| YieldMax AMD Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 12.1%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 12.1% | ||||||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $515.00 | $ | 16,665,250 | 350 | $ | 448,000 | |||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $507.50 | 66,661,000 | 1,400 | 2,110,500 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $500.00 | 11,903,750 | 250 | 423,750 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $477.50 | 33,330,500 | 700 | 1,872,500 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $475.00 | 61,899,500 | 1,300 | 3,607,500 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $472.50 | 14,284,500 | 300 | 876,750 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $467.50 | 26,188,250 | 550 | 1,722,875 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $462.50 | 23,807,500 | 500 | 1,717,500 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $455.00 | 26,188,250 | 550 | 2,145,000 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $452.50 | 76,184,000 | 1,600 | 6,408,000 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $442.50 | 23,807,500 | 500 | 2,358,750 | |||||||||
| Advanced Micro Devices, Inc., Expiration: 8/21/2026; Exercise Price: $500.00 | 380,920,000 | 8,000 | 22,480,000 | |||||||||
| 46,171,125 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $62,085,872) | 46,171,125 | |||||||||||
| SHORT-TERM INVESTMENTS - 87.8% | ||||||||||||
| Money Market Funds - 1.8% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 6,839,587 | 6,839,587 | ||||||||||
| U.S. Treasury Bills - 86.0% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 57,861,000 | 57,843,666 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 74,727,000 | 74,494,703 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 78,659,000 | 78,073,226 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 55,738,000 | 54,987,522 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 65,306,000 | $ | 63,950,276 | |||||||||
| 329,349,393 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $336,163,021) | 336,188,980 | |||||||||||
| TOTAL INVESTMENTS - 99.9% (Cost $398,248,893) | $ | 382,360,105 | ||||||||||
| Other Assets in Excess of Liabilities - 0.1% | 473,346 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 382,833,451 | ||||||||||
| 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 $133,220,065. |
YieldMax AMD Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (18.6)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (8.1)% | ||||||||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $497.50 | $ | (30,949,750 | ) | (650 | ) | $ | (1,171,625 | ) | ||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $490.00 | (52,376,500 | ) | (1,100 | ) | (2,326,500 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $482.50 | (11,903,750 | ) | (250 | ) | (601,250 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $460.00 | (47,615,000 | ) | (1,000 | ) | (3,592,500 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $457.50 | (47,615,000 | ) | (1,000 | ) | (3,710,000 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $450.00 | (26,188,250 | ) | (550 | ) | (2,315,500 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $445.00 | (23,807,500 | ) | (500 | ) | (2,267,500 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $437.50 | (116,656,750 | ) | (2,450 | ) | (12,280,625 | ) | ||||||
| Advanced Micro Devices, Inc., Expiration: 8/7/2026; Exercise Price: $427.50 | (23,807,500 | ) | (500 | ) | (2,882,500 | ) | ||||||
| (31,148,000 | ) | |||||||||||
| Put Options - (10.5)% | ||||||||||||
| Advanced Micro Devices, Inc., Expiration: 8/21/2026; Exercise Price: $500.01 | (380,920,000 | ) | (8,000 | ) | (40,216,480 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $65,430,620) | $ | (71,364,480 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |