YieldMax Bitcoin Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 6.9%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 6.9% | ||||||||||||
| iShares Bitcoin Trust ETF, Expiration: 8/7/2026; Exercise Price: $37.00 | $ | 44,193,600 | 12,400 | $ | 229,400 | |||||||
| iShares Bitcoin Trust ETF, Expiration: 9/18/2026; Exercise Price: $35.01 | 44,193,600 | 12,400 | 2,852,124 | |||||||||
| 3,081,524 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $4,229,000) | 3,081,524 | |||||||||||
| SHORT-TERM INVESTMENTS - 97.6% | ||||||||||||
| Money Market Funds - 2.0% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 877,506 | 877,506 | ||||||||||
| U.S. Treasury Bills - 95.6% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 10,257,000 | 10,253,927 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 10,390,000 | 10,357,702 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 11,500,000 | 11,414,359 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 9,007,000 | 8,885,726 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 1,721,000 | 1,685,273 | ||||||||||
| 42,596,987 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $43,467,690) | 43,474,493 | |||||||||||
| TOTAL INVESTMENTS - 104.5% (Cost $47,696,690) | $ | 46,556,017 | ||||||||||
| Liabilities in Excess of Other Assets - (4.5)% | (2,006,881 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 44,549,136 | ||||||||||
| 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 $41,602,958. |
YieldMax Bitcoin Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (5.5)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.4)% | ||||||||||||
| iShares Bitcoin Trust ETF, Expiration: 8/7/2026; Exercise Price: $36.00 | $ | (44,193,600 | ) | (12,400 | ) | $ | (601,400 | ) | ||||
| Put Options - (4.1)% | ||||||||||||
| iShares Bitcoin Trust ETF, Expiration: 9/18/2026; Exercise Price: $35.01 | (44,193,600 | ) | (12,400 | ) | (1,835,324 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $2,897,840) | $ | (2,436,724 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |