| YieldMax Universe Fund of Option Income ETFs |
| Schedule of Investments |
| July 31, 2026 (Unaudited) |
| EXCHANGE TRADED FUNDS - 98.8% | |
Shares | | |
Value | |
| YieldMax AAPL Option Income Strategy ETF (a) | |
| 2,295,791 | | |
$ | 26,723,007 | |
| YieldMax AMZN Option Income ETF (a) | |
| 2,376,375 | | |
| 27,352,076 | |
| YieldMax BABA Option Income Strategy ETF (a) | |
| 413,822 | | |
| 3,512,107 | |
| YieldMax Bitcoin Option Income Strategy ETF (a) | |
| 461,353 | | |
| 8,452,910 | |
| YieldMax BRKB Option Income Strategy ETF (a) | |
| 95,007 | | |
| 3,881,254 | |
| YieldMax COIN Option Income Strategy ETF (a) | |
| 1,083,727 | | |
| 19,214,480 | |
| YieldMax GME Option Income Strategy ETF (a) | |
| 33,303 | | |
| 912,452 | |
| YieldMax HIMS Option Income Strategy ETF (a) | |
| 335,198 | | |
| 4,263,283 | |
| YieldMax HOOD Option Income Strategy ETF (a) | |
| 693,494 | | |
| 17,136,237 | |
| YieldMax JPM Option Income Strategy ETF (a) | |
| 1,248,394 | | |
| 18,189,101 | |
| YieldMax META Option Income Strategy ETF (a) | |
| 2,515,029 | | |
| 21,075,943 | |
| YieldMax MRNA Option Income Strategy ETF (a) | |
| 1,390,722 | | |
| 20,026,397 | |
| YieldMax MSFT Option Income Strategy ETF (a) | |
| 1,825,166 | | |
| 22,084,509 | |
| YieldMax NVDA Option Income Strategy ETF (a) | |
| 1,469,241 | | |
| 17,719,046 | |
| YieldMax NVDA Performance & Distribution Target 25 ETF (a) | |
| 43,442 | | |
| 2,086,085 | |
| YieldMax PLTR Option Income Strategy ETF (a) | |
| 819,281 | | |
| 23,308,544 | |
| YieldMax RBLX Option Income Strategy ETF (a) | |
| 45,799 | | |
| 406,695 | |
| YieldMax Russell 2000 ODTE Covered Call Strategy ETF (a) | |
| 362,314 | | |
| 13,612,137 | |
| YieldMax S&P 500 0DTE Covered Call Strategy ETF (a) | |
| 538,139 | | |
| 22,171,273 | |
| YieldMax SNOW Option Income Strategy ETF (a) | |
| 2,459,993 | | |
| 26,961,523 | |
| YieldMax Target 12 Big 50 Option Income ETF (a) | |
| 444,542 | | |
| 23,005,048 | |
| YieldMax Target 12 Real Estate Option Income ETF (a) | |
| 55,177 | | |
| 2,758,944 | |
| YieldMax Target 12 Semiconductor Option Income ETF (a) | |
| 35,914 | | |
| 3,182,340 | |
| YieldMax TSLA Option Income ETF (a) | |
| 680,869 | | |
| 14,345,910 | |
| YieldMax TSLA Performance & Distribution Target 25 ETF (a) | |
| 12,732 | | |
| 442,624 | |
| YieldMax XOM Option Income Strategy ETF (a) | |
| 1,258,421 | | |
| 14,169,820 | |
| YieldMax XYZ Option Income Strategy ETF (a) | |
| 890,549 | | |
| 23,038,503 | |
| | |
| | | |
| 380,032,248 | |
| | |
| | | |
| | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $399,196,503) | |
| | | |
| 380,032,248 | |
| | |
| | | |
| | |
| SHORT-TERM INVESTMENTS - 1.0% | |
| | | |
| | |
| Money Market Funds - 1.0% | |
| Shares | | |
| Value | |
| First American Government Obligations Fund - Class X, 3.58%(b) | |
| 3,879,846 | | |
| 3,879,846 | |
| | |
| | | |
| | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,879,846) | |
| | | |
| 3,879,846 | |
| | |
| | | |
| | |
| TOTAL INVESTMENTS - 99.8% (Cost $403,076,349) | |
| | | |
$ | 383,912,094 | |
| Other Assets in Excess of Liabilities - 0.2% | |
| | | |
| 837,326 | |
| TOTAL NET ASSETS - 100.0% | |
| | | |
$ | 384,749,420 | |
| | |
| | | |
| | |
| Percentages are stated as a percent of net assets. | |
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Net Change | | |
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In Unrealized | | |
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Value as of | | |
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Realized | | |
Appreciation/ | | |
Value as of | | |
Dividend | |
| | |
10/31/2025 | | |
Purchases | | |
Sales | | |
Gain (Loss) | | |
(Depreciation) | | |
7/31/2026 | | |
Income | |
| YieldMax AAPL Option Income Strategy ETF | |
$ | 26,506,026 | | |
$ | 51,969,823 | | |
($ | 47,303,301 | ) | |
($ | 4,481,584 | ) | |
$ | 32,043 | | |
$ | 26,723,007 | | |
$ | 4,341,627 | |
| YieldMax ABNB Option Income Strategy ETF (a) | |
| 26,004,305 | | |
| 17,935,988 | | |
| (40,157,908 | ) | |
| (14,715,516 | ) | |
| 10,933,131 | | |
| — | | |
| 4,592,601 | |
| YieldMax AI & Tech Portfolio Option Income ETF (a) | |
| — | | |
| 27,545,058 | | |
| (27,239,733 | ) | |
| (305,325 | ) | |
| — | | |
| — | | |
| 2,350,571 | |
| YieldMax AI Option Income Strategy ETF (a) | |
| 25,334,205 | | |
| 13,952,354 | | |
| (23,555,789 | ) | |
| (16,452,812 | ) | |
| 722,042 | | |
| — | | |
| 4,162,447 | |
| YieldMax AMD Option Income Strategy ETF (a) | |
| 26,679,515 | | |
| 32,103,286 | | |
| (58,228,127 | ) | |
| 4,032,370 | | |
| (4,587,044 | ) | |
| — | | |
| 10,271,628 | |
| YieldMax AMZN Option Income Strategy ETF | |
| 28,544,328 | | |
| 52,033,289 | | |
| (49,139,546 | ) | |
| (11,487,783 | ) | |
| 7,401,788 | | |
| 27,352,076 | | |
| 5,268,450 | |
| YieldMax BABA Option Income Strategy ETF | |
| 25,434,628 | | |
| 6,144,410 | | |
| (23,533,794 | ) | |
| (5,556,257 | ) | |
| 1,023,120 | | |
| 3,512,107 | | |
| 2,803,391 | |
| YieldMax Bitcoin Option Income Strategy ETF | |
| 26,001,466 | | |
| 44,396,484 | | |
| (47,839,588 | ) | |
| (22,433,545 | ) | |
| 8,328,093 | | |
| 8,452,910 | | |
| 4,295,978 | |
| YieldMax BRKB Option Income Strategy ETF | |
| 25,904,218 | | |
| 28,933,389 | | |
| (49,461,979 | ) | |
| (2,920,517 | ) | |
| 1,426,143 | | |
| 3,881,254 | | |
| 1,543,789 | |
| YieldMax COIN Option Income Strategy ETF | |
| 25,551,075 | | |
| 71,610,303 | | |
| (54,790,424 | ) | |
| (31,641,194 | ) | |
| 8,484,720 | | |
| 19,214,480 | | |
| 6,327,697 | |
| YieldMax CRCL Option Income Strategy ETF (a) | |
| 24,229,921 | | |
| 50,557,567 | | |
| (73,667,566 | ) | |
| (3,713,025 | ) | |
| 2,593,103 | | |
| — | | |
| 8,762,197 | |
| YieldMax Crypto Industry & Tech Portfolio Option Income ETF (a) | |
| — | | |
| 24,825,665 | | |
| (24,927,052 | ) | |
| 101,387 | | |
| — | | |
| — | | |
| 2,474,638 | |
| YieldMax CVNA Option Income Strategy ETF (a) | |
| 24,412,349 | | |
| 3,230,706 | | |
| (27,303,675 | ) | |
| (6,273,318 | ) | |
| 5,933,938 | | |
| — | | |
| 4,321,954 | |
| YieldMax DIS Option Income Strategy ETF (a) | |
| 26,685,245 | | |
| 1,427,446 | | |
| (25,460,772 | ) | |
| (8,659,298 | ) | |
| 6,007,379 | | |
| — | | |
| 1,953,048 | |
| YieldMax DKNG Option Income Strategy ETF (a) | |
| 23,490,491 | | |
| 6,591,924 | | |
| (23,266,181 | ) | |
| (17,545,900 | ) | |
| 10,729,666 | | |
| — | | |
| 3,881,969 | |
| YieldMax GME Option Income Strategy ETF | |
| 24,936,574 | | |
| 3,985,729 | | |
| (23,811,431 | ) | |
| (6,273,408 | ) | |
| 2,074,988 | | |
| 912,452 | | |
| 3,600,813 | |
| YieldMax Gold Miners Option Income Strategy ETF (a) | |
| 24,030,155 | | |
| 20,006,505 | | |
| (41,267,276 | ) | |
| (1,946,277 | ) | |
| (823,107 | ) | |
| — | | |
| 3,949,318 | |
| YieldMax GOOGL Option Income Strategy ETF (a) | |
| 27,886,142 | | |
| 29,955,795 | | |
| (57,156,629 | ) | |
| 1,715,062 | | |
| (2,400,370 | ) | |
| — | | |
| 4,734,193 | |
| YieldMax HIMS Option Income Strategy ETF | |
| 23,278,053 | | |
| 53,883,835 | | |
| (50,903,239 | ) | |
| (24,629,928 | ) | |
| 2,634,562 | | |
| 4,263,283 | | |
| 8,393,837 | |
| YieldMax HOOD Option Income Strategy ETF | |
| 26,766,129 | | |
| 56,484,340 | | |
| (45,066,823 | ) | |
| (15,425,858 | ) | |
| (5,621,551 | ) | |
| 17,136,237 | | |
| 9,413,615 | |
| YieldMax Innovation Option Income Strategy ETF (a) | |
| 26,033,090 | | |
| 31,499,772 | | |
| (49,269,382 | ) | |
| (9,512,604 | ) | |
| 1,249,124 | | |
| — | | |
| 5,757,753 | |
| YieldMax JP Option Income Strategy ETF | |
| 26,825,849 | | |
| 35,208,276 | | |
| (39,940,003 | ) | |
| (5,480,477 | ) | |
| 1,575,456 | | |
| 18,189,101 | | |
| 2,633,876 | |
| YieldMax MARA Option Income Strategy ETF (a) | |
| 22,555,231 | | |
| 38,942,955 | | |
| (44,531,321 | ) | |
| (29,088,917 | ) | |
| 12,122,052 | | |
| — | | |
| 10,327,836 | |
| YieldMax META Option Income Strategy ETF | |
| 23,697,698 | | |
| 42,775,029 | | |
| (37,196,363 | ) | |
| (11,676,498 | ) | |
| 3,476,077 | | |
| 21,075,943 | | |
| 3,511,702 | |
| YieldMax MRNA Option Income Strategy ETF | |
| 25,857,331 | | |
| 56,179,467 | | |
| (58,329,345 | ) | |
| (2,734,409 | ) | |
| (946,647 | ) | |
| 20,026,397 | | |
| 11,976,952 | |
| YieldMax MSFT Option Income Strategy ETF | |
| 26,555,792 | | |
| 39,494,594 | | |
| (40,085,334 | ) | |
| (7,659,272 | ) | |
| 3,778,729 | | |
| 22,084,509 | | |
| 3,104,035 | |
| YieldMax MSTR Option Income Strategy ETF (a) | |
| 23,615,760 | | |
| 38,393,083 | | |
| (43,299,095 | ) | |
| (43,207,188 | ) | |
| 24,497,440 | | |
| — | | |
| 6,299,054 | |
| YieldMax MSTR Performance & Income Target 25 ETF (a) | |
| — | | |
| 4,481,868 | | |
| (3,918,536 | ) | |
| (563,332 | ) | |
| — | | |
| — | | |
| 172,296 | |
| YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (a) | |
| — | | |
| 22,337,157 | | |
| (21,753,123 | ) | |
| (584,034 | ) | |
| — | | |
| — | | |
| 1,110,265 | |
| YieldMax NFLX Option Income Strategy ETF (a) | |
| 24,211,003 | | |
| 36,586,774 | | |
| (52,490,522 | ) | |
| (12,617,772 | ) | |
| 4,310,517 | | |
| — | | |
| 4,306,876 | |
| YieldMax NVDA Option Income Strategy ETF | |
| 28,231,056 | | |
| 39,346,090 | | |
| (43,070,799 | ) | |
| (10,205,705 | ) | |
| 3,418,404 | | |
| 17,719,046 | | |
| 4,461,949 | |
| YieldMax NVDA Performance & Distribution Target 25 ETF | |
| — | | |
| 5,932,749 | | |
| (3,642,406 | ) | |
| (147,887 | ) | |
| (56,371 | ) | |
| 2,086,085 | | |
| 103,771 | |
| YieldMax PLTR Option Income Strategy ETF | |
| 28,071,562 | | |
| 68,494,248 | | |
| (56,831,028 | ) | |
| (12,689,756 | ) | |
| (3,736,482 | ) | |
| 23,308,544 | | |
| 7,402,425 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| YieldMax PYPL Option Income Strategy ETF (a) | |
| 26,019,128 | | |
| 32,320,333 | | |
| (47,554,995 | ) | |
| (23,399,852 | ) | |
| 12,615,386 | | |
| — | | |
| 4,439,830 | |
| YieldMax RBLX Option Income Strategy ETF | |
| 22,587,349 | | |
| 10,031,882 | | |
| (19,216,399 | ) | |
| (19,727,298 | ) | |
| 6,731,161 | | |
| 406,695 | | |
| 3,601,704 | |
| YieldMax RDDT Option Income Strategy ETF (a) | |
| 26,745,968 | | |
| 5,420,439 | | |
| (22,640,259 | ) | |
| (9,323,005 | ) | |
| (203,143 | ) | |
| — | | |
| 4,559,049 | |
| YieldMax Russell 2000 ODTE Covered Call Strategy ETF | |
| — | | |
| 34,824,325 | | |
| (19,945,192 | ) | |
| (1,193,139 | ) | |
| (73,857 | ) | |
| 13,612,137 | | |
| 1,238,828 | |
| YieldMax S&P 500 0DTE Covered Call Strategy ETF | |
| — | | |
| 22,955,520 | | |
| (419,782 | ) | |
| (112 | ) | |
| (364,353 | ) | |
| 22,171,273 | | |
| 673,927 | |
| YieldMax Semiconductor Portfolio Option Income ETF (a) | |
| — | | |
| 40,085,203 | | |
| (41,586,447 | ) | |
| 1,501,244 | | |
| — | | |
| — | | |
| 2,478,678 | |
| YieldMax SMCI Option Income Strategy ETF (a) | |
| 24,446,655 | | |
| 53,069,620 | | |
| (56,315,548 | ) | |
| (30,463,608 | ) | |
| 9,262,881 | | |
| — | | |
| 8,412,753 | |
| YieldMax SNOW Option Income Strategy ETF | |
| 28,144,172 | | |
| 48,217,623 | | |
| (38,668,183 | ) | |
| (15,085,938 | ) | |
| 4,353,849 | | |
| 26,961,523 | | |
| 6,302,255 | |
| YieldMax Target 12 Big 50 Option Income ETF | |
| — | | |
| 23,801,842 | | |
| (464,797 | ) | |
| (568 | ) | |
| (331,429 | ) | |
| 23,005,048 | | |
| 246,618 | |
| YieldMax Target 12 Real Estate Option Income ETF | |
| — | | |
| 40,450,486 | | |
| (36,302,007 | ) | |
| (1,383,219 | ) | |
| (6,316 | ) | |
| 2,758,944 | | |
| 369,453 | |
| YieldMax Target 12 Semiconductor Option Income ETF | |
| — | | |
| 15,263,345 | | |
| (12,783,563 | ) | |
| 257,039 | | |
| 445,519 | | |
| 3,182,340 | | |
| 290,682 | |
| YieldMax TSLA Option Income Strategy ETF | |
| 26,837,502 | | |
| 38,283,969 | | |
| (41,805,799 | ) | |
| (6,626,549 | ) | |
| (2,343,213 | ) | |
| 14,345,910 | | |
| 4,745,395 | |
| YieldMax TSLA Performance & Distribution Target 25 ETF | |
| — | | |
| 1,189,786 | | |
| (660,483 | ) | |
| 3,091 | | |
| (89,770 | ) | |
| 442,624 | | |
| 14,570 | |
| YieldMax TSM Option Income Strategy ETF (a) | |
| 26,005,472 | | |
| 61,470,830 | | |
| (82,862,290 | ) | |
| (5,423,700 | ) | |
| 809,688 | | |
| — | | |
| 6,434,825 | |
| YieldMax Ultra Option Income Strategy ETF (a) | |
| — | | |
| 40,514,612 | | |
| (36,641,798 | ) | |
| (3,872,814 | ) | |
| — | | |
| — | | |
| 3,416,041 | |
| YieldMax XOM Option Income Strategy ETF (a) | |
| 26,656,633 | | |
| 44,482,967 | | |
| (59,714,105 | ) | |
| (925,259 | ) | |
| 3,669,584 | | |
| 14,169,820 | | |
| 2,848,265 | |
| YieldMax XYZ Option Income Strategy ETF | |
| 25,671,846 | | |
| 38,962,920 | | |
| (33,800,861 | ) | |
| (19,660,093 | ) | |
| 11,864,691 | | |
| 23,038,503 | | |
| 8,579,763 | |
| Totals | |
| 950,443,922 | | |
$ | 1,608,591,660 | | |
($ | 1,859,820,598 | ) | |
($ | 470,104,357 | ) | |
$ | 150,921,621 | | |
$ | 380,032,248 | | |
$ | 217,265,187 | |