YieldMax XYZ Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 18.8%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 18.8% | ||||||||||||
| Block, Inc., Expiration: 8/7/2026; Exercise Price: $87.00 | $ | 44,438,280 | 5,470 | $ | 1,001,010 | |||||||
| Block, Inc., Expiration: 9/18/2026; Exercise Price: $70.01 | 44,438,280 | 5,470 | 7,350,531 | |||||||||
| 8,351,541 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $6,633,631) | 8,351,541 | |||||||||||
| SHORT-TERM INVESTMENTS - 88.1% | ||||||||||||
| Money Market Funds - 3.9% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 1,722,771 | 1,722,771 | ||||||||||
| U.S. Treasury Bills - 84.2% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f) | $ | 9,512,000 | 9,509,151 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 12,685,000 | 12,645,567 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 1,112,000 | 1,103,719 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 6,822,000 | 6,730,146 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 7,564,000 | 7,406,975 | ||||||||||
| 37,395,558 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $39,114,518) | 39,118,329 | |||||||||||
| TOTAL INVESTMENTS - 106.9% (Cost $45,748,149) | $ | 47,469,870 | ||||||||||
| Liabilities in Excess of Other Assets - (6.9)% | (3,044,613 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 44,425,257 | ||||||||||
| 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 XYZ Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (6.3)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (4.0)% | ||||||||||||
| Block, Inc., Expiration: 8/7/2026; Exercise Price: $83.00 | $ | (44,438,280 | ) | (5,470 | ) | $ | (1,791,425 | ) | ||||
| Put Options - (2.3)% | ||||||||||||
| Block, Inc., Expiration: 9/18/2026; Exercise Price: $70.01 | (44,438,280 | ) | (5,470 | ) | (1,016,053 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $4,100,845) | $ | (2,807,478 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |