| YieldMax JP Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 13.7%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 13.7% | ||||||||||||
| JPMorgan Chase & Co., Expiration: 8/7/2026; Exercise Price: $367.50 | $ | 879,475 | 25 | $ | 637 | |||||||
| JPMorgan Chase & Co., Expiration: 8/7/2026; Exercise Price: $362.50 | 19,876,135 | 565 | 37,855 | |||||||||
| JPMorgan Chase & Co., Expiration: 8/7/2026; Exercise Price: $357.50 | 8,618,855 | 245 | 43,733 | |||||||||
| JPMorgan Chase & Co., Expiration: 8/21/2026; Exercise Price: $305.01 | 51,009,550 | 1,450 | 6,932,320 | |||||||||
| 7,014,545 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $3,927,230) | 7,014,545 | |||||||||||
| SHORT-TERM INVESTMENTS - 87.0% | ||||||||||||
| Money Market Funds - 3.3% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 1,705,527 | 1,705,527 | ||||||||||
| U.S. Treasury Bills - 83.7% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 10,133,000 | 10,129,964 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 5,123,000 | 5,107,074 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 5,882,000 | 5,838,197 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 10,371,000 | 10,231,361 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 11,761,000 | 11,516,847 | ||||||||||
| 42,823,443 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $44,523,609) | 44,528,970 | |||||||||||
| TOTAL INVESTMENTS - 100.7% (Cost $48,450,839) | $ | 51,543,515 | ||||||||||
| Liabilities in Excess of Other Assets - (0.7)% | (349,509 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 51,194,006 | ||||||||||
| 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 $21,074,987. |
| YieldMax JP Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (0.7)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (0.6)% | ||||||||||||
| JPMorgan Chase & Co., Expiration: 8/7/2026; Exercise Price: $352.50 | $ | (29,374,465 | ) | (835 | ) | $ | (317,300 | ) | ||||
| Put Options - (0.1)% | ||||||||||||
| JPMorgan Chase & Co., Expiration: 8/21/2026; Exercise Price: $305.01 | (51,009,550 | ) | (1,450 | ) | (33,539 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $1,419,105) | $ | (350,839 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |