: 05/01/2026; Exercise Price: $74.00	0.0*
Block, Inc., Expiration: 05/01/2026; Exercise Price: $75.00	0.0*

*	Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/XYZY.

Householding

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

Schedules of Investments are included within the financial statements filed under Item 7 of this Form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

Financial Statements

April 30, 2026 (Unaudited)

Tidal Trust II
• YieldMax AAPL Option Income Strategy ETF	\| APLY	\| NYSE Arca, Inc.
• YieldMax ABNB Option Income Strategy ETF	\| ABNY	\| NYSE Arca, Inc.
• YieldMax AI Option Income Strategy ETF	\| AIYY	\| NYSE Arca, Inc.
• YieldMax AMD Option Income Strategy ETF	\| AMDY	\| NYSE Arca, Inc.
• YieldMax AMZN Option Income Strategy ETF	\| AMZY	\| NYSE Arca, Inc.
• YieldMax BABA Option Income Strategy ETF	\| BABO	\| NYSE Arca, Inc.
• YieldMax Bitcoin Option Income Strategy ETF	\| YBIT	\| NYSE Arca, Inc.
• YieldMax BRK.B Option Income Strategy ETF	\| BRKC	\| NYSE Arca, Inc.
• YieldMax COIN Option Income Strategy ETF	\| CONY	\| NYSE Arca, Inc.
• YieldMax CVNA Option Income Strategy ETF	\| CVNY	\| NYSE Arca, Inc.
• YieldMax DIS Option Income Strategy ETF	\| DISO	\| NYSE Arca, Inc.
• YieldMax DKNG Option Income Strategy ETF	\| DRAY	\| NYSE Arca, Inc.
• YieldMax Gold Miners Option Income Strategy ETF	\| GDXY	\| NYSE Arca, Inc.
• YieldMax GOOGL Option Income Strategy ETF	\| GOOY	\| NYSE Arca, Inc.
• YieldMax HOOD Option Income Strategy ETF	\| HOOY	\| NYSE Arca, Inc.
• YieldMax Innovation Option Income Strategy ETF	\| OARK	\| NYSE Arca, Inc.
• YieldMax JP Option Income Strategy ETF	\| JPO	\| NYSE Arca, Inc.
• YieldMax Magnificent 7 Fund of Option Income ETFs	\| YMAG	\| NYSE Arca, Inc.
• YieldMax MARA Option Income Strategy ETF	\| MARO	\| NYSE Arca, Inc.
• YieldMax META Option Income Strategy ETF	\| FBY	\| NYSE Arca, Inc.
• YieldMax MRNA Option Income Strategy ETF	\| MRNY	\| NYSE Arca, Inc.
• YieldMax MSFT Option Income Strategy ETF	\| MSFO	\| NYSE Arca, Inc.
• YieldMax MSTR Option Income Strategy ETF	\| MSTY	\| NYSE Arca, Inc.
• YieldMax NFLX Option Income Strategy ETF	\| NFLY	\| NYSE Arca, Inc.
• YieldMax NVDA Option Income Strategy ETF	\| NVDY	\| NYSE Arca, Inc.
• YieldMax PLTR Option Income Strategy ETF	\| PLTY	\| NYSE Arca, Inc.
• YieldMax PYPL Option Income Strategy ETF	\| PYPY	\| NYSE Arca, Inc.
• YieldMax RBLX Option Income Strategy ETF	\| RBLY	\| NYSE Arca, Inc.
• YieldMax Short COIN Option Income Strategy ETF	\| FIAT	\| NYSE Arca, Inc.
• YieldMax Short N100 Option Income Strategy ETF	\| YQQQ	\| The Nasdaq Stock Market, LLC
• YieldMax Short NVDA Option Income Strategy ETF	\| DIPS	\| NYSE Arca, Inc.
• YieldMax Short TSLA Option Income Strategy ETF	\| CRSH	\| NYSE Arca, Inc.
• YieldMax SMCI Option Income Strategy ETF	\| SMCY	\| NYSE Arca, Inc.
• YieldMax SNOW Option Income Strategy ETF	\| SNOY	\| NYSE Arca, Inc.
• YieldMax TSLA Option Income Strategy ETF	\| TSLY	\| NYSE Arca, Inc.
• YieldMax TSM Option Income Strategy ETF	\| TSMY	\| NYSE Arca, Inc.
• YieldMax Ultra Option Income Strategy ETF	\| ULTY	\| NYSE Arca, Inc.
• YieldMax Ultra Short Option Income Strategy ETF	\| SLTY	\| NYSE Arca, Inc.
• YieldMax Universe Fund of Option Income ETFs	\| YMAX	\| NYSE Arca, Inc.
• YieldMax XOM Option Income Strategy ETF	\| XOMO	\| NYSE Arca, Inc.
• YieldMax XYZ Option Income Strategy ETF	\| XYZY	\| NYSE Arca, Inc.

YieldMax ETF’s

Table of Contents

	Page
Schedules of Investments, Securities Sold Short & Written Options Contracts: YieldMax ETFs	1
Statements of Assets and Liabilities	89
Statements of Operations	101
Statements of Changes in Net Assets	110
Financial Highlights	131
Notes to the Financial Statements	138

YieldMax AAPL Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 4.1%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 4.1%
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $282.50	$	109,354,050		4,030	$	612,560
Apple, Inc., Expiration: 6/18/2026; Exercise Price: $275.00		109,354,050		4,030		3,878,875
						4,491,435

TOTAL PURCHASED OPTIONS (Cost $3,857,684)						4,491,435

SHORT-TERM INVESTMENTS - 100.1%
Money Market Funds - 2.1%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		2,334,468		2,334,468

	Principal
U.S. Treasury Bills - 98.0%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)(g)		29,199,000		29,167,142
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		14,545,000		14,485,448
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		21,005,000		20,859,965
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		21,602,000		21,393,625
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		21,480,000		21,213,364
				107,119,544

TOTAL SHORT-TERM INVESTMENTS (Cost $109,447,770)				109,454,012

TOTAL INVESTMENTS - 104.2% (Cost $113,305,454)			$	113,945,447
Liabilities in Excess of Other Assets - (4.2)%				(4,617,089	)
TOTAL NET ASSETS - 100.0%			$	109,328,358

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.

YieldMax AAPL Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

WRITTEN OPTIONS - (5.7)%^(a)(b)	Notional Amount			Contracts			Value
Call Options - (1.3)%
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $277.50	$	(37,989,000	)		(1,400	)	$	(392,000	)
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $275.00		(71,365,050	)		(2,630	)		(953,375	)
								(1,345,375	)

Put Options - (4.4)%
Apple, Inc., Expiration: 6/18/2026; Exercise Price: $275.01		(109,354,050	)		(4,030	)		(4,841,481	)

TOTAL WRITTEN OPTIONS (Premiums received $9,337,225)								(6,186,856	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax ABNB Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 11.0%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 11.0%
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $149.00	$	13,895,640		990	$	7,920
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $148.00		8,084,736		576		7,488
Airbnb, Inc., Expiration: 6/18/2026; Exercise Price: $130.01		21,980,376		1,566		2,389,591
						2,404,999

TOTAL PURCHASED OPTIONS (Cost $1,410,527)						2,404,999

SHORT-TERM INVESTMENTS - 89.2%

Money Market Funds - 4.9%		Shares				Value
First American Government Obligations Fund - Class X, 3.58%^(e)			1,079,881				1,079,881

	Principal
U.S. Treasury Bills - 84.3%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)		3,035,000		3,031,688
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		2,464,000		2,453,911
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		5,389,000		5,351,790
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		4,263,000		4,221,879
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		3,469,000		3,425,939
				18,485,207

TOTAL SHORT-TERM INVESTMENTS (Cost $19,562,272)				19,565,088

TOTAL INVESTMENTS - 100.2% (Cost $20,972,799)			$	21,970,087
Liabilities in Excess of Other Assets - (0.2)%				(44,791	)
TOTAL NET ASSETS - 100.0%			$	21,925,296

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.

YieldMax ABNB Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.3)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.3)%
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $145.00	$	(13,895,640	)		(990	)	$	(33,660	)
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $144.00		(8,084,736	)		(576	)		(30,528	)
								(64,188	)

Put Options - (3.0)%
Airbnb, Inc., Expiration: 6/18/2026; Exercise Price: $130.01		(21,980,376	)		(1,566	)		(663,686	)

TOTAL WRITTEN OPTIONS (Premiums received $2,082,607)								(727,874	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax AI Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 5.3%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 5.3%
C3.Ai, Inc., Expiration: 5/1/2026; Exercise Price: $9.50	$	24,459,100		27,700	$	41,550
C3.Ai, Inc., Expiration: 5/8/2026; Exercise Price: $9.50		706,400		800		11,200
C3.Ai, Inc., Expiration: 5/15/2026; Exercise Price: $9.01		25,165,500		28,500		1,285,065
						1,337,815

TOTAL PURCHASED OPTIONS (Cost $2,736,349)						1,337,815

SHORT-TERM INVESTMENTS - 101.6%
Money Market Funds - 7.5%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		1,873,078		1,873,078

	Principal
U.S. Treasury Bills - 94.1%	Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)		21,198,000		21,051,632
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		651,000		644,721
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		2,000,000		1,975,174
				23,671,527

TOTAL SHORT-TERM INVESTMENTS (Cost $25,532,765)				25,544,605

TOTAL INVESTMENTS - 106.9% (Cost $28,269,114)			$	26,882,420
Liabilities in Excess of Other Assets - (6.9)%				(1,742,480	)
TOTAL NET ASSETS - 100.0%			$	25,139,940

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)

YieldMax AI Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (8.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.9)%
C3.Ai, Inc., Expiration: 5/1/2026; Exercise Price: $9.00	$	(24,459,100	)		(27,700	)	$	(193,900	)
C3.Ai, Inc., Expiration: 5/8/2026; Exercise Price: $9.00		(706,400	)		(800	)		(26,400	)
								(220,300	)

Put Options - (7.1)%
C3.Ai, Inc., Expiration: 5/15/2026; Exercise Price: $9.01		(25,165,500	)		(28,500	)		(1,790,940	)

TOTAL WRITTEN OPTIONS (Premiums received $4,419,622)								(2,011,240	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax AMD Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 7.2%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 7.2%
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $372.50	$	76,215,350		2,150	$	112,875
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $370.00		121,767,315		3,435		250,755
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $365.00		35,449,000		1,000		136,000
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $372.50		4,431,125		125		138,125
Advanced Micro Devices, Inc., Expiration: 5/15/2026; Exercise Price: $350.00		237,862,790		6,710		16,288,525
						16,926,280

TOTAL PURCHASED OPTIONS (Cost $18,940,322)						16,926,280

SHORT-TERM INVESTMENTS - 58.9%
Money Market Funds - 4.2%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		9,814,637		9,814,637

	Principal
U.S. Treasury Bills - 54.7%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)		24,192,000		24,165,605
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		15,614,000		15,550,072
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		33,263,000		33,033,326
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		19,617,000		19,427,772
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		36,810,000		36,353,071
				128,529,846

TOTAL SHORT-TERM INVESTMENTS (Cost $138,350,407)				138,344,483

TOTAL INVESTMENTS - 66.1% (Cost $157,290,729)			$	155,270,763
Other Assets in Excess of Liabilities - 33.9%				79,611,722
TOTAL NET ASSETS - 100.0%			$	234,882,485

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.

YieldMax AMD Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (8.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.3)%
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $357.50	$	(76,215,350	)		(2,150	)	$	(731,000	)
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $355.00		(121,767,315	)		(3,435	)		(1,528,575	)
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $350.00		(35,449,000	)		(1,000	)		(727,500	)
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $360.00		(4,431,125	)		(125	)		(194,063	)
								(3,181,138	)

Put Options - (6.7)%
Advanced Micro Devices, Inc., Expiration: 5/15/2026; Exercise Price: $350.01		(237,862,790	)		(6,710	)		(15,656,010	)

TOTAL WRITTEN OPTIONS (Premiums received $20,155,307)								(18,837,148	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax AMZN Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 21.1%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 21.1%
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $277.50	$	66,265,000		2,500	$	33,750
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $272.50		171,626,350		6,475		265,475
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $270.00		13,253,000		500		38,750
Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $210.00		251,144,350		9,475		53,012,625
						53,350,600

TOTAL PURCHASED OPTIONS (Cost $17,446,982)						53,350,600

SHORT-TERM INVESTMENTS - 80.9%
Money Market Funds - 3.4%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		8,684,919		8,684,919

	Principal
U.S. Treasury Bills - 77.5%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)		11,156,000		11,143,828
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		17,248,000		17,177,381
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		58,929,000		58,522,108
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		55,703,000		55,165,683
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		54,163,000		53,490,664
				195,499,664

TOTAL SHORT-TERM INVESTMENTS (Cost $204,162,378)				204,184,583

TOTAL INVESTMENTS - 102.0% (Cost $221,609,360)			$	257,535,183
Liabilities in Excess of Other Assets - (2.0)%				(5,165,420	)
TOTAL NET ASSETS - 100.0%			$	252,369,763

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.

YieldMax AMZN Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (1.2)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.1)%
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $267.50	$	(108,409,540	)		(4,090	)	$	(588,960	)
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $262.50		(129,481,810	)		(4,885	)		(1,966,212	)
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $260.00		(13,253,000	)		(500	)		(295,000	)
								(2,850,172	)

Put Options - (0.1)%
Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $210.01		(251,144,350	)		(9,475	)		(91,434	)

TOTAL WRITTEN OPTIONS (Premiums received $19,632,392)								(2,941,606	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax BABA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 1.6%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 1.6%
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $139.00	$	4,615,800		350	$	1,225
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $138.00		4,220,160		320		1,120
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $137.00		5,275,200		400		2,600
Alibaba Group Holding Ltd., Expiration: 5/8/2026; Exercise Price: $136.00		3,956,400		300		45,150
Alibaba Group Holding Ltd., Expiration: 5/15/2026; Exercise Price: $145.00		18,067,560		1,370		226,050
						276,145

TOTAL PURCHASED OPTIONS (Cost $1,402,150)						276,145

SHORT-TERM INVESTMENTS - 108.8%
Money Market Funds - 7.1%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		1,265,614		1,265,614

	Principal
U.S. Treasury Bills - 101.7%	Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		3,768,000		3,741,983
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)		10,184,000		10,085,764
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		4,452,000		4,396,736
				18,224,483

TOTAL SHORT-TERM INVESTMENTS (Cost $19,488,180)				19,490,097

TOTAL INVESTMENTS - 110.4% (Cost $20,890,330)			$	19,766,242
Liabilities in Excess of Other Assets - (10.4)%				(1,858,809	)
TOTAL NET ASSETS - 100.0%			$	17,907,433

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)

YieldMax BABA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (11.8)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.7)%
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $135.00	$	(4,615,800	)		(350	)	$	(7,875	)
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $134.00		(4,220,160	)		(320	)		(12,000	)
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $133.00		(5,275,200	)		(400	)		(25,400	)
Alibaba Group Holding Ltd., Expiration: 5/8/2026; Exercise Price: $132.00		(3,956,400	)		(300	)		(91,050	)
								(136,325	)

Put Options - (11.1)%

Alibaba Group Holding Ltd., Expiration: 5/15/2026; Exercise Price: $145.01 (18,067,560)					(1,370	)		(1,982,020	)

TOTAL WRITTEN OPTIONS (Premiums received $2,090,734)								(2,118,345	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Bitcoin Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 9.6%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 9.6%
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $45.50	$	12,692,760		2,930	$	67,390
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $44.50		30,410,640		7,020		333,450
iShares Bitcoin Trust ETF, Expiration: 5/15/2026; Exercise Price: $40.00		43,103,400		9,950		3,756,125
						4,156,965

TOTAL PURCHASED OPTIONS (Cost $3,976,015)						4,156,965

SHORT-TERM INVESTMENTS - 81.4%
Money Market Funds - 5.5%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		2,397,130		2,397,130

	Principal
U.S. Treasury Bills - 75.9%	Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		10,721,000		10,646,974
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)		12,257,000		12,138,768
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		10,390,000		10,261,027
				33,046,769

TOTAL SHORT-TERM INVESTMENTS (Cost $35,438,909)				35,443,899

TOTAL INVESTMENTS - 91.0% (Cost $39,414,924)			$	39,600,864
Other Assets in Excess of Liabilities - 9.0%				3,921,997
TOTAL NET ASSETS - 100.0%			$	43,522,861

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)

YieldMax Bitcoin Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (2.8)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.9)%
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $44.00	$	(12,692,760	)		(2,930	)	$	(193,380	)
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $43.50		(30,410,640	)		(7,020	)		(621,270	)
								(814,650	)

Put Options - (0.9)%
iShares Bitcoin Trust ETF, Expiration: 5/15/2026; Exercise Price: $40.01		(43,103,400	)		(9,950	)		(382,976	)

TOTAL WRITTEN OPTIONS (Premiums received $4,374,119)								(1,197,626	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax BRK.B Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 0.8%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 0.8%
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $477.50	$	7,246,080		153	$	12,164
Berkshire Hathaway, Inc., Expiration: 5/15/2026; Exercise Price: $490.00		7,246,080		153		42,228
						54,392

TOTAL PURCHASED OPTIONS (Cost $237,207)						54,392

SHORT-TERM INVESTMENTS - 96.9%
Money Market Funds - 4.7%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		333,050		333,050

	Principal
U.S. Treasury Bills - 92.2%	Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)		4,999,000		4,964,483
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		1,664,000		1,643,344
				6,607,827

TOTAL SHORT-TERM INVESTMENTS (Cost $6,939,682)				6,940,877

TOTAL INVESTMENTS - 97.7% (Cost $7,176,889)			$	6,995,269
Other Assets in Excess of Liabilities - 2.3%				163,862
TOTAL NET ASSETS - 100.0%			$	7,159,131

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)

YieldMax BRK.B Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (4.5)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.8)%
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $472.50	$	(5,825,280	)		(123	)	$	(39,237	)
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $470.00	$	(1,420,800	)		(30	)	$	(15,675	)
								(54,912	)

Put Options - (3.7)%
Berkshire Hathaway, Inc., Expiration: 5/15/2026; Exercise Price: $490.01		(7,246,080	)		(153	)		(266,621	)

TOTAL WRITTEN OPTIONS (Premiums received $363,692)								(321,533	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax COIN Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 13.3%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 13.3%
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $205.00	$	61,964,100		3,300	$	1,270,500
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $202.50		35,864,070		1,910		854,725
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $200.00		9,388,500		500		256,250
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $197.50		85,529,235		4,555		2,641,900
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $195.00		98,203,710		5,230		3,504,100
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $190.00		18,777,000		1,000		872,500
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.00		188,802,735		10,055		11,412,425
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $170.00		205,420,380		10,940		32,163,600
						52,976,000

TOTAL PURCHASED OPTIONS (Cost $58,782,448)						52,976,000

SHORT-TERM INVESTMENTS - 96.8%
Money Market Funds - 4.9%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		19,428,357		19,428,357

	Principal
U.S. Treasury Bills - 91.9%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)		12,598,000		12,584,255
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		94,702,000		94,314,260
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)		139,943,000		138,976,723
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		93,467,000		92,565,407
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		27,997,000		27,649,468
				366,090,113

TOTAL SHORT-TERM INVESTMENTS (Cost $385,411,295)				385,518,470

TOTAL INVESTMENTS - 110.1% (Cost $444,193,743)			$	438,494,470
Liabilities in Excess of Other Assets - (10.1)%				(40,256,179	)
TOTAL NET ASSETS - 100.0%			$	398,238,291

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)

YieldMax COIN Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (10.3)%^(a)(b)	Amount			Contracts			Value
Call Options - (4.0)%
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $195.00	$	(56,331,000	)		(3,000	)	$	(2,010,000	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $192.50		(35,864,070	)		(1,910	)		(1,508,900	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $190.00		(9,388,500	)		(500	)		(436,250	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $187.50		(85,529,235	)		(4,555	)		(4,520,837	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $185.00		(103,836,810	)		(5,530	)		(6,179,775	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $182.50		(18,777,000	)		(1,000	)		(1,242,500	)
								(15,898,262	)

Put Options - (6.3)%

Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.01		(188,802,735	)		(10,055	)		(13,134,445	)
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $170.01		(205,420,380	)		(10,940	)		(11,972,517	)
								(25,106,962	)

TOTAL WRITTEN OPTIONS (Premiums received $59,806,901)								(41,005,224	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax CVNA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 19.6%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 19.6%
Carvana Co., Expiration: 5/1/2026; Exercise Price: $430.00	$	5,937,000		150	$	4,800
Carvana Co., Expiration: 5/1/2026; Exercise Price: $425.00		3,364,300		85		4,718
Carvana Co., Expiration: 5/1/2026; Exercise Price: $420.00		791,600		20		1,560
Carvana Co., Expiration: 5/8/2026; Exercise Price: $412.50		4,551,700		115		106,662
Carvana Co., Expiration: 5/8/2026; Exercise Price: $405.00		4,551,700		115		143,462
Carvana Co., Expiration: 5/8/2026; Exercise Price: $400.00		4,551,700		115		168,475
Carvana Co., Expiration: 5/15/2026; Exercise Price: $330.01		23,748,000		600		4,226,760
						4,656,437

TOTAL PURCHASED OPTIONS (Cost $3,023,434)						4,656,437

SHORT-TERM INVESTMENTS - 80.1%
Money Market Funds - 3.7%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		870,772		870,772

	Principal
U.S. Treasury Bills - 76.4%	Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		1,234,000		1,228,948
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		3,182,000		3,160,029
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)		6,527,000		6,464,040
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)		7,412,000		7,319,993
				18,173,010

TOTAL SHORT-TERM INVESTMENTS (Cost $19,045,425)				19,043,782

TOTAL INVESTMENTS - 99.7% (Cost $22,068,859)			$	23,700,219
Other Assets in Excess of Liabilities - 0.3%				62,016
TOTAL NET ASSETS - 100.0%			$	23,762,235

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)

YieldMax CVNA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.8)%^(a)(b)	Amount			Contracts			Value
Call Options - (3.0)%
Carvana Co., Expiration: 5/1/2026; Exercise Price: $415.00	$	(5,937,000	)		(150	)	$	(20,325	)
Carvana Co., Expiration: 5/1/2026; Exercise Price: $410.00		(3,364,300	)		(85	)		(20,528	)
Carvana Co., Expiration: 5/1/2026; Exercise Price: $405.00		(791,600	)		(20	)		(6,810	)
Carvana Co., Expiration: 5/8/2026; Exercise Price: $397.50		(4,551,700	)		(115	)		(180,837	)
Carvana Co., Expiration: 5/8/2026; Exercise Price: $390.00		(4,551,700	)		(115	)		(221,087	)
Carvana Co., Expiration: 5/8/2026; Exercise Price: $385.00		(4,551,700	)		(115	)		(256,163	)
								(705,750	)
Put Options - (0.8)%
Carvana Co., Expiration: 5/15/2026; Exercise Price: $330.01		(23,748,000	)		(600	)		(201,978	)

TOTAL WRITTEN OPTIONS (Premiums received $3,400,793)								(907,728	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax DIS Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 1.6%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 1.6%
Walt Disney Co., Expiration: 5/1/2026; Exercise Price: $106.00	$	5,104,500		492	$	3,690
Walt Disney Co., Expiration: 5/15/2026; Exercise Price: $110.00		5,104,500		492		76,752
						80,442

TOTAL PURCHASED OPTIONS (Cost $220,259)						80,442

SHORT-TERM INVESTMENTS - 104.1%
Money Market Funds - 2.4%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				123,007		123,007

				Principal
U.S. Treasury Bills - 101.7%				Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)			$	821,000		815,331
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				1,841,000		1,823,242
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)				2,512,000		2,480,818
						5,119,391

TOTAL SHORT-TERM INVESTMENTS (Cost $5,242,940)						5,242,398

TOTAL INVESTMENTS - 105.7% (Cost $5,463,199)					$	5,322,840
Liabilities in Excess of Other Assets - (5.7)%						(286,032	)
TOTAL NET ASSETS - 100.0%					$	5,036,808

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)

YieldMax DIS Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (8.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.5)%
Walt Disney Co., Expiration: 5/1/2026; Exercise Price: $104.00	$	(5,104,500	)		(492	)	$	(23,862	)

Put Options - (7.5)%
Walt Disney Co., Expiration: 5/15/2026; Exercise Price: $110.01		(5,104,500	)		(492	)		(380,006	)

TOTAL WRITTEN OPTIONS (Premiums received $509,880)								(403,868	)
Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax DKNG Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 3.6%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 3.6%
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $25.00	$	897,820		385	$	770
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $24.50		1,609,080		690		1,725
DraftKings, Inc., Expiration: 5/15/2026; Exercise Price: $25.00		2,623,500		1,125		91,688
						94,183

TOTAL PURCHASED OPTIONS (Cost $294,216)						94,183

SHORT-TERM INVESTMENTS - 66.8%
Money Market Funds - 17.2%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				450,185		450,185

				Principal
U.S. Treasury Bills - 49.6%				Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)			$	677,000		672,325
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				631,000		624,913
						1,297,238

TOTAL SHORT-TERM INVESTMENTS (Cost $1,747,153)						1,747,423

TOTAL INVESTMENTS - 70.4% (Cost $2,041,369)					$	1,841,606
Other Assets in Excess of Liabilities - 29.6%						773,166
TOTAL NET ASSETS - 100.0%					$	2,614,772

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)

YieldMax DKNG Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (12.3)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.6)%
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $23.50	$	(897,820	)		(385	)	$	(8,855	)
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $23.00		(1,609,080	)		(690	)		(33,810	)
								(42,665	)
Put Options - (10.7)%
DraftKings, Inc., Expiration: 5/15/2026; Exercise Price: $25.01		(2,623,500	)		(1,125	)		(278,899	)

TOTAL WRITTEN OPTIONS (Premiums received $362,779)								(321,564	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Gold Miners Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 3.0%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 3.0%
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $94.00	$	18,761,625		2,125	$	4,250
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $93.00		13,243,500		1,500		7,500
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $94.00		67,762,575		7,675		234,088
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $93.00		180,994,500		20,500		963,500
VanEck Gold Miners ETF, Expiration: 5/15/2026; Exercise Price: $90.00		280,762,200		31,800		7,441,200
						8,650,538

TOTAL PURCHASED OPTIONS (Cost $45,515,996)						8,650,538

SHORT-TERM INVESTMENTS - 101.3%
Money Market Funds - 4.6%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				12,858,349		12,858,349

				Principal
U.S. Treasury Bills - 96.7%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	32,984,000		32,948,013
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				45,883,000		45,695,141
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				72,146,000		71,647,847
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				65,928,000		65,292,051
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				58,077,000		57,356,079
						272,939,131

TOTAL SHORT-TERM INVESTMENTS (Cost $285,823,964)						285,797,480

TOTAL INVESTMENTS - 104.3% (Cost $331,339,960)					$	294,448,018
Liabilities in Excess of Other Assets - (4.3)%						(12,236,792	)
TOTAL NET ASSETS - 100.0%					$	282,211,226

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)

YieldMax Gold Miners Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (5.7)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.4)%
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $91.00	$	(13,243,500	)		(1,500	)	$	(16,500	)
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $90.00		(18,761,625	)		(2,125	)		(53,125	)
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $90.00		(191,368,575	)		(21,675	)		(2,904,450	)
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $89.50		(57,388,500	)		(6,500	)		(919,750	)
								(3,893,825	)
Put Options - (4.3)%
VanEck Gold Miners ETF, Expiration: 5/15/2026; Exercise Price: $90.01		(280,762,200	)		(31,800	)		(12,282,432	)

TOTAL WRITTEN OPTIONS (Premiums received $18,324,251)								(16,176,257	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax GOOGL Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 21.6%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 21.6%
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $395.00	$	76,960,000		2,000	$	740,000
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $382.50		185,473,600		4,820		4,277,750
Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $310.00		267,436,000		6,950		52,594,125
						57,611,875

TOTAL PURCHASED OPTIONS (Cost $15,329,147)						57,611,875

SHORT-TERM INVESTMENTS - 84.5%
Money Market Funds - 4.1%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				10,881,545		10,881,545

				Principal
U.S. Treasury Bills - 80.4%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	23,029,000		23,003,874
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				44,859,000		44,675,333
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				47,142,000		46,816,495
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				51,432,000		50,935,881
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				49,651,000		49,034,673
						214,466,256

TOTAL SHORT-TERM INVESTMENTS (Cost $225,358,601)						225,347,801

TOTAL INVESTMENTS - 106.1% (Cost $240,687,748)					$	282,959,676
Liabilities in Excess of Other Assets - (6.1)%						(16,234,369	)
TOTAL NET ASSETS - 100.0%					$	266,725,307

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.

YieldMax GOOGL Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.1)%^(a)(b)	Amount			Contracts			Value
Call Options - (3.1)%
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $387.50	$	(38,480,000	)		(1,000	)	$	(632,500	)
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $380.00		(38,480,000	)		(1,000	)		(1,020,000	)
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $375.00		(185,473,600	)		(4,820	)		(6,531,100	)
								(8,183,600	)
Put Options - 0.0%^(c)
Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $310.01		(267,436,000	)		(6,950	)		(95,910	)

TOTAL WRITTEN OPTIONS (Premiums received $16,507,812)								(8,279,510	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

(c)

Does not round to 0.1% or (0.1)%, as applicable.

YieldMax HOOD Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 11.5%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 11.5%
Robinhood Markets, Inc., Expiration: 5/1/2026; Exercise Price: $76.00	$	5,102,300		700	$	11,550
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $81.00		43,734,000		6,000		240,000
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $80.00		32,508,940		4,460		223,000
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $79.00		14,723,780		2,020		130,290
Robinhood Markets, Inc., Expiration: 6/18/2026; Exercise Price: $70.00		105,909,170		14,530		11,587,675
						12,192,515

TOTAL PURCHASED OPTIONS (Cost $12,655,377)						12,192,515

SHORT-TERM INVESTMENTS - 99.3%
Money Market Funds - 7.3%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				7,755,141		7,755,141

				Principal
U.S. Treasury Bills - 92.0%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	11,376,000		11,363,588
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)(g)				37,124,000		36,972,003
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				23,262,000		23,101,381
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				13,702,000		13,569,829
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				12,251,000		12,098,926
						97,105,727

TOTAL SHORT-TERM INVESTMENTS (Cost $104,852,764)						104,860,868

TOTAL INVESTMENTS - 110.8% (Cost $117,508,141)					$	117,053,383
Liabilities in Excess of Other Assets - (10.8)%						(11,394,943	)
TOTAL NET ASSETS - 100.0%					$	105,658,440

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)

YieldMax HOOD Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (8.2)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.9)%
Robinhood Markets, Inc., Expiration: 5/1/2026; Exercise Price: $73.00	$	(5,102,300	)		(700	)	$	(65,450	)
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $76.00		(43,734,000	)		(6,000	)		(792,000	)
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $75.00		(32,508,940	)		(4,460	)		(742,590	)
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $74.00		(14,723,780	)		(2,020	)		(416,120	)
								(2,016,160	)
Put Options - (6.3)%
Robinhood Markets, Inc., Expiration: 6/18/2026; Exercise Price: $70.01		(105,909,170	)		(14,530	)		(6,687,868	)

TOTAL WRITTEN OPTIONS (Premiums received $14,107,671)								(8,704,028	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Innovation Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 10.9%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 10.9%
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $81.00	$	18,960,000		2,500	$	12,500
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $80.00		18,201,600		2,400		8,400
ARK Innovation ETF, Expiration: 5/8/2026; Exercise Price: $78.00		15,168,000		2,000		171,000
ARK Innovation ETF, Expiration: 6/18/2026; Exercise Price: $70.00		52,329,600		6,900		5,520,000
						5,711,900

TOTAL PURCHASED OPTIONS (Cost $3,858,307)						5,711,900

SHORT-TERM INVESTMENTS - 91.6%
Money Market Funds - 3.1%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				1,623,697		1,623,697

				Principal
U.S. Treasury Bills - 88.5%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	1,164,000		1,162,730
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				5,017,000		4,996,459
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				14,117,000		14,019,525
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				17,658,000		17,487,669
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				8,687,000		8,579,166
						46,245,549

TOTAL SHORT-TERM INVESTMENTS (Cost $47,859,023)						47,869,246

TOTAL INVESTMENTS - 102.5% (Cost $51,717,330)					$	53,581,146
Liabilities in Excess of Other Assets - (2.5)%						(1,321,778	)
TOTAL NET ASSETS - 100.0%					$	52,259,368

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)

YieldMax Innovation Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.9)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.0)%
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $78.00	$	(18,960,000	)		(2,500	)	$	(17,500	)
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $77.50		(15,168,000	)		(2,000	)		(31,000	)
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $77.00		(3,033,600	)		(400	)		(8,000	)
ARK Innovation ETF, Expiration: 5/8/2026; Exercise Price: $75.00		(15,168,000	)		(2,000	)		(452,000	)
								(508,500	)
Put Options - (2.9)%
ARK Innovation ETF, Expiration: 6/18/2026; Exercise Price: $70.01		(52,329,600	)		(6,900	)		(1,527,384	)

TOTAL WRITTEN OPTIONS (Premiums received $4,830,992)								(2,035,884	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax JP Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 8.1%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 8.1%
JPMorgan Chase & Co, Expiration: 5/1/2026; Exercise Price: $325.00	$	4,698,450		150	$	300
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $322.50		5,794,755		185		19,055
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $320.00		12,215,970		390		63,570
JPMorgan Chase & Co, Expiration: 5/15/2026; Exercise Price: $290.00		33,202,380		1,060		2,594,350
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $322.50		3,132,300		100		100
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $317.50		8,770,440		280		5,740
JPMorgan Chase & Co., Expiration: 5/15/2026; Exercise Price: $290.01		7,674,135		245		599,552
						3,282,667

TOTAL PURCHASED OPTIONS (Cost $2,068,788)						3,282,667

SHORT-TERM INVESTMENTS - 89.6%
Money Market Funds - 2.4%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				992,133		992,133

				Principal
U.S. Treasury Bills - 87.2%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	5,882,000		5,875,583
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				5,519,000		5,496,404
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				8,920,000		8,858,409
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				10,133,000		10,035,256
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				5,123,000		5,059,407
						35,325,059

TOTAL SHORT-TERM INVESTMENTS (Cost $36,311,662)						36,317,192

TOTAL INVESTMENTS - 97.7% (Cost $38,380,450)					$	39,599,859
Other Assets in Excess of Liabilities - 2.3%						940,201
TOTAL NET ASSETS - 100.0%					$	40,540,060

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.

YieldMax JP Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (0.9)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.7)%
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $315.00	$	(12,215,970	)		(390	)	$	(139,425	)
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $315.00		(3,132,300	)		(100	)		(7,300	)
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $312.50		(13,468,890	)		(430	)		(93,310	)
JPMorgan Chase & Co., Expiration: 5/8/2026; Exercise Price: $317.50		(5,794,755	)		(185	)		(46,527	)
								(286,562	)
Put Options - (0.2)%
JPMorgan Chase & Co., Expiration: 5/15/2026; Exercise Price: $290.01		(40,876,515	)		(1,305	)		(87,566	)

TOTAL WRITTEN OPTIONS (Premiums received $2,507,155)								(374,128	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Magnificent 7 Fund of Option Income ETF

Schedule of Investments

April 30, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 98.1%	Shares		Value
YieldMax AAPL Option Income Strategy ETF^(a)		3,733,904	$	44,548,462
Yieldmax AMZN Option Income ETF^(a)		3,623,085		45,252,332
YieldMax GOOGL Option Income Strategy ETF^(a)		3,184,711		49,203,785
Yieldmax META Option Income Strategy ETF^(a)		4,003,835		40,558,849
YieldMax MSFT Option Income Strategy ETF^(a)		3,554,585		43,472,574
YieldMax NVDA Option Income Strategy ETF^(a)		3,221,047		43,355,293
Yieldmax TSLA Option Income ETF^(a)		1,488,887		43,669,041
				310,060,336

TOTAL EXCHANGE TRADED FUNDS (Cost $356,799,477)				310,060,336

SHORT-TERM INVESTMENTS - 0.5%
Money Market Funds - 0.5%		Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(b)		1,566,392		1,566,392

TOTAL SHORT-TERM INVESTMENTS (Cost $1,566,392)				1,566,392

TOTAL INVESTMENTS - 98.6% (Cost $358,365,869)			$	311,626,728
Other Assets in Excess of Liabilities - 1.4%				4,278,381
TOTAL NET ASSETS - 100.0%			$	315,905,109

Percentages are stated as a percent of net assets.

(a)

Affiliated company as defined by the Investment Company Act of 1940. See Note X.

(b)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

YieldMax MARA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 10.7%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 10.7%
MARA Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $13.50	$	26,857,600		22,400	$	33,600
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $14.00		2,278,100		1,900		23,750
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $12.50		11,990,000		10,000		460,000
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $12.00		26,324,045		21,955		1,470,985
MARA Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $12.01		67,449,745		56,255		5,062,950
						7,051,285

TOTAL PURCHASED OPTIONS (Cost $6,564,393)						7,051,285

SHORT-TERM INVESTMENTS - 87.1%
Money Market Funds - 5.5%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				3,602,160		3,602,160

				Principal
U.S. Treasury Bills - 81.6%				Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)			$	3,394,000		3,380,104
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				27,974,000		27,780,846
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				10,963,000		10,857,250
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				12,024,000		11,874,744
						53,892,944

TOTAL SHORT-TERM INVESTMENTS (Cost $57,484,536)						57,495,104

TOTAL INVESTMENTS - 97.8% (Cost $64,048,929)					$	64,546,389
Other Assets in Excess of Liabilities - 2.2%						1,483,251
TOTAL NET ASSETS - 100.0%					$	66,029,640

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)

YieldMax MARA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (13.1)%^(a)(b)	Amount			Contracts			Value
Call Options - (5.7)%
MARA Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $12.50	$	(26,857,600	)		(22,400	)	$	(145,600	)
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $13.00		(2,278,100	)		(1,900	)		(56,050	)
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $11.50		(17,985,000	)		(15,000	)		(1,387,500	)
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $11.00		(20,329,045	)		(16,955	)		(2,136,330	)
								(3,725,480	)
Put Options - (7.4)%
MARA Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $12.01		(67,449,745	)		(56,255	)		(4,908,249	)

TOTAL WRITTEN OPTIONS (Premiums received $7,810,971)								(8,633,729	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax META Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 10.0%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 10.0%
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $647.50	$	28,147,860		460	$	156,400
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $637.50		27,535,950		450		208,125
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $635.00		9,178,650		150		84,750
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $632.50		36,714,600		600		372,000
Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.01		16,215,615		265		1,503,973
Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.00		85,361,445		1,395		8,045,662
						10,370,910

TOTAL PURCHASED OPTIONS (Cost $9,514,520)						10,370,910

SHORT-TERM INVESTMENTS - 89.9%
Money Market Funds - 3.4%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				3,531,371		3,531,371

				Principal
U.S. Treasury Bills - 86.5%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	15,378,000		15,361,222
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				10,463,000		10,420,161
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				20,035,000		19,896,663
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				27,128,000		26,866,320
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				16,751,000		16,543,067
						89,087,433

TOTAL SHORT-TERM INVESTMENTS (Cost $92,606,767)						92,618,804

TOTAL INVESTMENTS - 99.9% (Cost $102,121,287)					$	102,989,714
Other Assets in Excess of Liabilities - 0.1%						68,768
TOTAL NET ASSETS - 100.0%					$	103,058,482

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)

YieldMax META Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.4)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.6)%
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $630.00	$	(28,147,860	)		(460	)	$	(301,300	)
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $620.00		(27,535,950	)		(450	)		(450,000	)
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $617.50		(9,178,650	)		(150	)		(168,750	)
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $615.00		(36,714,600	)		(600	)		(727,500	)
								(1,647,550	)
Put Options - (1.8)%

Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.01		(101,577,060	)		(1,660	)		(1,899,355	)

TOTAL WRITTEN OPTIONS (Premiums received $7,321,081)								(3,546,905	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax MRNA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 3.4%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 3.4%
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $56.00	$	39,554,340		8,610	$	51,660
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $55.00		45,940,000		10,000		95,000
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $51.00		1,378,200		300		11,550
Moderna, Inc., Expiration: 5/15/2026; Exercise Price: $50.00		86,872,540		18,910		2,836,500
						2,994,710

TOTAL PURCHASED OPTIONS (Cost $15,130,973)						2,994,710

SHORT-TERM INVESTMENTS - 104.5%
Money Market Funds - 6.3%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				5,512,324		5,512,324

				Principal
U.S. Treasury Bills - 98.2%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)				10,602,000		10,590,433
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				21,790,000		21,700,785
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				23,782,000		23,617,790
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				19,515,000		19,326,756
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				10,605,000		10,473,358
						85,709,122

TOTAL SHORT-TERM INVESTMENTS (Cost $91,215,558)						91,221,446

TOTAL INVESTMENTS - 107.9% (Cost $106,346,531)					$	94,216,156
Liabilities in Excess of Other Assets - (7.9)%						(6,887,778	)
TOTAL NET ASSETS - 100.0%					$	87,328,378

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)

YieldMax MRNA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (12.3)%^(a)(b)	Amount	Contracts		Value
Call Options - (0.5)%
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $54.00	$ (22,970,000)	(5,000)	$	(70,000)
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $53.00	(22,970,000)	(5,000)		(90,000)
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $52.00	(39,554,340)	(8,610)		(228,165)
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $49.00	(1,378,200)	(300)		(22,200)
				(410,365)

Put Options - (11.8)%
Moderna, Inc., Expiration: 5/15/2026; Exercise Price: $50.01	(86,872,540)	(18,910)		(10,359,654)

TOTAL WRITTEN OPTIONS (Premiums received $13,772,105)				(10,770,019)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax MSFT Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 4.4%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 4.4%
Microsoft Corp., Expiration: 5/1/2026; Exercise Price: $440.00	$	29,156,270		715	$	3,575
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $415.00		36,700,200		900		414,000
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $412.50		32,622,400		800		452,000
Microsoft Corp., Expiration: 5/15/2026; Exercise Price: $400.00		98,478,870		2,415		3,459,488
						4,329,063

TOTAL PURCHASED OPTIONS (Cost $7,781,995)						4,329,063

SHORT-TERM INVESTMENTS - 98.9%
Money Market Funds - 2.5%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				2,456,795		2,456,795

				Principal
U.S. Treasury Bills - 96.4%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)				11,760,000		11,747,169
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				8,253,000		8,219,210
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				30,770,000		30,557,539
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				29,887,000		29,598,707
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				14,260,000		14,082,988
						94,205,613

TOTAL SHORT-TERM INVESTMENTS (Cost $96,644,451)						96,662,408

TOTAL INVESTMENTS - 103.3% (Cost $104,426,446)					$	100,991,471
Liabilities in Excess of Other Assets - (3.3)%						(3,192,281	)
TOTAL NET ASSETS - 100.0%					$	97,799,190

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)

YieldMax MSFT Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (2.9)%^(a)(b)	Amount	Contracts		Value
Call Options - (1.5)%
Microsoft Corp., Expiration: 5/1/2026; Exercise Price: $425.00	$ (29,156,270)	(715)	$	(13,585)
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $407.50	(36,700,200)	(900)		(702,000)
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $405.00	(32,622,400)	(800)		(726,000)
				(1,441,585)

Put Options - (1.4)%
Microsoft Corp., Expiration: 5/15/2026; Exercise Price: $400.01	(98,478,870)	(2,415)		(1,427,627)

TOTAL WRITTEN OPTIONS (Premiums received $6,411,200)				(2,869,212)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax MSTR Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 22.9%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 22.9%
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $185.00	$	240,564,300		14,540	$	43,620
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $182.50		206,812,500		12,500		62,500
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $172.50		99,270,000		6,000		324,000
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $170.00		57,907,500		3,500		332,500
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $167.50		41,362,500		2,500		411,250
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $177.50		297,810,000		18,000		5,580,000
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $175.00		241,970,625		14,625		5,411,250
Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $140.00		504,622,500		30,500		83,646,250
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $130.00		406,014,300		24,540		98,896,200
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $125.00		333,795,375		20,175		90,283,125
						284,990,695

TOTAL PURCHASED OPTIONS (Cost $146,245,153)						284,990,695

SHORT-TERM INVESTMENTS - 52.8%
Money Market Funds - 2.1%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				26,404,569		26,404,569

				Principal
U.S. Treasury Bills - 50.7%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)				50,031,000		49,976,413
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				121,688,000		121,189,772
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				169,519,000		168,348,507
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				178,441,000		176,719,738
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				115,589,000		114,154,172
						630,388,602

TOTAL SHORT-TERM INVESTMENTS (Cost $656,687,776)						656,793,171

TOTAL INVESTMENTS - 75.7% (Cost $802,932,929)					$	941,783,866
Other Assets in Excess of Liabilities - 24.3%						302,675,180
TOTAL NET ASSETS - 100.0%					$	1,244,459,046

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.

YieldMax MSTR Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.6)%^(a)(b)	Amount	Contracts		Value
Call Options - (1.8)%
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $177.50	$ (240,564,300)	(14,540)	$	(254,450)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $175.00	(206,812,500)	(12,500)		(381,250)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $167.50	(82,725,000)	(5,000)		(822,500)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $165.00	(57,907,500)	(3,500)		(945,000)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $162.50	(57,907,500)	(3,500)		(1,487,500)
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $170.00	(231,630,000)	(14,000)		(7,350,000)
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $167.50	(308,150,625)	(18,625)		(11,640,625)
				(22,881,325)

Put Options - (1.8)%
Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $140.01	(504,622,500)	(30,500)		(5,419,240)
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $130.01	(406,014,300)	(24,540)		(10,071,952)
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $125.01	(333,795,375)	(20,175)		(6,692,048)
				(22,183,240)

TOTAL WRITTEN OPTIONS (Premiums received $156,726,931)				(45,064,565)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax NFLX Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 1.9%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 1.9%
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $98.00	$	18,722,000		2,000	$	7,000
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $97.00		37,069,560		3,960		17,820
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $93.00		1,872,200		200		19,000
Netflix, Inc., Expiration: 5/8/2026; Exercise Price: $97.00		16,381,750		1,750		94,500
Netflix, Inc., Expiration: 5/15/2026; Exercise Price: $95.00		74,045,510		7,910		1,309,105
						1,447,425

TOTAL PURCHASED OPTIONS (Cost $4,641,815)						1,447,425

SHORT-TERM INVESTMENTS - 107.6%
Money Market Funds - 7.9%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				5,881,785		5,881,785

				Principal
U.S. Treasury Bills - 99.7%				Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				9,021,000		8,984,065
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				22,699,000		22,542,268
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				23,574,000		23,346,603
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)				19,156,000		18,918,213
						73,791,149

TOTAL SHORT-TERM INVESTMENTS (Cost $79,658,260)						79,672,934

TOTAL INVESTMENTS - 109.5% (Cost $84,300,075)					$	81,120,359
Liabilities in Excess of Other Assets - (9.5)%						(7,062,548	)
TOTAL NET ASSETS - 100.0%					$	74,057,811

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)

YieldMax NFLX Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.9)%^(a)(b)	Amount	Contracts		Value
Call Options - (0.8)%
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $95.00	$ (18,722,000)	(2,000)	$	(39,000)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $94.00	(22,747,230)	(2,430)		(106,920)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $93.00	(14,322,330)	(1,530)		(145,350)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $91.00	(1,872,200)	(200)		(52,900)
Netflix, Inc., Expiration: 5/8/2026; Exercise Price: $94.00	(16,381,750)	(1,750)		(250,250)
				(594,420)

Put Options - (3.1)%
Netflix, Inc., Expiration: 5/15/2026; Exercise Price: $95.01	(74,045,510)	(7,910)		(2,262,735)

TOTAL WRITTEN OPTIONS (Premiums received $5,247,498)				(2,857,155)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax NVDA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 4.0%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 4.0%
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $217.50	$	113,754,900		5,700	$	37,050
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $210.00		99,785,000		5,000		70,000
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $212.50		731,224,480		36,640		3,334,240
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $210.00		199,570,000		10,000		1,270,000
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $200.00		874,316,170		43,810		27,052,675
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $195.00		515,688,880		25,840		23,385,200
						55,149,165

TOTAL PURCHASED OPTIONS (Cost $58,060,237)						55,149,165

SHORT-TERM INVESTMENTS - 98.1%
Money Market Funds - 2.7%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				37,643,283		37,643,283

				Principal
U.S. Treasury Bills - 95.4%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)				302,468,000		302,137,989
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				200,064,000		199,244,876
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				402,865,000		400,083,302
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				210,747,000		208,714,111
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				216,673,000		213,983,397
						1,324,163,675

TOTAL SHORT-TERM INVESTMENTS (Cost $1,361,681,175)						1,361,806,958

TOTAL INVESTMENTS - 102.1% (Cost $1,419,741,412)					$	1,416,956,123
Liabilities in Excess of Other Assets - (2.1)%						(29,213,238	)
TOTAL NET ASSETS - 100.0%					$	1,387,742,885

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)

YieldMax NVDA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.6)%^(a)(b)	Amount	Contracts		Value
Call Options - (0.9)%
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $212.50	$ (113,754,900)	(5,700)	$	(59,850)
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $205.00	(99,785,000)	(5,000)		(192,500)
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $205.00	(930,794,480)	(46,640)		(11,496,760)
				(11,749,110)

Put Options - (2.7)%
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $200.01	(874,316,170)	(43,810)		(27,241,934)
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $195.01	(515,688,880)	(25,840)		(10,605,253)
				(37,847,187)

TOTAL WRITTEN OPTIONS (Premiums received $150,647,522)				(49,596,297)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax PLTR Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 5.7%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 5.7%
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $149.00	$	13,911,000		1,000	$	4,500
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $152.50		80,057,805		5,755		1,432,995
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $149.00		151,643,811		10,901		3,651,835
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $148.00		33,386,400		2,400		870,000
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.00		186,073,536		13,376		5,316,960
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.00		162,480,480		11,680		8,614,000
						19,890,290

TOTAL PURCHASED OPTIONS (Cost $36,217,236)						19,890,290

SHORT-TERM INVESTMENTS - 106.2%
Money Market Funds - 4.5%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				15,821,776		15,821,776

				Principal
U.S. Treasury Bills - 101.7%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)				19,444,000		19,422,785
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				62,645,000		62,388,512
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				99,457,000		98,770,270
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				130,884,000		129,621,478
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				44,859,000		44,302,157
						354,505,202

TOTAL SHORT-TERM INVESTMENTS (Cost $370,329,398)						370,326,978

TOTAL INVESTMENTS - 111.9% (Cost $406,546,634)					$	390,217,268
Liabilities in Excess of Other Assets - (11.9)%						(41,567,936	)
TOTAL NET ASSETS - 100.0%					$	348,649,332

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)

YieldMax PLTR Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (14.4)%^(a)(b)	Amount	Contracts		Value
Call Options - (3.0)%
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $143.00	$ (13,911,000)	(1,000)	$	(32,500)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $146.00	(13,911,000)	(1,000)		(425,000)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $145.00	(66,146,805)	(4,755)		(2,199,187)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $142.00	(185,030,211)	(13,301)		(7,648,075)
				(10,304,762)

Put Options - (11.4)%
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.01	(186,073,536)	(13,376)		(19,560,929)
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.01	(162,480,480)	(11,680)		(20,356,955)
				(39,917,884)

TOTAL WRITTEN OPTIONS (Premiums received $43,205,759)				(50,222,646)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax PYPL Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 5.1%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 5.1%
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $53.00	$	16,546,200		3,300	$	6,600
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $52.00		13,638,080		2,720		4,080
Paypal Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $50.00		30,184,280		6,020		1,526,070
						1,536,750

TOTAL PURCHASED OPTIONS (Cost $1,147,312)						1,536,750

SHORT-TERM INVESTMENTS - 100.4%
Money Market Funds - 3.3%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				977,251		977,251

				Principal
U.S. Treasury Bills - 97.1%				Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				8,691,000		8,630,991
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				8,709,000		8,624,992
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)				11,916,000		11,768,084
						29,024,067

TOTAL SHORT-TERM INVESTMENTS (Cost $29,999,648)						30,001,318

TOTAL INVESTMENTS - 105.5% (Cost $31,146,960)					$	31,538,068
Liabilities in Excess of Other Assets - (5.5)%						(1,656,666	)
TOTAL NET ASSETS - 100.0%					$	29,881,402

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)

YieldMax PYPL Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (5.1)%^(a)(b)	Amount	Contracts		Value
Call Options - (0.6)%
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $51.00	$ (16,546,200)	(3,300)	$	(37,950)
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $50.00	(13,638,080)	(2,720)		(125,120)
				(163,070)

Put Options - (4.5)%
Paypal Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $50.01	(30,184,280)	(6,020)		(1,354,921)

TOTAL WRITTEN OPTIONS (Premiums received $4,321,906)				(1,517,991)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax RBLX Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 10.5%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 10.5%
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $68.00	$	552,600		100	$	7,600
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $67.00		431,028		78		6,084
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $61.00		381,294		69		13,800
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $60.00		276,300		50		11,475
Roblox Corp., Expiration: 5/8/2026; Exercise Price: $56.01		1,641,222		297		133,947
						172,906

TOTAL PURCHASED OPTIONS (Cost $181,012)						172,906

SHORT-TERM INVESTMENTS - 105.1%
Money Market Funds - 32.2%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)(f)				532,451		532,451

				Principal
U.S. Treasury Bills - 72.9%				Amount		Value
U.S. Treasury Bill, 8/6/2026, 3.63%^(g)				165,000		163,408
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)				1,054,000		1,040,917
						1,204,325

TOTAL SHORT-TERM INVESTMENTS (Cost $1,736,714)						1,736,776

TOTAL INVESTMENTS - 115.6% (Cost $1,917,726)					$	1,909,682
Liabilities in Excess of Other Assets - (15.6)%						(257,915	)
TOTAL NET ASSETS - 100.0%					$	1,651,767

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)

(g)

The rate shown is the annualized effective yield as of April 30, 2026.

YieldMax RBLX Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (12.5)%^(a)(b)	Amount			Contracts			Value
Call Options - (4.6)%
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $63.00	$	(552,600	)		(100	)	$	(15,250	)
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $62.00		(431,028	)		(78	)		(13,104	)
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $55.00		(657,594	)		(119	)		(48,493	)
								(76,847	)
Put Options - (7.9)%
Roblox Corp., Expiration: 5/8/2026; Exercise Price: $56.01		(1,641,222	)		(297	)		(130,383	)

TOTAL WRITTEN OPTIONS (Premiums received $215,035)								(207,230	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Short COIN Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 8.3%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 0.3%
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $310.00	$	28,353,270		1,510	$	46,055
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $250.00		6,571,950		350		27,825
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $300.00		3,285,975		175		24,500
						98,380
Put Options - 8.0%
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $185.00		3,943,170		210		32,655
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $182.50		13,801,095		735		62,843
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $180.00		1,877,700		100		4,600
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $175.00		11,266,200		600		259,500
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $167.50		4,037,055		215		51,707
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $162.50		1,877,700		100		17,000
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $160.00		1,408,275		75		9,788
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.00		38,211,195		2,035		2,670,937
						3,109,030
TOTAL PURCHASED OPTIONS (Cost $6,109,462)						3,207,410

SHORT-TERM INVESTMENTS - 99.1%
Money Market Funds - 13.7%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				5,318,569		5,318,569

				Principal
U.S. Treasury Bills - 85.4%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)(g)				16,965,000		16,946,490
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				9,916,000		9,847,532
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				3,304,000		3,272,130
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				3,136,000		3,097,072
						33,163,224
TOTAL SHORT-TERM INVESTMENTS (Cost $38,479,154)						38,481,793

TOTAL INVESTMENTS - 107.4% (Cost $44,588,616)					$	41,689,203
Liabilities in Excess of Other Assets - (7.4)%						(2,856,628	)
TOTAL NET ASSETS - 100.0%					$	38,832,575

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)

YieldMax Short COIN Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (9.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (5.8)%
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.02	$	(38,211,195	)		(2,035	)	$	(2,273,197	)

Put Options - (3.2)%
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $195.00		(3,473,745	)		(185	)		(161,412	)
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $192.50		(13,801,095	)		(735	)		(431,813	)
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $190.00		(2,347,125	)		(125	)		(50,000	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $182.50		(11,266,200	)		(600	)		(432,000	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $177.50		(4,037,055	)		(215	)		(108,038	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $172.50		(1,877,700	)		(100	)		(35,500	)
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $170.00		(1,408,275	)		(75	)		(21,862	)
								(1,240,625	)
TOTAL WRITTEN OPTIONS (Premiums received $5,490,483)								(3,513,822	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Short N100 Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 0.6%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 0.0%^(e)
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $900.00	$	17,428,014		261	$	522

Put Options - 0.6%
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $600.00		2,003,220		30		45
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $580.00		2,270,316		34		34
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $600.00		14,022,540		210		82,635
						82,714
TOTAL PURCHASED OPTIONS (Cost $303,820)						83,236

SHORT-TERM INVESTMENTS - 99.9%
Money Market Funds - 13.0%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(f)				1,826,732		1,826,732

				Principal
U.S. Treasury Bills - 86.9%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(g)				1,853,000		1,850,979
U.S. Treasury Bill, 6/11/2026, 3.57%^(g)				1,461,000		1,455,018
U.S. Treasury Bill, 7/9/2026, 3.63%^(g)				3,164,000		3,142,154
U.S. Treasury Bill, 8/6/2026, 3.63%^(g)				2,389,000		2,365,956
U.S. Treasury Bill, 9/3/2026, 3.64%^(g)				3,407,000		3,364,707
						12,178,814

TOTAL SHORT-TERM INVESTMENTS (Cost $14,005,204)						14,005,546

TOTAL INVESTMENTS - 100.5% (Cost $14,309,024)					$	14,088,782
Liabilities in Excess of Other Assets - (0.5)%						(64,681	)
TOTAL NET ASSETS - 100.0%					$	14,024,101

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)

Does not round to 0.1% or (0.1)%, as applicable.

(f)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g)

The rate shown is the annualized effective yield as of April 30, 2026.

YieldMax Short N100 Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (11.5)%^(a)(b)	Amount			Contracts			Value
Call Options - (11.3)%
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $600.02	$	(14,022,540	)		(210	)	$	(1,590,750	)

Put Options - (0.2)%
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $648.00		(2,670,960	)		(40	)		(420	)
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $643.00		(4,006,440	)		(60	)		(420	)
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $655.00		(4,340,310	)		(65	)		(19,793	)
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $648.00		(1,669,350	)		(25	)		(4,800	)
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $645.00		(1,335,480	)		(20	)		(3,150	)
								(28,583	)

TOTAL WRITTEN OPTIONS (Premiums received $752,743)								(1,619,333	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Short NVDA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 1.3%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 0.0%^(e)
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $280.00	$	14,887,922		746	$	1,865

Put Options - 1.3%
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $190.00		7,184,520		360		3,060
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $185.00		2,195,270		110		385
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $190.00		9,379,790		470		122,435
						125,880

TOTAL PURCHASED OPTIONS (Cost $717,044)						127,745

SHORT-TERM INVESTMENTS - 101.9%
Money Market Funds - 18.0%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(f)				1,770,828		1,770,828

				Principal
U.S. Treasury Bills - 83.9%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(g)(h)			$	3,305,000		3,301,394
U.S. Treasury Bill, 6/11/2026, 3.57%^(g)				1,000,000		995,906
U.S. Treasury Bill, 7/9/2026, 3.63%^(g)				1,833,000		1,820,344
U.S. Treasury Bill, 8/6/2026, 3.63%^(g)				1,151,000		1,139,897
U.S. Treasury Bill, 9/3/2026, 3.64%^(g)				995,000		982,649
						8,240,190

TOTAL SHORT-TERM INVESTMENTS (Cost $10,010,159)						10,011,018

TOTAL INVESTMENTS - 103.2% (Cost $10,727,203)					$	10,138,763
Liabilities in Excess of Other Assets - (3.2)%						(314,757	)
TOTAL NET ASSETS - 100.0%					$	9,824,006

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)

Does not round to 0.1% or (0.1)%, as applicable.

(f)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g)

The rate shown is the annualized effective yield as of April 30, 2026.

(h)

YieldMax Short NVDA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (6.4)%^(a)(b)	Amount			Contracts			Value
Call Options - (6.0)%
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $190.02	$	(9,379,790	)		(470	)	$	(587,904	)

Put Options - (0.4)%
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $197.50		(7,184,520	)		(360	)		(32,940	)
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $195.00		(2,195,270	)		(110	)		(4,235	)
								(37,175	)
TOTAL WRITTEN OPTIONS (Premiums received $649,134)								(625,079	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Short TSLA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 7.7%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 0.0%^(e)
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $595.00	$	19,577,619		513	$	7,952

Put Options - 7.7%
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $347.50		10,036,869		263		1,183
Tesla, Inc., Expiration: 5/8/2026; Exercise Price: $355.00		9,540,750		250		33,875
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.00		19,577,619		513		1,421,010
						1,456,068
TOTAL PURCHASED OPTIONS (Cost $1,783,871)						1,464,020

SHORT-TERM INVESTMENTS - 91.8%
Money Market Funds - 7.2%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(f)				1,363,664		1,363,664

				Principal
U.S. Treasury Bills - 84.6%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(g)(h)			$	6,115,000		6,108,328
U.S. Treasury Bill, 6/11/2026, 3.57%^(g)				1,528,000		1,521,744
U.S. Treasury Bill, 7/9/2026, 3.63%^(g)				837,000		831,221
U.S. Treasury Bill, 8/6/2026, 3.63%^(g)(h)				4,819,000		4,772,515
U.S. Treasury Bill, 9/3/2026, 3.64%^(g)				2,836,000		2,800,796
						16,034,604

TOTAL SHORT-TERM INVESTMENTS (Cost $17,396,458)						17,398,268

TOTAL INVESTMENTS - 99.5% (Cost $19,180,329)					$	18,862,288
Other Assets in Excess of Liabilities - 0.5%						89,473
TOTAL NET ASSETS - 100.0%					$	18,951,761

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)

Does not round to 0.1% or (0.1)%, as applicable.

(f)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g)

The rate shown is the annualized effective yield as of April 30, 2026.

(h)

YieldMax Short TSLA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (2.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.3)%
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.02	$	(19,577,619	)		(513	)	$	(246,332	)

Put Options - (0.7)%
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $367.50		(10,036,869	)		(263	)		(7,364	)
Tesla, Inc., Expiration: 5/8/2026; Exercise Price: $372.50		(9,540,750	)		(250	)		(126,250	)
								(133,614	)

TOTAL WRITTEN OPTIONS (Premiums received $1,570,915)								(379,946	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax SMCI Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

	Notional
PURCHASED OPTIONS - 4.9%^(a)(b)(c)(d)	Amount		Contracts		Value
Call Options - 4.9%
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $29.00	$	43,840,000		16,000	$	104,000
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $29.50		42,294,640		15,436		1,543,600
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $29.00		20,550,000		7,500		870,000
Super Micro Computer, Inc., Expiration: 5/15/2026; Exercise Price: $32.00		106,684,640		38,936		2,803,392
						5,320,992
TOTAL PURCHASED OPTIONS (Cost $15,436,764)						5,320,992

SHORT-TERM INVESTMENTS - 117.6%
Money Market Funds - 3.9%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				4,210,164		4,210,164

				Principal
U.S. Treasury Bills - 113.7%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	7,383,000		7,374,945
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				14,691,000		14,630,850
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)				41,788,000		41,499,463
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				44,533,000		44,103,430
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				14,535,000		14,354,574
						121,963,262
TOTAL SHORT-TERM INVESTMENTS (Cost $126,136,903)						126,173,426

TOTAL INVESTMENTS - 122.5% (Cost $141,573,667)					$	131,494,418
Liabilities in Excess of Other Assets - (22.5)%						(24,188,018	)
TOTAL NET ASSETS - 100.0%					$	107,306,400

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)

YieldMax SMCI Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (23.7)%^(a)(b)	Amount			Contracts			Value
Call Options - (4.5)%
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $28.00	$	(30,140,000	)		(11,000	)	$	(242,000	)
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $27.00		(13,700,000	)		(5,000	)		(340,000	)
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $27.50		(42,294,640	)		(15,436	)		(2,755,326	)
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $27.00		(20,550,000	)		(7,500	)		(1,518,750	)
								(4,856,076	)
Put Options - (19.2)%
Super Micro Computer, Inc., Expiration: 5/15/2026; Exercise Price: $32.01		(106,684,640	)		(38,936	)		(20,599,870	)

TOTAL WRITTEN OPTIONS (Premiums received $21,184,321)								(25,455,946	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax SNOW Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 2.7%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 2.7%
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $149.00	$	4,230,570		310	$	1,240
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $147.00		4,435,275		325		1,625
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $147.00		2,592,930		190		33,345
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $145.00		5,458,800		400		88,400
Snowflake, Inc., Expiration: 5/15/2026; Exercise Price: $150.01		16,717,575		1,225		321,685
						446,295
TOTAL PURCHASED OPTIONS (Cost $1,298,370)						446,295

SHORT-TERM INVESTMENTS - 107.9%
Money Market Funds - 7.9%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				1,317,217		1,317,217

				Principal
U.S. Treasury Bills - 100.0%				Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)			$	2,553,000		2,542,547
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				3,843,000		3,816,465
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)				5,444,000		5,391,487
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)				5,000,000		4,937,934
						16,688,433
TOTAL SHORT-TERM INVESTMENTS (Cost $18,007,488)						18,005,650

TOTAL INVESTMENTS - 110.6% (Cost $19,305,858)					$	18,451,945
Liabilities in Excess of Other Assets - (10.6)%						(1,770,796	)
TOTAL NET ASSETS - 100.0%					$	16,681,149

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)

YieldMax SNOW Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (13.4)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.7)%
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $142.00	$	(4,230,570	)		(310	)	$	(10,230	)
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $140.00		(4,435,275	)		(325	)		(21,775	)
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $140.00		(2,592,930	)		(190	)		(70,300	)
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $138.00		(5,458,800	)		(400	)		(182,000	)
								(284,305	)
Put Options - (11.7)%
Snowflake, Inc., Expiration: 5/15/2026; Exercise Price: $150.01		(16,717,575	)		(1,225	)		(1,948,767	)

TOTAL WRITTEN OPTIONS (Premiums received $2,082,047)								(2,233,072	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax TSLA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 1.2%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 1.2%
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $407.50	$	76,326,000		2,000	$	23,000
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $405.00		228,978,000		6,000		84,000
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $402.50		190,815,000		5,000		90,000
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $400.00		267,141,000		7,000		171,500
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $397.50		69,418,497		1,819		61,846
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $410.00		420,098,304		11,008		4,293,120
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.00		412,580,193		10,811		5,243,335
						9,966,801

TOTAL PURCHASED OPTIONS (Cost $78,807,804)						9,966,801

SHORT-TERM INVESTMENTS - 106.7%
Money Market Funds - 1.8%				Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)				14,934,985		14,934,985

				Principal
U.S. Treasury Bills - 104.9%				Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)			$	108,563,000		108,444,551
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)				194,374,000		193,578,172
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)				197,990,000		196,622,921
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)				200,601,000		198,665,981
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)				183,223,000		180,948,618
						878,260,243
TOTAL SHORT-TERM INVESTMENTS (Cost $893,242,440)						893,195,228

TOTAL INVESTMENTS - 107.9% (Cost $972,050,244)					$	903,162,029
Liabilities in Excess of Other Assets - (7.9)%						(65,938,709	)
TOTAL NET ASSETS - 100.0%					$	837,223,320

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.

YieldMax TSLA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (8.3)%^(a)(b)	Amount			Contracts			Value
Call Options - (0.6)%
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $390.00	$	(76,326,000	)		(2,000	)	$	(214,000	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $387.50		(228,978,000	)		(6,000	)		(936,000	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $385.00		(190,815,000	)		(5,000	)		(1,127,500	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $382.50		(267,141,000	)		(7,000	)		(2,240,000	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $380.00		(69,418,497	)		(1,819	)		(814,002	)
								(5,331,502	)
Put Options - (7.7)%
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $410.01		(420,098,304	)		(11,008	)		(34,737,395	)
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.01		(412,580,193	)		(10,811	)		(29,740,521	)
								(64,477,916	)

TOTAL WRITTEN OPTIONS (Premiums received $81,106,080)								(69,809,418	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax TSM Option Income Strategy ETF
Schedule of Investments
April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 10.8%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 10.8%
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $405.00	$	24,516,114		619	$	50,758
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $397.50		15,842,400		400		123,400
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $412.50		38,932,698		983		452,180
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $410.00		3,960,600		100		49,500
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $405.00		18,971,274		479		301,770
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.01		19,803,000		500		1,973,290
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.00		82,420,086		2,081		8,147,115
						11,098,013
TOTAL PURCHASED OPTIONS (Cost $4,992,191)						11,098,013

SHORT-TERM INVESTMENTS - 92.2%
Money Market Funds - 4.5%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		4,640,772		4,640,772

	Principal
U.S. Treasury Bills - 87.7%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)	$	11,627,000		11,614,314
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		18,434,000		18,358,525
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)		16,519,000		16,404,940
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		24,312,000		24,077,484
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)		19,531,000		19,288,558
				89,743,821
TOTAL SHORT-TERM INVESTMENTS (Cost $94,385,752)				94,384,593
TOTAL INVESTMENTS - 103.0% (Cost $99,377,943)			$	105,482,606
Liabilities in Excess of Other Assets - (3.0)%				(3,108,703	)
TOTAL NET ASSETS - 100.0%			$	102,373,903

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.

YieldMax TSM Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (2.6)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.9)%
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $395.00	$	(24,516,114	)		(619	)	$	(270,812	)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $390.00		(15,842,400	)		(400	)		(308,000	)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $402.50		(38,932,698	)		(983	)		(732,335	)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $400.00		(3,960,600	)		(100	)		(85,250	)
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $395.00		(18,971,274	)		(479	)		(529,295	)
								(1,925,692	)

Put Options - (0.7)%
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.01		(102,223,086	)		(2,581	)		(693,773	)

TOTAL WRITTEN OPTIONS (Premiums received $8,598,490)								(2,619,465	)

Percentages are stated as a percent of net assets.

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

YieldMax Ultra Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

COMMON STOCKS - 91.4%	Shares		Value
Financial Services - 8.6%
IREN Ltd. ^(a)		900,000	$	40,959,000
Robinhood Markets, Inc. - Class A^(a)		449,800		32,785,922
				73,744,922

Health Care - 1.8%
TransMedics Group, Inc.^(a)		150,000		15,118,500

Industrial Services - 9.3%
Comfort Systems USA, Inc.		20,000		36,805,000
Quanta Services, Inc.		58,000		42,210,660
				79,015,660

Materials - 3.2%
Southern Copper Corp.		159,141		27,322,970

Media - 8.8%
Alphabet, Inc. - Class A		125,500		48,292,400
Reddit, Inc. - Class A^(a)		185,000		27,237,550
				75,529,950

Retail & Wholesale - Discretionary - 5.2%
Amazon.com, Inc.^(a)		166,000		43,999,960

Software & Tech Services - 16.3%
Fortinet, Inc.^(a)		360,000		30,351,600
Palantir Technologies, Inc. - Class A^(a)		269,900		37,545,789
Shopify, Inc. - Class A^(a)		260,000		31,493,800
Strategy, Inc. - Class A^(a)		240,000		39,708,000
				139,099,189

Tech Hardware & Semiconductors - 38.2%^(b)
Advanced Micro Devices, Inc.^(a)		100,000		35,449,000
Analog Devices, Inc.		116,000		46,662,160
Astera Labs, Inc.^(a)		200,000		38,948,000
Ciena Corp.^(a)		80,000		42,206,400
Coherent Corp.^(a)		120,000		38,365,200
Lam Research Corp.		165,000		42,546,900
Lumentum Holdings, Inc.^(a)		46,000		41,506,720
NVIDIA Corp.		205,400		40,991,678
				326,676,058

TOTAL COMMON STOCKS (Cost $598,746,633)				780,507,209

EXCHANGE TRADED FUNDS - 8.5%		Shares				Value
Amplify Junior Silver Miners ETF			1,224,000				35,887,680

VanEck Gold Miners ETF	419,000	$	36,993,510
			72,881,190
TOTAL EXCHANGE TRADED FUNDS (Cost $71,145,500)			72,881,190

PURCHASED OPTIONS - 2.1%^(a)(c)(d)(e)	Notional Amount		Contracts		Value
Put Options - 2.1%
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $330.00		70,898,000		2,000		1,595,000
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $355.00		96,584,800		2,510		115,460
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $240.00		87,999,920		3,320		73,040
Amplify Junior Silver Miners ETF, Expiration: 5/1/2026; Exercise Price: $28.50		35,887,680		12,240		146,880
Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $26.00		35,887,680		12,240		183,600
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $382.50		46,662,160		1,160		52,200
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $365.00		46,662,160		1,160		118,900
Astera Labs, Inc., Expiration: 5/1/2026; Exercise Price: $175.00		38,948,000		2,000		20,000
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $490.00		84,412,800		1,600		2,896,000
Coherent Corp., Expiration: 5/1/2026; Exercise Price: $282.50		38,365,200		1,200		18,000
Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,700.00		73,610,000		400		1,232,000
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $77.00		60,703,200		7,200		1,285,200
IREN Ltd., Expiration: 5/8/2026; Exercise Price: $40.00		40,959,000		9,000		1,341,000
Lam Research Corp., Expiration: 5/1/2026; Exercise Price: $250.00		42,546,900		1,650		211,200
Lam Research Corp., Expiration: 5/8/2026; Exercise Price: $230.00		42,546,900		1,650		284,625
Lumentum Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $835.00		41,506,720		460		2,332,200
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $185.00		40,991,678		2,054		7,189
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $131.00		37,545,789		2,699		18,893
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $125.00		37,545,789		2,699		524,955
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $660.00		84,421,320		1,160		466,900
Reddit, Inc., Expiration: 5/1/2026; Exercise Price: $142.00		27,237,550		1,850		1,197,875
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $66.00		32,785,922		4,498		184,418
Shopify, Inc., Expiration: 5/8/2026; Exercise Price: $109.00		31,493,800		2,600		679,900
Southern Copper Corp., Expiration: 5/1/2026; Exercise Price: $167.50		27,315,879		1,591		186,943
Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $155.00		27,315,879		1,591		230,695
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $146.00		39,708,000		2,400		314,400
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $105.00		15,118,500		1,500		1,552,500
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $90.00		15,118,500		1,500		476,250
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $86.00		36,993,510		4,190		85,895
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $81.00		36,993,510		4,190		157,125
						17,989,243
TOTAL PURCHASED OPTIONS (Cost $22,108,946)						17,989,243

SHORT-TERM INVESTMENTS - 1.5%
Money Market Funds - 1.5%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(f)		12,718,079	$	12,718,079
TOTAL SHORT-TERM INVESTMENTS (Cost $12,718,079)				12,718,079

TOTAL INVESTMENTS - 103.5% (Cost $704,719,158)			$	884,095,721
Liabilities in Excess of Other Assets - (3.5)%				(29,640,097	)
TOTAL NET ASSETS - 100.0%			$	854,455,624

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

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.

(c)

Exchange-traded.

(d)

100 shares per contract.

(e)

Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(f)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

YieldMax Ultra Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (3.9)%^(a)(b)	Amount			Contracts			Value
Call Options - (2.5)%
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $377.50	$	(35,449,000	)		(1,000	)	$	(957,500	)
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $397.50		(48,292,400	)		(1,255	)		(371,480	)
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $272.50		(43,999,960	)		(1,660	)		(355,240	)
Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $29.50		(35,887,680	)		(12,240	)		(905,760	)
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $402.50		(46,662,160	)		(1,160	)		(385,700	)
Astera Labs, Inc., Expiration: 5/1/2026; Exercise Price: $197.50		(38,948,000	)		(2,000	)		(513,000	)
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $565.00		(42,206,400	)		(800	)		(1,620,000	)
Coherent Corp., Expiration: 5/1/2026; Exercise Price: $320.00		(38,365,200	)		(1,200	)		(738,000	)
Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,960.00		(36,805,000	)		(200	)		(775,000	)
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $90.00		(30,351,600	)		(3,600	)		(824,400	)
IREN Ltd., Expiration: 5/8/2026; Exercise Price: $46.50		(40,959,000	)		(9,000	)		(2,970,000	)
Lam Research Corp., Expiration: 5/8/2026; Exercise Price: $265.00		(42,546,900	)		(1,650	)		(1,056,000	)
Lumentum Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $970.00		(41,506,720	)		(460	)		(2,484,000	)
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $207.50		(40,991,678	)		(2,054	)		(44,161	)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $146.00		(37,545,789	)		(2,699	)		(1,147,075	)
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $770.00		(42,210,660	)		(580	)		(443,700	)
Reddit, Inc., Expiration: 5/1/2026; Exercise Price: $160.00		(27,237,550	)		(1,850	)		(897,250	)
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $77.00		(32,785,922	)		(4,498	)		(463,294	)
Shopify, Inc., Expiration: 5/8/2026; Exercise Price: $127.00		(31,493,800	)		(2,600	)		(1,306,500	)
Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $177.50		(27,315,879	)		(1,591	)		(509,120	)
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $170.00		(39,708,000	)		(2,400	)		(1,260,000	)
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $110.00		(15,118,500	)		(1,500	)		(675,000	)
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $92.50		(36,993,510	)		(4,190	)		(251,400	)
								(20,953,580	)

Put Options - (1.4)%
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $340.00		(35,449,000	)		(1,000	)		(1,125,000	)
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $370.00		(48,292,400	)		(1,255	)		(252,882	)
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $252.50		(43,999,960	)		(1,660	)		(176,790	)
Amplify Junior Silver Miners ETF, Expiration: 5/1/2026; Exercise Price: $30.00		(35,887,680	)		(12,240	)		(1,046,520	)
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $397.50		(46,662,160	)		(1,160	)		(255,200	)
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $507.50		(42,206,400	)		(800	)		(2,112,000	)

Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,760.00	$	(36,805,000	)	(200	)	$	(961,000	)
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $80.00		(30,351,600	)	(3,600	)		(966,600	)
Lam Research Corp., Expiration: 5/1/2026; Exercise Price: $260.00		(42,546,900	)	(1,650	)		(853,875	)
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $136.00		(37,545,789	)	(2,699	)		(125,504	)
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $690.00		(42,210,660	)	(580	)		(504,600	)
Southern Copper Corp., Expiration: 5/1/2026; Exercise Price: $175.00		(27,315,879	)	(1,591	)		(747,770	)
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $110.00		(15,118,500	)	(1,500	)		(2,062,500	)
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $90.00		(36,993,510	)	(4,190	)		(877,805	)
							(12,068,046	)
TOTAL WRITTEN OPTIONS (Premiums received $32,572,699)							(33,021,626	)

Percentages are stated as a percent of net assets.

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

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

COMMON STOCKS - 0.0%^(a)	Shares		Value
Materials - 0.0%^(a)
Energy Fuels, Inc.^(b)		100	$	2,164
TOTAL COMMON STOCKS (Cost $1,798)				2,164

PURCHASED OPTIONS - 3.1%^(b)(c)(d)(e)	Notional Amount		Contracts		Value
Call Options - 3.1%
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $67.50		1,477,740		220		35,200
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $102.00		859,372		92		2,668
Centene Corp., Expiration: 5/1/2026; Exercise Price: $44.00		885,885		165		152,625
Centene Corp., Expiration: 5/8/2026; Exercise Price: $57.00		885,885		165		4,950
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $15.50		1,033,200		720		1,800
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $73.00		1,631,760		240		7,800
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $465.00		1,299,030		30		9,525
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $69.00		1,672,840		260		14,430
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $27.00		998,000		400		15,000
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $710.00		1,602,576		24		132
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $93.50		1,247,400		140		140
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $110.00		1,919,856		184		3,680
Lennar Corp., Expiration: 5/1/2026; Exercise Price: $103.00		767,550		85		5,737
Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $167.50		1,326,696		84		3,990
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $15.50		1,443,300		1,020		52,530
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $240.00		1,340,766		54		75,600
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $52.00		689,100		150		9,600
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $48.00		1,614,704		364		2,912
Oklo, Inc., Expiration: 5/8/2026; Exercise Price: $70.00		1,160,000		160		91,200
Rocket Lab Corp., Expiration: 5/8/2026; Exercise Price: $82.00		825,100		100		52,500
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $192.50		882,650		50		3,325
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $190.00		882,650		50		4,675
Starbucks Corp., Expiration: 5/1/2026; Exercise Price: $107.00		863,706		82		1,804
Starbucks Corp., Expiration: 5/8/2026; Exercise Price: $114.00		863,706		82		2,050
Target Corp., Expiration: 5/8/2026; Exercise Price: $139.00		1,790,550		138		1,725
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $407.50		1,068,564		28		322
T-Mobile US, Inc., Expiration: 5/1/2026; Exercise Price: $205.00		488,750		25		313
T-Mobile US, Inc., Expiration: 5/8/2026; Exercise Price: $212.50		488,750		25		812
U.S. Oil Fund LP, Expiration: 5/1/2026; Exercise Price: $143.00		808,995		55		27,363
U.S. Oil Fund LP, Expiration: 5/8/2026; Exercise Price: $161.00		808,995		55		13,998
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $130.00		1,448,622		126		7,560
						605,966
TOTAL PURCHASED OPTIONS (Cost $376,621)						605,966

SHORT-TERM INVESTMENTS - 93.4%
Money Market Funds - 9.1%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(f)		1,769,145	$	1,769,145

	Principal
U.S. Treasury Bills - 84.3%	Amount		Value
U.S. Treasury Bill, 6/11/2026, 3.57%^(g)	$	1,500,000		1,493,859
U.S. Treasury Bill, 7/9/2026, 3.63%^(g)(h)		5,467,000		5,429,251
U.S. Treasury Bill, 8/6/2026, 3.63%^(g)(h)		5,485,000		5,432,091
U.S. Treasury Bill, 9/3/2026, 3.64%^(g)		4,096,000		4,045,156
				16,400,357

TOTAL SHORT-TERM INVESTMENTS (Cost $18,172,424)				18,169,502

TOTAL INVESTMENTS - 96.5% (Cost $18,550,843)			$	18,777,632
Other Assets in Excess of Liabilities - 3.5%				674,087
TOTAL NET ASSETS - 100.0%			$	19,451,719

Percentages are stated as a percent of net assets.

PLC	Public Limited Company

(a)

Does not round to 0.1% or (0.1)%, as applicable.

(b)

Non-income producing security.

(c)

Exchange-traded.

(d)

100 shares per contract.

(e)

Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(f)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g)

The rate shown is the annualized effective yield as of April 30, 2026.

(h)

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Securities Sold Short

April 30, 2026 (Unaudited)

COMMON STOCKS - (85.8)%	Shares			Value
Consumer Discretionary Products - (10.8)%
Lennar Corp. - Class A		(8,500	)	$	(767,550	)
Nike, Inc. - Class B		(18,200	)		(807,352	)
Tesla, Inc.		(1,400	)		(534,282	)
					(2,109,184	)

Consumer Discretionary Services - (10.1)%
Cava Group, Inc.		(4,600	)		(429,686	)
Live Nation Entertainment, Inc.		(4,200	)		(663,348	)
Starbucks Corp.		(8,200	)		(863,706	)
					(1,956,740	)

Consumer Staple Products - (2.7)%
Conagra Brands, Inc.		(36,000	)		(516,600	)

Financial Services - (4.9)%
KKR & Co., Inc.		(9,200	)		(959,928	)

Health Care - (10.1)%
Centene Corp.		(16,500	)		(885,885	)
Moderna, Inc.		(7,500	)		(344,550	)
Zoetis, Inc. - Class A		(6,300	)		(724,311	)
					(1,954,746	)

Industrial Products - (11.4)%
Carrier Global Corp.		(11,000	)		(738,870	)
Eaton Corp. PLC		(1,500	)		(649,515	)
Rocket Lab Corp.		(10,000	)		(825,100	)
					(2,213,485	)

Industrial Services - (4.2)%
Delta Air Lines, Inc.		(12,000	)		(815,880	)

Materials - 0.0%
Energy Fuels, Inc.		(100	)		(2,164	)

Media - (3.7)%
Lyft, Inc. - Class A		(51,000	)		(721,650	)

Oil & Gas - (3.4)%
Marathon Petroleum Corp.		(2,700	)		(670,383	)

Retail & Wholesale - Discretionary - (6.9)%
Etsy, Inc.		(13,000	)		(836,420	)
GameStop Corp. - Class A		(20,000	)		(499,000	)
					(1,335,420	)

Retail & Wholesale - Staples - (4.6)%
Target Corp.	(6,900	)	$	(895,275	)

Software & Tech Services - (4.5)%
Salesforce, Inc.	(5,000	)		(882,650	)

Telecommunications - (2.5)%
T-Mobile US, Inc.	(2,500	)		(488,750	)

Utilities - (6.0)%
Oklo, Inc. - Class A	(16,000	)		(1,160,000	)

TOTAL COMMON STOCKS (Proceeds ($15,980,638))				(16,682,855	)

EXCHANGE TRADED FUNDS - (11.5)%	Shares			Value
Invesco QQQ Trust Series 1		(1,200	)		(801,288	)
iShares MSCI Japan ETF		(7,000	)		(623,700	)
U.S. Oil Fund LP		(5,500	)		(808,995	)
					(2,233,983	)
TOTAL EXCHANGE TRADED FUNDS (Proceeds ($1,839,551))					(2,233,983	)
TOTAL SECURITIES SOLD SHORT - (97.3)% (Proceeds $17,820,189)				$	(18,916,838	)

Percentages are stated as a percent of net assets.

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (4.0)%^(a)(b)	Amount			Contracts			Value
Call Options - (2.9)%
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $65.00	$	(738,870	)		(110	)	$	(33,550	)
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $98.00		(429,686	)		(46	)		(874	)
Centene Corp., Expiration: 5/1/2026; Exercise Price: $42.00		(885,885	)		(165	)		(191,400	)
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $14.50		(516,600	)		(360	)		(6,300	)
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $70.00		(815,880	)		(120	)		(11,820	)
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $447.50		(649,515	)		(15	)		(10,800	)
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $66.00		(836,420	)		(130	)		(16,250	)
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $25.50		(499,000	)		(200	)		(13,400	)
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $677.00		(801,288	)		(12	)		(3,906	)
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $89.50		(623,700	)		(70	)		(2,975	)
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $106.00		(959,928	)		(92	)		(5,060	)
Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $157.50		(663,348	)		(42	)		(4,830	)
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $15.00		(721,650	)		(510	)		(34,170	)
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $220.00		(670,383	)		(27	)		(81,405	)
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $49.00		(344,550	)		(75	)		(10,425	)
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $45.00		(807,352	)		(182	)		(11,921	)
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $180.00		(882,650	)		(50	)		(17,250	)
Starbucks Corp., Expiration: 5/1/2026; Exercise Price: $103.00		(863,706	)		(82	)		(23,247	)
Target Corp., Expiration: 5/8/2026; Exercise Price: $132.00		(895,275	)		(69	)		(8,901	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $390.00		(534,282	)		(14	)		(1,498	)
T-Mobile US, Inc., Expiration: 5/1/2026; Exercise Price: $195.00		(488,750	)		(25	)		(5,187	)
U.S. Oil Fund LP, Expiration: 5/1/2026; Exercise Price: $136.00		(808,995	)		(55	)		(60,363	)
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $120.00		(724,311	)		(63	)		(18,428	)
								(573,960	)

Put Options - (1.1)%
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $60.00		(738,870	)		(110	)		(3,300	)
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $89.00		(429,686	)		(46	)		(552	)
Centene Corp., Expiration: 5/8/2026; Exercise Price: $51.00		(885,885	)		(165	)		(7,755	)
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $13.50		(516,600	)		(360	)		(2,700	)
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $65.00		(815,880	)		(120	)		(8,160	)
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $405.00		(649,515	)		(15	)		(6,300	)
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $61.00		(836,420	)		(130	)		(9,815	)
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $24.00		(499,000	)		(200	)		(7,400	)
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $651.00		(801,288	)		(12	)		(2,820	)
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $84.50		(623,700	)		(70	)		(2,275	)
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $97.00		(959,928	)		(92	)		(1,150	)
Lennar Corp., Expiration: 5/1/2026; Exercise Price: $90.00	$	(767,550	)		(85	)	$	(7,650	)

Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $147.00	(663,348	)	(42	)	(1,365	)
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $13.50	(721,650	)	(510	)	(34,935	)
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $210.00	(670,383	)	(27	)	(2,295	)
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $44.00	(344,550	)	(75	)	(12,000	)
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $42.00	(807,352	)	(182	)	(2,548	)
Oklo, Inc., Expiration: 5/8/2026; Exercise Price: $61.00	(1,160,000	)	(160	)	(10,880	)
Rocket Lab Corp., Expiration: 5/8/2026; Exercise Price: $71.00	(825,100	)	(100	)	(10,250	)
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $170.00	(882,650	)	(50	)	(11,150	)
Starbucks Corp., Expiration: 5/8/2026; Exercise Price: $101.00	(863,706	)	(82	)	(3,936	)
Target Corp., Expiration: 5/8/2026; Exercise Price: $123.00	(895,275	)	(69	)	(2,691	)
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $362.50	(534,282	)	(14	)	(175	)
T-Mobile US, Inc., Expiration: 5/8/2026; Exercise Price: $187.50	(488,750	)	(25	)	(2,313	)
U.S. Oil Fund LP, Expiration: 5/8/2026; Exercise Price: $140.00	(808,995	)	(55	)	(22,687	)
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $115.00	(724,311	)	(63	)	(31,185	)
					(208,287	)

TOTAL WRITTEN OPTIONS (Premiums received $663,587)					(782,247	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax Universe Fund of Option Income ETFs

Schedule of Investments

April 30, 2026 (Unaudited)

EXCHANGE TRADED FUNDS - 98.6%	Shares		Value
YieldMax AAPL Option Income Strategy ETF^(a)		1,164,653	$	13,895,242
YieldMax ABNB Option Income Strategy ETF^(a)		380,719		16,407,343
YieldMax AI & Tech Portfolio Option Income ETF^(a)		427,918		18,297,774
YieldMax AI Option Income Strategy ETF^(a)		1		8
YieldMax AMD Option Income Strategy ETF^(a)		595,642		26,905,131
Yieldmax AMZN Option Income ETF^(a)		1,661,067		20,746,727
YieldMax Bitcoin Option Income Strategy ETF^(a)		1		14
YieldMax COIN Option Income Strategy ETF^(a)		0		3
YieldMax Crypto Industry & Tech Portfolio Option Income ETF^(a)		852,384		19,332,069
Yieldmax GME Option Income Strategy ETF^(a)		20,017		690,044
YieldMax GOOGL Option Income Strategy ETF^(a)		1,223,428		18,901,962
YieldMax HIMS Option Income Strategy ETF^(a)		1,081,735		17,202,940
YieldMax HOOD Option Income Strategy ETF^(a)		650,917		17,652,869
YieldMax Innovation Option Income Strategy ETF^(a)		546,139		17,521,559
YieldMax JPM Option Income Strategy ETF^(a)		582,979		8,307,276
YieldMax MARA Option Income Strategy ETF^(a)		2,889,127		18,577,087
Yieldmax META Option Income Strategy ETF^(a)		1,339,248		13,566,582
YieldMax MSFT Option Income Strategy ETF^(a)		1,087,333		13,298,082
YieldMax MSTR Option Income Strategy ETF^(a)		407,264		10,071,634
YieldMax MSTR Performance & Income Target 25 ETF^(a)		94,808		3,825,503
YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF^(a)		129,323		5,232,835
YieldMax NFLX Option Income Strategy ETF^(a)		1,713,830		17,583,896
YieldMax NVDA Option Income Strategy ETF^(a)		872,206		11,739,893
YieldMax NVDA Performance & Distribution Target 25 ETF^(a)		25,702		1,282,530
YieldMax PYPL Option Income Strategy ETF^(a)		579,234		17,545,010
YieldMax Russell 2000 ODTE Covered Call Strategy ETF^(a)		70,019		2,656,087
YieldMax Semiconductor Portfolio Option Income ETF^(a)		259,695		18,048,802
YieldMax Target 12 Semiconductor Option Income ETF^(a)		72,724		6,030,798
Yieldmax Tsm Option Income Strategy ETF^(a)		1,172,089		19,421,515
YieldMax Ultra Option Income Strategy ETF^(a)		478,591		15,022,971
YieldMax XYZ Option Income Strategy ETF^(a)		633,990		17,477,012
				387,241,198
TOTAL EXCHANGE TRADED FUNDS (Cost $223,540,233)				387,241,198

SHORT-TERM INVESTMENTS - 0.0%^(b)
Money Market Funds - 0.0%^(b)	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(c)		60,584		60,584

TOTAL SHORT-TERM INVESTMENTS (Cost $60,584)				60,584

TOTAL INVESTMENTS - 98.6% (Cost $223,600,817)			$	387,301,782
Other Assets in Excess of Liabilities - 1.4%				5,602,534
TOTAL NET ASSETS - 100.0%			$	392,904,316

Percentages are stated as a percent of net assets.

(a)

Affiliated company as defined by the Investment Company Act of 1940. See Note X.

(b)

Does not round to 0.1% or (0.1)%, as applicable.

(c)

The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

YieldMax XOM Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 6.8%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 6.8%
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $160.00	$	13,889,700		900	$	42,750
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $157.50		3,086,600		200		18,900
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $155.00		13,889,700		900		157,050
Exxon Mobil Corp., Expiration: 6/18/2026; Exercise Price: $150.01		30,866,000		2,000		1,825,380
						2,044,080

TOTAL PURCHASED OPTIONS (Cost $1,998,134)						2,044,080

SHORT-TERM INVESTMENTS - 99.1%
Money Market Funds - 4.0%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		1,180,945		1,180,945

	Principal
U.S. Treasury Bills - 95.1%	Amount		Value
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)	$	6,320,000		6,276,362
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)		6,207,000		6,147,126
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)		16,223,000		16,021,621
				28,445,109

TOTAL SHORT-TERM INVESTMENTS (Cost $29,625,876)				29,626,054

TOTAL INVESTMENTS - 105.9% (Cost $31,624,010)			$	31,670,134
Liabilities in Excess of Other Assets - (5.9)%				(1,776,563	)
TOTAL NET ASSETS - 100.0%			$	29,893,571

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)

YieldMax XOM Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (6.1)%^(a)(b)	Amount			Contracts			Value
Call Options - (2.8)%
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $152.50	$	(16,976,300	)		(1,100	)	$	(360,250	)
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $150.00		(13,889,700	)		(900	)		(463,500	)
								(823,750	)

Put Options - (3.3)%
Exxon Mobil Corp., Expiration: 6/18/2026; Exercise Price: $150.01		(30,866,000	)		(2,000	)		(989,960	)

TOTAL WRITTEN OPTIONS (Premiums received $1,614,775)								(1,813,710	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

YieldMax XYZ Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 7.8%^(a)(b)(c)(d)	Notional Amount		Contracts		Value
Call Options - 7.8%
Block, Inc., Expiration: 5/1/2026; Exercise Price: $75.00	$	9,659,870		1,370	$	5,480
Block, Inc., Expiration: 5/1/2026; Exercise Price: $74.00		20,271,625		2,875		17,250
Block, Inc., Expiration: 5/8/2026; Exercise Price: $73.00		8,461,200		1,200		348,600
Block, Inc., Expiration: 5/15/2026; Exercise Price: $70.00		38,392,695		5,445		2,654,437
						3,025,767

TOTAL PURCHASED OPTIONS (Cost $2,145,631)						3,025,767

SHORT-TERM INVESTMENTS - 100.3%
Money Market Funds - 2.1%	Shares		Value
First American Government Obligations Fund - Class X, 3.58%^(e)		798,464		798,464

	Principal
U.S. Treasury Bills - 98.2%	Amount		Value
U.S. Treasury Bill, 5/12/2026, 3.32%^(f)	$	1,112,000		1,110,787
U.S. Treasury Bill, 6/11/2026, 3.57%^(f)		2,468,000		2,457,895
U.S. Treasury Bill, 7/9/2026, 3.63%^(f)(g)		10,549,000		10,476,161
U.S. Treasury Bill, 8/6/2026, 3.63%^(f)(g)		11,398,000		11,288,054
U.S. Treasury Bill, 9/3/2026, 3.64%^(f)(g)		12,685,000		12,527,539
				37,860,436

TOTAL SHORT-TERM INVESTMENTS (Cost $38,655,998)				38,658,900

TOTAL INVESTMENTS - 108.1% (Cost $40,801,629)			$	41,684,667
Liabilities in Excess of Other Assets - (8.1)%				(3,135,818	)
TOTAL NET ASSETS - 100.0%			$	38,548,849

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)

YieldMax XYZ Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

	Notional
WRITTEN OPTIONS - (7.4)%^(a)(b)	Amount			Contracts			Value
Call Options - (1.6)%
Block, Inc., Expiration: 5/1/2026; Exercise Price: $72.00	$	(29,931,495	)		(4,245	)	$	(106,125	)
Block, Inc., Expiration: 5/8/2026; Exercise Price: $70.00		(8,461,200	)		(1,200	)		(516,000	)
								(622,125	)
Put Options - (5.8)%
Block, Inc., Expiration: 5/15/2026; Exercise Price: $70.01		(38,392,695	)		(5,445	)		(2,243,013	)

TOTAL WRITTEN OPTIONS (Premiums received $7,430,818)								(2,865,138	)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.

(b)

Exchange-traded.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax AAPL Option Income Strategy ETF			YieldMax ABNB Option Income Strategy ETF			YieldMax AI Option Income Strategy ETF			YieldMax AMD Option Income Strategy ETF		YieldMax AMZN Option Income Strategy ETF
ASSETS:
Investments, at value (cost $113,305,454, $20,972,799, $28,269,114, $157,290,729 and $221,609,360) (Note 2)	$	113,945,447		$	21,970,087		$	26,882,420		$	155,270,763	$	257,535,183
Deposits with brokers for derivatives		1,922,209			947,757			654,872			2,655,918		279,358
Receivable for investments sold		–			–			24,227			114,053,551		–
Receivable for fund shares sold		595,795			–			–			2,262,230		1,878,675
Interest receivable		5,481			8,157			2,820			16,924		13,806
Receivable for ETF transaction fees (Note 9)		119			–			–			452		376
Total assets		116,469,051			22,926,001			27,564,339			274,259,838		259,707,398

LIABILITIES:
Written option contracts, at value (premium received $9,337,225, $2,082,607, $4,419,622, $20,155,307 and $19,632,392) (Note 2)		6,186,856			727,874			2,011,240			18,837,148		2,941,606
Distributions payable		874,175			251,370			356,850			4,912,936		4,204,000
Payable to adviser (Note 4)		79,662			21,461			19,516			136,015		192,029
Payable for fund shares redeemed		–			–			520			–		–
Payable for investments purchased		–			–			36,273			15,491,254		–
Total liabilities		7,140,693			1,000,705			2,424,399			39,377,353		7,337,635
NET ASSETS	$	109,328,358		$	21,925,296		$	25,139,940		$	234,882,485	$	252,369,763

NET ASSETS CONSISTS OF:
Paid-in capital	$	112,541,144		$	23,966,017		$	131,869,915		$	205,239,645	$	249,308,946
Total distributable earnings/(accumulated losses)		(3,212,786	)		(2,070,721	)		(106,729,975	)		29,642,840		3,060,817
Total Net Assets	$	109,328,358		$	21,895,296		$	25,139,940		$	234,882,485	$	252,369,763

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax AAPL Option Income Strategy ETF		YieldMax ABNB Option Income Strategy ETF		YieldMax AI Option Income Strategy ETF		YieldMax AMD Option Income Strategy ETF		YieldMax AMZN Option Income Strategy ETF
Net assets	$	109,328,358	$	21,895,296	$	25,139,940	$	234,882,485	$	252,369,763
Shares issued and outstanding^(a)		9,175,000		509,981		2,637,473		5,249,975		20,150,000
Net asset value per share	$	11.92	$	42.99	$	9.53	$	44.74	$	12.52

(a)

Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax BABA Option Income Strategy ETF			YieldMax Bitcoin Option Income Strategy ETF			YieldMax BRK.B Option Income Strategy ETF			YieldMax COIN Option Income Strategy ETF			YieldMax CVNA Option Income Strategy ETF
ASSETS:
Investments, at value (cost $20,890,330, $39,414,924, $7,176,889, $444,193,743 and $22,068,859) (Note 2)	$	19,766,242		$	39,600,864		$	6,995,269		$	438,494,470		$	23,700,219
Deposits with brokers for derivatives		419,707			5,000,335			516,881			6,486,296			103,461
Receivable for investments sold		60,435			326,803			–			3,911,336			523,446
Interest receivable		1,799			4,053			1,092			41,685			3,855
Receivable for fund shares sold		–			603,072			–			1,309,775			1,398,620
Receivable for ETF transaction fees (Note 9)		–			121			–			262			–
Total assets		20,248,183			45,535,248			7,513,242			450,243,824			25,729,601

LIABILITIES:
Written option contracts, at value (premium received $2,090,734, $4,374,119, $363,692, $59,806,901 and $3,400,793) (Note 2)		2,118,345			1,197,626			321,533			41,005,224			907,728
Distributions payable		177,100			590,775			26,688			8,044,062			512,000
Payable for investments purchased		30,464			171,260			–			2,265,141			532,142
Payable to adviser (Note 4)		14,841			44,166			5,890			329,442			15,496
Payable for interest expense		–			8,560			–			–			–
Other payables		–			–			–			361,664			–
Total liabilities		2,340,750			2,012,387			354,111			52,005,533			1,967,366
NET ASSETS	$	17,907,433		$	43,522,861		$	7,159,131		$	398,238,291		$	23,762,235

NET ASSETS CONSISTS OF:
Paid-in capital	$	25,185,792		$	72,869,610		$	8,114,950		$	954,160,943		$	14,594,836
Total distributable earnings/(accumulated losses)		(7,278,359	)		(29,346,749	)		(955,819	)		(555,922,652	)		9,167,399
Total Net Assets	$	17,907,433		$	43,522,861		$	7,159,131		$	398,238,291		$	23,762,235

Net assets	$	17,907,433		$	43,522,861		$	7,159,131		$	398,238,291		$	23,762,235
Shares issued and outstanding^(a)		1,750,000			1,804,979			175,000			15,207,457			850,000
Net asset value per share	$	10.23		$	24.11		$	40.91		$	26.19		$	27.96

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax DIS Option Income Strategy ETF			YieldMax DKNG Option Income Strategy ETF			YieldMax Gold Miners Option Income Strategy ETF			YieldMax GOOGL Option Income Strategy ETF		YieldMax HOOD Option Income Strategy ETF
ASSETS:
Investments, at value (cost $5,463,199, $2,041,369, $331,339,960, $240,687,748 and $117,508,141) (Note 2)	$	5,322,840		$	1,841,606		$	294,448,018		$	282,959,676	$	117,053,383
Deposits with brokers for derivatives		162,601			666,171			6,512,181			267,630		3,305,620
Interest receivable		688			2,821			38,576			17,346		6,544
Receivable for investments sold		–			458,604			3,315,148			25,379,814		1,517,637
Receivable for fund shares sold		–			–			–			–		6,078,310
Receivable for ETF transaction fees (Note 9)		–			–			129			–		678
Total assets		5,486,129			2,969,202			304,314,052			308,624,466		127,962,172

LIABILITIES:
Written option contracts, at value (premium received $509,880, $362,779, $18,324,251, $16,507,812 and $14,107,671) (Note 2)		403,868			321,564			16,176,257			8,279,510		8,704,028
Distributions payable		40,750			30,165			3,460,128			3,887,310		1,870,513
Payable to adviser (Note 4)		4,246			2,226			236,121			177,395		84,595
Payable for investments purchased		–			475			1,588,080			29,554,944		10,957,233
Payable for fund shares redeemed		–			–			642,240			–		–
Other payables		457			–			–			–		687,363
Total liabilities		449,321			354,430			22,102,826			41,899,159		22,303,732
NET ASSETS	$	5,036,808		$	2,614,772		$	282,211,226		$	266,725,307	$	105,658,440

NET ASSETS CONSISTS OF:
Paid-in capital	$	6,738,764		$	17,010,183		$	292,074,547		$	205,968,635	$	199,305,331
Total distributable earnings/(accumulated losses)		(1,701,956	)		(14,395,411	)		(9,863,321	)		60,756,672		(93,646,891	)
Total Net Assets	$	5,036,808		$	2,614,772		$	282,211,226		$	266,725,307	$	105,658,440

Net assets	$	5,036,808		$	2,614,772		$	282,211,226		$	266,725,307	$	105,658,440
Shares issued and outstanding^(a)		500,000			150,000			21,975,000			17,300,000		3,900,000
Net asset value per share	$	10.07		$	17.43		$	12.84		$	15.42	$	27.09

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax Innovation Option Income Strategy ETF			YieldMax JP Option Income Strategy ETF			YieldMax Magnificent 7 Fund of Option Income ETF			YieldMax MARA Option Income Strategy ETF			YieldMax META Option Income Strategy ETF
ASSETS:
Investments in unaffiliated securities, at value (cost $51,717,330, $38,380,450, $1,566,392, $64,048,929 and $102,121,287) (Note 2)	$	53,581,146		$	39,599,859		$	1,566,392		$	64,546,389		$	102,989,714
Investments in affiliated securities, at value (cost $–, $– , $356,799,477, $– and $–) (Notes 2 and 7)		–			–			310,060,336			–			–
Deposits with brokers for derivatives		640,953			1,660,168			–			392,515			2,829,291
Receivable for fund shares sold		801,535			–			3,209,440			–			2,027,520
Interest receivable		2,902			2,636			10,848			7,982			9,744
Dividends receivable		–			–			4,336,500			–			–
Cash		–			–			2,496			–			–
Receivable for investments sold		–			45,076			4,138,896			18,589,581			1,471,887
Receivable for ETF transaction fees (Note 9)		160			–			–			611			406
Total assets		55,026,696			41,307,739			323,324,908			83,537,078			109,328,562

LIABILITIES:
Written option contracts, at value (premium received $4,830,992, $2,507,155, $–, $7,810,971 and $7,321,081) (Note 2)		2,035,884			374,128			–			8,633,729			3,546,905
Distributions payable		688,534			345,705			–			1,393,590			1,899,240
Payable to adviser (Note 4)		42,910			28,305			71,462			45,857			77,521
Payable for investments purchased		–			19,541			3,173,572			7,112,802			746,414
Payable for fund shares redeemed		–			–			4,174,765			321,460			–
Total liabilities		2,767,328			767,679			7,419,799			17,507,438			6,270,080
NET ASSETS	$	52,259,368		$	40,540,060		$	315,905,109		$	66,029,640		$	103,058,482

NET ASSETS CONSISTS OF:
Paid-in capital	$	62,613,676		$	42,776,242		$	406,113,776		$	109,789,345		$	136,886,607
Total distributable earnings/(accumulated losses)		(10,354,308	)		(2,236,182	)		(90,208,667	)		(43,759,705	)		(33,828,125	)
Total Net Assets	$	52,259,368		$	40,540,060		$	315,905,109		$	66,029,640		$	103,058,482

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax Innovation Option Income Strategy ETF		YieldMax JP Option Income Strategy ETF		YieldMax Magnificent 7 Fund of Option Income ETF		YieldMax MARA Option Income Strategy ETF		YieldMax META Option Income Strategy ETF
Net assets	$	52,259,368	$	40,540,060	$	315,905,109	$	66,029,640	$	103,058,482
Shares issued and outstanding^(a)		1,629,975		2,850,000		24,650,000		10,250,000		10,175,000
Net asset value per share	$	32.06	$	14.22	$	12.82	$	6.44	$	10.13

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax MRNA Option Income Strategy ETF			YieldMax MSFT Option Income Strategy ETF			YieldMax MSTR Option Income Strategy ETF			YieldMax NFLX Option Income Strategy ETF			YieldMax NVDA Option Income Strategy ETF
ASSETS:
Investments, at value (cost $106,346,531, $104,426,446, $802,932,929, $84,300,075 and $1,419,741,412) (Note 2)	$	94,216,156		$	100,991,471		$	941,783,866		$	81,120,359		$	1,416,956,123
Deposits with brokers for derivatives		5,239,053			751,847			359,508,732			1,853,664			39,437,650
Receivable for investments sold		93,651			1,061,280			18,314,163			352,960			16,678,759
Interest receivable		17,199			10,509			3,854,554			16,423			48,936
Receivable for fund shares sold		–			–			2,477,580			–			24,933,483
Receivable for ETF transaction fees (Note 9)		–			–			496			1,080			3,565
Total assets		99,566,059			102,815,107			1,325,939,391			83,344,486			1,498,058,516

LIABILITIES:
Written option contracts, at value (premium received $13,772,105, $6,411,200, $156,726,931, $5,247,498 and $150,647,522) (Note 2)		10,770,019			2,869,212			45,064,565			2,857,155			49,596,297
Distributions payable		1,214,202			1,413,203			24,500,827			530,707			21,092,960
Payable for investments purchased		157,386			655,898			10,979,364			429,432			38,500,136
Payable to adviser (Note 4)		96,074			77,604			935,589			67,184			1,126,238
Payable for fund shares redeemed		–			–			–			5,402,197			–
Total liabilities		12,237,681			5,015,917			81,480,345			9,286,675			110,315,631
NET ASSETS	$	87,328,378		$	97,799,190		$	1,244,459,046		$	74,057,811		$	1,387,742,885

NET ASSETS CONSISTS OF:
Paid-in capital	$	120,867,324		$	122,651,711		$	3,081,268,765		$	110,354,222		$	1,414,616,862
Total distributable earnings/(accumulated losses)		(33,538,946	)		(24,852,521	)		(1,836,809,719	)		(36,296,411	)		(26,873,977	)
Total Net Assets	$	87,328,378		$	97,799,190		$	1,244,459,046		$	74,057,811		$	1,387,742,885

Net assets	$	87,328,378		$	97,799,190		$	1,244,459,046		$	74,057,811		$	1,387,742,885
Shares issued and outstanding^(a)		5,579,974			8,025,000			50,244,959			7,200,000			103,125,000
Net asset value per share	$	15.65		$	12.19		$	24.77		$	10.29		$	13.46

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax PLTR Option Income Strategy ETF			YieldMax PYPL Option Income Strategy ETF			YieldMax RBLX Option Income Strategy ETF			YieldMax Short COIN Option Income Strategy ETF			YieldMax Short N100 Option Income Strategy ETF
ASSETS:
Investments, at value (cost $406,546,634, $31,146,960, $1,917,726, $44,588,616 and $14,309,024) (Note 2)	$	390,217,268		$	31,538,068		$	1,909,682		$	41,689,203		$	14,088,782
Deposits with brokers for derivatives		10,275,136			294,379			78,965			1,574,717			1,973,207
Receivable for investments sold		3,276,799			–			290,140			842,871			40,007
Receivable for fund shares sold		874,108			–			–			–			–
Interest receivable		35,270			2,254			5,665			10,891			9,681
Receivable for ETF transaction fees (Note 9)		180			–			–			–			55
Total assets		404,678,761			31,834,701			2,284,452			44,117,682			16,111,732

LIABILITIES:
Written option contracts, at value (premium received $43,205,759, $4,321,906, $215,035, $5,490,483 and $752,743) (Note 2)		50,222,646			1,517,991			207,230			3,513,822			1,619,333
Distributions payable		3,588,965			406,402			22,210			539,721			66,040
Payable for investments purchased		1,914,298			–			401,870			1,199,934			113,710
Payable to adviser (Note 4)		303,490			28,906			1,375			31,630			13,733
Payable for fund shares redeemed		–			–			–			–			274,815
Other payables		30			–			–			–			–
Total liabilities		56,029,429			1,953,299			632,685			5,285,107			2,087,631
NET ASSETS	$	348,649,332		$	29,881,402		$	1,651,767		$	38,832,575		$	14,024,101

NET ASSETS CONSISTS OF:
Paid-in capital	$	522,568,020		$	51,170,609		$	17,508,129		$	60,093,405		$	16,556,563
Total distributable earnings/(accumulated losses)		(173,918,688	)		(21,289,207	)		(15,856,362	)		(21,260,830	)		(2,532,462	)
Total Net Assets	$	348,649,332		$	29,881,402		$	1,651,767		$	38,832,575		$	14,024,101

Net assets	$	348,649,332		$	29,881,402		$	1,651,767		$	38,832,575		$	14,024,101
Shares issued and outstanding^(a)		9,975,000			984,977			100,000			1,744,977			1,275,000
Net asset value per share	$	34.95		$	30.34		$	16.52		$	22.25		$	11.00

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax Short NVDA Option Income Strategy ETF			YieldMax Short TSLA Option Income Strategy ETF			YieldMax SMCI Option Income Strategy ETF			YieldMax SNOW Option Income Strategy ETF			YieldMax TSLA Option Income Strategy ETF
ASSETS:
Investments, at value (cost $10,727,203, $19,180,329, $141,573,667, $19,305,858 and $972,050,244) (Note 2)	$	10,138,763		$	18,862,288		$	131,494,418		$	18,451,945		$	903,162,029
Deposits with brokers for derivatives		375,194			597,605			1,943,875			651,959			13,073,929
Interest receivable		7,968			3,195			12,069			2,876			31,286
Receivable for investments sold		–			113,059			351,126			242,644			–
Receivable for fund shares sold		–			–			1,720,260			–			–
Receivable for ETF transaction fees (Note 9)		–			–			344			–			–
Other receivables		–			–			689			–			–
Total assets		10,521,925			19,576,147			135,522,781			19,349,424			916,267,244

LIABILITIES:
Written option contracts, at value (premium received $649,134, $1,570,915, $21,184,321, $2,082,047 and $81,106,080) (Note 2)		625,079			379,946			25,455,946			2,233,072			69,809,418
Distributions payable		63,637			190,548			2,398,935			169,785			8,552,212
Payable to adviser (Note 4)		9,203			15,942			91,578			22,774			682,294
Payable for investments purchased		–			37,950			269,922			122,804			–
Other payables		–			–			–			119,840			–
Total liabilities		697,919			624,386			28,216,381			2,668,275			79,043,924
NET ASSETS	$	9,824,006		$	18,951,761		$	107,306,400		$	16,681,149		$	837,223,320

NET ASSETS CONSISTS OF:
Paid-in capital	$	16,516,260		$	34,570,772		$	233,218,476		$	45,517,821		$	963,182,851
Total distributable earnings/(accumulated losses)		(6,692,254	)		(15,619,011	)		(125,912,076	)		(28,836,672	)		(125,959,531	)
Total Net Assets	$	9,824,006		$	18,951,761		$	107,306,400		$	16,681,149		$	837,223,320

Net assets	$	9,824,006		$	18,951,761		$	107,306,400		$	16,681,149		$	837,223,320
Shares issued and outstanding^(a)		229,985			779,975			18,725,000			2,450,000			28,554,965
Net asset value per share	$	42.72		$	24.30		$	5.73		$	6.81		$	29.32

(a)	Unlimited shares authorized without par value.

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax TSM Option Income Strategy ETF		YieldMax Ultra Option Income Strategy ETF			YieldMax Ultra Short Option Income Strategy ETF			YieldMax Universe Fund of Option Income ETFs			YieldMax XOM Option Income Strategy ETF
ASSETS:
Investments in unaffiliated securities, at value (cost $99,377,943, $704,719,158, $18,550,843, $60,584 and $31,624,010) (Note 2)	$	105,482,606	$	884,095,721		$	18,777,632		$	60,584		$	31,670,134
Investments in affiliated securities, at value (cost $–, $–, $–, $223,540,233 and $–) (Note 2)		–		–			–			387,241,198			–
Receivable for investments sold		1,397,868		12,178,980			215,706			1,654,490			–
Receivable for fund shares sold		825,945		–			–			4,624,895			–
Deposits with brokers for derivatives		420,923		–			20,830,129			–			258,904
Interest receivable		17,594		7,534,830			14,881			16,070			3,369
Dividends receivable		–		–			–			4,663,982			–
Cash		–		–			–			541,601			–
Receivable for ETF transaction fees (Note 9)		165		–			–			–			–
Other receivables		–		23,171,037			–			–			–
Total assets		108,145,101		926,980,568			39,838,348			398,802,820			31,932,407

LIABILITIES:
Securities sold short, at value (cost , $–, $–, $17,820,189, $– and $–) (Note 2)		–		–			18,916,838			–			–
Written option contracts, at value (premium received $8,598,490, $32,572,699, $663,587, $– and $1,614,775) (Note 2)		2,619,465		33,021,626			782,247			–			1,813,710
Distributions payable		1,689,405		–			–			–			199,920
Payable for investments purchased		1,237,892		35,350,018			647,961			4,546,747			–
Payable to adviser (Note 4)		64,466		801,678			19,394			90,422			25,206
Payable for fund shares redeemed		–		–			–			1,261,335			–
Dividends payable		–		–			20,189			–			–
Due to brokers		–		3,351,622			–			–			–
Other payables		159,970		–			–			–			–
Total liabilities		5,771,198		72,524,944			20,386,629			5,898,504			2,038,836
NET ASSETS	$	102,373,903	$	854,455,624		$	19,451,719		$	392,904,316		$	29,893,571

NET ASSETS CONSISTS OF:
Paid-in capital	$	88,995,945	$	1,339,832,688		$	23,105,746		$	737,292,511		$	23,494,226
Total distributable Earnings/(accumulated losses)		13,377,958		(485,377,064	)		(3,654,027	)		(344,388,195	)		6,399,345
Total Net Assets	$	102,373,903	$	854,455,624		$	19,451,719		$	392,904,316		$	29,893,571

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax TSM Option Income Strategy ETF		YieldMax Ultra Option Income Strategy ETF		YieldMax Ultra Short Option Income Strategy ETF		YieldMax Universe Fund of Option Income ETFs		YieldMax XOM Option Income Strategy ETF
Net assets	$	102,373,903	$	854,455,624	$	19,451,719	$	392,904,316	$	29,893,571
Shares issued and outstanding^(a)		6,200,000		27,227,464		750,000		46,725,000		2,450,000
Net asset value per share	$	16.51	$	31.38	$	25.94	$	8.41	$	12.20

(a)	Unlimited shares authorized without par value.

Statement of Assets and Liabilities

April 30, 2026 (Unaudited)

	YieldMax XYZ Option Income Strategy ETF
ASSETS:
Investments, at value (cost $40,801,629) (Note 2)	$	41,684,667
Receivable for investments sold		419,384
Deposits with brokers for derivatives		259,463
Interest receivable		2,790
Total assets		42,366,304

LIABILITIES:
Written option contracts, at value (premium received $7,430,818) (Note 2)		2,865,138
Distributions payable		629,833
Payable for investments purchased		288,775
Payable to adviser (Note 4)		33,709
Total liabilities		3,817,455
NET ASSETS	$	38,548,849

NET ASSETS CONSISTS OF:
Paid-in capital	$	59,390,602
Total distributable earnings/(accumulated losses)		(20,841,753	)
Total Net Assets	$	38,548,849

Net assets	$	38,548,849
Shares issued and outstanding^(a)		1,394,979
Net asset value per share	$	27.63

(a)	Unlimited shares authorized without par value.

100

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax AAPL Option Income Strategy ETF			YieldMax ABNB Option Income Strategy ETF			YieldMax AI Option Income Strategy ETF			YieldMax AMD Option Income Strategy ETF			YieldMax AMZN Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	2,294,288		$	473,455		$	961,047		$	3,422,567		$	4,954,687
Total investment income		2,294,288			473,455			961,047			3,422,567			4,954,687

EXPENSES:
Investment advisory fee (Note 4)		616,167			122,555			227,624			842,783			1,252,808
Interest expense		108,062			30,778			7,007			34,656			131,000
Total expenses		724,229			153,333			234,631			877,439			1,383,808
NET INVESTMENT INCOME (LOSS)		1,570,059			320,122			726,416			2,545,128			3,570,879

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(3,763,142	)		(1,335,454	)		(38,161,532	)		78,029,224			(8,888,477	)
Written option contracts		4,074,533			2,370,578			3,178,382			(47,003,787	)		(27,734,867	)
Securities sold short		460			–			16			(32,656	)		(5,429	)
Net realized gain (loss)		311,851			1,035,124			(34,983,134	)		30,992,781			(36,628,773	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,924,510	)		815,948			1,466,712			1,877,014			32,286,346
Written option contracts		(569,372	)		458,366			(60,182	)		2,606,451			8,094,872
Foreign currency translation		–			–			–			–			(52,269	)
Net change in unrealized appreciation (depreciation)		(3,493,882	)		1,274,314			1,406,530			4,483,465			40,328,949
Net realized and unrealized gain (loss)		(3,182,031	)		2,309,438			(33,576,604	)		35,476,246			3,700,176
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,611,972	)	$	2,629,560		$	(32,850,188	)	$	38,021,374		$	7,271,055

101

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax BABA Option Income Strategy ETF			YieldMax Bitcoin Option Income Strategy ETF			YieldMax BRK.B Option Income Strategy ETF			YieldMax COIN Option Income Strategy ETF			YieldMax CVNA Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	704,570		$	1,544,014		$	441,739		$	13,058,923		$	746,523
Total investment income		704,570			1,544,014			441,739			13,058,923			746,523

EXPENSES:
Investment advisory fee (Note 4)		184,299			331,595			116,571			3,009,802			204,995
Interest expense		24,961			2,100			1,380			297,188			22,627
Total expenses		209,260			333,695			117,951			3,306,990			227,622
NET INVESTMENT INCOME (LOSS)		495,310			1,210,319			323,788			9,751,933			518,901

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(4,923,414	)		(33,653,252	)		(1,102,993	)		(359,986,413	)		(2,037,764	)
Written option contracts		7,678,789			(6,340,004	)		310,666			(138,376,122	)		8,362,994
Securities sold short		–			(568	)		–			–			–
Net realized gain (loss)		2,755,375			(39,993,824	)		(792,327	)		(498,362,535	)		6,325,230
Net change in unrealized appreciation (depreciation) on:
Investments		(6,892,001	)		6,424,986			652,737			32,324,498			1,288,265
Written option contracts		(2,769,798	)		4,151,816			134,771			2,901,988			1,902,867
Foreign currency translation		–			–			–			(23,328	)		(2,330	)
Net change in unrealized appreciation (depreciation)		(9,661,799	)		10,576,802			787,508			35,203,158			3,188,802
Net realized and unrealized gain (loss)		(6,906,424	)		(29,417,022	)		(4,819	)		(463,159,377	)		9,514,032
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,411,114	)	$	(28,206,703	)	$	318,969		$	(453,407,444	)	$	10,032,933

102

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax DIS Option Income Strategy ETF			YieldMax DKNG Option Income Strategy ETF			YieldMax Gold Miners Option Income Strategy ETF			YieldMax GOOGL Option Income Strategy ETF			YieldMax HOOD Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	381,449		$	316,275		$	4,513,846		$	3,996,918		$	3,320,374
Total investment income		381,449			316,275			4,513,846			3,996,918			3,320,374

EXPENSES:
Investment advisory fee (Note 4)		95,557			79,607			1,282,581			1,093,747			716,110
Interest expense		27,518			5,730			14,423			114,179			3,480
Total expenses		123,075			85,337			1,297,004			1,207,926			719,590
NET INVESTMENT INCOME (LOSS)		258,374			230,938			3,216,842			2,788,992			2,600,784

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(3,198,061	)		(4,624,195	)		21,836,353			47,398,319			(62,137,700	)
Written option contracts		1,815,149			(66,357	)		2,158,198			(4,164,049	)		(32,001,235	)
Securities sold short		–			–			(587	)		198			(1,497	)
Net realized gain (loss)		(1,382,912	)		(4,690,552	)		23,993,964			43,234,468			(94,140,432	)
Net change in unrealized appreciation (depreciation) on:
Investments		(150,942	)		91,791			(27,518,213	)		14,476,941			1,017,720
Written option contracts		65,191			302,745			4,041,846			1,707,056			(1,247,688	)
Foreign currency translation		(3,062	)		–			–			–			–
Net change in unrealized appreciation (depreciation)		(88,813	)		394,536			(23,476,367	)		16,183,997			(229,968	)
Net realized and unrealized gain (loss)		(1,471,725	)		(4,296,016	)		517,597			59,418,465			(94,370,400	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,213,351	)	$	(4,065,078	)	$	3,734,439		$	62,207,457		$	(91,769,616	)

103

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax Innovation Option Income Strategy ETF			YieldMax JP Option Income Strategy ETF			YieldMax Magnificent 7 Fund of Option Income ETF			YieldMax MARA Option Income Strategy ETF			YieldMax META Option Income Strategy ETF
INVESTMENT INCOME:
Unaffiliated dividend income	$	–		$	–		$	733		$	–		$	–
Affiliated dividend income		–			–			74,932,470			–			–
Interest income		1,160,557			1,003,431			161,924			1,344,362			2,546,925
Total investment income		1,160,557			1,003,431			75,095,127			1,344,362			2,546,925

EXPENSES:
Investment advisory fee (Note 4)		294,839			244,906			532,993			252,851			619,906
Interest expense		24,932			38,191			102			87,659			93,601
Dividend expense		–			41,850			–			–			–
Total expenses		319,771			324,947			533,095			340,510			713,507
NET INVESTMENT INCOME (LOSS)		840,786			678,484			74,562,032			1,003,852			1,833,418

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Unaffiliated investments		(12,704,533	)		(1,592,517	)		2,464,563			(25,354,094	)		(21,687,948	)
Affiliated investments		–			–			(15,424,538	)		–			–
Affiliated in-kind redemptions		–			–			(4,550,264	)		–			–
Written option contracts		6,881,451			(1,158,357	)		4,496,725			(10,977,927	)		(15,357,248	)
Securities sold short		(14,863	)		(123,673	)		–			142			(8,157	)
Net realized gain (loss)		(5,837,945	)		(2,874,547	)		(13,013,514	)		(36,331,879	)		(37,053,353	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(3,401,518	)		296,175			(3,955,711	)		226,215			11,165,691
Investments in affiliated securities		–			–			(57,647,396	)		–			–
Written option contracts		(762,585	)		380,629			(3,167,154	)		(468,165	)		14,159,630
Foreign currency translation		–			(3,925	)		–			–			–
Net change in unrealized appreciation (depreciation)		(4,164,103	)		672,879			(64,770,261	)		(241,950	)		25,325,321
Net realized and unrealized gain (loss)		(10,002,048	)		(2,201,668	)		(77,783,775	)		(36,573,829	)		(11,728,032	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,161,262	)	$	(1,523,184	)	$	(3,221,743	)	$	(35,569,977	)	$	(9,894,614	)

104

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax MRNA Option Income Strategy ETF			YieldMax MSFT Option Income Strategy ETF			YieldMax MSTR Option Income Strategy ETF			YieldMax NFLX Option Income Strategy ETF			YieldMax NVDA Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	1,600,347		$	2,247,669		$	29,101,925		$	1,799,456		$	32,146,593
Total investment income		1,600,347			2,247,669			29,101,925			1,799,456			32,146,593

EXPENSES:
Investment advisory fee (Note 4)		474,042			548,169			7,155,704			431,519			7,412,514
Interest expense		118,372			22,719			917,571			83,545			889,243
Total expenses		592,414			570,888			8,073,275			515,064			8,301,757
NET INVESTMENT INCOME (LOSS)		1,007,933			1,676,781			21,028,650			1,284,392			23,844,836

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		22,807,042			(20,949,369	)		(804,882,194	)		(16,601,689	)		(134,489,229	)
Written option contracts		23,348,075			(1,753,558	)		(765,644,726	)		(18,123,553	)		198,449,586
Securities sold short		(540	)		–			249			(3,069	)		3,879
Net realized gain (loss)		46,154,577			(22,702,927	)		(1,570,526,671	)		(34,728,311	)		63,964,236
Net change in unrealized appreciation (depreciation) on:
Investments		(13,908,348	)		(2,595,062	)		326,013,988			5,016,931			(116,563,948	)
Written option contracts		(2,530,005	)		1,308,283			268,139,745			11,119,375			46,435,202
Foreign currency translation		–			(5,516	)		(84,963	)		–			–
Net change in unrealized appreciation (depreciation)		(16,438,353	)		(1,292,295	)		594,068,770			16,136,306			(70,128,746	)
Net realized and unrealized gain (loss)		29,716,224			(23,995,222	)		(976,457,901	)		(18,592,005	)		(6,164,510	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,724,157		$	(22,318,441	)	$	(955,429,251	)	$	(17,307,613	)	$	17,680,326

105

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax PLTR Option Income Strategy ETF			YieldMax PYPL Option Income Strategy ETF			YieldMax RBLX Option Income Strategy ETF			YieldMax Short COIN Option Income Strategy ETF			YieldMax Short N100 Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	9,464,797		$	696,404		$	356,358		$	675,099		$	268,723
Total investment income		9,464,797			696,404			356,358			675,099			268,723

EXPENSES:
Investment advisory fee (Note 4)		2,372,361			156,379			74,664			209,227			74,297
Interest expense		364,312			63,686			49,048			3,965			513
Total expenses		2,736,673			220,065			123,712			213,192			74,810
NET INVESTMENT INCOME (LOSS)		6,728,124			476,339			232,646			461,907			193,913

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(116,396,662	)		(4,933,225	)		(8,469,121	)		(6,759,903	)		(1,003,346	)
Written option contracts		29,650,606			(5,307,319	)		(5,628,300	)		19,671,757			1,742,588
Securities sold short		959,880			–			(279	)		–			–
Net realized gain (loss)		(86,650,176	)		(10,240,544	)		(14,097,700	)		12,911,854			739,242
Net change in unrealized appreciation (depreciation) on:
Investments		(56,383,363	)		496,341			2,133,706			(860,013	)		(27,643	)
Securities sold short		(119	)		–			–			–			–
Written option contracts		(28,482,234	)		688,840			185,728			3,090,892			(604,392	)
Foreign currency translation		–			(29,291	)		4,456			–			–
Net change in unrealized appreciation (depreciation)		(84,865,716	)		1,155,890			2,323,890			2,230,879			(632,035	)
Net realized and unrealized gain (loss)		(171,515,892	)		(9,084,654	)		(11,773,810	)		15,142,733			107,207
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(164,787,768	)	$	(8,608,315	)	$	(11,541,164	)	$	15,604,640		$	301,120

106

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax Short NVDA Option Income Strategy ETF			YieldMax Short TSLA Option Income Strategy ETF			YieldMax SMCI Option Income Strategy ETF			YieldMax SNOW Option Income Strategy ETF			YieldMax TSLA Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	175,632		$	346,133		$	3,691,160		$	930,418		$	20,366,493
Other income		–			–			–			–			14,913
Total investment income		175,632			346,133			3,691,160			930,418			20,381,406

EXPENSES:
Investment advisory fee (Note 4)		47,471			96,655			803,660			232,780			5,091,121
Interest expense		2,833			2,112			49,537			6,769			396,444
Total expenses		50,304			98,767			853,197			239,549			5,487,565
NET INVESTMENT INCOME (LOSS)		125,328			247,366			2,837,963			690,869			14,893,841

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(2,441,492	)		(5,033,949	)		(92,724,968	)		(17,855,836	)		(224,744,123	)
Written option contracts		1,998,966			1,674,234			(18,065,243	)		2,293,363			259,709,397
Securities sold short		–			–			40			(109	)		24,419
Net realized gain (loss)		(442,526	)		(3,359,715	)		(110,790,171	)		(15,562,582	)		34,989,693
Net change in unrealized appreciation (depreciation) on:
Investments		(237,116	)		1,464,190			(6,663,060	)		(8,808,969	)		(87,577,901	)
Written option contracts		699,613			4,610,122			(3,910,946	)		(4,034,298	)		(63,678,063	)
Foreign currency translation		–			–			–			–			(24,770	)
Net change in unrealized appreciation (depreciation)		462,497			6,074,312			(10,574,006	)		(12,843,267	)		(151,280,734	)
Net realized and unrealized gain (loss)		19,971			2,714,597			(121,364,177	)		(28,405,849	)		(116,291,041	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	145,299		$	2,961,963		$	(118,526,214	)	$	(27,714,980	)	$	(101,397,200	)

107

Statements of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax TSM Option Income Strategy ETF			YieldMax Ultra Option Income Strategy ETF			YieldMax Ultra Short Option Income Strategy ETF^(a)			YieldMax Universe Fund of Option Income ETFs			YieldMax XOM Option Income Strategy ETF
INVESTMENT INCOME:
Unaffiliated dividend income	$	–		$	1,631,583		$	–		$	–		$	–
Affiliated dividend income		–			–			–			159,626,790			–
Interest income		1,305,713			1,020,433			584,330			179,024			748,459
Other income		–			10,503			–			–			–
Total investment income		1,305,713			2,662,519			584,330			159,805,814			748,459

EXPENSES:
Investment advisory fee (Note 4)		354,280			7,327,010			124,473			831,310			203,030
Interest expense		9,900			396			–			37			49,498
Dividend expense		–			–			73,297			–			–
Total expenses		364,180			7,327,406			197,770			831,347			252,528
Expense reimbursement by Adviser (Note 4)		–			(590,888	)		(10,038	)		–			–
Net expenses		364,180			6,736,518			187,732			831,347			252,528
NET INVESTMENT INCOME (LOSS)		941,533			(4,073,999	)		396,598			158,974,467			495,931

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Unaffiliated investments		(3,837,851	)		(310,608,257	)		(1,651,829	)		(3,849,591	)		7,510,557
Affiliated investments		–			–			–			(375,111,534	)		–
Affiliated In-kind redemptions		–			–			–			(52,477,647	)		–
Written option contracts		6,894,500			113,974,790			(34,997	)		(403,647	)		1,522,062
Securities sold short		–			–			395,872			–			–
Net realized gain (loss)		3,056,649			(196,633,467	)		(1,290,954	)		(431,842,419	)		9,032,619
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		6,500,039			(66,228,472	)		206,863			–			365,136
Investments in affiliated securities		–			–			–			170,046,083			–
Securities sold short		–			–			(284,692	)		–			–
Written option contracts		4,481,016			(3,804,030	)		(142,127	)		–			(517,105	)
Foreign currency translation		–			(25	)		–			(25	)		(8,531	)
Net change in unrealized appreciation (depreciation)		10,981,055			(70,032,527	)		(219,956	)		170,046,058			(160,500	)
Net realized and unrealized gain (loss)		14,037,704			(266,665,994	)		(1,510,910	)		(261,796,361	)		8,872,119
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,979,237		$	(270,739,993	)	$	(1,114,312	)	$	(102,821,894	)	$	9,368,050

(a)	Inception date of the Fund was August 20, 2025.

108

Statement of Operations

For the Period Ended April 30, 2026 (Unaudited)

	YieldMax XYZ Option Income Strategy ETF
INVESTMENT INCOME:
Interest income	$	857,705
Other income		343
Total investment income		858,048

EXPENSES:
Investment advisory fee (Note 4)		199,591
Interest expense		86,250
Total expenses		285,841
NET INVESTMENT INCOME (LOSS)		572,207

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(7,834,113	)
Written option contracts		(2,019,443	)
Securities sold short		(381,308	)
Net realized gain (loss)		(10,234,864	)
Net change in unrealized appreciation (depreciation) on:
Investments		984,136
Written option contracts		3,313,332
Foreign currency translation		(10,356	)
Net change in unrealized appreciation (depreciation)		4,287,112
Net realized and unrealized gain (loss)		(5,947,752	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,375,545	)

109

Statements of Changes in Net Assets

	YieldMax AAPL Option Income Strategy ETF						YieldMax ABNB Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	1,570,059		$	4,058,916		$	320,122		$	971,386
Net realized gain (loss)		311,851			4,220,966			1,035,124			(4,872,308	)
Net change in unrealized appreciation (depreciation)		(3,493,882	)		7,794,026			1,274,314			563,208
Net increase (decrease) in net assets resulting from operations		(1,611,972	)		16,073,908			2,629,560			(3,337,714	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(1,570,059	)		(15,034,941	)		(320,122	)		(970,138	)
Return of capital		(16,547,219	)		(28,724,087	)		(5,054,487	)		(12,986,440	)
Total distributions to shareholders		(18,117,278	)		(43,759,028	)		(5,365,609	)		(13,956,578	)

CAPITAL TRANSACTIONS:
Subscriptions		44,492,453			129,199,180			14,900,802			45,930,595
Redemptions		(70,820,568	)		(38,649,102	)		(21,234,891	)		(14,403,165	)
ETF transaction fees (Note 9)		23,063			33,570			7,227			12,067
Net increase (decrease) in net assets from capital transactions		(26,305,052	)		90,583,648			(6,326,862	)		31,539,497

NET INCREASE (DECREASE) IN NET ASSETS		(44,422,330	)		62,898,528			(9,062,911	)		14,245,205

NET ASSETS:
Beginning of the period		155,362,660			92,464,132			30,988,207			16,743,002
End of the period	$	109,328,358		$	155,362,660		$	21,925,296		$	30,988,207

SHARES TRANSACTIONS
Subscriptions		3,625,000			8,650,000			425,000			3,400,000
Redemptions		(5,725,000	)		(2,700,000	)		(560,019	)		(1,200,000	)
Reverse Stock Split (Note 11)		—			—			—			(2,580,000	)^(a)
Total increase (decrease) in shares outstanding		(2,100,000	)		5,950,000			(135,019	)		(380,000	)

(a)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 11).

110

Statements of Changes in Net Assets

	YieldMax AI Option Income Strategy ETF						YieldMax AMD Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	726,416		$	3,048,473		$	2,545,128		$	4,668,219
Net realized gain (loss)		(34,983,134	)		(61,227,677	)		30,992,781			76,818,322
Net change in unrealized appreciation (depreciation)		1,406,530			(1,281,947	)		4,483,465			10,401,509
Net increase (decrease) in net assets resulting from operations		(32,850,188	)		(59,461,151	)		38,021,374			91,888,050

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(726,416	)		(3,049,052	)		(2,545,128	)		(80,745,177	)
Return of capital		(14,224,346	)		(64,204,751	)		(56,469,499	)		(38,366,621	)
Total distributions to shareholders		(14,950,762	)		(67,253,803	)		(59,014,627	)		(119,111,798	)

CAPITAL TRANSACTIONS:
Subscriptions		15,755,250			219,495,812			234,110,970			269,706,637
Redemptions		(27,392,562	)		(42,535,940	)		(210,358,847	)		(131,748,490	)
ETF transaction fees (Note 9)		8,629			52,407			88,894			79,617
Net increase (decrease) in net assets from capital transactions		(11,628,683	)		177,012,279			23,841,017			138,037,764

NET INCREASE (DECREASE) IN NET ASSETS		(59,429,633	)		50,297,325			2,847,764			110,814,016

NET ASSETS:
Beginning of the period		84,569,573			34,272,248			232,034,721			121,220,705
End of the period	$	25,139,940		$	84,569,573		$	234,882,485		$	232,034,721

SHARES TRANSACTIONS
Subscriptions		3,625,000			39,575,000			8,725,000			28,950,000
Redemptions		(4,425,027	)		(9,300,000	)		(8,195,025	)		(15,000,000	)
Reverse Stock Split (Note 11)		—			(30,937,500	)^(a)		—			(18,880,000	)^(b)
Total increase (decrease) in shares outstanding		(800,027	)		(662,500	)		529,975			(4,930,000	)

(a)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

(b)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

111

Statements of Changes in Net Assets

	YieldMax AMZN Option Income Strategy ETF						YieldMax BABA Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	3,570,879		$	8,496,158		$	495,310		$	1,235,985
Net realized gain (loss)		(36,628,783	)		39,988,890			2,755,375			8,563,304
Net change in unrealized appreciation (depreciation)		40,328,949			11,830,219			(9,661,799	)		10,863,150
Net increase (decrease) in net assets resulting from operations		7,271,055			60,315,267			(6,411,114	)		20,662,439

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(3,570,879	)		(58,900,818	)		(495,310	)		(20,203,501	)
Return of capital		(51,329,644	)		(66,473,190	)		(7,973,075	)		(12,746,267	)
Total distributions to shareholders		(54,900,523	)		(125,374,008	)		(8,468,385	)		(32,949,768	)

CAPITAL TRANSACTIONS:
Subscriptions		52,465,511			284,300,035			759,760			123,920,828
Redemptions		(64,128,887	)		(86,605,868	)		(27,687,455	)		(72,979,758	)
ETF transaction fees (Note 9)		23,319			74,181			5,689			39,179
Net increase (decrease) in net assets from capital transactions		(11,640,057	)		197,768,348			(26,922,006	)		50,980,249

NET INCREASE (DECREASE) IN NET ASSETS		(59,269,525	)		132,709,607			(41,801,505	)		38,692,920

NET ASSETS:
Beginning of the period		311,639,288			178,929,681			59,708,938			21,016,018
End of the period	$	252,369,763		$	311,639,288		$	17,907,433		$	59,708,938

SHARES TRANSACTIONS
Subscriptions		4,350,000			16,375,000			50,000			6,750,000
Redemptions		(5,200,000	)		(4,975,000	)		(2,125,000	)		(3,925,000	)
Total increase (decrease) in shares outstanding		(850,000	)		11,400,000			(2,075,000	)		2,825,000

112

Statements of Changes in Net Assets

	YieldMax Bitcoin Option Income Strategy ETF						YieldMax BRK.B Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	1,210,319		$	1,818,888		$	323,788		$	238,392
Net realized gain (loss)		(39,993,824	)		40,476,296			(792,327	)		221,339
Net change in unrealized appreciation (depreciation)		10,576,802			(16,105,475	)		787,508			(926,969	)
Net increase (decrease) in net assets resulting from operations		(28,206,703	)		26,189,709			318,969			(467,238	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(1,210,319	)		(23,672,283	)		(323,788	)		(483,762	)
Return of capital		(16,600,146	)		(54,152,615	)		(1,992,290	)		(1,357,456	)
Total distributions to shareholders		(17,810,465	)		(77,824,898	)		(2,316,078	)		(1,841,218	)

CAPITAL TRANSACTIONS:
Subscriptions		34,307,747			215,887,225			20,141,413			43,556,438
Redemptions		(54,847,404	)		(102,083,305	)		(43,941,908	)		(8,314,188	)
ETF transaction fees (Note 9)		17,831			63,594			12,817			10,124
Net increase (decrease) in net assets from capital transactions		(20,521,826	)		113,867,514			(23,787,678	)		35,252,374

NET INCREASE (DECREASE) IN NET ASSETS		(66,538,994	)		62,232,325			(25,784,787	)		32,943,918

NET ASSETS:
Beginning of the period		110,061,855			47,829,530			32,943,918			—
End of the period	$	43,522,861		$	110,061,855		$	7,159,131		$	32,943,918

SHARES TRANSACTIONS
Subscriptions		1,875,000			18,100,000			475,000			900,000
Redemptions		(2,570,021	)		(9,350,000	)		(1,025,000	)		(175,000	)
Reverse Stock Split (Note 11)		—			(10,000,000	)^(b)		—			—
Total increase (decrease) in shares outstanding		(695,021	)		(1,250,000	)		(550,000	)		725,000

(a)

Inception date of the Fund was June 4, 2025.

(b)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 28, 2025 (Note 11).

113

Statements of Changes in Net Assets

	YieldMax COIN Option Income Strategy ETF						YieldMax CVNA Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	9,751,933		$	39,066,476		$	518,901		$	1,080,324
Net realized gain (loss)		(498,362,535	)		153,421,176			6,325,230			16,768,040
Net change in unrealized appreciation (depreciation)		35,203,158			99,010,234			3,188,802			933,293
Net increase (decrease) in net assets resulting from operations		(453,407,444	)		291,497,886			10,032,933			18,781,657

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(9,751,933	)		(252,154,941	)		(518,901	)		(19,128,290	)
Return of capital		(200,129,085	)		(925,803,792	)		(14,049,894	)		(14,341,853	)
Total distributions to shareholders		(209,881,018	)		(1,177,958,733	)		(14,568,795	)		(33,470,143	)

CAPITAL TRANSACTIONS:
Subscriptions		232,177,298			2,442,407,610			17,878,680			122,909,758
Redemptions		(440,973,070	)		(941,670,295	)		(43,718,212	)		(54,083,643	)
ETF transaction fees (Note 9)		134,629			676,816			—			—
Net increase (decrease) in net assets from capital transactions		(208,661,143	)		1,501,414,131			(25,839,532	)		68,826,115

NET INCREASE (DECREASE) IN NET ASSETS		(871,949,605	)		614,953,284			(30,375,394	)		54,137,629

NET ASSETS:
Beginning of the period		1,270,187,896			655,234,612			54,137,629			—
End of the period	$	398,238,291		$	1,270,187,896		$	23,762,235		$	54,137,629

SHARES TRANSACTIONS
Subscriptions		20,500,000			249,000,000			525,000			3,025,000
Redemptions		(25,347,543	)		(102,025,000	)		(1,375,000	)		(1,325,000	)
Reverse Stock Split (Note 11)		—			(180,495,000	)^(b)		—			—
Total increase (decrease) in shares outstanding		(4,847,543	)		(33,520,000	)		(850,000	)		1,700,000

(a)

Inception date of the Fund was January 29, 2025.

(b)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

114

Statements of Changes in Net Assets

	YieldMax DIS Option Income Strategy ETF						YieldMax DKNG Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	258,374		$	1,096,446		$	230,938		$	122,711
Net realized gain (loss)		(1,382,912	)		1,533,481			(4,690,552	)		(9,546,826	)
Net change in unrealized appreciation (depreciation)		(88,813	)		(378,320	)		394,536			(553,084	)
Net increase (decrease) in net assets resulting from operations		(1,213,351	)		2,251,607			(4,065,078	)		(9,977,199	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(258,374	)		(1,095,662	)		(230,938	)		(122,197	)
Return of capital		(2,776,359	)		(11,379,403	)		(4,799,102	)		(2,144,281	)
Total distributions to shareholders		(3,034,733	)		(12,475,065	)		(5,030,040	)		(2,266,478	)

CAPITAL TRANSACTIONS:
Subscriptions		541,747			38,459,393			8,563,209			43,380,043
Redemptions		(26,457,563	)		(15,579,940	)		(25,668,280	)		(2,337,045	)
ETF transaction fees (Note 9)		5,400			10,808			6,747			8,893
Net increase (decrease) in net assets from capital transactions		(25,910,416	)		22,890,261			(17,098,324	)		41,051,891

NET INCREASE (DECREASE) IN NET ASSETS		(30,158,500	)		12,666,803			(26,193,442	)		28,808,214

NET ASSETS:
Beginning of the period		35,195,308			22,528,505			28,808,214			—
End of the period	$	5,036,808		$	35,195,308		$	2,614,772		$	28,808,214

SHARES TRANSACTIONS
Subscriptions		50,000			2,500,000			400,000			950,000
Redemptions		(2,350,000	)		(1,125,000	)		(1,150,000	)		(50,000	)
Total increase (decrease) in shares outstanding		(2,300,000	)		1,375,000			(750,000	)		900,000

(a)

Inception date of the Fund was July 14, 2025.

115

Statements of Changes in Net Assets

	YieldMax Gold Miners Option Income Strategy ETF						YieldMax GOOGL Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	3,216,842		$	2,387,893		$	2,788,992		$	3,740,810
Net realized gain (loss)		23,993,964			45,998,273			43,234,468			26,118,308
Net change in unrealized appreciation (depreciation)		(23,476,367	)		(11,310,434	)		16,183,997			29,613,338
Net increase (decrease) in net assets resulting from operations		3,734,439			37,075,732			62,207,457			59,472,456

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(3,216,842	)		(46,772,715	)		(2,788,992	)		(56,540,890	)
Return of capital		(72,765,581	)		—			(45,150,573	)		—
Total distributions to shareholders		(75,982,423	)		(46,772,715	)		(47,939,565	)		(56,540,890	)

CAPITAL TRANSACTIONS:
Subscriptions		274,842,210			204,088,162			100,192,448			163,426,440
Redemptions		(107,434,317	)		(38,881,622	)		(41,772,955	)		(43,341,427	)
ETF transaction fees (Note 9)		76,455			48,594			28,393			41,353
Net increase (decrease) in net assets from capital transactions		167,484,348			165,255,134			58,447,886			120,126,366

NET INCREASE (DECREASE) IN NET ASSETS		95,236,364			155,558,151			72,715,778			123,057,932

NET ASSETS:
Beginning of the period		186,974,862			31,416,711			194,009,529			70,951,597
End of the period	$	282,211,226		$	186,974,862		$	266,725,307		$	194,009,529

SHARES TRANSACTIONS
Subscriptions		17,175,000			12,675,000			6,900,000			11,900,000
Redemptions		(7,275,000	)		(2,425,000	)		(2,950,000	)		(3,275,000	)
Total increase (decrease) in shares outstanding		9,900,000			10,250,000			3,950,000			8,625,000

116

Statements of Changes in Net Assets

	YieldMax HOOD Option Income Strategy ETF						YieldMax Innovation Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	2,600,784		$	1,739,126		$	840,786		$	2,051,024
Net realized gain (loss)		(94,140,432	)		78,815,849			(5,837,945	)		22,201,049
Net change in unrealized appreciation (depreciation)		(229,968	)		5,178,853			(4,164,103	)		8,194,343
Net increase (decrease) in net assets resulting from operations		(91,769,616	)		85,733,828			(9,161,262	)		32,446,416

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(2,600,784	)		(85,010,320	)		(840,786	)		(23,903,921	)
Return of capital		(50,113,611	)		—			(13,013,347	)		(13,919,822	)
Total distributions to shareholders		(52,714,395	)		(85,010,320	)		(13,854,133	)		(37,823,743	)

CAPITAL TRANSACTIONS:
Subscriptions		73,619,982			372,968,958			24,714,695			77,667,283
Redemptions		(73,972,872	)		(123,325,403	)		(41,137,038	)		(35,072,962	)
ETF transaction fees (Note 9)		29,519			98,759			13,170			22,548
Net increase (decrease) in net assets from capital transactions		(323,371	)		249,742,314			(16,409,173	)		42,616,869

NET INCREASE (DECREASE) IN NET ASSETS		(144,807,382	)		250,465,822			(39,424,568	)		37,239,542

NET ASSETS:
Beginning of the period		250,465,822			—			91,683,936			54,444,394
End of the period	$	105,658,440		$	250,465,822		$	52,259,368		$	91,683,936

SHARES TRANSACTIONS
Subscriptions		2,075,000			5,425,000			1,100,000			8,500,000
Redemptions		(1,850,000	)		(1,750,000	)		(1,535,025	)		(3,800,000	)
Reverse Stock Split (Note 11)		—			—			—			(8,260,000	)^(b)
Total increase (decrease) in shares outstanding		225,000			3,675,000			(435,025	)		(3,560,000	)

(a)

Inception date of the Fund was May 7, 2025.

(b)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

117

Statements of Changes in Net Assets

	YieldMax JP Option Income Strategy ETF						YieldMax Magnificent 7 Fund of Option Income ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	678,484		$	1,545,622		$	74,562,032		$	87,176,852
Net realized gain (loss)		(2,874,547	)		6,652,504			(13,013,514	)		(20,995,066	)
Net change in unrealized appreciation (depreciation)		672,879			2,911,318			(64,770,261	)		20,675,894
Net increase (decrease) in net assets resulting from operations		(1,523,184	)		11,109,444			(3,221,743	)		86,857,680

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(678,484	)		(10,821,815	)		(70,240,372	)		(97,057,984	)
Return of capital		(6,462,639	)		(5,654,710	)		—			(63,741,071	)
Total distributions to shareholders		(7,141,123	)		(16,476,525	)		(70,240,372	)		(160,799,055	)

CAPITAL TRANSACTIONS:
Subscriptions		15,807,172			61,689,630			53,910,997			396,904,483
Redemptions		(27,536,837	)		(21,842,053	)		(136,383,675	)		(33,793,995	)
ETF transaction fees (Note 9)		8,669			16,706			—			—
Net increase (decrease) in net assets from capital transactions		(11,720,996	)		39,864,283			(82,472,678	)		363,110,488

NET INCREASE (DECREASE) IN NET ASSETS		(20,385,303	)		34,497,202			(155,934,793	)		289,169,113

NET ASSETS:
Beginning of the period		60,925,363			26,428,161			471,839,902			182,670,789
End of the period	$	40,540,060		$	60,925,363		$	315,905,109		$	471,839,902

SHARES TRANSACTIONS
Subscriptions		1,075,000			3,525,000			4,100,000			23,050,000
Redemptions		(1,925,000	)		(1,275,000	)		(10,150,000	)		(2,150,000	)
Total increase (decrease) in shares outstanding		(850,000	)		2,250,000			(6,050,000	)		20,900,000

118

Statements of Changes in Net Assets

	YieldMax MARA Option Income Strategy ETF						YieldMax META Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	1,003,852		$	1,940,044		$	1,833,418		$	5,308,721
Net realized gain (loss)		(36,331,879	)		(7,104,704	)		(37,053,353	)		27,479,617
Net change in unrealized appreciation (depreciation)		(241,950	)		(83,348	)		25,325,321			(22,021,662	)
Net increase (decrease) in net assets resulting from operations		(35,569,977	)		(5,248,008	)		(9,894,614	)		10,766,676

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(1,003,852	)		(1,937,869	)		(1,833,418	)		(31,014,311	)
Return of capital		(23,129,423	)		(61,879,849	)		(24,461,922	)		(38,646,322	)
Total distributions to shareholders		(24,133,275	)		(63,817,718	)		(26,295,340	)		(69,660,633	)

CAPITAL TRANSACTIONS:
Subscriptions		56,334,208			270,806,478			38,036,247			151,992,875
Redemptions		(26,591,300	)		(105,841,933	)		(53,754,145	)		(66,639,815	)
ETF transaction fees (Note 9)		16,585			74,580			18,358			43,727
Net increase (decrease) in net assets from capital transactions		29,759,493			165,039,125			(15,699,540	)		85,396,787

NET INCREASE (DECREASE) IN NET ASSETS		(29,943,759	)		95,973,399			(51,889,494	)		26,502,830

NET ASSETS:
Beginning of the period		95,973,399			—			154,947,976			128,445,146
End of the period	$	66,029,640		$	95,973,399		$	103,058,482		$	154,947,976

SHARES TRANSACTIONS
Subscriptions		8,175,000			11,125,000			3,225,000			8,600,000
Redemptions		(3,850,000	)		(5,200,000	)		(4,500,000	)		(3,800,000	)
Total increase (decrease) in shares outstanding		4,325,000			5,925,000			(1,275,000	)		4,800,000

(a)

Inception date of the Fund was December 9, 2024.

119

Statements of Changes in Net Assets

	YieldMax MRNA Option Income Strategy ETF						YieldMax MSFT Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	1,007,933		$	2,755,745		$	1,676,781		$	3,969,013
Net realized gain (loss)		46,154,577			(51,676,059	)		(22,702,927	)		15,391,725
Net change in unrealized appreciation (depreciation)		(16,438,353	)		7,240,694			(1,292,295	)		6,003,729
Net increase (decrease) in net assets resulting from operations		30,724,157			(41,679,620	)		(22,318,441	)		25,364,467

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(1,007,933	)		(2,756,418	)		(1,676,781	)		(21,210,197	)
Return of capital		(40,403,636	)		(63,539,082	)		(16,157,972	)		(16,093,723	)
Total distributions to shareholders		(41,411,569	)		(66,295,500	)		(17,834,753	)		(37,303,920	)

CAPITAL TRANSACTIONS:
Subscriptions		82,413,273			208,406,660			29,065,073			116,609,230
Redemptions		(76,903,173	)		(36,847,878	)		(40,117,515	)		(36,558,455	)
ETF transaction fees (Note 9)		31,863			49,051			13,836			30,634
Net increase (decrease) in net assets from capital transactions		5,541,963			171,607,833			(11,038,606	)		80,081,409

NET INCREASE (DECREASE) IN NET ASSETS		(5,145,449	)		63,632,713			(51,191,800	)		68,141,956

NET ASSETS:
Beginning of the period		92,473,827			28,841,114			148,990,990			80,849,034
End of the period	$	87,328,378		$	92,473,827		$	97,799,190		$	148,990,990

SHARES TRANSACTIONS
Subscriptions		5,775,000			66,450,000			2,300,000			6,450,000
Redemptions		(5,715,026	)		(15,225,000	)		(2,925,000	)		(2,150,000	)
Reverse Stock Split (Note 11)		—			(49,680,000	)^(a)		—			—
Total increase (decrease) in shares outstanding		59,974			1,545,000			(625,000	)		4,300,000

(a)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

120

Statements of Changes in Net Assets

	YieldMax MSTR Option Income Strategy ETF						YieldMax NFLX Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	21,028,650		$	79,889,057		$	1,284,392		$	4,090,160
Net realized gain (loss)		(1,570,526,671	)		(499,247,315	)		(34,728,311	)		37,783,140
Net change in unrealized appreciation (depreciation)		594,068,770			(310,922,255	)		16,136,306			(17,248,878	)
Net increase (decrease) in net assets resulting from operations		(955,429,251	)		(730,280,513	)		(17,307,613	)		24,624,422

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(21,028,650	)		(144,116,337	)		(1,284,392	)		(42,195,719	)
Return of capital		(571,714,140	)		(3,054,672,201	)		(17,383,066	)		(14,625,321	)
Total distributions to shareholders		(592,742,790	)		(3,198,788,538	)		(18,667,458	)		(56,821,040	)

CAPITAL TRANSACTIONS:
Subscriptions		408,602,798			7,685,899,333			84,861,050			152,795,263
Redemptions		(646,285,749	)		(1,541,640,005	)		(107,877,808	)		(39,090,092	)
ETF transaction fees (Note 9)		210,977			1,845,508			37,759			38,377
Net increase (decrease) in net assets from capital transactions		(237,471,974	)		6,146,104,836			(22,978,999	)		113,743,548

NET INCREASE (DECREASE) IN NET ASSETS		(1,785,644,015	)		2,217,035,785			(58,954,070	)		81,546,930

NET ASSETS:
Beginning of the period		3,030,103,061			813,067,276			133,011,881			51,464,951
End of the period	$	1,244,459,046		$	3,030,103,061		$	74,057,811		$	133,011,881

SHARES TRANSACTIONS
Subscriptions		25,325,000			340,325,000			7,550,000			8,400,000
Redemptions		(30,790,041	)		(89,750,000	)		(9,325,000	)		(2,325,000	)
Reverse Stock Split (Note 11)		—			(222,840,000	)^(a)		—			—
Total increase (decrease) in shares outstanding		(5,465,041	)		27,735,000			(1,775,000	)		6,075,000

(a)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

121

Statements of Changes in Net Assets

	YieldMax NVDA Option Income Strategy ETF						YieldMax PLTR Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	23,844,836		$	45,634,320		$	6,728,124		$	9,293,533
Net realized gain (loss)		63,964,236			360,733,256			(86,650,176	)		252,139,058
Net change in unrealized appreciation (depreciation)		(70,128,746	)		158,371,779			(84,865,716	)		61,511,940
Net increase (decrease) in net assets resulting from operations		17,680,326			564,739,355			(164,787,768	)		322,944,531

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(23,844,836	)		(586,067,383	)		(6,728,124	)		(325,167,661	)
Return of capital		(341,551,157	)		(522,761,687	)		(148,712,651	)		(1,982,762	)
Total distributions to shareholders		(365,395,993	)		(1,108,829,070	)		(155,440,775	)		(327,150,423	)

CAPITAL TRANSACTIONS:
Subscriptions		318,696,778			1,817,785,615			188,412,788			1,183,133,912
Redemptions		(407,079,325	)		(695,290,400	)		(195,367,700	)		(509,671,195	)
ETF transaction fees (Note 9)		145,155			502,616			76,756			338,561
Net increase (decrease) in net assets from capital transactions		(88,237,392	)		1,122,997,831			(6,878,156	)		673,801,278

NET INCREASE (DECREASE) IN NET ASSETS		(435,953,059	)		578,908,116			(327,106,699	)		669,595,386

NET ASSETS:
Beginning of the period		1,823,695,944			1,244,787,828			675,756,031			6,160,645
End of the period	$	1,387,742,885		$	1,823,695,944		$	348,649,332		$	675,756,031

SHARES TRANSACTIONS
Subscriptions		22,275,000			98,450,000			3,925,000			17,850,000
Redemptions		(28,200,000	)		(39,425,000	)		(4,350,000	)		(7,575,000	)
Total increase (decrease) in shares outstanding		(5,925,000	)		59,025,000			(425,000	)		10,275,000

122

Statements of Changes in Net Assets

	YieldMax PYPL Option Income Strategy ETF						YieldMax RBLX Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	476,339		$	1,634,768		$	232,646		$	101,503
Net realized gain (loss)		(10,240,544	)		(13,012,598	)		(14,097,700	)		(1,763,073	)
Net change in unrealized appreciation (depreciation)		1,155,890			1,756,145			2,323,890			(2,319,673	)
Net increase (decrease) in net assets resulting from operations		(8,608,315	)		(9,621,685	)		(11,541,164	)		(3,981,243	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(476,339	)		(1,632,892	)		(232,646	)		(101,309	)
Return of capital		(6,847,327	)		(21,350,073	)		(4,229,524	)		(3,659,669	)
Total distributions to shareholders		(7,323,666	)		(22,982,965	)		(4,462,170	)		(3,760,978	)

CAPITAL TRANSACTIONS:
Subscriptions		29,291,025			54,241,653			6,709,735			38,536,713
Redemptions		(30,999,266	)		(19,341,850	)		(18,653,603	)		(1,208,295	)
ETF transaction fees (Note 9)		12,058			14,716			5,073			7,699
Net increase (decrease) in net assets from capital transactions		(1,696,183	)		34,914,519			(11,938,795	)		37,336,117

NET INCREASE (DECREASE) IN NET ASSETS		(17,628,164	)		2,309,869			(27,942,129	)		29,593,896

NET ASSETS:
Beginning of the period		47,509,566			45,199,697			29,593,896			—
End of the period	$	29,881,402		$	47,509,566		$	1,651,767		$	29,593,896

SHARES TRANSACTIONS
Subscriptions		1,000,000			3,625,000			300,000			725,000
Redemptions		(955,023	)		(1,475,000	)		(900,000	)		(25,000	)
Reverse Stock Split (Note 11)		—			(3,760,000	)^(b)		—			—
Total increase (decrease) in shares outstanding		44,977			(1,610,000	)		(600,000	)		700,000

(a)

Inception date of the Fund was July 28, 2025.

(b)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

123

Statements of Changes in Net Assets

	YieldMax Short COIN Option Income Strategy ETF						YieldMax Short N100 Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	461,907		$	1,249,036		$	193,913		$	339,985
Net realized gain (loss)		12,911,854			(25,981,381	)		739,242			(2,138,485	)
Net change in unrealized appreciation (depreciation)		2,230,879			(7,159,144	)		(632,035	)		(198,036	)
Net increase (decrease) in net assets resulting from operations		15,604,640			(31,891,489	)		301,120			(1,996,536	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(461,907	)		(1,249,765	)		(193,913	)		(402,030	)
Return of capital		(16,949,513	)		(37,739,558	)		(1,875,797	)		(2,335,403	)
Total distributions to shareholders		(17,411,420	)		(38,989,323	)		(2,069,710	)		(2,737,433	)

CAPITAL TRANSACTIONS:
Subscriptions		29,755,440			137,455,960			7,449,000			19,470,850
Redemptions		(32,494,895	)		(63,285,700	)		(6,058,000	)		(6,394,160	)
ETF transaction fees (Note 9)		12,450			40,148			2,702			5,173
Net increase (decrease) in net assets from capital transactions		(2,727,005	)		74,210,408			1,393,702			13,081,863

NET INCREASE (DECREASE) IN NET ASSETS		(4,533,785	)		3,329,596			(374,888	)		8,347,894

NET ASSETS:
Beginning of the period		43,366,360			40,036,764			14,398,989			6,051,095
End of the period	$	38,832,575		$	43,366,360		$	14,024,101		$	14,398,989

SHARES TRANSACTIONS
Subscriptions		2,950,000			26,925,000			600,000			1,250,000
Redemptions		(3,000,023	)		(11,350,000	)		(500,000	)		(400,000	)
Reverse Stock Split (Note 11)		—			(16,155,000	)^(a)		—			—
Total increase (decrease) in shares outstanding		(50,023	)		(580,000	)		100,000			850,000

(a)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

124

Statements of Changes in Net Assets

	YieldMax Short NVDA Option Income Strategy ETF						YieldMax Short TSLA Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	125,328		$	324,651		$	247,366		$	788,117
Net realized gain (loss)		(442,526	)		(5,230,905	)		(3,359,715	)		(12,226,063	)
Net change in unrealized appreciation (depreciation)		462,497			254,268			6,074,312			(3,630,693	)
Net increase (decrease) in net assets resulting from operations		145,299			(4,651,986	)		2,961,963			(15,068,639	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(125,328	)		(325,903	)		(247,366	)		(788,181	)
Return of capital		(2,260,776	)		(5,854,150	)		(5,760,581	)		(18,669,602	)
Total distributions to shareholders		(2,386,104	)		(6,180,053	)		(6,007,947	)		(19,457,783	)

CAPITAL TRANSACTIONS:
Subscriptions		6,385,732			20,263,662			4,979,153			61,629,415
Redemptions		(2,332,770	)		(12,048,998	)		(5,263,505	)		(27,925,010	)
ETF transaction fees (Note 9)		1,744			6,465			2,049			17,911
Net increase (decrease) in net assets from capital transactions		4,054,706			8,221,129			(282,303	)		33,722,316

NET INCREASE (DECREASE) IN NET ASSETS		1,813,901			(2,610,910	)		(3,328,287	)		(804,106	)

NET ASSETS:
Beginning of the period		8,010,105			10,621,015			22,280,048			23,084,154
End of the period	$	9,824,006		$	8,010,105		$	18,951,761		$	22,280,048

SHARES TRANSACTIONS
Subscriptions		350,000			2,050,000			300,000			11,075,000
Redemptions		(275,015	)		(1,200,000	)		(307,525	)		(5,250,000	)
Reverse Stock Split (Note 11)		—			(1,395,000	)^(a)		—			(7,087,500	)^(a)
Total increase (decrease) in shares outstanding		74,985			(545,000	)		(7,525	)		(1,262,500	)

(a)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

125

Statements of Changes in Net Assets

	YieldMax SMCI Option Income Strategy ETF						YieldMax SNOW Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	2,837,963		$	5,201,313		$	690,869		$	1,771,964
Net realized gain (loss)		(110,790,171	)		65,136,330			(15,562,582	)		17,793,932
Net change in unrealized appreciation (depreciation)		(10,574,006	)		(2,493,627	)		(12,843,267	)		13,189,198
Net increase (decrease) in net assets resulting from operations		(118,526,214	)		67,844,016			(27,714,980	)		32,755,094

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(2,837,963	)		(68,196,370	)		(690,869	)		(31,618,740	)
Return of capital		(64,122,180	)		(125,814,125	)		(11,747,799	)		(11,214,140	)
Total distributions to shareholders		(66,960,143	)		(194,010,495	)		(12,438,668	)		(42,832,880	)

CAPITAL TRANSACTIONS:
Subscriptions		103,444,228			599,073,888			21,107,385			149,215,410
Redemptions		(112,154,823	)		(183,199,678	)		(50,362,102	)		(71,862,238	)
ETF transaction fees (Note 9)		43,120			156,455			14,294			44,217
Net increase (decrease) in net assets from capital transactions		(8,667,475	)		416,030,665			(29,240,423	)		77,397,389

NET INCREASE (DECREASE) IN NET ASSETS		(194,153,832	)		289,864,186			(69,394,071	)		67,319,603

NET ASSETS:
Beginning of the period		301,460,232			11,596,046			86,075,220			18,755,617
End of the period	$	107,306,400		$	301,460,232		$	16,681,149		$	86,075,220

SHARES TRANSACTIONS
Subscriptions		12,550,000			29,325,000			2,375,000			8,675,000
Redemptions		(14,050,000	)		(9,450,000	)		(5,350,000	)		(4,425,000	)
Total increase (decrease) in shares outstanding		(1,500,000	)		19,875,000			(2,975,000	)		4,250,000

126

Statements of Changes in Net Assets

	YieldMax TSLA Option Income Strategy ETF						YieldMax TSM Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	14,893,841		$	33,851,294		$	941,533		$	1,409,235
Net realized gain (loss)		34,989,693			373,202,532			3,056,649			20,532,349
Net change in unrealized appreciation (depreciation)		(151,280,734	)		105,829,907			10,981,055			1,747,486
Net increase (decrease) in net assets resulting from operations		(101,397,200	)		512,883,733			14,979,237			23,689,070

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(14,893,841	)		(378,764,883	)		(941,533	)		(23,424,762	)
Return of capital		(282,287,817	)		(542,652,570	)		(16,748,037	)		(6,458,733	)
Total distributions to shareholders		(297,181,658	)		(921,417,453	)		(17,689,570	)		(29,883,495	)

CAPITAL TRANSACTIONS:
Subscriptions		329,284,362			1,996,041,030			93,028,755			97,856,531
Redemptions		(379,791,253	)		(1,128,545,207	)		(60,683,717	)		(42,213,180	)
ETF transaction fees (Note 9)		141,042			624,917			30,742			27,916
Net increase (decrease) in net assets from capital transactions		(50,365,849	)		868,120,740			32,375,780			55,671,267

NET INCREASE (DECREASE) IN NET ASSETS		(448,944,707	)		459,587,020			29,665,447			49,476,842

NET ASSETS:
Beginning of the period		1,286,168,027			826,581,007			72,708,456			23,231,614
End of the period	$	837,223,320		$	1,286,168,027		$	102,373,903		$	72,708,456

SHARES TRANSACTIONS
Subscriptions		24,350,000			203,775,000			5,700,000			5,800,000
Redemptions		(26,000,035	)		(122,025,000	)		(3,900,000	)		(2,575,000	)
Reverse Stock Split (Note 11)		—			(120,820,000	)^(a)		—			—
Total increase (decrease) in shares outstanding		(1,650,035	)		(39,070,000	)		1,800,000			3,225,000

(a)

Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 11).

127

Statements of Changes in Net Assets

	YieldMax Ultra Option Income Strategy ETF						YieldMax Ultra Short Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Period Ended October 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	(4,073,999	)	$	(7,669,232	)	$	396,598		$	57,179
Net realized gain (loss)		(196,633,467	)		(93,665,745	)		(1,290,954	)		(1,374,586	)
Net change in unrealized appreciation (depreciation)		(70,032,527	)		239,306,112			(219,956	)		(768,564	)
Net increase (decrease) in net assets resulting from operations		(270,739,993	)		137,971,135			(1,114,312	)		(2,085,971	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(420,906,213	)		(346,947,338	)		(396,598	)		(57,146	)
Return of capital		—			(641,667,620	)		(6,730,022	)		(1,852,482	)
Total distributions to shareholders		(420,906,213	)		(988,614,958	)		(7,126,620	)		(1,909,628	)

CAPITAL TRANSACTIONS:
Subscriptions		402,471,308			4,158,063,942			15,075,468			24,508,312
Redemptions		(1,338,706,541	)		(1,031,898,730	)		(7,904,278	)		—
ETF transaction fees (Note 9)		346,805			1,037,993			4,596			4,152
Net increase (decrease) in net assets from capital transactions		(935,888,428	)		3,127,203,205			7,175,786			24,512,464

NET INCREASE (DECREASE) IN NET ASSETS		(1,627,534,634	)		2,276,559,382			(1,065,146	)		20,516,865

NET ASSETS:
Beginning of the period		2,481,990,258			205,430,876			20,516,865			—
End of the period	$	854,455,624		$	2,481,990,258		$	19,451,719		$	20,516,865

SHARES TRANSACTIONS
Subscriptions		30,550,000			676,075,000			450,000			550,000
Redemptions		(53,342,536	)		(196,650,000	)		(250,000	)		—
Reverse Stock Split (Note 11)		—			(450,180,000	)^(b)		—			—
Total increase (decrease) in shares outstanding		(22,792,536	)		29,245,000			200,000			550,000

(a)

Inception date of the Fund was August 20, 2025.

(b)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

128

Statements of Changes in Net Assets

	YieldMax Universe Fund of Option Income ETFs						YieldMax XOM Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	158,974,467		$	211,942,370		$	495,931		$	1,495,455
Net realized gain (loss)		(431,842,419	)		(53,740,964	)		9,032,619			(1,958,644	)
Net change in unrealized appreciation (depreciation)		170,046,058			(671,459	)		(160,500	)		20,549
Net increase (decrease) in net assets resulting from operations		(102,821,894	)		157,529,947			9,368,050			(442,640	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(152,453,188	)		(220,883,856	)		(495,931	)		(1,494,392	)
Return of capital		–			(247,024,459	)		(6,217,852	)		(13,448,646	)
Total distributions to shareholders		(152,453,188	)		(467,908,315	)		(6,713,783	)		(14,943,038	)

CAPITAL TRANSACTIONS:
Subscriptions		57,897,750			1,080,710,542			31,080,928			59,044,625
Redemptions		(371,814,133	)		(153,606,587	)		(52,753,048	)		(27,013,925	)
ETF transaction fees (Note 9)		–			–			16,767			17,212
Net increase (decrease) in net assets from capital transactions		(313,916,383	)		927,103,955			(21,655,353	)		32,047,912

NET INCREASE (DECREASE) IN NET ASSETS		(569,191,465	)		616,725,587			(19,001,086	)		16,662,234

NET ASSETS:
Beginning of the period		962,095,780			345,370,193			48,894,657			32,323,423
End of the period	$	392,904,315		$	962,095,780		$	29,893,571		$	48,894,657

SHARES TRANSACTIONS
Subscriptions		6,425,000			70,725,000			2,350,000			4,350,000
Redemptions		(38,975,000	)		(11,850,000	)		(4,100,000	)		(2,125,000	)
Total increase (decrease) in shares outstanding		(32,550,000	)		58,875,000			(1,750,000	)		2,225,000

129

Statement of Changes in Net Assets

	YieldMax XYZ Option Income Strategy ETF
	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS:
Net investment income (loss)	$	572,207		$	2,049,546
Net realized gain (loss)		(10,234,864	)		(12,732,162	)
Net change in unrealized appreciation (depreciation)		4,287,112			(2,056,035	)
Net increase (decrease) in net assets resulting from operations		(5,375,545	)		(12,738,651	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(572,207	)		(2,039,524	)
Return of capital		(12,647,826	)		(43,030,424	)
Total distributions to shareholders		(13,220,033	)		(45,069,948	)

CAPITAL TRANSACTIONS:
Subscriptions		43,263,165			112,034,900
Redemptions		(48,549,134	)		(42,118,968	)
ETF transaction fees (Note 9)		18,362			30,831
Net increase (decrease) in net assets from capital transactions		(5,267,607	)		69,946,763

NET INCREASE (DECREASE) IN NET ASSETS		(23,863,185	)		12,138,164

NET ASSETS:
Beginning of the period		62,412,034			50,273,870
End of the period	$	38,548,849		$	62,412,034

SHARES TRANSACTIONS
Subscriptions		1,625,000			8,125,000
Redemptions		(1,685,021	)		(3,675,000	)
Reverse Stock Split (Note 11)		–			(5,820,000	)^(a)
Total increase (decrease) in shares outstanding		(60,021	)		(1,370,000	)

(a)

Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

130

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
YieldMax AAPL Option Income Strategy ETF
4/30/2026
(Unaudited)	$13.78	0.16	(0.16)	0.00^(f)	(0.16)	–	(1.70)	(1.86)	0.00^(f)	$11.92	0.11%	$109,328	1.16%	1.16%	0.17%	0.99%	2.52%	–%
10/31/2025	$17.36	0.45	0.78	1.23	(1.65)	–	(3.16)	(4.81)	0.00^(f)	$13.78	11.17%	$155,363	1.04%	1.04%	0.05%	0.99%	3.10%	20%
10/31/2024	$18.33	0.69	2.72	3.41	(2.19)	–	(2.19)	(4.38)	0.00^(f)	$17.36	21.14%	$92,464	1.06%	1.06%	0.07%	0.99%	3.82%	20%
10/31/2023^(g)	$20.00	0.44	0.06	0.50	(0.41)	–	(1.77)	(2.18)	0.01	$18.33	1.88%	$56,378	0.99%	0.99%	–%	0.99%	4.16%	42%
YieldMax ABNB Option Income Strategy ETF
4/30/2026
(Unaudited)	$48.04	0.57	2.51	3.08	(0.57)	–	(7.57)	(8.14)	0.01	$42.99	11.08%	$21,925	1.24%	1.24%	0.25%	0.99%	2.59%	–%
10/31/2025^(h)	$81.65	1.83	(7.26)	(5.43)	(1.96)	–	(26.24)	(28.20)	0.02	$48.04	(8.22)%	$30,988	1.01%	1.01%	0.02%	0.99%	3.01%	43%
10/31/2024⁽ⁱ⁾	$100.00	0.95	(9.05)	(8.10)	(6.40)	–	(3.90)	(10.30)	0.05	$81.65	(7.19)%	$16,743	1.06%	1.06%	0.07%	0.99%	3.22%	46%
YieldMax AI Option Income Strategy ETF
4/30/2026
(Unaudited)	$24.60	0.24	(11.47)	(11.23)	(0.24)	–	(3.60)	(3.84)	0.00^(f)	$9.53	(46.34)%	$25,140	1.02%	1.02%	0.03%	0.99%	3.16%	–%
10/31/2025^(j)	$83.60	1.58	(16.32)	(14.74)	(2.01)	–	(42.28)	(44.29)	0.03	$24.60	(36.29)%	$84,570	0.99%	0.99%	0.00%^(k)	0.99%	3.48%	53%
10/31/2024^(l)	$200.00	3.80	(53.70)	(49.90)	(4.20)	–	(62.40)	(66.60)	0.10	$83.60	(30.62)%	$34,272	1.67%	1.67%	0.68%	0.99%	3.56%	4%
YieldMax AMD Option Income Strategy ETF
4/30/2026
(Unaudited)	$49.16	0.55	4.76	5.31	(0.55)	–	(9.20)	(9.75)	0.02	$44.74	27.01%	$234,882	1.03%	1.03%	0.04%	0.99%	2.99%	_–%(c)
10/31/2025^(m)	$62.80	1.24	16.70	17.94	(21.42)	–	(10.18)	(31.59)	0.02	$49.16	58.57%	$232,035	1.00%	1.00%	0.01%	0.99%	2.86%	46%
10/31/2024	$94.20	3.40	22.95	26.35	(10.70)	–	(47.10)	(57.80)	0.05	$62.80	25.62%	$121,221	1.23%	1.23%	0.24%	0.99%	4.06%	37%
10/31/2023⁽ⁿ⁾	$100.00	0.50	(6.30)	(5.80)	–	–	–	–	0.00^(f)	$94.20	(5.80)%	$5,651	0.99%	0.99%	–%	0.99%	4.39%	–%
YieldMax AMZN Option Income Strategy ETF
4/30/2026
(Unaudited)	$14.84	0.18	0.22	0.40	(0.18)	–	(2.54)	(2.72)	0.00^(f)	$12.52	4.57%	$252,370	1.09%	1.09%	0.10%	0.99%	2.82%	–%
10/31/2025	$18.64	0.53	3.69	4.22	(3.77)	–	(4.25)	(8.01)	0.00^(f)	$14.84	28.81%	$311,639	1.09%	1.09%	0.10%	0.99%	3.19%	24%
10/31/2024	$20.45	0.81	5.36	6.17	(2.47)	–	(5.52)	(7.99)	0.01	$18.64	32.51%	$178,930	1.17%	1.17%	0.18%	0.99%	3.90%	27%
10/31/2023^(o)	$20.00	0.23	1.31	1.54	(1.10)	–	–	(1.10)	0.01	$20.45	7.94%	$33,750	1.06%	1.06%	0.07%	0.99%	4.10%	2%
YieldMax BABA Option Income Strategy ETF
4/30/2026
(Unaudited)	$15.61	0.18	(2.63)	(2.45)	(0.18)	–	(2.75)	(2.93)	0.00^(f)	$10.23	(17.63)%	$17,907	1.12%	1.12%	0.13%	0.99%	2.66%	–%
10/31/2025	$21.02	0.47	5.87	6.34	(7.21)	–	(4.55)	(11.76)	0.01	$15.61	42.90%	$59,709	0.99%	0.99%	0.00%^(k)	0.99%	2.74%	59%
10/31/2024^(p)	$20.00	0.15	2.85	3.00	(1.99)	–	–	(1.99)	0.01	$21.02	15.00%	$21,016	0.99%	1.07%	0.08%	0.99%	3.05%	16%
YieldMax Bitcoin Option Income Strategy ETF
4/30/2026
(Unaudited)	$44.02	0.55^(bb)	(13.58)	(13.03)	(0.55)	–	(6.34)	(6.89)	0.01	$24.11	(27.95)%	$43,523	1.00%^(cc)	1.00%^(cc)	0.01%^(cc)	0.99%^(cc)	3.61%^(cc)	–%
10/31/2025	$63.75	0.81	16.09	16.90	(6.24)	(4.91)	(25.51)	(36.66)	0.03	$44.02	31.22%	$110,062	1.02%	1.02%	0.03%	0.99%	1.50%	29%
10/31/2024^(q)	$100.00	0.35	(9.40)	(9.05)	(1.15)	–	(26.10)	(27.25)	0.05	$63.75	(7.26)%	$47,830	4.75%	4.75%	3.76%	0.99%	0.91%	28%
YieldMax BRK.B Option Income Strategy ETF

131

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
4/30/2026
(Unaudited)^(r)	$45.44	0.61	(0.91)	(0.30)	(0.61)	–	(3.64)	(4.25)	0.02	$40.91	(0.87)%	$7,159	1.00%	1.00%	0.01%	0.99%	2.75%	–%
10/31/2025^(r)	$50.00	0.55	(1.89)	(1.34)	(0.85)	–	(2.39)	(3.24)	0.02	$45.44	(2.77)%	$32,944	1.01%	1.01%	0.02%	0.99%	2.86%	–%
YieldMax COIN Option Income Strategy ETF
4/30/2026
(Unaudited)	$63.34	0.60	(27.87)	(27.27)	(0.60)	–	(9.29)	(9.89)	0.01	$26.19	(41.09)%	$398,238	1.09%	1.09%	0.10%	0.99%	3.21%	–%
10/31/2025^(j)	$122.30	3.01	41.64	44.65	(22.16)	(0.03)	(81.47)	(103.66)	0.05	$63.34	39.94%	$1,270,188	1.04%	1.04%	0.05%	0.99%	3.35%	31%
10/31/2024	$197.00	7.60	122.30	129.90	(65.90)	–	(138.80)	(204.70)	0.10	$122.30	62.36%	$655,235	1.22%	1.22%	0.23%	0.99%	4.10%	27%
10/31/2023^(s)	$200.00	1.80	7.20	9.00	(12.10)	–	–	(12.10)	0.10	$197.00	4.69%	$65,015	1.09%	1.09%	0.10%	0.99%	4.28%	9%
YieldMax CVNA Option Income Strategy ETF
4/30/2026
(Unaudited)	$31.85	0.42	7.24	7.66	(0.42)	–	(11.13)	(11.55)	–	$27.96	26.50%	$23,762	1.10%	1.10%	0.11%	0.99%	2.51%	–%
10/31/2025^(t)	$50.00	0.85	5.81	6.66	(14.18)	–	(10.63)	(24.81)	–	$31.85	20.50%	$54,138	1.09%	1.09%	0.10%	0.99%	2.76%	–%
YieldMax DIS Option Income Strategy ETF
4/30/2026
(Unaudited)	$12.57	0.15	(0.86)	(0.71)	(0.15)	–	(1.64)	(1.79)	0.00^(f)	$10.07	(5.89)%	$5,037	1.28%	1.28%	0.29%	0.99%	2.68%	–%
10/31/2025	$15.81	0.43	1.43	1.86	(0.45)	–	(4.65)	(5.10)	0.00^(f)	$12.57	12.80%	$35,195	1.21%	1.21%	0.22%	0.99%	3.00%	62%
10/31/2024	$19.98	0.69	1.48	2.17	(0.97)	–	(5.38)	(6.35)	0.01	$15.81	10.47%	$22,529	1.31%	1.31%	0.32%	0.99%	3.87%	20%
10/31/2023^(u)	$20.00	0.14	0.10	0.24	(0.26)	–	–	(0.26)	0.00^(f)	$19.98	1.22%	$3,996	1.15%	1.15%	0.16%	0.99%	3.69%	2%
YieldMax DKNG Option Income Strategy ETF
4/30/2026
(Unaudited)^(v)	$32.01	0.39	(7.33)	(6.94)	(0.39)	–	(7.26)	(7.65)	0.01	$17.43	(26.76)%	$2,615	1.06%	1.06%	0.07%	0.99%	2.87%	–%
10/31/2025^(v)	$50.00	0.41	(12.10)	(11.69)	(0.34)	–	(5.99)	(6.33)	0.03	$32.01	(26.06)%	$28,808	1.03%	1.03%	0.04%	0.99%	3.47%	–%
YieldMax Gold Miners Option Income Strategy ETF
4/30/2026
(Unaudited)	$15.48	0.19^(bb)	1.65	1.84	(0.19)	–	(4.29)	(4.48)	0.00^(f)	$12.84	10.35%	$282,211	1.00%^(cc)	1.00%^(cc)	0.01%^(cc)	0.99%^(cc)	2.48%^(cc)	–%
10/31/2025	$17.21	0.45	5.64	6.09	(7.83)	–	–	(7.83)	0.01	$15.48	47.42%	$186,975	1.00%	1.00%	0.01%	0.99%	2.87%	36%
10/31/2024^(w)	$20.00	0.30	(0.52)	(0.22)	(0.82)	–	(1.76)	(2.58)	0.01	$17.21	(0.66)%	$31,417	1.08%	1.08%	0.09%	0.99%	3.75%	14%
YieldMax GOOGL Option Income Strategy ETF
4/30/2026
(Unaudited)	$14.53	0.18	3.80	3.98	(0.18)	–	(2.91)	(3.09)	0.00^(f)	$15.42	31.33%	$266,725	1.09%	1.09%	0.10%	0.99%	2.52%	–%
10/31/2025	$15.02	0.41	4.84	5.25	(5.74)	–	–	(5.74)	0.00^(f)	$14.53	47.95%	$194,010	1.14%	1.14%	0.15%	0.99%	3.04%	30%
10/31/2024	$18.67	0.65	0.98	1.63	(0.77)	–	(4.52)	(5.29)	0.01	$15.02	9.81%	$70,952	1.20%	1.20%	0.21%	0.99%	3.91%	359%
10/31/2023^(x)	$20.00	0.20	(0.86)	(0.66)	(0.68)	–	–	(0.68)	0.01	$18.67	(3.50)%	$16,334	0.99%	0.99%	–%	0.99%	3.68%	13%
YieldMax HOOD Option Income Strategy ETF
4/30/2026
(Unaudited)^(y)	$68.15	0.76	(26.99)	(26.23)	(0.76)	–	(14.08)	(14.84)	0.01	$27.09	(42.83)%	$105,658	0.99%	0.99%	0.00%^(k)	0.99%	3.60%	–%
10/31/2025^(y)	$50.00	0.79	49.76	50.55	(32.45)	–	–	(32.45)	0.05	$68.15	122.37%	$250,466	0.99%	0.99%	0.00%^(k)	0.99%	2.40%	–%
YieldMax Innovation Option Income Strategy ETF

132

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
4/30/2026
(Unaudited)	$44.40	0.50^(bb)	(5.95)	(5.45)	(0.50)	–	(6.40)	(6.90)	0.01	$32.06	(8.88)%	$52,259	1.07%^(cc)	1.07%^(cc)	0.08%^(cc)	0.99%^(cc)	2.82%^(cc)	–%
10/31/2025^(h)	$48.40	1.29	18.10	19.39	(14.79)	–	(8.61)	(23.40)	0.01	$44.40	53.68%	$91,684	1.00%	1.00%	0.01%	0.99%	2.87%	115%
10/31/2024	$60.20	2.45	9.20	11.65	(2.45)	–	(21.00)	(23.45)	0.00^(f)	$48.40	20.85%	$54,444	1.00%	1.00%	0.01%	0.99%	4.22%	64%
10/31/2023^(z)	$100.00	2.90	(13.10)	(10.20)	(21.35)	–	(8.30)	(29.65)	0.05	$60.20	(13.76)%	$67,098	1.19%	1.19%	0.20%	0.99%	4.24%	60%
YieldMax JP Option Income Strategy ETF
4/30/2026
(Unaudited)	$16.47	0.21	(0.27)	(0.06)	(0.21)	–	(1.98)	(2.19)	0.00^(f)	$14.22	(0.07)%	$40,540	1.31%	1.31%	0.32%	0.99%	2.74%	70%
10/31/2025	$18.23	0.50	3.05	3.55	(3.50)	–	(1.82)	(5.32)	0.01	$16.47	23.05%	$60,925	1.04%	1.04%	0.05%	0.99%	2.93%	32%
10/31/2024	$18.85	0.77	3.20	3.97	(1.92)	–	(2.68)	(4.60)	0.01	$18.23	22.35%	$26,428	1.18%	1.18%	0.19%	0.99%	3.99%	11%
10/31/2023^(aa)	$20.00	0.11	(1.01)	(0.90)	(0.10)	–	(0.15)	(0.25)	0.00^(f)	$18.85	(4.58)%	$3,298	1.05%	1.05%	0.06%	0.99%	4.04%	42%
YieldMax Magnificent 7 Fund of Option Income ETF
4/30/2026
(Unaudited)	$15.37	2.75^(bb)	(2.72)	0.03	(2.58)	–	–	(2.58)	–	$12.82	0.75%	$315,905	0.29%^(cc)	0.29%^(cc)	0.00%^(k)(cc)	0.29%^(cc)	40.57%^(cc)	13%
10/31/2025	$18.64	4.19^(bb)	0.27	4.46	(4.53)	(0.14)	(3.06)	(7.73)	–	$15.37	31.85%	$471,840	0.29%^(cc)	0.29%^(cc)	0.00%^(k)(cc)	0.29%^(cc)	25.87%^(cc)	32%
10/31/2024^(dd)	$20.00	2.57^(bb)	1.49	4.06	(2.52)	–	(2.90)	(5.42)	–	$18.64	22.44%	$182,671	0.29%^(cc)	0.29%^(cc)	–%^(cc)	0.29%^(cc)	17.41%^(cc)	21%
YieldMax MARA Option Income Strategy ETF
4/30/2026
(Unaudited)	$16.20	0.15	(6.33)	(6.18)	(0.15)	–	(3.43)	(3.58)	0.00^(f)	$6.44	(36.94)%	$66,030	1.33%	1.33%	0.34%	0.99%	3.93%	–%
10/31/2025^(ee)	$50.00	0.59	(14.86)	(14.27)	(0.59)	–	(18.96)	(19.55)	0.02	$16.20	(28.01)%	$95,973	1.00%	1.00%	0.01%	0.99%	3.16%	100%
YieldMax META Option Income Strategy ETF
4/30/2026
(Unaudited)	$13.53	0.18	(1.10)	(0.92)	(0.18)	–	(2.30)	(2.48)	0.00^(f)	$10.13	(7.77)%	$103,058	1.14%	1.14%	0.15%	0.99%	2.93%	–%
10/31/2025	$19.32	0.55	0.95	1.50	(3.25)	–	(4.04)	(7.29)	0.00^(f)	$13.53	6.96%	$154,948	1.06%	1.06%	0.07%	0.99%	3.22%	21%
10/31/2024	$19.70	0.80	8.94	9.74	(8.19)	–	(1.94)	(10.13)	0.01	$19.32	59.90%	$128,445	1.06%	1.06%	0.07%	0.99%	4.04%	16%
10/31/2023^(x)	$20.00	0.21	0.21	0.42	(0.73)	–	–	(0.73)	0.01	$19.70	2.17%	$12,311	0.99%	0.99%	–%	0.99%	3.99%	17%
YieldMax MRNA Option Income Strategy ETF
4/30/2026
(Unaudited)	$16.75	0.18	5.37	5.55	(0.18)	–	(6.48)	(6.66)	0.01	$15.65	43.34%	$87,328	1.24%	1.24%	0.25%	0.99%	2.10%	340%
10/31/2025^(ff)	$72.60	0.86	(31.12)	(30.26)	(1.06)	–	(24.55)	(25.61)	0.02	$16.75	(48.88)%	$92,474	1.00%	1.00%	0.01%	0.99%	3.46%	42%
10/31/2024	$193.50	5.80	(35.00)	(29.20)	(7.60)	–	(84.20)	(91.80)	0.10	$72.60	(36.73)%	$28,841	1.26%	1.26%	0.27%	0.99%	4.02%	27%
10/31/2023^(gg)	$200.00	–	(6.50)	(6.50)	–	–	–	–	–	$193.50	(3.25)%	$1,451	0.99%	0.99%	–%	0.99%	(0.78)%	–%
YieldMax MSFT Option Income Strategy ETF
4/30/2026
(Unaudited)	$17.22	0.21	(3.00)	(2.79)	(0.21)	–	(2.03)	(2.24)	0.00^(f)	$12.19	(16.72)%	$97,799	1.03%	1.03%	0.04%	0.99%	3.03%	–%
10/31/2025	$18.59	0.56	3.41	3.97	(3.04)	–	(2.30)	(5.34)	0.00^(f)	$17.22	25.53%	$148,991	1.03%	1.03%	0.04%	0.99%	3.21%	16%
10/31/2024	$21.33	0.84	3.04	3.88	(2.91)	–	(3.72)	(6.63)	0.01	$18.59	18.73%	$80,849	1.07%	1.07%	0.08%	0.99%	4.02%	21%
10/31/2023^(u)	$20.00	0.15	1.45	1.60	(0.28)	–	–	(0.28)	0.01	$21.33	8.13%	$8,534	1.04%	1.04%	0.05%	0.99%	4.01%	9%
YieldMax MSTR Option Income Strategy ETF

133

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
4/30/2026
(Unaudited)	$54.39	0.43	(21.09)	(20.66)	(0.43)	–	(8.53)	(8.96)	0.00^(f)	$24.77	(31.29)%	$1,244,459	1.12%	1.12%	0.13%	0.99%	2.91%	137%
10/31/2025^(m)	$145.30	2.43	26.07	28.50	(5.38)	–	(114.09)	(119.48)	0.06	$54.39	4.95%	$3,030,103	1.03%	1.03%	0.04%	0.99%	2.47%	–%
10/31/2024^(hh)	$100.00	1.70	143.55	145.25	(100.05)	–	–	(100.05)	0.10	$145.30	188.30%	$813,067	0.99%	0.99%	–%	0.99%	1.85%	–%
YieldMax NFLX Option Income Strategy ETF
4/30/2026
(Unaudited)	$14.82	0.17	(2.16)	(1.99)	(0.17)	–	(2.38)	(2.55)	0.01	$10.29	(13.57)%	$74,058	1.18%	1.18%	0.19%	0.99%	2.95%	–%
10/31/2025	$17.75	0.56	4.77	5.33	(6.14)	–	(2.13)	(8.26)	0.01	$14.82	33.04%	$133,012	1.01%	1.01%	0.02%	0.99%	3.21%	33%
10/31/2024	$17.84	0.71	7.87	8.58	(8.42)	–	(0.26)	(8.68)	0.01	$17.75	64.43%	$51,465	1.05%	1.05%	0.06%	0.99%	4.08%	51%
10/31/2023⁽ⁱⁱ⁾	$20.00	0.19	(1.43)	(1.24)	(0.93)	–	–	(0.93)	0.01	$17.84	(5.99)%	$16,058	0.99%	0.99%	–%	0.99%	4.72%	_0%(k)
YieldMax NVDA Option Income Strategy ETF
4/30/2026
(Unaudited)	$16.72	0.23	(0.05)	0.18	(0.23)	–	(3.21)	(3.44)	0.00^(f)	$13.46	2.58%	$1,387,743	1.11%	1.11%	0.12%	0.99%	3.18%	275%
10/31/2025	$24.88	0.52	4.34	4.86	(6.89)	–	(6.14)	(13.03)	0.01	$16.72	36.93%	$1,823,696	1.09%	1.09%	0.10%	0.99%	2.94%	16%
10/31/2024	$20.34	0.98	21.80	22.78	(15.17)	–	(3.08)	(18.25)	0.01	$24.88	144.70%	$1,244,788	1.27%	1.27%	0.28%	0.99%	3.82%	23%
10/31/2023^(jj)	$20.00	0.45	4.00	4.45	(3.55)	–	(0.57)	(4.12)	0.01	$20.34	21.88%	$158,667	1.02%	1.02%	0.03%	0.99%	4.24%	24%
YieldMax PLTR Option Income Strategy ETF
4/30/2026
(Unaudited)	$64.98	0.65	(15.82)	(15.17)	(0.65)	–	(14.22)	(14.87)	0.01	$34.95	(25.65)%	$348,649	1.14%	1.14%	0.15%	0.99%	2.81%	–%
10/31/2025	$49.29	1.72	70.75	72.47	(56.50)	–	(0.34)	(56.85)	0.06	$64.98	211.94%	$675,756	1.07%	1.07%	0.08%	0.99%	2.64%	26%
10/31/2024^(kk)	$50.00	0.10	(0.82)	(0.72)	–	–	–	–	0.01	$49.29	(1.43)%	$6,161	1.44%	1.44%	0.45%	0.99%	2.95%	–%
YieldMax PYPL Option Income Strategy ETF
4/30/2026
(Unaudited)	$50.54	0.54	(14.40)	(13.86)	(0.54)	–	(5.81)	(6.35)	0.01	$30.34	(24.24)%	$29,881	1.39%	1.39%	0.40%	0.99%	3.02%	–%
10/31/2025^(m)	$88.65	2.01	(10.98)	(8.97)	(2.07)	–	(27.09)	(29.16)	0.02	$50.54	(12.88)%	$47,510	1.31%	1.31%	0.32%	0.99%	2.98%	19%
10/31/2024	$90.20	3.15	38.60	41.75	(40.15)	–	(3.20)	(43.35)	0.05	$88.65	58.02%	$45,200	1.45%	1.45%	0.46%	0.99%	3.49%	344%
10/31/2023^(ll)	$100.00	0.30	(10.15)	(9.85)	–	–	–	–	0.05	$90.20	(9.82)%	$1,353	1.16%	1.16%	0.17%	0.99%	3.32%	111%
YieldMax RBLX Option Income Strategy ETF
4/30/2026
(Unaudited)^(mm)	$42.28	0.43	(18.55)	(18.12)	(0.43)	–	(7.22)	(7.65)	0.01	$16.52	(47.40)%	$1,652	1.64%	1.64%	0.65%	0.99%	3.08%	–%
10/31/2025^(mm)	$50.00	0.35	(0.69)	(0.34)	(0.20)	–	(7.21)	(7.41)	0.03	$42.28	(2.18)%	$29,594	0.99%	0.99%	–%	0.99%	2.75%	–%
YieldMax Short COIN Option Income Strategy ETF
4/30/2026
(Unaudited)	$24.16	0.29	6.57	6.86	(0.29)	–	(8.49)	(8.78)	0.01	$22.25	37.98%	$38,833	1.01%	1.01%	0.02%	0.99%	2.19%	1398%
10/31/2025^(j)	$168.60	1.53	(86.06)	(84.53)	(1.92)	–	(58.04)	(59.96)	0.05	$24.16	(63.59)%	$43,366	1.04%	1.04%	0.05%	0.99%	3.11%	42%
10/31/2024⁽ⁿⁿ⁾	$200.00	2.10	18.60	20.70	(1.70)	–	(50.50)	(52.20)	0.10	$168.60	9.61%	$40,037	1.00%	1.00%	0.01%	0.99%	3.66%	38%
YieldMax Short N100 Option Income Strategy ETF

134

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
4/30/2026
(Unaudited)	$12.25	0.16^(bb)	0.22	0.38	(0.16)	–	(1.47)	(1.63)	0.00^(f)	$11.00	2.64%	$14,024	1.00%^(cc)	1.00%^(cc)	0.01%^(cc)	0.99%^(cc)	2.58%^(cc)	231%
10/31/2025	$18.62	0.47	(2.95)	(2.48)	(0.57)	–	(3.33)	(3.91)	0.01	$12.25	(15.67)%	$14,399	1.09%	1.09%	0.10%	0.99%	3.14%	31%
10/31/2024^(oo)	$20.00	0.15	(0.75)	(0.60)	(0.78)	–	–	(0.78)	0.00^(f)	$18.62	(3.09)%	$6,051	0.99%	0.99%	–%	0.99%	3.67%	–%
YieldMax Short NVDA Option Income Strategy ETF
4/30/2026
(Unaudited)	$51.68	0.65	0.15	0.80	(0.65)	–	(9.12)	(9.77)	0.01	$42.72	5.57%	$9,824	1.05%	1.05%	0.06%	0.99%	2.61%	167%
10/31/2025^(j)	$151.70	2.75	(46.40)	(43.65)	(2.98)	–	(53.44)	(56.42)	0.05	$51.68	(40.99)%	$8,010	1.04%	1.04%	0.05%	0.99%	2.94%	22%
10/31/2024^(pp)	$200.00	1.80	(31.20)	(29.40)	(8.80)	–	(10.20)	(0.19)	0.10	$151.70	(15.83)%	$10,621	0.99%	0.99%	0.00%^(k)	0.99%	3.98%	18%
YieldMax Short TSLA Option Income Strategy ETF
4/30/2026
(Unaudited)	$28.29	0.33	2.02	2.35	(0.33)	–	(6.01)	(6.34)	0.00^(f)	$24.30	16.65%	$18,952	1.01%	1.01%	0.02%	0.99%	2.53%	–%
10/31/2025^(j)	$112.60	1.54	(45.30)	(43.76)	(1.64)	–	(38.94)	(40.58)	0.03	$28.29	(48.24)%	$22,280	1.04%	1.04%	0.05%	0.99%	3.08%	4%
10/31/2024^(qq)	$200.00	2.80	(40.00)	(37.20)	(8.70)	–	(41.60)	(50.30)	0.10	$112.60	(20.88)%	$23,084	1.13%	1.13%	0.14%	0.99%	3.88%	64%
YieldMax SMCI Option Income Strategy ETF
4/30/2026
(Unaudited)	$14.91	0.14	(5.99)	(5.85)	(0.14)	–	(3.19)	(3.33)	0.00^(f)	$5.73	(41.90)%	$107,306	1.05%	1.05%	0.06%	0.99%	3.50%	–%
10/31/2025	$33.13	0.54	3.05	3.59	(7.67)	–	(14.16)	(21.83)	0.02	$14.91	25.00%	$301,460	1.01%	1.01%	0.02%	0.99%	2.89%	133%
10/31/2024^(rr)	$50.00	0.23	(11.78)	(11.55)	(0.09)	–	(5.26)	(5.35)	0.03	$33.13	(26.75)%	$11,596	0.99%	0.99%	0.00%^(k)	0.99%	3.34%	–%
YieldMax SNOW Option Income Strategy ETF
4/30/2026
(Unaudited)	$15.87	0.16	(6.38)	(6.22)	(0.16)	–	(2.68)	(2.84)	0.00^(f)	$6.81	(44.01)%	$16,681	1.02%	1.02%	0.03%	0.99%	2.94%	–%
10/31/2025	$15.96	0.47	10.78	11.25	(8.38)	–	(2.97)	(11.35)	0.01	$15.87	93.18%	$86,075	1.00%	1.00%	0.01%	0.99%	2.86%	33%
10/31/2024^(ss)	$20.00	0.27	(0.67)	(0.40)	(1.24)	–	(2.41)	(3.65)	0.01	$15.96	(1.67)%	$18,756	1.04%	1.04%	0.05%	0.99%	3.89%	2%
YieldMax TSLA Option Income Strategy ETF
4/30/2026
(Unaudited)	$42.58	0.50	(5.49)	(4.99)	(0.50)	–	(7.77)	(8.27)	0.00^(f)	$29.32	(8.59)%	$837,223	1.07%	1.07%	0.08%	0.99%	2.90%	–%
10/31/2025^(tt)	$59.65	1.48	23.63	25.11	(17.35)	–	(24.86)	(42.22)	0.03	$42.58	62.26%	$1,286,168	1.07%	1.07%	0.08%	0.99%	3.09%	124%
10/31/2024^(uu)	$110.90	3.50	3.30	6.80	(3.55)	–	(54.50)	(58.05)	–	$59.65	9.21%	$826,581	1.04%	1.04%	0.05%	0.99%	4.28%	51%
10/31/2023^(z)	$200.00	6.00	(15.90)	(9.90)	(6.70)	–	(72.60)	(79.30)	0.10	$110.90	(7.26)%	$678,624	1.01%	1.01%	0.02%	0.99%	4.50%	168%
YieldMax TSM Option Income Strategy ETF
4/30/2026
(Unaudited)	$16.52	0.21	3.54	3.75	(0.21)	–	(3.56)	(3.77)	0.01	$16.51	26.56%	$102,374	1.02%	1.02%	0.03%	0.99%	2.63%	100%
10/31/2025	$19.77	0.46	5.39	5.85	(7.14)	–	(1.97)	(9.11)	0.01	$16.52	44.11%	$72,708	1.00%	1.00%	0.01%	0.99%	2.78%	77%
10/31/2024^(vv)	$20.00	0.14	0.87	1.01	(0.69)	–	(0.57)	(1.26)	0.02	$19.77	5.26%	$23,232	0.99%	0.99%	0.00%^(k)	0.99%	3.47%	7%
YieldMax Ultra Option Income Strategy ETF

135

		INVESTMENTS OPERATIONS:			LESS DISTRIBUTIONS FROM:				CAPITAL TRANSACTIONS:			SUPPLEMENTAL DATA AND RATIOS:
For the period ended	Net asset value, beginning of period	Net investment income (loss)^(a)	Net realized and unrealized gain (loss)^(b)	Total from investment operations	Net investment income	Net realized gains	Return of capital	Total distributions	ETF transaction fees per share	Net asset value, end of period	Total return^(c)	Net assets, end of period (in thousands)	Ratio of expenses to average net assets before Investment Advisory Fees waived^(d)	Ratio of expenses to average net assets after Investment Advisory Fees waived ^(d)	Ratio of interest, dividend and tax expense to average net assets^(d)	Ratio of operational expenses to average net assets excluding interest, dividend and tax expense^(d)	Ratio of net investment income (loss) to average net assets^(d)	Portfolio turnover rate^(c)(e)
4/30/2026
(Unaudited)	$49.62	(0.13)^(bb)	(7.60)	(7.73)	(10.52)	–	–	(10.52)	0.01	$31.38	(10.08)%	$854,456	1.24%^(cc)	1.14%^(cc)	0.00%^{(k) (cc)}	1.14%^(cc)	(0.69)%^(cc)	264%
10/31/2025^(ff)	$98.90	(0.41)	14.52	14.11	(22.11)	(0.16)	(41.18)	(63.45)	0.06	$49.62	23.26%	$2,481,990	1.36%	1.24%	0.10%	1.14%	(0.70)%	721%
10/31/2024^(ww)	$200.00	(0.30)	(16.10)	(16.40)	(2.70)	–	(82.10)	(84.80)	0.10	$98.90	(7.63)%	$205,431	1.35%	1.25%	0.11%	1.14%	(0.38)%	717%
YieldMax Ultra Short Option Income Strategy ETF
4/30/2026
(Unaudited)^(xx)	$37.30	0.62^(bb)	(0.98)	(0.36)	(0.62)	–	(10.39)	(11.01)	0.01	$25.94	(1.68)%	$19,452	1.97%^(cc)	1.87%^(cc)	0.73%^(cc)	1.14%^(cc)	3.95%^(cc)	–%
10/31/2025^(xx)	$50.00	0.18	(7.51)	(7.33)	(0.16)	–	(5.22)	(5.38)	0.01	$37.30	(15.12)%	$20,517	1.35%	1.25%	0.11%	1.14%	2.29%	–%
YieldMax Universe Fund of Option Income ETFs
4/30/2026
(Unaudited)	$12.14	2.65^(bb)	(3.90)	(1.25)	(2.48)	–	–	(2.48)	–	$8.41	(10.08)%	$392,904	0.29%^(cc)	0.29%^(cc)	0.00%^(k)(cc)	0.29%^(cc)	55.46%^(cc)	166%
10/31/2025	$16.93	3.69^(bb)	(0.15)	3.54	(3.89)	(0.04)	(4.40)	(8.33)	–	$12.14	27.14%	$962,096	0.29%^(cc)	0.29%^(cc)	–%^(cc)	0.29%^(cc)	26.32%^(cc)	76%
10/31/2024^(yy)	$20.00	2.93^(bb)	(0.07)	2.86	(2.59)	–	(3.34)	(5.93)	0.00^(f)	$16.93	15.11%	$345,370	0.29%^(cc)	0.29%^(cc)	0.00%^(k)(cc)	0.29%^(cc)	19.87%^(cc)	64%
YieldMax XOM Option Income Strategy ETF
4/30/2026
(Unaudited)	$11.64	0.15	2.53	2.68	(0.15)	–	(1.97)	(2.12)	0.00^(f)	$12.20	24.07%	$29,894	1.23%	1.23%	0.24%	0.99%	2.42%	383%
10/31/2025	$16.32	0.40	(1.08)	(0.68)	(0.40)	–	(3.60)	(4.00)	0.00^(f)	$11.64	(3.95)%	$48,895	1.17%	1.17%	0.18%	0.99%	2.99%	23%
10/31/2024	$18.30	0.65	1.16	1.81	(1.56)	–	(2.24)	(3.80)	0.01	$16.32	11.07%	$32,232	1.25%	1.25%	0.26%	0.99%	3.77%	6%
10/31/2023^(zz)	$20.00	0.14	(1.55)	(1.41)	(0.29)	–	–	(0.29)	0.00^(f)	$18.30	(7.08)%	$6,404	1.12%	1.12%	0.13%	0.99%	4.28%	–%
YieldMax XYZ Option Income Strategy ETF
4/30/2026
(Unaudited)	$42.89	0.44	(7.16)	(6.72)	(0.44)	–	(8.11)	(8.55)	0.01	$27.63	(10.15)%	$38,549	1.42%	1.42%	0.43%	0.99%	2.84%	–%
10/31/2025	$89.00	1.72	(7.48)	(5.76)	(1.83)	–	(38.55)	(40.38)	0.03	$42.89	(7.96)%	$62,412	1.36%	1.36%	0.37%	0.99%	2.89%	46%
10/31/2024	$88.80	3.75	54.30	58.05	(23.95)	–	(34.00)	(57.95)	0.10	$89.00	75.00%	$50,274	1.43%	1.43%	0.44%	0.99%	3.73%	–%
10/31/2023^(aaa)	$100.00	0.20	(11.40)	(11.20)	–	–	–	–	0.00^(f)	$88.80	(11.71)%	$3,551	1.99%	1.99%	1.00%	0.99%	3.51%	–%

(a)

Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Portfolio turnover rate excludes in-kind transactions, if any.

(f)

Amount represents less than $0.005 per share.

(g)

Inception date of the Fund was April 17, 2023.

(h)

After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(i)

Inception date of the Fund was June 24, 2024.

(j)

After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

136

(k)

Amount represents less than 0.005%.

(l)

Inception date of the Fund was November 27, 2023.

(m)

After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 5, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(n)

Inception date of the Fund was September 18, 2023.

(o)

Inception date of the Fund was July 24, 2023.

(p)

Inception date of the Fund was August 7, 2024.

(q)

Inception date of the Fund was April 22, 2024.

(r)

Inception date of the Fund was June 4, 2025.

(s)

Inception date of the Fund was August 14, 2023.

(t)

Inception date of the Fund was January 29, 2025.

(u)

Inception date of the Fund was August 24, 2023.

(v)

Inception date of the Fund was July 14, 2025.

(w)

Inception date of the Fund was May 20, 2024.

(x)

Inception date of the Fund was July 27, 2023.

(y)

Inception date of the Fund was May 7, 2025.

(z)

Inception date of the Fund was November 22, 2022.

(aa)

Inception date of the Fund was September 11, 2023.

(bb)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests in.

(cc)

The ratios do not include the income and expenses of the underlying exchange traded funds in which the Fund invests in.

(dd)

Inception date of the Fund was January 29, 2024.

(ee)

Inception date of the Fund was December 9, 2024.

(ff)

After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(gg)

Inception date of the Fund was October 23, 2023.

(hh)

Inception date of the Fund was February 21, 2024.

(ii)

Inception date of the Fund was August 7, 2023.

(jj)

Inception date of the Fund was May 10, 2023.

(kk)

Inception date of the Fund was October 7, 2024.

(ll)

Inception date of the Fund was September 25, 2023.

(mm)Inception date of the Fund was July 28, 2025.

(nn)

Inception date of the Fund was July 9, 2024.

(oo)

Inception date of the Fund was August 14, 2024.

(pp)

Inception date of the Fund was July 23, 2024.

(qq)

Inception date of the Fund was May 1, 2024.

(rr)

Inception date of the Fund was September 11, 2024.

(ss)

Inception date of the Fund was June 10, 2024.

(tt)

After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(uu)

During the year ended October 31, 2024, the Fund effected the following reverse stock split: February 26, 2024, 1 for 2. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(vv)

Inception date of the Fund was August 20, 2024.

(ww)

Inception date of the Fund was February 28, 2024.

(xx)

Inception date of the Fund was August 20, 2025.

(yy)

Inception date of the Fund was January 16, 2024.

(zz)

Inception date of the Fund was August 30, 2023.

(aaa)

Inception date of the Fund was October 10, 2023.

137

Notes to Financial Statements

April 30, 2026 (Unaudited)

NOTE 1 - ORGANIZATION

The YieldMax ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a series of Tidal Trust II (the “Trust”). The Trust was organized as a Delaware statutory trust on January 13, 2022 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended. Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. The Funds are considered non-diversified under the 1940 Act. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

Fund:	Commencement Date:
YieldMax AAPL Option Income Strategy ETF (the “APLY ETF”)	April 17, 2023
YieldMax ABNB Option Income Strategy ETF (the “ABNY ETF”)	June 24, 2024
YieldMax AI Option Income Strategy ETF (the “AIYY ETF”)	November 27, 2023
YieldMax AMD Option Income Strategy ETF (the “AMDY ETF”)	September 18, 2023
YieldMax AMZN Option Income Strategy ETF (the “AMZY ETF”)	July 24, 2023
YieldMax BABA Option Income Strategy ETF (the “BABO ETF”)	August 7, 2024
YieldMax Bitcoin Option Income Strategy ETF (the “YBIT ETF”)	April 22, 2024
YieldMax BRK.B Option Income Strategy ETF (the “BRKC ETF”)	June 4, 2025
YieldMax COIN Option Income Strategy ETF (the “CONY ETF”)	August 14, 2023
YieldMax CVNA Option Income Strategy ETF (the “CVNY ETF”)	January 29, 2025
YieldMax DIS Option Income Strategy ETF (the “DISO ETF”)	August 24, 2023
YieldMax DKNG Option Income Strategy ETF (the “DRAY ETF”)	July 14, 2025
YieldMax Gold Miners Option Income Strategy ETF (the “GDXY ETF”)	May 20, 2024
YieldMax GOOGL Option Income Strategy ETF (the “GOOY ETF”)	July 27, 2023
YieldMax HOOD Option Income Strategy ETF (the “HOOY ETF”)	May 7, 2025
YieldMax Innovation Option Income Strategy ETF (the “OARK ETF”)	November 22, 2022
YieldMax JP Option Income Strategy ETF (the “JPO ETF”)	September 11, 2023
YieldMax Magnificent 7 Fund of Option Income ETFs (the “YMAG ETF”)	January 29, 2024
YieldMax MARA Option Income Strategy ETF (the “MARO ETF”)	December 9, 2024
YieldMax META Option Income Strategy ETF (the “FBY ETF”)	July 27, 2023
YieldMax MRNA Option Income Strategy ETF (the “MRNY ETF”)	October 23, 2023
YieldMax MSFT Option Income Strategy ETF (the “MSFO ETF”)	August 24, 2023
YieldMax MSTR Option Income Strategy ETF (the “MSTY ETF”)	February 21, 2024
YieldMax NFLX Option Income Strategy ETF (the “NFLY ETF”)	August 7, 2023
YieldMax NVDA Option Income Strategy ETF (the “NVDY ETF”)	May 10, 2023
YieldMax PLTR Option Income Strategy ETF (the “PLTY ETF”)	October 7, 2024
YieldMax PYPL Option Income Strategy ETF (the “PYPY ETF”)	September 25, 2023
YieldMax RBLX Option Income Strategy ETF (the “RBLY ETF”)	July 28, 2025
YieldMax Short COIN Option Income Strategy ETF (the “FIAT ETF”)	July 9, 2024
YieldMax Short N100 Option Income Strategy ETF (the “YQQQ ETF”)	August 14, 2024
YieldMax Short NVDA Option Income Strategy ETF (the “DIPS ETF”)	July 23, 2024
YieldMax Short TSLA Option Income Strategy ETF (the “CRSH ETF”)	May 1, 2024
YieldMax SMCI Option Income Strategy ETF (the “SMCY ETF”)	September 11, 2024
YieldMax SNOW Option Income Strategy ETF (the “SNOY ETF”)	June 10, 2024
YieldMax TSLA Option Income Strategy ETF (the “TSLY ETF”)	November 22, 2022
YieldMax TSM Option Income Strategy ETF (the “TSMY ETF”)	August 20, 2024
YieldMax Ultra Option Income Strategy ETF (the “ULTY ETF”)	February 28, 2024
YieldMax Ultra Short Option Income Strategy ETF (the “SLTY ETF”)	August 20, 2025
YieldMax Universe Fund of Option Income ETFs (the “YMAX ETF”)	January 16, 2024
YieldMax XOM Option Income Strategy ETF (the “XOMO ETF”)	August 30, 2023
YieldMax XYZ Option Income Strategy ETF (the “XYZY ETF”)	October 10, 2023

138

The investment objective of each Fund is to seek current income.

The secondary objective of each Fund, except the YMAG ETF and the YMAX ETF, is to seek exposure to the share price of their underlying common stock, subject to a limit on potential investment gains.

The secondary objective of the YMAG ETF and the YMAX ETF is that they will primarily invest their assets in the shares of other exchange traded funds (“fund-of-funds”), rather than in securities of individual companies. In addition, from time to time, the Funds may invest directly in the securities and financial instruments in which one or more affiliated YieldMax ETFs.

Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA Financial, LLC (“ZEGA”), the former sub-adviser to the Funds. In connection with this transaction, ZEGA ceased operations as a registered investment adviser and resigned as sub-adviser. The Adviser has assumed full management responsibilities for the Funds. Jay Pestrichelli, a key member of each Fund’s portfolio management team previously employed by ZEGA, continues to serve as a portfolio manager for the Funds, now as an employee of the Adviser. There were no other portfolio manager changes for the Funds in connection with the transaction. The transaction did not result in any changes to the Funds’ investment objective, principal investment strategies, or fees. Each Fund continues to be managed in accordance with its stated policies and objectives, ensuring continuity for Fund shareholders.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Security Valuation - Equity securities, including exchange traded funds, listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (“NASDAQ”)), including securities traded over- the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker- dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Options are valued using meanmid of the quoted bid and ask spread prices, as provided by independent pricing vendors..

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

139

FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. If the pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The PLTY ETF and SLTY ETF may engage in short sales with respect to securities they own, as well as securities that they do not own. Short sales expose each Fund to the risk that they will be required to acquire, convert or exchange securities to replace the borrowed security (also known as “covering” the short position) at a time when the security sold short has appreciated in value, thus resulting in a loss to the Funds. Each Fund’s investment performance may also suffer if the Funds are required to close out a short position earlier than they had intended. The Funds must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover their positions in a permissible manner. The Funds will be required to pledge their liquid assets to the broker to secure their performance on short sales. As a result, the assets pledged may not be available to meet each Fund’s needs for immediate cash or other liquidity. In addition, the Funds may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with each Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Funds to lose money on a short sale even in instances where the price of the security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of the Funds.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

140

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2026:

APLY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	4,491,435		$	–	$	4,491,435
U.S. Treasury Bills		–		107,119,544			–		107,119,544
Money Market Funds		2,334,468		–			–		2,334,468
Total Investments	$	2,334,468	$	111,610,979		$	–	$	113,945,447
Liabilities:
Investments:
Written Options		–		(6,186,856	)		–		(6,186,856	)
Total Investments	$	–	$	(6,186,856	)	$	–	$	(6,186,856	)

ABNY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	2,404,999		$	–	$	2,404,999
U.S. Treasury Bills		–		18,485,207			–		18,485,207
Money Market Funds		1,079,881		–			–		1,079,881
Total Investments	$	1,079,881	$	20,890,206		$	–	$	21,970,087
Liabilities:
Investments:
Written Options		–		(727,874	)		–		(727,874	)
Total Investments	$	–	$	(727,874	)	$	–	$	(727,874	)

AIYY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	1,337,815		$	–	$	1,337,815
U.S. Treasury Bills		–		23,671,527			–		23,671,527
Money Market Funds		1,873,078		–			–		1,873,078
Total Investments	$	1,873,078	$	25,009,342		$	–	$	26,882,420
Liabilities:
Investments:
Written Options		–		(2,011,240	)		–		(2,011,240	)
Total Investments	$	–	$	(2,011,240	)	$	–	$	(2,011,240	)

AMDY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	16,926,280		$	–	$	16,926,280
U.S. Treasury Bills		–		128,529,846			–		128,529,846
Money Market Funds		9,814,637		–			–		9,814,637
Total Investments	$	9,814,637	$	145,456,126		$	–	$	155,270,763
Liabilities:
Investments:
Written Options		–		(18,837,148	)		–		(18,837,148	)
Total Investments	$	–	$	(18,837,148	)	$	–	$	(18,837,148	)

141

AMZY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	53,350,600		$	–	$	53,350,600
U.S. Treasury Bills		–		195,499,664			–		195,499,664
Money Market Funds		8,684,919		–			–		8,684,919
Total Investments	$	8,684,919	$	248,850,264		$	–	$	257,535,183
Liabilities:
Investments:
Written Options		–		(2,941,606	)		–		(2,941,606	)
Total Investments	$	–	$	(2,941,606	)	$	–	$	(2,941,606	)

BABO ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	276,145		$	–	$	276,145
U.S. Treasury Bills		–		18,224,483			–		18,224,483
Money Market Funds		1,265,614		–			–		1,265,614
Total Investments	$	1,265,614	$	18,500,628		$	–	$	19,766,242
Liabilities:
Investments:
Written Options		–		(2,118,345	)		–		(2,118,345	)
Total Investments	$	–	$	(2,118,345	)	$	–	$	(2,118,345	)

YBIT ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	4,156,965		$	–	$	4,156,965
U.S. Treasury Bills		–		33,046,769			–		33,046,769
Money Market Funds		2,397,130		–			–		2,397,130
Total Investments	$	2,397,130	$	37,203,734		$	–	$	39,600,864
Liabilities:
Investments:
Written Options		–		(1,197,626	)		–		(1,197,626	)
Total Investments	$	–	$	(1,197,626	)	$	–	$	(1,197,626	)

BRKC ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	54,392		$	–	$	54,392
U.S. Treasury Bills		–		6,607,827			–		6,607,827
Money Market Funds		333,050		–			–		333,050
Total Investments	$	333,050	$	6,662,219		$	–	$	6,995,269
Liabilities:
Investments:
Written Options		–		(321,533	)		–		(321,533	)
Total Investments	$	–	$	(321,533	)	$	–	$	(321,533	)

142

CONY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	52,976,000		$	–	$	52,976,000
U.S. Treasury Bills		–		366,090,113			–		366,090,113
Money Market Funds		19,428,357		–			–		19,428,357
Total Investments	$	19,428,357	$	419,066,113		$	–	$	438,494,470
Liabilities:
Investments:
Written Options		–		(41,005,224	)		–		(41,005,224	)
Total Investments	$	–	$	(41,005,224	)	$	–	$	(41,005,224	)

CVNY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	4,656,437		$	–	$	4,656,437
U.S. Treasury Bills		–		18,173,010			–		18,173,010
Money Market Funds		870,772		–			–		870,772
Total Investments	$	870,772	$	22,829,447		$	–	$	23,700,219
Liabilities:
Investments:
Written Options		–		(907,728	)		–		(907,728	)
Total Investments	$	–	$	(907,728	)	$	–	$	(907,728	)

DISO ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	80,442		$	–	$	80,442
U.S. Treasury Bills		–		5,119,391			–		5,119,391
Money Market Funds		123,007		–			–		123,007
Total Investments	$	123,007	$	5,199,833		$	–	$	5,322,840
Liabilities:
Investments:
Written Options		–		(403,868	)		–		(403,868	)
Total Investments	$	–	$	(403,868	)	$	–	$	(403,868	)

DRAY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	94,183		$	–	$	94,183
U.S. Treasury Bills		–		1,297,238			–		1,297,238
Money Market Funds		450,185		–			–		450,185
Total Investments	$	450,185	$	1,391,421		$	–	$	1,841,606
Liabilities:
Investments:
Written Options		–		(321,564	)		–		(321,564	)
Total Investments	$	–	$	(321,564	)	$	–	$	(321,564	)

143

GDXY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	8,650,538		$	–	$	8,650,538
U.S. Treasury Bills		–		272,939,131			–		272,939,131
Money Market Funds		12,858,349		–			–		12,858,349
Total Investments	$	12,858,349	$	281,589,669		$	–	$	294,448,018
Liabilities:
Investments:
Written Options		–		(16,176,257	)		–		(16,176,257	)
Total Investments	$	–	$	(16,176,257	)	$	–	$	(16,176,257	)

GOOY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	57,611,875		$	–	$	57,611,875
U.S. Treasury Bills		–		214,466,256			–		214,466,256
Money Market Funds		10,881,545		–			–		10,881,545
Total Investments	$	10,881,545	$	272,078,131		$	–	$	282,959,676
Liabilities:
Investments:
Written Options		–		(8,279,510	)		–		(8,279,510	)
Total Investments	$	–	$	(8,279,510	)	$	–	$	(8,279,510	)

HOOY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	12,192,515		$	–	$	12,192,515
U.S. Treasury Bills		–		97,105,727			–		97,105,727
Money Market Funds		7,755,141		–			–		7,755,141
Total Investments	$	7,755,141	$	109,298,242		$	–	$	117,053,383
Liabilities:
Investments:
Written Options		–		(8,704,028	)		–		(8,704,028	)
Total Investments	$	–	$	(8,704,028	)	$	–	$	(8,704,028	)

OARK ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	5,711,900		$	–	$	5,711,900
U.S. Treasury Bills		–		46,245,549			–		46,245,549
Money Market Funds		1,623,697		–			–		1,623,697
Total Investments	$	1,623,697	$	51,957,449		$	–	$	53,581,146
Liabilities:
Investments:
Written Options		–		(2,035,884	)		–		(2,035,884	)
Total Investments	$	–	$	(2,035,884	)	$	–	$	(2,035,884	)

144

JPO ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	3,282,667		$	–	$	3,282,667
U.S. Treasury Bills		–		35,325,059			–		35,325,059
Money Market Funds		992,133		–			–		992,133
Total Investments	$	992,133	$	38,607,726		$	–	$	39,599,859
Liabilities:
Investments:
Written Options		–		(374,128	)		–		(374,128	)
Total Investments	$	–	$	(374,128	)	$	–	$	(374,128	)

YMAG ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Exchange Traded Funds	$	310,060,336	$	–		$	–	$	310,060,336
Money Market Funds		1,566,392		–			–		1,566,392
Total Investments	$	311,626,728	$	–		$	–	$	311,626,728

MARO ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	7,051,285		$	–	$	7,051,285
U.S. Treasury Bills		–		53,892,944			–		53,892,944
Money Market Funds		3,602,160		–			–		3,602,160
Total Investments	$	3,602,160	$	60,944,229		$	–	$	64,546,389
Liabilities:
Investments:
Written Options		–		(8,633,729	)		–		(8,633,729	)
Total Investments	$	–	$	(8,633,729	)	$	–	$	(8,633,729	)

FBY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	10,370,910		$	–	$	10,370,910
U.S. Treasury Bills		–		89,087,433			–		89,087,433
Money Market Funds		3,531,371		–			–		3,531,371
Total Investments	$	3,531,371	$	99,458,343		$	–	$	102,989,714
Liabilities:
Investments:
Written Options		–		(3,546,905	)		–		(3,546,905	)
Total Investments	$	–	$	(3,546,905	)	$	–	$	(3,546,905	)

MRNY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	2,994,710		$	–	$	2,994,710
U.S. Treasury Bills		–		85,709,122			–		85,709,122
Money Market Funds		5,512,324		–			–		5,512,324
Total Investments	$	5,512,324	$	88,703,832		$	–	$	94,216,156
Liabilities:
Investments:
Written Options		–		(10,770,019	)		–		(10,770,019	)
Total Investments	$	–	$	(10,770,019	)	$	–	$	(10,770,019	)

145

MSFO ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	4,329,063		$	–	$	4,329,063
U.S. Treasury Bills		–		94,205,613			–		94,205,613
Money Market Funds		2,456,795		–			–		2,456,795
Total Investments	$	2,456,795	$	98,534,676		$	–	$	100,991,471
Liabilities:
Investments:
Written Options		–		(2,869,212	)		–		(2,869,212	)
Total Investments	$	–	$	(2,869,212	)	$	–	$	(2,869,212	)

MSTY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	284,990,695		$	–	$	284,990,695
U.S. Treasury Bills		–		630,388,602			–		630,388,602
Money Market Funds		26,404,569		–			–		26,404,569
Total Investments	$	26,404,569	$	915,379,297		$	–	$	941,783,866
Liabilities:
Investments:
Written Options		–		(45,064,565	)		–		(45,064,565	)
Total Investments	$	–	$	(45,064,565	)	$	–	$	(45,064,565	)

NFLY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	1,447,425		$	–	$	1,447,425
U.S. Treasury Bills		–		73,791,149			–		73,791,149
Money Market Funds		5,881,785		–			–		5,881,785
Total Investments	$	5,881,785	$	75,238,574		$	–	$	81,120,359
Liabilities:
Investments:
Written Options		–		(2,857,155	)		–		(2,857,155	)
Total Investments	$	–	$	(2,857,155	)	$	–	$	(2,857,155	)

NVDY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	55,149,165		$	–	$	55,149,165
U.S. Treasury Bills		–		1,324,163,675			–		1,324,163,675
Money Market Funds		37,643,283		–			–		37,643,283
Total Investments	$	37,643,283	$	1,379,312,840		$	–	$	1,416,956,123
Liabilities:
Investments:
Written Options		–		(49,596,297	)		–		(49,596,297	)
Total Investments	$	–	$	(49,596,297	)	$	–	$	(49,596,297	)

146

PLTY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	19,890,290		$	–	$	19,890,290
U.S. Treasury Bills		–		354,505,202			–		354,505,202
Money Market Funds		15,821,776		–			–		15,821,776
Total Investments	$	15,821,776	$	374,395,492		$	–	$	390,217,268
Liabilities:
Investments:
Written Options		–		(50,222,646	)		–		(50,222,646	)
Total Investments	$	–	$	(50,222,646	)	$	–	$	(50,222,646	)

PYPY ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	1,536,750		$	–	$	1,536,750
U.S. Treasury Bills		–		29,024,067			–		29,024,067
Money Market Funds		977,251		–			–		977,251
Total Investments	$	977,251	$	30,560,817		$	–	$	31,538,068
Liabilities:
Investments:
Written Options		–		(1,517,991	)		–		(1,517,991	)
Total Investments	$	–	$	(1,517,991	)	$	–	$	(1,517,991	)

RBLY ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	172,906		$	–	$	172,906
U.S. Treasury Bills		–		1,204,325			–		1,204,325
Money Market Funds		532,451		–			–		532,451
Total Investments	$	532,451	$	1,377,231		$	–	$	1,909,682
Liabilities:
Investments:
Written Options		–		(207,230	)		–		(207,230	)
Total Investments	$	–	$	(207,230	)	$	–	$	(207,230	)

FIAT ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	3,207,410		$	–	$	3,207,410
U.S. Treasury Bills		–		33,163,224			–		33,163,224
Money Market Funds		5,318,569		–			–		5,318,569
Total Investments	$	5,318,569	$	36,370,634		$	–	$	41,689,203
Liabilities:
Investments:
Written Options		–		(3,513,822	)		–		(3,513,822	)
Total Investments	$	–	$	(3,513,822	)	$	–	$	(3,513,822	)

147

YQQQ ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	83,236		$	–	$	83,236
U.S. Treasury Bills		–		12,178,814			–		12,178,814
Money Market Funds		1,826,732		–			–		1,826,732
Total Investments	$	1,826,732	$	12,262,050		$	–	$	14,088,782
Liabilities:
Investments:
Written Options		–		(1,619,333	)		–		(1,619,333	)
Total Investments	$	–	$	(1,619,333	)	$	–	$	(1,619,333	)

DIPS ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	127,745		$	–	$	127,745
U.S. Treasury Bills		–		8,240,190			–		8,240,190
Money Market Funds		1,770,828		–			–		1,770,828
Total Investments	$	1,770,828	$	8,367,935		$	–	$	10,138,763
Liabilities:
Investments:
Written Options		–		(625,079	)		–		(625,079	)
Total Investments	$	–	$	(625,079	)	$	–	$	(625,079	)

CRSH ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	1,464,020		$	–	$	1,464,020
U.S. Treasury Bills		–		16,034,604			–		16,034,604
Money Market Funds		1,363,664		–			–		1,363,664
Total Investments	$	1,363,664	$	17,498,624		$	–	$	18,862,288
Liabilities:
Investments:
Written Options		–		(379,946	)		–		(379,946	)
Total Investments	$	–	$	(379,946	)	$	–	$	(379,946	)

SMCY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	5,320,992		$	–	$	5,320,992
U.S. Treasury Bills		–		121,963,262			–		121,963,262
Money Market Funds		4,210,164		–			–		4,210,164
Total Investments	$	4,210,164	$	127,284,254		$	–	$	131,494,418
Liabilities:
Investments:
Written Options		–		(25,455,946	)		–		(25,455,946	)
Total Investments	$	–	$	(25,455,946	)	$	–	$	(25,455,946	)

148

SNOY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	446,295		$	–	$	446,295
U.S. Treasury Bills		–		16,688,433			–		16,688,433
Money Market Funds		1,317,217		–			–		1,317,217
Total Investments	$	1,317,217	$	17,134,728		$	–	$	18,451,945
Liabilities:
Investments:
Written Options		–		(2,233,072	)		–		(2,233,072	)
Total Investments	$	–	$	(2,233,072	)	$	–	$	(2,233,072	)

TSLY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	9,966,801		$	–	$	9,966,801
U.S. Treasury Bills		–		878,260,243			–		878,260,243
Money Market Funds		14,934,985		–			–		14,934,985
Total Investments	$	14,934,985	$	888,227,044		$	–	$	903,162,029
Liabilities:
Investments:
Written Options		–		(69,809,418	)		–		(69,809,418	)
Total Investments	$	–	$	(69,809,418	)	$	–	$	(69,809,418	)

TSMY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–	$	11,098,013		$	–	$	11,098,013
U.S. Treasury Bills		–		89,743,821			–		89,743,821
Money Market Funds		4,640,772		–			–		4,640,772
Total Investments	$	4,640,772	$	100,841,834		$	–	$	105,482,606
Liabilities:
Investments:
Written Options		–		(2,619,465	)		–		(2,619,465	)
Total Investments	$	–	$	(2,619,465	)	$	–	$	(2,619,465	)

ULTY ETF
	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Common Stocks	$	780,507,209	$	–		$	–	$	780,507,209
Exchange Traded Funds		72,881,190		–			–		72,881,190
Purchased Options		–		17,989,243			–		17,989,243
Money Market Funds		12,718,079		–			–		12,718,079
Total Investments	$	866,106,478	$	17,989,243		$	–	$	884,095,721
Liabilities:
Investments:
Written Options		–		(33,021,626	)		–		(33,021,626	)
Total Investments	$	–	$	(33,021,626	)	$	–	$	(33,021,626	)

149

SLTY ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Common Stocks	$	2,164		$	–		$	–	$	2,164
Purchased Options		–			605,966			–		605,966
U.S. Treasury Bills		–			16,400,357			–		16,400,357
Money Market Funds		1,769,145			–			–		1,769,145
Total Investments	$	1,771,309		$	17,006,323		$	–	$	18,777,632
Liabilities:
Investments:
Common Stocks		(16,682,855	)		–			–		(16,682,855	)
Exchange Traded Funds		(2,233,983	)		–			–		(2,233,983	)
Total Investments	$	(18,916,838	)	$	–		$	–	$	(18,916,838	)
Liabilities:
Investments:
Written Options		–			(782,247	)		–		(782,247	)
Total Investments	$	–		$	(782,247	)	$	–	$	(782,247	)

YMAX ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Exchange Traded Funds	$	387,241,198		$	–		$	–	$	387,241,198
Money Market Funds		60,584			–			–		60,584
Total Investments	$	387,301,782		$	–		$	–	$	387,301,782

XOMO ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–		$	2,044,080		$	–	$	2,044,080
U.S. Treasury Bills		–			28,445,109			–		28,445,109
Money Market Funds		1,180,945			–			–		1,180,945
Total Investments	$	1,180,945		$	30,489,189		$	–	$	31,670,134
Liabilities:
Investments:
Written Options		–			(1,813,710	)		–		(1,813,710	)
Total Investments	$	–		$	(1,813,710	)	$	–	$	(1,813,710	)

XYZY ETF
	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Purchased Options	$	–		$	3,025,767		$	–	$	3,025,767
U.S. Treasury Bills		–			37,860,436			–		37,860,436
Money Market Funds		798,464			–			–		798,464
Total Investments	$	798,464		$	40,886,203		$	–	$	41,684,667
Liabilities:
Investments:
Written Options		–			(2,865,138	)		–		(2,865,138	)
Total Investments	$	–		$	(2,865,138	)	$	–	$	(2,865,138	)

150

Refer to the Schedules of Investments and Securities Sold Short for further disaggregation of investment categories.

Derivative Instruments - As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options) . Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American-style, exercisable any time prior to the expiration date, or European-style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the FLEX Option’s expiration date.

151

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

By virtue of each Fund’s investments in option contracts, equity ETFs and equity indices, the Funds are exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives.

For the period ended April 30, 2026, each Fund’s monthly average notional amount is listed below:

Fund:	Purchased Options	Written Options
APLY ETF	$239,354,975	$(239,342,001)
ABNY ETF	49,410,378	(49,410,378)
AIYY ETF	81,225,937	(81,225,937)
AMDY ETF	338,581,111	(332,562,781)
AMZY ETF	505,254,952	(505,254,952)
BABO ETF	62,690,367	(62,690,367)
YBIT ETF	119,842,438	(119,842,438)
BRKC ETF	36,960,699	(36,960,699)
CONY ETF	965,292,526	(965,292,526)
CVNY ETF	74,007,049	(74,007,049)
DISO ETF	34,623,669	(34,623,669)
DRAY ETF	29,419,583	(29,419,583)
GDXY ETF	566,841,013	(566,841,013)
GOOY ETF	455,858,113	(455,858,113)
HOOY ETF	243,231,772	(243,231,772)
OARK ETF	115,426,328	(115,426,328)
JPO ETF	84,807,381	(84,807,381)

152

Fund:	Purchased Options	Written Options
YMAG ETF	–	–
MARO ETF	98,240,097	(98,619,780)
FBY ETF	274,931,548	(274,931,548)
MRNY ETF	186,287,948	(186,287,948)
MSFO ETF	215,589,833	(215,589,833)
MSTY ETF	2,187,948,149	(2,327,581,273)
NFLY ETF	173,062,797	(173,062,797)
NVDY ETF	2,798,614,817	(2,798,614,817)
PLTY ETF	737,350,402	(737,350,402)
PYPY ETF	65,456,803	(65,456,803)
RBLY ETF	26,055,784	(26,055,784)
FIAT ETF	129,319,368	(82,279,379)
YQQQ ETF	36,804,382	(30,692,250)
DIPS ETF	30,937,155	(19,909,144)
CRSH ETF	60,066,206	(40,044,137)
SMCY ETF	288,067,991	(288,067,452)
SNOY ETF	79,066,112	(79,066,112)
TSLY ETF	1,805,117,235	(1,805,117,235)
TSMY ETF	143,634,060	(143,634,060)
ULTY ETF	1,845,465,661	(1,771,305,679)
SLTY ETF	32,897,850	(34,379,209)
YMAX ETF	50,274,195	(50,274,195)
XOMO ETF	74,761,747	(74,761,747)
XYZY ETF	80,233,738	(79,517,113)

Statements of Assets and Liabilities

Fair value of derivative instruments as of April 30, 2026:

	Asset Derivatives		Liability Derivatives
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Investments, at value		Written option
				contracts, at value
APLY ETF	Purchased Options	$4,491,435	Written Options	$(6,186,856)
ABNY ETF	Purchased Options	2,404,999	Written Options	(727,874)
AIYY ETF	Purchased Options	1,337,815	Written Options	(2,011,240)
AMDY ETF	Purchased Options	16,926,280	Written Options	(18,837,148)
AMZY ETF	Purchased Options	53,350,600	Written Options	(2,941,606)
BABO ETF	Purchased Options	276,145	Written Options	(2,118,345)
YBIT ETF	Purchased Options	4,156,965	Written Options	(1,197,626)
BRKC ETF	Purchased Options	54,392	Written Options	(321,533)
CONY ETF	Purchased Options	52,976,000	Written Options	(41,005,224)
CVNY ETF	Purchased Options	4,656,437	Written Options	(907,728)
DISO ETF	Purchased Options	80,442	Written Options	(403,868)
DRAY ETF	Purchased Options	94,183	Written Options	(321,564)

153

	Asset Derivatives		Liability Derivatives
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Investments, at value		Written option
				contracts, at value
GDXY ETF	Purchased Options	8,650,538	Written Options	(16,176,257)
GOOY ETF	Purchased Options	57,611,875	Written Options	(8,279,510)
HOOY ETF	Purchased Options	12,192,515	Written Options	(8,704,028)
OARK ETF	Purchased Options	5,711,900	Written Options	(2,035,884)
JPO ETF	Purchased Options	3,282,667	Written Options	(374,128)
YMAG ETF	Purchased Options	–	Written Options	–
MARO ETF	Purchased Options	7,051,285	Written Options	(8,633,729)
FBY ETF	Purchased Options	10,370,910	Written Options	(3,546,905)
MRNY ETF	Purchased Options	2,994,710	Written Options	(10,770,019)
MSFO ETF	Purchased Options	4,329,063	Written Options	(2,869,212)
MSTY ETF	Purchased Options	284,990,695	Written Options	(45,064,565)
NFLY ETF	Purchased Options	1,447,425	Written Options	(2,857,155)
NVDY ETF	Purchased Options	55,149,165	Written Options	(49,596,297)
PLTY ETF	Purchased Options	19,890,290	Written Options	(50,222,646)
PYPY ETF	Purchased Options	1,536,750	Written Options	(1,517,991)
RBLY ETF	Purchased Options	172,906	Written Options	(207,230)
FIAT ETF	Purchased Options	3,207,410	Written Options	(3,513,822)
YQQQ ETF	Purchased Options	83,236	Written Options	(1,619,333)
DIPS ETF	Purchased Options	127,745	Written Options	(625,079)
CRSH ETF	Purchased Options	1,464,020	Written Options	(379,946)
SMCY ETF	Purchased Options	5,320,992	Written Options	(25,455,946)
SNOY ETF	Purchased Options	446,295	Written Options	(2,233,072)
TSLY ETF	Purchased Options	9,966,801	Written Options	(69,809,418)
TSMY ETF	Purchased Options	11,098,013	Written Options	(2,619,465)
ULTY ETF	Purchased Options	17,989,243	Written Options	(33,021,626)
SLTY ETF	Purchased Options	605,966	Written Options	(782,247)
YMAX ETF	Purchased Options	–	Written Options	–
XOMO ETF	Purchased Options	2,044,080	Written Options	(1,813,710)
XYZY ETF	Purchased Options	3,025,767	Written Options	(2,865,138)

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026:

	Realized		Change in Unrealized
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Net realized gain (loss)		Net change in unrealized
		from investments		appreciation (depreciation)
				on investments
APLY ETF	Purchased Options	$(3,786,091)	Purchased Options	$(2,799,933)
ABNY ETF	Purchased Options	(1,342,454)	Purchased Options	845,572
AIYY ETF	Purchased Options	(38,176,838)	Purchased Options	1,536,139

154

	Realized		Change in Unrealized
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Net realized gain (loss)		Net change in unrealized
		from investments		appreciation (depreciation)
				on investments
AMDY ETF	Purchased Options	78,057,996	Purchased Options	2,007,503
AMZY ETF	Purchased Options	(8,904,007)	Purchased Options	32,578,432
BABO ETF	Purchased Options	(4,935,255)	Purchased Options	(6,852,241)
YBIT ETF	Purchased Options	(33,675,961)	Purchased Options	6,496,091
BRKC ETF	Purchased Options	(1,105,729)	Purchased Options	683,995
CONY ETF	Purchased Options	(360,617,244)	Purchased Options	33,523,170
CVNY ETF	Purchased Options	159,953	Purchased Options	1,321,254
DISO ETF	Purchased Options	(3,220,049)	Purchased Options	(112,050)
DRAY ETF	Purchased Options	(4,622,212)	Purchased Options	88,832
GDXY ETF	Purchased Options	21,834,961	Purchased Options	(27,431,179)
GOOY ETF	Purchased Options	47,404,732	Purchased Options	14,610,677
HOOY ETF	Purchased Options	(62,162,893)	Purchased Options	1,144,860
OARK ETF	Purchased Options	(12,714,519)	Purchased Options	(3,351,089)
JPO ETF	Purchased Options	(1,557,601)	Purchased Options	343,574
YMAG ETF	Purchased Options	2,465,245	Purchased Options	(3,955,711)
MARO ETF	Purchased Options	(25,378,597)	Purchased Options	315,016
FBY ETF	Purchased Options	(21,703,798)	Purchased Options	11,321,555
MRNY ETF	Purchased Options	23,430,044	Purchased Options	(13,835,982)
MSFO ETF	Purchased Options	(20,965,801)	Purchased Options	(2,457,600)
MSTY ETF	Purchased Options	(806,757,407)	Purchased Options	328,489,154
NFLY ETF	Purchased Options	(16,652,167)	Purchased Options	5,137,341
NVDY ETF	Purchased Options	(128,539,363)	Purchased Options	(114,859,737)
PLTY ETF	Purchased Options	(116,437,583)	Purchased Options	(56,144,332)
PYPY ETF	Purchased Options	(4,954,941)	Purchased Options	548,233
RBLY ETF	Purchased Options	(8,465,805)	Purchased Options	2,127,392
FIAT ETF	Purchased Options	4,375,483	Purchased Options	(841,848)
YQQQ ETF	Purchased Options	(984,002)	Purchased Options	(15,987)
DIPS ETF	Purchased Options	(2,435,520)	Purchased Options	(228,205)
CRSH ETF	Purchased Options	(5,045,937)	Purchased Options	1,487,885
SMCY ETF	Purchased Options	(92,841,531)	Purchased Options	(6,378,142)
SNOY ETF	Purchased Options	(17,857,452)	Purchased Options	(8,782,634)
TSLY ETF	Purchased Options	(224,781,945)	Purchased Options	(86,921,910)
TSMY ETF	Purchased Options	(3,122,514)	Purchased Options	6,547,270
ULTY ETF	Purchased Options	1,685,607	Purchased Options	9,436,138
SLTY ETF	Purchased Options	(1,653,735)	Purchased Options	211,296
YMAX ETF	Purchased Options	(4,057,061)	Purchased Options	–
XOMO ETF	Purchased Options	7,725,419	Purchased Options	411,060
XYZY ETF	Purchased Options	(7,852,066)	Purchased Options	1,037,181

155

	Realized		Change in Unrealized
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Net realized gain (loss)		Net change in unrealized
		from Written option		appreciation (depreciation)
		contracts		on written options contracts
APLY ETF	Written Options	$4,074,533	Written Options	$(569,372)
ABNY ETF	Written Options	2,370,578	Written Options	458,366
AIYY ETF	Written Options	3,178,382	Written Options	(60,182)
AMDY ETF	Written Options	(47,003,787)	Written Options	2,606,451
AMZY ETF	Written Options	(27,734,867)	Written Options	8,094,872
BABO ETF	Written Options	7,678,789	Written Options	(2,769,798)
YBIT ETF	Written Options	(6,340,004)	Written Options	4,151,816
BRKC ETF	Written Options	310,666	Written Options	134,771
CONY ETF	Written Options	(138,376,122)	Written Options	2,901,988
CVNY ETF	Written Options	8,362,994	Written Options	1,902,867
DISO ETF	Written Options	1,815,149	Written Options	65,191
DRAY ETF	Written Options	(66,357)	Written Options	302,745
GDXY ETF	Written Options	2,158,198	Written Options	4,041,846
GOOY ETF	Written Options	(4,164,049)	Written Options	1,707,056
HOOY ETF	Written Options	(32,001,235)	Written Options	(1,247,688)
OARK ETF	Written Options	6,881,451	Written Options	(762,585)
JPO ETF	Written Options	(1,158,357)	Written Options	380,629
YMAG ETF	Written Options	4,496,725	Written Options	(3,167,154)
MARO ETF	Written Options	(10,977,927)	Written Options	(468,165)
FBY ETF	Written Options	(15,357,248)	Written Options	14,159,630
MRNY ETF	Written Options	23,348,075	Written Options	(2,530,005)
MSFO ETF	Written Options	(1,753,558)	Written Options	1,308,283
MSTY ETF	Written Options	(765,644,726)	Written Options	268,139,745
NFLY ETF	Written Options	(18,123,553)	Written Options	11,119,375
NVDY ETF	Written Options	198,449,586	Written Options	46,435,202
PLTY ETF	Written Options	29,650,606	Written Options	(28,482,234)
PYPY ETF	Written Options	(5,307,319)	Written Options	688,840
RBLY ETF	Written Options	(5,628,300)	Written Options	185,728
FIAT ETF	Written Options	19,671,757	Written Options	3,090,892
YQQQ ETF	Written Options	1,742,588	Written Options	(604,392)
DIPS ETF	Written Options	1,998,966	Written Options	699,613
CRSH ETF	Written Options	1,674,234	Written Options	4,610,122
SMCY ETF	Written Options	(18,065,243)	Written Options	(3,910,946)
SNOY ETF	Written Options	2,293,363	Written Options	(4,034,298)
TSLY ETF	Written Options	259,709,397	Written Options	(63,678,063)
TSMY ETF	Written Options	6,894,500	Written Options	4,481,016
ULTY ETF	Written Options	113,974,790	Written Options	(3,804,030)
SLTY ETF	Written Options	(34,997)	Written Options	(142,127)
YMAX ETF	Written Options	(403,647)	Written Options	–
XOMO ETF	Written Options	1,522,062	Written Options	(517,105)

156

	Realized		Change in Unrealized
Fund:	Instrument:	Balance Sheet Location:	Instrument:	Balance Sheet Location:

		Net realized gain (loss)		Net change in unrealized
		from Written option		appreciation (depreciation)
		contracts		on written options contracts
XYZY ETF	Written Options	(2,019,443)	Written Options	3,313,332

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

Federal Income Taxes - Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one- year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of April 30, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

Securities Transactions and Investment Income - Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates.

Foreign Currency - Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

157

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for the Funds are declared and paid weekly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Illiquid Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

Derivatives Transactions - Pursuant to Rule 18f -4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

NOTE 3 - PRINCIPAL INVESTMENT RISKS

Underlying Stock Risk. The Funds invest in options contracts that are based on the value of the Underlying Stocks. This subjects the Funds to certain of the same risks as if each Fund owned shares of the respective Underlying Stocks, even though they do not. By virtue of the Funds’ investments in options contracts that are based on the value of the Underlying Stock, the Funds may also be subject to the following risks:

Indirect Investment in Underlying Stock Risk. The Underlying Stocks are not affiliated with the Trust, the respective Funds, the Adviser, or their respective affiliates and are not involved with this offering in any way and have no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Funds will not have voting rights and will not be able to influence management of the Underlying Stocks but will be exposed to the performance of the Underlying Stocks. Investors in the Funds will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Stocks but will be subject to declines in the performance of the Underlying Stocks.

Underlying Stock Trading Risk. The trading price of the Underlying Stocks may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of the Underlying Stocks may be traded by short sellers which may put pressure on the supply and demand for the common stock of the Underlying Stocks, further influencing volatility in the market price. Public perception and other factors outside of the control of the Underlying Stocks may additionally impact the Underlying Stocks’s stock price due to the Underlying Stocks garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against companies such as these. Moreover, stockholder litigation like this has been filed against the Underlying Stocks in the past. While the Underlying Stocks continue to defend such actions, any judgment against the Underlying Stocks, or any future stockholder litigation could result in substantial costs and a diversion of the management of the Underlying Stocks’ attention and resources. If the Underlying Stocks trading is halted, trading in Shares of the respective Funds may be impacted, either temporarily or indefinitely.

158

Underlying Stock Performance Risk. The Underlying Stocks may fail to meet their respective publicly announced guidelines or other expectations about their business, which could cause the price of the Underlying Stocks to decline. The Underlying Stocks provide guidance regarding each ones expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance the Underlying Stocks provide may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If the Underlying Stocks’ guidance is not accurate or varies from actual results due to each Underlying Stocks inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by the Underlying Stocks could decline significantly.

NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (“Investment Advisory Fee”) based on the average daily net assets of each Fund. Each fund, excluding YMAG ETF, ULTY ETF, SLTY ETF and YMAX ETF, pays an annual rate of 0.99% of each Fund’s average daily net assets. The YMAG ETF and YMAX ETF each pay an annual rate of 0.29% of their average daily net assets. The ULTY ETF and SLTY ETF each pay an annual rate of 1.24% of their average daily net assets.

The Adviser has agreed to reduce the ULTY ETF and SLTY ETF’s Investment Advisory Fee to 1.14% of its average daily net assets through at least February 28, 2027. This agreement may be terminated only by, or with the consent of, the Board, on behalf of the ULTY ETF and SLTY ETF, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board. The fee waiver is not subject to recoupment.

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by each Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, “Excluded Expenses”), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended April 30, 2026, are disclosed in the Statements of Operations.

As stated above, effective January 1, 2025, the Adviser assumed full management responsibilities for the Funds following the resignation of ZEGA as sub-adviser and its cessation of operations as a registered investment adviser. As a result, there is no sub-advisory agreement currently in effect for the Funds, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

The Adviser has entered into an agreement with ZEGA, Lucania Investments LLC, and Level ETF Ventures LLC (each a “Supporter” and collectively the “Supporters”), with respect to the Funds, under which each Supporter assumes the obligation of the Adviser to pay all or a portion of expenses of the Funds, except the Excluded Expenses (such expenses of the Funds, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Supporters all or a portion of the profits, if any, generated by each Fund’s unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Supporters include fees charged by Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser.

159

Although the Supporters have agreed to be responsible for all of the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses.

Tidal serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the “Distributor”) acts as the Funds' principal underwriter in a continuous public offering of each Fund’s Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of their Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

NOTE 5 - SEGMENT REPORTING

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

NOTE 6 - PURCHASES AND SALES OF SECURITIES

For the period ended April 30, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities and in-kind transactions were as follows:

Fund		Purchases		Sales
APLY ETF	$	–	$	–
ABNY ETF		–		–
AIYY ETF		–		–
AMDY ETF		–		–
AMZY ETF		–		–

160

Fund	Purchases		Sales
BABO ETF		–		–
YBIT ETF		–		–
BRKC ETF		–		–
CONY ETF		–		–
CVNY ETF		109,760,250		109,304,668
DISO ETF		–		–
DRAY ETF		–		–
GDXY ETF		–		–
GOOY ETF		–		–
HOOY ETF		–		–
OARK ETF		–		–
JPO ETF		6,200,000		6,150,000
YMAG ETF		119,704,578		46,167,968
MARO ETF		–		–
FBY ETF		–		–
MRNY ETF		26,355,399		25,488,501
MSFO ETF		–		–
MSTY ETF		82,785		80,747
NFLY ETF		–		–
NVDY ETF		469,006,750		456,157,511
PLTY ETF		–		–
PYPY ETF		–		–
RBLY ETF		–		–
FIAT ETF		138,922,844		125,037,754
YQQQ ETF		2,135,035		2,105,062
DIPS ETF		3,700,200		3,645,800
CRSH ETF		–		–
SMCY ETF		–		–
SNOY ETF		–		–
TSLY ETF		–		–
TSMY ETF		36,026,160		35,417,517
ULTY ETF		3,129,294,526		4,040,018,371
SLTY ETF		1,901		–
YMAX ETF		958,875,077		958,059,653
XOMO ETF		7,182,500		6,927,500
XYZY ETF		–		–

For the period ended April 30, 2026, the purchases and sales of long-term U.S. government securities were as follows:

Fund	Purchases		Sales
APLY ETF	$	–	$	23,131,000
ABNY ETF		–		4,454,014
AIYY ETF		–		–
AMDY ETF		–		24,192,000
AMZY ETF		–		53,480,369
BABO ETF		–		–
YBIT ETF		–		13,782,473
BRKC ETF		–		–
CONY ETF		–		1,000,000
CVNY ETF		–		–
DISO ETF		–		3,287,872
DRAY ETF		–		–
GDXY ETF		–		7,858,982

161

Fund	Purchases		Sales
GOOY ETF		–		13,804,000
HOOY ETF		–		–
OARK ETF		–		12,246,122
JPO ETF		–		8,882,000
YMAG ETF		–		–
MARO ETF		–		–
FBY ETF		–		28,051,000
MRNY ETF		–		9,717,811
MSFO ETF		–		25,515,130
MSTY ETF		–		–
NFLY ETF		–		6,203,338
NVDY ETF		–		356,836,886
PLTY ETF		–		11,860,000
PYPY ETF		–		4,851,477
RBLY ETF		–		–
FIAT ETF		–		5,027,000
YQQQ ETF		–		925,000
DIPS ETF		–		2,211,000
CRSH ETF		–		4,115,000
SMCY ETF		–		1,000,000
SNOY ETF		–		7,533,321
TSLY ETF		–		114,841,020
TSMY ETF		–		–
ULTY ETF		–		–
SLTY ETF		–		–
YMAX ETF		–		–
XOMO ETF		–		1,873,927
XYZY ETF		–		10,235,106

For the period ended April 30, 2026, in-kind transactions associated with creations and redemptions for the Funds were as follows:

Fund	Purchases		Sales
APLY ETF	$	–	$	–
ABNY ETF		–		–
AIYY ETF		–		–
AMDY ETF		–		–
AMZY ETF		–		–
BABO ETF		–		–
YBIT ETF		–		–
BRKC ETF		–		–
CONY ETF		–		–
CVNY ETF		–		–
DISO ETF		–		–
DRAY ETF		–		–
GDXY ETF		–		–
GOOY ETF		–		–
HOOY ETF		–		–
OARK ETF		–		–
JPO ETF		–		–
YMAG ETF		51,767,288		133,465,721
MARO ETF		–		–

162

Fund	Purchases		Sales
FBY ETF		–		–
MRNY ETF		–		–
MSFO ETF		–		–
MSTY ETF		–		–
NFLY ETF		–		–
NVDY ETF		–		–
PLTY ETF		–		–
PYPY ETF		–		–
RBLY ETF		–		–
FIAT ETF		–		–
YQQQ ETF		–		–
DIPS ETF		–		–
CRSH ETF		–		–
SMCY ETF		–		–
SNOY ETF		–		–
TSLY ETF		–		–
TSMY ETF		–		–
ULTY ETF		–		–
SLTY ETF		–		–
YMAX ETF		56,048,016		362,523,065
XOMO ETF		–		–
XYZY ETF		–		–

163

NOTE 7 - AFFILIATED SECURITIES

The YMAG ETF and YMAX ETF held affiliated securities of the following companies during the period ended April 30, 2026. Transactions during the period in these securities of affiliated companies were as follows:

YMAG ETF
Fair Value
						Change
	Share	Fair				In Unrealized	Fair
Security	Balance	Value			Realized	Appreciation/	Value	Dividend
Name	4/30/2026	10/31/2025	Purchases	Sales	Gain (Loss)	(Depreciation)	4/30/2026	Income
YieldMaxAAPL Option Income Strategy ETF	3,733,904	$65,662,286	$13,633,651	($27,105,468)	($3,233,960)	($4,408,047)	$44,548,462	$7,633,677
Yieldmax AMZN Option Income Strategy ETF	3,623,085	0	79,553,246	(26,190,647)	(2,285,546)	(5,824,721)	45,252,332	9,413,331
YieldMax GOOGL Option Income Strategy ETF	3,184,711	69,081,259	12,465,381	(35,625,172)	2,616,899	665,418	49,203,785	11,490,664
YieldMax META Option Income Strategy ETF	4,003,835	58,686,254	18,883,182	(22,137,689)	(4,471,638)	(10,401,260)	40,558,849	10,697,388
YieldMax MSFT Option Income Strategy ETF	3,554,585	65,786,117	16,456,716	(20,583,929)	(2,561,783)	(15,624,547)	43,472,574	8,196,627
YieldMax NVDA Option Income Strategy ETF	3,221,047	69,999,800	11,288,878	(24,820,750)	(5,752,445)	(7,360,190)	43,355,293	12,708,828
YieldMaxTSLA Option Income Strategy ETF	1,488,887	66,628,641	19,190,811	(23,170,034)	(4,286,329)	(14,694,048)	43,669,041	14,791,955
Totals		$395,844,357	$171,471,865	($179,633,689)	($19,974,802)	($57,647,395)	$310,060,336	$74,932,470

YMAXETF
Fair Value
Security Name	Share Balance 4/30/2026	Fair Value 10/31/2025	Purchases	Sales	Realized Gain (Loss)	Change In Unrealized Appreciation/ (Depreciation)	Fair Value 4/30/2026	Dividend Income
YieldMaxAAPL Option Income Strategy ETF	1,164,653	$26,506,026	$36,803,826	($46,282,550)	($4,514,309)	$1,382,249	$13,895,242	$2,252,972
YieldMax ABNB Option Income Strategy ETF	380,719	26,004,305	17,284,497	(24,349,867)	(11,166,967)	8,635,375	16,407,343	4,209,036
YieldMax Al &Tech Portfolio Option Income ETF	427,918	0	18,152,053	(366,138)	1,730	510,129	18,297,774	278,534
YieldMax Al Option Income Strategy ETF	1	25,334,205	6,281,703	(17,600,965)	(14,736,975)	722,040	8	3,686,995
YieldMax AMD Option Income Strategy ETF	595,642	26,679,515	27,200,164	(22,196,085)	(3,787,237)	(991,226)	26,905,131	4,793,796
YieldMax AMZN Option Income Strategy ETF	1,661,067	28,544,328	23,047,927	(27,439,791)	(10,959,397)	7,553,660	20,746,727	3,879,087
YieldMax BABA Option Income Strategy ETF	0	25,434,628	2,578,288	(23,489,652)	(5,556,558)	1,033,294	0	2,717,990
YieldMax Bitcoin Option Income Strategy ETF	1	26,001,466	22,977,883	(37,360,839)	(20,441,491)	8,822,995	14	3,781,225
YieldMax BRKB Option Income Strategy ETF	0	25,904,218	25,030,501	(49,405,710)	(2,921,187)	1,392,178	0	1,482,210
YieldMax COIN Option Income Strategy ETF	0	25,551,075	29,438,239	(38,331,707)	(28,912,930)	12,255,326	3	4,859,154
YieldMax CRCL Option Income Strategy ETF	0	24,229,921	43,680,188	(68,737,035)	(1,766,177)	2,593,103	0	8,315,193
YieldMax Crypto Industry & Tech Portfolio Option Income ETF	852,384	0	21,346,233	(1,856,419)	(107,394)	(50,351)	19,332,069	1,137,025
YieldMax CVNA Option Income Strategy ETF	0	24,412,349	3,230,706	(27,303,675)	(6,273,318)	5,933,938	0	4,321,954
YieldMax DIS Option Income Strategy ETF	0	26,685,245	1,427,446	(25,460,772)	(8,659,298)	6,007,379	0	1,953,048
YieldMax DKNG Option Income Strategy ETF	0	23,490,491	4,507,455	(21,551,494)	(17,176,118)	10,729,666	0	3,728,359
YieldMax GME Option Income Strategy ETF	20,017	24,936,574	3,006,106	(23,173,729)	(6,207,975)	2,129,068	690,044	3,553,014
YieldMax Gold Miners Option Income Strategy ETF	0	24,030,155	20,006,505	(41,267,276)	(1,946,277)	(823,107)	0	3,949,318
YieldMax GOOGL Option Income Strategy ETF	1,223,428	27,886,142	19,961,851	(30,612,669)	2,236,683	(570,045)	18,901,962	3,205,303
YieldMax HIMS Option Income Strategy ETF	1,081,735	23,278,053	48,012,815	(35,790,200)	(20,244,941)	1,947,213	17,202,940	7,374,302
YieldMax HOOD Option Income Strategy ETF	650,917	26,766,129	29,601,941	(22,253,773)	(12,399,747)	(4,061,681)	17,652,869	5,922,656
YieldMax Innovation Option Income Strategy ETF	546,139	26,033,090	23,310,267	(25,283,116)	(7,390,389)	851,707	17,521,559	3,921,483
YieldMax JP Option Income Strategy ETF	582,979	26,825,848	16,596,989	(31,516,272)	(4,901,182)	1,301,893	8,307,276	2,030,247
YieldMax MARA Option Income Strategy ETF	2,889,127	22,555,231	32,785,957	(24,409,860)	(25,355,763)	13,001,522	18,577,087	6,208,050
YieldMax META Option Income Strategy ETF	1,339,248	23,697,698	17,275,660	(23,009,759)	(9,965,138)	5,568,121	13,566,582	2,809,452
YieldMax MRNA Option Income Strategy ETF	0	25,857,331	32,526,105	(57,957,722)	(2,738,934)	2,313,220	0	8,985,496
YieldMax MSFT Option Income Strategy ETF	1,087,333	26,555,792	19,001,541	(26,130,754)	(7,166,690)	1,038,193	13,298,082	2,528,479
YieldMax MSTR Option Income Strategy ETF	407,264	23,615,760	23,194,253	(24,861,688)	(36,110,415)	24,233,724	10,071,634	4,796,166
YieldMax MSTR Performance & Income Target 25 ETF	94,808	0	4,121,006	(370,267)	(28,340)	103,104	3,825,503	83,860
YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	129,323	0	5,253,880	(105,489)	333	84,111	5,232,835	59,805
YieldMax NFLX Option Income Strategy ETF	1,713,830	24,211,003	35,907,142	(35,120,280)	(10,093,805)	2,679,836	17,583,896	4,052,454
YieldMax NVDA Option Income Strategy ETF	872,206	28,231,056	14,089,193	(25,402,338)	(9,023,275)	3,845,257	11,739,893	3,253,159
YieldMax NVDA Performance & Distribution Target 25 ETF	25,702	0	1,313,140	(25,579)	(74)	(4,957)	1,282,530	6,091
YieldMax PLTR Option Income Strategy ETF	0	28,071,562	34,593,140	(49,833,408)	(12,330,261)	(501,033)	0	5,453,093
YieldMax PYPL Option Income Strategy ETF	579,234	26,019,128	31,659,256	(31,493,970)	(21,287,758)	12,648,354	17,545,010	4,097,642
YieldMax RBLX Option Income Strategy ETF	0	22,587,349	9,430,011	(19,209,801)	(19,727,079)	6,919,520	0	3,585,548
YieldMax RDDT Option Income Strategy ETF	0	26,745,968	5,420,439	(22,640,259)	(9,323,005)	(203,143)	0	4,559,049
YieldMax Russell 2000 ODTE Covered Call Strategy ETF	70,019	0	23,434,195	(19,575,602)	(1,197,709)	(4,797)	2,656,087	366,665
YieldMax Semiconductor Portfolio Option Income ETF	259,695	0	36,630,747	(18,980,946)	(744,883)	1,143,884	18,048,802	562,327
YieldMaxSMCI Option Income Strategy ETF	0	24,446,655	25,082,178	(33,217,213)	(25,574,501)	9,262,881	0	6,182,857
YieldMax SNOW Option Income Strategy ETF	0	28,144,172	23,437,802	(38,185,024)	(15,206,552)	1,809,602	0	3,852,181
YieldMaxTarget 12 Real Estate Option Income ETF	0	0	37,644,707	(36,261,286)	(1,383,421)	0	0	356,661
YieldMax Target 12 Semiconductor Option Income ETF	72,724	0	12,401,275	(6,581,708)	(286,132)	497,363	6,030,798	64,028
YieldMaxTSLA Option Income Strategy ETF	0	26,837,502	2,743,980	(24,490,895)	(5,854,900)	764,313	0	3,695,891
YieldMaxTSM Option Income Strategy ETF	1,172,089	26,005,472	52,886,061	(56,119,770)	(4,792,773)	1,442,525	19,421,515	3,978,182
YieldMax Ultra Option Income Strategy ETF	478,591	0	32,036,899	(15,697,086)	(1,053,359)	(263,483)	15,022,971	798,158
YieldMaxXOM Option Income Strategy ETF	0	26,656,633	30,270,622	(59,502,152)	(930,219)	3,505,116	0	2,357,400
Yield Max XYZ Option Income Strategy ETF	633,990	25,671,846	28,300,320	(29,770,127)	(19,583,074)	12,858,047	17,477,012	5,581,195
Totals		$950,443,921	$1,014,923,092	($1,320,582,717)	($427,589,181)	$170,046,083	$387,241,198	$159,626,790

NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the periods ended April 30, 2026 (estimated) and October 31, 2025, were as follows:

164

			October 31,
Distributions paid from:	April 30, 2026		2025
APLY ETF
Ordinary Income	$	1,570,059	$	15,034,941
Return of Capital		16,547,219		28,724,087
ABNY ETF
Ordinary Income	$	320,122	$	970,138
Return of Capital		5,054,487		12,986,440
AIYY ETF
Ordinary Income	$	726,416	$	3,049,052
Return of Capital		14,224,346		64,204,751
AMDY ETF
Ordinary Income	$	2,545,128	$	80,745,177
Return of Capital		56,469,499		38,366,621
AMZY ETF
Ordinary Income	$	3,570,879	$	58,900,818
Return of Capital		51,329,644		66,473,190
BABO ETF
Ordinary Income	$	495,310	$	20,203,501
Return of Capital		7,973,075		12,746,267
YBIT ETF
Ordinary Income	$	1,210,319	$	13,243,337
Long-Term Capital Gains		–		10,428,946
Return of Capital		16,600,146		54,152,615
BRKC ETF
Ordinary Income	$	323,788	$	483,762
Return of Capital		1,992,290		1,357,456
CONY ETF
Ordinary Income	$	9,751,933	$	251,790,702
Long-Term Capital Gains		–		364,239
Return of Capital		200,129,085		925,803,792
CVNY ETF
Ordinary Income	$	518,901	$	19,128,290
Return of Capital		14,049,894		14,341,853
DISO ETF
Ordinary Income	$	258,374	$	1,095,662
Return of Capital		2,776,359		11,379,403
DRAY ETF
Ordinary Income	$	230,938	$	122,197
Return of Capital		4,799,102		2,144,281
GDXY ETF
Ordinary Income	$	3,216,842	$	46,772,715
Return of Capital		72,765,581		–
GOOY ETF
Ordinary Income	$	2,788,992	$	56,540,890
Return of Capital		45,150,573		–
HOOY ETF
Ordinary Income	$	2,600,784	$	85,010,320
Return of Capital		50,113,611		–
OARK ETF
Ordinary Income	$	840,786	$	23,903,921
Return of Capital		13,013,347		13,919,822
JPO ETF
Ordinary Income	$	678,484	$	10,821,815

165

			October 31,
Distributions paid from:	April 30, 2026		2025
Return of Capital		6,462,639		5,654,710
YMAG ETF
Ordinary Income	$	70,240,372	$	94,150,607
Long-Term Capital Gains		–		2,907,377
Return of Capital		–		63,741,071
MARO ETF
Ordinary Income	$	1,003,852	$	1,937,869
Return of Capital		23,129,423		61,879,849
FBY ETF
Ordinary Income	$	1,833,418	$	31,014,311
Return of Capital		24,461,922		38,646,322
MRNY ETF
Ordinary Income	$	1,007,933	$	2,756,418
Return of Capital		40,403,636		63,539,082
MSFO ETF
Ordinary Income	$	1,676,781	$	21,210,197
Return of Capital		16,157,972		16,093,723
MSTY ETF
Ordinary Income	$	21,028,650	$	144,166,337
Return of Capital		571,714,140		3,054,672,201
NFLY ETF
Ordinary Income	$	1,284,392	$	42,195,719
Return of Capital		17,383,066		14,625,321
NVDY ETF
Ordinary Income	$	23,844,836	$	586,067,383
Return of Capital		341,551,157		522,761,687
PLTY ETF
Ordinary Income	$	6,728,124	$	325,167,661
Return of Capital		148,712,651		1,982,762
PYPY ETF
Ordinary Income	$	476,339	$	1,632,892
Return of Capital		6,847,327		21,350,073
RBLY ETF
Ordinary Income	$	232,646	$	101,309
Return of Capital		4,229,524		3,659,669
FIAT ETF
Ordinary Income	$	461,907	$	1,249,765
Return of Capital		16,949,513		37,739,558
YQQQ ETF
Ordinary Income	$	193,913	$	402,030
Return of Capital		1,875,797		2,335,403
DIPS ETF
Ordinary Income	$	125,328	$	325,903
Return of Capital		2,260,776		5,854,150
CRSH ETF
Ordinary Income	$	247,366	$	788,181
Return of Capital		5,760,581		18,669,602
SMCY ETF
Ordinary Income	$	2,837,963	$	68,196,370
Return of Capital		64,122,180		125,814,125
SNOY ETF
Ordinary Income	$	690,869	$	31,618,446

166

			October 31,
Distributions paid from:	April 30, 2026		2025
Long-Term Capital Gains		–		294
Return of Capital		11,747,799		11,214,140
TSLY ETF
Ordinary Income	$	14,893,841	$	378,764,883
Return of Capital		282,287,817		542,652,570
TSMY ETF
Ordinary Income	$	941,533	$	23,424,762
Return of Capital		16,748,037		6,458,733
ULTY ETF
Ordinary Income	$	420,906,213	$	344,498,628
Long-Term Capital Gains		–		2,448,710
Return of Capital		–		641,667,620
SLTY ETF
Ordinary Income	$	396,598	$	57,146
Return of Capital		6,730,022		1,852,482
YMAX ETF
Ordinary Income	$	152,453,188	$	218,766,279
Long-Term Capital Gains		–		2,117,577
Return of Capital		–		247,024,459
XOMO ETF
Ordinary Income	$	495,931	$	1,494,392
Return of Capital		6,217,852		13,448,646
XYZY ETF
Ordinary Income	$	572,207	$	2,039,524
Return of Capital		12,647,826		43,030,424

As of the most recent fiscal year ended October 31, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	APLY ETF			ABNY ETF			AIYY ETF			AMDY ETF			AMZY ETF
Cost of investments(a)	$	130,136,605		$	27,501,594		$	82,194,995		$	109,436,123		$	308,907,885
Gross tax unrealized appreciation		7,442,863			1,333,258			3,187,413			741,383			13,003,674
Gross tax unrealized depreciation		(161,573	)		(257,128	)		(3,573,913	)		(5,957,971	)		(1,968,577	)
Net tax unrealized appreciation (depreciation)		7,281,290			1,076,130			(386,500	)		(5,216,588	)		11,035,097
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(7,312,045	)		(5,456,289	)		(72,766,871	)		(616,818	)		(11,674,456	)
Total distributable earnings/(accumulated losses)	$	(30,755	)	$	(4,380,159	)	$	(73,153,371	)	$	(5,833,406	)	$	(639,359	)

167

	BABO ETF			YBIT ETF			BRKC ETF			CONY ETF			CVNY ETF
Cost of investments(a)	$	50,307,461		$	76,209,384		$	32,525,271		$	1,291,234,660		$	66,789,503
Gross tax unrealized appreciation		8,677,457			212,788			48,575			70,471,090			1,308,906
Gross tax unrealized depreciation		(429,630	)		(142,515	)		(983,454	)		(94,096,997	)		(377,979	)
Net tax unrealized appreciation (depreciation)		8,247,827			70,273			(934,879	)		(23,625,907	)		930,927
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(8,619,762	)		–			(16,121	)		(69,137,368	)		(1,277,560	)
Total distributable earnings/(accumulated losses)	$	(371,935	)	$	70,273		$	(951,000	)	$	(92,763,275	)	$	(346,633	)

	DISO ETF			DRAY ETF			GDXY ETF			GOOY ETF			HOOY ETF
Cost of investments(a)	$	34,535,253		$	38,281,647		$	194,763,362		$	159,513,411		$	148,682,500
Gross tax unrealized appreciation		184,374			109,321			795,357			34,933,955			8,830,344
Gross tax unrealized depreciation		(134,004	)		(998,616	)		(12,432,634	)		(668,314	)		(4,270,814	)
Net tax unrealized appreciation (depreciation)		50,370			(889,295	)		(11,637,277	)		34,265,641			4,559,530
Undistributed ordinary income (loss)		–			–			1,961,361			1,826,659			4,443,310
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(280,601	)		(9,210,100	)		(705,002	)		(34,754,093	)		(8,279,331	)
Total distributable earnings/(accumulated losses)	$	(230,231	)	$	(10,099,395	)	$	(10,380,918	)	$	1,338,207		$	723,509

	OARK ETF			JPO ETF			YMAG ETF			MARO ETF			FBY ETF
Cost of investments(a)	$	81,388,387		$	48,380,364		$	467,376,499		$	94,617,467		$	144,910,771
Gross tax unrealized appreciation		9,237,598			2,760,432			75,946,304			487,766			1,508,177
Gross tax unrealized depreciation		(420,126	)		(87,442	)		(83,603,208	)		(585,318	)		(22,268,101	)
Net tax unrealized appreciation (depreciation)		8,817,472			2,672,990			(7,656,904	)		(97,552	)		(20,759,924	)
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–

168

	OARK ETF			JPO ETF			YMAG ETF			MARO ETF			FBY ETF
Other accumulated gain (loss)^(b)		(9,169,732	)		(2,707,504	)		(4,767,988	)		(7,088,324	)		(1,340,169	)
Total distributable earnings/(accumulated losses)	$	(352,260	)	$	(34,514	)	$	(12,424,892	)	$	(7,185,876	)	$	(22,100,093	)

	MRNY ETF			MSFO ETF			MSTY ETF			NFLY ETF			NVDY ETF
Cost of investments(a)	$	83,695,613		$	145,941,987		$	2,426,245,229		$	147,981,090		$	1,535,534,593
Gross tax unrealized appreciation		9,414,506			2,399,746			8,561,476			382,307			190,211,516
Gross tax unrealized depreciation		(2,139,498	)		(1,016,606	)		(379,855,395	)		(17,842,589	)		(22,552,874	)
Net tax unrealized appreciation (depreciation)		7,275,008			1,383,140			(371,293,919	)		(17,460,282	)		167,658,642
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(70,530,178	)		(2,240,439	)		(489,057,899	)		(244,124	)		(188,368,109	)
Total distributable earnings/(accumulated losses)	$	(63,255,170	)	$	(857,299	)	$	(860,351,818	)	$	(17,704,406	)	$	(20,709,467	)

	PLTY ETF			PYPY ETF			RBLY ETF			FIAT ETF			YQQQ ETF
Cost of investments(a)	$	538,868,330		$	44,832,398		$	31,180,152		$	49,090,019		$	14,606,922
Gross tax unrealized appreciation		64,155,646			2,352,575			299,376			555,992			22,434
Gross tax unrealized depreciation		(2,649,342	)		(352,446	)		(2,619,369	)		(7,588,779	)		(503,291	)
Net tax unrealized appreciation (depreciation)		61,506,304			2,000,129			(2,319,993	)		(7,032,787	)		(480,857	)
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(63,909,100	)		(14,204,682	)		(1,762,559	)		(29,370,776	)		(2,158,812	)
Total distributable earnings/(accumulated losses)	$	(2,402,796	)	$	(12,204,553	)	$	(4,082,552	)	$	(36,403,563	)	$	(2,639,669	)

			DIPS ETF				CRSH ETF				SMCY ETF				SNOY ETF				TSLY ETF
Cost of investments(a)			$	9,088,349			$	26,495,313			$	228,948,175			$	75,199,490			$	1,117,999,819

169

	DIPS ETF			CRSH ETF			SMCY ETF			SNOY ETF			TSLY ETF
Gross tax unrealized appreciation		29,771			127,611			1,092,503			12,292,307			103,783,270
Gross tax unrealized depreciation		(1,094,457	)		(5,466,233	)		(4,869,371	)		(460,371	)		(10,633,342	)
Net tax unrealized appreciation (depreciation)		(1,064,686	)		(5,338,622	)		(3,776,868	)		11,831,936			93,149,928
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(5,647,539	)		(12,994,986	)		(771,031	)		(12,262,759	)		(102,818,418	)
Total distributable earnings/(accumulated losses)	$	(6,712,225	)	$	(18,333,608	)	$	(4,547,899	)	$	(430,823	)	$	(9,668,490	)

		TSMY ETF			ULTY ETF			SLTY ETF			YMAX ETF			XOMO ETF
Cost of investments(a)	$	60,017,174		$	2,191,375,910		$	1,796,506		$	1,044,885,430		$	48,492,750
Gross tax unrealized appreciation		1,796,207			413,898,480			809,177			176,849,146			403,583
Gross tax unrealized depreciation		(728,974	)		(233,375,064	)		(1,831,184	)		(259,440,980	)		(404,425	)
Net tax unrealized appreciation (depreciation)		1,067,233			180,523,416			(1,022,007	)		(82,591,834	)		(842	)
Undistributed ordinary income (loss)		–			–			–			–			–
Undistributed long-term capital gain (loss)		–			–			–			–			–
Other accumulated gain (loss)^(b)		(1,726,979	)		(395,160,487	)		(1,121,110	)		–			(2,471,932	)
Total distributable earnings/(accumulated losses)	$	(659,746	)	$	(214,637,071	)	$	(2,143,117	)	$	(82,591,834	)	$	(2,472,774	)

	XYZY ETF
Cost of investments(a)	$	60,055,861
Gross tax unrealized appreciation		1,349,727
Gross tax unrealized depreciation		(249,194	)
Net tax unrealized appreciation (depreciation)		1,100,533
Undistributed ordinary income (loss)		–
Undistributed long-term capital gain (loss)		–

170

	XYZY ETF
Total distributable earnings	–
Other accumulated gain (loss)^(b)		(15,994,534	)
Total distributable earnings/(accumulated losses)	$	(14,894,001	)

(a)

The difference between book and tax-basis unrealized appreciation is primarily due to the treatment of wash sales

(a)

The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales.

(b)

A portion of the other accumulated gain (loss) is attributable to straddles in the amount that follows in the table below:

Fund	Straddles
ABNY ETF	$	(1,300,819	)
AIYY ETF		(3,114,714	)
AMDY ETF		(616,818	)
AMZY ETF		(11,674,456	)
APLY ETF		(7,312,045	)
BABO ETF		(8,619,762	)
BRKC ETF		(16,121	)
CONY ETF		(69,137,368	)
CRSH ETF		(102,105	)
CVNY ETF		(1,277,560	)
DIPS ETF		(20,000	)
DISO ETF		(146,024	)
DRAY ETF		(106,618	)
FBY ETF		(1,340,169	)
FIAT ETF		(153,943	)
GDXY ETF		(705,002	)
GOOY ETF		(34,754,093	)
HOOY ETF		(8,279,331	)
JPO ETF		(2,707,504	)
MARO ETF		(382,359	)
MRNY ETF		(9,301,197	)
MSFO ETF		(2,240,439	)
MSTY ETF		(7,615,327	)
NFLY ETF		(244,124	)
NVDY ETF		(188,368,109	)
OARK ETF		(9,169,732	)
PLTY ETF		(63,909,100	)
PYPY ETF		(2,299,012	)
RBLY ETF		(297,525	)
SLTY ETF		(522,617	)
SMCY ETF		(771,031	)
SNOY ETF		(12,262,759	)
TSLY ETF		(102,818,418	)
TSMY ETF		(1,726,979	)
ULTY ETF		(395,160,487	)
XOMO ETF		(356,570	)

171

Fund	Straddles
XYZY ETF		(1,273,048	)
YBIT ETF		–
YMAG ETF		(4,767,988	)
YMAX ETF		–
YQQQ ETF		(10,436	)

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the most recent fiscal year ended October 31, 2025, the Funds had not elected to defer any post-October or late-year losses.

As of October 31, 2025, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire:

Fund	Short-Term			Long-Term
ABNY ETF	$	(4,155,470	)	$	–
AIYY ETF		(69,652,157	)		–
DISO ETF		(133,215	)		(1,362	)
DRAY ETF		(9,104,082	)		–
MARO ETF		(6,705,965	)		–
MRNY ETF		(61,228,981	)		–
MSTY ETF		(481,442,572	)		–
PYPY ETF		(11,901,158	)		(4,512	)
RBLY ETF		(1,465,034	)		–
FIAT ETF		(29,216,833	)		–
YQQQ ETF		(2,148,376	)		–
DIPS ETF		(5,627,539	)		–
CRSH ETF		(12,892,882	)		–
SLTY ETF		(598,493	)		–
XOMO ETF		(2,115,362	)		–
XYZY ETF		(14,710,602	)		(10,884	)

NOTE 9 - SHARES TRANSACTIONS

Shares of the Funds are listed and traded on the NYSE, except the YQQQ ETF, which is listed and traded on the NASDAQ. Market prices for the Shares may be different from their NAV. The Funds issue and redeem Shares on a continuous basis at NAV generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in- kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

172

NOTE 10 - RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

NOTE 11 - REVERSE STOCK SPLIT

Effective on the below dates, the Shares of the below Funds were adjusted for a reverse stock split. The effect of these reverse stock splits were to reduce the number of Shares outstanding in the Funds while maintaining each Fund’s and shareholder’s aggregate NAV. Set forth below are details regarding the reverse stock splits, which due to the timing, were retroactively applied to the prior 4/30/26 financial statements.

	Date	Rate	Net Asset Value Before Split	Net Asset Value After Split	Shares Outstanding Before Split	Shares Outstanding After Split
ABNY ETT	12/01/2025	1 for 5	$9.61	$48.04	3,225,000	645,000
AIYY ETF	12/01/2025	1 for 10	$2.46	$24.60	34,375,000	3,437,500
AMDY ETF	12/05/2025	1 for 5	$9.83	$49.16	23,600,000	4,720,000
YBIT ETF	11/28/2025	1 for 5	$8.80	$44.02	12,500,000	2,500,000
CONY ETT	12/01/2025	1 for 10	$6.33	$63.33	200,550,000	20,055,000
OAKX ETF	12/01/2025	1 for 5	$8.88	$44.40	10,325,000	2,065,000
MKNY ETF	11/28/2025	1 for 10	$1.68	$16.75	55,200,000	5,520,000
MSTY ETF	12/05/2025	1 for 5	$10.88	$54.39	278,550,000	55,710,000
FYFY ETF	12/05/2025	1 for 5	$10.11	$50.54	4,700,000	940,000
FIAT ETT	12/01/2025	1 for 10	$2.42	$24.16	17,950,000	1,795,000
DIPS ETT	12/01/2025	1 for 10	$5.17	$51.68	1,550,000	155,000
CRSH ETF	12/02/2025	1 for 10	$283	$28.29	7,875,000	787,500
TSLY ETF	11/28/2025	1 for 5	$8.52	$42.58	151.025,000	30,205,000
ULTY ETF	11/28/2025	1 for 10	$4.96	$49.62	500,200,000	50,020,000
XYZY ETF	11/28/2025	1 for 5	$8.58	$42.89	7,275,000	1,455,000

173

SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

174

(b)

Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There have been no changes in or disagreements with the Fund’s accountants.

Item 9. Proxy Disclosure for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on August 27, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of the renewal of:

• the Investment Advisory Agreement (an “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each Fund;

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Advisers.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to each Fund’s shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services provided and the profits realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on June 30, 2025, meetings held on August 6 and August 7, 2025, and the meeting held on August 27, 2025. Among other things, each of the Adviser and Sub- Advisers provided responses to a detailed series of questions, which included information about the Adviser’s and Sub-Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services Provided. The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board reviewed the Adviser’s and each Sub-Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Adviser working with each ETF. The Board also considered other services provided to the Funds by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser and Sub-Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund’s stated investment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate by the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while others may have more generalized strategies but are significantly different from other funds in the same investment universe. In these circumstances, the Board considered that it was t difficult to fairly benchmark performance against peers and also took into account that certain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring performance. The Board considered that each Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

The Board reviewed each Fund’s performance on a case-by-case basis. The Board also took into account that each Fund’s track record was measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of each Fund’s performance track record as of May 30, 2025, is provided below:

For YieldMax AAPL Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax ABNB Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax AI Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax AMD Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax AMZN Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. but generally appeared to be meeting its stated investment objective Additionally the Board noted the limited operating history of the Fund.

For YieldMax BABA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Bitcoin Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax BRKB Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax COIN Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax CVNA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax DIS Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

YieldMax DKNG Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax Gold Miners Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax GOOGL Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax HOOD Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Innovation Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax JP Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax Magnificent 7 Fund of Option Income ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MARA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax META Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MRNA Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MSFT Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MSTR Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax NFLX Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax NVDA Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax PLTR Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax PYPL Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax RBLX Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax Short COIN Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short N100 Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short NVDA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short TSLA Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax SMCI Option Income Strategy ETF, the Board noted that the Fund had generally appeared to be meeting its stated investment objective.

For YieldMax SNOW Option Income Strategy ETF, the Board noted that the Fund generally appeared to be meeting its stated investment objective.

For YieldMax TSLA Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax TSM Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Ultra Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax Universe Fund of Option Income ETFs, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax XOM Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax XYZ Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. but generally appeared to be meeting its stated investment objective Additionally the Board noted the limited operating history of the Fund.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory.

Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had distinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative universe, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”

The Board noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except as noted above) out of its own fees and resources.

The Board’s overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor’s net experience, was fair and reasonable.

For YieldMax AAPL Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax ABNB Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax AI Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax AMD Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax AMZN Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax BABA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Bitcoin Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax BRKB Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax COIN Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax CVNA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax DIS Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax DKNG Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group media but reasonable given the Fund’s distinctive investment strategy compared to its peers n.

For YieldMax Gold Miners Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax GOOGL Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax HOOD Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Innovation Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax JP Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Magnificent 7 Fund of Option Income ETF, the Board noted that the Fund’s unitary fee and net expense ratio were below the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax MARA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax META Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax MRNA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax MSFT Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax MSTR Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax NFLX Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax NVDA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median. but reasonable given the Fund’s distinctive investment strategy compared to its peers

For YieldMax PLTR Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax PYPL Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax RBLX Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Short COIN Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Short N100 Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Short NVDA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Short TSLA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax SMCI Option Income Strategy ETF,

For YieldMax SNOW Option Income Strategy ETF,

For YieldMax TSLA Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax TSM Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Ultra Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For YieldMax Universe Fund of Option Income ETFs, the Board noted that the Fund’s unitary fee and net expense ratio were below the peer group median.

For YieldMax XOM Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers .

For YieldMax XYZ Option Income Strategy ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with each of the Funds, and concluded that many of the Funds was profitable to the Adviser, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues of its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the Adviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by the Adviser in launching and maintaining the Funds.

The Board also reviewed the sub-advisory fee paid to each Sub-Adviser for its services under the Sub-Advisory Agreement. The Board considered this fee in light of the services each Sub-Adviser provides as investment sub-adviser to each of the Sub-advised Funds, as applicable. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Adviser given the work performed by each firm. The Board also considered that each Fund had one or more sponsors, each which had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor(s) out of its profits. The Board concluded that the sub-advisory fee for each Sub-advised Fund was reasonable in light of the services rendered.

The Board discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

The Board also considered that the sub-advisory fee paid to each Sub-Adviser is paid out of the Adviser’s unified fee and represents an arm’s-length negotiation between the Adviser and each Sub- Adviser.. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from its relationship with the respective Fund was not a material factor in their deliberations with respect to consideration of approval of each Sub-Advisory Agreement. The Board considered that, because the sub-advisory fee was paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the respective sub-advisory fee.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s and Sub-Adviser’s fees are reasonable in light of the services that the Adviser and Sub-Adviser provide to each Fund; and (c) agreed to approve renewal of the Advisory Agreement and Sub-Advisory Agreement for a term of one year.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

(a)

The Registrant’s Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable

(b) Not Applicable

Item 19. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Tidal Trust II

By (Signature and Title)*	/s/ Eric W. Falkeis
	Eric W. Falkeis, Principal Executive Officer

Date

July 9, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Eric W. Falkeis
	Eric W. Falkeis, Principal Executive Officer

Date

July 9, 2026

By (Signature and Title)*	/s/ Aaron J. Perkovich
	Aaron J. Perkovich, Treasurer/Principal Financial Officer

Date

July 9, 2026

* Print the name and title of each signing officer under his or her signature.