YieldMax PYPL Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 14.1%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 14.1% | ||||||||||||
| PayPal Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $61.00 | $ | 13,244,115 | 2,315 | $ | 27,780 | |||||||
| PayPal Holdings, Inc., Expiration: 9/18/2026; Exercise Price: $50.01 | 13,244,115 | 2,315 | 1,823,155 | |||||||||
| 1,850,935 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $552,405) | 1,850,935 | |||||||||||
| SHORT-TERM INVESTMENTS - 85.8% | ||||||||||||
| Money Market Funds - 2.9% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 386,667 | 386,667 | ||||||||||
| U.S. Treasury Bills - 82.9% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | $ | 9,904,000 | 9,873,212 | |||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 1,036,000 | 1,014,493 | ||||||||||
| 10,887,705 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,271,910) | 11,274,372 | |||||||||||
| TOTAL INVESTMENTS - 99.9% (Cost $11,824,315) | $ | 13,125,307 | ||||||||||
| Other Assets in Excess of Liabilities - 0.1% | 15,566 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 13,140,873 | ||||||||||
| 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 PYPL Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (2.2)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.2)% | ||||||||||||
| PayPal Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $58.00 | $ | (13,244,115 | ) | (2,315 | ) | $ | (160,893 | ) | ||||
| Put Options - (1.0)% | ||||||||||||
| PayPal Holdings, Inc., Expiration: 9/18/2026; Exercise Price: $50.01 | (13,244,115 | ) | (2,315 | ) | (124,269 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $1,454,687) | $ | (285,162 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |