YieldMax Ultra Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| COMMON STOCKS - 94.8% | Shares | Value | ||||||||||
| Financial Services - 7.1% | ||||||||||||
| Figure Technology Solutions, Inc. - Class A(a) | 812,000 | $ | 20,226,920 | |||||||||
| Robinhood Markets, Inc. - Class A(a) | 369,100 | 31,949,296 | ||||||||||
| 52,176,216 | ||||||||||||
| Health Care - 2.6% | ||||||||||||
| TransMedics Group, Inc.(a) | 250,000 | 19,127,500 | ||||||||||
| Industrial Products - 4.3% | ||||||||||||
| Caterpillar, Inc. | 39,000 | 31,777,590 | ||||||||||
| Industrial Services - 9.4% | ||||||||||||
| Comfort Systems USA, Inc. | 20,000 | 34,593,800 | ||||||||||
| Quanta Services, Inc. | 52,000 | 34,702,720 | ||||||||||
| 69,296,520 | ||||||||||||
| Materials - 2.3% | ||||||||||||
| Southern Copper Corp. | 94,132 | 17,198,933 | ||||||||||
| Media - 10.1% | ||||||||||||
| Alphabet, Inc. - Class A(b) | 90,000 | 32,051,700 | ||||||||||
| Reddit, Inc. - Class A(a) | 153,700 | 21,620,979 | ||||||||||
| Space Exploration Technologies Corp. - Class A(a) | 193,000 | 20,915,410 | ||||||||||
| 74,588,089 | ||||||||||||
| Retail & Wholesale - Discretionary - 14.8% | ||||||||||||
| Alibaba Group Holding Ltd., ADR(b) | 257,400 | 31,467,150 | ||||||||||
| Amazon.com, Inc.(a)(b) | 150,000 | 40,737,000 | ||||||||||
| MercadoLibre, Inc.(a) | 20,000 | 37,559,000 | ||||||||||
| 109,763,150 | ||||||||||||
| Software & Tech Services - 11.4% | ||||||||||||
| Palantir Technologies, Inc. - Class A(a) | 269,900 | 33,213,894 | ||||||||||
| Shopify, Inc. - Class A(a) | 260,000 | 30,459,000 | ||||||||||
| Strategy, Inc. - Class A(a) | 217,000 | 20,241,760 | ||||||||||
| 83,914,654 | ||||||||||||
| Tech Hardware & Semiconductors - 32.8%(c) | ||||||||||||
| Advanced Micro Devices, Inc.(a) | 66,900 | 31,854,435 | ||||||||||
| Analog Devices, Inc.(b) | 78,300 | 28,768,203 | ||||||||||
| Astera Labs, Inc.(a) | 96,100 | 29,909,203 | ||||||||||
| Ciena Corp.(a) | 63,000 | 23,754,150 | ||||||||||
| Coherent Corp.(a) | 97,000 | 25,500,330 | ||||||||||
| Dell Technologies, Inc. - Class C | 40,000 | $ | 16,214,800 | |||||||||
| Lam Research Corp. | 108,000 | 31,646,160 | ||||||||||
| Lumentum Holdings, Inc.(a) | 36,600 | 26,130,204 | ||||||||||
| NVIDIA Corp. | 144,200 | 28,948,150 | ||||||||||
| 242,725,635 | ||||||||||||
| TOTAL COMMON STOCKS (Cost $590,312,898) | $ | 700,568,287 | ||||||||||
| EXCHANGE TRADED FUNDS - 5.9% | Shares | Value | ||||||||||
| Amplify Junior Silver Miners ETF | 890,500 | 21,452,145 | ||||||||||
| VanEck Gold Miners ETF | 305,300 | 22,622,730 | ||||||||||
| 44,074,875 | ||||||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $51,656,981) | $ | 44,074,875 | ||||||||||
| PURCHASED OPTIONS - 2.1%(a)(d)(e)(f) | Notional Amount | Contracts | Value | |||||||||
| Put Options - 2.1% | ||||||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $385.00 | $ | 31,854,435 | 669 | $ | 151,529 | |||||||
| Alibaba Group Holding Ltd., Expiration: 8/7/2026; Exercise Price: $113.00 | 62,934,300 | 5,148 | 151,866 | |||||||||
| Alphabet, Inc., Expiration: 8/7/2026; Exercise Price: $322.50 | 64,103,400 | 1,800 | 38,700 | |||||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $245.00 | 81,474,000 | 3,000 | 91,500 | |||||||||
| Amplify Junior Silver Miners ETF, Expiration: 8/7/2026; Exercise Price: $22.50 | 42,904,290 | 17,810 | 356,200 | |||||||||
| Analog Devices, Inc., Expiration: 8/7/2026; Exercise Price: $340.00 | 57,536,406 | 1,566 | 399,330 | |||||||||
| Astera Labs, Inc., Expiration: 8/7/2026; Exercise Price: $272.50 | 29,909,203 | 961 | 1,112,357 | |||||||||
| Caterpillar, Inc., Expiration: 8/7/2026; Exercise Price: $765.00 | 63,555,180 | 780 | 819,000 | |||||||||
| Ciena Corp., Expiration: 8/7/2026; Exercise Price: $350.00 | 23,754,150 | 630 | 560,700 | |||||||||
| Coherent Corp., Expiration: 8/7/2026; Exercise Price: $232.50 | 25,500,330 | 970 | 533,500 | |||||||||
| Comfort Systems USA, Inc., Expiration: 8/21/2026; Exercise Price: $1,480.00 | 69,187,600 | 400 | 1,080,000 | |||||||||
| Dell Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $367.50 | 16,214,800 | 400 | 193,000 | |||||||||
| Figure Technology Solutions, Inc., Expiration: 8/7/2026; Exercise Price: $23.50 | 40,453,840 | 16,240 | 893,200 | |||||||||
| Lam Research Corp., Expiration: 8/7/2026; Exercise Price: $272.50 | 31,646,160 | 1,080 | 731,700 | |||||||||
| Lumentum Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $627.50 | 26,130,204 | 366 | 409,920 | |||||||||
| MercadoLibre, Inc., Expiration: 8/7/2026; Exercise Price: $1,805.00 | 75,118,000 | 400 | 1,790,000 | |||||||||
| NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $177.50 | 57,896,300 | 2,884 | 60,564 | |||||||||
| Palantir Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $111.00 | 33,213,894 | 2,699 | 588,382 | |||||||||
| Quanta Services, Inc., Expiration: 8/21/2026; Exercise Price: $610.00 | 34,702,720 | 520 | 509,600 | |||||||||
| Quanta Services, Inc., Expiration: 8/21/2026; Exercise Price: $540.00 | 34,702,720 | 520 | 171,600 | |||||||||
| Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $127.00 | 21,620,979 | 1,537 | 133,719 | |||||||||
| Robinhood Markets, Inc., Expiration: 8/7/2026; Exercise Price: $79.00 | 31,949,296 | 3,691 | 269,443 | |||||||||
| Shopify, Inc., Expiration: 8/7/2026; Exercise Price: $114.00 | 30,459,000 | 2,600 | 1,508,000 | |||||||||
| Southern Copper Corp., Expiration: 8/7/2026; Exercise Price: $170.00 | 34,386,022 | 1,882 | 319,940 |
| Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $101.00 | $ | 20,915,410 | 1,930 | $ | 1,061,500 | |||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $81.00 | 20,241,760 | 2,170 | 97,650 | |||||||||
| TransMedics Group, Inc., Expiration: 8/21/2026; Exercise Price: $65.00 | 38,255,000 | 5,000 | 1,275,000 | |||||||||
| VanEck Gold Miners ETF, Expiration: 8/7/2026; Exercise Price: $68.50 | 45,245,460 | 6,106 | 189,286 | |||||||||
| 15,497,186 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $20,079,960) | $ | 15,497,186 | ||||||||||
| SHORT-TERM INVESTMENTS - 1.9% | ||||||||||||
| Money Market Funds - 1.9% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(g) | 13,866,759 | 13,866,759 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,866,759) | 13,866,759 | |||||||||||
| TOTAL INVESTMENTS - 104.7% (Cost $675,916,598) | $ | 774,007,107 | ||||||||||
| Liabilities in Excess of Other Assets - (4.7)% | (34,782,449 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 739,224,658 | ||||||||||
| Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt |
| (a) | Non-income producing security. |
| (b) | 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 $133,024,053. |
| (c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (d) | Exchange-traded. |
| (e) | 100 shares per contract. |
| (f) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (g) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
YieldMax Ultra Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (4.3)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.2)% | ||||||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $452.50 | $ | (31,854,435 | ) | (669 | ) | $ | (2,679,345 | ) | ||||
| Alibaba Group Holding Ltd., Expiration: 8/7/2026; Exercise Price: $128.00 | (31,467,150 | ) | (2,574 | ) | (256,113 | ) | ||||||
| Alphabet, Inc., Expiration: 8/7/2026; Exercise Price: $362.50 | (32,051,700 | ) | (900 | ) | (360,000 | ) | ||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $280.00 | (40,737,000 | ) | (1,500 | ) | (376,500 | ) | ||||||
| Amplify Junior Silver Miners ETF, Expiration: 8/7/2026; Exercise Price: $25.00 | (21,452,145 | ) | (8,905 | ) | (316,127 | ) | ||||||
| Analog Devices, Inc., Expiration: 8/7/2026; Exercise Price: $387.50 | (28,768,203 | ) | (783 | ) | (276,007 | ) | ||||||
| Astera Labs, Inc., Expiration: 8/7/2026; Exercise Price: $312.50 | (29,909,203 | ) | (961 | ) | (2,726,838 | ) | ||||||
| Caterpillar, Inc., Expiration: 8/7/2026; Exercise Price: $860.00 | (31,777,590 | ) | (390 | ) | (474,825 | ) | ||||||
| Ciena Corp., Expiration: 8/7/2026; Exercise Price: $400.00 | (23,754,150 | ) | (630 | ) | (708,750 | ) | ||||||
| Coherent Corp., Expiration: 8/7/2026; Exercise Price: $277.50 | (25,500,330 | ) | (970 | ) | (1,052,450 | ) | ||||||
| Comfort Systems USA, Inc., Expiration: 8/21/2026; Exercise Price: $1,740.00 | (34,593,800 | ) | (200 | ) | (2,240,000 | ) | ||||||
| Dell Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $427.50 | (16,214,800 | ) | (400 | ) | (388,000 | ) | ||||||
| Figure Technology Solutions, Inc., Expiration: 8/7/2026; Exercise Price: $27.50 | (20,226,920 | ) | (8,120 | ) | (304,500 | ) | ||||||
| Lam Research Corp., Expiration: 8/7/2026; Exercise Price: $315.00 | (31,646,160 | ) | (1,080 | ) | (734,400 | ) | ||||||
| Lumentum Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $717.50 | (26,130,204 | ) | (366 | ) | (1,517,070 | ) | ||||||
| MercadoLibre, Inc., Expiration: 8/7/2026; Exercise Price: $1,930.00 | (37,559,000 | ) | (200 | ) | (1,034,000 | ) | ||||||
| NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $202.50 | (28,948,150 | ) | (1,442 | ) | (515,515 | ) | ||||||
| Palantir Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $126.00 | (33,213,894 | ) | (2,699 | ) | (1,551,925 | ) | ||||||
| Quanta Services, Inc., Expiration: 8/21/2026; Exercise Price: $700.00 | (34,702,720 | ) | (520 | ) | (1,003,600 | ) | ||||||
| Reddit, Inc., Expiration: 8/7/2026; Exercise Price: $148.00 | (21,620,979 | ) | (1,537 | ) | (426,518 | ) | ||||||
| Robinhood Markets, Inc., Expiration: 8/7/2026; Exercise Price: $92.00 | (31,949,296 | ) | (3,691 | ) | (509,358 | ) | ||||||
| Shopify, Inc., Expiration: 8/7/2026; Exercise Price: $130.00 | (30,459,000 | ) | (2,600 | ) | (763,100 | ) | ||||||
| Southern Copper Corp., Expiration: 8/7/2026; Exercise Price: $195.00 | (17,193,011 | ) | (941 | ) | (209,372 | ) | ||||||
| Space Exploration Technologies Corp., Expiration: 8/7/2026; Exercise Price: $116.00 | (20,915,410 | ) | (1,930 | ) | (1,177,300 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $95.00 | (20,241,760 | ) | (2,170 | ) | (672,700 | ) | ||||||
| TransMedics Group, Inc., Expiration: 8/21/2026; Exercise Price: $80.00 | (19,127,500 | ) | (2,500 | ) | (1,325,000 | ) | ||||||
| VanEck Gold Miners ETF, Expiration: 8/7/2026; Exercise Price: $77.50 | (22,622,730 | ) | (3,053 | ) | (181,654 | ) | ||||||
| (23,780,967 | ) | |||||||||||
| Put Options - (1.1)% | ||||||||||||
| Alibaba Group Holding Ltd., Expiration: 8/7/2026; Exercise Price: $119.00 | $ | (31,467,150 | ) | (2,574 | ) | $ | (359,073 | ) | ||||
| Alphabet, Inc., Expiration: 8/7/2026; Exercise Price: $342.50 | (32,051,700 | ) | (900 | ) | (155,250 | ) | ||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $260.00 | (40,737,000 | ) | (1,500 | ) | (228,000 | ) | ||||||
| Amplify Junior Silver Miners ETF, Expiration: 8/7/2026; Exercise Price: $23.50 | (21,452,145 | ) | (8,905 | ) | (378,463 | ) | ||||||
| Analog Devices, Inc., Expiration: 8/7/2026; Exercise Price: $360.00 | (28,768,203 | ) | (783 | ) | (579,420 | ) | ||||||
| Caterpillar, Inc., Expiration: 8/7/2026; Exercise Price: $800.00 | (31,777,590 | ) | (390 | ) | (852,150 | ) | ||||||
| Comfort Systems USA, Inc., Expiration: 8/21/2026; Exercise Price: $1,600.00 | (34,593,800 | ) | (200 | ) | (1,190,000 | ) | ||||||
| Figure Technology Solutions, Inc., Expiration: 8/7/2026; Exercise Price: $24.50 | (20,226,920 | ) | (8,120 | ) | (751,100 | ) | ||||||
| MercadoLibre, Inc., Expiration: 8/7/2026; Exercise Price: $1,850.00 | (37,559,000 | ) | (200 | ) | (1,288,000 | ) | ||||||
| NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $187.50 | (28,948,150 | ) | (1,442 | ) | (100,219 | ) | ||||||
| Quanta Services, Inc., Expiration: 8/21/2026; Exercise Price: $600.00 | (34,702,720 | ) | (520 | ) | (465,400 | ) | ||||||
| Southern Copper Corp., Expiration: 8/7/2026; Exercise Price: $180.00 | (17,193,011 | ) | (941 | ) | (461,090 | ) | ||||||
| TransMedics Group, Inc., Expiration: 8/21/2026; Exercise Price: $70.00 | (19,127,500 | ) | (2,500 | ) | (1,000,000 | ) | ||||||
| VanEck Gold Miners ETF, Expiration: 8/7/2026; Exercise Price: $72.50 | (22,622,730 | ) | (3,053 | ) | (291,561 | ) | ||||||
| (8,099,726 | ) | |||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $33,823,901) | $ | (31,880,693 | ) | |||||||||
| Percentages are stated as a percent of net assets. |
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |