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semi-annual shareholder report YieldMax™ AAPL Option Income Strategy ETF APLY NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_zQG2yyJdRwUd">semi-annual shareholder report</span> contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_zwki31loGyCh">www.yieldmaxetfs.com/our-etfs/APLY</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_z17JfK0mdSMc">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/APLY (866) 864-3968 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238137Member_dD_zD7F3rcdE4pa" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_z2MMSl8ACYHd">YieldMax™ AAPL Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_z72f8B8ox0r1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$58</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_fKg_____zuVLPMfXclnb">1.16</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zb7TWr2XKho9" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zUceGbG9TVgj" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> YieldMax™ AAPL Option Income Strategy ETF 58 0.0116 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238137Member_dD_zH3zJWl91kX6" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238137Member_z9WtVsTFJ3j7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$109,328</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238137Member_zoYjERlrCgzk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_zekG9dm3SAJk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$616,167</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238137Member_zpXTlWtaASVl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 109328000 11 616167 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238137Member_dD_zlNhwVQavJdb" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238137Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zq7xccJyquEk" style="box-sizing: border-box; text-align-last: auto">4.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238137Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zYsXRz6wQPul" style="box-sizing: border-box; text-align-last: auto">95.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzcu0c5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238137Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zzSisbwJZWf3" style="box-sizing: border-box; text-align-last: auto">-1.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238137Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zNS8AN0z1Yrc" style="box-sizing: border-box; text-align-last: auto">-4.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzi130u.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.041 0.959 -0.013 -0.044 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238137Member_dD_zuTfHuhaNBbb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_za14mgpCf1Yj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">98.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--AppleIncExpiration06182026ExercisePrice27501Member_zxPWznlQ7TY1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--AppleIncExpiration06182026ExercisePrice27500Member_zmEwvTKCNRva" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z04KUzJR2Ph1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Apple, Inc., Expiration: 05/01/2026; Exercise Price: $275.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--AppleIncExpiration05012026ExercisePrice27500Member_zAdenU6hUcU2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Apple, Inc., Expiration: 05/01/2026; Exercise Price: $282.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--AppleIncExpiration05012026ExercisePrice28250Member_zsMEWdRtM7G5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Apple, Inc., Expiration: 05/01/2026; Exercise Price: $277.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238137Member__oef--LargestHoldingAxis__custom--AppleIncExpiration05012026ExercisePrice27750Member_zByTeLaVXkDc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.980 -0.044 0.035 0.021 -0.009 0.006 -0.004 YieldMax™ ABNB Option Income Strategy ETF ABNY NYSEArca This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zWPnhDUy71p9">semi-annual shareholder report</span> contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zmUHM5amYuL1">www.yieldmaxetfs.com/our-etfs/ABNY</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_z8DtVHxJEnke">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/ABNY (866) 864-3968 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244356Member_dD_zPLpF8xejyqb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zhtoMptzOW2">YieldMax™ ABNB Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_z4yvW8Sh4wF8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$65</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_fKg_____z3Un7NQ6kdGc">1.24</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F01_zy3r6bWL2LY9" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_zH1V9py8ORWf" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ ABNB Option Income Strategy ETF 65 0.0124 <p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244356Member_dD_zOlccJi88e43" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244356Member_zjiwVSwS7MLg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$21,925</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244356Member_zGTKSeiFBvhb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zpwxK32xeDC2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$122,555</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zACuA7biJjR6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 21925000 12 122555 0 <p id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244356Member_dD_ztrlcI3Ake9f" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244356Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zH47PVfXbXt1" style="box-sizing: border-box; text-align-last: auto">11.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244356Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zPgiTIJiQ038" style="box-sizing: border-box; text-align-last: auto">89.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzct6ex.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244356Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zmGeHyavONgh" style="box-sizing: border-box; text-align-last: auto">-0.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244356Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_z35oknPN72Ca" style="box-sizing: border-box; text-align-last: auto">-3.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqty55xq.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.110 0.890 -0.003 -0.030 <div id="xdx_80C_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244356Member_dD_zRSPpTqCmFbe" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z2RtzdB4LIE6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">84.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Airbnb, Inc., Expiration: 06/18/2026; Exercise Price: $130.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--AirbnbIncExpiration06182026ExercisePrice13001Member_z5e0Yg1Lvlw7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zDdPnxXM13ff" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $145.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--AirbnbIncExpiration05012026ExercisePrice14500Member_z1mXb4qtWq3g" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $144.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--AirbnbIncExpiration05012026ExercisePrice14400Member_zq2gTOs0Gcwh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $149.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--AirbnbIncExpiration05012026ExercisePrice14900Member_fKg_____zgP6gpQuysL1">0.0</span>*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $148.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244356Member__oef--LargestHoldingAxis__custom--AirbnbIncExpiration05012026ExercisePrice14800Member_fKg_____ztfLYwKrRC28">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F04_zXqAZ7pgdPGi" style="text-align: left">*</td> <td id="xdx_F1A_zeXiOkhdXa99" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.843 0.109 0.049 -0.002 -0.001 0.000 0.000 <p id="xdx_808_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244356Member_dD_zl9Ac4KzdFtd" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">Effective <span id="xdx_909_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000244356Member_zXIyte9ZCNxg">June 18, 2026</span>, the Fund will be closed and liquidated.</span> </p> </div> </div> 2026-06-18 YieldMax™ AI Option Income Strategy ETF AIYY NYSEArca This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zACXMfY5BAnk">semi-annual shareholder report</span> contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zY9e9UQHFw8c">www.yieldmaxetfs.com/our-etfs/AIYY</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zKSlSv68BY9e">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/AIYY (866) 864-3968 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000245519Member_dD_zQWBj3muL9D8" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_ziXo1pSOUxi2">YieldMax™ AI Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zlWPuy9s2W1k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$39</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_fKg_____zqEAir95LUbj">1.02</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_zb1WUoneT8ka" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zvFxbfF7min9" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ AI Option Income Strategy ETF 39 0.0102 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000245519Member_dD_zJ3JD3xR7U1d" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000245519Member_zUAPKIumTzL" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$25,140</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000245519Member_z1ueTRvy2fea" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zeVJaZOEvsta" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$227,624</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000245519Member_zP60ffuKm3z1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 25140000 10 227624 0 <p id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000245519Member_dD_zMavvvvWXdF6" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245519Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z8JinDGEB831" style="box-sizing: border-box; text-align-last: auto">5.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245519Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zmh0jgFRJ8o6" style="box-sizing: border-box; text-align-last: auto">94.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzcupcz.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245519Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_z6HnVvWBkpw9" style="box-sizing: border-box; text-align-last: auto">-0.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245519Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zSjIizD45N03" style="box-sizing: border-box; text-align-last: auto">-7.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqty3u5p.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.053 0.947 -0.009 -0.071 <div id="xdx_802_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000245519Member_dD_z30VrY58UWn9" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zPJFSKo2A0Mi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">94.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zfVnNTjCKwLb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">C3.ai, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $9.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--C3aiIncClassAExpiration05152026ExercisePrice901Member_zTBiiJmHbORf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--C3aiIncClassAExpiration05012026ExercisePrice900Member_zF9smT1peOPf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--C3aiIncClassAExpiration05012026ExercisePrice950Member_zocb4uVZU0H5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--C3aiIncClassAExpiration05082026ExercisePrice900Member_zBoNvqAG05Ec" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245519Member__oef--LargestHoldingAxis__custom--C3aiIncClassAExpiration05082026ExercisePrice950Member_fKg_____zUBrj2iHuJLa">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F06_zggNsoV5fra4" style="text-align: left">*</td> <td id="xdx_F12_z8cFR5Zcl3N5" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.941 0.075 -0.020 -0.008 0.002 -0.001 0.000 <p id="xdx_80B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000245519Member_dD_z1Rs8POZSeZd" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> </div> YieldMax AMD Option Income Strategy ETF AMDY NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_z8liYDpaeape">semi-annual shareholder report</span> contains important information about the YieldMax AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zCKKHYmOYCYf">www.yieldmaxetfs.com/our-etfs/AMDY</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zc8ZDpNKWh17">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/AMDY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244358Member_dD_zHJ4otooYlQb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zOIW33GpQpxh">YieldMax™ AMD Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zh7JU379Xik3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$58</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_fKg_____zX3liNvJlsSj">1.03</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F03_zjzg69spQowk" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zoWBfaMyYjQa" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ AMD Option Income Strategy ETF 58 0.0103 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244358Member_dD_z17knq1nuQqf" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244358Member_zJNpACPehEPi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$234,882</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244358Member_zPqmaeFq9fH2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zKKSDA1SkyY2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$842,783</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244358Member_zbhJEdT0sABe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 234882000 16 842783 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244358Member_dD_zP8vceC2pO5h" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244358Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_ziG5DBHMvEVj" style="box-sizing: border-box; text-align-last: auto">7.2%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244358Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_ziqgarZp1lt2" style="box-sizing: border-box; text-align-last: auto">92.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzcv2m0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244358Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zdnBlASc0Vfe" style="box-sizing: border-box; text-align-last: auto">-1.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244358Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zqEHLebnEAv5" style="box-sizing: border-box; text-align-last: auto">-6.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqty2b5h.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.072 0.928 -0.014 -0.067 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244358Member_dD_zkmYg1MisFde" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zJhyzUOH6hd6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">54.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05152026ExercisePrice35000Member_zJplWT4Tgso" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05152026ExercisePrice35001Member_zt1BqcrPUKWe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-6.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zdaijWQwLVXj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $355.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05012026ExercisePrice35500Member_zyMxo7AXdeEc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $357.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05012026ExercisePrice35750Member_zrsd9cOFo8Zj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $350.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05012026ExercisePrice35000Member_z5vJueGEn3c1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $370.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05012026ExercisePrice37000Member_zGkxVA6ryaX9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $360.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05082026ExercisePrice36000Member_zx8x8nMEqZO8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $372.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244358Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncExpiration05082026ExercisePrice37250Member_zPU1G3SqunDl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.547 0.069 -0.067 0.042 -0.007 -0.003 -0.003 0.001 -0.001 0.001 <p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244358Member_dD_zFKycWzotvXe" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> </div> YieldMax™ AMZN Option Income Strategy ETF AMZY NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_z5DpCeRngf05">semi-annual shareholder report</span> contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_zrz02QYR4Dr8">www.yieldmaxetfs.com/our-etfs/AMZY</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_z39rsDDAJANe">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/AMZY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238139Member_dD_zU3h0Fni4C13" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_z5ea6sroIya6">YieldMax™ AMZN Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_zMmA91KSJzo9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$55</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_fKg_____zaDXdE9YFkIj">1.09</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F07_zqv9ZTNHuuPj" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zniJU80HN6Rb" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ AMZN Option Income Strategy ETF 55 0.0109 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238139Member_dD_z1iLes0BVi2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238139Member_znv8FENPmYhi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$252,370</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238139Member_zcnfzBc7LUF6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_zzw4cpCbir78" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,252,808</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238139Member_zxoH8jWKTRLf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 252370000 14 1252808 0 <p id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238139Member_dD_zf8hrsiZezk2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238139Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zNwsABzl6aC5" style="box-sizing: border-box; text-align-last: auto">21.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238139Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z1GTp8RsxMP1" style="box-sizing: border-box; text-align-last: auto">78.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzcvjey.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238139Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zWjyO9Y1oMZ7" style="box-sizing: border-box; text-align-last: auto">-1.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238139Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zLOG9zKRJiD8" style="box-sizing: border-box; text-align-last: auto">0.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzhvjcv.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.211 0.789 -0.011 0.001 <div id="xdx_801_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238139Member_dD_z0UOAGLwjzp4" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z9ewMnGd6Qmc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">77.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05152026ExercisePrice21000Member_zixnBUz9bmbd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">21.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zqepUcEydV4l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $262.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05012026ExercisePrice26250Member_zLmweuWeKrSi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $267.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05012026ExercisePrice26750Member_z9L0FXYlWUo4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $260.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05012026ExercisePrice26000Member_zeGt1ExiBxDg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $272.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05012026ExercisePrice27250Member_z24PZYTVSgUh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238139Member__oef--LargestHoldingAxis__custom--AmazoncomIncExpiration05152026ExercisePrice21001Member_fXg_____zO0wNU97rHdl">(0.0)</span>^</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F0C_zLZePuxYFYhj" style="text-align: left">^</td> <td id="xdx_F17_ztbtkNry8Vmb" style="text-align: left">Less than -0.05% of net assets.</td></tr> </table> </div> 0.775 0.210 0.034 -0.008 -0.002 -0.001 0.001 -0.000 YieldMax™ BABA Option Income Strategy ETF BABO NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_z9ZggyyGN4z9">semi-annual shareholder report</span> contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zgG8WtGNkX5j">www.yieldmaxetfs.com/our-etfs/BABO</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zD8NJ2YLXiQ5">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/BABO (866) 864-3968 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251847Member_dD_zQz80BPhVus" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zxxHiWJ8zN6c">YieldMax™ BABA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zGjkV33AN7ja" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$51</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_fKg_____z4SNyvN4XSrj">1.13</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F03_zxiIhsfiRor8" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zjZR46oY36" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ BABA Option Income Strategy ETF 51 0.0113 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251847Member_dD_zPV5Rq5SbUwc" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251847Member_z5fwVV4ctvDk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$17,907</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251847Member_zogrXeUHxuYa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_z6nddxgJBS4i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$184,299</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zt0ArIc3Ecub" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 17907000 14 184299 0 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251847Member_dD_zMZA2RRSkp5f" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251847Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zV60vprBTyNa" style="box-sizing: border-box; text-align-last: auto">1.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251847Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zxTPTu9bXUU9" style="box-sizing: border-box; text-align-last: auto">98.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzhu58g.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251847Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_z4oWKg8FcwQa" style="box-sizing: border-box; text-align-last: auto">-0.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251847Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zEFEpCbH1h7b" style="box-sizing: border-box; text-align-last: auto">-11.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzhug3u.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.016 0.984 -0.007 -0.111 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251847Member_dD_ziKnM6xOfMRb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zMRWUG9607cc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">101.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05152026ExercisePrice14501Member_zLsssCMTdn9i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-11.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zF18Qol3Parh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05152026ExercisePrice14500Member_zK8CSFKdGro1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $132.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05082026ExercisePrice13200Member_zhFGOcN8XwA9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $136.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05082026ExercisePrice13600Member_zga7WXUs6aS7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $133.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05012026ExercisePrice13300Member_zdRCOjTkmZs4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $134.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05012026ExercisePrice13400Member_zlnA8WfJPQe9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $135.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05012026ExercisePrice13500Member_fXg_____zY3oanSkgiGk">(0.0)</span>^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $137.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251847Member__oef--LargestHoldingAxis__custom--AlibabaGroupHoldingLtdExpiration05012026ExercisePrice13700Member_fKg_____zWURIgsiRCIj">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F03_zIHHTcLXFt46" style="text-align: left">*</td> <td id="xdx_F15_zOIjCD1626W5" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F01_zY2XtJBP7Un" style="text-align: left">^</td> <td id="xdx_F1A_zh5K3XS3kSsb" style="text-align: left">Less than -0.05% of net assets.</td></tr> </table> </div> 1.017 -0.111 0.071 0.013 -0.005 0.003 -0.001 -0.001 -0.000 0.000 <p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000251847Member_dD_zws27K1xJBG1" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Effective <span id="xdx_90E_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000251847Member_zztpjchPSeBk">June 18, 2026</span>, the Fund will be closed and liquidated.</span> </p> </div> 2026-06-18 YieldMax™ BRK.B Option Income Strategy ETF BRKC NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zNNuja5FOtdk">semi-annual shareholder report</span> contains important information about the YieldMax™ BRK.B Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zvw9g64cbQch">www.yieldmaxetfs.com/our-etfs/BRKC</span>. 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. www.yieldmaxetfs.com/our-etfs/BRKC <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238140Member_dD_z5LWUVjt8YV6" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zgKNmlItXy5j">Yieldmax™ BRK.B Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zAk4gGPdNpEb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$49</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_fKg_____zfC1kM1LN8Ia">1.00</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F06_zYO6I0uodqbb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1A_zruiyEUBtMrh" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ BRK.B Option Income Strategy ETF 49 0.0100 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238140Member_dD_zL6fJxNqxspd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238140Member_zWkiBtDnQmCd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$7,159</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238140Member_zpQPk3BZjQV7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zXRhFFnNOoja" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$116,571</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zvWUOzOVhgR1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 7159000 8 116571 0 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238140Member_dD_zS7UmER7RzLf" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238140Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z86d28RPsAE6" style="box-sizing: border-box; text-align-last: auto">0.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238140Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z9yILtF673Rb" style="box-sizing: border-box; text-align-last: auto">99.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzcxc6h.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238140Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zqnj94cSPl26" style="box-sizing: border-box; text-align-last: auto">-0.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238140Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zlyvGTyVULHj" style="box-sizing: border-box; text-align-last: auto">-3.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxyhay.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 39.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 10pt">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.008 0.992 -0.008 -0.037 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238140Member_dD_zhdhEuQFSWnb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_ziPr0Flz3fx7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">92.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z4adDHDY5aCc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBExpiration05152026ExercisePrice49001Member_z7sXYVh4rlNl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.70</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBExpiration05152026ExercisePrice49000Member_zRCXeBKJbh6k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.60</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $472.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBExpiration05012026ExercisePrice47250Member_zJOs4mNttbbh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.50</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $470.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBExpiration05012026ExercisePrice47000Member_zzUgC3kTAWl6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.20</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $477.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238140Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBExpiration05012026ExercisePrice47750Member_zSenAhfIbwc7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.20</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.922 0.047 -0.0370 0.0060 -0.0050 -0.0020 0.0020 <p id="xdx_80E_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000238140Member_dD_zizqoPCWyXTe" style="font: 700 10pt/18.66px Gotham Narrow-Bold,Arial; margin: 10pt 0pt 0pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0pt">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt"><span id="xdx_907_eoef--MaterialFundChngRisksChngTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_z5uLhQLnHH0i">Effective <span id="xdx_90D_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zwa54uwykaD3">January 2, 2026</span>, 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.</span></span> </p> </div> Effective <span id="xdx_90D_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000238140Member_zwa54uwykaD3">January 2, 2026</span>, 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. 2026-01-02 YieldMax™ Bitcoin Option Income Strategy ETF YBIT NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zIZOdOz49xi1">semi-annual shareholder report</span> contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zpNYNmagCCOf">www.yieldmaxetfs.com/our-etfs/YBIT</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zKJkVluNBZNh">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/YBIT (866) 864-3968 <p id="xdx_804_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249067Member_dD_zVHArCOsVtN7" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zhEsxIZIfbQj">YieldMax™ Bitcoin Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zGqHI5x9Y6Pl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$43</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_fKg_____z4xsy2qYkuT9">1.00</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0C_zaBQTx9fk18g" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zkpegGxKq9Gi" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Bitcoin Option Income Strategy ETF 43 0.0100 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249067Member_dD_zMCendU24cL1" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000249067Member_ztStb6im4tzc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$43,523</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000249067Member_ztTM7RWhtf7b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_zI2uHrO6k8Sf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$331,595</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000249067Member_z9bRmhY6k4P6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 43523000 10 331595 0 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249067Member_dD_zzZ121aEzWwj" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249067Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zYHCQUFOnsG7" style="box-sizing: border-box; text-align-last: auto">9.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249067Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zIszIw8bhR0j" style="box-sizing: border-box; text-align-last: auto">90.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzcxsqs.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249067Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zK0BsTY8HE68" style="box-sizing: border-box; text-align-last: auto">-1.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249067Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zXoghp3UQZng" style="box-sizing: border-box; text-align-last: auto">-0.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxxq54.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.096 0.904 -0.019 -0.009 <div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249067Member_dD_zYeKHhWri6ag" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z0YfPb7MyEyh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">75.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05152026ExercisePrice4000Member_zdkNicScTzHa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_ztrg6M51LET8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $43.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05082026ExercisePrice4350Member_zQFJrmXEHUD1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05152026ExercisePrice4001Member_zILNZDSZWcbg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05082026ExercisePrice4450Member_zC8S2PBfcCQa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05082026ExercisePrice4400Member_zZtIAkbpiklh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $45.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249067Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration05082026ExercisePrice4550Member_zaCOVB6Rapa8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.759 0.086 0.055 -0.014 -0.009 0.008 -0.004 0.002 YieldMax™ COIN Option Income Strategy ETF CONY NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_z7WoZXNPgkJ1">semi-annual shareholder report</span> contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_zrbOnVTbjhDb">www.yieldmaxetfs.com/our-etfs/CONY</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_zNGPdTLZ12q1">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/CONY (866) 864-3968 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238141Member_dD_zQ1ox88VUBB7" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_z7C9BnjWVTmg">YieldMax™ COIN Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_zaxkYHMfb5Cj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$43</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_fKg_____zxxNp8izhWTa">1.09</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F00_zetSqk3yTUoa" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zaqPLDCWjncb" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ COIN Option Income Strategy ETF 43 0.0109 <p id="xdx_80B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238141Member_dD_zwCdiXsmhpfa" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238141Member_zMTmB4vlFech" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$398,238</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238141Member_zWjNHO8zRZD4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">22</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_zLRcoJmXa5sf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$3,009,802</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238141Member_zFV3kL7nRLs1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 398238000 22 3009802 0 <p id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238141Member_dD_z5WR2qB8vxn6" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238141Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z5W4AjsOYP77" style="box-sizing: border-box; text-align-last: auto">13.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238141Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zpygvgFBcv01" style="box-sizing: border-box; text-align-last: auto">86.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzcy61o.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238141Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_z9ZM0QByHW0k" style="box-sizing: border-box; text-align-last: auto">-4.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238141Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zoh8pCxwM6cf" style="box-sizing: border-box; text-align-last: auto">-6.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzwwh4i.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.133 0.867 -0.040 -0.063 <div id="xdx_800_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238141Member_dD_zWTdlTtmIbQf" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z2X51uCCE1Gc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">91.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration06182026ExercisePrice17000Member_zqmuOJHtsmFi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zcmQZrfMhCYh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05152026ExercisePrice19001Member_zUNbrqjPXOb5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration06182026ExercisePrice17001Member_zfs9BxqzbBjd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05152026ExercisePrice19000Member_zdQVuwrz69mf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $185.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice18500Member_z1pk591yWWba" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $195.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice19500Member_zd3cJvImOXF8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $187.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice18750Member_zI5IcLsWjIi1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $197.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238141Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice19750Member_zqbLnkPq36og" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.919 0.081 0.049 -0.033 -0.030 0.029 -0.016 0.004 -0.011 0.007 <p id="xdx_80F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000238141Member_dD_zQXJ4M2NL3Ke" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> </div> YieldMax™ CVNA Option Income Strategy ETF CVNY NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_z1O0Lh1nq8I7">semi-annual shareholder report</span> contains important information about the YieldMax™ CVNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_zgzdHUUnad6b">www.yieldmaxetfs.com/our-etfs/CVNY</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_zXdPfDwTtL7d">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/CVNY (866) 864-3968 <p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251851Member_dD_zNqdA3pzH004" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_zTzNMViCshri">Yieldmax™ CVNA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_z8l7Kw3LaUR" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$69</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_fKg_____zLp6Awyh0u0a">1.10</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0E_z2aq0p5QAkVl" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zqYOG1xzE63i" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ CVNA Option Income Strategy ETF 69 0.0110 <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251851Member_dD_zhfC2vhRcIk2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251851Member_zI7BBZPpOtR8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$23,762</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251851Member_zmIwafXUdGa1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">19</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_ztwSZdmik051" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$204,995</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251851Member_zgsOF4Qahtwe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 23762000 19 204995 0 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251851Member_dD_zlUo1HZZjkx9" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251851Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z4JWdNPlsBp4" style="box-sizing: border-box; text-align-last: auto">19.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251851Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zRmGhSBlda34" style="box-sizing: border-box; text-align-last: auto">80.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzcyj9v.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251851Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zks6hGOsuKR" style="box-sizing: border-box; text-align-last: auto">-3.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251851Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zYcCb1CChFZa" style="box-sizing: border-box; text-align-last: auto">-0.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxvc78.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.196 0.804 -0.030 -0.008 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251851Member_dD_zcZYecFNJaHb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zxcuHbF52W9l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">76.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/15/2026; Exercise Price: $330.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05152026ExercisePrice33001Member_z8hWHVxsfRzj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zLNiCK7FKGAa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $385.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice38500Member_zR8kjl7GN7j3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $390.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice39000Member_zVHwY4j5JSod" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $397.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice39750Member_zWv3OxI5XGy7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $400.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice40000Member_zoWwF1inyyK4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $405.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice40500Member_zhPvVkp0uO3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/08/2026; Exercise Price: $412.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05082026ExercisePrice41250Member_zbWbEhrAd5rf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Carvana Co., Expiration: 05/01/2026; Exercise Price: $410.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251851Member__oef--LargestHoldingAxis__custom--CarvanaCoExpiration05012026ExercisePrice41000Member_z0Ixp93WsXnk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.764 0.169 0.037 -0.011 -0.009 -0.008 0.007 0.006 0.004 -0.001 YieldMax™ DIS Option Income Strategy ETF DISO NYSEArca This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zuAKZFOsEXP">semi-annual shareholder report</span> contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zNEvxtiAIcD3">www.yieldmaxetfs.com/our-etfs/DISO</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zYeJTnOk5ek8">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/DISO (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244360Member_dD_z6YoQf7vMiBc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zFkXLRDvSAr2">YieldMax™ DIS Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zfdGLhH0l3s4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$62</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_fKg_____znAIWIiXmP8i">1.28</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_zEqUq6nB9dz5" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zjjFs6XeIrsf" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ DIS Option Income Strategy ETF 62 0.0128 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244360Member_dD_z9FkDehEUS2b" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244360Member_zww4dEkEbkrc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$5,037</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244360Member_zKHi5whskvpb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zLtRmowNkRE" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$95,557</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zVPk5Zg2VPU" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 5037000 8 95557 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244360Member_dD_zxuqCUWwB90b" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244360Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zobuVwF7L3Rg" style="box-sizing: border-box; text-align-last: auto">1.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244360Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zjEHpXl8tMdj" style="box-sizing: border-box; text-align-last: auto">98.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzcyvee.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244360Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zTngJrYnUNIh" style="box-sizing: border-box; text-align-last: auto">-0.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244360Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zBKGv0pqqFc7" style="box-sizing: border-box; text-align-last: auto">-7.5%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtxu834.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.016 0.984 -0.005 -0.075 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244360Member_dD_zETEnhi9CXVb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zm50NrWIxYh3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">101.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--TheWaltDisneyCoExpiration05152026ExercisePrice11001Member_zUBLRdu3FJX" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-7.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zj0DYJ9r1Oe8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--TheWaltDisneyCoExpiration05152026ExercisePrice11000Member_zj2tKNe4op8i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $104.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--TheWaltDisneyCoExpiration05012026ExercisePrice10400Member_zps3EA8MXDH1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $106.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244360Member__oef--LargestHoldingAxis__custom--TheWaltDisneyCoExpiration05012026ExercisePrice10600Member_z1Uf2oI2fKI5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 1.017 -0.075 0.024 0.015 -0.005 0.001 <p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244360Member_dD_zWl4bZiU6Hy3" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">Effective <span id="xdx_90D_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000244360Member_zbUs0Smu8hgl">June 18, 2026</span>, the Fund will be closed and liquidated.</span> </p> </div> 2026-06-18 YieldMax™ DKNG Option Income Strategy ETF DRAY NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_zaUvCYhrWPG2">semi-annual shareholder report</span> contains important information about the YieldMax™ DKNG Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_zCT8phUPEa8k">www.yieldmaxetfs.com/our-etfs/DRAY</span>. 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. www.yieldmaxetfs.com/our-etfs/DRAY <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251852Member_dD_zOiKI0e0DEMa" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_z7cj5LMybAYk">Yieldmax™ DKNG Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_z718yJeyXZec" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$99</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_fKg_____z8gjuJ7hYYyl">1.06</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F06_zCxTSnad4hN" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zFH9aq1zMDvd" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ DKNG Option Income Strategy ETF 99 0.0106 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251852Member_dD_zNyxYavKfbEk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251852Member_zhGqpC3xRrZ9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$2,615</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251852Member_zH9X5bsti4Sg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_z0evvOrtGAJi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$79,607</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251852Member_zVAnqYXiV0T" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 2615000 9 79607 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251852Member_dD_zBJL7PNpkB5j" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251852Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zKgT5VFMsIA3" style="box-sizing: border-box; text-align-last: auto">3.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251852Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zaa884kiZI9g" style="box-sizing: border-box; text-align-last: auto">96.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzczl1w.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251852Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zWUB7km6XE15" style="box-sizing: border-box; text-align-last: auto">-1.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251852Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zK4n9YPMdAV2" style="box-sizing: border-box; text-align-last: auto">-10.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtxt8g0.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.036 0.964 -0.016 -0.107 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251852Member_dD_zvyzn55tBWC8" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zPexHyyD5zC3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">49.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zGb7W51cQSi3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05152026ExercisePrice2501Member_zxKYxQMqpFqi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-10.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05152026ExercisePrice2500Member_z3dMSAYBY4T2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05012026ExercisePrice2300Member_z2Ut2rWoUCV2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05012026ExercisePrice2350Member_z1bs1RJyilPd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $24.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05012026ExercisePrice2450Member_zO4lunUKcmuh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $25.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251852Member__oef--LargestHoldingAxis__custom--DraftKingsIncExpiration05012026ExercisePrice2500Member_fKg_____zFh48fkCS1k6">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F09_zWak2YvhOV95" style="text-align: left">*</td> <td id="xdx_F1B_zDEjdQ3KL818" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.496 0.172 -0.107 0.035 -0.013 -0.003 0.001 0.000 YieldMax™ Gold Miners Option Income Strategy ETF GDXY NYSEArca This <span id="xdx_90A_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zTojodJerDZ4">semi-annual shareholder report</span> contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zWxkNyJDnjA">www.yieldmaxetfs.com/our-etfs/GDXY</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zGV7RPICLXTi">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/GDXY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238153Member_dD_zM9HI0Iw5kng" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zhoVzQJtWyI1">YieldMax™ Gold Miners Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zRTxKDtTGsA2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$52</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_fKg_____zWlVDzcWXFbe">1.00</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_zQE1pdFyfA9c" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zY4n4geGE79g" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Gold Miners Option Income Strategy ETF 52 0.0100 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238153Member_dD_zjhY2dLbyFR7" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238153Member_zXS88HqVzFa6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$282,211</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238153Member_zuTDsqs9T70d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_zLEg2h6ggNY" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,282,581</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238153Member_z72OVKtRbopa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 282211000 16 1282581 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238153Member_dD_zifQdPFpRuP3" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238153Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zFeOSb9VmDH6" style="box-sizing: border-box; text-align-last: auto">3.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238153Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zaIaQwKmRGB6" style="box-sizing: border-box; text-align-last: auto">97.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzhj2zh.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238153Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zkroCdktpVsl" style="box-sizing: border-box; text-align-last: auto">-1.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238153Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_z5N9oodIFivk" style="box-sizing: border-box; text-align-last: auto">-4.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzhhzy2.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.030 0.970 -0.014 -0.043 <div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238153Member_dD_zh1j5eZMh06i" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zfE3BCrF3Lhh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">96.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z3wdGqcK8M06" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05152026ExercisePrice9001Member_zWb7janGBbp" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05152026ExercisePrice9000Member_zbiLfZr4cUOd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $90.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05082026ExercisePrice9000Member_zmxiTwVnnzQh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $93.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05082026ExercisePrice9300Member_zT1ImCSquWbh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $89.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05082026ExercisePrice8950Member_zJOaEsJ1aBgg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $94.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05082026ExercisePrice9400Member_zPBB2oBDe237" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $90.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05012026ExercisePrice9000Member_fXg_____z36mH65EwcHj">(0.0)</span>^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $91.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238153Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFExpiration05012026ExercisePrice9100Member_fXg_____ziYfouciLbBe">(0.0)</span>^</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F01_zsSXCotYiym3" style="text-align: left">^</td> <td id="xdx_F13_zk9v5WYUuUhl" style="text-align: left">Less than -0.05% of net assets.</td></tr> </table> </div> 0.967 0.046 -0.044 0.026 -0.010 0.003 -0.003 0.001 -0.000 -0.000 YieldMax™ GOOGL Option Income Strategy ETF GOOY NYSEArca This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zLP14yNmlAwd">semi-annual shareholder report</span> contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zDMU8XaUsb1i">www.yieldmaxetfs.com/our-etfs/GOOY</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zAbKVIT7dlkk">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/GOOY (866) 864-3968 <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238142Member_dU_ziUg3YPgFvpj" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zLq4sM0R6DIe">YieldMax™ GOOGL Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zbCaig8iZFH6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$63</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span id="xdx_90A_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_fKg_____zRwcTFCvcv3b">1.09</span>%^*</div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0A_zCkNQU8Wt3Sb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1E_zF1EhSPolH4j" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ GOOGL Option Income Strategy ETF 63 0.0109 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238142Member_dD_zaMbpNbDbnLe" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238142Member_zExcExLoz2Yc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$266,725</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238142Member_znZNTiJjml36" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_zhszy8wjLpl9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,093,747</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238142Member_ztexdb0qkmmi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 266725000 13 1093747 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238142Member_dD_zgQVYBnzSnAk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238142Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z8I5OFoi2MZd" style="box-sizing: border-box; text-align-last: auto">21.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238142Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zHObc6LxB5G" style="box-sizing: border-box; text-align-last: auto">78.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzd1vtn.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238142Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zzBikxh5MHq8" style="box-sizing: border-box; text-align-last: auto">-3.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_fKg_____ztbxH4vNwoVh">-0.0</span>%*</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzwo6so.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zf1vKgBHNt3a" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1A_z0UIhWcyz8l6" style="text-align: justify">Less than -0.05% of net assets</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.216 0.784 -0.031 -0.000 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238142Member_dD_zQb6fB7kKrJ6" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z9o5oesb3Hme" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">80.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05152026ExercisePrice31000Member_zvHgK8xwljee" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">19.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zmnwZO3ILSdd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $375.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05082026ExercisePrice37500Member_zdFRbzj5sxg4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $382.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05082026ExercisePrice38250Member_zCUakYoJsNJ5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $380.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05082026ExercisePrice38000Member_zd8RItoYYNul" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $395.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05082026ExercisePrice39500Member_zff0rMo2uVz9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $387.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05082026ExercisePrice38750Member_z1LKIKLnpbZi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238142Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAExpiration05152026ExercisePrice31001Member_fKg_____zTCvzaQqFEs4">(0.0)</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_z0IlLHCQnac8" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zlDLNRjZlr6a" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.804 0.197 0.041 -0.024 0.016 -0.004 0.003 -0.002 -0.000 YieldMax™ HOOD Option Income Strategy ETF HOOY NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_zyHOpr7GUGCf">semi-annual shareholder report</span> contains important information about the YieldMax™ HOOD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_zMK3TkhriZZb">www.yieldmaxetfs.com/our-etfs/HOOY</span>. 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. www.yieldmaxetfs.com/our-etfs/HOOY <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251853Member_dU_zV8BLveeugq5" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_zZrlF2AVhjQe">Yieldmax™ HOOD Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_zpPVWLgpLv48" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$39</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_fKg_____zAZLKplHygRg">0.99</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F07_zNJ9AzDnY3t1" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F15_zjl7mzhxOKBj" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ HOOD Option Income Strategy ETF 39 0.0099 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251853Member_dD_zwaqS70BqPPe" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251853Member_z1OzgL4Tcawj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$105,658</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251853Member_zdUoRsLRx6e" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_z58D3nih27wg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$716,110</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251853Member_z0i4ljUBH5wf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 105658000 16 716110 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251853Member_dD_zqMRRfFSWPI3" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251853Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zi6ukSsMdrlc" style="box-sizing: border-box; text-align-last: auto">11.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251853Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zjmyKfwysSOa" style="box-sizing: border-box; text-align-last: auto">88.5%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd2b61.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251853Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zR5V3cfAt1z9" style="box-sizing: border-box; text-align-last: auto">-1.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251853Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zNjZU9aTNxpf" style="box-sizing: border-box; text-align-last: auto">-6.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtxotwa.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.115 0.885 -0.019 -0.063 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251853Member_dD_zGxNDVgYGst" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zavMdbWYRAik" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">92.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration06182026ExercisePrice7000Member_zEU2SnD6YlJ5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.00</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zyrt651VMm5d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration06182026ExercisePrice7001Member_zmLyyr0KCAQ1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-6.30</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $76.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice7600Member_zBqpHzFZSgoi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.70</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $75.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice7500Member_zUaa8A1eAC0a" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.70</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $74.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice7400Member_zreHat8A91L5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.40</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $81.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice8100Member_zqobG0M9kbL" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.20</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $80.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice8000Member_zgBkfORHpE78" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.20</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $79.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251853Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncClassAExpiration05082026ExercisePrice7900Member_zh6ydVtC2C19" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.10</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.920 0.1100 0.073 -0.0630 -0.0070 -0.0070 -0.0040 0.0020 0.0020 0.0010 YieldMax™ Innovation Option Income Strategy ETF OARK NYSEArca This <span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_z5UsEyB4FSO2">semi-annual shareholder report</span> contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_zwrWdzgztE72">www.yieldmaxetfs.com/our-etfs/OARK</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_zuaCSRTYAuP2">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/OARK (866) 864-3968 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238152Member_dD_zJsSVXmlNxGl" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_zlTRZJSHFEP6">YieldMax™ Innovation Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_zdaAbaM9oBOj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$51</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_fKg_____zsoc9FVspn07">1.07</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0F_zrLZkshp53cg" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zF5QFC5TJ9u2" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Innovation Option Income Strategy ETF 51 0.0107 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238152Member_dD_zO7MXlJWvRof" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238152Member_zgTa9ZyGAJS4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$52,259</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238152Member_z1kzRqMb2zL9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_z5jNWwddyrFl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$294,839</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238152Member_z3w03DaWmOq2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 52259000 15 294839 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238152Member_dD_zn4VsYkPSno8" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238152Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zADyQW0Zf4g4" style="box-sizing: border-box; text-align-last: auto">10.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238152Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z5h1Aj4Q2LHk" style="box-sizing: border-box; text-align-last: auto">89.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzd2u8i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238152Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zMJ9FR7ZXyH" style="box-sizing: border-box; text-align-last: auto">-1.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238152Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zbcQy6SaaRU2" style="box-sizing: border-box; text-align-last: auto">-2.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxmuyi.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.109 0.891 -0.010 -0.029 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238152Member_dD_zRrCSG9Yyn1k" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zWh6x97jA3Hb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">88.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration06182026ExercisePrice7000Member_zhPsQpAjCCF7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zqnvMKuWPiSf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration06182026ExercisePrice7001Member_zQyXSewM13bh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $75.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05082026ExercisePrice7500Member_z70GgaHvYcVj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $78.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05082026ExercisePrice7800Member_z3Na0JDs71d9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $77.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05012026ExercisePrice7750Member_ziotrsAfxaid" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $78.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05012026ExercisePrice7800Member_fXg_____z4ShtspONnIe">(0.0)</span>^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $81.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05012026ExercisePrice8100Member_fKg_____zi8bS41ixeh6">0.0</span>*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $80.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238152Member__oef--LargestHoldingAxis__custom--ARKInnovationETFExpiration05012026ExercisePrice8000Member_fKg_____zwmi7Qhdhekc">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zQa0O8BM7GC9" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zCAasGSQ5lnl" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zjzclmhIFi9a" style="width: 15pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F1C_zT5EPRBPl7E5" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> 0.885 0.106 0.031 -0.029 -0.009 0.003 -0.001 -0.000 0.000 0.000 YieldMax™ JP Option Income Strategy ETF JPO NYSEArca This <span id="xdx_907_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zDQtZhxM18zb">semi-annual shareholder report</span> contains important information about the YieldMax™ JP Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_z9sYgOuRgcuk">www.yieldmaxetfs.com/our-etfs/JPO</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zgCnVDegUDe8">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/JPO (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244361Member_dD_zP6KIkwJr8n4" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zWvjMnIDv8e4">YieldMax™ JPM Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zWpfzrASBvZi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$65</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_fKg_____zP2u50E6Yuj1">1.31</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F02_zescB2DQT6Va" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zezF5lrpTFX" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ JPM Option Income Strategy ETF 65 0.0131 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244361Member_dD_zJidywrEx4zj" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244361Member_zWfAK0mztvIi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$40,540</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244361Member_zwDuWmGinB3f" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">18</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zE3SPUsosoG9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$244,906</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zaXPsIV2jScj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">70%</span> </div> </td> </tr> </table> </div> </div> </div> 40540000 18 244906 0.70 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244361Member_dD_ziIb1quPZbpk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244361Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zbHtRZiLomVj" style="box-sizing: border-box; text-align-last: auto">8.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244361Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zcUiDdNZAl94" style="box-sizing: border-box; text-align-last: auto">91.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd43f0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244361Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zdk2XAvAPvY1" style="box-sizing: border-box; text-align-last: auto">-0.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244361Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zeP7zD5c3mIj" style="box-sizing: border-box; text-align-last: auto">-0.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxlv68.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.081 0.919 -0.007 -0.002 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244361Member_dD_zFagUghchGCj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zACPpBVMh6oc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">87.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/15/2026; Exercise Price: $290.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05152026ExercisePrice29000Member_zb0HZosA5jQj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.40</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zdDVzZ5yVi73" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/15/2026; Exercise Price: $290.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05152026ExercisePrice29001Member_zpALjSKr2EP9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.30</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/08/2026; Exercise Price: $315.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05082026ExercisePrice31500Member_z9RJ3bH9pmC2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.30</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/01/2026; Exercise Price: $312.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05012026ExercisePrice31250Member_zDyUPQhq6g9h" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.20</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/08/2026; Exercise Price: $320.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05082026ExercisePrice32000Member_z8gNDXK3GSnk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.20</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/08/2026; Exercise Price: $317.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05082026ExercisePrice31750Member_zdyD1gEh8TP1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/08/2026; Exercise Price: $322.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05082026ExercisePrice32250Member_fKg_____zDfBARZQtMXk">0.0</span>*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">JPMorgan Chase &amp; Co., Expiration: 05/01/2026; Exercise Price: $315.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244361Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoExpiration05012026ExercisePrice31500Member_fXg_____zCNzccE3Byvd">(0.0)</span>^</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zJLpgtbnCxm1" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F10_zSfK1gsUzNF2" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zdBNm4EhhOki" style="width: 15pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F1A_zjt7FOH2VVn4" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> 0.872 0.0640 0.024 0.0130 -0.0030 -0.0020 0.0020 -0.0010 0.000 -0.000 <p id="xdx_80B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244361Member_dD_zLIS0HdZpCEj" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt"><span id="xdx_901_eoef--MaterialFundChngNameTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zYKrmyZwy2fh">Effective <span id="xdx_90A_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zULOY5NEFLcd">March 2, 2026</span>, the name of the fund and ticker symbol changed to YieldMax™ JP Option Income Strategy ETF and ticker to JPO.</span></span> </p> </div> Effective <span id="xdx_90A_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000244361Member_zULOY5NEFLcd">March 2, 2026</span>, the name of the fund and ticker symbol changed to YieldMax™ JP Option Income Strategy ETF and ticker to JPO. 2026-03-02 YieldMax™ Magnificent 7 Fund of Option Income ETF YMAG NYSEArca This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zp8YDYc7t03a">semi-annual shareholder report</span> 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. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zRji5xxpb8S2">www.yieldmaxetfs.com/our-etfs/YMAG</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zcbFvjrcZmL3">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/YMAG (866) 864-3968 <p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000247704Member_dD_zWoyHECiHtuc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zqYQSwQb6YS5">YieldMax™ Magnificent 7 Fund of Option Income ETFs</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zBqOt1Y8wfN" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$14</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_fKg_____zWFZLEcCHgO1">0.29</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F07_zhXYTVVe6MY7" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F16_zCEWVcNi4ya2" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Magnificent 7 Fund of Option Income ETFs 14 0.0029 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000247704Member_dD_zQ89ap0IYrSk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000247704Member_zMD7PCpAx187" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$315,905</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000247704Member_z6XHivgv1KB4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zK8xyHUxkXGb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$532,993</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000247704Member_zUhVzamQs8Y5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13%</span> </div> </td> </tr> </table> </div> </div> </div> 315905000 8 532993 0.13 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000247704Member_dD_zLRiki8fLrL" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000247704Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zuh9xiDblMQk" style="box-sizing: border-box; text-align-last: auto">98.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000247704Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z2BoaYSHzn1f" style="box-sizing: border-box; text-align-last: auto">1.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd67ln.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.981 0.019 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000247704Member_dD_znO0YPCLkci7" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax GOOGL Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldMaxGOOGLOptionIncomeStrategyETFMember_zJ9waNueFBk1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax AMZN Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldMaxAMZNOptionIncomeStrategyETFMember_zwGMsAuMiN5k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax AAPL Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldMaxAAPLOptionIncomeStrategyETFMember_ztuEtElJz2p2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax TSLA Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldmaxTslaOptionIncomeETFMember_zr3WVLzlbx52" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax MSFT Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldMaxMSFTOptionIncomeStrategyETFMember_zixERlGGiZv9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax NVDA Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldMaxNVDAOptionIncomeStrategyETFMember_z2X0MG1uS2Sf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax META Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--YieldmaxMETAOptionIncomeStrategyETFMember_zGSDWB2yUZG5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247704Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zTTqsPvKxpHf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.156 0.143 0.141 0.138 0.138 0.137 0.128 0.005 YieldMax™ MARA Option Income Strategy ETF MARO NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_z1GQXPbdYeU8">semi-annual shareholder report</span> contains important information about the YieldMax™ MARA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_z3HHkxth8Faf">www.yieldmaxetfs.com/our-etfs/MARO</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_zenDDElr433h">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/MARO (866) 864-3968 <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251855Member_dD_zh10cTFY0sx7" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_zghHsbRC5tJ9">YieldMax™ MARA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_zp4A15YSpoRa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$54</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_fKg_____z6zmQX8Td5Jf">1.33</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F01_zQLdScTbp542" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_zE4KjqC3BoW5" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ MARA Option Income Strategy ETF 54 0.0133 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251855Member_dD_zX8HdCqGGHh1" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251855Member_zFBMB7aeW2ac" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$66,030</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251855Member_zawm9WnXghjb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_zgCFEMSp0fbf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$252,851</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251855Member_zx6JHQj6spe2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 66030000 15 252851 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251855Member_dD_z9LFcgTzIGUk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251855Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zCdehj3CYGNb" style="box-sizing: border-box; text-align-last: auto">10.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251855Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zMpH7bXCoSK" style="box-sizing: border-box; text-align-last: auto">89.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd6xrq.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251855Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zPg24qB8PpX2" style="box-sizing: border-box; text-align-last: auto">-5.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251855Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_ziHA2zgFrw12" style="box-sizing: border-box; text-align-last: auto">-7.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzhb0r8.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.107 0.893 -0.057 -0.074 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251855Member_dD_zmCdhDrVg1h3" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zvYjN5AhmWej" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">81.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zUAzYaLhEmD3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05082026ExercisePrice1100Member_zWomOXrTGSKf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05082026ExercisePrice1200Member_zPowZqUmAODj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05082026ExercisePrice1150Member_zeoqQmk8yUA7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05082026ExercisePrice1250Member_zH7Y6dv4qpTi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $12.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05152026ExercisePrice1201Member_zApkoWpSReqg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $12.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05012026ExercisePrice1250Member_z7jjuGpdw2O9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $13.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251855Member__oef--LargestHoldingAxis__custom--MARAHoldingsIncExpiration05082026ExercisePrice1300Member_zewGeVjx2bDj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.816 0.055 -0.032 0.022 -0.021 0.007 0.002 -0.002 -0.001 YieldMax™ META Option Income Strategy ETF FBY NYSEArca This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_zyTmLprlmfWb">semi-annual shareholder report</span> contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_z2CPy60aBTw1">www.yieldmaxetfs.com/our-etfs/FBY</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_zeKlkprvkwtd">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/FBY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238143Member_dD_zEssreF2HHgi" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_z34o7qOX8cR4">YieldMax™ META Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_zkMgPpVY6Koi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$54</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_fKg_____zBlWcaNLK2Wc">1.14</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0A_zHuykF1LOMj2" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zV0tBgdwHpb8" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ META Option Income Strategy ETF 54 0.0114 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238143Member_dD_zjAc4M1sQuNg" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238143Member_zduUSehhUndf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$103,058</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238143Member_zatn84RXeJGf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_zidjw8s4Ik3d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$619,906</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238143Member_z0grFyw88txj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 103058000 17 619906 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238143Member_dD_z2hnetFtcE1l" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238143Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zeOEYHGMMvH" style="box-sizing: border-box; text-align-last: auto">10.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238143Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zXOVSQXaYP6f" style="box-sizing: border-box; text-align-last: auto">90.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzha6ip.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238143Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zqjLO4DJHVHk" style="box-sizing: border-box; text-align-last: auto">-1.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238143Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zOIzk9AV6Nkk" style="box-sizing: border-box; text-align-last: auto">-1.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtxhm70.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.100 0.900 -0.016 -0.018 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238143Member_dD_zE9fK3wK7emj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zLQvNsDz2Kp6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">86.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration06182026ExercisePrice57000Member_zieI2WackpC" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zSp03fWPluT9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $615.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice61500Member_zKj33MVSkzdb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration06182026ExercisePrice57001Member_zmSu5mmEybde" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $620.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice62000Member_z8xDnCSdP4R" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $632.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice63250Member_zSZAc8o1tp0k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $630.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice63000Member_zKm4ZWWMSPPe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $637.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice63750Member_zezwTMppdwx2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $617.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238143Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAExpiration05082026ExercisePrice61750Member_zO3EQcmU0X5e" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.865 0.078 -0.034 -0.007 -0.004 -0.004 0.004 -0.003 0.002 -0.002 YieldMax™ MRNA Option Income Strategy ETF MRNY NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_z1y4bkNtfgyc">semi-annual shareholder report</span> contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zDbJuFARyBH7">www.yieldmaxetfs.com/our-etfs/MRNY</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zF0NA42hGnt1">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/MRNY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244362Member_dD_zU8bkznrRiKj" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zk2EVXxiMTNl">YieldMax™ MRNA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zNiIgvCF2voi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$75</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_fKg_____zOnHlIETbk7g">1.24</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0C_z4qwcLHkeeU2" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1E_zx7D3BrF7DR" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ MRNA Option Income Strategy ETF 75 0.0124 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244362Member_dD_zOrneJUwTXK7" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244362Member_zY9QUQi7IDVj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$87,328</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244362Member_zm22QexXC9ka" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zfr64q2cYSki" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$474,042</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244362Member_zzkNIqq3PLE9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">340%</span> </div> </td> </tr> </table> </div> </div> </div> 87328000 15 474042 3.40 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244362Member_dD_zZhhn0IeOHV2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244362Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zbMqEbVfkJ11" style="box-sizing: border-box; text-align-last: auto">3.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244362Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zM3SJn05qy5a" style="box-sizing: border-box; text-align-last: auto">96.6%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd7rgl.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244362Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zcwppP7nFmU3" style="box-sizing: border-box; text-align-last: auto">-0.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244362Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zsYbuuE8ZyOg" style="box-sizing: border-box; text-align-last: auto">-11.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzh86wn.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.034 0.966 -0.005 -0.118 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244362Member_dD_z6PP1bVtwEFh" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zURzx7WYPM1d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">98.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05152026ExercisePrice5001Member_zNpZjgIzy0e2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-11.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zXBrMHNsPV47" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05152026ExercisePrice5000Member_zsZ1tMZbXN2j" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $52.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05012026ExercisePrice5200Member_zNj66QCmJYH5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $55.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05012026ExercisePrice5500Member_zvDUlJyjDuol" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $53.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05012026ExercisePrice5300Member_zpgkjFXfad07" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $54.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05012026ExercisePrice5400Member_zpJe3BuhTni" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $56.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244362Member__oef--LargestHoldingAxis__custom--ModernaIncExpiration05012026ExercisePrice5600Member_zGdJk8A1TD57" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.982 -0.119 0.063 0.032 -0.003 0.001 -0.001 -0.001 0.001 YieldMax™ MSFT Option Income Strategy ETF MSFO NYSEArca This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_z6eaxJUG2tPb">semi-annual shareholder report</span> contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_zWGgS3Z3roM">www.yieldmaxetfs.com/our-etfs/MSFO</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_zNY55pDM3RKf">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/MSFO (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244363Member_dD_zv01m4KLJUN3" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_zcKVicS6v6s6">YieldMax™ MSFT Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_zRjHW4qLsZI" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$47</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_fKg_____zTY4OUVsLCl4">1.03</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F04_zd5VWOSDgpca" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zPkgmGg6B8F1" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ MSFT Option Income Strategy ETF 47 0.0103 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244363Member_dD_z6kEGiZTrJJf" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244363Member_zHjHWs92ALj7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$97,799</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244363Member_zhLynruJiwY8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_ztf3NwcJUMnc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$548,169</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244363Member_z5UkMNjGKNJ5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 97799000 14 548169 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244363Member_dD_z1TST8BZQg11" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244363Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zvBDEOE99wnd" style="box-sizing: border-box; text-align-last: auto">4.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244363Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zh8v7tORj55k" style="box-sizing: border-box; text-align-last: auto">95.6%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzwbanx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244363Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zrc1VHnhczjj" style="box-sizing: border-box; text-align-last: auto">-1.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244363Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zGPqgJmzgHg3" style="box-sizing: border-box; text-align-last: auto">-1.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzh70hh.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.044 0.956 -0.015 -0.014 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244363Member_dD_z6p3Wo6THE4i" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zWW47W8Sn5K6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">96.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05152026ExercisePrice40000Member_zPSKqvljYYLe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zYmFvjzeAT95" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05152026ExercisePrice40001Member_zRkZsnYadGWi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $405.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05082026ExercisePrice40500Member_zImg1p4Gde2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $407.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05082026ExercisePrice40750Member_z81GPub0z1V8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $412.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05082026ExercisePrice41250Member_zeqpjMO689d9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $415.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05082026ExercisePrice41500Member_z9aQiJCMD3yc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $425.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05012026ExercisePrice42500Member_fXg_____zvJDozjk8xpd">(0.0)</span>^{^}</div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $440.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244363Member__oef--LargestHoldingAxis__custom--MicrosoftCorpExpiration05012026ExercisePrice44000Member_fKg_____zLRjs6jyT6Wh">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zDrvT9PrnDbh" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zHnQ67IrK8i" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zopJu1Nuw7c8" style="width: 15pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F13_zahfl3CISR83" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> 0.964 0.035 0.025 -0.015 -0.007 -0.007 0.005 0.004 -0.000 0.000 YieldMax™ MSTR Option Income Strategy ETF MSTY NYSEArca This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_zmLEdkal8gI2">semi-annual shareholder report</span> contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90E_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_zw2ZZlZzYOH8">www.yieldmaxetfs.com/our-etfs/MSTY</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_zVLIbZdcmYul">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/MSTY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248347Member_dD_zrXINjOtUuW2" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_z9c7XCqvDOXe">YieldMax™ MSTR Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_zlWjKxEPNoLa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$47</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_fKg_____zPPe2zWScAe6">1.12</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_z0KXNKns2HU4" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_z3fpjvgTVe02" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ MSTR Option Income Strategy ETF 47 0.0112 <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248347Member_dD_zSieL6Gpxjkd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248347Member_zyTir2VmguPi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,244,459</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248347Member_zR4aH6SpVMW1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">26</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_zvDl4WhGrVd3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$7,155,704</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248347Member_z3keZBqaB98j" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">137%</span> </div> </td> </tr> </table> </div> </div> </div> 1244459000 26 7155704 1.37 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248347Member_dD_zhgc1RRoOVil" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248347Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zwmXZZtAb2Vc" style="box-sizing: border-box; text-align-last: auto">22.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248347Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z7xzQ9STcDkl" style="box-sizing: border-box; text-align-last: auto">77.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd8qok.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248347Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_z9pnaRX6LD17" style="box-sizing: border-box; text-align-last: auto">-1.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248347Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zfrIJcUG3fb3" style="box-sizing: border-box; text-align-last: auto">-1.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1a4mwn1mqs8mmaa.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.229 0.771 -0.018 -0.018 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248347Member_dD_z8QXSnTs2DB2" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z1nC9KmSnG7j" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">50.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration06182026ExercisePrice13000Member_zMhfTFfnskEa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration06182026ExercisePrice12500Member_zld0UG34lTSk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 05/15/2026; Exercise Price: $140.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration05152026ExercisePrice14000Member_zmXCF3DNQ4r3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z17WNb0SbXU9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $167.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration05082026ExercisePrice16750Member_zStjt7xojlTe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration06182026ExercisePrice13001Member_zCzEhbHyoQC6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $170.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration05082026ExercisePrice17000Member_z84yPxwmAcjj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration06182026ExercisePrice12501Member_zKopBMHgi7U4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $177.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248347Member__oef--LargestHoldingAxis__custom--StrategyIncExpiration05082026ExercisePrice17750Member_ziA2ied9hj0h" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.507 0.079 0.073 0.067 0.021 -0.009 -0.008 -0.006 -0.005 0.004 <p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000248347Member_dD_znudmvvGIHhc" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> </div> YieldMax™ NFLX Option Income Strategy ETF NFLY NYSEArca This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zuYLPLbbF317">semi-annual shareholder report</span> contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_z31SBDnWTxci">www.yieldmaxetfs.com/our-etfs/NFLY</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zsaRF2rnc5uc">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/NFLY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238144Member_dD_zKb4qdx1eMBb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zclmLm9XtJw5">YieldMax™ NFLX Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zGJXrQUjk0D7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$55</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_fKg_____zhrblK874Hzl">1.18</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F01_zUuzdozMZVSi" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1C_z8NIbrzwi51k" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ NFLX Option Income Strategy ETF 55 0.0118 <p id="xdx_809_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238144Member_dD_zMC74tgb2Yyk" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238144Member_zdZWAx7LnKN8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$74,058</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238144Member_z3XFQBhQzRNk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zIAJfThPzvll" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$431,519</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238144Member_zTFZwsnA4Rle" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 74058000 16 431519 0 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238144Member_dD_z6I4R20fkJV" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238144Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_z4t9dOJJRJ7i" style="box-sizing: border-box; text-align-last: auto">1.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238144Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zIBLyGonfV1j" style="box-sizing: border-box; text-align-last: auto">98.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzh4kxu.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238144Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zhf0mRCdEKWe" style="box-sizing: border-box; text-align-last: auto">-0.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238144Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zDj64FLGHbJi" style="box-sizing: border-box; text-align-last: auto">-3.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtxiz6j.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.019 0.981 -0.008 -0.031 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238144Member_dD_zSTSWfBg22vj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zGG4iQJdnpOk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">99.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zedfspik5uIc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05152026ExercisePrice9501Member_zpFEEVS3c0wl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05152026ExercisePrice9500Member_zJ4MI62y25Kh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $94.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05082026ExercisePrice9400Member_zUeUXxsjYnV1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $93.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05012026ExercisePrice9300Member_zr0Zq54FkiS9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $94.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05012026ExercisePrice9400Member_zm5KFn581zpj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $97.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05082026ExercisePrice9700Member_z0HA4LFHwNXa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $91.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05012026ExercisePrice9100Member_zUC9T314KmS9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $95.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238144Member__oef--LargestHoldingAxis__custom--NetflixIncExpiration05012026ExercisePrice9500Member_z6DeEa1CZtT5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.997 0.079 -0.031 0.018 -0.003 -0.002 -0.001 0.001 -0.001 -0.001 YieldMax NVDA Option Income Strategy ETF NVDY NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zr93rsORJTv9">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax NVDA Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zgqjQUPU1gif">www.yieldmaxetfs.com/our-etfs/NVDY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zjBk2KRNxOu1">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax NVDA Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/NVDY (866) 864-3968 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238145Member_dD_zfwcfleqCpP9" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zbWX3PJlizv2">YieldMax™ NVDA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zRcQqoSLwQV3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$56</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_fKg_____zWFMU1iVVIS6">1.11</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F09_zaTbDaBxDc89" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zhMWyLkIrBTi" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ NVDA Option Income Strategy ETF 56 0.0111 <p id="xdx_809_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238145Member_dD_z5xLGAXg3lCc" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238145Member_z4BYAWm06Zm5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,387,743</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238145Member_zS8oWjmfSkX9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_z5xf8XPxHbWd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$7,412,514</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238145Member_zps61dlIXuO9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">275%</span> </div> </td> </tr> </table> </div> </div> </div> 1387743000 17 7412514 2.75 <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238145Member_dD_zHkHc7k88ygd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238145Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zblgZ5NOmWx9" style="box-sizing: border-box; text-align-last: auto">4.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238145Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zLqBAnysRHF7" style="box-sizing: border-box; text-align-last: auto">96.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzd9sxo.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238145Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zG1T8ZFXH1rh" style="box-sizing: border-box; text-align-last: auto">-0.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238145Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_z8oTGZoh231k" style="box-sizing: border-box; text-align-last: auto">-2.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzh3gv8.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.040 0.960 -0.009 -0.027 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238145Member_dD_zbOxKJXQCJVl"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zACGIi58kEY1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">95.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zuKd4pQvhB8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice20001Member_zDqttreK0k0l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice20000Member_zdv0ZQCmVbna" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice19500Member_zfNn89clnb16" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $205.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05082026ExercisePrice20500Member_zYzv67R6ltK1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice19501Member_zvnCQCZOE0W6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $212.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05082026ExercisePrice21250Member_zjRxIbkjOsG3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $210.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05082026ExercisePrice21000Member_zCQdFzDuRgWh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $205.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238145Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05012026ExercisePrice20500Member_fKg_____zcenV2tWU2o2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zvD1oQ4qfDnj" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zGuIWWUTEhpk" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 0.954 0.027 -0.020 0.019 0.017 -0.008 -0.008 0.002 0.001 -0.000 YieldMax™ PLTR Option Income Strategy ETF PLTY NYSEArca This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_zSD8kcg3XBq1">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ PLTR Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_900_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_z2tySWr1vRjj">www.yieldmaxetfs.com/our-etfs/PLTY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_z1izq9G3OYki">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ PLTR Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/PLTY (866) 864-3968 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251857Member_dD_zFW7pKYDXFl2" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_znDLPy7EVxPj">YieldMax™ PLTR Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_z6flufSGLyd8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$49</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_fKg_____zvlKjN02G495">1.14</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F07_zupwP3WewVZ5" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zch8ii1Q8Pzh" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ PLTR Option Income Strategy ETF 49 0.0114 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251857Member_dD_zI8Rvh88GNAd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251857Member_zpHB5Dxbz7Vl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$348,649</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251857Member_zRvO15lcJEb4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">18</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_z4ENSJjT5Xb9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$2,372,361</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251857Member_zmWwyzu9RR8k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 348649000 18 2372361 0 <p id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251857Member_dD_zRDk85QOUNIa" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251857Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zxB73GwehLx8" style="box-sizing: border-box; text-align-last: auto">5.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251857Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zv7kyycnZonj" style="box-sizing: border-box; text-align-last: auto">94.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzvsvlg.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.057 0.943 <div id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251857Member_dD_zA1j5Lsrfpw"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Total Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zewIYKXUdsDg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">101.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration6182026ExercisePrice15001Member_zVBWWJj5xcWl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-5.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration5152026ExercisePrice15001Member_zmHAP9dFD6ij" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-5.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z9pEyV2u7B9j" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration6182026ExercisePrice15000Member_zPIlUgIE6h0k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $142.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration582026ExercisePrice14200Member_zwPwH3i5cwG5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration5152026ExercisePrice15000Member_zwhnDl2c1sMj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $149.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration582026ExercisePrice14900Member_z67Jqc2IoTq3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $145.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration582026ExercisePrice14500Member_z8g4VxLiof49" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $152.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251857Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncExpiration582026ExercisePrice15250Member_zksN4LumQg27" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.6</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 1.017 -0.058 -0.056 0.056 0.045 0.024 -0.022 0.015 0.011 -0.006 YieldMax™ PYPL Option Income Strategy ETF PYPY NYSEArca This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zWxxYquyJmM3">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ PYPL Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_901_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zeEH0i7JeI59">www.yieldmaxetfs.com/our-etfs/PYPY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_909_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zqvaQ1ok7djg">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ PYPL Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/PYPY (866) 864-3968 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244365Member_dD_zcZFwSX0uXo6" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zbMbJ3LguQ34">YieldMax™ PYPL Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zqlZwgQztbTi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$61</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_fKg_____zAJp7SpLkbtl">1.39</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F00_zMZo6IXeEmMc" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_zc91sKFctB3j" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ PYPL Option Income Strategy ETF 61 0.0139 <p id="xdx_800_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244365Member_dD_zBGjPPyki084" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244365Member_zxNfytgpoF8i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$29,881</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244365Member_zflkufVIOOEa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zqFravcP2Ci" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$156,379</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244365Member_zEKwxnBIa8X9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 29881000 10 156379 0 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244365Member_dD_zvS6BnjPsiF8" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244365Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zqVOzKBltPVd" style="box-sizing: border-box; text-align-last: auto">5.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244365Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zfI95rlGZpZ9" style="box-sizing: border-box; text-align-last: auto">94.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdds93.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244365Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zs28Rjx8tCzf" style="box-sizing: border-box; text-align-last: auto">-0.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244365Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zJ8kYoKXHjRc" style="box-sizing: border-box; text-align-last: auto">-4.5%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzh29np.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.051 0.949 -0.006 -0.045 <p id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244365Member_dD_zxEDQ5SFaK97" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zMSjkVX5w9Ci" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">97.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05152026ExercisePrice5000Member_za1VJ35kc8E8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05152026ExercisePrice5001Member_zWO6iwXzXkqf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z1i6IA0eI7ob" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $50.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05012026ExercisePrice5000Member_zbYe9JfH8MQl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $51.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05012026ExercisePrice5100Member_z7nbiuPb2vU2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $53.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05012026ExercisePrice5300Member_fKg_____zBDQKWHZBbO" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $52.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244365Member__oef--LargestHoldingAxis__custom--PayPalHoldingsIncExpiration05012026ExercisePrice5200Member_fKg_____zn0vZ0ZOv9Fi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_zzXDtc5CzGh1" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zAAXid2InGze" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> <div></div> 0.971 0.051 -0.045 0.033 -0.004 -0.001 0.000 0.000 <p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244365Member_dD_zhud1kp9jwDc" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">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.</span> </p> YieldMax™ RBLX Option Income Strategy ETF RBLY NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_zUUy7ROTiAMe">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ RBLX Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_906_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_zFiHI06y7DNk">www.yieldmaxetfs.com/our-etfs/RBLY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ RBLX Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/RBLY <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251858Member_dD_zUsR8tKfjFei" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_zgAFhwO7RTn8">Yieldmax™ RBLX Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_z95IRoGcwsIj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$62</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_fKg_____zsfJxCIjm2Aa">1.64</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0A_zmIWcUWJBjCi" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_zAGamzCz4Fpe" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ RBLX Option Income Strategy ETF 62 0.0164 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251858Member_dD_zspFHOSYSn0k" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251858Member_zh4beAB1IK2i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,652</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251858Member_zCd3Ttjviwzc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_zj1GTrgrcqC5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$74,664</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251858Member_zDKOUohOAPF6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 1652000 12 74664 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251858Member_dD_zspJuujem4v2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251858Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zLwECQNaEm5b" style="box-sizing: border-box; text-align-last: auto">10.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251858Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zpDcMLHYz9G1" style="box-sizing: border-box; text-align-last: auto">89.5%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdefrg.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251858Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zDrL3A9m4dA6" style="box-sizing: border-box; text-align-last: auto">-4.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251858Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zpJJdq6GhTt4" style="box-sizing: border-box; text-align-last: auto">-7.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzh1jz2.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.105 0.895 -0.046 -0.079 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251858Member_dD_zZnnhRqYDVc1"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zBxn6SvM13nd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">72.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zOrKhXlhEuIa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">32.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $55.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice5500Member_zPo3TqoLw6E9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $63.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6300Member_zslvDeLOx922" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $61.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6100Member_z5J0XXBOESe4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $62.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6200Member_z7ZXBjEr4Ktd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $60.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6000Member_zzs4C3gxcY4b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $68.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6800Member_zCJXMLAG6Dbe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/01/2026; Exercise Price: $67.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05012026ExercisePrice6700Member_zGFml4PqMEt3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Roblox Corp., Expiration: 05/08/2026; Exercise Price: $56.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251858Member__oef--LargestHoldingAxis__custom--RobloxCorpExpiration05082026ExercisePrice5601Member_zHl6Z0C7Zrjk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 0.729 0.322 -0.029 -0.009 0.008 -0.008 0.007 0.005 0.004 0.002 YieldMax™ Short COIN Option Income Strategy ETF FIAT NYSEArca This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zFG4MbXcmrnc">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ Short COIN Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90E_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zshq6AOOQOQl">www.yieldmaxetfs.com/our-etfs/FIAT</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zDBsn6yXTvIf">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ Short COIN Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/FIAT (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248510Member_dD_zeWkN15OmUo6" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zoIyFcxBjuv7">YieldMax™ Short COIN Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zMnS9y1kMRO2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$60</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_fKg_____zvLG44NYt5i4">1.01</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F08_ztWIuYOrZJGj" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F12_zDizEMBHx3S9" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Short COIN Option Income Strategy ETF 60 0.0101 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248510Member_dD_zbaHKFbFQdic" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248510Member_zW3KYJPgWE03" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$38,833</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248510Member_zIP3kDqdhale" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">24</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zgZPcMECH5g3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$209,227</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248510Member_zcv6ab2Y303c" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1,398%</span> </div> </td> </tr> </table> </div> </div> </div> 38833000 24 209227 13.98 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248510Member_dD_zRMaQWtVXhC3" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248510Member__us-gaap--InvestmentTypeAxis__custom--PurchasedPutOptionsMember_zQhPTYTb4l7l" style="box-sizing: border-box; text-align-last: auto">8.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248510Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zw9nlS9RjJai" style="box-sizing: border-box; text-align-last: auto">0.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248510Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_ztEf4F0DizU3" style="box-sizing: border-box; text-align-last: auto">91.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdfzhu.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248510Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zThpoQAi4bS6" style="box-sizing: border-box; text-align-last: auto">-5.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248510Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zRXZcubp9eLk" style="box-sizing: border-box; text-align-last: auto">-3.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqze0o3n.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.080 0.003 0.917 -0.058 -0.032 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248510Member_dD_zVICfjq1fwdk"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zJO35QfePEH9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">85.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zQMXyBtR3oKa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05152026ExercisePrice19000Member_zehuRRJGsELh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.02</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05152026ExercisePrice19002Member_z9UM2oiedUAi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-5.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $182.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice18250Member_zOBctUElFz7b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $192.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05012026ExercisePrice19250Member_z95hw9LmKCbc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $175.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice17500Member_zoVZreAxmf2j" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $195.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05012026ExercisePrice19500Member_zeEeTk0WXVxd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $177.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05082026ExercisePrice17750Member_zIWs78xBhQg7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $182.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248510Member__oef--LargestHoldingAxis__custom--CoinbaseGlobalIncClassAExpiration05012026ExercisePrice18250Member_zuf03q0Axl79" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 0.854 0.137 0.069 -0.059 -0.011 -0.011 0.007 -0.004 -0.003 0.002 YieldMax™ Short N100 Option Income Strategy ETF YQQQ NASDAQ This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_z0MIIBjBioZj">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ Short N100 Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_908_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_zjYu7DoW9Jvd">www.yieldmaxetfs.com/our-etfs/YQQQ</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_907_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_zPZLTkmAHTd1">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ Short N100 Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/YQQQ (866) 864-3968 <p id="xdx_80B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248515Member_dD_z4RZmnV0wdq1" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_zMHEJ14o6U75">YieldMax™ Short N100 Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_z5eiTukG0wtg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_fKg_____zf9x9HWcPtLe">1.00</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F04_zqGzZENtUySf" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F10_z2xqdhdC7R01" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Short N100 Option Income Strategy ETF 50 0.0100 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248515Member_dD_zfzRHuGN2msa" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248515Member_zNxoPAwLtHlh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$14,024</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248515Member_zaoU5cZPKDY7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_z4y1a67V2Sx3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$74,297</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248515Member_zSq27QrE4Izk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">231%</span> </div> </td> </tr> </table> </div> </div> </div> 14024000 16 74297 2.31 <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248515Member_dD_zO3CWpI8Bls5" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248515Member__us-gaap--InvestmentTypeAxis__custom--PurchasedPutOptionsMember_zxvklZMR4po1" style="box-sizing: border-box; text-align-last: auto">0.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options*</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248515Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_fKg_____ztnIdic4WHAh" style="box-sizing: border-box; text-align-last: auto">0.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248515Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zqsU4oyWC8Q" style="box-sizing: border-box; text-align-last: auto">99.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqze1ngi.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248515Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_z8j7zJspOdBb" style="box-sizing: border-box; text-align-last: auto">-11.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248515Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zpa5oF2LZyuc" style="box-sizing: border-box; text-align-last: auto">-0.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtwxnfm.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_z4xLTsz6FQCd" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1C_zuHfUcdEaLle" style="text-align: justify">Less than 0.05% of net assets</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.006 0.000 0.994 -0.113 -0.002 <div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248515Member_dD_zSvnijiTHTU9"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z60fs1oEs4Pe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">86.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zoCjoU7qMn92" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.02</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration06182026ExercisePrice60002Member_z76bKD6UCdAk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-11.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration06182026ExercisePrice60000Member_zl62J0AIxDMa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $655.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration05082026ExercisePrice65500Member_zdyy1dFP25Kg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $648.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration05082026ExercisePrice64800Member_fXg_____zSiqrDgZDTKc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $645.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration05082026ExercisePrice64500Member_fXg_____zNL450dRBIgg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $900.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration06182026ExercisePrice90000Member_fKg_____zxsEiMSHhjw4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $643.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration05012026ExercisePrice64300Member_fXg_____zQ4x4rnbbu1l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $648.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248515Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Expiration05012026ExercisePrice64800Member_fXg_____zZHuYrY5k3L1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zv0AKcF8RqDl" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F15_zmU0NcGm7CFd" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_zXSOTaYDZXsi" style="width: 5pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F15_z6vxyMbYd03j" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> </div> </div> 0.869 0.130 -0.113 0.006 -0.001 -0.000 -0.000 0.000 -0.000 -0.000 YieldMax™ Short NVDA Option Income Strategy ETF DIPS NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_z9kJo63RlD76">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ Short NVDA Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90E_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_zYrm61etwaVh">www.yieldmaxetfs.com/our-etfs/DIPS</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_z20UBuUeheea">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ Short NVDA Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/DIPS (866) 864-3968 <p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248512Member_dD_z1XqjPii5ekg" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_zQJ8msfkDSd">YieldMax™ Short NVDA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_z3V0x1MjSfVl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$54</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_fKg_____z4GEOni1SG47">1.05</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0C_zRYqb8ZOdSMl" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1E_zeUOR69G9Uae" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Short NVDA Option Income Strategy ETF 54 0.0105 <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248512Member_dD_zpAJgeoeqs9j" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248512Member_zBZj4DgByoOj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$9,824</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248512Member_z1ezTbKKRzed" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_z99cgeb4vUqk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$47,471</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248512Member_zf4CY9NeK7v7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">167%</span> </div> </td> </tr> </table> </div> </div> </div> 9824000 13 47471 1.67 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248512Member_dD_z6YvVMRDvaeb" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248512Member__us-gaap--InvestmentTypeAxis__custom--PurchasedPutOptionsMember_zZShVyUHTvIh" style="box-sizing: border-box; text-align-last: auto">1.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options*</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248512Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_fKg_____z3CO0HMFD0jk" style="box-sizing: border-box; text-align-last: auto">0.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248512Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zUPIS0eATlH2" style="box-sizing: border-box; text-align-last: auto">98.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdz4sl.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248512Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zYktKCthmHi9" style="box-sizing: border-box; text-align-last: auto">-6.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248512Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zJnnC8xpYIk5" style="box-sizing: border-box; text-align-last: auto">-0.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtwwnx7.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zRP5Nd8ig5th" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zExRC7VCace2" style="text-align: justify">Less than 0.05% of net assets</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.013 0.000 0.987 -0.060 -0.004 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248512Member_dD_zPddIFNx0hc4"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zqTDrbbsUFMk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">83.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zsnYj3yj84B" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">18.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.02</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice19002Member_zWTurNL5Ypaj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-6.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice19000Member_zMgvie34vf37" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $197.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05012026ExercisePrice19750Member_zpTuExbzo9bi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $195.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05012026ExercisePrice19500Member_fXg_____zYRUpeWaFicd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $190.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05012026ExercisePrice19000Member_fKg_____zn1Gx9KOAzf1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $280.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05152026ExercisePrice28000Member_fKg_____z9y7f5urJ9Yl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $185.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248512Member__oef--LargestHoldingAxis__custom--NVIDIACorpExpiration05012026ExercisePrice18500Member_fKg_____zdv7GdfBlER1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zi4XBKrsDJE2" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zOeiIizpEyag" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zN2iOwDYhyi" style="width: 5pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F10_zvcZteevmEzd" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> </div> </div> 0.839 0.180 -0.060 0.012 -0.003 -0.000 0.000 0.000 0.000 YieldMax™ Short TSLA Option Income Strategy ETF CRSH NYSEArca This <span id="xdx_90A_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zwPeTHm0kNWb">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ Short TSLA Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zC6skC79BnQ7">www.yieldmaxetfs.com/our-etfs/CRSH</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_ztATx299EX2b">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ Short TSLA Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/CRSH (866) 864-3968 <p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248513Member_dD_zboBmQV7UtF5" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zS5d0rSKYzNi">YieldMax™ Short TSLA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zfidEhWJItoa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$54</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_fKg_____zLVM4zwnjKX9">1.01</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0A_z0an4uTsohAd" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_zaOp0tE9iXa9" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Short TSLA Option Income Strategy ETF 54 0.0101 <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248513Member_dD_ztFWvByXPbK2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248513Member_zGWLOaDCW9cj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$18,952</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248513Member_zt6pw0YTvxhf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zy00JKg1zVt7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$96,655</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248513Member_zg3wSEfGyur4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">167%</span> </div> </td> </tr> </table> </div> </div> </div> 18952000 13 96655 1.67 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248513Member_dD_zri5oKlsFjvd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248513Member__us-gaap--InvestmentTypeAxis__custom--PurchasedPutOptionsMember_z6c6F2FGXJRe" style="box-sizing: border-box; text-align-last: auto">7.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options*</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248513Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_fKg_____z431WGvy5gqf" style="box-sizing: border-box; text-align-last: auto">0.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248513Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zFUL8WNvFJIk" style="box-sizing: border-box; text-align-last: auto">92.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdvxi8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248513Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zEPrWHqHqlW8" style="box-sizing: border-box; text-align-last: auto">-1.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248513Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zeQQTvVj6uKa" style="box-sizing: border-box; text-align-last: auto">-0.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtwuswe.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zv0SDZSzEdag" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zVyNGD8Wxly3" style="text-align: justify">Less than 0.05% of net assets</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.077 0.000 0.923 -0.013 -0.007 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248513Member_dD_z1qvKUjNKixb"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zgLX1oiP9YWg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">84.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice40500Member_zZC1N6uBOVSl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zrMFJ0GMb0lb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.02</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice40502Member_zDZiJEI7XEuf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $372.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05082026ExercisePrice37250Member_ztAaLgt39Lp7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $355.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05082026ExercisePrice35500Member_zgm3PKFiQLif" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $595.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice59500Member_fKg_____zjoV329YUD24" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $367.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice36750Member_fXg_____zJyXAYz242Cf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(0.0)^</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $347.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248513Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice34750Member_fKg_____znOLqs7E3yxj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_zkLyVoIyyquh" style="width: 5pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F12_zvaiEvpUW06e" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_ziAkhdqAtq5k" style="width: 5pt; text-align: right">^</td><td style="width: 5pt"></td><td id="xdx_F11_zn7F7OcKVsd9" style="text-align: justify">Less than -0.05% of net assets.</td> </tr></table> </div> </div> </div> 0.846 0.075 0.072 -0.013 -0.007 0.002 0.000 -0.000 0.000 YieldMax™ SMCI Option Income Strategy ETF SMCY NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_zsypk8pmGGx4">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ SMCI Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90D_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_zyOnzcIGujk8">www.yieldmaxetfs.com/our-etfs/SMCY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_904_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_z5ESKjuJUXs6">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ SMCI Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/SMCY (866) 864-3968 <p id="xdx_80D_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251849Member_dD_z0ypidcB5blb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_z5uNbgjNn6ec">YieldMax™ SMCI Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_zKq9l2uZ8xPc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$41</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_fKg_____z9uJ2PsqYeHi">1.05</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F08_zWVuUjHndF5d" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zLcJdy77a9d1" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ SMCI Option Income Strategy ETF 41 0.0105 <p id="xdx_809_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251849Member_dD_zM8414jsJOwg" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251849Member_zmuzPdbIn8Kk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$107,306</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251849Member_zUVUcjaQhWgk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_zIQ7aKGyy7m3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$803,660</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251849Member_z0PGzynJprZ4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 107306000 15 803660 0 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251849Member_dD_zhyCBDHjqsOh" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251849Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zXJfBc3Qbzdj" style="box-sizing: border-box; text-align-last: auto">4.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251849Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z1E5Yujr9DL8" style="box-sizing: border-box; text-align-last: auto">95.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdxorh.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251849Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zC3fcFMKwkN8" style="box-sizing: border-box; text-align-last: auto">-4.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251849Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zpHN3bEbzX43" style="box-sizing: border-box; text-align-last: auto">-19.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtx2bh1.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.049 0.951 -0.045 -0.192 <div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251849Member_dD_z91hgvpUlemi"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zJo09dFE4Iti" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">113.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05152026ExercisePrice3201Member_zwgF7APokr5e" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-19.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z96BXDVhlZCj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05152026ExercisePrice3200Member_zP7OFcwG5Uyk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05082026ExercisePrice2750Member_z0PTSJmOOE7g" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05082026ExercisePrice2950Member_zk6pSVVBsMth" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05082026ExercisePrice2700Member_zEHYv26CyJ7c" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05082026ExercisePrice2900Member_zBlvcfT8fz59" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $27.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05012026ExercisePrice2700Member_zbXYsrBcEUQd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $28.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251849Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncExpiration05012026ExercisePrice2800Member_zi5wcmtS9yZc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 1.137 -0.192 0.039 0.026 -0.026 0.014 -0.014 0.008 -0.003 -0.002 YieldMax™ SNOW Option Income Strategy ETF SNOY NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_zR1dtJDLO7p3">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">YieldMax™ SNOW Option Income Strategy ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">November 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_900_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_zAZt34fYCMO4">www.yieldmaxetfs.com/our-etfs/SNOY</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_znc7lDesKWfg">(866) 864-3968</span></span> or by writing to the <span style="box-sizing: border-box">YieldMax™ SNOW Option Income Strategy ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.yieldmaxetfs.com/our-etfs/SNOY (866) 864-3968 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000245526Member_dD_zGlpGVTOMkbl" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_zRstpCltgdRb">YieldMax™ SNOW Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_zr4D9FnKtQ8k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$39</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_fKg_____zZlfQHMjBVtb">1.02</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F06_zd4wCPPAc5n5" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F15_z6flssmMKSGg" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ SNOW Option Income Strategy ETF 39 0.0102 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000245526Member_dD_zDQtXK7dP0kg" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000245526Member_zptKtZncwBVj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$16,681</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000245526Member_zYOWPbUa1p12" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_ze7WdhznYpef" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$232,780</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000245526Member_zHT5lXKo0s5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 16681000 15 232780 0 <p id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000245526Member_dD_zPdEjTR1m4I5" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245526Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zNI2bfNdlJfd" style="box-sizing: border-box; text-align-last: auto">2.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245526Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zCCJqBQO8j53" style="box-sizing: border-box; text-align-last: auto">97.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdk8ll.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245526Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zgjHflEYQInf" style="box-sizing: border-box; text-align-last: auto">-1.7%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000245526Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_ziqguaJsMTYd" style="box-sizing: border-box; text-align-last: auto">-11.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtygtvv.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.027 0.973 -0.017 -0.117 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000245526Member_dD_zZP1rE2qhoS7"></div> <div style="margin: 0 0 3.75pt; padding: 0 0 0 10pt; grid-column: 2 / 3; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 281.5pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_z2rdDcMZLaUb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">100.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/15/2026; Exercise Price: $150.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05152026ExercisePrice15001Member_zNK7usUVzOTa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-9.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z2HDJiDq6wG3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $138.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05082026ExercisePrice13800Member_z5GnwMCfJoe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $145.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05082026ExercisePrice14500Member_zyrflLUobFja" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $140.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05082026ExercisePrice14000Member_zV1LpNzlypr5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $147.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05082026ExercisePrice14700Member_zO4vLtNDhVp1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $140.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05012026ExercisePrice14000Member_zc8T0gdIPuNj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $142.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05012026ExercisePrice14200Member_z94xbUs6Cdci" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $147.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000245526Member__oef--LargestHoldingAxis__custom--SnowflakeIncExpiration05012026ExercisePrice14700Member_fKg_____zPQqa5PMHUe1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.0*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zxCVi4tCcQj6" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_z5JbhgGLDxSf" style="text-align: justify">Less than 0.05% of net assets.</td> </tr></table> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> </div> </div> 1.000 -0.098 0.079 -0.011 0.005 -0.004 0.002 -0.001 -0.001 0.000 YieldMax™ TSLA Option Income Strategy ETF TSLY NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_zB7ZcMeq3SKf">semi-annual shareholder report</span> contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_zJehplAOEq8a">www.yieldmaxetfs.com/our-etfs/TSLY</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_zUBl2J57FKg9">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/TSLY (866) 864-3968 <p id="xdx_80B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238138Member_dD_zklHCtM3mmS3" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_zkJfa15CJL3g">YieldMax™ TSLA Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_z1Ltzx3gvzk5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$51</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_fKg_____zqeTykKS68ac">1.07</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_zlxqWbBqYVvk" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zeXuWQC3ZI08" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ TSLA Option Income Strategy ETF 51 0.0107 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238138Member_dD_z1I8UjCuFGF3" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238138Member_zsUj9wJ2xtah" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$837,223</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238138Member_z7FrzCkoH4hb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">20</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_zvbfDdlSal82" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$5,091,121</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238138Member_z8TgiutYwj0d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 837223000 20 5091121 0 <p id="xdx_80B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238138Member_dD_zRmtXE7i7kI4" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238138Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zvhi1NHlf8h5" style="box-sizing: border-box; text-align-last: auto">1.2%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238138Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zHa3Ki9fSQR9" style="box-sizing: border-box; text-align-last: auto">98.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdl8v5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238138Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zPbGI5esdo31" style="box-sizing: border-box; text-align-last: auto">-0.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238138Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zYzHg58PjKa1" style="box-sizing: border-box; text-align-last: auto">-7.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtwrxzl.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.012 0.988 -0.006 -0.077 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238138Member_dD_zQC1yuutcuh8" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zs29S25G8JLk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">104.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice41001Member_zZwwJBbBeMbk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice40501Member_z27fno0qRBQa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zvMiVErQXn9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice40500Member_z7h9AezDNJP9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05152026ExercisePrice41000Member_zZwfwRf2khh1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $382.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice38250Member_za5pcEV9K8C9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $385.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice38500Member_zMOqbnmVmwTb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $387.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice38750Member_zceHLWn6Gnz6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $380.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238138Member__oef--LargestHoldingAxis__custom--TeslaIncExpiration05012026ExercisePrice38000Member_zAA4yFaqYPv6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 1.049 -0.041 -0.036 0.018 0.006 0.005 -0.003 -0.001 -0.001 -0.001 YieldMax™ TSM Option Income Strategy ETF TSMY NYSEArca This <span id="xdx_90B_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_z6m7eIdz66d">semi-annual shareholder report</span> contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_zMcYgOg8hOL6">www.yieldmaxetfs.com/our-etfs/TSMY</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_z2oTjmtI1Bb6">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/TSMY (866) 864-3968 <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251850Member_dD_z0DicoewAsBl" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_zuVEuRQ3cmf6">YieldMax™ TSM Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_zOYKRnJ1X6r4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$57</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_fKg_____zWWKCcaDsS9a">1.02</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0D_z0KVCiNNQMh7" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zY62ayIcDxIh" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ TSM Option Income Strategy ETF 57 0.0102 <p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251850Member_dD_z12c4NQ0LHVd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251850Member_zle1voLwI3a" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$102,374</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000251850Member_zQ6tGU1GWa0e" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">19</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_zpjwFhiNAIg3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$354,280</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251850Member_zcqFHe3BXyA3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">100%</span> </div> </td> </tr> </table> </div> </div> </div> 102374000 19 354280 1 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251850Member_dD_zvaYhLz1PDee" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251850Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zETIq56N7Dil" style="box-sizing: border-box; text-align-last: auto">10.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251850Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zzzg2XuzX7ga" style="box-sizing: border-box; text-align-last: auto">89.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdlk11.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251850Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zZpdRP1eV7Cj" style="box-sizing: border-box; text-align-last: auto">-1.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251850Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zOSrccaFf4yg" style="box-sizing: border-box; text-align-last: auto">-0.7%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtwzmdk.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.108 0.892 -0.019 -0.007 <div id="xdx_801_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251850Member_dD_zGNW8IW2oH62" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 11pt Gotham Narrow-Bold,Arial; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 11pt Gotham Narrow-Bold,Arial; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zViZCjSjRNik" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">87.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05152026ExercisePrice36000Member_zQbFTcnxVOkk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zbvuUWui1zsh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05152026ExercisePrice36001Member_zOUpct7Sk32g" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $402.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05082026ExercisePrice40250Member_z01D6rZbWz0d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $395.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05082026ExercisePrice39500Member_zk894dS2Cz24" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $412.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05082026ExercisePrice41250Member_zx9Spb2JAp9b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $390.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05012026ExercisePrice39000Member_zRDMYmGTkCLa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $405.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05082026ExercisePrice40500Member_zbMCrJZwej5a" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $395.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251850Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRExpiration05012026ExercisePrice39500Member_zbpsxhxzWBmg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.877 0.080 0.045 0.012 -0.007 -0.005 0.004 -0.003 0.003 -0.003 YieldMax™ Ultra Option Income Strategy ETF ULTY NYSEArca This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zYxTaOHuoly2">semi-annual shareholder report</span> contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_z7NqqLtMl2Ie">www.yieldmaxetfs.com/our-etfs/ULTY</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zZ7FldBRUKa6">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/ULTY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248338Member_dD_z9XqsDLVAC1e" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_z0rGl7SVl2Gc">YieldMax™ Ultra Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zRZzNHsY6JQ8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$58</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_fKg_____zjNuYJ3QeUIl">1.24</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F07_zCuXl4NGOiKk" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zetvOqvpxsCg" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Ultra Option Income Strategy ETF 58 0.0124 <p id="xdx_800_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248338Member_dD_zcoxwiGw68Oi" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000248338Member_zrmFPts9BDH4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$854,456</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000248338Member_zNbaaY9moGK3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">91</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zPQ0eRCMPHca" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$6,736,122</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zC0GASqwnpH4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">264%</span> </div> </td> </tr> </table> </div> </div> </div> 854456000 91 6736122 2.64 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248338Member_dD_zrkxqfqKkAWd" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Common Stocks</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_zSdvbNi8f2O2" style="box-sizing: border-box; text-align-last: auto">91.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zgnIOmHR7Vi6" style="box-sizing: border-box; text-align-last: auto">8.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__us-gaap--InvestmentTypeAxis__custom--PurchasedPutOptionsMember_z7Mk0F96M2Mj" style="box-sizing: border-box; text-align-last: auto">2.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zcRS4Nwx4l85" style="box-sizing: border-box; text-align-last: auto">-2.0%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdmhm3.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zdyJ4d0iCGq9" style="box-sizing: border-box; text-align-last: auto">-2.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000248338Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zEqqNduBGFIc" style="box-sizing: border-box; text-align-last: auto">-1.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqty8nnr.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 36px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 9pt">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.914 0.085 0.021 -0.020 -0.025 -0.014 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248338Member_dD_zXH50SPEyCQ8" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zoQMs92XTuTc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Analog Devices, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--AnalogDevicesIncMember_zAzheo2m7mLk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--AmazoncomIncMember_z2kbKaZgLfu4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Lam Research Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--LamResearchCorpMember_z2f8JQvpbwYi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Quanta Services, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--QuantaServicesIncMember_zqBpFEuCAtB3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Ciena Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--CienaCorpMember_zFiZogdmkYU3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Lumentum Holdings, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--LumentumHoldingsIncMember_z0nUC2Wlzhbd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zjWYkMZWv1R7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">IREN Ltd.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--IRENLtdMember_zVwbgAvHNbs7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Strategy, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000248338Member__oef--LargestHoldingAxis__custom--StrategyIncMember_zzw9eONNP739" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.6</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.057 0.055 0.051 0.050 0.049 0.049 0.049 0.048 0.048 0.046 <p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000248338Member_dD_zzCrvgkqQQSd" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 84px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt"><span id="xdx_905_eoef--MaterialFundChngStrategiesTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zUPPhWAjx3ge">Effective <span id="xdx_90A_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zUTErNCsRUB1">December 8, 2025</span>, 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.</span></span> </p> </div> Effective <span id="xdx_90A_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000248338Member_zUTErNCsRUB1">December 8, 2025</span>, 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. 2025-12-08 YieldMax™ Ultra Short Option Income Strategy ETF SLTY NYSEArca This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zBDf9ZDYVo17">semi-annual shareholder report</span> contains important information about the YieldMax™ Ultra Short Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zhsZsDnBLZVe">www.yieldmaxetfs.com/our-etfs/SLTY</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zNtoKiIT3vy">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/SLTY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000255519Member_dD_zWgKHLx2AWM" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zYY4F6M2xZ1j">Yieldmax™ Ultra Short Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zEk3naBjz8Nh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$92</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_fKg_____zhJoDWYv7Fvg">1.87</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F06_zJW5r5pFVWK2" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1F_z96ujsK6mdFa" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> Yieldmax™ Ultra Short Option Income Strategy ETF 92 0.0187 <p id="xdx_800_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000255519Member_dD_zJ5tqhmnUdH8" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000255519Member_zwI51FTCJMTa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$19,452</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000255519Member_zrAglTZ2WN5l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">113</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_ziButj43w5v9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$114,435</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000255519Member_zM6UuIwg2SVe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 19452000 113 114435 0 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000255519Member_dD_zz9rVlwem0Td" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zeBrX35q6rmf" style="box-sizing: border-box; text-align-last: auto">3.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Common Stocks*</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__us-gaap--InvestmentTypeAxis__custom--CommonStocksMember_fKg_____zX25ORMhUyt1" style="box-sizing: border-box; text-align-last: auto">0.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zotcGGCj0FAf" style="box-sizing: border-box; text-align-last: auto">96.9%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdncl5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zqJ1oygv7fm3" style="box-sizing: border-box; text-align-last: auto">-2.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Common Stocks</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__oef--OtherCategory1Axis__custom--CommonStocksMember_zAozNmIsXuc4" style="box-sizing: border-box; text-align-last: auto">-85.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__oef--OtherCategory1Axis__us-gaap--ExchangeTradedFundsMember_zmFVnR20EP4j" style="box-sizing: border-box; text-align-last: auto">-11.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000255519Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zbyZUikroUo1" style="box-sizing: border-box; text-align-last: auto">-1.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzusdys.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F09_zZpMo5RuEGD" style="text-align: left">*</td> <td id="xdx_F11_zPq90PwpU0w9" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.031 0.000 0.969 -0.029 -0.858 -0.115 -0.011 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000255519Member_dD_ztLPZD30HaC6" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_ze1DXZ23XTWg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">84.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zsJNivkH2zQj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Oklo, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--OkloIncMember_zUVPR6Pd5Gml" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-6.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">KKR &amp; Co., Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--KKRandCoIncMember_zeqre6P8s2Za" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Target Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--TargetCorpMember_zkoktSIpe8ai" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Centene Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--CenteneCorpMember_ztUbophVfwbe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Salesforce, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--SalesforceIncMember_zhkBII6Rx0B7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Starbucks Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--StarbucksCorpMember_zfBUyDmy5Yl3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Etsy, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--EtsyIncMember_zcZ28JqY2A83" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Rocket Lab USA, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000255519Member__oef--LargestHoldingAxis__custom--RocketLabUSAIncMember_z83kbcraaiQa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-4.2</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.843 0.091 -0.060 -0.049 -0.046 -0.046 -0.045 -0.044 -0.043 -0.042 YieldMax™ Universe Fund of Option Income ETFs YMAX NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zhMjUc0vjB18">semi-annual shareholder report</span> contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_z2KHlEA1YAsk">www.yieldmaxetfs.com/our-etfs/YMAX</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zFLsBdk6sTK8">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/YMAX (866) 864-3968 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000247705Member_dD_zhWjzidsEFU4" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zS18kpLQKRPh">YieldMax™ Universe Fund of Option Income ETFs</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zko8rPeHrVzf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$14</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_fKg_____zglGOImVxtH3">0.29</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0B_z68cgCg0WYy7" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_zhnHzmbxKhyd" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ Universe Fund of Option Income ETFs 14 0.0029 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000247705Member_dD_zzyUbqrsboAh" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000247705Member_zYpWj9PYSxH9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$392,904</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000247705Member_zmDZXAtGMduc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">32</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zzUz7WVrCflj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$831,310</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zYys7x1Dhv5l" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">166%</span> </div> </td> </tr> </table> </div> </div> </div> 392904000 32 831310 1.66 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000247705Member_dD_zH4ITAKiwQol" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div> </td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000247705Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zvZrNb9ZBp6i" style="box-sizing: border-box; text-align-last: auto">98.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000247705Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z3AqydkpRDH6" style="box-sizing: border-box; text-align-last: auto">1.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdnya8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.986 0.014 <div id="xdx_800_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000247705Member_dD_ztJJ8ANolkT8" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax AMD Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxAMDOptionIncomeStrategyETFMember_z5zk88yV8c1k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax AMZN Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxAMZNOptionIncomeStrategyETFMember_zFGe8MyDwTj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax TSM Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxTSMOptionIncomeStrategyETFMember_zQXnrfDlao6e" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax Crypto Industry &amp; Tech Portfolio Option Income ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxCryptoIndustryandTechPortfolioOptionIncomeETFMember_zuhPFxOUYdjd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax GOOGL Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxGOOGLOptionIncomeStrategyETFMember_ziCS1lOGRRjd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax MARA Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxMARAOptionIncomeStrategyETFMember_zIClAEH1OyO8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax AI &amp; Tech Portfolio Option Income ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxAIandTechPortfolioOptionIncomeETFMember_zla8s1jKmGui" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax Semiconductor Portfolio Option Income ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxSemiconductorPortfolioOptionIncomeETFMember_zNBftuBL12F9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax HOOD Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxHOODOptionIncomeStrategyETFMember_zDGg7CKEVdkb" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">YieldMax NFLX Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000247705Member__oef--LargestHoldingAxis__custom--YieldMaxNFLXOptionIncomeStrategyETFMember_zUIwT2ABHIh2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.5</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.068 0.053 0.049 0.049 0.048 0.047 0.047 0.046 0.045 0.045 <p id="xdx_804_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000247705Member_dD_zmi0xTNEV8qd" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">How has the Fund changed?</p> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt"><span id="xdx_909_eoef--MaterialFundChngStrategiesTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zyVYPiHAXnw9">Effective <span id="xdx_90C_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zydrKH6d8Bed">February 20, 2026</span>, 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.</span></span> </p> </div> Effective <span id="xdx_90C_eoef--MaterialChngDate_c20251101__20260430__oef--ClassAxis__custom--C000247705Member_zydrKH6d8Bed">February 20, 2026</span>, 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. 2026-02-20 YieldMax™ XOM Option Income Strategy ETF XOMO NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zxqJdVvyyH5j">semi-annual shareholder report</span> contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zh6nWcPoO0W">www.yieldmaxetfs.com/our-etfs/XOMO</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zwBOsqrOKOqk">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/XOMO (866) 864-3968 <p id="xdx_807_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244357Member_dD_z2dkUlR5HUUc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zc1umoKmmbB3">YieldMax™ XOM Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zMVRXRck56j1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$68</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_fKg_____zrGuJow329Ca">1.23</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F0C_zq6YYqHA7RKd" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1C_zCD4vSbCcuDc" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ XOM Option Income Strategy ETF 68 0.0123 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244357Member_dD_zL1kOJeNcvU4" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000244357Member_zNTsqqAwONDh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$29,894</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000244357Member_zYAQRimDW4X8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_zmtAsL8IHp34" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$203,030</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000244357Member_z198rMgWBi1f" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">383%</span> </div> </td> </tr> </table> </div> </div> </div> 29894000 11 203030 3.83 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244357Member_dD_zxOjDXvPtGsi" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244357Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zjHjcRuzG40b" style="box-sizing: border-box; text-align-last: auto">6.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244357Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zsqqIb8DteG6" style="box-sizing: border-box; text-align-last: auto">93.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes23r21mqzdotem.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244357Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zTw1gK1kkZn9" style="box-sizing: border-box; text-align-last: auto">-2.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000244357Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zsnvAvwMQvjl" style="box-sizing: border-box; text-align-last: auto">-3.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes8q061mqtycv9e.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.068 0.932 -0.028 -0.033 <div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244357Member_dD_zGAiCcuwP9ag" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zW9LS8Pmi4wh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">95.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zMNLHaOkHeFe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 06/18/2026; Exercise Price: $150.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration06182026ExercisePrice15001Member_zT6czqGnBhn5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $150.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration05012026ExercisePrice15000Member_ztSJxkejSxqa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $152.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration05012026ExercisePrice15250Member_zESWNmdcOSob" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $155.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration05012026ExercisePrice15500Member_zhZYJyRrM2Y3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $160.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration05012026ExercisePrice16000Member_zYSTwm0f7VL" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $157.50</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000244357Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpExpiration05012026ExercisePrice15750Member_zgjT3CU0aEH7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.951 0.040 0.028 -0.016 -0.012 0.005 0.001 0.001 YieldMax™ XYZ Option Income Strategy ETF XYZY NYSEArca This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_z25FXiAWBwQ2">semi-annual shareholder report</span> contains important information about the YieldMax™ XYZ Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_ziwNhfH5K6u4">www.yieldmaxetfs.com/our-etfs/XYZY</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_zGA3TF4Cup16">(866) 864-3968</span> 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. www.yieldmaxetfs.com/our-etfs/XYZY (866) 864-3968 <p id="xdx_806_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000238146Member_dD_zg1kn8K60SP" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--FundName_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_zMFYxGnFmiRa">YieldMax™ XYZ Option Income Strategy ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_zRCa5p4IuL5b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$67</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_fKg_____zAsFdvo7rwbd">1.42</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"><td id="xdx_F03_zZFQTwANBvjd" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F19_zzyZDRnIOBH8" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td></tr></table> YieldMax™ XYZ Option Income Strategy ETF 67 0.0142 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000238146Member_dD_zn5qySICmFFa" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000238146Member_zNaEIZLcNOJa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$38,549</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000238146Member_z5aVpnxrqH29" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_zKIvp7JTIC4c" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$199,591</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000238146Member_zYEVlRqvglf3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span> </div> </td> </tr> </table> </div> </div> </div> 38549000 13 199591 0 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000238146Member_dD_zR7pceMugwv9" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238146Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zG8oykx0YiSj" style="box-sizing: border-box; text-align-last: auto">7.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238146Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zE2c8226oSi8" style="box-sizing: border-box; text-align-last: auto">92.2%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1wcrd1mqzdkn75.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Call Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238146Member__oef--OtherCategory1Axis__custom--WrittenCallOptionsMember_zEbD0PA6gSHk" style="box-sizing: border-box; text-align-last: auto">-1.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Written Put Options</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000238146Member__oef--OtherCategory1Axis__custom--WrittenPutOptionsMember_zRC5NebUlXGd" style="box-sizing: border-box; text-align-last: auto">-5.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4wi1mqtyey7e.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 44.81px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 0.078 0.922 -0.016 -0.058 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000238146Member_dD_zyS5h240Orw2" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bills</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zL2AzkRaMjUa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">98.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05152026ExercisePrice7000Member_zZIvtqB4nKx1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.01</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05152026ExercisePrice7001Member_zYPE2cJr9bC4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-5.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zTvDoykITCTd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/08/2026; Exercise Price: $70.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05082026ExercisePrice7000Member_zvBFu2OG68C8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/08/2026; Exercise Price: $73.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05082026ExercisePrice7300Member_zhr32xeEtd2b" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/01/2026; Exercise Price: $72.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05012026ExercisePrice7200Member_zQct4hdyczNf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/01/2026; Exercise Price: $74.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05012026ExercisePrice7400Member_fKg_____zxE3v1tuigwb">0.0</span>*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Block, Inc., Expiration: 05/01/2026; Exercise Price: $75.00</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000238146Member__oef--LargestHoldingAxis__custom--BlockIncExpiration05012026ExercisePrice7500Member_fKg_____zgZ8Dio3WWCh">0.0</span>*</span> </div> </td> </tr> </table> </div> </div> </div> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F00_z3Or6Fm4yzti" style="text-align: left">*</td> <td id="xdx_F1C_znXX7K60ACp6" style="text-align: left">Less than 0.05% of net assets.</td></tr> </table> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span> </p> </div> 0.982 0.069 -0.058 0.021 -0.013 0.009 -0.003 0.000 0.000 Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than -0.05% of net assets Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets Less than 0.05% of net assets. Less than -0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% of net assets.