| YieldMax MARA Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 10.0%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 10.0% | ||||||||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $13.00 | $ | 30,456,460 | 26,905 | $ | 524,647 | |||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $12.50 | 20,432,600 | 18,050 | 523,450 | |||||||||
| MARA Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $11.51 | 50,889,060 | 44,955 | 4,045,950 | |||||||||
| 5,094,047 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $5,378,065) | 5,094,047 | |||||||||||
| SHORT-TERM INVESTMENTS - 104.3% | ||||||||||||
| Money Market Funds - 0.9% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 437,345 | 437,345 | ||||||||||
| U.S. Treasury Bills - 103.4% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f) | $ | 1,000,000 | 999,701 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 10,024,000 | 9,992,839 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 8,863,000 | 8,796,997 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 15,341,000 | 15,134,443 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 17,974,000 | 17,600,868 | ||||||||||
| 52,524,848 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $52,955,535) | 52,962,193 | |||||||||||
| TOTAL INVESTMENTS - 114.3% (Cost $58,333,600) | $ | 58,056,240 | ||||||||||
| Liabilities in Excess of Other Assets - (14.3)% | (7,261,195 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 50,795,045 | ||||||||||
| 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 $14,453,140. |
| YieldMax MARA Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (14.1)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (4.4)% | ||||||||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $12.00 | $ | (30,456,460 | ) | (26,905 | ) | $ | (1,156,915 | ) | ||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $11.50 | (20,432,600 | ) | (18,050 | ) | (1,083,000 | ) | ||||||
| (2,239,915 | ) | |||||||||||
| Put Options - (9.7)% | ||||||||||||
| MARA Holdings, Inc., Expiration: 8/21/2026; Exercise Price: $11.51 | (50,889,060 | ) | (44,955 | ) | (4,945,050 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $7,425,774) | $ | (7,184,965 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |