| YieldMax MSFT Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 16.5%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 16.5% | ||||||||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $470.00 | $ | 27,883,200 | 600 | $ | 367,500 | |||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $467.50 | 52,048,640 | 1,120 | 803,600 | |||||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $465.00 | 26,256,680 | 565 | 468,950 | |||||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $462.50 | 6,970,800 | 150 | 147,375 | |||||||||
| Microsoft Corp., Expiration: 9/18/2026; Exercise Price: $400.01 | 113,159,320 | 2,435 | 16,850,298 | |||||||||
| 18,637,723 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $5,965,872) | 18,637,723 | |||||||||||
| SHORT-TERM INVESTMENTS - 90.3% | ||||||||||||
| Money Market Funds - 3.2% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 3,619,545 | 3,619,545 | ||||||||||
| U.S. Treasury Bills - 87.1% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f) | $ | 29,887,000 | 29,878,047 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 14,260,000 | 14,215,671 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 11,760,000 | 11,672,423 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 18,489,000 | 18,240,057 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 24,993,000 | 24,474,156 | ||||||||||
| 98,480,354 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $102,084,192) | 102,099,899 | |||||||||||
| TOTAL INVESTMENTS - 106.8% (Cost $108,050,064) | $ | 120,737,622 | ||||||||||
| Liabilities in Excess of Other Assets - (6.8)% | (7,732,304 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 113,005,318 | ||||||||||
| 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. |
| YieldMax MSFT Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (3.8)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.1)% | ||||||||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $457.50 | $ | (52,048,640 | ) | (1,120 | ) | $ | (1,433,600 | ) | ||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $455.00 | (27,883,200 | ) | (600 | ) | (879,000 | ) | ||||||
| Microsoft Corp., Expiration: 8/7/2026; Exercise Price: $452.50 | (33,227,480 | ) | (715 | ) | (1,185,112 | ) | ||||||
| (3,497,712 | ) | |||||||||||
| Put Options - (0.7)% | ||||||||||||
| Microsoft Corp., Expiration: 9/18/2026; Exercise Price: $400.01 | (113,159,320 | ) | (2,435 | ) | (745,938 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $9,978,763) | $ | (4,243,650 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |