| YieldMax MRNA Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| PURCHASED OPTIONS - 15.0%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 15.0% | ||||||||||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $64.00 | $ | 29,876,900 | 5,450 | $ | 291,575 | |||||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $63.00 | 61,398,400 | 11,200 | 520,800 | |||||||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $62.00 | 15,349,600 | 2,800 | 145,600 | |||||||||
| Moderna, Inc., Expiration: 9/18/2026; Exercise Price: $55.01 | 106,624,900 | 19,450 | 15,560,000 | |||||||||
| 16,517,975 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $17,640,870) | 16,517,975 | |||||||||||
| SHORT-TERM INVESTMENTS - 131.1% | ||||||||||||
| Money Market Funds - 8.7% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 9,643,137 | 9,643,137 | ||||||||||
| U.S. Treasury Bills - 122.4% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 15,515,000 | 15,510,352 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 17,910,000 | 17,854,325 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 35,479,000 | 35,214,788 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 36,769,000 | 36,273,928 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f)(g) | 30,912,000 | 30,270,280 | ||||||||||
| 135,123,673 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $144,747,828) | 144,766,810 | |||||||||||
| TOTAL INVESTMENTS - 146.1% (Cost $162,388,698) | $ | 161,284,785 | ||||||||||
| Liabilities in Excess of Other Assets - (46.1)% | (50,905,467 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 110,379,318 | ||||||||||
| 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 $37,410,500. |
| YieldMax MRNA Option Income Strategy ETF | ||||||||||||
| Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (12.7)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (2.0)% | ||||||||||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $60.00 | $ | (29,876,900 | ) | (5,450 | ) | $ | (517,750 | ) | ||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $59.00 | (61,398,400 | ) | (11,200 | ) | (1,226,400 | ) | ||||||
| Moderna, Inc., Expiration: 8/7/2026; Exercise Price: $58.00 | (15,349,600 | ) | (2,800 | ) | (421,400 | ) | ||||||
| (2,165,550 | ) | |||||||||||
| Put Options - (10.7)% | ||||||||||||
| Moderna, Inc., Expiration: 9/18/2026; Exercise Price: $55.01 | (106,624,900 | ) | (19,450 | ) | (11,864,500 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $16,089,674) | $ | (14,030,050 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |