| YieldMax AMZN Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 12.2%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 12.2% | ||||||||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $282.50 | $ | 129,679,450 | 4,775 | $ | 957,388 | |||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $280.00 | 135,790,000 | 5,000 | 1,255,000 | |||||||||
| Amazon.com, Inc., Expiration: 9/18/2026; Exercise Price: $245.00 | 265,469,450 | 9,775 | 30,180,312 | |||||||||
| 32,392,700 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $19,365,869) | 32,392,700 | |||||||||||
| SHORT-TERM INVESTMENTS - 93.1% | ||||||||||||
| Money Market Funds - 1.9% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 5,097,123 | 5,097,123 | ||||||||||
| U.S. Treasury Bills - 91.2% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f) | $ | 76,300,000 | 76,277,142 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 74,816,000 | 74,583,426 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 26,218,000 | 26,022,755 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 27,443,000 | 27,073,497 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 38,923,000 | 38,114,975 | ||||||||||
| 242,071,795 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $247,138,830) | 247,168,918 | |||||||||||
| TOTAL INVESTMENTS - 105.3% (Cost $266,504,699) | $ | 279,561,618 | ||||||||||
| Liabilities in Excess of Other Assets - (5.3)% | (14,193,287 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 265,368,331 | ||||||||||
| 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 AMZN Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (2.9)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.7)% | ||||||||||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $275.00 | $ | (129,679,450 | ) | (4,775 | ) | $ | (1,993,562 | ) | ||||
| Amazon.com, Inc., Expiration: 8/7/2026; Exercise Price: $272.50 | (135,790,000 | ) | (5,000 | ) | (2,637,500 | ) | ||||||
| (4,631,062 | ) | |||||||||||
| Put Options - (1.2)% | ||||||||||||
| Amazon.com, Inc., Expiration: 9/18/2026; Exercise Price: $245.01 | (265,469,450 | ) | (9,775 | ) | (3,076,193 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $19,022,302) | $ | (7,707,255 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |