YieldMax SNOW Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 17.3%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 17.3% | ||||||||||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $325.00 | $ | 29,328,000 | 1,000 | $ | 133,000 | |||||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $322.50 | 23,462,400 | 800 | 134,800 | |||||||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $320.00 | 11,731,200 | 400 | 78,600 | |||||||||
| Snowflake, Inc., Expiration: 9/18/2026; Exercise Price: $260.01 | 64,521,600 | 2,200 | 10,750,322 | |||||||||
| 11,096,722 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $7,926,756) | 11,096,722 | |||||||||||
| SHORT-TERM INVESTMENTS - 60.0% | ||||||||||||
| Money Market Funds - 6.5% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 4,202,341 | 4,202,341 | ||||||||||
| U.S. Treasury Bills - 53.5% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 5,444,000 | 5,442,369 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 5,000,000 | 4,984,457 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 8,498,000 | 8,434,715 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 6,666,000 | 6,576,246 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 9,121,000 | 8,931,652 | ||||||||||
| 34,369,439 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $38,568,083) | 38,571,780 | |||||||||||
| TOTAL INVESTMENTS - 77.3% (Cost $46,494,839) | $ | 49,668,502 | ||||||||||
| Other Assets in Excess of Liabilities - 22.7% | 14,545,326 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 64,213,828 | ||||||||||
| 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 $25,144,251. |
YieldMax SNOW Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (6.5)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.5)% | ||||||||||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $310.00 | $ | (29,328,000 | ) | (1,000 | ) | $ | (382,500 | ) | ||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $307.50 | (23,462,400 | ) | (800 | ) | (378,000 | ) | ||||||
| Snowflake, Inc., Expiration: 8/7/2026; Exercise Price: $305.00 | (11,731,200 | ) | (400 | ) | (221,000 | ) | ||||||
| (981,500 | ) | |||||||||||
| Put Options - (5.0)% | ||||||||||||
| Snowflake, Inc., Expiration: 9/18/2026; Exercise Price: $260.01 | (64,521,600 | ) | (2,200 | ) | (3,175,370 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $7,545,177) | $ | (4,156,870 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |