YieldMax TSLA Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 4.2%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 4.2% | ||||||||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $337.50 | $ | 52,314,401 | 1,681 | $ | 207,603 | |||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $332.50 | 201,913,048 | 6,488 | 1,158,108 | |||||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $330.00 | 262,661,240 | 8,440 | 1,818,820 | |||||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $327.50 | 124,484,000 | 4,000 | 1,038,000 | |||||||||
| Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $410.01 | 314,975,641 | 10,121 | 2,050,717 | |||||||||
| Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $310.01 | 326,397,048 | 10,488 | 20,451,600 | |||||||||
| 26,724,848 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $63,730,480) | 26,724,848 | |||||||||||
| SHORT-TERM INVESTMENTS - 127.7% | ||||||||||||
| Money Market Funds - 2.5% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 15,646,631 | 15,646,631 | ||||||||||
| U.S. Treasury Bills - 125.2% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 200,601,000 | 200,540,904 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f)(g) | 183,223,000 | 182,653,431 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f)(g) | 155,297,000 | 154,140,502 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 184,409,000 | 181,926,047 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 78,674,000 | 77,040,762 | ||||||||||
| 796,301,646 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $811,845,816) | 811,948,277 | |||||||||||
| TOTAL INVESTMENTS - 131.9% (Cost $875,576,296) | $ | 838,673,125 | ||||||||||
| Liabilities in Excess of Other Assets - (31.9)% | (202,640,980 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 636,032,145 | ||||||||||
| 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 $149,769,840. |
YieldMax TSLA Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (21.2)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.9)% | ||||||||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $322.50 | $ | (52,314,401 | ) | (1,681 | ) | $ | (630,375 | ) | ||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $317.50 | (201,913,048 | ) | (6,488 | ) | (3,454,860 | ) | ||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $315.00 | (262,661,240 | ) | (8,440 | ) | (5,275,000 | ) | ||||||
| Tesla, Inc., Expiration: 8/7/2026; Exercise Price: $312.50 | (124,484,000 | ) | (4,000 | ) | (2,940,000 | ) | ||||||
| (12,300,235 | ) | |||||||||||
| Put Options - (19.3)% | ||||||||||||
| Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $410.01 | (314,975,641 | ) | (10,121 | ) | (99,657,135 | ) | ||||||
| Tesla, Inc., Expiration: 9/18/2026; Exercise Price: $310.01 | (326,397,048 | ) | (10,488 | ) | (23,073,600 | ) | ||||||
| (122,730,735 | ) | |||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $66,578,753) | $ | (135,030,970 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |