YieldMax TSM Option Income Strategy ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 5.5%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 5.5% | ||||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $420.00 | $ | 16,170,000 | 400 | $ | 192,000 | |||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $400.00 | 25,306,050 | 626 | 831,015 | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $397.50 | 43,012,200 | 1,064 | 1,572,060 | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $392.50 | 19,444,425 | 481 | 868,205 | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/21/2026; Exercise Price: $430.01 | 103,932,675 | 2,571 | 2,265,282 | |||||||||
| 5,728,562 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $9,772,142) | 5,728,562 | |||||||||||
| SHORT-TERM INVESTMENTS - 101.5% | ||||||||||||
| Money Market Funds - 3.2% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 3,333,801 | 3,333,801 | ||||||||||
| U.S. Treasury Bills - 98.3% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f)(g) | $ | 12,500,000 | 12,496,255 | |||||||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 19,531,000 | 19,470,286 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.60%(f) | 20,500,000 | 20,347,336 | ||||||||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f)(g) | 26,424,000 | 26,068,217 | ||||||||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 24,728,000 | 24,214,658 | ||||||||||
| 102,596,752 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $105,922,689) | 105,930,553 | |||||||||||
| TOTAL INVESTMENTS - 107.0% (Cost $115,694,831) | $ | 111,659,115 | ||||||||||
| Liabilities in Excess of Other Assets - (7.0)% | (7,309,905 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 104,349,210 | ||||||||||
| 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 $15,544,628. |
YieldMax TSM Option Income Strategy ETF
Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (13.1)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (4.9)% | ||||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $410.00 | $ | (16,170,000 | ) | (400 | ) | $ | (332,000 | ) | ||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $390.00 | (25,306,050 | ) | (626 | ) | (1,237,915 | ) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $387.50 | (43,012,200 | ) | (1,064 | ) | (2,306,220 | ) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $382.50 | (19,444,425 | ) | (481 | ) | (1,225,348 | ) | ||||||
| (5,101,483 | ) | |||||||||||
| Put Options - (8.2)% | ||||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/21/2026; Exercise Price: $430.01 | (103,932,675 | ) | (2,571 | ) | (8,566,032 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $10,573,110) | $ | (13,667,515 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |