| YieldMax INTC Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 15.3%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 15.3% | ||||||||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $97.00 | $ | 2,706,000 | 300 | $ | 61,950 | |||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $96.00 | 9,020,000 | 1,000 | 229,500 | |||||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $91.00 | 1,713,800 | 190 | 76,950 | |||||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $88.00 | 1,804,000 | 200 | 113,500 | |||||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $86.00 | 1,804,000 | 200 | 137,000 | |||||||||
| Intel Corp., Expiration: 8/21/2026; Exercise Price: $84.01 | 17,047,800 | 1,890 | 2,010,450 | |||||||||
| 2,629,350 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $2,133,281) | 2,629,350 | |||||||||||
| SHORT-TERM INVESTMENTS - 92.5% | ||||||||||||
| Money Market Funds - 3.4% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 592,446 | 592,446 | ||||||||||
| U.S. Treasury Bills - 89.1% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | $ | 5,247,000 | 5,207,925 | |||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 5,924,000 | 5,844,237 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 4,343,000 | 4,252,841 | ||||||||||
| 15,305,003 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $15,893,748) | 15,897,449 | |||||||||||
| TOTAL INVESTMENTS - 107.8% (Cost $18,027,029) | $ | 18,526,799 | ||||||||||
| Liabilities in Excess of Other Assets - (7.8)% | (1,338,491 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 17,188,308 | ||||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| (c) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (d) | Non-income producing security. |
| (e) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
| (f) | The rate shown is the annualized effective yield as of July 31, 2026. |
| (g) | All or a portion of this security has been pledged as collateral for written options contracts. The fair value of securities committed as collateral as of July 31, 2026 is $13,619,008. |
| YieldMax INTC Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (10.1)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (5.5)% | ||||||||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $93.00 | $ | (2,706,000 | ) | (300 | ) | $ | (99,000 | ) | ||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $92.00 | (9,020,000 | ) | (1,000 | ) | (370,000 | ) | ||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $87.00 | (1,713,800 | ) | (190 | ) | (118,750 | ) | ||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $84.00 | (1,804,000 | ) | (200 | ) | (164,500 | ) | ||||||
| Intel Corp., Expiration: 8/7/2026; Exercise Price: $82.00 | (1,804,000 | ) | (200 | ) | (194,500 | ) | ||||||
| (946,750 | ) | |||||||||||
| Put Options - (4.6)% | ||||||||||||
| Intel Corp., Expiration: 8/21/2026; Exercise Price: $84.01 | (17,047,800 | ) | (1,890 | ) | (795,388 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $2,114,871) | $ | (1,742,138 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |