| YieldMax MSTR Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 8.7%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 8.7% | ||||||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $105.00 | $ | 67,161,600 | 7,200 | $ | 522,000 | |||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $103.00 | 23,320,000 | 2,500 | 252,500 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $102.00 | 109,137,600 | 11,700 | 1,386,450 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $101.00 | 102,608,000 | 11,000 | 1,457,500 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $100.00 | 93,280,000 | 10,000 | 1,555,000 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $99.00 | 106,805,600 | 11,450 | 2,083,900 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $98.50 | 111,348,336 | 11,937 | 2,279,967 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $98.00 | 111,348,336 | 11,937 | 2,482,896 | |||||||||
| Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $110.00 | 22,387,200 | 2,400 | 459,600 | |||||||||
| Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $95.00 | 428,295,120 | 45,915 | 28,008,150 | |||||||||
| Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.00 | 300,828,000 | 32,250 | 25,477,500 | |||||||||
| 65,965,463 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $110,157,570) | 65,965,463 | |||||||||||
| SHORT-TERM INVESTMENTS - 79.2% | ||||||||||||
| Money Market Funds - 1.3% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 10,116,964 | 10,116,964 | ||||||||||
| U.S. Treasury Bills - 77.9% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 214,904,000 | 214,839,619 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 126,936,000 | 126,541,406 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 150,141,000 | 149,022,898 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 74,621,000 | 73,616,275 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 23,613,000 | 23,122,804 | ||||||||||
| 587,143,002 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $597,175,103) | 597,259,966 | |||||||||||
| TOTAL INVESTMENTS - 87.9% (Cost $707,332,673) | $ | 663,225,429 | ||||||||||
| Other Assets in Excess of Liabilities - 12.1% | 91,106,094 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 754,331,523 | ||||||||||
| 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 $251,813,963. |
| YieldMax MSTR Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (14.4)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.2)% | ||||||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $100.00 | $ | (67,161,600 | ) | (7,200 | ) | $ | (1,119,600 | ) | ||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $97.00 | (132,457,600 | ) | (14,200 | ) | (3,372,500 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $96.00 | (102,608,000 | ) | (11,000 | ) | (2,975,500 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $95.00 | (69,960,000 | ) | (7,500 | ) | (2,325,000 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $94.00 | (130,125,600 | ) | (13,950 | ) | (4,917,375 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $93.00 | (222,696,672 | ) | (23,874 | ) | (9,609,285 | ) | ||||||
| (24,319,260 | ) | |||||||||||
| Put Options - (11.2)% | ||||||||||||
| Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $110.01 | (22,387,200 | ) | (2,400 | ) | (4,386,120 | ) | ||||||
| Strategy, Inc., Expiration: 8/21/2026; Exercise Price: $95.01 | (428,295,120 | ) | (45,915 | ) | (34,437,627 | ) | ||||||
| Strategy, Inc., Expiration: 9/18/2026; Exercise Price: $100.01 | (300,828,000 | ) | (32,250 | ) | (45,427,673 | ) | ||||||
| (84,251,420 | ) | |||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $104,861,587) | $ | (108,570,680 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |