| YieldMax MSFT Option Income Strategy ETF | ||||||||||||
| Schedule of Investments | ||||||||||||
| as of January 31, 2024 (Unaudited) | ||||||||||||
U.S. TREASURY OBLIGATIONS - 47.8% | Par | Value | ||||||||||
United States Treasury Note/Bond, 0.75%, 11/15/2024(a) | $ | 14,270,000 | $ | 13,819,576 | ||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,808,030) | 13,819,576 | |||||||||||
OPTIONS PURCHASED - 3.6%(b)(c) | Notional Amount | Contracts | ||||||||||
| Call Options - 3.6% | $ | – | ||||||||||
| Microsoft Corp. | – | $ | – | |||||||||
Expiration: 03/15/2024; Exercise Price: $395.00(d)(e) | 28,426,970 | 715 | 1,029,600 | |||||||||
Expiration: 03/15/2024; Exercise Price: $385.00(d)(e) | 397,580 | 10 | 21,200 | |||||||||
| Total Call Options | 1,050,800 | |||||||||||
TOTAL OPTIONS PURCHASED (Cost $1,253,420) | 1,050,800 | |||||||||||
| SHORT-TERM INVESTMENTS - 53.0% | Shares | |||||||||||
Money Market Funds - 8.8% | ||||||||||||
First American Government Obligations Fund - Class X, 5.25%(f) | 2,545,627 | 2,545,627 | ||||||||||
U.S. Treasury Bills - 44.2% | Par | |||||||||||
5.07%, 06/13/2024(g) | 13,020,000 | 12,776,906 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,326,885) | 15,322,533 | |||||||||||
TOTAL INVESTMENTS - 104.4% (Cost $30,388,335) | $ | 30,192,909 | ||||||||||
| Liabilities in Excess of Other Assets - (4.4)% | (1,277,590 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 28,915,319 | ||||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | This security was held in its entirety at the broker in connection with options as of January 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Options Written for further information. |
| (e) | Non-income producing security. |
| (f) | The rate shown represents the annualized seven-day effective yield as of January 31, 2024. |
| (g) | The rate shown is the effective yield. |
| YieldMax MSFT Option Income Strategy ETF | ||||||||||||
| Schedule of Options Written | ||||||||||||
| as of January 31, 2024 (Unaudited) | ||||||||||||
OPTIONS WRITTEN - (2.3)% (a)(b) | Notional Amount | Contracts | Value | |||||||||
Call Options - 0.0% (c) | ||||||||||||
| Microsoft Corp. | 0 | 0 | – | |||||||||
| Expiration: 02/02/2024; Exercise Price: $415.00 | $ | (596,370 | ) | (15 | ) | $ | (300 | ) | ||||
| Expiration: 02/02/2024; Exercise Price: $425.00 | (17,294,730 | ) | (435 | ) | (3,045 | ) | ||||||
| Expiration: 02/02/2024; Exercise Price: $430.00 | (795,160 | ) | (20 | ) | (60 | ) | ||||||
| Expiration: 02/02/2024; Exercise Price: $435.00 | (993,950 | ) | (25 | ) | (100 | ) | ||||||
| Expiration: 02/02/2024; Exercise Price: $420.00 | (8,349,180 | ) | (210 | ) | (1,890 | ) | ||||||
| Expiration: 02/09/2024; Exercise Price: $410.00 | (795,160 | ) | (20 | ) | (3,820 | ) | ||||||
| Total Call Options | (9,215 | ) | ||||||||||
| Put Options - (2.3)% | ||||||||||||
| Microsoft Corp. | 0 | 0 | – | |||||||||
Expiration: 03/15/2024; Exercise Price: $395.01(d) | (28,426,970 | ) | (715 | ) | (669,667 | ) | ||||||
Expiration: 03/15/2024; Exercise Price: $385.01(d) | (397,580 | ) | (10 | ) | (5,937 | ) | ||||||
| Total Put Options | (675,604 | ) | ||||||||||
TOTAL OPTIONS WRITTEN (Premiums received $1,082,055) | $ | (684,819 | ) | |||||||||
| Percentages are stated as a percent of net assets. | |
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | FLexible EXchange® Options |
Summary of Fair Value Exposure at January 31, 2024 (Unaudited) The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024: YieldMax MSFT Option Income Strategy ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| U.S. Treasury Obligations | $ | – | $ | 13,819,576 | $ | – | $ | 13,819,576 | ||||||||
| Options Purchased | 1,050,800 | – | – | 1,050,800 | ||||||||||||
| Money Market Funds | 2,545,627 | – | – | 2,545,627 | ||||||||||||
| U.S. Treasury Bills | – | 12,776,906 | – | 12,776,906 | ||||||||||||
| Total Assets | $ | 3,596,427 | $ | 26,596,481 | $ | – | $ | 30,192,909 | ||||||||
| Liabilities: | ||||||||||||||||
| Options Written | (5,395 | ) | (679,424 | ) | – | (684,819 | ) | |||||||||
| Total Liabilities | $ | (5,395 | ) | $ | (679,424 | ) | $ | – | $ | (684,819 | ) | |||||