0001924868 ymetf:C000244365Member us-gaap:CashAndCashEquivalentsMember 2024-10-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-23793)
Tidal Trust II
(Exact name of registrant as specified in charter)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal Trust II
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)
(844) 986-7700
Registrant’s telephone number, including area code
Date of fiscal year end: October 31
Date of reporting period: October 31, 2024
Item 1. Reports to Stockholders.
YieldMax™ AMD Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ AMD Option Income Strategy ETF Ticker: AMDY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AMDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AMD Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ AMD Option Income Strategy ETF | $139 | 1.23% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax AMD Option Income Strategy ETF | S&P 500® Total Return Index |
9/18/2023 | 10000 | 10000 |
9/30/2023 | 9931 | 9632 |
10/31/2023 | 9420 | 9430 |
11/30/2023 | 10998 | 10291 |
12/31/2023 | 12575 | 10758 |
1/31/2024 | 12720 | 10939 |
2/29/2024 | 14508 | 11523 |
3/31/2024 | 13622 | 11894 |
4/30/2024 | 12239 | 11408 |
5/31/2024 | 12827 | 11974 |
6/30/2024 | 13035 | 12403 |
7/31/2024 | 11507 | 12554 |
8/31/2024 | 11996 | 12859 |
9/30/2024 | 12987 | 13134 |
10/31/2024 | 11833 | 13014 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (09/18/2023) |
|---|
YieldMax™ AMD Option Income Strategy ETF - at NAV | 25.62% | 16.25% |
S&P 500® Total Return Index | 38.02% | 26.58% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/AMDY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends. The underlying AMD’s positive performance led to the Fund’s ability to capture a portion of the upside. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying AMD consistently higher implied volatility throughout the year with some months higher than others. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying AMD performed well, AMDY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund continues to be able to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ AMD Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AMD Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $121,221 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $859,191 |
Annual Portfolio Turnover | 37% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.057 |
Purchased Call Options | 0.006 |
Cash & Cash Equivalents | -0.063 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.005 |
Written Put Options | -0.147 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 33.4 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 24.2 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 24.1 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 24.0 |
First American Government Obligations Fund - Class X, 4.78% | 4.5 |
Advanced Micro Devices, Inc., Expiration: 11/15/2024; Exercise Price: $165.00 | 0.4 |
Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: $165.00 | 0.2 |
Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: $160.00 | 0.0* |
Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: $150.00 | (0.0)^ |
Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: $157.50 | -0.5 |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMDY.
YieldMax™ AMD Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ ABNB Option Income Strategy ETF Ticker: ABNY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/ABNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ ABNB Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ ABNB Option Income Strategy ETF | $36 | 1.06% |
The Fund commenced operations on June 24, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax ABNB Option Income Strategy ETF | S&P 500® Total Return Index |
6/24/2024 | 10000 | 10000 |
6/30/2024 | 10188 | 10025 |
7/31/2024 | 9744 | 10147 |
8/31/2024 | 8537 | 10393 |
9/30/2024 | 8809 | 10615 |
10/31/2024 | 9281 | 10518 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (06/24/2024) |
|---|
YieldMax™ ABNB Option Income Strategy ETF - at NAV | -7.19% |
S&P 500® Total Return Index | 5.18% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/ABNY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated negative total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying ABNY saw implied volatility differ across the months it has been live. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $16,743 |
Number of Holdings | 13 |
Total Advisory Fee Paid | $32,776 |
Portfolio Turnover | 46%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.807 |
Purchased Call Options | 0.089 |
Cash & Cash Equivalents | 0.104 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.009 |
Written Put Options | -0.047 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 23.9 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 22.1 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 18.0 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 16.7 |
Airbnb, Inc., Expiration: 12/20/2024; Exercise Price: $130.00 | 8.9 |
First American Government Obligations Fund - Class X, 4.78% | 3.4 |
Airbnb, Inc., Expiration: 11/01/2024; Exercise Price: $141.00 | 0.0* |
Airbnb, Inc., Expiration: 11/08/2024; Exercise Price: $155.00 | 0.0* |
Airbnb, Inc., Expiration: 11/08/2024; Exercise Price: $152.50 | 0.0* |
Airbnb, Inc., Expiration: 11/08/2024; Exercise Price: $142.00 | (0.0)^ |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no material changes during the reporting period.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ABNY.
YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ AI Option Income Strategy ETF Ticker: AIYY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AIYY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AI Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ AI Option Income Strategy ETF | $131 | 1.67% |
The Fund commenced operations on November 27, 2023. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax AI Option Income Strategy ETF | S&P 500® Total Return Index |
11/27/2023 | 10000 | 10000 |
11/30/2023 | 9978 | 10043 |
12/31/2023 | 9874 | 10499 |
1/31/2024 | 9004 | 10676 |
2/29/2024 | 10683 | 11246 |
3/31/2024 | 8670 | 11608 |
4/30/2024 | 7545 | 11133 |
5/31/2024 | 8245 | 11685 |
6/30/2024 | 8023 | 12105 |
7/31/2024 | 7737 | 12252 |
8/31/2024 | 7140 | 12549 |
9/30/2024 | 7123 | 12817 |
10/31/2024 | 6938 | 12701 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (11/27/2023) |
|---|
YieldMax™ AI Option Income Strategy ETF - at NAV | -30.62% |
S&P 500® Total Return Index | 27.01% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/AIYY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated negative total returns primarily due to the negative performance of its underlying AI during the reporting period. Due to consistently higher implied volatility, it was still paying out substantial monthly dividends.It is worth noting that the Fund was not live for the entire reporting period. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying AI saw consistently higher volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund continues to be able to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $34,272 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $244,540 |
Portfolio Turnover | 4%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.965 |
Purchased Call Options | 0.046 |
Cash & Cash Equivalents | -0.011 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.009 |
Written Put Options | -0.057 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 27.9 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 27.9 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 20.8 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 19.9 |
C3.ai, Inc., Expiration: 11/15/2024; Exercise Price: $25.00 | 4.4 |
First American Government Obligations Fund - Class X, 4.78% | 1.0 |
C3.ai, Inc., Expiration: 11/08/2024; Exercise Price: $30.00 | 0.2 |
C3.ai, Inc., Expiration: 11/08/2024; Exercise Price: $29.00 | 0.0* |
C3.ai, Inc., Expiration: 11/08/2024; Exercise Price: $26.00 | -0.1 |
C3.ai, Inc., Expiration: 11/08/2024; Exercise Price: $27.50 | -0.8 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AIYY.
YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ AMZN Option Income Strategy ETF Ticker: AMZY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/AMZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AMZN Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ AMZN Option Income Strategy ETF | $136 | 1.17% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ AMZN Option Income Strategy ETF | S&P 500® Total Return Index |
7/24/2023 | 10000 | 10000 |
7/31/2023 | 10293 | 10078 |
8/31/2023 | 10841 | 9917 |
9/30/2023 | 10140 | 9444 |
10/31/2023 | 10794 | 9246 |
11/30/2023 | 11337 | 10090 |
12/31/2023 | 11833 | 10549 |
1/31/2024 | 11869 | 10726 |
2/29/2024 | 13564 | 11299 |
3/31/2024 | 14054 | 11662 |
4/30/2024 | 13731 | 11186 |
5/31/2024 | 14295 | 11740 |
6/30/2024 | 14778 | 12162 |
7/31/2024 | 14525 | 12310 |
8/31/2024 | 13924 | 12608 |
9/30/2024 | 14308 | 12878 |
10/31/2024 | 14303 | 12761 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (07/24/2023) |
|---|
YieldMax™ AMZN Option Income Strategy ETF - at NAV | 32.51% | 32.52% |
S&P 500® Total Return Index | 38.02% | 21.14% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/AMZY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying AMZN implied volatility vary.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying AMZN performed well, AMZY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $178,930 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $995,743 |
Annual Portfolio Turnover | 27% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.99 |
Purchased Call Options | 0.053 |
Cash & Cash Equivalents | -0.043 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.015 |
Written Put Options | -0.041 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 28.1 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 27.6 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 26.8 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 16.5 |
Amazon.com, Inc., Expiration: 11/15/2024; Exercise Price: $185.00 | 5.0 |
First American Government Obligations Fund - Class X, 4.78% | 0.6 |
Amazon.com, Inc., Expiration: 11/01/2024; Exercise Price: $207.50 | 0.3 |
Amazon.com, Inc., Expiration: 11/01/2024; Exercise Price: $195.00 | -1.5 |
Amazon.com, Inc., Expiration: 11/15/2024; Exercise Price: $185.01 | -4.1 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMZY.
YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ AAPL Option Income Strategy ETF Ticker: APLY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/APLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AAPL Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ AAPL Option Income Strategy ETF | $117 | 1.06% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ AAPL Option Income Strategy ETF | S&P 500® Total Return Index |
4/17/2023 | 10000 | 10000 |
4/30/2023 | 10251 | 10047 |
5/31/2023 | 10744 | 10090 |
6/30/2023 | 11559 | 10757 |
7/31/2023 | 11778 | 11103 |
8/31/2023 | 10952 | 10926 |
9/30/2023 | 10130 | 10405 |
10/31/2023 | 10188 | 10186 |
11/30/2023 | 11061 | 11117 |
12/31/2023 | 11264 | 11622 |
1/31/2024 | 10816 | 11817 |
2/29/2024 | 10820 | 12448 |
3/31/2024 | 10494 | 12848 |
4/30/2024 | 10417 | 12324 |
5/31/2024 | 11268 | 12935 |
6/30/2024 | 11840 | 13399 |
7/31/2024 | 12034 | 13562 |
8/31/2024 | 12408 | 13891 |
9/30/2024 | 12668 | 14187 |
10/31/2024 | 12342 | 14059 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (04/17/2023) |
|---|
YieldMax™ AAPL Option Income Strategy ETF - at NAV | 21.14% | 14.65% |
S&P 500® Total Return Index | 38.02% | 24.76% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/APLY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying AAPL saw consistent implied volatility levels throughout the past year which led to more consistent dividend payouts. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. The Fund’s performance was positive over the year due to the underlying AAPL movement higher plus the additional time premiums captured.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $92,464 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $657,628 |
Annual Portfolio Turnover | 20% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.916 |
Purchased Call Options | 0.045 |
Cash & Cash Equivalents | 0.039 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.002 |
Written Put Options | -0.036 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 31.0 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 22.4 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 19.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 19.1 |
Apple, Inc., Expiration: 12/20/2024; Exercise Price: $225.00 | 4.5 |
First American Government Obligations Fund - Class X, 4.78% | 1.0 |
Apple, Inc., Expiration: 11/01/2024; Exercise Price: $245.00 | 0.1 |
Apple, Inc., Expiration: 11/01/2024; Exercise Price: $237.50 | -0.2 |
Apple, Inc., Expiration: 12/20/2024; Exercise Price: $225.01 | -3.6 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/APLY.
YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ BABA Option Income Strategy ETF Ticker: BABO (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/BABO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ BABA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ BABA Option Income Strategy ETF | $27 | 1.07% |
The Fund commenced operations on August 7, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ BABA Option Income Strategy ETF | S&P 500® Total Return Index |
8/7/2024 | 10000 | 10000 |
8/31/2024 | 10230 | 10877 |
9/30/2024 | 12124 | 11109 |
10/31/2024 | 11500 | 11008 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (08/07/2024) |
|---|
YieldMax™ BABA Option Income Strategy ETF - at NAV | 15.00% |
S&P 500® Total Return Index | 10.08% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/BABO for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying BABA high implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $21,016 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $23,702 |
Portfolio Turnover | 16%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.937 |
Purchased Call Options | 0.009 |
Cash & Cash Equivalents | 0.054 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.001 |
Written Put Options | -0.130 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 23.6 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 23.5 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 23.5 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 23.1 |
First American Government Obligations Fund - Class X, 4.78% | 0.9 |
Alibaba Group Holding Ltd., Expiration: 11/15/2024; Exercise Price: $110.00 | 0.9 |
Alibaba Group Holding Ltd., Expiration: 11/01/2024; Exercise Price: $103.00 | (0.0)* |
Alibaba Group Holding Ltd., Expiration: 11/01/2024; Exercise Price: $100.00 | (0.0)* |
Alibaba Group Holding Ltd., Expiration: 11/08/2024; Exercise Price: $103.00 | (0.0)* |
Alibaba Group Holding Ltd., Expiration: 11/01/2024; Exercise Price: $101.00 | -0.1 |
| * | | Less than -0.05% of net assets. |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/BABO.
YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ COIN Option Income Strategy ETF Ticker: CONY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CONY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ COIN Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ COIN Option Income Strategy ETF | $160 | 1.22% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ COIN Option Income Strategy ETF | S&P 500® Total Return Index |
8/14/2023 | 10000 | 10000 |
8/31/2023 | 9937 | 10052 |
9/30/2023 | 9792 | 9573 |
10/31/2023 | 10469 | 9372 |
11/30/2023 | 13684 | 10228 |
12/31/2023 | 17790 | 10692 |
1/31/2024 | 14027 | 10872 |
2/29/2024 | 17722 | 11452 |
3/31/2024 | 23079 | 11821 |
4/30/2024 | 19380 | 11338 |
5/31/2024 | 21500 | 11900 |
6/30/2024 | 20675 | 12327 |
7/31/2024 | 20210 | 12477 |
8/31/2024 | 17786 | 12780 |
9/30/2024 | 17174 | 13053 |
10/31/2024 | 16998 | 12934 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (08/14/2023) |
|---|
YieldMax™ COIN Option Income Strategy ETF - at NAV | 62.36% | 54.82% |
S&P 500® Total Return Index | 38.02% | 23.62% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/CONY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated slightly positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying COIN saw consistently higher implied volatility with some periods higher than others. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. CONY was able to capture a portion of the upside moves in COIN. As the underlying COIN saw drawdowns mixed in, especially towards the end of the reporting period, CONY also had uneven returns where the additional premiums sold augmented the total return.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $655,235 |
Number of Holdings | 16 |
Total Advisory Fee Paid | $4,383,746 |
Annual Portfolio Turnover | 27% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.096 |
Purchased Call Options | 0.026 |
Cash & Cash Equivalents | -0.122 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.013 |
Written Put Options | -0.214 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 17.2 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 30.6 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 30.6 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 31.2 |
Coinbase Global, Inc., Expiration: 11/15/2024; Exercise Price: $215.00 | 1.9 |
First American Government Obligations Fund - Class X, 4.78% | 0.6 |
Coinbase Global, Inc., Expiration: 12/20/2024; Exercise Price: $190.00 | 0.3 |
Coinbase Global, Inc., Expiration: 11/08/2024; Exercise Price: $220.00 | 0.2 |
Coinbase Global, Inc., Expiration: 11/08/2024; Exercise Price: $235.00 | 0.1 |
Coinbase Global, Inc., Expiration: 11/08/2024; Exercise Price: $232.50 | 0.1 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CONY.
YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Short TSLA Option Income Strategy ETF Ticker: CRSH (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Short TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CRSH. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short TSLA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Short TSLA Option Income Strategy ETF | $51 | 1.13% |
The Fund commenced operations on May 1, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Short TSLA Option Income Strategy ETF | S&P 500® Total Return Index |
5/1/2024 | 10000 | 10000 |
5/31/2024 | 10218 | 10532 |
6/30/2024 | 9485 | 10910 |
7/31/2024 | 8245 | 11043 |
8/31/2024 | 9076 | 11311 |
9/30/2024 | 7856 | 11552 |
10/31/2024 | 7912 | 11447 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (05/01/2024) |
|---|
YieldMax™ Short TSLA Option Income Strategy ETF - at NAV | -20.88% |
S&P 500® Total Return Index | 14.47% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/CRSH for more recent performance information.
How did the Fund perform last year and what affected its performance?
CRSH is part of the inverse YieldMax™ lineup that looks to be positioned synthetically short the underlying TSLA security while selling covered puts and/or covered put spreads. The Fund benefits when TSLA share price decreases, generates extrinsic premiums via option selling available as a distribution to investors, and has upside risk of the underlying. During the reporting period, the Fund generated negative total returns while paying out substantial monthly dividends.Selling covered puts or covered put spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the downside capture.It is worth noting that CRSH was not live during the entire reporting period.
What Factors Influenced Performance?
When the underlying moves higher, it can create losses for this inverse ETF. The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying TSLA saw a lull in implied volatility but picked up the later portion of the year.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has upside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may give up a portion of the downside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
Inverse funds provide a unique offering looking to give investors the ability to generate high income while participating in the downside of the underlying.
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the downside movements in the underlying stock.
YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $23,084 |
Number of Holdings | 14 |
Total Advisory Fee Paid | $50,016 |
Portfolio Turnover | 64%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.926 |
Purchased Call Options | 0.003 |
Purchased Put Options | 0.028 |
Cash & Cash Equivalents | 0.043 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.149 |
Written Put Options | -0.011 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 24.9 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 24.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 24.1 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 19.5 |
First American Government Obligations Fund - Class X, 4.78% | 9.2 |
Tesla, Inc., Expiration: 12/20/2024; Exercise Price: $220.00 | 2.6 |
Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $225.00 | 0.1 |
Tesla, Inc., Expiration: 11/01/2024; Exercise Price: $247.50 | 0.1 |
Tesla, Inc., Expiration: 11/01/2024; Exercise Price: $235.00 | 0.0* |
Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $245.00 | -0.4 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CRSH.
YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Short NVDA Option Income Strategy ETF Ticker: DIPS (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Short NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DIPS. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short NVDA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Short NVDA Option Income Strategy ETF | $25 | 0.99% |
The Fund commenced operations on July 23, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Short NVDA Option Income Strategy ETF | S&P 500® Total Return Index |
7/23/2024 | 10000 | 10000 |
7/31/2024 | 10387 | 9942 |
8/31/2024 | 9889 | 10183 |
9/30/2024 | 9191 | 10400 |
10/31/2024 | 8417 | 10306 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (07/23/2024) |
|---|
YieldMax™ Short NVDA Option Income Strategy ETF - at NAV | -15.83% |
S&P 500® Total Return Index | 3.06% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/DIPS for more recent performance information.
How did the Fund perform last year and what affected its performance?
DIPS is part of the inverse YieldMax™ lineup that looks to be positioned synthetically short the underlying NVDA security while selling covered puts and/or covered put spreads. The Fund benefits when NVDA’s share price decreases, generates extrinsic premiums via option selling available as a distribution to investors, and has upside risk of the underlying. During the reporting period, the Fund generated negative total returns primarily due to its underlying NVDA moving higher. At the same time, it paid out substantial monthly dividends.Selling covered puts or covered put spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the downside capture.It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
When the underlying moves higher, it can create losses for this inverse ETF.The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying TSLA saw a lull in implied volatility but picked up the later portion of the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has upside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may give up a portion of the downside which is an expected trade-off in exchange from capturing option premiums.
YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $10,621 |
Number of Holdings | 10 |
Total Advisory Fee Paid | $17,335 |
Portfolio Turnover | 18%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.107 |
Purchased Call Options | 0.002 |
Purchased Put Options | 0.009 |
Cash & Cash Equivalents | -0.118 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.18 |
Written Put Options | -0.018 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 27.7 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 27.7 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 27.7 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 27.6 |
First American Government Obligations Fund - Class X, 4.78% | 1.9 |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $120.00 | 0.6 |
NVIDIA Corp., Expiration: 11/15/2024; Exercise Price: $107.00 | 0.3 |
NVIDIA Corp., Expiration: 11/15/2024; Exercise Price: $160.00 | 0.2 |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $128.00 | -1.8 |
NVIDIA Corp., Expiration: 11/15/2024; Exercise Price: $107.02 | -18.0 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DIPS.
YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ DIS Option Income Strategy ETF Ticker: DISO (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DISO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ DIS Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ DIS Option Income Strategy ETF | $139 | 1.31% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ DIS Option Income ETF | S&P 500® Total Return Index |
8/24/2023 | 10000 | 10000 |
8/31/2023 | 10194 | 10306 |
9/30/2023 | 9864 | 9815 |
10/31/2023 | 10122 | 9608 |
11/30/2023 | 11029 | 10486 |
12/31/2023 | 10974 | 10962 |
1/31/2024 | 11604 | 11146 |
2/29/2024 | 12310 | 11741 |
3/31/2024 | 12978 | 12119 |
4/30/2024 | 12103 | 11624 |
5/31/2024 | 11549 | 12201 |
6/30/2024 | 11309 | 12638 |
7/31/2024 | 10793 | 12792 |
8/31/2024 | 10596 | 13102 |
9/30/2024 | 11124 | 13382 |
10/31/2024 | 11181 | 13261 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (08/24/2023) |
|---|
YieldMax™ DIS Option Income Strategy ETF - at NAV | 10.47% | 9.87% |
S&P 500® Total Return Index | 38.02% | 26.86% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/DISO for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying DIS uneven implied volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying DIS performed well later in the period, DISO was able to capture a portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $22,529 |
Number of Holdings | 10 |
Total Advisory Fee Paid | $137,608 |
Annual Portfolio Turnover | 20% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.843 |
Purchased Call Options | 0.091 |
Cash & Cash Equivalents | 0.066 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.003 |
Written Put Options | -0.026 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 30.8 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 18.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 17.7 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 17.7 |
Walt Disney Co., Expiration: 12/20/2024; Exercise Price: $90.00 | 9.1 |
First American Government Obligations Fund - Class X, 4.78% | 4.9 |
Walt Disney Co., Expiration: 11/01/2024; Exercise Price: $99.00 | 0.0* |
Walt Disney Co., Expiration: 11/08/2024; Exercise Price: $99.00 | (0.0)^ |
Walt Disney Co., Expiration: 11/01/2024; Exercise Price: $97.00 | -0.3 |
Walt Disney Co., Expiration: 12/20/2024; Exercise Price: $90.01 | -2.6 |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DISO.
YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ META Option Income Strategy ETF Ticker: FBY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/FBY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ META Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ META Option Income Strategy ETF | $138 | 1.06% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ META Option Income Strategy ETF | S&P 500® Total Return Index |
7/27/2023 | 10000 | 10000 |
7/31/2023 | 10163 | 10115 |
8/31/2023 | 9540 | 9954 |
9/30/2023 | 9911 | 9479 |
10/31/2023 | 10217 | 9280 |
11/30/2023 | 11016 | 10127 |
12/31/2023 | 11866 | 10588 |
1/31/2024 | 12538 | 10765 |
2/29/2024 | 14190 | 11340 |
3/31/2024 | 14300 | 11705 |
4/30/2024 | 12722 | 11227 |
5/31/2024 | 13458 | 11784 |
6/30/2024 | 14193 | 12207 |
7/31/2024 | 13280 | 12355 |
8/31/2024 | 14883 | 12655 |
9/30/2024 | 16110 | 12925 |
10/31/2024 | 16337 | 12808 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (07/27/2023) |
|---|
YieldMax™ META Option Income Strategy ETF - at NAV | 59.90% | 47.50% |
S&P 500® Total Return Index | 38.02% | 21.65% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/FBY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated very positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying FBY saw an implied volatility that picked up the later portion of the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying META performed very well, FBY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $128,445 |
Number of Holdings | 10 |
Total Advisory Fee Paid | $615,382 |
Annual Portfolio Turnover | 16% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.872 |
Purchased Call Options | 0.064 |
Cash & Cash Equivalents | 0.064 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.006 |
Written Put Options | -0.036 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 20.9 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 22.1 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 22.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 22.1 |
First American Government Obligations Fund - Class X, 4.78% | 2.2 |
Meta Platforms, Inc., Expiration: 12/20/2024; Exercise Price: $555.00 | 6.3 |
Meta Platforms, Inc., Expiration: 11/08/2024; Exercise Price: $645.00 | 0.1 |
Meta Platforms, Inc., Expiration: 11/08/2024; Exercise Price: $592.50 | -0.1 |
Meta Platforms, Inc., Expiration: 11/08/2024; Exercise Price: $600.00 | -0.5 |
Meta Platforms, Inc., Expiration: 12/20/2024; Exercise Price: $555.01 | -3.6 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FBY.
YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Short COIN Option Income Strategy ETF Ticker: FIAT (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Short COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/FIAT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short COIN Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Short COIN Option Income Strategy ETF | $33 | 1.00% |
The Fund commenced operations on July 9, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Short COIN Option Income Strategy ETF | S&P 500® Total Return Index |
7/9/2024 | 10000 | 10000 |
7/31/2024 | 9966 | 9908 |
8/31/2024 | 11640 | 10148 |
9/30/2024 | 11411 | 10365 |
10/31/2024 | 10961 | 10271 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (07/09/2024) |
|---|
YieldMax™ Short COIN Option Income Strategy ETF - at NAV | 9.61% |
S&P 500® Total Return Index | 2.71% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/FIAT for more recent performance information.
How did the Fund perform last year and what affected its performance?
FIAT is part of the inverse YieldMax™ lineup that looks to be positioned synthetically short the underlying COIN security while selling covered puts and/or covered put spreads. The Fund benefits when COIN’s share price decreases, generates extrinsic premiums via option selling available as a distribution to investors, and has upside risk of the underlying. During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends. It is worth noting that the Fund was not live for the entire reporting period.Selling covered puts or covered put spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the downside capture.
What Factors Influenced Performance?
When the underlying moves higher, it can create losses for this inverse ETF.The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying COIN saw a higher implied volatility in its limited history. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has upside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may give up a portion of the downside which is an expected trade-off in exchange from capturing option premiums.
YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $40,037 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $50,774 |
Portfolio Turnover | 38%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.089 |
Purchased Put Options | 0.204 |
Purchased Call Options | 0.005 |
Cash & Cash Equivalents | -0.298 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.018 |
Written Put Options | -0.079 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 27.3 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 27.3 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 27.2 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 27.1 |
Coinbase Global, Inc., Expiration: 11/01/2024; Exercise Price: $215.50 | 19.7 |
Coinbase Global, Inc., Expiration: 11/01/2024; Exercise Price: $172.50 | 0.7 |
Coinbase Global, Inc., Expiration: 12/20/2024; Exercise Price: $330.00 | 0.5 |
First American Government Obligations Fund - Class X, 4.78% | 0.3 |
Coinbase Global, Inc., Expiration: 11/01/2024; Exercise Price: $187.50 | -0.4 |
Coinbase Global, Inc., Expiration: 11/15/2024; Exercise Price: $215.02 | -1.8 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FIAT.
YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Gold Miners Option Income Strategy ETF Ticker: GDXY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/GDXY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Gold Miners Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Gold Miners Option Income Strategy ETF | $49 | 1.08% |
The Fund commenced operations on May 20, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Gold Miners Option Income Strategy ETF | S&P 500® Total Return Index |
5/20/2024 | 10000 | 10000 |
5/31/2024 | 9538 | 9945 |
6/30/2024 | 9440 | 10302 |
7/31/2024 | 9864 | 10428 |
8/31/2024 | 9987 | 10681 |
9/30/2024 | 10155 | 10909 |
10/31/2024 | 9934 | 10810 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (05/20/2024) |
|---|
YieldMax™ Gold Miners Option Income Strategy ETF - at NAV | -0.66% |
S&P 500® Total Return Index | 8.10% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/GDXY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated flat total returns while paying out high monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The underlying GDX also had relatively flat performance since inception. The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying GDX saw a generally lower implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $31,417 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $86,898 |
Portfolio Turnover | 14%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.921 |
Purchased Call Options | 0.046 |
Cash & Cash Equivalents | 0.033 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.02 |
Written Put Options | -0.027 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 23.1 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 23.1 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 23.0 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 22.9 |
Vaneck Gold Miners ETF, Expiration: 11/15/2024; Exercise Price: $40.00 | 3.7 |
First American Government Obligations Fund - Class X, 4.78% | 1.0 |
Vaneck Gold Miners ETF, Expiration: 11/08/2024; Exercise Price: $42.50 | 0.9 |
Vaneck Gold Miners ETF, Expiration: 11/08/2024; Exercise Price: $41.00 | -2.0 |
Vaneck Gold Miners ETF, Expiration: 11/15/2024; Exercise Price: $40.01 | -2.7 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GDXY.
YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ GOOGL Option Income Strategy ETF Ticker: GOOY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/GOOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ GOOGL Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ GOOGL Option Income Strategy ETF | $126 | 1.20% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ GOOGL Option Income Strategy ETF | S&P 500® Total Return Index |
7/27/2023 | 10000 | 10000 |
7/31/2023 | 10241 | 10115 |
8/31/2023 | 10421 | 9954 |
9/30/2023 | 10058 | 9479 |
10/31/2023 | 9650 | 9280 |
11/30/2023 | 9709 | 10127 |
12/31/2023 | 9854 | 10588 |
1/31/2024 | 9560 | 10765 |
2/29/2024 | 9264 | 11340 |
3/31/2024 | 9765 | 11705 |
4/30/2024 | 10285 | 11227 |
5/31/2024 | 10868 | 11784 |
6/30/2024 | 11485 | 12207 |
7/31/2024 | 10650 | 12355 |
8/31/2024 | 10416 | 12655 |
9/30/2024 | 10477 | 12925 |
10/31/2024 | 10597 | 12808 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (07/27/2023) |
|---|
YieldMax™ GOOGL Option Income Strategy ETF - at NAV | 9.81% | 4.69% |
S&P 500® Total Return Index | 38.02% | 21.65% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/GOOY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying GOOGL saw even implied volatility levels with some months moving higher. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying GOOGL performed was positive, GOOY was able to capture a portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $70,952 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $389,925 |
Annual Portfolio Turnover | 359% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.906 |
Purchased Call Options | 0.07 |
Cash & Cash Equivalents | 0.024 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.001 |
Written Put Options | -0.024 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 25.0 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 24.6 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 24.1 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 16.9 |
Alphabet, Inc., Expiration: 12/20/2024; Exercise Price: $165.00 | 6.9 |
First American Government Obligations Fund - Class X, 4.78% | 4.0 |
Alphabet, Inc., Expiration: 11/08/2024; Exercise Price: $195.00 | 0.1 |
Alphabet, Inc., Expiration: 11/08/2024; Exercise Price: $185.00 | -0.1 |
Alphabet, Inc., Expiration: 12/20/2024; Exercise Price: $165.01 | -2.4 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GOOY.
YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ JPM Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ JPM Option Income Strategy ETF Ticker: JPMO (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ JPM Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/JPMO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ JPM Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ JPM Option Income Strategy ETF | $131 | 1.18% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ JPM Option Income Strategy ETF | S&P 500® Total Return Index |
9/11/2023 | 10000 | 10000 |
9/30/2023 | 10044 | 9563 |
10/31/2023 | 9542 | 9362 |
11/30/2023 | 10021 | 10217 |
12/31/2023 | 10546 | 10681 |
1/31/2024 | 10818 | 10860 |
2/29/2024 | 11426 | 11440 |
3/31/2024 | 12037 | 11808 |
4/30/2024 | 11314 | 11326 |
5/31/2024 | 11602 | 11888 |
6/30/2024 | 11599 | 12314 |
7/31/2024 | 11673 | 12464 |
8/31/2024 | 11953 | 12767 |
9/30/2024 | 11351 | 13039 |
10/31/2024 | 11675 | 12921 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (09/11/2023) |
|---|
YieldMax™ JPM Option Income Strategy ETF - at NAV | 22.35% | 14.60% |
S&P 500® Total Return Index | 38.02% | 25.28% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/JPMO for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying JPM saw implied volatility vary with some higher spikes but more muted within the financial sector. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying JPM performed was positive, JPMO was able to capture a portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ JPM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ JPM Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $26,428 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $148,388 |
Annual Portfolio Turnover | 11% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.941 |
Purchased Call Options | 0.033 |
Cash & Cash Equivalents | 0.026 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.001 |
Written Put Options | -0.04 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 25.1 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 23.8 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 22.6 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 22.6 |
First American Government Obligations Fund - Class X, 4.78% | 1.5 |
JPMorgan Chase & Co., Expiration: 12/20/2024; Exercise Price: $225.00 | 3.3 |
JPMorgan Chase & Co., Expiration: 11/08/2024; Exercise Price: $230.00 | (0.0)* |
JPMorgan Chase & Co., Expiration: 11/01/2024; Exercise Price: $225.00 | -0.1 |
JPMorgan Chase & Co., Expiration: 12/20/2024; Exercise Price: $225.01 | -4.0 |
| * | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/JPMO.
YieldMax™ JPM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ MRNA Option Income Strategy ETF Ticker: MRNY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MRNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MRNA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ MRNA Option Income Strategy ETF | $103 | 1.26% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ MRNA Option Income Strategy ETF | S&P 500® Total Return Index |
10/23/2023 | 10000 | 10000 |
10/31/2023 | 9675 | 9947 |
11/30/2023 | 9572 | 10855 |
12/31/2023 | 12030 | 11349 |
1/31/2024 | 11942 | 11539 |
2/29/2024 | 11480 | 12156 |
3/31/2024 | 13036 | 12547 |
4/30/2024 | 13509 | 12034 |
5/31/2024 | 12809 | 12631 |
6/30/2024 | 10966 | 13084 |
7/31/2024 | 11319 | 13243 |
8/31/2024 | 7921 | 13565 |
9/30/2024 | 7090 | 13854 |
10/31/2024 | 6121 | 13729 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (10/23/2023) |
|---|
YieldMax™ MRNA Option Income Strategy ETF - at NAV | -36.73% | -38.14% |
S&P 500® Total Return Index | 38.02% | 36.36% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/MRNY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated negative total returns primarily due to the negative performance of its underlying asset MRNA. It still paid out substantial monthly dividends due to capturing higher volatility. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying MRNA saw higher implied volatility that was consistent throughout the reporting period. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $28,841 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $199,582 |
Annual Portfolio Turnover | 27% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.915 |
Purchased Call Options | 0.091 |
Cash & Cash Equivalents | -0.006 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.008 |
Written Put Options | -0.082 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 26.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.0 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 22.4 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 17.0 |
Moderna, Inc., Expiration: 11/15/2024; Exercise Price: $54.00 | 9.1 |
First American Government Obligations Fund - Class X, 4.78% | 4.1 |
Moderna, Inc., Expiration: 11/01/2024; Exercise Price: $59.00 | 0.0* |
Moderna, Inc., Expiration: 11/01/2024; Exercise Price: $60.00 | 0.0* |
Moderna, Inc., Expiration: 11/01/2024; Exercise Price: $55.00 | -0.7 |
Moderna, Inc., Expiration: 11/08/2024; Exercise Price: $61.00 | -0.1 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MRNY.
YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ MSFT Option Income Strategy ETF Ticker: MSFO (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MSFO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSFT Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ MSFT Option Income Strategy ETF | $117 | 1.07% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ MSFT Option Income Strategy ETF | S&P 500® Total Return Index |
8/24/2023 | 10000 | 10000 |
8/31/2023 | 10234 | 10306 |
9/30/2023 | 9996 | 9815 |
10/31/2023 | 10813 | 9608 |
11/30/2023 | 11729 | 10486 |
12/31/2023 | 11894 | 10962 |
1/31/2024 | 12408 | 11146 |
2/29/2024 | 12836 | 11741 |
3/31/2024 | 13153 | 12119 |
4/30/2024 | 12450 | 11624 |
5/31/2024 | 13235 | 12201 |
6/30/2024 | 14038 | 12638 |
7/31/2024 | 13032 | 12792 |
8/31/2024 | 13155 | 13102 |
9/30/2024 | 13422 | 13382 |
10/31/2024 | 12839 | 13261 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (08/24/2023) |
|---|
YieldMax™ MSFT Option Income Strategy ETF - at NAV | 18.73% | 23.45% |
S&P 500® Total Return Index | 38.02% | 26.86% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/MSFO for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying MSFT saw implied volatility start off higher before settling down later. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying MSFT performed well, MSFO was able to capture a portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $80,849 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $498,418 |
Annual Portfolio Turnover | 21% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.024 |
Purchased Call Options | 0.005 |
Cash & Cash Equivalents | -0.029 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.003 |
Written Put Options | -0.06 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 27.3 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 27.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 27.1 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 20.9 |
First American Government Obligations Fund - Class X, 4.78% | 0.9 |
Microsoft Corp., Expiration: 11/15/2024; Exercise Price: $430.00 | 0.4 |
Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $437.50 | 0.1 |
Microsoft Corp., Expiration: 11/01/2024; Exercise Price: $465.00 | 0.0* |
Microsoft Corp., Expiration: 11/01/2024; Exercise Price: $452.50 | 0.0* |
Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $422.50 | -0.3 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSFO.
YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ MSTR Option Income Strategy ETF Ticker: MSTY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MSTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSTR Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ MSTR Option Income Strategy ETF | $133 | 0.99% |
The Fund commenced operations on February 21, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ MSTR Option Income Strategy ETF | S&P 500® Total Return Index |
2/21/2024 | 10000 | 10000 |
2/29/2024 | 12557 | 10234 |
3/31/2024 | 21324 | 10564 |
4/30/2024 | 15476 | 10132 |
5/31/2024 | 19532 | 10634 |
6/30/2024 | 18606 | 11016 |
7/31/2024 | 21175 | 11150 |
8/31/2024 | 18224 | 11421 |
9/30/2024 | 21600 | 11664 |
10/31/2024 | 28830 | 11559 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (02/21/2024) |
|---|
YieldMax™ MSTR Option Income Strategy ETF - at NAV | 188.30% |
S&P 500® Total Return Index | 15.59% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/MSTY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated high positive total returns while paying out substantial monthly dividends. The underlying MSTR’s positive performance led to the Fund’s ability to capture a portion of the upside.At the same time, the high implied volatility led to significant option premiums available for sale. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying MSTY saw large, implied volatility consistently throughout the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $813,067 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $2,012,519 |
Portfolio Turnover | 0%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.011 |
Purchased Call Options | 0.072 |
Cash & Cash Equivalents | 0.917 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.006 |
Written Put Options | -0.11 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
MicroStrategy, Inc., Expiration: 11/15/2024; Exercise Price: $255.00 | 7.2 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 1.1 |
MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $290.00 | 0.0* |
First American Government Obligations Fund - Class X, 4.78% | 0.0* |
MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $295.00 | 0.0* |
MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $250.00 | (0.0)^ |
MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $260.00 | -0.2 |
MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $255.00 | -0.4 |
MicroStrategy, Inc., Expiration: 11/15/2024; Exercise Price: $255.01 | -11.0 |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSTY.
YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ NFLX Option Income Strategy ETF Ticker: NFLY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/NFLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ NFLX Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ NFLX Option Income Strategy ETF | $138 | 1.05% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ NFLX Option Income Strategy ETF | S&P 500® Total Return Index |
8/7/2023 | 10000 | 10000 |
8/31/2023 | 9921 | 9993 |
9/30/2023 | 8478 | 9516 |
10/31/2023 | 9401 | 9316 |
11/30/2023 | 10133 | 10167 |
12/31/2023 | 10261 | 10629 |
1/31/2024 | 11379 | 10807 |
2/29/2024 | 12025 | 11384 |
3/31/2024 | 12249 | 11751 |
4/30/2024 | 11490 | 11271 |
5/31/2024 | 12590 | 11830 |
6/30/2024 | 13212 | 12254 |
7/31/2024 | 12741 | 12403 |
8/31/2024 | 13710 | 12704 |
9/30/2024 | 14102 | 12975 |
10/31/2024 | 15363 | 12858 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (08/07/2023) |
|---|
YieldMax™ NFLX Option Income Strategy ETF - at NAV | 63.43% | 41.66% |
S&P 500® Total Return Index | 38.02% | 22.62% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/NFLY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated very positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying NFLX implied volatility started out strong over the year, settled back lower, then moved back up towards the end of the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying NFLX performed exceptionally well, NFLY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $51,465 |
Number of Holdings | 8 |
Total Advisory Fee Paid | $387,804 |
Annual Portfolio Turnover | 51% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.973 |
Purchased Call Options | 0.046 |
Cash & Cash Equivalents | -0.019 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.001 |
Written Put Options | -0.036 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 32.4 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 23.9 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 20.5 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 20.5 |
Netflix, Inc., Expiration: 12/20/2024; Exercise Price: $755.00 | 4.6 |
First American Government Obligations Fund - Class X, 4.78% | 0.9 |
Netflix, Inc., Expiration: 11/01/2024; Exercise Price: $770.00 | -0.1 |
Netflix, Inc., Expiration: 12/20/2024; Exercise Price: $755.01 | -3.6 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NFLY.
YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ NVDA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ NVDA Option Income Strategy ETF Ticker: NVDY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/NVDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ NVDA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ NVDA Option Income Strategy ETF | $219 | 1.27% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ NVDA Option Income Strategy ETF | S&P 500® Total Return Index |
5/10/2023 | 10000 | 10000 |
5/31/2023 | 11432 | 10118 |
6/30/2023 | 12183 | 10786 |
8/31/2023 | 13845 | 10955 |
9/30/2023 | 12734 | 10433 |
10/31/2023 | 12188 | 10214 |
11/30/2023 | 13185 | 11147 |
12/31/2023 | 14110 | 11653 |
1/31/2024 | 15965 | 11849 |
2/29/2024 | 19899 | 12481 |
3/31/2024 | 21887 | 12883 |
4/30/2024 | 20931 | 12357 |
5/31/2024 | 24456 | 12970 |
6/30/2024 | 27383 | 13435 |
7/31/2024 | 27066 | 13598 |
8/31/2024 | 27300 | 13928 |
9/30/2024 | 27486 | 14226 |
10/31/2024 | 29823 | 14097 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (05/10/2023) |
|---|
YieldMax™ NVDA Option Income Strategy ETF - at NAV | 144.70% | 109.58% |
S&P 500® Total Return Index | 38.02% | 26.18% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/NVDY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated very high positive total returns while paying out substantial monthly dividends riding the upward momentum of the underlying NVDA.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying NVDA saw its implied volatility consistently on the higher end of other S&P 500® stocks. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying NVDA performed exceptionally well, NVDY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ NVDA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ NVDA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $1,244,788 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $5,370,370 |
Annual Portfolio Turnover | 23% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.918 |
Purchased Call Options | 0.104 |
Cash & Cash Equivalents | -0.022 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.013 |
Written Put Options | -0.07 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 27.2 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 26.8 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 26.4 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 11.4 |
NVIDIA Corp., Expiration: 12/20/2024; Exercise Price: $130.00 | 10.0 |
First American Government Obligations Fund - Class X, 4.78% | 1.5 |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $147.00 | 0.4 |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $149.00 | 0.0* |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $139.00 | -0.1 |
NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $140.00 | -1.2 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NVDY.
YieldMax™ NVDA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Innovation Option Income Strategy ETF Ticker: OARK (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/OARK. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Innovation Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Innovation Option Income Strategy ETF | $110 | 1.00% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Innovation Option Income Strategy ETF | S&P 500® Total Return Index |
11/22/2022 | 10000 | 10000 |
11/30/2022 | 10251 | 10196 |
12/31/2022 | 9082 | 9608 |
1/31/2023 | 9989 | 10212 |
2/28/2023 | 9375 | 9963 |
3/31/2023 | 9551 | 10329 |
4/30/2023 | 8782 | 10490 |
5/31/2023 | 9908 | 10535 |
6/30/2023 | 10616 | 11231 |
7/31/2023 | 11437 | 11592 |
8/31/2023 | 10108 | 11408 |
9/30/2023 | 9476 | 10864 |
10/31/2023 | 8624 | 10635 |
11/30/2023 | 9450 | 11607 |
12/31/2023 | 10912 | 12134 |
1/31/2024 | 9845 | 12338 |
2/29/2024 | 10721 | 12997 |
3/31/2024 | 10946 | 13415 |
4/30/2024 | 9866 | 12867 |
5/31/2024 | 9692 | 13505 |
6/30/2024 | 9964 | 13990 |
7/31/2024 | 10288 | 14160 |
8/31/2024 | 10039 | 14503 |
9/30/2024 | 10630 | 14813 |
10/31/2024 | 10422 | 14679 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (11/22/2022) |
|---|
YieldMax™ Innovation Option Income Strategy ETF - at NAV | 20.85% | 2.15% |
S&P 500® Total Return Index | 38.02% | 21.88% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/OARK for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying ARKK saw a reduction in implied volatility but picked up in the later portion of the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $54,444 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $660,200 |
Annual Portfolio Turnover | 64% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.948 |
Purchased Call Options | 0.07 |
Cash & Cash Equivalents | -0.018 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.004 |
Written Put Options | -0.046 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 27.8 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 22.4 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 22.3 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 22.3 |
ARK Innovation ETF, Expiration: 12/20/2024; Exercise Price: $45.00 | 6.9 |
First American Government Obligations Fund - Class X, 4.78% | 2.8 |
ARK Innovation ETF, Expiration: 11/08/2024; Exercise Price: $53.00 | 0.1 |
ARK Innovation ETF, Expiration: 11/08/2024; Exercise Price: $50.00 | -0.4 |
ARK Innovation ETF, Expiration: 12/20/2024; Exercise Price: $45.01 | -4.6 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/OARK.
YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ PLTR Option Income Strategy ETF Ticker: PLTY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ PLTR Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/PLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PLTR Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ PLTR Option Income Strategy ETF | $10 | 1.44% |
The Fund commenced operations on October 7, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ PLTR Option Income Strategy ETF | S&P 500® Total Return Index |
10/7/24 | 10000 | 10000 |
10/31/24 | 9857 | 10022 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (10/07/2024) |
|---|
YieldMax™ PLTR Option Income Strategy ETF - at NAV | -1.43% |
S&P 500® Total Return Index | 0.22% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/PLTY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns. The positive movement in its underlying PLTR allowed it to capture some upside. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying PLTR saw higher implied volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $6,161 |
Number of Holdings | 9 |
Total Advisory Fee Paid | $2,343 |
Portfolio Turnover | 0%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.723 |
Purchased Call Options | 0.159 |
Cash & Cash Equivalents | 0.118 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.049 |
Written Put Options | -0.063 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 18.1 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 18.1 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 18.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 18.0 |
Palantir Technologies, Inc., Expiration: 12/20/2024; Exercise Price: $39.00 | 13.4 |
Palantir Technologies, Inc., Expiration: 11/08/2024; Exercise Price: $47.00 | 2.5 |
First American Government Obligations Fund - Class X, 4.78% | 0.8 |
Palantir Technologies, Inc., Expiration: 11/08/2024; Exercise Price: $43.50 | -4.9 |
Palantir Technologies, Inc., Expiration: 12/20/2024; Exercise Price: $39.01 | -6.3 |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PLTY.
YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ PYPL Option Income Strategy ETF Ticker: PYPY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ PYPL Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/PYPY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PYPL Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ PYPL Option Income Strategy ETF | $187 | 1.45% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ PYPL Option Income Strategy ETF | S&P 500® Total Return Index |
9/25/2023 | 10000 | 10000 |
9/30/2023 | 9976 | 9889 |
10/31/2023 | 9018 | 9681 |
11/30/2023 | 10105 | 10565 |
12/31/2023 | 10609 | 11045 |
1/31/2024 | 10306 | 11230 |
2/29/2024 | 10463 | 11830 |
3/31/2024 | 11462 | 12211 |
4/30/2024 | 12162 | 11712 |
5/31/2024 | 11552 | 12293 |
6/30/2024 | 10461 | 12734 |
7/31/2024 | 11842 | 12889 |
8/31/2024 | 13111 | 13201 |
9/30/2024 | 14080 | 13483 |
10/31/2024 | 14250 | 13361 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (09/25/2023) |
|---|
YieldMax™ PYPL Option Income Strategy ETF - at NAV | 58.02% | 38.04% |
S&P 500® Total Return Index | 38.02% | 30.18% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/PYPY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends. The underlying PYPL’s positive performance positively impacted the Fund’s ability to capture a portion of the upside. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. In general, during the reporting period, the underlying PYPL had consistently higher implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $45,200 |
Number of Holdings | 10 |
Total Advisory Fee Paid | $174,754 |
Annual Portfolio Turnover | 344% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.891 |
Purchased Call Options | 0.087 |
Cash & Cash Equivalents | 0.022 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.019 |
Written Put Options | -0.023 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 27.2 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.6 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 25.7 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 9.6 |
PayPal Holdings, Inc., Expiration: 12/20/2024; Exercise Price: $75.00 | 7.9 |
First American Government Obligations Fund - Class X, 4.78% | 5.3 |
PayPal Holdings, Inc., Expiration: 11/08/2024; Exercise Price: $83.00 | 0.8 |
PayPal Holdings, Inc., Expiration: 11/01/2024; Exercise Price: $91.00 | 0.0* |
PayPal Holdings, Inc., Expiration: 11/08/2024; Exercise Price: $80.00 | -1.9 |
PayPal Holdings, Inc., Expiration: 12/20/2024; Exercise Price: $75.01 | -2.3 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PYPY.
YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ SMCI Option Income Strategy ETF Ticker: SMCY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ SMCI Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SMCY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SMCI Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ SMCI Option Income Strategy ETF | $12 | 0.99% |
The Fund commenced operations on September 11, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ SMCI Option Income Strategy ETF | S&P 500® Total Return Index |
9/11/2024 | 10000 | 10000 |
9/30/2024 | 9798 | 10382 |
10/31/2024 | 7325 | 10288 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (09/11/2024) |
|---|
YieldMax™ SMCI Option Income Strategy ETF - at NAV | -26.75% |
S&P 500® Total Return Index | 2.88% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/SMCY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated negative total returns primarily due to the poor performance of the underlying SMCI. It did pay out substantial monthly dividends.It is worth noting that the Fund was not live for the entire reporting period so there is limited history. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying SMCI saw a high implied volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $11,596 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $6,707 |
Portfolio Turnover | 0%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.777 |
Purchased Call Options | 0.06 |
Cash & Cash Equivalents | 0.163 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.001 |
Written Put Options | -0.171 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
First American Government Obligations Fund - Class X, 4.78% | 50.8 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 19.5 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 19.4 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 19.4 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 19.4 |
Super Micro Computer, Inc., Expiration: 11/08/2024; Exercise Price: $33.00 | 6.0 |
Super Micro Computer, Inc., Expiration: 11/01/2024; Exercise Price: $58.00 | 0.0* |
Super Micro Computer, Inc., Expiration: 11/01/2024; Exercise Price: $57.50 | 0.0* |
Super Micro Computer, Inc., Expiration: 11/01/2024; Exercise Price: $38.00 | (0.0)^ |
Super Micro Computer, Inc., Expiration: 11/01/2024; Exercise Price: $50.00 | -0.1 |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SMCY.
YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ SNOW Option Income Strategy ETF Ticker: SNOY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ SNOW Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SNOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SNOW Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ SNOW Option Income Strategy ETF | $41 | 1.04% |
The Fund commenced operations on June 10, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ SNOW Option Income Strategy ETF | S&P 500® Total Return Index |
6/10/2024 | 10000 | 10000 |
6/30/2024 | 10483 | 10193 |
7/31/2024 | 10249 | 10317 |
8/31/2024 | 9509 | 10567 |
9/30/2024 | 9792 | 10793 |
10/31/2024 | 9833 | 10695 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (06/10/2024) |
|---|
YieldMax™ SNOW Option Income Strategy ETF - at NAV | -1.67% |
S&P 500® Total Return Index | 6.95% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/SNOY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated flat total returns while paying out high monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying SNOW saw generally higher implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $18,756 |
Number of Holdings | 14 |
Total Advisory Fee Paid | $48,315 |
Portfolio Turnover | 2%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.902 |
Purchased Call Options | 0.061 |
Cash & Cash Equivalents | 0.037 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.006 |
Written Put Options | -0.139 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.3 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 24.7 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 21.5 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 17.7 |
First American Government Obligations Fund - Class X, 4.78% | 8.9 |
Snowflake, Inc., Expiration: 12/20/2024; Exercise Price: $125.00 | 5.9 |
Snowflake, Inc., Expiration: 11/08/2024; Exercise Price: $123.00 | 0.1 |
Snowflake, Inc., Expiration: 11/01/2024; Exercise Price: $124.00 | 0.1 |
Snowflake, Inc., Expiration: 11/01/2024; Exercise Price: $122.00 | 0.0* |
Snowflake, Inc., Expiration: 11/01/2024; Exercise Price: $123.00 | (0.0)^ |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SNOY.
YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SQ Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ SQ Option Income Strategy ETF Ticker: SQY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ SQ Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SQY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SQ Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ SQ Option Income Strategy ETF | $197 | 1.43% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ SQ Option Income Strategy ETF | S&P 500® Total Return Index |
10/10/2023 | 10000 | 10000 |
10/31/2023 | 8883 | 9628 |
11/30/2023 | 12414 | 10507 |
12/31/2023 | 14503 | 10984 |
1/31/2024 | 12165 | 11169 |
2/29/2024 | 14502 | 11765 |
3/31/2024 | 16043 | 12144 |
4/30/2024 | 14391 | 11648 |
5/31/2024 | 13268 | 12225 |
6/30/2024 | 13843 | 12664 |
7/31/2024 | 13306 | 12818 |
8/31/2024 | 14660 | 13129 |
9/30/2024 | 14885 | 13410 |
10/31/2024 | 15545 | 13288 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (10/10/2023) |
|---|
YieldMax™ SQ Option Income Strategy ETF - at NAV | 75.00% | 51.76% |
S&P 500® Total Return Index | 38.02% | 30.84% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/SQY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends. The underlying SQ’s positive performance positively impacted the Fund’s ability to capture a portion of the upside. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying SQ saw generally higher implied volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying SQ performed well, SQY was able to capture a nice portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ SQ Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ SQ Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $50,274 |
Number of Holdings | 10 |
Total Advisory Fee Paid | $306,130 |
Annual Portfolio Turnover | 0% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.874 |
Purchased Call Options | 0.142 |
Cash & Cash Equivalents | -0.016 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.003 |
Written Put Options | -0.038 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.6 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 26.2 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 24.9 |
Block, Inc., Expiration: 12/20/2024; Exercise Price: $65.00 | 14.2 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 9.7 |
First American Government Obligations Fund - Class X, 4.78% | 1.5 |
Block, Inc., Expiration: 11/01/2024; Exercise Price: $80.00 | 0.0* |
Block, Inc., Expiration: 11/01/2024; Exercise Price: $78.00 | 0.0* |
Block, Inc., Expiration: 11/01/2024; Exercise Price: $74.00 | -0.3 |
Block, Inc., Expiration: 12/20/2024; Exercise Price: $65.01 | -3.8 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SQY.
YieldMax™ SQ Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ TSLA Option Income Strategy ETF Ticker: TSLY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/TSLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSLA Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ TSLA Option Income Strategy ETF | $109 | 1.04% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ TSLA Option Income Strategy ETF | S&P 500® Total Return Index |
11/22/2022 | 10000 | 10000 |
11/30/2022 | 10727 | 10196 |
12/31/2022 | 7325 | 9608 |
1/31/2023 | 8508 | 10212 |
2/28/2023 | 10220 | 9963 |
3/31/2023 | 10304 | 10329 |
4/30/2023 | 8446 | 10490 |
5/31/2023 | 10125 | 10535 |
6/30/2023 | 11752 | 11231 |
7/31/2023 | 12448 | 11592 |
8/31/2023 | 11256 | 11408 |
9/30/2023 | 11011 | 10864 |
10/31/2023 | 9274 | 10635 |
11/30/2023 | 10248 | 11607 |
12/31/2023 | 11004 | 12134 |
1/31/2024 | 8656 | 12338 |
2/29/2024 | 9605 | 12997 |
3/31/2024 | 8652 | 13415 |
4/30/2024 | 8835 | 12867 |
5/31/2024 | 8924 | 13505 |
6/30/2024 | 9856 | 13990 |
7/31/2024 | 10237 | 14160 |
8/31/2024 | 9549 | 14503 |
9/30/2024 | 10602 | 14813 |
10/31/2024 | 10127 | 14679 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (11/22/2022) |
|---|
YieldMax™ TSLA Option Income Strategy ETF - at NAV | 9.21% | 0.65% |
S&P 500® Total Return Index | 38.02% | 21.88% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/TSLY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated total returns that were flat while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying TSLA saw a lull in implied volatility but picked up the later portion of the year. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $826,581 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $7,356,788 |
Annual Portfolio Turnover | 51% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.065 |
Purchased Call Options | 0.046 |
Cash & Cash Equivalents | -0.111 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.02 |
Written Put Options | -0.057 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 27.4 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 26.5 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.5 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 26.1 |
Tesla, Inc., Expiration: 11/15/2024; Exercise Price: $255.00 | 3.7 |
First American Government Obligations Fund - Class X, 4.78% | 2.1 |
Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $275.00 | 0.7 |
Tesla, Inc., Expiration: 11/15/2024; Exercise Price: $245.00 | 0.2 |
Tesla, Inc., Expiration: 11/15/2024; Exercise Price: $245.01 | -0.1 |
Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $260.00 | -2.0 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective February 26, 2024, the Fund executed a 1:2 reverse stock split of their issued and outstanding shares.
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no material changes during the reporting period.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSLY.
YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ TSM Option Income Strategy ETF Ticker: TSMY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/TSMY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSM Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ TSM Option Income Strategy ETF | $20 | 0.99% |
The Fund commenced operations on August 20, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ TSM Option Income Strategy ETF | S&P 500® Total Return Index |
8/20/2024 | 10000 | 10000 |
8/31/2024 | 10126 | 10095 |
9/30/2024 | 9767 | 10311 |
10/31/2024 | 10526 | 10217 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (08/20/2024) |
|---|
YieldMax™ TSM Option Income Strategy ETF - at NAV | 5.26% |
S&P 500® Total Return Index | 2.17% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/TSMY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying TSM saw somewhat higher implied volatility, although mixed during its tenure. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $23,232 |
Number of Holdings | 13 |
Total Advisory Fee Paid | $10,625 |
Portfolio Turnover | 7%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.686 |
Purchased Call Options | 0.061 |
Cash & Cash Equivalents | 0.253 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.016 |
Written Put Options | -0.024 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
First American Government Obligations Fund - Class X, 4.78% | 22.1 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 17.2 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 17.2 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 17.1 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 17.1 |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/15/2024; Exercise Price: $185.00 | 5.5 |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/08/2024; Exercise Price: $207.50 | 0.4 |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/08/2024; Exercise Price: $205.00 | 0.1 |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/08/2024; Exercise Price: $210.00 | 0.1 |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/08/2024; Exercise Price: $200.00 | -0.2 |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSMY.
YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Ultra Option Income Strategy ETF Ticker: ULTY (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/ULTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Ultra Option Income Strategy ETF | $81 | 1.25% |
The Fund commenced operations on February 28, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Ultra Option Income Strategy ETF | S&P 500® Total Return Index |
2/28/2024 | 10000 | 10000 |
2/29/2024 | 9675 | 10054 |
3/31/2024 | 9784 | 10378 |
4/30/2024 | 8538 | 9954 |
5/31/2024 | 9025 | 10448 |
6/30/2024 | 9218 | 10823 |
7/31/2024 | 9038 | 10954 |
8/31/2024 | 8875 | 11220 |
9/30/2024 | 9119 | 11460 |
10/31/2024 | 9237 | 11356 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (02/28/2024) |
|---|
YieldMax™ Ultra Option Income Strategy ETF - at NAV | -7.63% |
S&P 500® Total Return Index | 13.56% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/ULTY for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated slightly negative total returns while paying out substantial monthly dividends. Since ULTY looks to develop a portfolio of 15-30 underlying stocks with covered calls and/or covered spreads, the volatility of the underlying securities will impact the performance of the Fund where negative moves in the underlying will filter through to the Fund. Since the underlying securities are selected based on a screen for high implied volatility, a significant opportunity to sell higher extrinsic premiums exists to filter through to investors as distributions. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture. It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
The implied volatility of the underlying securities plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying issues saw high implied volatility on a consistent basis due to the selection criteria. Often the Fund may include positions that have impending earnings announcements and may be volatile in their price movements as well as having high implied volatility around those earnings announcements leading to outsized option premiums. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads.
All while having the ability to capture a portion of the upside moves in the underlying stock.
This Fund can, by screens for high implied volatility, earnings releases, and other factors, find underlying securities where the extrinsic premiums are much higher than average for investors.
YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $205,431 |
Number of Holdings | 79 |
Total Advisory Fee Paid | $1,037,770 |
Portfolio Turnover | 717%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
Common Stocks | 0.691 |
Exchange Traded Funds | 0.148 |
Purchased Call Options | 0.009 |
Purchased Put Options | 0.02 |
Cash & Cash Equivalents | 0.132 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.032 |
Written Put Options | -0.012 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
First American Government Obligations Fund - Class X, 4.78% | 14.5 |
NVIDIA Corp. | 5.4 |
ProShares UltraPro QQQ | 5.4 |
Direxion Daily Small Cap Bull 3X Shares | 5.3 |
NuScale Power Corp. | 4.7 |
MARA Holdings, Inc. | 4.5 |
Unity Software, Inc. | 4.4 |
Redfin Corp. | 4.3 |
Palantir Technologies, Inc. | 4.2 |
MicroStrategy, Inc. | 4.0 |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ULTY.
YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ XOM Option Income Strategy ETF Ticker: XOMO (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/XOMO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XOM Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ XOM Option Income Strategy ETF | $132 | 1.25% |
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ XOM Option Income Strategy ETF | S&P 500® Total Return Index |
8/30/2023 | 10000 | 10000 |
8/31/2023 | 9992 | 9986 |
9/30/2023 | 10178 | 9510 |
10/31/2023 | 9292 | 9310 |
11/30/2023 | 9243 | 10161 |
12/31/2023 | 9143 | 10622 |
1/31/2024 | 9209 | 10801 |
2/29/2024 | 9499 | 11377 |
3/31/2024 | 10108 | 11743 |
4/30/2024 | 10146 | 11264 |
5/31/2024 | 10093 | 11822 |
6/30/2024 | 9909 | 12246 |
7/31/2024 | 10129 | 12395 |
8/31/2024 | 10398 | 12696 |
9/30/2024 | 10366 | 12967 |
10/31/2024 | 10320 | 12850 |
Annual Performance
Annualized Returns for the Periods Ended October 31, 2024 | 1 Year | Since Inception (08/30/2023) |
|---|
YieldMax™ XOM Option Income Strategy ETF - at NAV | 11.07% | 2.73% |
S&P 500® Total Return Index | 38.02% | 23.90% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/XOMO for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out monthly dividends.Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the underlying security plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying XOM saw implied volatility more measured with small periods of increases. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. As the underlying XOM performed was positive, XOMO was able to capture a portion of that upside.Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements of the underlying stock.
YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $32,232 |
Number of Holdings | 12 |
Total Advisory Fee Paid | $193,189 |
Annual Portfolio Turnover | 6% |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.904 |
Purchased Call Options | 0.061 |
Cash & Cash Equivalents | 0.035 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.003 |
Written Put Options | -0.02 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 26.4 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 24.8 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 24.0 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 15.2 |
First American Government Obligations Fund - Class X, 4.78% | 6.1 |
Exxon Mobil Corp., Expiration: 11/15/2024; Exercise Price: $115.00 | 3.4 |
Exxon Mobil Corp., Expiration: 11/01/2024; Exercise Price: $124.00 | 0.1 |
Exxon Mobil Corp., Expiration: 11/08/2024; Exercise Price: $122.00 | 0.0* |
Exxon Mobil Corp., Expiration: 11/01/2024; Exercise Price: $125.00 | 0.0* |
Exxon Mobil Corp., Expiration: 11/08/2024; Exercise Price: $119.00 | (0.0)^ |
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/XOMO.
YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Bitcoin Option Income Strategy ETF Ticker: YBIT (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YBIT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Bitcoin Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Bitcoin Option Income Strategy ETF | $242 | 4.75% |
The Fund commenced operations on April 22, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Bitcoin Option Income Strategy ETF | S&P 500® Total Return Index |
4/22/2024 | 10000 | 10000 |
4/30/2024 | 9482 | 10052 |
5/31/2024 | 10432 | 10550 |
6/30/2024 | 9356 | 10929 |
7/31/2024 | 9621 | 11062 |
8/31/2024 | 8401 | 11330 |
9/30/2024 | 8619 | 11572 |
10/31/2024 | 9275 | 11467 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (04/22/2024) |
|---|
YieldMax™ Bitcoin Option Income Strategy ETF - at NAV | -7.26% |
S&P 500® Total Return Index | 14.67% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/YBIT for more recent performance information.
How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated negative total returns primarily due to the performance of the underlying bitcoin related ETPs (exchange traded products). At the same time, it paid out substantial monthly dividends. Selling covered calls or covered call spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.It is worth noting that YBIT was not live during the entire reporting period.
What Factors Influenced Performance?
The implied volatility of underlying exchange traded products plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying ETPs saw higher volatility.As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund offers investors the opportunity to access bitcoin related ETPs.
The Fund aims to generate high current income for investors looking for alternative yield options in the marketplace with the ability to sell covered calls and/or covered call spreads, all while having the ability to capture a portion of the upside movements in the underlying stock.
YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $47,830 |
Number of Holdings | 8 |
Total Advisory Fee Paid | $213,117 |
Portfolio Turnover | 28%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 1.058 |
Purchased Call Options | 0.002 |
Cash & Cash Equivalents | -0.06 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Purchased Call Options | -0.01 |
Purchased Put Options | -0.326 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 29.3 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 29.2 |
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 24.6 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 22.7 |
First American Government Obligations Fund - Class X, 4.78% | 5.3 |
ProShares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $26.00 | 0.2 |
ProShares Bitcoin ETF, Expiration: 11/08/2024; Exercise Price: $21.00 | -1.0 |
Proshares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $26.01 | -32.6 |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YBIT.
YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Magnificent 7 Fund of Option Income ETFs Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Magnificent 7 Fund of Option Income ETFs Ticker: YMAG (Listed on , Inc.) |
This annual shareholder report contains important information about the YieldMax™ Magnificent 7 Fund of Option Income ETFs (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YMAG. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Magnificent 7 Fund of Option Income ETFs c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Magnificent 7 Fund of Option Income ETFs | $24 | 0.29% |
The Fund commenced operations on January 29, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Magnificent 7 Fund Of Option Income ETFs | S&P 500® Total Return Index |
1/29/2024 | 10000 | 10000 |
1/31/2024 | 9740 | 9834 |
2/29/2024 | 10608 | 10359 |
3/31/2024 | 10763 | 10693 |
4/30/2024 | 10589 | 10256 |
5/31/2024 | 11252 | 10764 |
6/30/2024 | 12038 | 11151 |
7/31/2024 | 11753 | 11286 |
8/31/2024 | 11773 | 11560 |
9/30/2024 | 12188 | 11807 |
10/31/2024 | 12244 | 11700 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (01/29/2024) |
|---|
YieldMax™ Magnificent 7 Fund Of Option Income ETFs - at NAV | 22.44% |
S&P 500® Total Return Index | 17.00% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/YMAG for more recent performance information.
How did the Fund perform last year and what affected its performance?
The YieldMax™ Magnificent 7 Fund is a “Fund of Funds” in that it holds other individual security YieldMax™ tickers including Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (FBY), Microsoft (MSFT), NVIDIA (NVDA) and Tesla (TSLA). During the reporting period, the Fund generated positive total returns primarily due to the positive performance of the underlying securities contained in the YieldMax™ Funds within the portfolio. It also paid out substantial monthly dividends.It is worth noting that the Fund was not live for the entire reporting period.Selling covered calls or covered call spreads allowed the Fund’s "underlying Funds" to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the collective ETFs held, and their underlying securities play a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying ETFs had varied implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since each of the Funds has the downside risk of its underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund allows investors to impart a measure of diversification in a single ETF to help spread out the risk while still having the ability to generate high current income via dividend distributions.
The convenience for investors to allow YMAG to add and adjust its underlying ETF holdings ensures that new entrants into the market can continue to add to the diversification benefits.
YieldMax™ Magnificent 7 Fund of Option Income ETFs Tailored Shareholder Report
YieldMax™ Magnificent 7 Fund of Option Income ETFs Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $182,671 |
Number of Holdings | 8 |
Total Advisory Fee Paid | $172,695 |
Portfolio Turnover | 21%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
Exchange Traded Funds | 0.987 |
Cash & Cash Equivalents | 0.013 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.
Top Ten Holdings | (% of net assets) |
|---|
Yieldmax TSLA Option Income Strategy ETF | 15.1 |
Yieldmax META Option Income Strategy ETF | 14.7 |
YieldMax GOOGL Option Income Strategy ETF | 14.2 |
YieldMax MSFT Option Income Strategy ETF | 14.0 |
Yieldmax AMZN Option Income Strategy ETF | 13.6 |
YieldMax NVDA Option Income Strategy ETF | 13.6 |
YieldMax AAPL Option Income Strategy ETF | 13.5 |
First American Government Obligations Fund - Class X, 4.78% | 1.0 |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAG.
YieldMax™ Magnificent 7 Fund of Option Income ETFs Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Universe Fund of Option Income ETFs Ticker: YMAX (Listed on NYSE Arca, Inc.) |
This annual shareholder report contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YMAX. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Universe Fund of Option Income ETFs c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Universe Fund of Option Income ETFs | $25 | 0.29% |
The Fund commenced operations on January 16, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Universe Fund Of Option Income ETFs | S&P 500® Total Return Index |
1/16/2024 | 10000 | 10000 |
1/31/2024 | 10095 | 10171 |
2/29/2024 | 11013 | 10714 |
3/31/2024 | 11423 | 11059 |
4/30/2024 | 10832 | 10607 |
5/31/2024 | 11299 | 11133 |
6/30/2024 | 11413 | 11533 |
7/31/2024 | 11371 | 11673 |
8/31/2024 | 11075 | 11956 |
9/30/2024 | 11427 | 12211 |
10/31/2024 | 11511 | 12101 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (01/16/2024) |
|---|
YieldMax™ Universe Fund Of Option Income ETFs - at NAV | 15.11% |
S&P 500® Total Return Index | 21.01% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/YMAX for more recent performance information.
How did the Fund perform last year and what affected its performance?
The Fund is a “Fund of Funds,” meaning that it will primarily invest its assets in other YieldMax™ ETFs. During the reporting period, the Fund generated positive total returns which was a result of its underlying Funds underlying securities and the additional extrinsic options premiums generated that the corresponding Funds generating capturing extrinsic premiums. The Fund paid out higher dividends each month. As other YieldMax™ ETFs become available, they can be included in YMAX so the underlying Funds that are available and the performance of those Funds play a part in the performance of YMAX. It is worth noting that the Fund was not live for the entire reporting period. Selling covered calls or covered call spreads allowed the Fund’s “underlying Funds” to capture extrinsic time value available for distribution to shareholders while offering a portion of the upside capture.
What Factors Influenced Performance?
The implied volatility of the collective ETFs held, and their underlying securities play a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying ETFs had varied implied volatility. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since each of the Funds has the downside risk of its underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may forgo a portion of the upside which is an expected trade-off in exchange from capturing option premiums.
Positioning of the Fund
The Fund allows investors to impart a measure of diversification in a single ETF to help spread out the risk while still having the ability to generate high current income via dividend distributions.
The convenience for investors to allow YMAX to add and adjust its underlying ETF holdings ensures that new entrants into the market can continue to add to the diversification benefits.
YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report
YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $345,370 |
Number of Holdings | 30 |
Total Advisory Fee Paid | $408,184 |
Portfolio Turnover | 64%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
Exchange Traded Funds | 0.942 |
Cash & Cash Equivalents | 0.058 |
Purchased Call Options | 0.00 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Written Call Options | -0.00 |
Written Put Options | -0.017 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
| * | | Less than 0.05% of net assets. |
| ^ | | Less than -0.05% of net assets. |
Top Ten Holdings | (% of net assets) |
|---|
First American Government Obligations Fund - Class X, 4.78% | 4.5 |
Yieldmax TSLA Option Income Strategy ETF | 4.3 |
YieldMax MRNA Option Income Strategy ETF | 4.2 |
Yieldmax Meta Option Income Strategy ETF | 4.2 |
YieldMax JPM Option Income Strategy ETF | 4.1 |
YieldMax NFLX Option Income Strategy ETF | 4.0 |
YieldMax GOOGL Option Income Strategy ETF | 4.0 |
YieldMax ABNB Option Income Strategy ETF | 4.0 |
YieldMax PYPL Option Income Strategy ETF | 4.0 |
YieldMax BABA Option Income Strategy ETF | 4.0 |
How has the Fund changed?
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAX.
YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report
YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report
annual Shareholder Report October 31, 2024 YieldMax™ Short N100 Option Income Strategy ETF Ticker: YQQQ (Listed on the Nasdaq Stock Market, LLC) |
This annual shareholder report contains important information about the YieldMax™ Short N100 Option Income Strategy ETF (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/YQQQ. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short N100 Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
YieldMax™ Short N100 Option Income Strategy ETF | $21 | 0.99% |
The Fund commenced operations on August 14, 2024. Expenses for a full reporting period would be higher than the figures shown.
Cumulative Performance
(Initial Investment of $10,000)
Date | YieldMax™ Short N100 Option Income Strategy ETF | S&P 500® Total Return Index |
8/14/2024 | 10000 | 10000 |
8/31/2024 | 9876 | 10364 |
9/30/2024 | 9519 | 10585 |
10/31/2024 | 9691 | 10489 |
Annual Performance
Returns for the Period Ended October 31, 2024 | Since Inception (08/14/2024) |
|---|
YieldMax™ Short N100 Option Income Strategy ETF - at NAV | -3.09% |
S&P 500® Total Return Index | 4.89% |
The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit www.yieldmaxetfs.com/our-etfs/YQQQ for more recent performance information.
How did the Fund perform last year and what affected its performance?
YQQQ is part of the inverse YieldMax™ lineup that looks to be positioned synthetically short the underlying QQQ security while selling covered puts and/or covered put spreads. The Fund benefits when QQQ’s share price decreases, generates extrinsic premiums via option selling available as a distribution to investors, and has upside risk of the underlying. During the reporting period, the Fund generated slightly negative total returns while paying out substantial monthly dividends.Selling covered puts or covered put spreads allowed the Fund to capture extrinsic time value available for distribution to shareholders while offering a portion of the downside capture.It is worth noting that the Fund was not live for the entire reporting period.
What Factors Influenced Performance?
When the underlying moves higher, it can create losses for this inverse ETF. The implied volatility of the underlying index plays a significant role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the underlying QQQ mixed implied volatility with just having missed the August 5th spike and market downturn. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has upside risk of the underlying, taking in premiums helps offset negative moves where an investor in the Fund would potentially expect to lose less over a period. Conversely, investors may give up a portion of the downside which is an expected trade-off in exchange from capturing option premiums.
YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report
YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report
Key Fund Statistics
(as of October 31, 2024)
| |
|---|
Fund Size (Thousands) | $6,051 |
Number of Holdings | 11 |
Total Advisory Fee Paid | $8,465 |
Portfolio Turnover | 0%* |
| * | | Not annualized for periods less than one year. |
What did the Fund invest in?
(as of October 31, 2024)
Security Type - Investments
(% of net assets)
Sector | % |
U.S. Treasury Securities | 0.998 |
Purchased Put Options | 0.004 |
Purchased Call Options | 0.00 |
Cash & Cash Equivalents | -0.002 |
Security Type - Other Financial Instruments
(% of net assets)
Sector | % |
Purchased Put Options | -0.01 |
Purchased Call Options | -0.074 |
Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.
| * | | Less than 0.05% of net assets. |
Top Ten Holdings | (% of net assets) |
|---|
U.S. Treasury Note/Bond - 2.63%, 04/15/2025 | 25.3 |
U.S. Treasury Note/Bond - 3.00%, 07/15/2025 | 25.2 |
U.S. Treasury Note/Bond - 3.88%, 01/15/2026 | 25.2 |
U.S. Treasury Note/Bond - 0.75%, 11/15/2024 | 24.1 |
First American Government Obligations Fund - Class X, 4.78% | 0.9 |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $450.00 | 0.4 |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $645.00 | 0.0* |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $600.00 | 0.0* |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $585.00 | 0.0* |
Invesco QQQ Trust Series 1, Expiration: 11/01/2024; Exercise Price: $489.00 | -1.0 |
| * | | Less than 0.05% of net assets. |
This is a summary of certain changes to the Fund. For more complete information, you may review the Fund’s Prospectus.
How has the Fund changed?
Effective September 6, 2024, the Fund will at times opportunistically sell a credit call spread (described below) instead of selling a call option (i.e., the standard strategy) when ZEGA Financial, LLC (the Sub-Adviser) believes doing so will be more advantageous to the Fund’s total return.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YQQQ.
YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
YieldMax ETFs
| | FYE 10/31/2024 | FYE 10/31/2023 |
| ( a ) Audit Fees | $397,500 | $183,500 |
| ( b ) Audit-Related Fees | N/A | N/A |
| ( c ) Tax Fees | $102,000 | $51,000 |
| ( d ) All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 10/31/2024 | FYE 10/31/2023 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 10/31/2024 | FYE 10/31/2023 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, and David Norris.
(b) Not applicable
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Financial Statements
October 31, 2024
Tidal Trust II
| •YieldMax AAPL Option Income Strategy ETF | | APLY | | NYSE Arca, Inc. |
| •YieldMax ABNB Option Income Strategy ETF | | ABNY | | NYSE Arca, Inc. |
| •YieldMax AI Option Income Strategy ETF | | AIYY | | NYSE Arca, Inc. |
| •YieldMax AMD Option Income Strategy ETF | | AMDY | | NYSE Arca, Inc. |
| •YieldMax AMZN Option Income Strategy ETF | | AMZY | | NYSE Arca, Inc. |
| •YieldMax BABA Option Income Strategy ETF | | BABO | | NYSE Arca, Inc. |
| •YieldMax Bitcoin Option Income Strategy ETF | | YBIT | | NYSE Arca, Inc. |
| •YieldMax COIN Option Income Strategy ETF | | CONY | | NYSE Arca, Inc. |
| •YieldMax DIS Option Income Strategy ETF | | DISO | | NYSE Arca, Inc. |
| •YieldMax Gold Miners Option Income Strategy ETF | | GDXY | | NYSE Arca, Inc. |
| •YieldMax GOOGL Option Income Strategy ETF | | GOOY | | NYSE Arca, Inc. |
| •YieldMax Innovation Option Income Strategy ETF | | OARK | | NYSE Arca, Inc. |
| •YieldMax JPM Option Income Strategy ETF | | JPMO | | NYSE Arca, Inc. |
| •YieldMax Magnificent 7 Fund of Option Income ETFs | | YMAG | | NYSE Arca, Inc. |
| •YieldMax META Option Income Strategy ETF | | FBY | | NYSE Arca, Inc. |
| •YieldMax MRNA Option Income Strategy ETF | | MRNY | | NYSE Arca, Inc. |
| •YieldMax MSFT Option Income Strategy ETF | | MSFO | | NYSE Arca, Inc. |
| •YieldMax MSTR Option Income Strategy ETF | | MSTY | | NYSE Arca, Inc. |
| •YieldMax NFLX Option Income Strategy ETF | | NFLY | | NYSE Arca, Inc. |
| •YieldMax NVDA Option Income Strategy ETF | | NVDY | | NYSE Arca, Inc. |
| •YieldMax PLTR Option Income Strategy ETF | | PLTY | | NYSE Arca, Inc. |
| •YieldMax PYPL Option Income Strategy ETF | | PYPY | | NYSE Arca, Inc. |
| •YieldMax Short COIN Option Income Strategy ETF | | FIAT | | NYSE Arca, Inc. |
| •YieldMax Short N100 Option Income Strategy ETF | | YQQQ | | Nasdaq Stock Market, LLC |
| •YieldMax Short NVDA Option Income Strategy ETF | | DIPS | | NYSE Arca, Inc. |
| •YieldMax Short TSLA Option Income Strategy ETF | | CRSH | | NYSE Arca, Inc. |
| •YieldMax SMCI Option Income Strategy ETF | | SMCY | | NYSE Arca, Inc. |
| •YieldMax SNOW Option Income Strategy ETF | | SNOY | | NYSE Arca, Inc. |
| •YieldMax SQ Option Income Strategy ETF | | SQY | | NYSE Arca, Inc. |
| •YieldMax TSLA Option Income Strategy ETF | | TSLY | | NYSE Arca, Inc. |
| •YieldMax TSM Option Income Strategy ETF | | TSMY | | NYSE Arca, Inc. |
| •YieldMax Ultra Option Income Strategy ETF | | ULTY | | NYSE Arca, Inc. |
| •YieldMax Universe Fund of Option Income ETFs | | YMAX | | NYSE Arca, Inc. |
| •YieldMax XOM Option Income Strategy ETF | | XOMO | | NYSE Arca, Inc. |
YieldMax ETFs
Table of Contents
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax AAPL Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 91.6% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 28,722,000 | | | $ | 28,678,726 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 20,824,000 | | | | 20,660,357 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 17,857,000 | | | | 17,697,784 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 17,736,000 | | | | 17,658,405 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $84,489,286) | | | | | | | | | | | 84,695,272 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 4.5% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 4.5% | | | | | | | | | | | | |
| Apple, Inc., Expiration: 12/20/2024; Exercise Price: $225.00 | | $ | 91,493,550 | | | | 4,050 | | | | 4,151,250 | |
| Apple, Inc., Expiration: 11/01/2024; Exercise Price: $245.00 | | | 91,493,550 | | | | 4,050 | | | | 48,600 | |
| TOTAL PURCHASED OPTIONS (Cost $5,177,722) | | | | | | | | | | | 4,199,850 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | | | | | | | | |
| Money Market Funds - 1.0% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 928,335 | | | | 928,335 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $928,335) | | | | | | | | | | | 928,335 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 97.1% (Cost $90,595,343) | | | | | | | | | | | 89,823,457 | |
| Other Assets in Excess of Liabilities - 2.9% | | | | | | | | | | | 2,640,675 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 92,464,132 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax AAPL Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (3.8)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.2)% | | | | | | | | | | | | |
| Apple, Inc., Expiration: 11/01/2024; Exercise Price: $237.50 | | $ | (91,493,550 | ) | | | (4,050 | ) | | $ | (240,975 | ) |
| | | | | | | | | | | | | |
| Put Options - (3.6)% | | | | | | | | | | | | |
| Apple, Inc., Expiration: 12/20/2024; Exercise Price: $225.01 | | | (91,493,550 | ) | | | (4,050 | ) | | | (3,306,240 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $3,809,319) | | | | | | | | | | $ | (3,547,215 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 1 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax ABNB Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 80.7% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 3,021,000 | | | $ | 3,016,448 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 3,733,000 | | | | 3,703,665 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 4,037,000 | | | | 4,001,005 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 2,806,000 | | | | 2,793,724 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $13,503,375) | | | | | | | | | | | 13,514,842 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 8.9% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 8.9% | | | | | | | | | | | | |
| Airbnb, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $141.00 | | $ | 15,905,220 | | | | 1,180 | | | | 5,310 | |
| Expiration: 11/08/2024; Exercise Price: $155.00 | | | 606,555 | | | | 45 | | | | 3,915 | |
| Expiration: 11/08/2024; Exercise Price: $152.50 | | | 202,185 | | | | 15 | | | | 1,613 | |
| Expiration: 12/20/2024; Exercise Price: $130.00 | | | 16,713,960 | | | | 1,240 | | | | 1,484,900 | |
| TOTAL PURCHASED OPTIONS (Cost $1,319,762) | | | | | | | | | | | 1,495,738 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 3.4% | | | | | | | | | | | | |
| Money Market Funds - 3.4% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 567,987 | | | | 567,987 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $567,987) | | | | | | | | | | | 567,987 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 93.0% (Cost $15,391,124) | | | | | | | | | | | 15,578,567 | |
| Other Assets in Excess of Liabilities - 7.0% | | | | | | | | | | | 1,164,435 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 16,743,002 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax ABNB Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (5.6)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.9)% | | | | | | | | | | | | |
| Airbnb, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $135.00 | | $ | (15,905,220 | ) | | | (1,180 | ) | | $ | (129,800 | ) |
| Expiration: 11/08/2024; Exercise Price: $142.00 | | | (202,185 | ) | | | (15 | ) | | | (4,837 | ) |
| Expiration: 11/08/2024; Exercise Price: $145.00 | | | (606,555 | ) | | | (45 | ) | | | (10,868 | ) |
| Total Call Options | | | | | | | | | | | (145,505 | ) |
| | | | | | | | | | | | | |
Put Options - (4.7)% | | | | | | | | | | | | |
| Airbnb, Inc., Expiration: 12/20/2024; Exercise Price: $130.01 | | | (16,713,960 | ) | | | (1,240 | ) | | | (790,003 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $1,262,563) | | | | | | | | | | $ | (935,508 | ) |
Percentages are stated as a percent of net assets.
| | (a) | Exchange-traded. |
| | (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 2 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax AI Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 96.5% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 7,143,000 | | | $ | 7,132,238 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 6,885,000 | | | | 6,830,895 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 9,653,000 | | | | 9,566,932 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 9,590,000 | | | | 9,548,043 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $32,964,528) | | | | | | | | | | | 33,078,108 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 4.6% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 4.6% | | | | | | | | | | | | |
| C3.ai, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $30.00 | | $ | 32,068,260 | | | | 13,020 | | | | 71,610 | |
| Expiration: 11/08/2024; Exercise Price: $29.00 | | | 2,253,645 | | | | 915 | | | | 7,777 | |
| Expiration: 11/15/2024; Exercise Price: $25.00 | | | 34,321,905 | | | | 13,935 | | | | 1,511,948 | |
| TOTAL PURCHASED OPTIONS (Cost $2,281,601) | | | | | | | | | | | 1,591,335 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | | | | | | | | |
| Money Market Funds - 1.0% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 332,262 | | | | 332,262 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $332,262) | | | | | | | | | | | 332,262 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 102.1% (Cost $35,578,391) | | | | | | | | | | | 35,001,705 | |
| Liabilities in Excess of Other Assets - (2.1)% | | | | | | | | | | | (729,457 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 34,272,248 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax AI Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (6.6)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.9)% | | | | | | | | | | | | |
| C3.ai, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $26.00 | | $ | (2,253,645 | ) | | | (915 | ) | | $ | (42,090 | ) |
| Expiration: 11/08/2024; Exercise Price: $27.50 | | | (32,068,260 | ) | | | (13,020 | ) | | | (266,910 | ) |
| Total Call Options | | | | | | | | | | | (309,000 | ) |
| | | | | | | | | | | | | |
Put Options - (5.7)% | | | | | | | | | | | | |
| C3.ai, Inc., Expiration: 11/15/2024; Exercise Price: $25.01 | | | (34,321,905 | ) | | | (13,935 | ) | | | (1,959,144 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $3,741,935) | | | | | | | | | | $ | (2,268,144 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 3 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax AMD Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 105.7% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 40,498,000 | | | $ | 40,436,984 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 29,374,000 | | | | 29,143,168 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 29,530,000 | | | | 29,266,704 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 29,417,000 | | | | 29,288,300 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $127,915,303) | | | | | | | | | | | 128,135,156 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 0.6% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.6% | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $165.00 | | $ | 112,950,880 | | | | 7,840 | | | | 188,160 | |
| Expiration: 11/08/2024; Exercise Price: $160.00 | | | 4,538,205 | | | | 315 | | | | 14,963 | |
| Expiration: 11/15/2024; Exercise Price: $165.00 | | | 121,162,870 | | | | 8,410 | | | | 525,625 | |
| TOTAL PURCHASED OPTIONS (Cost $10,525,654) | | | | | | | | | | | 728,748 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.5% | | | | | | | | | | | | |
| Money Market Funds - 4.5% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 5,400,905 | | | | 5,400,905 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,400,905) | | | | | | | | | | | 5,400,905 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 110.8% (Cost $143,841,862) | | | | | | | | | | | 134,264,809 | |
| Liabilities in Excess of Other Assets - (10.8)% | | | | | | | | | | | (13,044,104 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 121,220,705 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax AMD Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (15.2)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.5)% | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $150.00 | | $ | (4,538,205 | ) | | | (315 | ) | | $ | (68,040 | ) |
| Expiration: 11/08/2024; Exercise Price: $157.50 | | | (116,624,665 | ) | | | (8,095 | ) | | | (562,603 | ) |
| Total Call Options | | | | | | | | | | | (630,643 | ) |
| | | | | | | | | | | | | |
Put Options - (14.7)% | | | | | | | | | | | | |
Advanced Micro Devices, Inc., Expiration: 11/15/2024; Exercise Price: $165.01 | | | (121,162,870 | ) | | | (8,410 | ) | | | (17,811,267 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $12,432,181) | | | | | | | | | | $ | (18,441,910 | ) |
Percentages are stated as a percent of net assets.
| | (a) | Exchange-traded. |
| | (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 4 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax AMZN Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 99.0% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 29,571,000 | | | $ | 29,526,447 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 49,840,000 | | | | 49,448,338 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 48,324,000 | | | | 47,893,133 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 50,487,000 | | | | 50,266,119 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $176,608,043) | | | | | | | | | | | 177,134,037 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 5.3% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 5.3% | | | | | | | | | | | | |
| Amazon.com, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $207.50 | | $ | 184,163,200 | | | | 9,880 | | | | 563,160 | |
| Expiration: 11/15/2024; Exercise Price: $185.00 | | | 184,163,200 | | | | 9,880 | | | | 9,015,500 | |
| TOTAL PURCHASED OPTIONS (Cost $12,024,245) | | | | | | | | | | | 9,578,660 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.6% | | | | | | | | | | | | |
| Money Market Funds - 0.6% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 1,024,435 | | | | 1,024,435 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,024,435) | | | | | | | | | | | 1,024,435 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 104.9% (Cost $189,656,723) | | | | | | | | | | | 187,737,132 | |
| Liabilities in Excess of Other Assets - (4.9)% | | | | | | | | | | | (8,807,451 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 178,929,681 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax AMZN Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (5.6)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.5)% | | | | | | | | | | | | |
| Amazon.com, Inc., Expiration: 11/01/2024; Exercise Price: $195.00 | | $ | (184,163,200 | ) | | | (9,880 | ) | | $ | (2,746,640 | ) |
| | | | | | | | | | | | | |
| Put Options - (4.1)% | | | | | | | | | | | | |
| Amazon.com, Inc., Expiration: 11/15/2024; Exercise Price: $185.01 | | | (184,163,200 | ) | | | (9,880 | ) | | | (7,312,073 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $12,383,477) | | | | | | | | | | $ | (10,058,713 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 5 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax BABA Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 93.7% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 4,855,000 | | | $ | 4,847,685 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 4,998,000 | | | | 4,958,724 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 4,997,000 | | | | 4,952,445 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 4,958,000 | | | | 4,936,309 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $19,726,434) | | | | | | | | | | | 19,695,163 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 0.9% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.9% | | | | | | | | | | | | |
| Alibaba Group Holding Ltd., Expiration: 11/15/2024; Exercise Price: $110.00 (b)(c)(d) | | $ | 21,016,710 | | | | 2,145 | | | | 186,615 | |
| TOTAL PURCHASED OPTIONS (Cost $1,561,718) | | | | | | | | | | | 186,615 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.9% | | | | | | | | | | | | |
| Money Market Funds - 0.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 198,267 | | | | 198,267 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $198,267) | | | | | | | | | | | 198,267 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 95.5% (Cost $21,486,419) | | | | | | | | | | | 20,080,045 | |
| Other Assets in Excess of Liabilities - 4.5% | | | | | | | | | | | 935,973 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 21,016,018 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax BABA Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (13.1)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.1)% | | | | | | | | | | | | |
| Alibaba Group Holding Ltd. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $100.00 | | $ | (636,870 | ) | | | (65 | ) | | $ | (1,690 | ) |
| Expiration: 11/01/2024; Exercise Price: $101.00 | | | (19,204,080 | ) | | | (1,960 | ) | | | (22,540 | ) |
| Expiration: 11/01/2024; Exercise Price: $103.00 | | | (489,900 | ) | | | (50 | ) | | | (225 | ) |
| Expiration: 11/08/2024; Exercise Price: $103.00 | | | (685,860 | ) | | | (70 | ) | | | (8,155 | ) |
| Total Call Options | | | | | | | | | | | (32,610 | ) |
| | | | | | | | | | | | | |
Put Options - (13.0)% | | | | | | | | | | | | |
| Alibaba Group Holding Ltd., Expiration: 11/15/2024; Exercise Price: $110.01 | | | (21,016,710 | ) | | | (2,145 | ) | | | (2,725,451 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $1,811,385) | | | | | | | | | | $ | (2,758,061 | ) |
Percentages are stated as a percent of net assets.
| | (a) | Exchange-traded. |
| | (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 6 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Bitcoin Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 105.8% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 10,865,000 | | | $ | 10,848,630 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 11,843,000 | | | | 11,749,933 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 14,169,000 | | | | 14,042,666 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 14,047,000 | | | | 13,985,545 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $50,453,403) | | | | | | | | | | | 50,626,774 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 0.2% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.2% | | | | | | | | | | | | |
| ProShares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $26.00 | | $ | 49,924,644 | | | | 25,113 | | | | 87,896 | |
| TOTAL PURCHASED OPTIONS (Cost $408,761) | | | | | | | | | | | 87,896 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 5.3% | | | | | | | | | | | | |
| Money Market Funds - 5.3% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 2,513,746 | | | | 2,513,746 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,513,746) | | | | | | | | | | | 2,513,746 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS – 111.3% (Cost $53,375,910) | | | | | | | | | | | 53,228,416 | |
| Liabilities in Excess of Other Assets - (11.3)% | | | | | | | | | | | (5,398,886 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 47,829,530 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax Bitcoin Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (33.6)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.0)% | | | | | | | | | | | | |
| ProShares Bitcoin ETF, Expiration: 11/08/2024; Exercise Price: $21.00 | | $ | (49,924,644 | ) | | | (25,113 | ) | | $ | (489,704 | ) |
| | | | | | | | | | | | | |
| Put Options - (32.6)% | | | | | | | | | | | | |
| Proshares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $26.01 | | | (49,924,644 | ) | | | (25,113 | ) | | | (15,570,060 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $25,098,363) | | | | | | | | | | $ | (16,059,764 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 7 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax COIN Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 109.6% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 112,555,000 | | | $ | 112,385,420 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 202,037,000 | | | | 200,449,315 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 202,280,000 | | | | 200,476,429 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 205,615,000 | | | | 204,715,434 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $715,833,571) | | | | | | | | | | | 718,026,597 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 2.6% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 2.6% | | | | | | | | | | | | |
| Coinbase Global, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $237.50 | | $ | 161,325,000 | | | | 9,000 | | | | 9,000 | |
| Expiration: 11/08/2024; Exercise Price: $220.00 | | | 152,362,500 | | | | 8,500 | | | | 1,236,750 | |
| Expiration: 11/08/2024; Exercise Price: $235.00 | | | 200,311,875 | | | | 11,175 | | | | 664,912 | |
| Expiration: 11/08/2024; Exercise Price: $232.50 | | | 138,291,375 | | | | 7,715 | | | | 528,477 | |
| Expiration: 11/15/2024; Exercise Price: $215.00 | | | 631,228,875 | | | | 35,215 | | | | 12,677,400 | |
| Expiration: 12/20/2024; Exercise Price: $190.00 | | | 21,061,875 | | | | 1,175 | | | | 2,082,688 | |
| TOTAL PURCHASED OPTIONS (Cost $73,625,979) | | | | | | | | | | | 17,199,227 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.6% | | | | | | | | | | | | |
| Money Market Funds - 0.6% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 4,105,032 | | | | 4,105,032 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,105,032) | | | | | | | | | | | 4,105,032 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 112.8% (Cost $793,564,582) | | | | | | | | | | | 739,330,857 | |
| Liabilities in Excess of Other Assets - (12.8)% | | | | | | | | | | | (84,096,245 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 655,234,612 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax COIN Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (22.7)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.3)% | | | | | | | | | | | | |
| Coinbase Global, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $215.00 | | $ | (161,325,000 | ) | | | (9,000 | ) | | $ | (22,500 | ) |
| Expiration: 11/08/2024; Exercise Price: $200.00 | | | (152,362,500 | ) | | | (8,500 | ) | | | (3,612,500 | ) |
| Expiration: 11/08/2024; Exercise Price: $210.00 | | | (338,603,250 | ) | | | (18,890 | ) | | | (4,599,715 | ) |
| Total Call Options | | | | | | | | | | | (8,234,715 | ) |
| | | | | | | | | | | | | |
Put Options - (21.4)% | | | | | | | | | | | | |
| Coinbase Global, Inc. | | | | | | | | | | | | |
| Expiration: 11/15/2024; Exercise Price: $215.01 | | | (631,228,875 | ) | | | (35,215 | ) | | | (137,269,665 | ) |
| The accompanying notes are an integral part of these financial statements. | 8 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| Expiration: 12/20/2024; Exercise Price: $190.01 | | | (21,061,875 | ) | | | (1,175 | ) | | | (3,225,375 | ) |
| Total Put Options | | | | | | | | | | | (140,495,040 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $81,829,165) | | | | | | | | | | $ | (148,729,755 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax DIS Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 84.3% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 4,078,000 | | | $ | 4,071,856 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 6,995,000 | | | | 6,940,030 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 4,021,000 | | | | 3,985,148 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 4,005,000 | | | | 3,987,478 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $18,923,328) | | | | | | | | | | | 18,984,512 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 9.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 9.1% | | | | | | | | | | | | |
| Walt Disney Co. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $99.00 | | $ | 20,971,600 | | | | 2,180 | | | | 6,540 | |
| Expiration: 12/20/2024; Exercise Price: $90.00 | | | 21,741,200 | | | | 2,260 | | | | 2,056,600 | |
| TOTAL PURCHASED OPTIONS (Cost $1,902,466) | | | | | | | | | | | 2,063,140 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.9% | | | | | | | | | | | | |
| Money Market Funds - 4.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 1,095,948 | | | | 1,095,948 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,095,948) | | | | | | | | | | | 1,095,948 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 98.3% (Cost $21,921,742) | | | | | | | | | | | 22,143,600 | |
| Other Assets in Excess of Liabilities - 1.7% | | | | | | | | | | | 384,905 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 22,528,505 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax DIS Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (2.9)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.3)% | | | | | | | | | | | | |
| Walt Disney Co. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $97.00 | | $ | (20,971,600 | ) | | | (2,180 | ) | | $ | (66,490 | ) |
| Expiration: 11/08/2024; Exercise Price: $99.00 | | | (769,600 | ) | | | (80 | ) | | | (6,040 | ) |
| Total Call Options | | | | | | | | | | | (72,530 | ) |
| The accompanying notes are an integral part of these financial statements. | 9 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| Put Options - (2.6)% | | | | | | | | | |
| Walt Disney Co., Expiration: 12/20/2024; Exercise Price: $90.01 | | | (21,741,200 | ) | | | (2,260 | ) | | | (584,718 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $865,114) | | | | | | | | | | $ | (657,248 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax Gold Miners Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 92.1% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 7,290,000 | | | $ | 7,279,017 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 7,311,000 | | | | 7,253,547 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 7,281,000 | | | | 7,216,081 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 7,227,000 | | | | 7,195,382 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $28,888,332) | | | | | | | | | | | 28,944,027 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 4.6% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 4.6% | | | | | | | | | | | | |
| VanEck Gold Miners ETF | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $42.50 | | $ | 31,505,540 | | | | 7,810 | | | | 273,350 | |
| Expiration: 11/15/2024; Exercise Price: $40.00 | | | 31,505,540 | | | | 7,810 | | | | 1,179,310 | |
| TOTAL PURCHASED OPTIONS (Cost $2,048,305) | | | | | | | | | | | 1,452,660 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | | | | | | | | |
| Money Market Funds - 1.0% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 313,067 | | | | 313,067 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $313,067) | | | | | | | | | | | 313,067 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 97.7% (Cost $31,249,704) | | | | | | | | | | | 30,709,754 | |
| Other Assets in Excess of Liabilities - 2.3% | | | | | | | | | | | 706,957 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 31,416,711 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| The accompanying notes are an integral part of these financial statements. | 10 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Gold Miners Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (4.7)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (2.0)% | | | | | | | | | | | | |
| VanEck Gold Miners ETF, Expiration: 11/08/2024; Exercise Price: $41.00 | | $ | (31,505,540 | ) | | | (7,810 | ) | | $ | (640,420 | ) |
| | | | | | | | | | | | | |
Put Options - (2.7)% | | | | | | | | | | | | |
| Vaneck Gold Miners ETF, Expiration: 11/15/2024; Exercise Price: $40.01 | | | (31,505,540 | ) | | | (7,810 | ) | | | (848,828 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $2,072,051) | | | | | | | | | | $ | (1,489,248 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax GOOGL Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 90.6% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 12,029,000 | | | $ | 12,010,876 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 17,567,000 | | | | 17,428,952 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 17,873,000 | | | | 17,713,641 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 17,213,000 | | | | 17,137,693 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $64,115,172) | | | | | | | | | | | 64,291,162 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 7.0% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 7.0% | | | | | | | | | | | | |
| Alphabet, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $195.00 | | $ | 71,951,755 | | | | 4,205 | | | | 18,922 | |
| Expiration: 12/20/2024; Exercise Price: $165.00 | | | 71,951,755 | | | | 4,205 | | | | 4,888,313 | |
| TOTAL PURCHASED OPTIONS (Cost $3,202,891) | | | | | | | | | | | 4,907,235 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.0% | | | | | | | | | | | | |
| Money Market Funds - 4.0% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 2,868,886 | | | | 2,868,886 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,868,886) | | | | | | | | | | | 2,868,886 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 101.6% (Cost $70,186,949) | | | | | | | | | | | 72,067,283 | |
| Liabilities in Excess of Other Assets - (1.6)% | | | | | | | | | | | (1,115,686 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 70,951,597 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| The accompanying notes are an integral part of these financial statements. | 11 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax GOOGL Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (2.5)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.1)% | | | | | | | | | | | | |
| Alphabet, Inc., Expiration: 11/08/2024; Exercise Price: $185.00 | | $ | (71,951,755 | ) | | | (4,205 | ) | | $ | (90,407 | ) |
| | | | | | | | | | | | | |
Put Options - (2.4)% | | | | | | | | | | | | |
| Alphabet, Inc., Expiration: 12/20/2024; Exercise Price: $165.01 | | | (71,951,755 | ) | | | (4,205 | ) | | | (1,658,989 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $4,571,957) | | | | | | | | | | $ | (1,749,396 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| YieldMax Innovation Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 94.8% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 15,171,000 | | | $ | 15,148,143 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 12,255,000 | | | | 12,158,695 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 12,288,000 | | | | 12,178,438 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 12,197,000 | | | | 12,143,638 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $51,466,209) | | | | | | | | | | | 51,628,914 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 7.0% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 7.0% | | | | | | | | | | | | |
| ARK Innovation ETF | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $53.00 | | $ | 54,379,650 | | | | 11,850 | | | | 47,400 | |
| Expiration: 12/20/2024; Exercise Price: $45.00 | | | 54,379,650 | | | | 11,850 | | | | 3,762,375 | |
| TOTAL PURCHASED OPTIONS (Cost $4,884,630) | | | | | | | | | | | 3,809,775 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.8% | | | | | | | | | | | | |
| Money Market Funds - 2.8% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 1,521,618 | | | | 1,521,618 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,521,618) | | | | | | | | | | | 1,521,618 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 104.6% (Cost $57,872,457) | | | | | | | | | | | 56,960,307 | |
| Liabilities in Excess of Other Assets - (4.6)% | | | | | | | | | | | (2,515,913 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 54,444,394 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| The accompanying notes are an integral part of these financial statements. | 12 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax Innovation Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (5.0)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.4)% | | | | | | | | | | | | |
| ARK Innovation ETF, Expiration: 11/08/2024; Exercise Price: $50.00 | | $ | (54,379,650 | ) | | | (11,850 | ) | | $ | (225,150 | ) |
| | | | | | | | | | | | | |
Put Options - (4.6)% | | | | | | | | | | | | |
| ARK Innovation ETF, Expiration: 12/20/2024; Exercise Price: $45.01 | | | (54,379,650 | ) | | | (11,850 | ) | | | (2,497,467 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $4,263,451) | | | | | | | | | | $ | (2,722,617 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| YieldMax JPM Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 94.1% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 6,640,000 | | | $ | 6,629,996 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 6,332,000 | | | | 6,282,241 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 6,036,000 | | | | 5,982,182 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 6,013,000 | | | | 5,986,693 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $24,806,142) | | | | | | | | | | | 24,881,112 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 3.3% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 3.3% | | | | | | | | | | | | |
| JPMorgan Chase & Co., Expiration: 12/20/2024; Exercise Price: $225.00 | | $ | 26,408,480 | | | | 1,190 | | | | 868,700 | |
| TOTAL PURCHASED OPTIONS (Cost $1,076,527) | | | | | | | | | | | 868,700 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.5% | | | | | | | | | | | | |
| Money Market Funds - 1.5% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 384,419 | | | | 384,419 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $384,419) | | | | | | | | | | | 384,419 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 98.9% (Cost $26,267,088) | | | | | | | | | | | 26,134,231 | |
| Other Assets in Excess of Liabilities - 1.1% | | | | | | | | | | | 293,930 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 26,428,161 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| The accompanying notes are an integral part of these financial statements. | 13 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax JPM Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (4.1)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.1)% | | | | | | | | | | | | |
| JPMorgan Chase & Co. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $225.00 | | $ | (25,298,880 | ) | | | (1,140 | ) | | $ | (34,200 | ) |
| Expiration: 11/08/2024; Exercise Price: $230.00 | | | (1,109,600 | ) | | | (50 | ) | | | (6,925 | ) |
| Total Call Options | | | | | | | | | | | (41,125 | ) |
| | | | | | | | | | | | | |
Put Options - (4.0)% | | | | | | | | | | | | |
| JPMorgan Chase & Co.., Expiration: 12/20/2024; Exercise Price: $225.01 | | | (26,408,480 | ) | | | (1,190 | ) | | | (1,051,049 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $989,345) | | | | | | | | | | $ | (1,092,174 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| YieldMax Magnificent 7 Fund of Option Income ETFs |
| Schedule of Investments |
| October 31, 2024 |
| EXCHANGE TRADED FUNDS - 98.7%(a) | | Shares | | | Value |
| YieldMax AAPL Option Income Strategy ETF | | | 1,427,465 | | | $ | 24,709,419 | |
| YieldMax AMZN Option Income Strategy ETF | | | 1,334,046 | | | | 24,893,298 | |
| YieldMax GOOGL Option Income Strategy ETF | | | 1,729,920 | | | | 25,966,099 | |
| YieldMax META Option Income Strategy ETF | | | 1,365,014 | | | | 26,754,275 | |
| YieldMax MSFT Option Income Strategy ETF | | | 1,375,038 | | | | 25,575,707 | |
| YieldMax NVDA Option Income Strategy ETF | | | 1,001,271 | | | | 24,891,597 | |
| YieldMax TSLA Option Income Strategy ETF | | | 2,303,013 | | | | 27,497,969 | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $182,933,137) | | | | | | | 180,288,364 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | | | | |
| Money Market Funds - 1.0% | | | | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (b) | | | 1,881,787 | | | | 1,881,787 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,881,787) | | | | | | | 1,881,787 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.7% (Cost $184,814,924) | | | | | | | 182,170,151 | |
| Other Assets in Excess of Liabilities - 0.3% | | | | | | | 500,638 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 182,670,789 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Affiliated company as defined by the Investment Company Act of 1940. See Note 6. |
| (b) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| The accompanying notes are an integral part of these financial statements. | 14 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax META Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 87.2% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 26,919,000 | | | $ | 26,878,443 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 28,610,000 | | | | 28,385,171 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 28,635,000 | | | | 28,379,684 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 28,488,000 | | | | 28,363,365 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $111,757,498) | | | | | | | | | | | 112,006,663 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 6.4% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 6.4% | | | | | | | | | | | | |
| Meta Platforms, Inc., Expiration: 12/20/2024; Exercise Price: $555.00 | | $ | 128,273,080 | | | | 2,260 | | | | 8,209,450 | |
| Meta Platforms, Inc., Expiration: 11/08/2024; Exercise Price: $645.00 | | | 115,786,320 | | | | 2,040 | | | | 86,700 | |
| TOTAL PURCHASED OPTIONS (Cost $10,372,624) | | | | | | | | | | | 8,296,150 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.2% | | | | | | | | | | | | |
| Money Market Funds - 2.2% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 2,769,610 | | | | 2,769,610 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,769,610) | | | | | | | | | | | 2,769,610 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 95.8% (Cost $124,899,732) | | | | | | | | | | | 123,072,423 | |
| Other Assets in Excess of Liabilities - 4.2% | | | | | | | | | | | 5,372,723 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 128,445,146 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax META Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (4.2)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.6)% | | | | | | | | | | | | |
| Meta Platforms, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $592.50 | | $ | (12,486,760 | ) | | | (220 | ) | | $ | (108,900 | ) |
| Expiration: 11/08/2024; Exercise Price: $600.00 | | | (115,786,320 | ) | | | (2,040 | ) | | | (714,000 | ) |
| Total Call Options | | | | | | | | | | | (822,900 | ) |
| | | | | | | | | | | | | |
Put Options - (3.6)% | | | | | | | | | | | | |
| Meta Platforms, Inc., Expiration: 12/20/2024; Exercise Price: $555.01 | | | (128,273,080 | ) | | | (2,260 | ) | | | (4,621,197 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $8,610,351) | | | | | | | | | | $ | (5,444,097 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 15 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax MRNA Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 91.5% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 6,473,000 | | | $ | 6,463,247 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 4,946,000 | | | | 4,907,132 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 7,584,000 | | | | 7,516,380 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 7,535,000 | | | | 7,502,034 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $26,310,220) | | | | | | | | | | | 26,388,793 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 9.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 9.1% | | | | | | | | | | | | |
| Moderna, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $59.00 | | $ | 26,500,500 | | | | 4,875 | | | | 12,187 | |
| Expiration: 11/01/2024; Exercise Price: $60.00 | | | 407,700 | | | | 75 | | | | 188 | |
| Expiration: 11/15/2024; Exercise Price: $54.00 | | | 28,865,160 | | | | 5,310 | | | | 2,615,175 | |
| TOTAL PURCHASED OPTIONS (Cost $2,813,338) | | | | | | | | | | | 2,627,550 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.1% | | | | | | | | | | | | |
| Money Market Funds - 4.1% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 1,172,487 | | | | 1,172,487 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,172,487) | | | | | | | | | | | 1,172,487 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 104.7% (Cost $30,296,045) | | | | | | | | | | | 30,188,830 | |
| Liabilities in Excess of Other Assets - (4.7)% | | | | | | | | | | | (1,347,716 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 28,841,114 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax MRNA Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (9.0)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.8)% | | | | | | | | | | | | |
| Moderna, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $55.00 | | $ | (28,212,840 | ) | | | (5,190 | ) | | $ | (205,005 | ) |
| Expiration: 11/08/2024; Exercise Price: $61.00 | | | (652,320 | ) | | | (120 | ) | | | (18,900 | ) |
| Total Call Options | | | | | | | | | | | (223,905 | ) |
| | | | | | | | | | | | | |
Put Options - (8.2)% | | | | | | | | | | | | |
| Moderna, Inc., Expiration: 11/15/2024; Exercise Price: $54.01 | | | (28,865,160 | ) | | | (5,310 | ) | | | (2,361,552 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $2,762,042) | | | | | | | | | | $ | (2,585,457 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 16 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax MSFT Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 102.4% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 16,964,000 | | | $ | 16,938,441 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 22,259,000 | | | | 22,084,080 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 22,081,000 | | | | 21,884,121 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 21,972,000 | | | | 21,875,873 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $82,561,887) | | | | | | | | | | | 82,782,515 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 0.5% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.5% | | | | | | | | | | | | |
| Microsoft Corp. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $465.00 | | $ | 78,425,550 | | | | 1,930 | | | | 965 | |
| Expiration: 11/01/2024; Exercise Price: $452.50 | | | 1,422,225 | | | | 35 | | | | 35 | |
| Expiration: 11/08/2024; Exercise Price: $437.50 | | | 79,847,775 | | | | 1,965 | | | | 79,582 | |
| Expiration: 11/15/2024; Exercise Price: $430.00 | | | 79,847,775 | | | | 1,965 | | | | 382,193 | |
| TOTAL PURCHASED OPTIONS (Cost $4,093,229) | | | | | | | | | | | 462,775 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.9% | | | | | | | | | | | | |
| Money Market Funds - 0.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 702,028 | | | | 702,028 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $702,028) | | | | | | | | | | | 702,028 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 103.8% (Cost $87,357,144) | | | | | | | | | | | 83,947,318 | |
| Liabilities in Excess of Other Assets - (3.8)% | | | | | | | | | | | (3,098,284 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 80,849,034 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax MSFT Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (6.3)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.3)% | | | | | | | | | | | | |
| Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $422.50 | | $ | (79,847,775 | ) | | | (1,965 | ) | | $ | (253,485 | ) |
| | | | | | | | | | | | | |
| Put Options - (6.0)% | | | | | | | | | | | | |
| Microsoft Corp., Expiration: 11/15/2024; Exercise Price: $430.01 | | | (79,847,775 | ) | | | (1,965 | ) | | | (4,807,274 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $3,860,650) | | | | | | | | | | $ | (5,060,759 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 17 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax MSTR Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| PURCHASED OPTIONS - 7.2% (a)(b)(c)(g) | | Notional Amount | | | Contracts | | | Value |
| Call Options - 7.2% | | | | | | | | | | | | |
| MicroStrategy, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $290.00 | | $ | 412,838,250 | | | | 16,885 | | | $ | 126,637 | |
| Expiration: 11/01/2024; Exercise Price: $295.00 | | | 348,290,250 | | | | 14,245 | | | | 92,593 | |
| Expiration: 11/15/2024; Exercise Price: $255.00 | | | 761,128,500 | | | | 31,130 | | | | 57,901,800 | |
| TOTAL PURCHASED OPTIONS (Cost $93,740,018) | | | | | | | | | | | 58,121,030 | |
| | | | | | | | | | | | | |
| U.S. TREASURY SECURITIES - 1.1% | | | | | | | Par | | | | | |
| United States Treasury Note/Bond, 0.75%, 11/15/2024 (d) | | | | | | $ | 9,003,000 | | | | 8,989,436 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $8,988,369) | | | | | | | | | | | 8,989,436 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.0%(e) | | | | | | | | | | | | |
| Money Market Funds - 0.0%(e) | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (f) | | | | | | | 101,011 | | | | 101,011 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $101,011) | | | | | | | | | | | 101,011 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 8.3% (Cost $102,829,398) | | | | | | | | | | | 67,211,477 | |
| Other Assets in Excess of Liabilities - 91.7% | | | | | | | | | | | 745,855,799 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 813,067,276 | |
| | | | | | | | | | | | | |
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 for further information. |
| (d) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (e) | Represents less than 0.05% of net assets. |
| (f) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (g) | Non-income producing security. |
| YieldMax MSTR Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (11.6)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.6)% | | | | | | | | | | | | |
| MicroStrategy, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $250.00 | | $ | (24,205,500 | ) | | | (990 | ) | | $ | (304,920 | ) |
| Expiration: 11/01/2024; Exercise Price: $255.00 | | | (388,632,750 | ) | | | (15,895 | ) | | | (2,900,837 | ) |
| Expiration: 11/01/2024; Exercise Price: $260.00 | | | (348,290,250 | ) | | | (14,245 | ) | | | (1,631,053 | ) |
| Total Call Options | | | | | | | | | | | (4,836,810 | ) |
| | | | | | | | | | | | | |
Put Options - (11.0)% | | | | | | | | | | | | |
| MicroStrategy, Inc., Expiration: 11/15/2024; Exercise Price: $255.01 | | | (761,128,500 | ) | | | (31,130 | ) | | | (89,233,799 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $96,970,355) | | | | | | | | | | $ | (94,070,609 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 18 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax NFLX Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 97.3% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 16,715,000 | | | $ | 16,689,816 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 12,384,000 | | | | 12,286,682 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 10,652,000 | | | | 10,557,025 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 10,592,000 | | | | 10,545,660 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $49,950,510) | | | | | | | | | | | 50,079,183 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 4.6% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 4.6% | | | | | | | | | | | | |
| Netflix, Inc., Expiration: 12/20/2024; Exercise Price: $755.00 | | $ | 53,678,130 | | | | 710 | | | | 2,341,225 | |
| TOTAL PURCHASED OPTIONS (Cost $2,595,425) | | | | | | | | | | | 2,341,225 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.9% | | | | | | | | | | | | |
| Money Market Funds - 0.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 484,316 | | | | 484,316 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $484,316) | | | | | | | | | | | 484,316 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 102.8% (Cost $53,030,251) | | | | | | | | | | | 52,904,724 | |
| Liabilities in Excess of Other Assets - (2.8)% | | | | | | | | | | | (1,439,773 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 51,464,951 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax NFLX Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (3.7)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.1)% | | | | | | | | | | | | |
| Netflix, Inc., Expiration: 11/01/2024; Exercise Price: $770.00 | | $ | (53,678,130 | ) | | | (710 | ) | | $ | (47,925 | ) |
| | | | | | | | | | | | | |
| Put Options - (3.6)% | | | | | | | | | | | | |
| Netflix, Inc., Expiration: 12/20/2024; Exercise Price: $755.01 | | | (53,678,130 | ) | | | (710 | ) | | | (1,870,525 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $2,367,176) | | | | | | | | | | $ | (1,918,450 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 19 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax NVDA Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 91.8% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 141,840,000 | | | $ | 141,626,297 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 336,358,000 | | | | 333,714,768 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 330,724,000 | | | | 327,775,195 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 340,269,000 | | | | 338,780,323 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $1,139,392,302) | | | | | | | | | | | 1,141,896,583 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 10.4% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 10.4% | | | | | | | | | | | | |
| NVIDIA Corp. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $147.00 | | $ | 1,203,336,640 | | | | 90,640 | | | | 4,849,240 | |
| Expiration: 11/08/2024; Exercise Price: $149.00 | | | 35,845,200 | | | | 2,700 | | | | 103,950 | |
| Expiration: 12/20/2024; Exercise Price: $130.00 | | | 1,239,181,840 | | | | 93,340 | | | | 124,842,250 | |
| TOTAL PURCHASED OPTIONS (Cost $131,489,905) | | | | | | | | | | | 129,795,440 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.5% | | | | | | | | | | | | |
| Money Market Funds - 1.5% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 18,852,203 | | | | 18,852,203 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $18,852,203) | | | | | | | | | | | 18,852,203 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 103.7% (Cost $1,289,734,410) | | | | | | | | | | | 1,290,544,226 | |
| Liabilities in Excess of Other Assets - (3.7)% | | | | | | | | | | | (45,756,398 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 1,244,787,828 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax NVDA Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (8.3)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.3)% | | | | | | | | | | | | |
| NVIDIA Corp. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $139.00 | | $ | (35,845,200 | ) | | | (2,700 | ) | | $ | (533,250 | ) |
| Expiration: 11/08/2024; Exercise Price: $140.00 | | | (1,203,336,640 | ) | | | (90,640 | ) | | | (15,454,120 | ) |
| Total Call Options | | | | | | | | | | | (15,987,370 | ) |
| | | | | | | | | | | | | |
Put Options - (7.0)% | | | | | | | | | | | | |
| NVIDIA Corp., Expiration: 12/20/2024; Exercise Price: $130.01 | | | (1,239,181,840 | ) | | | (93,340 | ) | | | (87,679,480 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $112,879,935) | | | | | | | | | | $ | (103,666,850 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 20 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax PLTR Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| |
| U.S. TREASURY SECURITIES - 72.3% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 1,118,000 | | | $ | 1,116,315 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 1,124,000 | | | | 1,115,167 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 1,124,000 | | | | 1,113,978 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 1,118,000 | | | | 1,113,109 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $4,463,336) | | | | | | | | | | | 4,458,569 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 15.9% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 15.9% | | | | | | | | | | | | |
| Palantir Technologies, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $47.00 | | $ | 6,138,412 | | | | 1,477 | | | | 152,870 | |
| Expiration: 12/20/2024; Exercise Price: $39.00 | | | 6,138,412 | | | | 1,477 | | | | 827,120 | |
| TOTAL PURCHASED OPTIONS (Cost $957,389) | | | | | | | | | | | 979,990 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.8% | | | | | | | | | | | | |
| Money Market Funds - 0.8% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 48,831 | | | | 48,831 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $48,831) | | | | | | | | | | | 48,831 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 89.0% (Cost $5,469,556) | | | | | | | | | | | 5,487,390 | |
| Other Assets in Excess of Liabilities - 11.0% | | | | | | | | | | | 673,255 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 6,160,645 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax PLTR Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (11.2)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (4.9)% | | | | | | | | | | | | |
| Palantir Technologies, Inc., Expiration: 11/08/2024; Exercise Price: $43.50 | | $ | (6,138,412 | ) | | | (1,477 | ) | | $ | (304,262 | ) |
| | | | | | | | | | | | | |
| Put Options - (6.3)% | | | | | | | | | | | | |
| Palantir Technologies, Inc., Expiration: 12/20/2024; Exercise Price: $39.01 | | | (6,138,412 | ) | | | (1,477 | ) | | | (390,939 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $684,889) | | | | | | | | | | $ | (695,201 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 21 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
| YieldMax PYPL Option Income Strategy ETF |
| Schedule of Investments |
| October 31, 2024 |
| U.S. TREASURY SECURITIES - 89.1% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 4,330,000 | | | $ | 4,323,476 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 12,391,000 | | | | 12,293,627 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 11,709,000 | | | | 11,604,600 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 12,070,000 | | | | 12,017,194 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $40,193,362) | | | | | | | | | | | 40,238,897 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 8.7% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 8.7% | | | | | | | | | | | | |
| PayPal Holdings, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $91.00 | | $ | 45,121,700 | | | | 5,690 | | | | 2,845 | |
| Expiration: 11/08/2024; Exercise Price: $83.00 | | | 45,121,700 | | | | 5,690 | | | | 341,400 | |
| Expiration: 12/20/2024; Exercise Price: $75.00 | | | 45,121,700 | | | | 5,690 | | | | 3,584,700 | |
| TOTAL PURCHASED OPTIONS (Cost $4,892,656) | | | | | | | | | | | 3,928,945 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 5.3% | | | | | | | | | | | | |
| Money Market Funds - 5.3% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 2,417,535 | | | | 2,417,535 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,417,535) | | | | | | | | | | | 2,417,535 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 103.1% (Cost $47,503,553) | | | | | | | | | | | 46,585,377 | |
| Liabilities in Excess of Other Assets - (3.1)% | | | | | | | | | | | (1,385,680 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 45,199,697 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| YieldMax PYPL Option Income Strategy ETF |
| Schedule of Written Options |
| October 31, 2024 |
| WRITTEN OPTIONS - (4.2)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.9)% | | | | | | | | | | | | |
| PayPal Holdings, Inc., Expiration: 11/08/2024; Exercise Price: $80.00 | | $ | (45,121,700 | ) | | | (5,690 | ) | | $ | (867,725 | ) |
| | | | | | | | | | | | | |
| Put Options - (2.3)% | | | | | | | | | | | | |
| PayPal Holdings, Inc., Expiration: 12/20/2024; Exercise Price: $75.01 | | | (45,121,700 | ) | | | (5,690 | ) | | | (1,010,606 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $3,050,205) | | | | | | | | | | $ | (1,878,331 | ) |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 22 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Short COIN Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 108.9% | | | | | Par | | | Value |
| United States Treasury Note/Bond |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 10,941,000 | | | $ | 10,924,516 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 10,991,000 | | | | 10,904,628 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 10,993,000 | | | | 10,894,984 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 10,911,000 | | | | 10,863,264 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $43,612,970) | | | | | | | | | | | 43,587,392 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 20.9% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.5% |
| Coinbase Global, Inc., Expiration: 12/20/2024; Exercise Price: $330.00 | | $ | 36,118,875 | | | | 2,015 | | | | 196,463 | |
| | | | | | | | | | | | | |
| Put Options - 20.4% |
| Coinbase Global, Inc. |
| Expiration: 11/01/2024; Exercise Price: $172.50 | | | 33,250,875 | | | | 1,855 | | | | 272,685 | |
| Expiration: 11/15/2024; Exercise Price: $215.00 | | | 36,118,875 | | | | 2,015 | | | | 7,903,837 | |
| Total Put Options | | | | | | | | | | | 8,176,522 | |
| TOTAL PURCHASED OPTIONS (Cost $4,967,267) | | | | | | | | | | | 8,372,985 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.3% |
| Money Market Funds - 0.3% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 108,714 | | | | 108,714 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $108,714) | | | | | | | | | | | 108,714 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 130.1% (Cost $48,688,951) | | | | | | | | | | | 52,069,091 | |
| Liabilities in Excess of Other Assets - (30.1)% | | | | | | | | | | | (12,032,327 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 40,036,764 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax Short COIN Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (9.7)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.8)% | | | | | | | | | | | | |
| Coinbase Global, Inc., Expiration: 11/15/2024; Exercise Price: $215.02 | | $ | (36,118,875 | ) | | | (2,015 | ) | | $ | (740,504 | ) |
| | | | | | | | | | | | | |
| Put Options - (7.9)% | | | | | | | | | | | | |
| Coinbase Global, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $187.50 | | | (2,868,000 | ) | | | (160 | ) | | | (152,800 | ) |
| Expiration: 11/01/2024; Exercise Price: $195.00 | | | (33,250,875 | ) | | | (1,855 | ) | | | (3,000,463 | ) |
| Total Put Options | | | | | | | | | | | (3,153,263 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $4,519,140) | | | | | | | | | | $ | (3,893,767 | ) |
Percentages are stated as a percent of net assets.
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 23 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Short N100 Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 99.8% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 1,461,000 | | | $ | 1,458,799 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 1,540,000 | | | | 1,527,898 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 1,541,000 | | | | 1,527,260 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 1,533,000 | | | | 1,526,293 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $6,044,323) | | | | | | | | | | | 6,040,250 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 0.4% (c)(d)(e)(g) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.0% | | | | | | | | | | | | |
| Invesco QQQ Trust Series 1 | | | | | | | | | | | | |
| Expiration: 11/15/2024; Exercise Price: $600.00 | | $ | 1,741,860 | | | | 36 | | | | 36 | |
| Expiration: 11/15/2024; Exercise Price: $645.00 | | | 3,725,645 | | | | 77 | | | | 77 | |
| Expiration: 11/15/2024; Exercise Price: $585.00 | | | 387,080 | | | | 8 | | | | 8 | |
| Total Call Options | | | | | | | | | | | 121 | |
| | | | | | | | | | | | | |
Put Options - 0.4% | | | | | | | | | | | | |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $450.00 | | | 5,854,585 | | | | 121 | | | | 25,168 | |
| TOTAL PURCHASED OPTIONS (Cost $148,014) | | | | | | | | | | | 25,289 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.9% | | | | | | | | | | | | |
| Money Market Funds - 0.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (f) | | | | | | | 55,594 | | | | 55,594 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $55,594) | | | | | | | | | | | 55,594 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 101.1% (Cost $6,247,931) | | | | | | | | | | | 6,121,133 | |
| Liabilities in Excess of Other Assets - (1.1)% | | | | | | | | | | | (70,038 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 6,051,095 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (f) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (g) | Non-income producing security. |
YieldMax Short N100 Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (8.4)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (7.4)% | | | | | | | | | | | | |
Invesco QQQ Trust Series 1, Expiration: 11/15/2024; Exercise Price: $450.02 | | $ | (5,854,585 | ) | | | (121 | ) | | $ | (449,385 | ) |
| The accompanying notes are an integral part of these financial statements. | 24 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| Put Options - (1.0)% | | | | | | | | | |
Invesco QQQ Trust Series 1, Expiration: 11/01/2024; Exercise Price: $489.00 | | | (5,854,585 | ) | | | (121 | ) | | | (63,828 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $383,251) | | | | | | | | | | $ | (513,213 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax Short NVDA Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 110.7% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 2,953,000 | | | $ | 2,948,551 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 2,965,000 | | | | 2,941,700 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 2,966,000 | | | | 2,939,555 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 2,941,000 | | | | 2,928,133 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $11,762,421) | | | | | | | | | | | 11,757,939 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 1.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.2% | | | | | | | | | | | | |
| NVIDIA Corp., Expiration: 11/15/2024; Exercise Price: $160.00 | | $ | 9,638,376 | | | | 726 | | | | 19,602 | |
| | | | | | | | | | | | | |
| Put Options - 0.9% | | | | | | | | | | | | |
| NVIDIA Corp. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $120.00 | | | 9,638,376 | | | | 726 | | | | 61,347 | |
| Expiration: 11/15/2024; Exercise Price: $107.00 | | | 9,638,376 | | | | 726 | | | | 30,855 | |
| Total Put Options | | | | | | | | | | | 92,202 | |
| TOTAL PURCHASED OPTIONS (Cost $558,472) | | | | | | | | | | | 111,804 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.9% | | | | | | | | | | | | |
| Money Market Funds - 1.9% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 205,160 | | | | 205,160 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $205,160) | | | | | | | | | | | 205,160 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 113.7% (Cost $12,526,053) | | | | | | | | | | | 12,074,903 | |
| Liabilities in Excess of Other Assets - (13.7)% | | | | | | | | | | | (1,453,888 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 10,621,015 | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (c) | Exchange-traded. |
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
| The accompanying notes are an integral part of these financial statements. | 25 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Short NVDA Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (19.8)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (18.0)% | | | | | | | | | | | | |
| NVIDIA Corp., Expiration: 11/15/2024; Exercise Price: $107.02 | | $ | (9,638,376 | ) | | | (726 | ) | | $ | (1,914,976 | ) |
| | | | | | | | | | | | | |
| Put Options - (1.8)% | | | | | | | | | | | | |
| NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $128.00 | | | (9,638,376 | ) | | | (726 | ) | | | (184,041 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $1,269,018) | | | | | | | | | | $ | (2,099,017 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax Short TSLA Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 92.6% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 4,515,000 | | | $ | 4,508,197 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 5,793,000 | | | | 5,747,476 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 5,618,000 | | | | 5,567,909 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 5,580,000 | | | | 5,555,588 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $21,361,342) | | | | | | | | | | | 21,379,170 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 3.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 0.3% | | | | | | | | | | | | |
| Tesla, Inc. | | | | | | | | | | | | |
| Expiration: 12/20/2024; Exercise Price: $380.00 | | $ | 16,490,100 | | | | 660 | | | | 52,800 | |
| Expiration: 12/20/2024; Exercise Price: $400.00 | | | 4,372,375 | | | | 175 | | | | 10,588 | |
| Total Call Options | | | | | | | | | | | 63,388 | |
| | | | | | | | | | | | | |
Put Options - 2.8% | | | | | | | | | | | | |
| Tesla, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $247.50 | | | 2,248,650 | | | | 90 | | | | 15,975 | |
| Expiration: 11/01/2024; Exercise Price: $235.00 | | | 18,613,825 | | | | 745 | | | | 8,567 | |
| Expiration: 11/08/2024; Exercise Price: $225.00 | | | 3,997,600 | | | | 160 | | | | 22,720 | |
| Expiration: 12/20/2024; Exercise Price: $220.00 | | | 22,611,425 | | | | 905 | | | | 604,088 | |
| Total Put Options | | | | | | | | | | | 651,350 | |
| TOTAL PURCHASED OPTIONS (Cost $1,511,102) | | | | | | | | | | | 714,738 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 9.2% | | | | | | | | | | | | |
| Money Market Funds - 9.2% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 2,117,913 | | | | 2,117,913 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,117,913) | | | | | | | | | | | 2,117,913 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 104.9% (Cost $24,990,357) | | | | | | | | | | | 24,211,821 | |
| Liabilities in Excess of Other Assets - (4.9)% | | | | | | | | | | | (1,127,667 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 23,084,154 | |
Percentages are stated as a percent of net assets.
| The accompanying notes are an integral part of these financial statements. | 26 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax Short TSLA Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (16.0)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (14.9)% | | | | | | | | | | | | |
| Tesla, Inc., Expiration: 12/20/2024; Exercise Price: $220.02 | | $ | (22,611,425 | ) | | | (905 | ) | | $ | (3,438,409 | ) |
| | | | | | | | | | | | | |
| Put Options - (1.1)% | | | | | | | | | | | | |
| Tesla, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $247.50 | | | (20,862,475 | ) | | | (835 | ) | | | (148,212 | ) |
| Expiration: 11/08/2024; Exercise Price: $245.00 | | | (3,997,600 | ) | | | (160 | ) | | | (103,200 | ) |
| Total Put Options | | | | | | | | | | | (251,412 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $2,897,667) | | | | | | | | | | $ | (3,689,821 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax SMCI Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 77.7% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 2,260,000 | | | $ | 2,256,595 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 2,269,000 | | | | 2,251,169 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 2,270,000 | | | | 2,249,760 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 2,260,000 | | | | 2,250,113 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $9,017,903) | | | | | | | | | | | 9,007,637 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 6.0% (b)(c)(d)(g) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 6.0% | | | | | | | | | | | | |
| Super Micro Computer, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $58.00 | | $ | 4,439,275 | | | | 1,525 | | | | 3,813 | |
| Expiration: 11/01/2024; Exercise Price: $57.50 | | | 3,493,200 | | | | 1,200 | | | | 3,000 | |
| Expiration: 11/08/2024; Exercise Price: $33.00 | | | 10,697,925 | | | | 3,675 | | | | 689,062 | |
| TOTAL PURCHASED OPTIONS (Cost $1,502,225) | | | | | | | | | | | 695,875 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 50.8% | | | | | | | | | | | | |
| Money Market Funds - 50.8% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e)(f) | | | | | | | 5,886,997 | | | | 5,886,997 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,886,997) | | | | | | | | | | | 5,886,997 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 134.5% (Cost $16,407,125) | | | | | | | | | | | 15,590,509 | |
| Liabilities in Excess of Other Assets - (34.5)% | | | | | | | | | | | (3,994,463 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 11,596,046 | |
| The accompanying notes are an integral part of these financial statements. | 27 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (g) | Non-income producing security. |
YieldMax SMCI Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (17.2)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.1)% | | | | | | | | | | | | |
| Super Micro Computer, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $38.00 | | $ | (2,765,450 | ) | | | (950 | ) | | $ | (2,375 | ) |
| Expiration: 11/01/2024; Exercise Price: $50.00 | | | (7,932,475 | ) | | | (2,725 | ) | | | (6,813 | ) |
| Total Call Options | | | | | | | | | | | (9,188 | ) |
| | | | | | | | | | | | | |
Put Options - (17.1)% | | | | | | | | | | | | |
Super Micro Computer, Inc., Expiration: 11/08/2024; Exercise Price: $33.01 | | | (10,115,725 | ) | | | (3,475 | ) | | | (1,978,976 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $1,521,538) | | | | | | | | | | $ | (1,988,164 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax SNOW Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 90.2% | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 3,326,000 | | | $ | 3,320,989 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 4,064,000 | | | | 4,032,063 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 4,675,000 | | | | 4,633,317 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 4,955,000 | | | | 4,933,322 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $16,881,104) | | | | | | | | | | | 16,919,691 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 6.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 6.1% | | | | | | | | | | | | |
| Snowflake, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $124.00 | | $ | 16,224,066 | | | | 1,413 | | | | 11,304 | |
| Expiration: 11/01/2024; Exercise Price: $122.00 | | | 975,970 | | | | 85 | | | | 1,275 | |
| Expiration: 11/08/2024; Exercise Price: $123.00 | | | 1,263,020 | | | | 110 | | | | 13,970 | |
| Expiration: 12/20/2024; Exercise Price: $125.00 | | | 18,750,106 | | | | 1,633 | | | | 1,118,605 | |
| TOTAL PURCHASED OPTIONS (Cost $2,036,747) | | | | | | | | | | | 1,145,154 | |
| The accompanying notes are an integral part of these financial statements. | 28 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| SHORT-TERM INVESTMENTS - 8.9% | | | | | | |
| Money Market Funds - 8.9% | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | 1,673,948 | | | | 1,673,948 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,673,948) | | | | | | | 1,673,948 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 105.2% (Cost $20,591,799) | | | | | | | 19,738,793 | |
| Liabilities in Excess of Other Assets - (5.2)% | | | | | | | (983,176 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 18,755,617 | |
| | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax SNOW Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (14.5)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.6)% | | | | | | | | | | | | |
| Snowflake, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $117.00 | | $ | (975,970 | ) | | | (85 | ) | | $ | (8,160 | ) |
| Expiration: 11/01/2024; Exercise Price: $119.00 | | | (16,224,066 | ) | | | (1,413 | ) | | | (68,530 | ) |
| Expiration: 11/01/2024; Exercise Price: $123.00 | | | (287,050 | ) | | | (25 | ) | | | (250 | ) |
| Expiration: 11/08/2024; Exercise Price: $118.00 | | | (1,263,020 | ) | | | (110 | ) | | | (29,865 | ) |
| Total Call Options | | | | | | | | | | | (106,805 | ) |
| | | | | | | | | | | | | |
Put Options - (13.9)% | | | | | | | | | | | | |
| Snowflake, Inc., Expiration: 12/20/2024; Exercise Price: $125.01 | | | (18,750,106 | ) | | | (1,633 | ) | | | (2,612,238 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $2,221,180) | | | | | | | | | | $ | (2,719,043 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax SQ Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 87.4% | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | $ | 4,859,000 | | | $ | 4,851,679 | |
| 2.63%, 04/15/2025 (a) | | | 13,267,000 | | | | 13,162,743 | |
| 3.00%, 07/15/2025 (a) | | | 12,642,000 | | | | 12,529,281 | |
| 3.88%, 01/15/2026 (a) | | | 13,443,000 | | | | 13,384,187 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $43,820,470) | | | | | | | 43,927,890 | |
| The accompanying notes are an integral part of these financial statements. | 29 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| PURCHASED OPTIONS - 14.2% (b)(c)(d)(f) | | Notional Amount | | | Contracts | | | | |
| Call Options - 14.2% | | | | | | | | | | | | |
| Block, Inc. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $80.00 | | $ | 47,044,160 | | | | 6,505 | | | | 3,253 | |
| Expiration: 11/01/2024; Exercise Price: $78.00 | | | 2,856,640 | | | | 395 | | | | 197 | |
| Expiration: 12/20/2024; Exercise Price: $65.00 | | | 49,900,800 | | | | 6,900 | | | | 7,141,500 | |
| TOTAL PURCHASED OPTIONS (Cost $6,002,040) | | | | | | | | | | | 7,144,950 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.5% | | | | | | | | | | | | |
| Money Market Funds - 1.5% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 749,034 | | | | 749,034 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $749,034) | | | | | | | | | | | 749,034 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 103.1% (Cost $50,571,544) | | | | | | | | | | | 51,821,874 | |
| Liabilities in Excess of Other Assets - (3.1)% | | | | | | | | | | | (1,548,004 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 50,273,870 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax SQ Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (4.1)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.3)% | | | | | | | | | | | | |
| Block, Inc., Expiration: 11/01/2024; Exercise Price: $74.00 | | $ | (49,900,800 | ) | | | (6,900 | ) | | $ | (151,800 | ) |
| | | | | | | | | | | | | |
| Put Options - (3.8)% | | | | | | | | | | | | |
| Block, Inc., Expiration: 12/20/2024; Exercise Price: $65.01 | | | (49,900,800 | ) | | | (6,900 | ) | | | (1,918,070 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $4,026,826) | | | | | | | | | | $ | (2,069,870 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax TSLA Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 106.5% | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | $ | 226,722,000 | | | $ | 226,380,409 | |
| 2.63%, 04/15/2025 (a) | | | 217,384,000 | | | | 215,675,712 | |
| 3.00%, 07/15/2025 (a) | | | 221,487,000 | | | | 219,512,176 | |
| 3.88%, 01/15/2026 (a) | | | 219,862,000 | | | | 218,900,104 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $878,208,124) | | | | | | | 880,468,401 | |
| The accompanying notes are an integral part of these financial statements. | 30 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| PURCHASED OPTIONS - 4.6% (b)(c)(d)(f) | | Notional Amount | | | Contracts | | | | |
| Call Options - 4.6% | | | | | | | | | | | | |
| Tesla, Inc. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $275.00 | | $ | 862,057,455 | | | | 34,503 | | | | 5,641,240 | |
| Expiration: 11/15/2024; Exercise Price: $255.00 | | | 829,202,180 | | | | 33,188 | | | | 30,449,990 | |
| Expiration: 11/15/2024; Exercise Price: $245.00 | | | 32,855,275 | | | | 1,315 | | | | 1,850,863 | |
| TOTAL PURCHASED OPTIONS (Cost $91,726,208) | | | | | | | | | | | 37,942,093 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.1% | | | | | | | | | | | | |
| Money Market Funds - 2.1% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 17,329,441 | | | | 17,329,441 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $17,329,441) | | | | | | | | | | | 17,329,441 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 113.2% (Cost $987,263,773) | | | | | | | | | | | 935,739,935 | |
| Liabilities in Excess of Other Assets - (13.2)% | | | | | | | | | | | (109,158,928 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 826,581,007 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax TSLA Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (7.7)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (2.0)% | | | | | | | | | | | | |
| Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $260.00 | | $ | (862,057,455 | ) | | | (34,503 | ) | | $ | (16,906,470 | ) |
| | | | | | | | | | | | | |
| Put Options - (5.7)% | | | | | | | | | | | | |
| Tesla, Inc. | | | | | | | | | | | | |
| Expiration: 11/15/2024; Exercise Price: $245.01 | | | (32,855,275 | ) | | | (1,315 | ) | | | (1,141,951 | ) |
| Expiration: 11/15/2024; Exercise Price: $255.01 | | | (829,202,180 | ) | | | (33,188 | ) | | | (45,645,590 | ) |
| Total Put Options | | | | | | | | | | | (46,787,541 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $103,052,354) | | | | | | | | | | $ | (63,694,011 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
YieldMax TSM Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 68.6% | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | $ | 3,998,000 | | | $ | 3,991,976 | |
| 2.63%, 04/15/2025 (a) | | | 4,017,000 | | | | 3,985,433 | |
| 3.00%, 07/15/2025 (a) | | | 4,019,000 | | | | 3,983,166 | |
| The accompanying notes are an integral part of these financial statements. | 31 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| 3.88%, 01/15/2026 (a) | | | | | | | 4,000,000 | | | | 3,982,500 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $15,954,269) | | | | | | | | | | | 15,943,075 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 6.1% (b)(c)(d)(f) | | | Notional Amount | | | | Contracts | | | | | |
| Call Options - 6.1% | | | | | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $207.50 | | $ | 17,453,464 | | | | 916 | | | | 94,806 | |
| Expiration: 11/08/2024; Exercise Price: $205.00 | | | 2,572,290 | | | | 135 | | | | 18,630 | |
| Expiration: 11/08/2024; Exercise Price: $210.00 | | | 3,239,180 | | | | 170 | | | | 13,260 | |
| Expiration: 11/15/2024; Exercise Price: $185.00 | | | 23,264,934 | | | | 1,221 | | | | 1,288,155 | |
| TOTAL PURCHASED OPTIONS (Cost $2,023,268) | | | | | | | | | | | 1,414,851 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 22.1% | | | | | | | | | | | | |
| Money Market Funds - 22.1% | | | | | | | Shares | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 5,131,638 | | | | 5,131,638 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,131,638) | | | | | | | | | | | 5,131,638 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS - 96.8% (Cost $23,109,175) | | | | | | | | | | | 22,489,564 | |
| Other Assets in Excess of Liabilities - 3.2% | | | | | | | | | | | 742,050 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 23,231,614 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Non-income producing security. |
YieldMax TSM Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (4.0)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (1.6)% | | | | | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $195.00 | | $ | (2,572,290 | ) | | | (135 | ) | | $ | (53,662 | ) |
| Expiration: 11/08/2024; Exercise Price: $197.50 | | | (17,453,464 | ) | | | (916 | ) | | | (286,250 | ) |
| Expiration: 11/08/2024; Exercise Price: $200.00 | | | (3,239,180 | ) | | | (170 | ) | | | (40,630 | ) |
| Total Call Options | | | | | | | | | | | (380,542 | ) |
| | | | | | | | | | | | | |
Put Options - (2.4)% | | | | | | | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/15/2024; Exercise Price: $185.01 | | | (23,264,934 | ) | | | (1,221 | ) | | | (547,490 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $902,790) | | | | | | | | | | $ | (928,032 | ) |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 32 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
YieldMax Ultra Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| COMMON STOCKS - 69.1% | Shares | | | Value |
| Auto Manufacturers - 2.4% | | | | | | | | |
| Tesla, Inc. (a)(b) | | | 20,000 | | | $ | 4,997,000 | |
| | | | | | | | | |
| Biotechnology - 7.6% | | | | | | | | |
| Novavax, Inc. (a)(b) | | | 800,000 | | | | 7,688,000 | |
| Viking Therapeutics, Inc. (a)(b) | | | 110,000 | | | | 7,979,400 | |
| | | | | | | | 15,667,400 | |
| | | | | | | | | |
| Chemicals - 4.2% | | | | | | | | |
| Calumet, Inc. (a)(b) | | | 400,000 | | | | 8,532,000 | |
| | | | | | | | | |
| Diversified Financial Services - 4.9% | | | | | | | | |
| Coinbase Global, Inc. - Class A (a)(b) | | | 23,000 | | | | 4,122,750 | |
| Upstart Holdings, Inc. (a)(b) | | | 120,000 | | | | 5,841,600 | |
| | | | | | | | 9,964,350 | |
| | | | | | | | | |
| Electrical Components & Equipment - 3.9% | | | | | | | | |
| American Superconductor Corp. (a)(b) | | | 325,000 | | | | 7,969,000 | |
| | | | | | | | | |
| Energy-Alternate Sources - 5.6% | | | | | | | | |
| Enphase Energy, Inc. (a)(b) | | | 80,000 | | | | 6,643,200 | |
| First Solar, Inc. (a)(b) | | | 25,000 | | | | 4,862,000 | |
| | | | | | | | 11,505,200 | |
| | | | | | | | | |
| Internet - 1.6% | | | | | | | | |
| Trump Media & Technology Group Corp. (a)(b) | | | 95,000 | | | | 3,357,300 | |
| | | | | | | | | |
| Investment Companies - 4.5% | | | | | | | | |
| MARA Holdings, Inc. (a)(b) | | | 550,000 | | | | 9,223,500 | |
| | | | | | | | | |
| Machinery-Construction & Mining - 4.7% | | | | | | | | |
| NuScale Power Corp. (a)(b) | | | 500,000 | | | | 9,570,000 | |
| | | | | | | | | |
| Real Estate - 4.3% | | | | | | | | |
| Redfin Corp. (a)(b) | | | 850,000 | | | | 8,814,500 | |
| | | | | | | | | |
| Retail - 4.4% | | | | | | | | |
| Sweetgreen, Inc. - Class A (a)(b) | | | 250,000 | | | | 9,025,000 | |
| | | | | | | | | |
| Semiconductors - 5.4% | | | | | | | | |
| NVIDIA Corp. (b) | | | 84,000 | | | | 11,151,840 | |
| | | | | | | | | |
| Software - 12.6% | | | | | | | | |
| MicroStrategy, Inc. - Class A (a)(b) | | | 35,000 | | | | 8,557,500 | |
| Palantir Technologies, Inc. - Class A (a)(b) | | | 200,000 | | | | 8,312,000 | |
| Unity Software, Inc. (a)(b) | | | 450,000 | | | | 9,036,000 | |
| | | | | | | | 25,905,500 | |
| | | | | | | | | |
| Telecommunications - 3.0% | | | | | | | | |
| EchoStar Corp. - Class A (a)(b) | | | 250,000 | | | | 6,265,000 | |
| TOTAL COMMON STOCKS (Cost $134,945,579) | | | | | | | 141,947,590 | |
| The accompanying notes are an integral part of these financial statements. | 33 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| | | | | | | |
| EXCHANGE TRADED FUNDS - 14.8%(b) | | | | | | |
| Direxion Daily S&P Biotech Bull 3X Shares | | | 70,000 | | | | 8,370,600 | |
| Direxion Daily Small Cap Bull 3X Shares | | | 260,000 | | | | 10,855,000 | |
| ProShares UltraPro QQQ | | | 160,000 | | | | 11,112,000 | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $30,170,853) | | | | | | | 30,337,600 | |
| PURCHASED OPTIONS - 2.9%(a)(b)(c)(d) | | Notional Amount | | | Contracts | | | | |
| Call Options - 0.9% | | | | | | | | | | | | |
| Amazon.com, Inc., Expiration: 11/08/2024; Exercise Price: $207.50 | | $ | 37,280,000 | | | | 2,000 | | | | 274,000 | |
| Apple, Inc., Expiration: 11/08/2024; Exercise Price: $245.00 | | | 45,182,000 | | | | 2,000 | | | | 114,000 | |
| Coinbase Global, Inc., Expiration: 11/08/2024; Exercise Price: $232.50 | | | 4,122,750 | | | | 230 | | | | 15,755 | |
| Hims & Hers Health, Inc., Expiration: 11/08/2024; Exercise Price: $18.00 | | | 6,778,800 | | | | 3,600 | | | | 810,000 | |
| Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $460.00 | | | 20,317,500 | | | | 500 | | | | 3,250 | |
| Novavax, Inc., Expiration: 11/08/2024; Exercise Price: $13.00 | | | 7,688,000 | | | | 8,000 | | | | 108,000 | |
| NuScale Power Corp. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $25.00 | | | 4,785,000 | | | | 2,500 | | | | 125,000 | |
| Expiration: 11/08/2024; Exercise Price: $26.00 | | | 4,785,000 | | | | 2,500 | | | | 100,000 | |
| NVIDIA Corp. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $155.00 | | | 11,151,840 | | | | 840 | | | | 1,260 | |
| Expiration: 11/08/2024; Exercise Price: $152.50 | | | 11,151,840 | | | | 840 | | | | 18,480 | |
| Redfin Corp., Expiration: 11/08/2024; Exercise Price: $12.50 | | | 8,814,500 | | | | 8,500 | | | | 191,250 | |
| Upstart Holdings, Inc., Expiration: 11/08/2024; Exercise Price: $62.00 | | | 5,841,600 | | | | 1,200 | | | | 199,800 | |
| Total Call Options | | | | | | | | | | | 1,960,795 | |
| | | | | | | | | | | | | |
| Put Options - 2.0% | | | | | | | | | | | | |
| Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: | | | | | | | | | | | | |
| $145.00 | | | 4,466,170 | | | | 310 | | | | 148,800 | |
| Amazon.com, Inc., Expiration: 11/08/2024; Exercise Price: $170.00 | | | 37,280,000 | | | | 2,000 | | | | 391,000 | |
| American Superconductor Corp., Expiration: 11/15/2024; Exercise Price: | | | | | | | | | | | | |
| $19.00 | | | 7,969,000 | | | | 3,250 | | | | 40,625 | |
| Apple, Inc., Expiration: 11/08/2024; Exercise Price: $212.50 | | | 45,182,000 | | | | 2,000 | | | | 311,000 | |
| First Solar, Inc., Expiration: 11/15/2024; Exercise Price: $180.00 | | | 4,862,000 | | | | 250 | | | | 230,000 | |
| Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $410.00 | | | 20,317,500 | | | | 500 | | | | 446,250 | |
| Novavax, Inc., Expiration: 11/08/2024; Exercise Price: $8.50 | | | 7,688,000 | | | | 8,000 | | | | 288,000 | |
| NuScale Power Corp., Expiration: 11/01/2024; Exercise Price: $14.00 | | | 9,570,000 | | | | 5,000 | | | | 12,501 | |
| Palantir Technologies, Inc., Expiration: 11/08/2024; Exercise Price: | | | | | | | | | | | | |
| $40.00 | | | 8,312,000 | | | | 2,000 | | | | 417,000 | |
| Talen Energy Corp., Expiration: 11/15/2024; Exercise Price: $155.00 | | | 5,078,080 | | | | 280 | | | | 106,400 | |
| Trump Media & Technology Group Corp., Expiration: 11/15/2024; | | | | | | | | | | | | |
| Exercise Price: $45.00 | | | 3,357,300 | | | | 950 | | | | 1,645,875 | |
| Total Put Options | | | | | | | | | | | 4,037,451 | |
| TOTAL PURCHASED OPTIONS (Cost $6,305,404) | | | | | | | | | | | 5,998,246 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 14.5% | | | | | | | | | | | | |
| Money Market Funds - 14.5% | | | | | | Shares | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 29,718,480 | | | | 29,718,480 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $29,718,480) | | | | | | | | | | | 29,718,480 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS - 101.3% (Cost $201,140,316) | | | | | | | | | | | 208,001,916 | |
| Liabilities in Excess of Other Assets - (1.3)% | | | | | | | | | | | (2,571,040 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 205,430,876 | |
| | | | | | | | | | | | | |
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| The accompanying notes are an integral part of these financial statements. | 34 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| (d) | 100 shares per contract. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
YieldMax Ultra Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (4.4)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (3.2)% | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Amazon.com, Inc., Expiration: 11/08/2024; Exercise Price: $202.50 | | $ | (37,280,000 | ) | | | (2,000 | ) | | $ | (443,000 | ) |
| American Superconductor Corp., Expiration: 11/15/2024; Exercise Price: | | | | | | | | | | | | |
| $27.00 | | | (7,969,000 | ) | | | (3,250 | ) | | | (292,500 | ) |
| Apple, Inc., Expiration: 11/08/2024; Exercise Price: $240.00 | | | (45,182,000 | ) | | | (2,000 | ) | | | (232,000 | ) |
| Calumet, Inc., Expiration: 11/15/2024; Exercise Price: $23.00 | | | (8,532,000 | ) | | | (4,000 | ) | | | (430,000 | ) |
| Coinbase Global, Inc., Expiration: 11/08/2024; Exercise Price: $210.00 | | | (4,122,750 | ) | | | (230 | ) | | | (56,005 | ) |
| Direxion Daily S&P Biotech Bull 3X Shares, Expiration: 11/01/2024; | | | | | | | | | | | | |
| Exercise Price: $125.00 | | | (8,370,600 | ) | | | (700 | ) | | | (44,800 | ) |
| Direxion Daily Small Cap Bull 3X Shares, Expiration: 11/08/2024; | | | | | | | | | | | | |
| Exercise Price: $46.50 | | | (10,855,000 | ) | | | (2,600 | ) | | | (269,100 | ) |
| EchoStar Corp., Expiration: 11/15/2024; Exercise Price: $28.00 | | | (6,265,000 | ) | | | (2,500 | ) | | | (176,250 | ) |
| Enphase Energy, Inc., Expiration: 11/01/2024; Exercise Price: $83.00 | | | (6,643,200 | ) | | | (800 | ) | | | (90,800 | ) |
| First Solar, Inc., Expiration: 11/15/2024; Exercise Price: $220.00 | | | (4,862,000 | ) | | | (250 | ) | | | (208,125 | ) |
| Hims & Hers Health, Inc., Expiration: 11/08/2024; Exercise Price: $24.00 | | | (6,778,800 | ) | | | (3,600 | ) | | | (144,000 | ) |
| MARA Holdings, Inc., Expiration: 11/01/2024; Exercise Price: $19.50 | | | (9,223,500 | ) | | | (5,500 | ) | | | (8,250 | ) |
| Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $455.00 | | | (20,317,500 | ) | | | (500 | ) | | | (5,000 | ) |
| MicroStrategy, Inc., Expiration: 11/01/2024; Exercise Price: $250.00 | | | (8,557,500 | ) | | | (350 | ) | | | (107,800 | ) |
| Novavax, Inc., Expiration: 11/08/2024; Exercise Price: $10.50 | | | (7,688,000 | ) | | | (8,000 | ) | | | (424,000 | ) |
| NuScale Power Corp. | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $21.00 | | | (4,785,000 | ) | | | (2,500 | ) | | | (300,000 | ) |
| Expiration: 11/08/2024; Exercise Price: $22.50 | | | (4,785,000 | ) | | | (2,500 | ) | | | (206,250 | ) |
| NVIDIA Corp., Expiration: 11/08/2024; Exercise Price: $144.00 | | | (11,151,840 | ) | | | (840 | ) | | | (73,080 | ) |
| Palantir Technologies, Inc., Expiration: 11/08/2024; Exercise Price: $50.00 | | | (8,312,000 | ) | | | (2,000 | ) | | | (103,000 | ) |
| ProShares UltraPro QQQ, Expiration: 11/08/2024; Exercise Price: $76.00 | | | (11,112,000 | ) | | | (1,600 | ) | | | (177,600 | ) |
| Redfin Corp., Expiration: 11/08/2024; Exercise Price: $11.00 | | | (8,814,500 | ) | | | (8,500 | ) | | | (510,000 | ) |
| Sweetgreen, Inc., Expiration: 11/15/2024; Exercise Price: $39.00 | | | (9,025,000 | ) | | | (2,500 | ) | | | (700,000 | ) |
| Tesla, Inc., Expiration: 11/08/2024; Exercise Price: $265.00 | | | (4,997,000 | ) | | | (200 | ) | | | (70,000 | ) |
| Trump Media & Technology Group Corp., Expiration: 11/15/2024; | | | | | | | | | | | | |
| Exercise Price: $65.00 | | | (3,357,300 | ) | | | (950 | ) | | | (372,875 | ) |
| Unity Software, Inc., Expiration: 11/08/2024; Exercise Price: $23.00 | | | (9,036,000 | ) | | | (4,500 | ) | | | (261,000 | ) |
| Upstart Holdings, Inc., Expiration: 11/08/2024; Exercise Price: $55.00 | | | (5,841,600 | ) | | | (1,200 | ) | | | (372,000 | ) |
| Viking Therapeutics, Inc., Expiration: 11/08/2024; Exercise Price: $80.00 | | | (7,979,400 | ) | | | (1,100 | ) | | | (478,500 | ) |
| Total Call Options | | | | | | | | | | | (6,555,935 | ) |
| | | | | | | | | | | | | |
| Put Options - (1.2)% | | | | | | | | | | | | |
| Advanced Micro Devices, Inc., Expiration: 11/08/2024; Exercise Price: | | | | | | | | | | | | |
| $160.00 | | | (4,466,170 | ) | | | (310 | ) | | | (499,875 | ) |
| Amazon.com, Inc., Expiration: 11/08/2024; Exercise Price: $175.00 | | | (37,280,000 | ) | | | (2,000 | ) | | | (625,000 | ) |
| Apple, Inc., Expiration: 11/08/2024; Exercise Price: $217.50 | | | (45,182,000 | ) | | | (2,000 | ) | | | (497,000 | ) |
| Microsoft Corp., Expiration: 11/08/2024; Exercise Price: $415.00 | | | (20,317,500 | ) | | | (500 | ) | | | (628,750 | ) |
| Talen Energy Corp., Expiration: 11/15/2024; Exercise Price: $175.00 | | | (5,078,080 | ) | | | (280 | ) | | | (261,800 | ) |
| Trump Media & Technology Group Corp., Expiration: 11/15/2024; | | | | | | | | | | | | |
| Exercise Price: $20.00 | | | (353,400 | ) | | | (100 | ) | | | (30,450 | ) |
| Total Put Options | | | | | | | | | | | (2,542,875 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $11,891,236) | | | | | | | | | | $ | (9,098,810 | ) |
| Percentages are stated as a percent of net assets. | | | | | | | | | | | | |
| The accompanying notes are an integral part of these financial statements. | 35 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| (b) | 100 shares per contract. |
YieldMax Universe Fund of Option Income ETFs
Schedule of Investments
October 31, 2024
| EXCHANGE TRADED FUNDS - 94.2% (a) | | Shares | | | Value |
| YieldMax AAPL Option Income Strategy ETF | | | 764,812 | | | $ | 13,238,896 | |
| YieldMax ABNB Option Income Strategy ETF | | | 848,957 | | | | 13,873,570 | |
| YieldMax AI Option Income Strategy ETF | | | 1,488,587 | | | | 12,504,131 | |
| YieldMax AMD Option Income Strategy ETF | | | 1,049,838 | | | | 13,217,460 | |
| YieldMax AMZN Option Income Strategy ETF | | | 714,681 | | | | 13,335,947 | |
| YieldMax BABA Option Income Strategy ETF | | | 657,348 | | | | 13,850,322 | |
| YieldMax COIN Option Income Strategy ETF | | | 995,150 | | | | 12,349,812 | |
| YieldMax DIS Option Income Strategy ETF | | | 859,831 | | | | 13,606,224 | |
| YieldMax Gold Miners Option Income Strategy ETF | | | 772,356 | | | | 13,415,824 | |
| YieldMax GOOGL Option Income Strategy ETF | | | 926,800 | | | | 13,911,268 | |
| YieldMax Innovation Option Income Strategy ETF | | | 1,367,266 | | | | 13,207,790 | |
| YieldMax JPM Option Income Strategy ETF | | | 771,987 | | | | 14,119,642 | |
| YieldMax META Option Income Strategy ETF | | | 731,426 | | | | 14,335,950 | |
| YieldMax MRNA Option Income Strategy ETF | | | 1,998,868 | | | | 14,471,804 | |
| YieldMax MSFT Option Income Strategy ETF | | | 736,656 | | | | 13,701,802 | |
| YieldMax MSTR Option Income Strategy ETF | | | 457,542 | | | | 13,264,143 | |
| YieldMax NFLX Option Income Strategy ETF | | | 785,326 | | | | 13,963,096 | |
| YieldMax NVDA Option Income Strategy ETF | | | 536,436 | | | | 13,335,799 | |
| YieldMax PYPL Option Income Strategy ETF | | | 778,273 | | | | 13,853,259 | |
| YieldMax SNOW Option Income Strategy ETF | | | 837,773 | | | | 13,368,930 | |
| YieldMax SQ Option Income Strategy ETF | | | 734,156 | | | | 13,134,051 | |
| YieldMax TSLA Option Income Strategy ETF | | | 1,233,947 | | | | 14,733,321 | |
| YieldMax TSM Option Income Strategy ETF | | | 652,168 | | | | 12,893,361 | |
| YieldMax XOM Option Income Strategy ETF | | | 823,990 | | | | 13,447,517 | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $332,187,583) | | | | | | | 325,133,919 | |
| PURCHASED OPTIONS - 0.0%(b(c)(d)(e)(i) | | Notional Amount | | | Contracts | | | | |
| Call Options - 0.0%(a) | | | | | | | | | | | | |
| ProShares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $27.00 | | | | | | | | | | | | |
| (b)(c)(d) | | $ | 14,075,040 | | | | 7,080 | | | | 35,400 | |
| TOTAL PURCHASED OPTIONS (Cost $20,374) | | | | | | | | | | | 35,400 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 6.0% | | | | | | | | | | | | |
| Money Market Funds - 4.5% | | | | | | Shares | | | | |
| First American Government Obligations Fund - Class X, 4.78% (f) | | | | | | | 15,560,417 | | | | 15,560,417 | |
| | | | | | | | | | | | | |
| U.S. Treasury Bills - 1.5% | | | | | | | Par | | | | | |
| 4.72%, 11/19/2024 (g)(h) | | | | | | $ | 5,350,000 | | | | 5,337,626 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $20,897,863) | | | | | | | | | | | 20,898,043 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS - 100.2% (Cost $353,105,820) | | | | | | | | | | | 346,067,362 | |
| Liabilities in Excess of Other Assets - (0.2)% | | | | | | | | | | | (697,169 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 345,370,193 | |
Percentages are stated as a percent of net assets.
| (a) | Affiliated company as defined by the Investment Company Act of 1940. See Note 6. |
| (b) | Represents less than 0.05% of net assets. |
| (c) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| The accompanying notes are an integral part of these financial statements. | 36 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
| (e) | 100 shares per contract. |
| (f) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (g) | The rate shown is the effective yield as of October 31, 2024. |
| (h) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (i) | Non-income producing security. |
YieldMax Universe Fund of Option Income ETFs
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (1.7)% (b)(c) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.0)% (a) | | | | | | | | | | | | |
| ProShares Bitcoin ETF | | | | | | | | | | | | |
| Expiration: 11/08/2024; Exercise Price: $20.50 | | $ | (894,600 | ) | | | (450 | ) | | $ | (11,700 | ) |
| Expiration: 11/08/2024; Exercise Price: $22.50 | | | (13,180,440 | ) | | | (6,630 | ) | | | (59,670 | ) |
| Total Call Options | | | | | | | | | | | (71,370 | ) |
| | | | | | | | | | | | | |
| Put Options - (1.7)% | | | | | | | | | | | | |
| ProShares Bitcoin ETF, Expiration: 11/15/2024; Exercise Price: $27.01 | | | (14,075,040 | ) | | | (7,080 | ) | | | (5,787,026 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $7,223,195) | | | | | | | | | | $ | (5,858,396 | ) |
Percentages are stated as a percent of net assets. | | | | | | | | | | | | |
| (a) | Represents less than 0.05% of net assets. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
YieldMax XOM Option Income Strategy ETF
Schedule of Investments
October 31, 2024
| U.S. TREASURY SECURITIES - 90.4% | | | | | | Par | | | Value |
| United States Treasury Note/Bond | | | | | | | | | | | | |
| 0.75%, 11/15/2024 (a) | | | | | | $ | 4,891,000 | | | $ | 4,883,631 | |
| 2.63%, 04/15/2025 (a) | | | | | | | 8,045,000 | | | | 7,981,779 | |
| 3.00%, 07/15/2025 (a) | | | | | | | 7,810,000 | | | | 7,740,364 | |
| 3.88%, 01/15/2026 (a) | | | | | | | 8,548,000 | | | | 8,510,603 | |
| TOTAL U.S. TREASURY SECURITIES (Cost $29,031,181) | | | | | | | | | | | 29,116,377 | |
| | | | | | | | | | | | | |
| PURCHASED OPTIONS - 3.5% (b)(c)(d)(g) | | Notional Amount | | | Contracts | | | | |
| Call Options - 3.5% | | | | | | | | | | | | |
| Exxon Mobil Corp. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $124.00 | | $ | 30,654,750 | | | | 2,625 | | | | 19,687 | |
| Expiration: 11/01/2024; Exercise Price: $125.00 | | | 467,120 | | | | 40 | | | | 120 | |
| Expiration: 11/08/2024; Exercise Price: $122.00 | | | 1,109,410 | | | | 95 | | | | 7,600 | |
| Expiration: 11/15/2024; Exercise Price: $115.00 | | | 32,231,280 | | | | 2,760 | | | | 1,104,000 | |
| TOTAL PURCHASED OPTIONS (Cost $1,719,140) | | | | | | | | | | | 1,131,407 | |
| | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 6.1% | | | | | | | | | | | | |
| Money Market Funds - 6.1% | | | | | | Shares | | | | |
| First American Government Obligations Fund - Class X, 4.78% (e) | | | | | | | 1,974,615 | | | | 1,974,615 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,974,615) | | | | | | | | | | | 1,974,615 | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS - 100.0% (Cost $32,724,936) | | | | | | | | | | | 32,222,399 | |
| Other Assets in Excess of Liabilities - 0.0% (f) | | | | | | | | | | | 10,024 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | | | | $ | 32,232,423 | |
| The accompanying notes are an integral part of these financial statements. | 37 |
| Schedules of Investments & Written Options Contracts | YieldMax ETFs |
October 31, 2024
Percentages are stated as a percent of net assets.
| (a) | All or a portion of this security has been pledged to the broker in connection with options as of October 31, 2024. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (f) | Represents less than 0.05% of net assets. |
| (g) | Non-income producing security. |
YieldMax XOM Option Income Strategy ETF
Schedule of Written Options
October 31, 2024
| WRITTEN OPTIONS - (2.3)% (a)(b) | | Notional Amount | | | Contracts | | | Value |
| Call Options - (0.3)% | | | | | | | | | | | | |
| Exxon Mobil Corp. | | | | | | | | | | | | |
| Expiration: 11/01/2024; Exercise Price: $121.00 | | $ | (31,121,870 | ) | | | (2,665 | ) | | $ | (63,960 | ) |
| Expiration: 11/08/2024; Exercise Price: $119.00 | | | (1,109,410 | ) | | | (95 | ) | | | (15,580 | ) |
| Total Call Options | | | | | | | | | | | (79,540 | ) |
| | | | | | | | | | | | | |
| Put Options - (2.0)% | | | | | | | | | | | | |
| Exxon Mobil Corp., Expiration: 11/15/2024; Exercise Price: $115.01 | | | (32,231,280 | ) | | | (2,760 | ) | | | (656,138 | ) |
| TOTAL WRITTEN OPTIONS (Premiums received $1,216,825) | | | | | | | | | | $ | (735,678 | ) |
| | | | | | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | | | | | | | | |
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| The accompanying notes are an integral part of these financial statements. | 38 |
| Statements of Assets and Liabilities | YieldMax ETFs |
October 31, 2024
| | | YieldMax AAPL
Option Income
Strategy ETF | | YieldMax ABNB
Option Income
Strategy ETF | | YieldMax AI
Option Income
Strategy ETF | | YieldMax AMD
Option Income
Strategy ETF | | YieldMax AMZN
Option Income
Strategy ETF |
| | | | | | | | | | | |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Investments, at value (Note 2) | | $ | 89,823,457 | | | $ | 15,578,567 | | | $ | 35,001,705 | | | $ | 134,264,809 | | | $ | 187,737,132 | |
| Deposit at broker for options | | | 4,031,916 | | | | 2,027,576 | | | | – | | | | 234,410 | | | | 223,903 | |
| Receivable for fund shares sold | | | 1,736,410 | | | | – | | | | 1,463,175 | | | | 3,771,720 | | | | – | |
| Interest receivable | | | 495,222 | | | | 84,828 | | | | 231,284 | | | | 792,860 | | | | 1,178,027 | |
| Receivable for ETF transaction fees | | | 347 | | | | – | | | | 293 | | | | 754 | | | | – | |
| Receivable for investments sold | | | – | | | | – | | | | – | | | | 732,756 | | | | – | |
| Total assets | | | 96,087,352 | | | | 17,690,971 | | | | 36,696,457 | | | | 139,797,309 | | | | 189,139,062 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 3,547,215 | | | | 935,508 | | | | 2,268,144 | | | | 18,441,910 | | | | 10,058,713 | |
| Due to broker for options | | | – | | | | – | | | | 128,315 | | | | – | | | | – | |
| Payable to adviser (Note 4) | | | 76,005 | | | | 12,461 | | | | 27,750 | | | | 99,816 | | | | 150,668 | |
| Payable for investments purchased | | | – | | | | – | | | | – | | | | 34,878 | | | | – | |
| Total liabilities | | | 3,623,220 | | | | 947,969 | | | | 2,424,209 | | | | 18,576,604 | | | | 10,209,381 | |
| NET ASSETS | | $ | 92,464,132 | | | $ | 16,743,002 | | | $ | 34,272,248 | | | $ | 121,220,705 | | | $ | 178,929,681 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 93,533,854 | | | $ | 16,815,308 | | | $ | 44,915,416 | | | $ | 138,196,985 | | | $ | 180,983,489 | |
| Total accumulated losses | | | (1,069,722 | ) | | | (72,306 | ) | | | (10,643,168 | ) | | | (16,976,280 | ) | | | (2,053,808 | ) |
| Total net assets | | $ | 92,464,132 | | | $ | 16,743,002 | | | $ | 34,272,248 | | | $ | 121,220,705 | | | $ | 178,929,681 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 92,464,132 | | | $ | 16,743,002 | | | $ | 34,272,248 | | | $ | 121,220,705 | | | $ | 178,929,681 | |
| Shares issued and outstanding | | | 5,325,000 | | | | 1,025,000 | | | | 4,100,000 | | | | 9,650,000 | | | | 9,600,000 | |
| Net asset value per share | | $ | 17.36 | | | $ | 16.33 | | | $ | 8.36 | | | $ | 12.56 | | | $ | 18.64 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments, at cost | | $ | 90,595,343 | | | $ | 15,391,124 | | | $ | 35,578,391 | | | $ | 143,841,862 | | | $ | 189,656,723 | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 3,809,319 | | | $ | 1,262,563 | | | $ | 3,741,935 | | | $ | 12,432,181 | | | $ | 12,383,477 | |
| (a) | Unlimited shares authorized without par value. |
| | | YieldMax BABA
Option Income
Strategy ETF | | YieldMax Bitcoin
Option Income
Strategy ETF | | YieldMax COIN
Option Income
Strategy ETF | | YieldMax DIS
Option Income
Strategy ETF | | YieldMax Gold
Miners Option
Income Strategy
ETF |
| | | | | | | | | | | |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Investments, at value (Note 2) | | $ | 20,080,045 | | | $ | 53,228,416 | | | $ | 739,330,857 | | | $ | 22,143,600 | | | $ | 30,709,754 | |
| Deposit at broker for options | | | 3,054,603 | | | | 13,134,549 | | | | 33,632,046 | | | | 161,110 | | | | 1,171,547 | |
| Receivable for fund shares sold | | | 525,375 | | | | – | | | | 21,007,223 | | | | 790,465 | | | | 862,755 | |
| Receivable for investments sold | | | – | | | | – | | | | 8,804,582 | | | | – | | | | – | |
| Interest receivable | | | 130,331 | | | | 349,189 | | | | 4,868,254 | | | | 107,568 | | | | 186,694 | |
| Receivable for ETF transaction fees | | | 105 | | | | – | | | | 4,201 | | | | 158 | | | | 173 | |
| Total assets | | | 23,790,459 | | | | 66,712,154 | | | | 807,647,163 | | | | 23,202,901 | | | | 32,930,923 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 2,758,061 | | | | 16,059,763 | | | | 148,729,755 | | | | 657,248 | | | | 1,489,248 | |
| Payable to adviser (Note 4) | | | 16,380 | | | | 47,174 | | | | 570,872 | | | | 17,148 | | | | 24,964 | |
| Payable for investments purchased | | | – | | | | – | | | | 3,111,924 | | | | – | | | | – | |
| Distributions payable | | | – | | | | 2,518,875 | | | | – | | | | – | | | | – | |
| Broker expense payable | | | – | | | | 256,812 | | | | – | | | | – | | | | – | |
| Total liabilities | | | 2,774,441 | | | | 18,882,624 | | | | 152,412,551 | | | | 674,396 | | | | 1,514,212 | |
| NET ASSETS | | $ | 21,016,018 | | | $ | 47,829,530 | | | $ | 655,234,612 | | | $ | 22,528,505 | | | $ | 31,416,711 | |
| The accompanying notes are an integral part of these financial statements. | 39 |
| Statements of Assets and Liabilities | YieldMax ETFs |
October 31, 2024
| | | YieldMax BABA
Option Income
Strategy ETF | | YieldMax Bitcoin
Option Income
Strategy ETF | | YieldMax COIN
Option Income
Strategy ETF | | YieldMax DIS
Option Income
Strategy ETF | | YieldMax Gold
Miners Option
Income Strategy
ETF |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 21,846,892 | | | $ | 50,276,684 | | | $ | 787,340,832 | | | $ | 23,914,681 | | | $ | 32,100,647 | |
| Total accumulated losses | | | (830,874 | ) | | | (2,447,154 | ) | | | (132,106,220 | ) | | | (1,386,176 | ) | | | (683,936 | ) |
| Total net assets | | $ | 21,016,018 | | | $ | 47,829,530 | | | $ | 655,234,612 | | | $ | 22,528,505 | | | $ | 31,416,711 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 21,016,018 | | | $ | 47,829,530 | | | $ | 655,234,612 | | | $ | 22,528,505 | | | $ | 31,416,711 | |
| Shares issued and outstanding | | | 1,000,000 | | | | 3,750,000 | | | | 53,575,000 | | | | 1,425,000 | | | | 1,825,000 | |
| Net asset value per share | | $ | 21.02 | | | $ | 12.75 | | | $ | 12.23 | | | $ | 15.81 | | | $ | 17.21 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments, at cost | | $ | 21,486,419 | | | $ | 53,375,910 | | | $ | 793,564,582 | | | $ | 21,921,742 | | | $ | 31,249,704 | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 1,811,385 | | | $ | 25,098,363 | | | $ | 81,829,165 | | | $ | 865,114 | | | $ | 2,072,051 | |
| (a) | Unlimited shares authorized without par value. |
| | | YieldMax
GOOGL Option
Income Strategy
ETF | | YieldMax
Innovation Option
Income Strategy
ETF | | YieldMax JPM
Option Income
Strategy ETF | | YieldMax
Magnificent 7 Fund
of Option Income
ETFs | | YieldMax META
Option Income
Strategy ETF |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Investments in unaffiliates, at value (Note 2) | | $ | 72,067,283 | | | $ | 56,960,307 | | | $ | 26,134,231 | | | $ | 1,881,787 | | | $ | 123,072,423 | |
| Investments in affiliates, at fair value (Note 6) | | | – | | | | – | | | | – | | | | 180,288,364 | | | | – | |
| Receivable for fund shares sold | | | 1,877,063 | | | | 1,451,835 | | | | 911,460 | | | | – | | | | 9,145,888 | |
| Interest receivable | | | 426,327 | | | | 317,672 | | | | 156,634 | | | | 7,864 | | | | 720,133 | |
| Deposit at broker for options | | | 119,925 | | | | 25,246 | | | | 327,970 | | | | – | | | | 273,722 | |
| Receivable for ETF transaction fees | | | 375 | | | | 290 | | | | 182 | | | | – | | | | 1,829 | |
| Receivable for investments sold | | | – | | | | – | | | | 48,706 | | | | – | | | | 1,791,742 | |
| Dividends receivable | | | – | | | | – | | | | – | | | | 2,030,935 | | | | – | |
| Total assets | | | 74,490,973 | | | | 58,755,350 | | | | 27,579,183 | | | | 184,208,950 | | | | 135,005,737 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 1,749,396 | | | | 2,722,617 | | | | 1,092,174 | | | | – | | | | 5,444,097 | |
| Distributions payable | | | 1,734,660 | | | | 1,542,855 | | | | – | | | | 1,497,440 | | | | – | |
| Payable to adviser (Note 4) | | | 55,320 | | | | 45,484 | | | | 20,321 | | | | 40,721 | | | | 93,776 | |
| Payable for investments purchased | | | – | | | | – | | | | 38,527 | | | | – | | | | 1,022,718 | |
| Total liabilities | | | 3,539,376 | | | | 4,310,956 | | | | 1,151,022 | | | | 1,538,161 | | | | 6,560,591 | |
| NET ASSETS | | $ | 70,951,597 | | | $ | 54,444,394 | | | $ | 26,428,161 | | | $ | 182,670,789 | | | $ | 128,445,146 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 72,544,955 | | | $ | 63,339,160 | | | $ | 26,750,303 | | | $ | 186,892,063 | | | $ | 130,297,604 | |
| Total accumulated losses | | | (1,593,358 | ) | | | (8,894,766 | ) | | | (322,142 | ) | | | (4,221,274 | ) | | | (1,852,458 | ) |
| Total net assets | | $ | 70,951,597 | | | $ | 54,444,394 | | | $ | 26,428,161 | | | $ | 182,670,789 | | | $ | 128,445,146 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 70,951,597 | | | $ | 54,444,394 | | | $ | 26,428,161 | | | $ | 182,670,789 | | | $ | 128,445,146 | |
| Shares issued and outstanding | | | 4,725,000 | | | | 5,625,000 | | | | 1,450,000 | | | | 9,800,000 | | | | 6,650,000 | |
| Net asset value per share | | $ | 15.02 | | | $ | 9.68 | | | $ | 18.23 | | | $ | 18.64 | | | $ | 19.32 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments in unaffiliates, at cost | | $ | 70,186,949 | | | $ | 57,872,457 | | | $ | 26,267,088 | | | $ | 1,881,787 | | | $ | 124,899,732 | |
| Investments in affiliates, at cost | | $ | – | | | $ | – | | | $ | – | | | $ | 182,933,137 | | | $ | – | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 4,571,957 | | | $ | 4,263,451 | | | $ | 989,345 | | | $ | – | | | $ | 8,610,351 | |
| (a) | Unlimited shares authorized without par value. |
| The accompanying notes are an integral part of these financial statements. | 40 |
| Statements of Assets and Liabilities | YieldMax ETFs |
October 31, 2024
| | | YieldMax MRNA
Option Income
Strategy ETF | | YieldMax MSFT
Option Income
Strategy ETF | | YieldMax MSTR
Option Income
Strategy ETF | | YieldMax NFLX
Option Income
Strategy ETF | | YieldMax NVDA
Option Income
Strategy ETF |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Investments, at value (Note 2) | | $ | 30,188,830 | | | $ | 83,947,318 | | | $ | 67,211,477 | | | $ | 52,904,724 | | | $ | 1,290,544,226 | |
| Receivable for fund shares sold | | | 544,117 | | | | 925,405 | | | | – | | | | – | | | | 38,492,390 | |
| Deposit at broker for options | | | 527,489 | | | | 52,508 | | | | 840,415,755 | | | | 227,271 | | | | 277,719 | |
| Interest receivable | | | 186,147 | | | | 542,690 | | | | 61,914 | | | | 293,268 | | | | 7,800,656 | |
| Receivable for ETF transaction fees | | | 109 | | | | 185 | | | | – | | | | – | | | | 7,699 | |
| Receivable for investments sold | | | – | | | | 653,989 | | | | – | | | | – | | | | 22,623,133 | |
| Total assets | | | 31,446,692 | | | | 86,122,095 | | | | 907,689,146 | | | | 53,425,263 | | | | 1,359,745,823 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 2,585,457 | | | | 5,060,759 | | | | 94,070,609 | | | | 1,918,450 | | | | 103,666,850 | |
| Payable to adviser (Note 4) | | | 20,121 | | | | 65,496 | | | | 551,261 | | | | 41,862 | | | | 1,005,049 | |
| Payable for investments purchased | | | – | | | | 146,806 | | | | – | | | | – | | | | 10,286,096 | |
| Total liabilities | | | 2,605,578 | | | | 5,273,061 | | | | 94,621,870 | | | | 1,960,312 | | | | 114,957,995 | |
| NET ASSETS | | $ | 28,841,114 | | | $ | 80,849,034 | | | $ | 813,067,276 | | | $ | 51,464,951 | | | $ | 1,244,787,828 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 47,660,246 | | | $ | 85,860,604 | | | $ | 799,022,245 | | | $ | 51,598,061 | | | $ | 1,244,169,267 | |
| Total distributable earnings/(accumulated losses) | | | (18,819,132 | ) | | | (5,011,570 | ) | | | 14,045,031 | | | | (133,110 | ) | | | 618,561 | |
| Total net assets | | $ | 28,841,114 | | | $ | 80,849,034 | | | $ | 813,067,276 | | | $ | 51,464,951 | | | $ | 1,244,787,828 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 28,841,114 | | | $ | 80,849,034 | | | $ | 813,067,276 | | | $ | 51,464,951 | | | $ | 1,244,787,828 | |
| Shares issued and outstanding | | | 3,975,000 | | | | 4,350,000 | | | | 27,975,000 | | | | 2,900,000 | | | | 50,025,000 | |
| Net asset value per share | | $ | 7.26 | | | $ | 18.59 | | | $ | 29.06 | | | $ | 17.75 | | | $ | 24.88 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments, at cost | | $ | 30,296,045 | | | $ | 87,357,144 | | | $ | 102,829,398 | | | $ | 53,030,251 | | | $ | 1,289,734,410 | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 2,762,042 | | | $ | 3,860,650 | | | $ | 96,970,355 | | | $ | 2,367,176 | | | $ | 112,879,935 | |
| (a) | Unlimited shares authorized without par value. |
| | | YieldMax PLTR
Option Income
Strategy ETF | | YieldMax PYPL
Option Income
Strategy ETF | | YieldMax Short
COIN Option
Income Strategy
ETF | | YieldMax Short
N100 Option
Income Strategy
ETF | | YieldMax Short
NVDA Option
Income Strategy
ETF |
| ASSETS: | | | | | | | | | | |
| Investments, at value (Note 2) | | $ | 5,487,390 | | | $ | 46,585,377 | | | $ | 52,069,091 | | | $ | 6,121,133 | | | $ | 12,074,903 | |
| Interest receivable | | | 29,218 | | | | 279,991 | | | | 296,234 | | | | 38,699 | | | | 77,632 | |
| Deposit at broker for options | | | 107,694 | | | | 245,487 | | | | – | | | | 408,941 | | | | 575,993 | |
| Receivable for fund shares sold | | | 1,233,640 | | | | – | | | | – | | | | – | | | | – | |
| Receivable for ETF transaction fees | | | 247 | | | | – | | | | 843 | | | | – | | | | – | |
| Total assets | | | 6,858,189 | | | | 47,110,855 | | | | 52,366,168 | | | | 6,568,773 | | | | 12,728,528 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 695,201 | | | | 1,878,331 | | | | 3,893,767 | | | | 513,213 | | | | 2,099,017 | |
| Due to broker for options | | | – | | | | – | | | | 4,193,674 | | | | – | | | | – | |
| Payable to adviser (Note 4) | | | 2,343 | | | | 32,827 | | | | 27,663 | | | | 4,465 | | | | 8,496 | |
| Payable for fund shares redeemed | | | – | | | | – | | | | 4,214,300 | | | | – | | | | – | |
| Total liabilities | | | 697,544 | | | | 1,911,158 | | | | 12,329,404 | | | | 517,678 | | | | 2,107,513 | |
| NET ASSETS | | $ | 6,160,645 | | | $ | 45,199,697 | | | $ | 40,036,764 | | | $ | 6,051,095 | | | $ | 10,621,015 | |
| The accompanying notes are an integral part of these financial statements. | 41 |
| Statements of Assets and Liabilities | YieldMax ETFs |
October 31, 2024
| | | YieldMax PLTR
Option Income
Strategy ETF | | YieldMax PYPL
Option Income
Strategy ETF | | YieldMax Short
COIN Option
Income Strategy
ETF | | YieldMax Short
N100 Option
Income Strategy
ETF | | YieldMax Short
NVDA Option
Income Strategy
ETF |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 6,340,311 | | | $ | 46,149,674 | | | $ | 43,299,073 | | | $ | 6,292,199 | | | $ | 12,355,352 | |
| Total accumulated losses | | | (179,666 | ) | | | (949,977 | ) | | | (3,262,309 | ) | | | (241,104 | ) | | | (1,734,337 | ) |
| Total net assets | | $ | 6,160,645 | | | $ | 45,199,697 | | | $ | 40,036,764 | | | $ | 6,051,095 | | | $ | 10,621,015 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 6,160,645 | | | $ | 45,199,697 | | | $ | 40,036,764 | | | $ | 6,051,095 | | | $ | 10,621,015 | |
| Shares issued and outstanding(a) | | | 125,000 | | | | 2,550,000 | | | | 2,375,000 | | | | 325,000 | | | | 700,000 | |
| Net asset value per share | | $ | 49.29 | | | $ | 17.73 | | | $ | 16.86 | | | $ | 18.62 | | | $ | 15.17 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments, at cost | | $ | 5,469,556 | | | $ | 47,503,553 | | | $ | 48,688,951 | | | $ | 6,247,931 | | | $ | 12,526,053 | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 684,889 | | | $ | 3,050,205 | | | $ | 4,519,140 | | | $ | 383,251 | | | $ | 1,269,018 | |
| (a) | Unlimited shares authorized without par value. |
| | | YieldMax Short
TSLA Option
Income Strategy
ETF | | YieldMax SMCI
Option Income
Strategy ETF | | YieldMax SNOW
Option Income
Strategy ETF | | YieldMax SQ
Option Income
Strategy ETF | | YieldMax TSLA
Option Income
Strategy ETF |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Investments, at value (Note 2) | | $ | 24,211,821 | | | $ | 15,590,509 | | | $ | 19,738,793 | | | $ | 51,821,874 | | | $ | 935,739,935 | |
| Receivable for fund shares sold | | | 562,445 | | | | 828,463 | | | | 798,120 | | | | – | | | | 2,981,275 | |
| Interest receivable | | | 142,827 | | | | 63,141 | | | | 117,107 | | | | 306,953 | | | | 5,609,251 | |
| Receivable for ETF transaction fees | | | 112 | | | | 166 | | | | 160 | | | | – | | | | 596 | |
| Receivable for investments sold | | | – | | | | – | | | | – | | | | – | | | | 19,546,458 | |
| Deposit at broker for options | | | 2,769,369 | | | | – | | | | 1,462,984 | | | | 250,934 | | | | 908,005 | |
| Total assets | | | 27,686,574 | | | | 16,482,279 | | | | 22,117,164 | | | | 52,379,761 | | | | 964,785,520 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 3,689,821 | | | | 1,988,164 | | | | 2,719,043 | | | | 2,069,870 | | | | 63,694,011 | |
| Payable for investments purchased | | | – | | | | – | | | | – | | | | – | | | | 32,549,560 | |
| Due to broker for options | | | – | | | | 2,893,019 | | | | – | | | | – | | | | – | |
| Payable to adviser (Note 4) | | | 14,799 | | | | 5,050 | | | | 13,741 | | | | 36,021 | | | | 642,577 | |
| Distributions payable | | | 897,800 | | | | – | | | | 628,763 | | | | – | | | | 41,318,365 | |
| Total liabilities | | | 4,602,420 | | | | 4,886,233 | | | | 3,361,547 | | | | 2,105,891 | | | | 138,204,513 | |
| NET ASSETS | | $ | 23,084,154 | | | $ | 11,596,046 | | | $ | 18,755,617 | | | $ | 50,273,870 | | | $ | 826,581,007 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 25,560,943 | | | $ | 15,791,591 | | | $ | 20,322,794 | | | $ | 50,389,696 | | | $ | 970,368,347 | |
| Total accumulated losses | | | (2,476,789 | ) | | | (4,195,545 | ) | | | (1,567,177 | ) | | | (115,826 | ) | | | (143,787,340 | ) |
| Total net assets | | $ | 23,084,154 | | | $ | 11,596,046 | | | $ | 18,755,617 | | | $ | 50,273,870 | | | $ | 826,581,007 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net assets | | $ | 23,084,154 | | | $ | 11,596,046 | | | $ | 18,755,617 | | | $ | 50,273,870 | | | $ | 826,581,007 | |
| Shares issued and outstanding(a) | | | 2,050,000 | | | | 350,000 | | | | 1,175,000 | | | | 2,825,000 | | | | 69,275,000 | |
| Net asset value per share | | $ | 11.26 | | | $ | 33.13 | | | $ | 15.96 | | | $ | 17.80 | | | $ | 11.93 | |
| | | | | | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | | | | | |
| Investments, at cost | | $ | 24,990,357 | | | $ | 16,407,125 | | | $ | 20,591,799 | | | $ | 50,571,544 | | | $ | 987,263,773 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 2,897,667 | | | $ | 1,521,538 | | | $ | 2,221,180 | | | $ | 4,026,826 | | | $ | 103,052,354 | |
| (a) | Unlimited shares authorized without par value. |
| The accompanying notes are an integral part of these financial statements. | 42 |
| Statements of Assets and Liabilities | YieldMax ETFs |
October 31, 2024
| | | YieldMax TSM
Option Income
Strategy ETF | | YieldMax Ultra
Option Income
Strategy ETF | | YieldMax Universe
Fund of Option
Income ETFs | | YieldMax XOM
Option Income
Strategy ETF |
| ASSETS: | | | | | | | | | | | | | | | | |
| Investments in unaffiliates, at value (Note 2) | | $ | 22,489,564 | | | $ | 208,001,916 | | | $ | 20,933,443 | | | $ | 32,222,399 | |
| Investments in affiliates, at value (Note 6) | | | – | | | | – | | | | 325,133,919 | | | | – | |
| Deposit at broker for options | | | 34,526 | | | | 6,668,237 | | | | 6,479,753 | | | | 418,931 | |
| Receivable for investments sold | | | – | | | | – | | | | – | | | | 31,715 | |
| Interest receivable | | | 103,690 | | | | 52,597 | | | | 48,332 | | | | 197,382 | |
| Receivable for fund shares sold | | | 2,472,550 | | | | – | | | | 7,618,635 | | | | 816,120 | |
| Dividends receivable | | | – | | | | – | | | | 2,738,094 | | | | – | |
| Receivable for ETF transaction fees | | | 495 | | | | – | | | | – | | | | 163 | |
| Total assets | | | 25,100,825 | | | | 214,722,750 | | | | 362,952,176 | | | | 33,686,710 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES: | | | | | | | | | | | | | | | | |
| Written option contracts, at value | | | 928,032 | | | | 9,098,810 | | | | 5,858,396 | | | | 735,678 | |
| Payable for investments purchased | | | – | | | | – | | | | 7,168,231 | | | | 43,807 | |
| Payable to adviser (Note 4) | | | 6,994 | | | | 193,064 | | | | 72,591 | | | | 25,499 | |
| Distributions payable | | | 934,185 | | | | – | | | | 4,482,765 | | | | 649,303 | |
| Total liabilities | | | 1,869,211 | | | | 9,291,874 | | | | 17,581,983 | | | | 1,454,287 | |
| NET ASSETS | | $ | 23,231,614 | | | $ | 205,430,876 | | | $ | 345,370,193 | | | $ | 32,232,423 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS CONSISTS OF: | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 24,155,667 | | | $ | 211,091,745 | | | $ | 367,607,898 | | | $ | 32,768,166 | |
| Total accumulated losses | | | (924,053 | ) | | | (5,660,869 | ) | | | (22,237,705 | ) | | | (535,743 | ) |
| Total net assets | | $ | 23,231,614 | | | $ | 205,430,876 | | | $ | 345,370,193 | | | $ | 32,232,423 | |
| | | | | | | | | | | | | | | | | |
| Net assets | | $ | 23,231,614 | | | $ | 205,430,876 | | | $ | 345,370,193 | | | $ | 32,232,423 | |
| Shares issued and outstanding(a) | | | 1,175,000 | | | | 20,775,000 | | | | 20,400,000 | | | | 1,975,000 | |
| Net asset value per share | | $ | 19.77 | | | $ | 9.89 | | | $ | 16.93 | | | $ | 16.32 | |
| | | | | | | | | | | | | | | | | |
| COST: | | | | | | | | | | | | | | | | |
| Investments in unaffiliates, at cost | | $ | 23,109,175 | | | $ | 201,140,316 | | | $ | 20,918,237 | | | $ | 32,724,936 | |
| Investments in affiliates, at cost | | $ | – | | | $ | – | | | $ | 332,187,583 | | | $ | – | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| PROCEEDS: | | | | | | | | | | | | | | | | |
| Written options premium | | $ | 902,790 | | | $ | 11,891,236 | | | $ | 7,223,195 | | | $ | 1,216,825 | |
| (a) | Unlimited shares authorized without par value. |
| The accompanying notes are an integral part of these financial statements. | 43 |
| Statements of Operations | YieldMax ETFs |
For the Year/Periods Ended October 31, 2024
| | | YieldMax AAPL | | | YieldMax ABNB | | | YieldMax AI Option | | | YieldMax AMD | | | YieldMax AMZN | |
| | | Option Income | | | Option Income | | | Income Strategy | | | Option Income | | | Option Income | |
| | | Strategy ETF | | | Strategy ETF(a) | | | ETF(b) | | | Strategy ETF | | | Strategy ETF | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 3,246,199 | | | $ | 139,956 | | | $ | 1,290,608 | | | $ | 4,544,371 | | | $ | 5,077,261 | |
| Broker interest income | | | – | | | | 1,625 | | | | – | | | | 49,896 | | | | 30,978 | |
| Total investment income | | | 3,246,199 | | | | 141,581 | | | | 1,290,608 | | | | 4,594,267 | | | | 5,108,239 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 657,628 | | | | 32,776 | | | | 244,540 | | | | 859,191 | | | | 995,743 | |
| Broker expenses | | | 48,981 | | | | 2,233 | | | | 167,025 | | | | 212,389 | | | | 184,884 | |
| Income tax expense | | | – | | | | – | | | | 564 | | | | – | | | | – | |
| Total expenses | | | 706,609 | | | | 35,009 | | | | 412,129 | | | | 1,071,580 | | | | 1,180,627 | |
| NET INVESTMENT INCOME | | | 2,539,590 | | | | 106,572 | | | | 878,479 | | | | 3,522,687 | | | | 3,927,612 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 11,073,178 | | | | 739,703 | | | | (3,966,200 | ) | | | 9,973,573 | | | | 6,993,055 | |
| Written option contracts expired or closed | | | (3,337,740 | ) | | | (650,226 | ) | | | (7,578,521 | ) | | | (5,197,737 | ) | | | (2,337,403 | ) |
| Net realized gain/(loss) | | | 7,735,438 | | | | 89,477 | | | | (11,544,721 | ) | | | 4,775,836 | | | | 4,655,652 | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 1,393,358 | | | | 187,443 | | | | (576,686 | ) | | | (9,320,986 | ) | | | (236,566 | ) |
| Written option contracts | | | 728,400 | | | | 327,056 | | | | 1,473,791 | | | | (5,760,818 | ) | | | 1,921,439 | |
| Net change in unrealized appreciation/(depreciation) | | | 2,121,758 | | | | 514,499 | | | | 897,105 | | | | (15,081,804 | ) | | | 1,684,873 | |
| Net realized and unrealized gain/(loss) | | | 9,857,196 | | | | 603,976 | | | | (10,647,616 | ) | | | (10,305,968 | ) | | | 6,340,525 | |
| NET INCREASE/(DECREASE) IN NET | | | | | | | | | | | | | | | | | | | | |
| ASSETS RESULTING FROM | | | | | | | | | | | | | | | | | | | | |
| OPERATIONS | | $ | 12,396,786 | | | $ | 710,548 | | | $ | (9,769,137 | ) | | $ | (6,783,281 | ) | | $ | 10,268,137 | |
| (a) | Inception date of the Fund was June 24, 2024. |
| (b) | Inception date of the Fund was November 27, 2023. |
| | | | | | | | | | | | | | | YieldMax Gold | |
| | | YieldMax BABA | | | YieldMax Bitcoin | | | YieldMax COIN | | | YieldMax DIS | | | Miners Option | |
| | | Option Income | | | Option Income | | | Option Income | | | Option Income | | | Income Strategy | |
| | | Strategy ETF(a) | | | Strategy ETF(b) | | | Strategy ETF | | | Strategy ETF | | | ETF(c) | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 97,938 | | | $ | 1,168,112 | | | $ | 23,374,535 | | | $ | 700,764 | | | $ | 421,839 | |
| Broker interest income | | | 599 | | | | 51,087 | | | | 181,676 | | | | 20,182 | | | | 2,222 | |
| Total investment income | | | 98,537 | | | | 1,219,199 | | | | 23,556,211 | | | | 720,946 | | | | 424,061 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 23,702 | | | | 213,117 | | | | 4,383,746 | | | | 137,608 | | | | 86,898 | |
| Dividends expense | | | – | | | | 491,671 | | | | – | | | | – | | | | – | |
| Broker expenses | | | 1,887 | | | | 317,964 | | | | 1,004,548 | | | | 44,903 | | | | 7,758 | |
| Total expenses | | | 25,589 | | | | 1,022,752 | | | | 5,388,294 | | | | 182,511 | | | | 94,656 | |
| NET INVESTMENT INCOME | | | 72,948 | | | | 196,447 | | | | 18,167,917 | | | | 538,435 | | | | 329,405 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 3,307,903 | | | | (1,224,600 | ) | | | 105,427,828 | | | | (1,021,981 | ) | | | 531,346 | |
| Written option contracts expired or closed | | | (507,372 | ) | | | (9,622,167 | ) | | | (4,191,594 | ) | | | (755,884 | ) | | | (626,015 | ) |
| Net realized gain/(loss) | | | 2,800,531 | | | | (10,846,767 | ) | | | 101,236,234 | | | | (1,777,865 | ) | | | (94,669 | ) |
| The accompanying notes are an integral part of these financial statements. | 44 |
| Statements of Operations | YieldMax ETFs |
For the Year/Periods Ended October 31, 2024
| | | | | | | | | | | | | | | YieldMax Gold | |
| | | YieldMax BABA | | | YieldMax Bitcoin | | | YieldMax COIN | | | YieldMax DIS | | | Miners Option | |
| | | Option Income | | | Option Income | | | Option Income | | | Option Income | | | Income Strategy | |
| | | Strategy ETF(a) | | | Strategy ETF(b) | | | Strategy ETF | | | Strategy ETF | | | ETF(c) | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (1,406,374 | ) | | | (147,493 | ) | | | (52,364,745 | ) | | | 328,461 | | | | (539,950 | ) |
| Written option contracts | | | (946,676 | ) | | | 9,038,599 | | | | (69,413,986 | ) | | | 169,228 | | | | 582,803 | |
| Net change in unrealized appreciation/(depreciation) | | | (2,353,050 | ) | | | 8,891,106 | | | | (121,778,731 | ) | | | 497,689 | | | | 42,853 | |
| Net realized and unrealized gain/(loss) | | | 447,481 | | | | (1,955,661 | ) | | | (20,542,497 | ) | | | (1,280,176 | ) | | | (51,816 | ) |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 520,429 | | | $ | (1,759,214 | ) | | $ | (2,374,580 | ) | | $ | (741,741 | ) | | $ | 277,589 | |
| (a) | Inception date of the Fund was August 7, 2024. |
| (b) | Inception date of the Fund was April 22, 2024. |
| (c) | Inception date of the Fund was May 20, 2024. |
| | | | | | YieldMax | | | | | | YieldMax | | | | |
| | | YieldMax GOOGL | | | Innovation Option | | | YieldMax JPM | | | Magnificent 7 Fund | | | YieldMax META | |
| | | Option Income | | | Income Strategy | | | Option Income | | | of Option Income | | | Option Income | |
| | | Strategy ETF | | | ETF | | | Strategy ETF | | | ETFs(a) | | | Strategy ETF | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Dividend income - affiliates | | $ | – | | | $ | – | | | $ | – | | | $ | 10,493,841 | | | $ | – | |
| Interest income | | | 1,993,231 | | | | 3,452,624 | | | | 761,626 | | | | 43,569 | | | | 3,151,332 | |
| Broker interest income | | | 19,617 | | | | 29,991 | | | | 12,844 | | | | – | | | | 21,752 | |
| Total investment income | | | 2,012,848 | | | | 3,482,615 | | | | 774,470 | | | | 10,537,410 | | | | 3,173,084 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 389,925 | | | | 660,200 | | | | 148,388 | | | | 172,695 | | | | 615,382 | |
| Broker expenses | | | 82,840 | | | | 9,184 | | | | 28,075 | | | | – | | | | 44,319 | |
| Dividends expense | | | – | | | | – | | | | 230 | | | | – | | | | – | |
| Total expenses | | | 472,765 | | | | 669,384 | | | | 176,693 | | | | 172,695 | | | | 659,701 | |
| NET INVESTMENT INCOME | | | 1,540,083 | | | | 2,813,231 | | | | 597,777 | | | | 10,364,715 | | | | 2,513,383 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments - unaffiliates | | | 1,497,001 | | | | (8,421,349 | ) | | | 1,618,170 | | | | – | | | | 2,734,057 | |
| Investments in affiliates | | | – | | | | – | | | | – | | | | 703,694 | | | | – | |
| Written option contracts expired or closed | | | (7,790,240 | ) | | | (255,486 | ) | | | (800,988 | ) | | | – | | | | 15,588,194 | |
| Net realized gain/(loss) | | | (6,293,239 | ) | | | (8,676,835 | ) | | | 817,182 | | | | 703,694 | | | | 18,322,251 | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 3,393,165 | | | | 7,100,529 | | | | (25,047 | ) | | | – | | | | (1,258,548 | ) |
| Investments in affiliates | | | – | | | | – | | | | – | | | | (2,644,773 | ) | | | – | |
| Written option contracts | | | 2,944,874 | | | | 11,719,764 | | | | 7,940 | | | | – | | | | 2,842,210 | |
| Net change in unrealized appreciation/(depreciation) | | | 6,338,039 | | | | 18,820,293 | | | | (17,107 | ) | | | (2,644,773 | ) | | | 1,583,662 | |
| Net realized and unrealized gain/(loss) | | | 44,800 | | | | 10,143,458 | | | | 800,075 | | | | (1,941,079 | ) | | | 19,905,913 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,584,883 | | | $ | 12,956,689 | | | $ | 1,397,852 | | | $ | 8,423,636 | | | $ | 22,419,296 | |
| (a) | Inception date of the Fund was January 29, 2024. |
| The accompanying notes are an integral part of these financial statements. | 45 |
| Statements of Operations | YieldMax ETFs |
For the Year/Periods Ended October 31, 2024
| | | YieldMax MRNA | | | YieldMax MSFT | | | YieldMax MSTR | | | YieldMax NFLX | | | YieldMax NVDA | |
| | | Option Income | | | Option Income | | | Option Income | | | Option Income | | | Option Income | |
| | | Strategy ETF | | | Strategy ETF | | | Strategy ETF(a) | | | Strategy ETF | | | Strategy ETF | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 1,061,891 | | | $ | 2,548,593 | | | $ | 597,848 | | | $ | 1,988,880 | | | $ | 26,903,326 | |
| Broker interest income | | | 1,615 | | | | 18,032 | | | | 5,173,663 | | | | 18,681 | | | | 717,615 | |
| Total investment income | | | 1,063,506 | | | | 2,566,625 | | | | 5,771,511 | | | | 2,007,561 | | | | 27,620,941 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 199,582 | | | | 498,418 | | | | 2,012,519 | | | | 387,804 | | | | 5,370,370 | |
| Broker expenses | | | 54,346 | | | | 41,832 | | | | – | | | | 22,645 | | | | 1,545,837 | |
| Total expenses | | | 253,928 | | | | 540,250 | | | | 2,012,519 | | | | 410,449 | | | | 6,916,207 | |
| NET INVESTMENT INCOME | | | 809,578 | | | | 2,026,375 | | | | 3,758,992 | | | | 1,597,112 | | | | 20,704,734 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (2,488,041 | ) | | | 1,337,178 | | | | 178,788,567 | | | | 3,573,702 | | | | 177,746,030 | |
| Written option contracts expired or closed | | | (16,398,665 | ) | | | 2,343,337 | | | | 111,490,057 | | | | 11,889,305 | | | | 104,437,136 | |
| Net realized gain/(loss) | | | (18,886,706 | ) | | | 3,680,515 | | | | 290,278,624 | | | | 15,463,007 | | | | 282,183,166 | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (52,837 | ) | | | (3,448,416 | ) | | | (35,617,921 | ) | | | 423,117 | | | | 11,955,592 | |
| Written option contracts | | | 188,679 | | | | (1,399,714 | ) | | | 2,899,746 | | | | (250,321 | ) | | | 13,853,797 | |
| Net change in unrealized appreciation/(depreciation) | | | 135,842 | | | | (4,848,130 | ) | | | (32,718,175 | ) | | | 172,796 | | | | 25,809,389 | |
| Net realized and unrealized gain/(loss) | | | (18,750,864 | ) | | | (1,167,615 | ) | | | 257,560,449 | | | | 15,635,803 | | | | 307,992,555 | |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (17,941,286 | ) | | $ | 858,760 | | | $ | 261,319,441 | | | $ | 17,232,915 | | | $ | 328,697,289 | |
| (a) | Inception date of the Fund was February 21, 2024. |
| | | | | | | | | YieldMax Short | | | | | | YieldMax Short | |
| | | YieldMax PLTR | | | YieldMax PYPL | | | COIN Option | | | YieldMax Short | | | NVDA Option | |
| | | Option Income | | | Option Income | | | Income Strategy | | | N100 Option Income | | | Income Strategy | |
| | | Strategy ETF(a) | | | Strategy ETF | | | ETF(b) | | | Strategy ETF(c) | | | ETF(d) | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 10,390 | | | $ | 861,773 | | | $ | 237,415 | | | $ | 39,883 | | | $ | 87,076 | |
| Broker interest income | | | – | | | | 11,417 | | | | 1,592 | | | | – | | | | 59 | |
| Total investment income | | | 10,390 | | | | 873,190 | | | | 239,007 | | | | 39,883 | | | | 87,135 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 2,343 | | | | 174,754 | | | | 50,774 | | | | 8,465 | | | | 17,335 | |
| Broker expenses | | | 1,057 | | | | 81,965 | | | | 590 | | | | – | | | | 62 | |
| Total expenses | | | 3,400 | | | | 256,719 | | | | 51,364 | | | | 8,465 | | | | 17,397 | |
| NET INVESTMENT INCOME | | | 6,990 | | | | 616,471 | | | | 187,643 | | | | 31,418 | | | | 69,738 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (57,383 | ) | | | 1,719,296 | | | | (1,613,704 | ) | | | 42,685 | | | | (87,149 | ) |
| Written option contracts expired or closed | | | (136,796 | ) | | | 5,177,490 | | | | (2,424,566 | ) | | | 130,971 | | | | (50,743 | ) |
| Net realized gain/(loss) | | | (194,179 | ) | | | 6,896,786 | | | | (4,038,270 | ) | | | 173,656 | | | | (137,892 | ) |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 17,835 | | | | (831,894 | ) | | | 3,380,140 | | | | (126,798 | ) | | | (451,151 | ) |
| Written option contracts | | | (10,312 | ) | | | 1,208,932 | | | | 625,373 | | | | (129,962 | ) | | | (829,999 | ) |
| The accompanying notes are an integral part of these financial statements. | 46 |
| Statements of Operations | YieldMax ETFs |
For the Year/Periods Ended October 31, 2024
| | | | | | | | | YieldMax Short | | | | | | YieldMax Short | |
| | | YieldMax PLTR | | | YieldMax PYPL | | | COIN Option | | | YieldMax Short | | | NVDA Option | |
| | | Option Income | | | Option Income | | | Income Strategy | | | N100 Option Income | | | Income Strategy | |
| | | Strategy ETF(a) | | | Strategy ETF | | | ETF(b) | | | Strategy ETF(c) | | | ETF(d) | |
| Net change in unrealized | | | | | | | | | | | | | | | |
| appreciation/(depreciation) | | | 7,523 | | | | 377,038 | | | | 4,005,513 | | | | (256,760 | ) | | | (1,281,150 | ) |
| Net realized and unrealized gain/(loss) | | | (186,656 | ) | | | 7,273,824 | | | | (32,757 | ) | | | (83,104 | ) | | | (1,419,042 | ) |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (179,666 | ) | | $ | 7,890,295 | | | $ | 154,886 | | | $ | (51,686 | ) | | $ | (1,349,304 | ) |
| (a) | Inception date of the Fund was October 7, 2024. |
| (b) | Inception date of the Fund was July 9, 2024. |
| (c) | Inception date of the Fund was August 14, 2024. |
| (d) | Inception date of the Fund was July 23, 2024. |
| | | YieldMax Short | | | | | | | | | | | | | |
| | | TSLA Option | | | YieldMax SMCI | | | YieldMax SNOW | | | YieldMax SQ | | | YieldMax TSLA | |
| | | Income Strategy | | | Option Income | | | Option Income | | | Option Income | | | Option Income | |
| | | ETF(a) | | | Strategy ETF(b) | | | Strategy ETF(c) | | | Strategy ETF | | | Strategy ETF | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Interest income | | $ | 247,388 | | | $ | 29,382 | | | $ | 240,659 | | | $ | 1,573,954 | | | $ | 39,108,331 | |
| Broker interest income | | | 5,658 | | | | 2 | | | | 305 | | | | 22,491 | | | | 450,087 | |
| Total investment income | | | 253,046 | | | | 29,384 | | | | 240,964 | | | | 1,596,445 | | | | 39,558,418 | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 50,016 | | | | 6,707 | | | | 48,315 | | | | 306,130 | | | | 7,356,788 | |
| Broker expenses | | | 7,088 | | | | 29 | | | | 2,660 | | | | 135,390 | | | | 380,622 | |
| Total expenses | | | 57,104 | | | | 6,736 | | | | 50,975 | | | | 441,520 | | | | 7,737,410 | |
| NET INVESTMENT INCOME | | | 195,942 | | | | 22,648 | | | | 189,989 | | | | 1,154,925 | | | | 31,821,008 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 97,929 | | | | (1,105,895 | ) | | | (1,632,723 | ) | | | (3,968,194 | ) | | | 169,166,934 | |
| Written option contracts expired or closed | | | (418,689 | ) | | | (1,806,409 | ) | | | 2,164,394 | | | | 6,842,091 | | | | (135,593,017 | ) |
| Net realized gain/(loss) | | | (320,760 | ) | | | (2,912,304 | ) | | | 531,671 | | | | 2,873,897 | | | | 33,573,917 | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (778,537 | ) | | | (816,616 | ) | | | (853,006 | ) | | | 1,240,062 | | | | (55,092,778 | ) |
| Written option contracts | | | (792,154 | ) | | | (466,626 | ) | | | (497,863 | ) | | | 1,888,811 | | | | 25,790,597 | |
| Net change in unrealized appreciation/(depreciation) | | | (1,570,691 | ) | | | (1,283,242 | ) | | | (1,350,869 | ) | | | 3,128,873 | | | | (29,302,181 | ) |
| Net realized and unrealized gain/(loss) | | | (1,891,451 | ) | | | (4,195,546 | ) | | | (819,198 | ) | | | 6,002,770 | | | | 4,271,736 | |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,695,509 | ) | | $ | (4,172,898 | ) | | $ | (629,209 | ) | | $ | 7,157,695 | | | $ | 36,092,744 | |
| (a) | Inception date of the Fund was May 1, 2024. |
| (b) | Inception date of the Fund was September 11, 2024. |
| (c) | Inception date of the Fund was June 10, 2024. |
| | | YieldMax TSM | | | YieldMax Ultra | | | YieldMax Universe | | | YieldMax XOM | | | | | |
| | | Option Income | | | Option Income | | | Fund of Option | | | Option Income | | | | | |
| | | Strategy ETF(a) | | | Strategy ETF(b) | | | Income ETFs(c) | | | Strategy ETF | | | | | |
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
| Dividend income - unaffiliates | | $ | – | | | $ | 219,356 | | | $ | – | | | $ | – | | | | | |
| Dividend income - affiliates | | | – | | | | – | | | | 28,164,166 | | | | – | | | | | |
| The accompanying notes are an integral part of these financial statements. | 47 |
| Statements of Operations | YieldMax ETFs |
For the Year/Periods Ended October 31, 2024
| | | YieldMax TSM | | | YieldMax Ultra | | | YieldMax Universe | | | YieldMax XOM | | | | | |
| | | Option Income | | | Option Income | | | Fund of Option | | | Option Income | | | | | |
| | | Strategy ETF(a) | | | Strategy ETF(b) | | | Income ETFs(c) | | | Strategy ETF | | | | | |
| Less: Dividend withholding taxes | | | – | | | | (16,520 | ) | | | – | | | | – | | | | | |
| Less: Issuance fees | | | – | | | | (12,000 | ) | | | – | | | | – | | | | | |
| Interest income | | | 47,901 | | | | 424,665 | | | | 208,205 | | | | 963,866 | | | | | |
| Broker interest income | | | – | | | | 170,524 | | | | – | | | | 16,009 | | | | | |
| Total investment income | | | 47,901 | | | | 786,025 | | | | 28,372,371 | | | | 979,875 | | | | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | |
| Investment advisory fee (Note 4) | | | 10,625 | | | | 1,128,802 | | | | 408,184 | | | | 193,189 | | | | | |
| Broker expenses | | | 17 | | | | 96,462 | | | | 133 | | | | 51,038 | | | | | |
| Total expenses | | | 10,642 | | | | 1,225,264 | | | | 408,317 | | | | 244,227 | | | | | |
| Expense reimbursement by Adviser (Note 4) | | | – | | | | (91,032 | ) | | | – | | | | – | | | | | |
| Net expenses | | | 10,642 | | | | 1,134,232 | | | | 408,317 | | | | 244,227 | | | | | |
| NET INVESTMENT INCOME/(LOSS) | | | 37,259 | | | | (348,207 | ) | | | 27,964,054 | | | | 735,648 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN/(LOSS) | | | | | | | | | | | | | | | | | | | | |
| Net realized gain/(loss) from: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | 139,315 | | | | (11,216,419 | ) | | | (1,046,309 | ) | | | (574,549 | ) | | | | |
| Investments in affiliates | | | – | | | | – | | | | (11,826,813 | ) | | | – | | | | | |
| Written option contracts expired or closed | | | 114,080 | | | | (741,992 | ) | | | (2,204,274 | ) | | | 964,465 | | | | | |
| Net realized gain/(loss) | | | 253,395 | | | | (11,958,411 | ) | | | (15,077,396 | ) | | | 389,916 | | | | | |
| Net change in unrealized appreciation/(depreciation) on: | | | | | | | | | | | | | | | | | | | | |
| Investments | | | (619,611 | ) | | | 6,861,600 | | | | 15,207 | | | | (124,224 | ) | | | | |
| Investments in affiliates | | | – | | | | – | | | | (7,053,664 | ) | | | – | | | | | |
| Written option contracts expired or closed | | | (25,242 | ) | | | 2,792,426 | | | | 1,364,798 | | | | 875,019 | | | | | |
| Net change in unrealized appreciation/(depreciation) | | | (644,853 | ) | | | 9,654,026 | | | | (5,673,659 | ) | | | 750,795 | | | | | |
| Net realized and unrealized gain/(loss) | | | (391,458 | ) | | | (2,304,385 | ) | | | (20,751,055 | ) | | | 1,140,711 | | | | | |
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (354,199 | ) | | $ | (2,652,592 | ) | | $ | 7,212,999 | | | $ | 1,876,359 | | | | | |
| (a) | Inception date of the Fund was August 20, 2024. |
| (b) | Inception date of the Fund was February 28, 2024. |
| (c) | Inception date of the Fund was January 16, 2024. |
| The accompanying notes are an integral part of these financial statements. | 48 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | | | | | | | YieldMax ABNB | | | YieldMax AI | |
| | | YieldMax AAPL Option Income | | | Option Income | | | Option Income | |
| | | Strategy ETF | | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Period ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024(b) | | | October 31, 2024(c) | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 2,539,590 | | | $ | 672,990 | | | $ | 106,572 | | | $ | 878,479 | |
| Net realized gain/(loss) | | | 7,735,438 | | | | (2,882,035 | ) | | | 89,477 | | | | (11,544,721 | ) |
| Net change in unrealized appreciation/(depreciation) | | | 2,121,758 | | | | (2,631,540 | ) | | | 514,499 | | | | 897,105 | |
| Net increase/(decrease) in net assets from operations | | | 12,396,786 | | | | (4,840,585 | ) | | | 710,548 | | | | (9,769,137 | ) |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (7,952,933 | ) | | | (672,828 | ) | | | (782,854 | ) | | | (874,595 | ) |
| Return of capital | | | (7,942,237 | ) | | | (2,881,085 | ) | | | (480,389 | ) | | | (13,131,653 | ) |
| Total distributions to shareholders | | | (15,895,170 | ) | | | (3,553,913 | ) | | | (1,263,243 | ) | | | (14,006,248 | ) |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 57,645,405 | | | | 70,998,755 | | | | 19,731,438 | | | | 71,703,313 | |
| Redemptions | | | (18,076,480 | ) | | | (6,241,258 | ) | | | (2,439,675 | ) | | | (13,672,755 | ) |
| ETF transaction fees (Note 8) | | | 15,144 | | | | 15,448 | | | | 3,934 | | | | 17,075 | |
| Net increase in net assets from capital transactions | | | 39,584,069 | | | | 64,772,945 | | | | 17,295,697 | | | | 58,047,633 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 36,085,685 | | | | 56,378,447 | | | | 16,743,002 | | | | 34,272,248 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 56,378,447 | | | | – | | | | – | | | | – | |
| End of the period | | $ | 92,464,132 | | | $ | 56,378,447 | | | $ | 16,743,002 | | | $ | 34,272,248 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 3,225,000 | | | | 3,400,000 | | | | 1,175,000 | | | | 5,150,000 | |
| Redemptions | | | (975,000 | ) | | | (325,000 | ) | | | (150,000 | ) | | | (1,050,000 | ) |
| Total increase in shares outstanding | | | 2,250,000 | | | | 3,075,000 | | | | 1,025,000 | | | | 4,100,000 | |
| (a) | Inception date of the Fund was April 17, 2023. |
| (b) | Inception date of the Fund was June 24, 2024. |
| (c) | Inception date of the Fund was November 27, 2023. |
| | | YieldMax AMD Option Income | | | YieldMax AMZN Option Income | |
| | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024 | | | October 31, 2023(b) | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 3,522,687 | | | $ | 21,292 | | | $ | 3,927,612 | | | $ | 229,581 | |
| Net realized gain | | | 4,775,836 | | | | 202,338 | | | | 4,655,652 | | | | 1,974,720 | |
| Net change in unrealized appreciation/(depreciation) | | | (15,081,804 | ) | | | (504,977 | ) | | | 1,684,873 | | | | (1,279,700 | ) |
| Net increase/(decrease) in net assets from operations | | | (6,783,281 | ) | | | (281,347 | ) | | | 10,268,137 | | | | 924,601 | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (9,911,652 | ) | | | – | | | | (11,939,727 | ) | | | (1,306,818 | ) |
| Return of capital | | | (43,650,526 | ) | | | – | | | | (26,751,756 | ) | | | – | |
| Total distributions to shareholders | | | (53,562,178 | ) | | | – | | | | (38,691,483 | ) | | | (1,306,818 | ) |
| The accompanying notes are an integral part of these financial statements. | 49 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax AMD Option Income | | | YieldMax AMZN Option Income | |
| | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024 | | | October 31, 2023(b) | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 221,236,288 | | | | 5,932,045 | | | | 183,046,380 | | | | 34,125,603 | |
| Redemptions | | | (45,374,730 | ) | | | – | | | | (9,481,770 | ) | | | – | |
| ETF transaction fees (Note 8) | | | 53,322 | | | | 586 | | | | 38,506 | | | | 6,525 | |
| Net increase in net assets from capital transactions | | | 175,914,880 | | | | 5,932,631 | | | | 173,603,116 | | | | 34,132,128 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 115,569,421 | | | | 5,651,284 | | | | 145,179,770 | | | | 33,749,911 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 5,651,284 | | | | – | | | | 33,749,911 | | | | – | |
| End of the period | | $ | 121,220,705 | | | $ | 5,651,284 | | | $ | 178,929,681 | | | $ | 33,749,911 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 11,825,000 | | | | 300,000 | | | | 8,425,000 | | | | 1,650,000 | |
| Redemptions | | | (2,475,000 | ) | | | – | | | | (475,000 | ) | | | – | |
| Total increase in shares outstanding | | | 9,350,000 | | | | 300,000 | | | | 7,950,000 | | | | 1,650,000 | |
| (a) | Inception date of the Fund was September 18, 2023. |
| (b) | Inception date of the Fund was July 24, 2023. |
| | | YieldMax BABA | | | YieldMax Bitcoin | | | | | | | |
| | | Option Income | | | Option Income | | | YieldMax COIN Option Income | |
| | | Strategy ETF | | | Strategy ETF | | | Strategy ETF | |
| | | Period ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024(a) | | | October 31, 2024(b) | | | October 31, 2024 | | | October 31, 2023(c) | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 72,948 | | | $ | 196,447 | | | $ | 18,167,917 | | | $ | 232,711 | |
| Net realized gain/(loss) | | | 2,800,531 | | | | (10,846,767 | ) | | | 101,236,234 | | | | 2,690,002 | |
| Net change in unrealized appreciation/(depreciation) | | | (2,353,050 | ) | | | 8,891,106 | | | | (121,778,731 | ) | | | 644,416 | |
| Net increase/(decrease) in net assets from operations | | | 520,429 | | | | (1,759,214 | ) | | | (2,374,580 | ) | | | 3,567,129 | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (1,351,303 | ) | | | (687,940 | ) | | | (130,427,868 | ) | | | (2,870,900 | ) |
| Return of capital | | | – | | | | (15,428,412 | ) | | | (274,839,752 | ) | | | – | |
| Total distributions to shareholders | | | (1,351,303 | ) | | | (16,116,352 | ) | | | (405,267,620 | ) | | | (2,870,900 | ) |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 23,431,765 | | | | 111,001,130 | | | | 1,169,856,957 | | | | 70,031,065 | |
| Redemptions | | | (1,589,377 | ) | | | (45,326,800 | ) | | | (172,263,215 | ) | | | (5,727,300 | ) |
| ETF transaction fees (Note 8) | | | 4,504 | | | | 30,766 | | | | 268,424 | | | | 14,652 | |
| Net increase in net assets from capital transactions | | | 21,846,892 | | | | 65,705,096 | | | | 997,862,166 | | | | 64,318,417 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 21,016,018 | | | | 47,829,530 | | | | 590,219,966 | | | | 65,014,646 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | – | | | | – | | | | 65,014,646 | | | | – | |
| End of the period | | $ | 21,016,018 | | | $ | 47,829,530 | | | $ | 655,234,612 | | | $ | 65,014,646 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 1,075,000 | | | | 6,900,000 | | | | 58,775,000 | | | | 3,600,000 | |
| Redemptions | | | (75,000 | ) | | | (3,150,000 | ) | | | (8,500,000 | ) | | | (300,000 | ) |
| Total increase in shares outstanding | | | 1,000,000 | | | | 3,750,000 | | | | 50,275,000 | | | | 3,300,000 | |
| (a) | Inception date of the Fund was August 7, 2024. |
| (b) | Inception date of the Fund was April 22, 2024. |
| (c) | Inception date of the Fund was August 14, 2023. |
| The accompanying notes are an integral part of these financial statements. | 50 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | | | | | | | YieldMax Gold | | | | | |
| | | | | | | | | Miners Option | | | | | |
| | | YieldMax DIS Option Income Strategy | | | Income Strategy | | | | | |
| | | ETF | | | ETF | | | | | |
| | | Year ended | | | Period ended | | | Period ended | | | | | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024(b) | | | | | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 538,435 | | | $ | 24,621 | | | $ | 329,405 | | | | | |
| Net realized gain/(loss) | | | (1,777,865 | ) | | | 118,574 | | | | (94,669 | ) | | | | |
| Net change in unrealized appreciation/(depreciation) | | | 497,689 | | | | (67,964 | ) | | | 42,853 | | | | | |
| Net increase/(decrease) in net assets from operations | | | (741,741 | ) | | | 75,231 | | | | 277,589 | | | | | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (666,805 | ) | | | (52,860 | ) | | | (961,525 | ) | | | | |
| Return of capital | | | (3,706,250 | ) | | | – | | | | (2,062,505 | ) | | | | |
| Total distributions to shareholders | | | (4,373,055 | ) | | | (52,860 | ) | | | (3,024,030 | ) | | | | |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 27,578,670 | | | | 3,973,780 | | | | 36,420,648 | | | | | |
| Redemptions | | | (3,938,118 | ) | | | – | | | | (2,264,633 | ) | | | | |
| ETF transaction fees (Note 8) | | | 6,303 | | | | 295 | | | | 7,137 | | | | | |
| Net increase in net assets from capital transactions | | | 23,646,855 | | | | 3,974,075 | | | | 34,163,152 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 18,532,059 | | | | 3,996,446 | | | | 31,416,711 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 3,996,446 | | | | – | | | | – | | | | | |
| End of the period | | $ | 22,528,505 | | | $ | 3,996,446 | | | $ | 31,416,711 | | | | | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 1,450,000 | | | | 200,000 | | | | 1,950,000 | | | | | |
| Redemptions | | | (225,000 | ) | | | – | | | | (125,000 | ) | | | | |
| Total increase in shares outstanding | | | 1,225,000 | | | | 200,000 | | | | 1,825,000 | | | | | |
| (a) | Inception date of the Fund was August 24, 2023. |
| (b) | Inception date of the Fund was May 20, 2024. |
| | | YieldMax GOOGL Option Income | | | YieldMax Innovation Option Income | |
| | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024 | | | October 31, 2023(b) | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 1,540,083 | | | $ | 124,163 | | | $ | 2,813,231 | | | $ | 1,121,324 | |
| Net realized gain/(loss) | | | (6,293,239 | ) | | | 772,235 | | | | (8,676,835 | ) | | | 4,847,554 | |
| Net change in unrealized appreciation/(depreciation) | | | 6,338,039 | | | | (1,635,144 | ) | | | 18,820,293 | | | | (18,191,609 | ) |
| Net increase/(decrease) in net assets from operations | | | 1,584,883 | | | | (738,746 | ) | | | 12,956,689 | | | | (12,222,731 | ) |
| The accompanying notes are an integral part of these financial statements. | 51 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax GOOGL Option Income | | | YieldMax Innovation Option Income | |
| | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024 | | | October 31, 2023(b) | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (1,894,535 | ) | | | (544,960 | ) | | | (2,803,181 | ) | | | (6,825,543 | ) |
| Return of capital | | | (11,181,438 | ) | | | – | | | | (23,765,706 | ) | | | (2,654,837 | ) |
| Total distributions to shareholders | | | (13,075,973 | ) | | | (544,960 | ) | | | (26,568,887 | ) | | | (9,480,380 | ) |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 74,778,135 | | | | 20,163,608 | | | | 28,369,395 | | | | 100,668,960 | |
| Redemptions | | | (8,685,733 | ) | | | (2,550,353 | ) | | | (27,422,377 | ) | | | (11,889,945 | ) |
| ETF transaction fees (Note 8) | | | 16,693 | | | | 4,043 | | | | 11,158 | | | | 22,512 | |
| Net increase in net assets from capital transactions | | | 66,109,095 | | | | 17,617,298 | | | | 958,176 | | | | 88,801,527 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE (DECREASE) IN NET ASSETS | | | 54,618,005 | | | | 16,333,592 | | | | (12,654,022 | ) | | | 67,098,416 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 16,333,592 | | | | – | | | | 67,098,416 | | | | – | |
| End of the period | | $ | 70,951,597 | | | $ | 16,333,592 | | | $ | 54,444,394 | | | $ | 67,098,416 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 4,375,000 | | | | 1,000,000 | | | | 2,450,000 | | | | 6,425,000 | |
| Redemptions | | | (525,000 | ) | | | (125,000 | ) | | | (2,400,000 | ) | | | (850,000 | ) |
| Total increase in shares outstanding | | | 3,850,000 | | | | 875,000 | | | | 50,000 | | | | 5,575,000 | |
| (a) | Inception date of the Fund was July 27, 2023. |
| (b) | Inception date of the Fund was November 22, 2022. |
| | | | | | | | | YieldMax | | | | | |
| | | | | | | | | Magnificent 7 | | | | | |
| | | YieldMax JPM Option Income Strategy | | | Fund of Option | | | | | |
| | | ETF | | | Income ETFs | | | | | |
| | | Year ended | | | Period ended | | | Period ended | | | | | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024(b) | | | | | |
| OPERATIONS: | | | | | | | | | | | | | |
| Net investment income | | $ | 597,777 | | | $ | 22,778 | | | $ | 10,364,715 | | | | | |
| Net realized gain/(loss) | | | 817,182 | | | | (77,848 | ) | | | 703,694 | | | | | |
| Net change in unrealized depreciation | | | (17,107 | ) | | | (218,579 | ) | | | (2,644,773 | ) | | | | |
| Net increase/(decrease) in net assets from operations | | | 1,397,852 | | | | (273,649 | ) | | | 8,423,636 | | | | | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (1,423,567 | ) | | | (22,548 | ) | | | (11,300,209 | ) | | | | |
| Return of capital | | | (1,980,575 | ) | | | (34,152 | ) | | | (12,967,418 | ) | | | | |
| Total distributions to shareholders | | | (3,404,142 | ) | | | (56,700 | ) | | | (24,267,627 | ) | | | | |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 29,986,308 | | | | 5,472,180 | | | | 219,703,880 | | | | | |
| Redemptions | | | (4,857,290 | ) | | | (1,844,230 | ) | | | (21,189,100 | ) | | | | |
| ETF transaction fees (Note 8) | | | 6,969 | | | | 863 | | | | – | | | | | |
| Net increase in net assets from capital transactions | | | 25,135,987 | | | | 3,628,813 | | | | 198,514,780 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 23,129,697 | | | | 3,298,464 | | | | 182,670,789 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 3,298,464 | | | | – | | | | – | | | | | |
| End of the period | | $ | 26,428,161 | | | $ | 3,298,464 | | | $ | 182,670,789 | | | | | |
| The accompanying notes are an integral part of these financial statements. | 52 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | | | | | | | YieldMax | | | | | |
| | | | | | | | | Magnificent 7 | | | | | |
| | | YieldMax JPM Option Income Strategy | | | Fund of Option | | | | | |
| | | ETF | | | Income ETFs | | | | | |
| | | Year ended | | | Period ended | | | Period ended | | | | | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024(b) | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 1,525,000 | | | | 275,000 | | | | 10,900,000 | | | | | |
| Redemptions | | | (250,000 | ) | | | (100,000 | ) | | | (1,100,000 | ) | | | | |
| Total increase in shares outstanding | | | 1,275,000 | | | | 175,000 | | | | 9,800,000 | | | | | |
| (a) | Inception date of the Fund was September 11, 2023. |
| (b) | Inception date of the Fund was January 29, 2024. |
| | | YieldMax META Option Income | | | YieldMax MRNA Option Income | |
| | | Strategy ETF | | | Strategy ETF | |
| | | Year ended | | | Period ended | | | Year ended | | | Period ended | |
| | | October 31, 2024 | | | October 31, 2023(a) | | | October 31, 2024 | | | October 31, 2023(b) | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income/(loss) | | $ | 2,513,383 | | | $ | 93,367 | | | $ | 809,578 | | | $ | (217 | ) |
| Net realized gain/(loss) | | | 18,322,251 | | | | 481,963 | | | | (18,886,706 | ) | | | 17,993 | |
| Net change in unrealized appreciation/(depreciation) | | | 1,583,662 | | | | (244,718 | ) | | | 135,842 | | | | (66,472 | ) |
| Net increase/(decrease) in net assets from operations | | | 22,419,296 | | | | 330,612 | | | | (17,941,286 | ) | | | (48,696 | ) |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (24,199,271 | ) | | | (403,095 | ) | | | (829,150 | ) | | | – | |
| Return of capital | | | (5,732,114 | ) | | | – | | | | (9,155,627 | ) | | | – | |
| Total distributions to shareholders | | | (29,931,385 | ) | | | (403,095 | ) | | | (9,984,777 | ) | | | – | |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 137,746,925 | | | | 14,321,205 | | | | 68,569,325 | | | | 1,500,000 | |
| Redemptions | | | (14,131,075 | ) | | | (1,940,465 | ) | | | (13,269,820 | ) | | | – | |
| ETF transaction fees (Note 8) | | | 30,376 | | | | 2,752 | | | | 16,368 | | | | – | |
| Net increase in net assets from capital transactions | | | 123,646,226 | | | | 12,383,492 | | | | 55,315,873 | | | | 1,500,000 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 116,134,137 | | | | 12,311,009 | | | | 27,389,810 | | | | 1,451,304 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 12,311,009 | | | | – | | | | 1,451,304 | | | | – | |
| End of the period | | $ | 128,445,146 | | | $ | 12,311,009 | | | $ | 28,841,114 | | | $ | 1,451,304 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 6,750,000 | | | | 725,000 | | | | 4,600,000 | | | | 75,000 | |
| Redemptions | | | (725,000 | ) | | | (100,000 | ) | | | (700,000 | ) | | | – | |
| Total increase in shares outstanding | | | 6,025,000 | | | | 625,000 | | | | 3,900,000 | | | | 75,000 | |
| (a) | Inception date of the Fund was July 27, 2023. |
| (b) | Inception date of the Fund was October 23, 2023. |
| The accompanying notes are an integral part of these financial statements. | 53 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax MSFT Option Income Strategy ETF | | YieldMax MSTR Option Income Strategy ETF | | | | |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) | | Period ended October 31, 2024(b) | | | | |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 2,026,375 | | | $ | 52,588 | | | $ | 3,758,992 | | | | | |
| Net realized gain | | | 3,680,515 | | | | 199,495 | | | | 290,278,624 | | | | | |
| Net change in unrealized appreciation/(depreciation) | | | (4,848,130 | ) | | | 238,193 | | | | (32,718,175 | ) | | | | |
| Net increase in net assets from operations | | | 858,760 | | | | 490,276 | | | | 261,319,441 | | | | | |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (6,248,686 | ) | | | (111,920 | ) | | | (247,274,410 | ) | | | | |
| Return of capital | | | (8,000,692 | ) | | | – | | | | – | | | | | |
| Total distributions to shareholders | | | (14,249,378 | ) | | | (111,920 | ) | | | (247,274,410 | ) | | | | |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 90,153,288 | | | | 9,711,915 | | | | 837,555,035 | | | | | |
| Redemptions | | | (4,466,118 | ) | | | (1,558,467 | ) | | | (38,707,543 | ) | | | | |
| ETF transaction fees (Note 8) | | | 18,924 | | | | 1,754 | | | | 174,753 | | | | | |
| Net increase in net assets from capital transactions | | | 85,706,094 | | | | 8,155,202 | | | | 799,022,245 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 72,315,476 | | | | 8,533,558 | | | | 813,067,276 | | | | | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 8,533,558 | | | | – | | | | – | | | | | |
| End of the period | | $ | 80,849,034 | | | $ | 8,533,558 | | | $ | 813,067,276 | | | | | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 4,175,000 | | | | 475,000 | | | | 29,350,000 | | | | | |
| Redemptions | | | (225,000 | ) | | | (75,000 | ) | | | (1,375,000 | ) | | | | |
| Total increase in shares outstanding | | | 3,950,000 | | | | 400,000 | | | | 27,975,000 | | | | | |
| (a) | Inception date of the Fund was August 24, 2023. |
| (b) | Inception date of the Fund was February 21, 2024. |
| | | YieldMax NFLX Option Income Strategy ETF | | YieldMax NVDA Option Income Strategy ETF |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) | | Year ended October 31, 2024 | | Period ended October 31, 2023(b) |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 1,597,112 | | | $ | 89,645 | | | $ | 20,704,734 | | | $ | 1,430,704 | |
| Net realized gain | | | 15,463,007 | | | | 349,543 | | | | 282,183,166 | | | | 9,096,994 | |
| Net change in unrealized appreciation/(depreciation) | | | 172,796 | | | | 150,403 | | | | 25,809,389 | | | | (15,786,486 | ) |
| Net increase/(decrease) in net assets from operations | | | 17,232,915 | | | | 589,591 | | | | 328,697,289 | | | | (5,258,788 | ) |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (17,515,864 | ) | | | (439,752 | ) | | | (311,324,754 | ) | | | (11,495,186 | ) |
| Return of capital | | | (551,336 | ) | | | – | | | | (63,150,284 | ) | | | (1,828,277 | ) |
| Total distributions to shareholders | | | (18,067,200 | ) | | | (439,752 | ) | | | (374,475,038 | ) | | | (13,323,463 | ) |
| | | | | | | | | | | | | | | | | |
| The accompanying notes are an integral part of these financial statements. | 54 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax NFLX Option Income Strategy ETF | | YieldMax NVDA Option Income Strategy ETF |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) | | Year ended October 31, 2024 | | Period ended October 31, 2023(b) |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 68,005,073 | | | | 15,905,708 | | | | 1,226,812,205 | | | | 196,411,130 | |
| Redemptions | | | (31,784,023 | ) | | | – | | | | (95,177,880 | ) | | | (19,205,147 | ) |
| ETF transaction fees (Note 8) | | | 19,958 | | | | 2,681 | | | | 264,398 | | | | 43,122 | |
| Net increase in net assets from capital transactions | | | 36,241,008 | | | | 15,908,389 | | | | 1,131,898,723 | | | | 177,249,105 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 35,406,723 | | | | 16,058,228 | | | | 1,086,120,974 | | | | 158,666,854 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 16,058,228 | | | | – | | | | 158,666,854 | | | | – | |
| End of the period | | $ | 51,464,951 | | | $ | 16,058,228 | | | $ | 1,244,787,828 | | | $ | 158,666,854 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 3,800,000 | | | | 900,000 | | | | 46,225,000 | | | | 8,650,000 | |
| Redemptions | | | (1,800,000 | ) | | | – | | | | (4,000,000 | ) | | | (850,000 | ) |
| Total increase in shares outstanding | | | 2,000,000 | | | | 900,000 | | | | 42,225,000 | | | | 7,800,000 | |
| (a) | Inception date of the Fund was August 7, 2023. |
| (b) | Inception date of the Fund was May 10, 2023. |
| | | YieldMax PLTR Option Income Strategy ETF | | YieldMax PYPL Option Income Strategy ETF | | YieldMax Short COIN Option Income Strategy ETF | | YieldMax Short N100 Option Income Strategy ETF |
| | | Period ended October 31, 2024(a) | | Year ended October 31, 2024 | | Period ended October 31, 2023(b) | | Period ended October 31, 2024(c) | | Period ended October 31, 2024(d) |
OPERATIONS: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 6,990 | | | $ | 616,471 | | | $ | 5,424 | | | $ | 187,643 | | | $ | 31,418 | |
| Net realized gain/(loss) | | | (194,179 | ) | | | 6,896,786 | | | | (6,125 | ) | | | (4,038,270 | ) | | | 173,656 | |
| Net change in unrealized appreciation/(depreciation) | | | 7,523 | | | | 377,038 | | | | (123,340 | ) | | | 4,005,513 | | | | (256,760 | ) |
| Net increase/(decrease) in net assets from operations | | | (179,666 | ) | | | 7,890,295 | | | | (124,041 | ) | | | 154,886 | | | | (51,686 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | – | | | | (8,716,230 | ) | | | – | | | | (3,417,195 | ) | | | (189,417 | ) |
| Return of capital | | | – | | | | (697,730 | ) | | | – | | | | (2,261,623 | ) | | | – | |
| Total distributions to shareholders | | | – | | | | (9,413,960 | ) | | | – | | | | (5,678,818 | ) | | | (189,417 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | |
| Subscriptions | | | 6,339,543 | | | | 54,740,170 | | | | 3,448,135 | | | | 54,838,058 | | | | 6,291,440 | |
| Redemptions | | | – | | | | (9,382,330 | ) | | | (1,971,880 | ) | | | (9,289,688 | ) | | | – | |
| ETF transaction fees (Note 8) | | | 768 | | | | 12,824 | | | | 484 | | | | 12,326 | | | | 758 | |
| Net increase in net assets from capital transactions | | | 6,340,311 | | | | 45,370,664 | | | | 1,476,739 | | | | 45,560,696 | | | | 6,292,198 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 6,160,645 | | | | 43,846,999 | | | | 1,352,698 | | | | 40,036,764 | | | | 6,051,095 | |
| | | | | | | | | | | | | | | | | | | | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Beginning of the period | | | – | | | | 1,352,698 | | | | – | | | | – | | | | – | |
| End of the period | | $ | 6,160,645 | | | $ | 45,199,697 | | | $ | 1,352,698 | | | $ | 40,036,764 | | | $ | 6,051,095 | |
| The accompanying notes are an integral part of these financial statements. | 55 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax PLTR Option Income Strategy ETF | | YieldMax PYPL Option Income Strategy ETF | | YieldMax Short COIN Option Income Strategy ETF | | YieldMax Short N100 Option Income Strategy ETF |
| | | Period ended October 31, 2024(a) | | Year ended October 31, 2024 | | Period ended October 31, 2023(b) | | Period ended October 31, 2024(c) | | Period ended October 31, 2024(d) |
SHARES TRANSACTIONS | | | | | | | | | | | | | | | | | | | | |
| Subscriptions | | | 125,000 | | | | 3,000,000 | | | | 175,000 | | | | 2,900,000 | | | | 325,000 | |
| Redemptions | | | – | | | | (525,000 | ) | | | (100,000 | ) | | | (525,000 | ) | | | – | |
| Total increase in shares outstanding | | | 125,000 | | | | 2,475,000 | | | | 75,000 | | | | 2,375,000 | | | | 325,000 | |
| (a) | Inception date of the Fund was October 7, 2024. |
| (b) | Inception date of the Fund was September 25, 2023. |
| (c) | Inception date of the Fund was July 9, 2024. |
| (d) | Inception date of the Fund was August 14, 2024. |
| | | YieldMax Short NVDA Option Income Strategy ETF | | YieldMax Short TSLA Option Income Strategy ETF | | YieldMax SMCI Option Income Strategy ETF | | YieldMax SNOW Option Income Strategy ETF |
| | | Period ended October 31, 2024(a) | | Period ended October 31, 2024(b) | | Period ended October 31, 2024(c) | | Period ended October 31, 2024(d) |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 69,738 | | | $ | 195,942 | | | $ | 22,648 | | | $ | 189,989 | |
| Net realized gain/(loss) | | | (137,892 | ) | | | (320,760 | ) | | | (2,912,304 | ) | | | 531,671 | |
| Net change in unrealized depreciation | | | (1,281,150 | ) | | | (1,570,691 | ) | | | (1,283,242 | ) | | | (1,350,869 | ) |
| Net decrease in net assets from operations | | | (1,349,304 | ) | | | (1,695,509 | ) | | | (4,172,898 | ) | | | (629,209 | ) |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (385,033 | ) | | | (781,280 | ) | | | (22,648 | ) | | | (937,968 | ) |
| Return of Capital | | | (442,930 | ) | | | (3,752,805 | ) | | | (1,315,877 | ) | | | (1,820,930 | ) |
| Total distributions to shareholders | | | (827,963 | ) | | | (4,534,085 | ) | | | (1,338,525 | ) | | | (2,758,898 | ) |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 14,309,308 | | | | 32,236,730 | | | | 17,104,548 | | | | 23,005,275 | |
| Redemptions | | | (1,513,690 | ) | | | (2,929,515 | ) | | | – | | | | (865,825 | ) |
| ETF transaction fees (Note 8) | | | 2,664 | | | | 6,533 | | | | 2,921 | | | | 4,274 | |
| Net increase in net assets from capital transactions | | | 12,798,282 | | | | 29,313,748 | | | | 17,107,469 | | | | 22,143,724 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 10,621,015 | | | | 23,084,154 | | | | 11,596,046 | | | | 18,755,617 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | – | | | | – | | | | – | | | | – | |
| End of the period | | $ | 10,621,015 | | | $ | 23,084,154 | | | $ | 11,596,046 | | | $ | 18,755,617 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 800,000 | | | | 2,275,000 | | | | 350,000 | | | | 1,225,000 | |
| Redemptions | | | (100,000 | ) | | | (225,000 | ) | | | – | | | | (50,000 | ) |
| Total increase in shares outstanding | | | 700,000 | | | | 2,050,000 | | | | 350,000 | | | | 1,175,000 | |
| (a) | Inception date of the Fund was July 23, 2024. |
| (b) | Inception date of the Fund was May 1, 2024. |
| (c) | Inception date of the Fund was September 11, 2024. |
| (d) | Inception date of the Fund was June 10, 2024. |
| The accompanying notes are an integral part of these financial statements. | 56 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax SQ Option Income Strategy ETF | | YieldMax TSLA Option Income Strategy ETF |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) | | Year ended October 31, 2024 | | Period ended October 31, 2023(b) |
| OPERATIONS: | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 1,154,925 | | | $ | 6,339 | | | $ | 31,821,008 | | | $ | 8,683,857 | |
| Net realized gain/(loss) | | | 2,873,897 | | | | (495,633 | ) | | | 33,573,917 | | | | (165,196,341 | ) |
| Net change in unrealized appreciation/(depreciation) | | | 3,128,873 | | | | 78,412 | | | | (29,302,181 | ) | | | 17,136,685 | |
| Net increase/(decrease) in net assets from operations | | | 7,157,695 | | | | (410,882 | ) | | | 36,092,744 | | | | (139,375,799 | ) |
| | | | | | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
| Distributions to shareholders | | | (6,862,639 | ) | | | – | | | | (31,820,428 | ) | | | (8,692,542 | ) |
| Return of capital | | | (9,747,016 | ) | | | – | | | | (486,932,585 | ) | | | (93,438,948 | ) |
| Total distributions to shareholders | | | (16,609,655 | ) | | | – | | | | (518,753,013 | ) | | | (102,131,490 | ) |
| | | | | | | | | | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Subscriptions | | | 89,037,003 | | | | 3,961,947 | | | | 856,132,540 | | | | 951,858,308 | |
| Redemptions | | | (32,886,815 | ) | | | – | | | | (225,731,279 | ) | | | (31,923,818 | ) |
| ETF transaction fees (Note 8) | | | 24,385 | | | | 192 | | | | 216,057 | | | | 196,757 | |
| Net increase in net assets from capital transactions | | | 56,174,573 | | | | 3,962,139 | | | | 630,617,318 | | | | 920,131,247 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 46,722,613 | | | | 3,551,257 | | | | 147,957,049 | | | | 678,623,958 | |
| | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | |
| Beginning of the period | | | 3,551,257 | | | | – | | | | 678,623,958 | | | | – | |
| End of the period | | $ | 50,273,870 | | | $ | 3,551,257 | | | $ | 826,581,007 | | | $ | 678,623,958 | |
| | | | | | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | | | | | |
| Subscriptions | | | 4,200,000 | | | | 200,000 | | | | 69,700,000 | | | | 63,475,000 | |
| Redemptions | | | (1,575,000 | ) | | | – | | | | (16,900,000 | ) | | | (2,275,000 | ) |
| Reverse Stock Split (Note 9) | | | – | | | | – | | | | (44,725,000 | )(c) | | | – | |
| Total increase in shares outstanding | | | 2,625,000 | | | | 200,000 | | | | 8,075,000 | | | | 61,200,000 | |
| (a) | Inception date of the Fund was October 10, 2023. |
| (b) | Inception date of the Fund was November 22, 2022. |
| (c) | Share amounts for the Fund have been adjusted for a one-for-two reverse stock split effective on February 26, 2024 (Note 8). |
| | | YieldMax TSM Option Income Strategy ETF | | YieldMax Ultra Option Income Strategy ETF | | YieldMax Universe Fund of Option Income ETFs |
| | | Period ended October 31, 2024(a) | | Period ended October 31, 2024(b) | | Period ended October 31, 2024(c) |
| OPERATIONS: | | | | | | | | | |
| Net investment income/(loss) | | $ | 37,259 | | | $ | (348,207 | ) | | $ | 27,964,054 | |
| Net realized gain/(loss) | | | 253,395 | | | | (11,958,411 | ) | | | (15,077,396 | ) |
| Net change in unrealized appreciation/(depreciation) | | | (644,853 | ) | | | 9,654,026 | | | | (5,673,659 | ) |
| Net increase/(decrease) in net assets from operations | | | (354,199 | ) | | | (2,652,592 | ) | | | 7,212,999 | |
| | | | | | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
| Distributions to shareholders | | | (569,854 | ) | | | (3,008,277 | ) | | | (27,963,154 | ) |
| Return of capital | | | (466,466 | ) | | | (89,997,353 | ) | | | (36,079,501 | ) |
| Total distributions to shareholders | | | (1,036,320 | ) | | | (93,005,630 | ) | | | (64,042,655 | ) |
| The accompanying notes are an integral part of these financial statements. | 57 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax TSM Option Income Strategy ETF | | YieldMax Ultra Option Income Strategy ETF | | YieldMax Universe Fund of Option Income ETFs |
| | | Period ended October 31, 2024(a) | | Period ended October 31, 2024(b) | | Period ended October 31, 2024(c) |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | |
| Subscriptions | | | 25,624,027 | | | | 344,831,008 | | | | 443,566,538 | |
| Redemptions | | | (1,006,720 | ) | | | (43,819,140 | ) | | | (41,367,053 | ) |
| ETF transaction fees (Note 8) | | | 4,826 | | | | 77,230 | | | | 364 | |
| Net increase in net assets from capital transactions | | | 24,622,133 | | | | 301,089,098 | | | | 402,199,849 | |
| | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 23,231,614 | | | | 205,430,876 | | | | 345,370,193 | |
| | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | |
| Beginning of the period | | | – | | | | – | | | | – | |
| End of the period | | $ | 23,231,614 | | | $ | 205,430,876 | | | $ | 345,370,193 | |
| | | | | | | | | | | | | |
| SHARES TRANSACTIONS | | | | | | | | | | | | |
| Subscriptions | | | 1,225,000 | | | | 24,400,000 | | | | 22,675,000 | |
| Redemptions | | | (50,000 | ) | | | (3,625,000 | ) | | | (2,275,000 | ) |
| Total increase in shares outstanding | | | 1,175,000 | | | | 20,775,000 | | | | 20,400,000 | |
| (a) | Inception date of the Fund was August 20, 2024. |
| (b) | Inception date of the Fund was February 28, 2024. |
| (c) | Inception date of the Fund was January 16, 2024. |
| | | YieldMax XOM Option Income Strategy ETF |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) |
| OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 735,648 | | | $ | 36,457 | |
| Net realized gain | | | 389,916 | | | | 209,093 | |
| Net change in unrealized appreciation/(depreciation) | | | 750,795 | | | | (772,185 | ) |
| Net increase/(decrease) in net assets from operations | | | 1,876,359 | | | | (526,635 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Distributions to shareholders | | | (1,792,420 | ) | | | (93,048 | ) |
| Return of capital | | | (2,567,003 | ) | | | – | |
| Total distributions to shareholders | | | (4,359,423 | ) | | | (93,048 | ) |
| | | | | | | | | |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Subscriptions | | | 35,970,935 | | | | 7,022,822 | |
| Redemptions | | | (7,668,120 | ) | | | – | |
| ETF transaction fees (Note 8) | | | 8,728 | | | | 805 | |
| Net increase in net assets from capital transactions | | | 28,311,543 | | | | 7,023,627 | |
| | | | | | | | | |
| NET INCREASE IN NET ASSETS | | | 25,828,479 | | | | 6,403,944 | |
| | | | | | | | | |
| NET ASSETS: | | | | | | | | |
| Beginning of the period | | | 6,403,944 | | | | – | |
| End of the period | | $ | 32,232,423 | | | $ | 6,403,944 | |
| The accompanying notes are an integral part of these financial statements. | 58 |
| Statements of Changes in Net Assets | YieldMax ETFs |
| | | YieldMax XOM Option Income Strategy ETF |
| | | Year ended October 31, 2024 | | Period ended October 31, 2023(a) |
SHARES TRANSACTIONS | | | | | | | | |
| Subscriptions | | | 2,075,000 | | | | 350,000 | |
| Redemptions | | | (450,000 | ) | | | – | |
| Total increase in shares outstanding | | | 1,625,000 | | | | 350,000 | |
| (a) | Inception date of the Fund was August 30, 2023. |
| The accompanying notes are an integral part of these financial statements. | 59 |
| Financial Highlights | YieldMax ETFs |
For a share outstanding throughout the year/periods presented
| | | INVESTMENT OPERATIONS: | LESS DISTRIBUTIONS FROM: | CAPITAL TRANSACTIONS: | SUPPLEMENTAL DATA AND RATIOS: | | | |
| For the year/period ended | Net asset value, beginning of year/period | Net investment income (loss) (a) | Net realized and unrealized gain (loss) on investments(b) | Total from investment operations | From net investment income | Return of capital | Total distributions | ETF transaction fees per share | Net asset value, end of year/period | Total return (jj) | Net assets, end of year/period (in thousands) | Ratio of expenses to average net assets before expense reimbursement/ recoupment (kk) | Ratio of expenses to average net assets after expense reimbursement/ recoupment(kk) | Ratio of dividends, tax, and broker expense to average net assets(kk) | Ratio of operational expenses to average net assets excluding dividends, tax, and broker expense(kk) | Ratio of net investment income (loss) to average net assets(kk) | Portfolio turnover rate (jj)(ll) |
| YieldMax AAPL Option Income Strategy ETF |
| 10/31/2024 | $18.33 | 0.69 | 2.72 | 3.41 | (2.19) | (2.19) | (4.38) | $0.00(c) | $17.36 | 21.14% | $92,464 | 1.06% | 1.06% | 0.07% | 0.99% | 3.82% | 20% |
| 10/31/2023(d) | $20.00 | 0.44 | 0.06 | 0.50 | (0.41) | (1.77) | (2.18) | $0.01 | $18.33 | 1.88% | $56,378 | 0.99% | 0.99% | –% | 0.99% | 4.16% | 42% |
| YieldMax ABNB Option Income Strategy ETF |
| 10/31/2024(e) | $20.00 | 0.19 | (1.81) | (1.62) | (1.28) | (0.78) | (2.06) | $0.01 | $16.33 | -7.19% | $16,743 | 1.06% | 1.06% | 0.07% | 0.99% | 3.22% | 46% |
| YieldMax AI Option Income Strategy ETF |
| 10/31/2024(f) | $20.00 | 0.38 | (5.37) | (4.99) | (0.42) | (6.24) | (6.66) | $0.01 | $8.36 | -30.62% | $34,272 | 1.67% | 1.67% | 0.68% | 0.99% | 3.56% | 4% |
| YieldMax AMD Option Income Strategy ETF |
| 10/31/2024 | $18.84 | 0.68 | 4.59 | 5.27 | (2.14) | (9.42) | (11.56) | $0.01 | $12.56 | 25.62% | $121,221 | 1.23% | 1.23% | 0.24% | 0.99% | 4.06% | 37% |
| 10/31/2023(g) | $20.00 | 0.10 | (1.26) | (1.16) | – | – | – | $0.00(c) | $18.84 | -5.80% | $5,651 | 0.99% | 0.99% | –% | 0.99% | 4.39% | –% |
| YieldMax AMZN Option Income Strategy ETF |
| 10/31/2024 | $20.45 | 0.81 | 5.36 | 6.17 | (2.47) | (5.52) | (7.99) | $0.01 | $18.64 | 32.51% | $178,930 | 1.17% | 1.17% | 0.18% | 0.99% | 3.90% | 27% |
| 10/31/2023(h) | $20.00 | 0.23 | 1.31 | 1.54 | (1.10) | – | (1.10) | $0.01 | $20.45 | 7.94% | $33,750 | 1.06% | 1.06% | 0.07% | 0.99% | 4.10% | 2% |
| YieldMax BABA Option Income Strategy ETF |
| 10/31/2024(i) | $20.00 | 0.15 | 2.85 | 3.00 | (1.99) | – | (1.99) | $0.01 | $21.02 | 15.00% | $21,016 | 0.99% | 1.07% | 0.08% | 0.99% | 3.05% | 16% |
| YieldMax Bitcoin Option Income Strategy ETF |
| 10/31/2024(j) | $20.00 | 0.07 | (1.88) | (1.81) | (0.23) | (5.22) | (5.45) | $0.01 | $12.75 | -7.26% | $47,830 | 4.75% | 4.75% | 3.76% | 0.99% | 0.91% | 28% |
| YieldMax COIN Option Income Strategy ETF |
| 10/31/2024 | $19.70 | 0.76 | 12.23 | 12.99 | (6.59) | (13.88) | (20.47) | $0.01 | $12.23 | 62.36% | $655,235 | 1.22% | 1.22% | 0.23% | 0.99% | 4.10% | 27% |
| 10/31/2023(k) | $20.00 | 0.18 | 0.72 | 0.90 | (1.21) | – | (1.21) | $0.01 | $19.70 | 4.69% | $65,015 | 1.09% | 1.09% | 0.10% | 0.99% | 4.28% | 9% |
| YieldMax DIS Option Income Strategy ETF |
| 10/31/2024 | $19.98 | 0.69 | 1.48 | 2.17 | (0.97) | (5.38) | (6.35) | $0.01 | $15.81 | 10.47% | $22,529 | 1.31% | 1.31% | 0.32% | 0.99% | 3.87% | 20% |
| 10/31/2023(l) | $20.00 | 0.14 | 0.10 | 0.24 | (0.26) | – | (0.26) | $0.00(c) | $19.98 | 1.22% | $3,996 | 1.15% | 1.15% | 0.16% | 0.99% | 3.69% | 2% |
| YieldMax Gold Miners Option Income Strategy ETF |
| 10/31/2024(m) | $20.00 | 0.30 | (0.52) | (0.22) | (0.82) | (1.76) | (2.58) | $0.01 | $17.21 | -0.66% | $31,417 | 1.08% | 1.08% | 0.09% | 0.99% | 3.75% | 14% |
| YieldMax GOOGL Option Income Strategy ETF |
| 10/31/2024 | $18.67 | 0.65 | 0.98 | 1.63 | (0.77) | (4.52) | (5.29) | $0.01 | $15.02 | 9.81% | $70,952 | 1.20% | 1.20% | 0.21% | 0.99% | 3.91% | 359% |
| 10/31/2023(n) | $20.00 | 0.20 | (0.86) | (0.66) | (0.68) | – | (0.68) | $0.01 | $18.67 | -3.50% | $16,334 | 0.99% | 0.99% | –% | 0.99% | 3.68% | 13% |
| YieldMax Innovation Option Income Strategy ETF |
| 10/31/2024 | $12.04 | 0.49 | 1.84 | 2.33 | (0.49) | (4.20) | (4.69) | $0.00(c) | $9.68 | 20.85% | $54,444 | 1.00% | 1.00% | 0.01% | 0.99% | 4.22% | 64% |
| 10/31/2023(o) | $20.00 | 0.58 | (2.62) | (2.04) | (4.27) | (1.66) | (5.93) | $0.01 | $12.04 | -13.76% | $67,098 | 1.19% | 1.19% | 0.20% | 0.99% | 4.24% | 60% |
| | | | | | | | | | | | | | | | | | |
| The accompanying notes are an integral part of these financial statements. | 60 |
| Financial Highlights | YieldMax ETFs |
For a share outstanding throughout the year/periods presented
| | | INVESTMENT OPERATIONS: | LESS DISTRIBUTIONS FROM: | CAPITAL TRANSACTIONS: | SUPPLEMENTAL DATA AND RATIOS: | | | |
| For the year/period ended | Net asset value, beginning of year/period | Net investment income (loss) (a) | Net realized and unrealized gain (loss) on investments(b) | Total from investment operations | From net investment income | Return of capital | Total distributions | ETF transaction fees per share | Net asset value, end of year/period | Total return (jj) | Net assets, end of year/period (in thousands) | Ratio of expenses to average net assets before expense reimbursement/ recoupment (kk) | Ratio of expenses to average net assets after expense reimbursement/ recoupment(kk) | Ratio of dividends, tax, and broker expense to average net assets(kk) | Ratio of operational expenses to average net assets excluding dividends, tax, and broker expense(kk) | Ratio of net investment income (loss) to average net assets(kk) | Portfolio turnover rate (jj)(ll) |
| YieldMax JPM Option Income Strategy ETF |
| 10/31/2024 | $18.85 | 0.77 | 3.20 | 3.97 | (1.92) | (2.68) | (4.60) | $0.01 | $18.23 | 22.35% | $26,428 | 1.18% | 1.18% | 0.19% | 0.99% | 3.99% | 11% |
| 10/31/2023(q) | $20.00 | 0.11 | (1.01) | (0.90) | (0.10) | (0.15) | (0.25) | $0.00(c) | $18.85 | -4.58% | $3,298 | 1.05% | 1.05% | 0.06% | 0.99% | 4.04% | 42% |
| YieldMax Magnificent 7 Fund of Option Income ETFs |
| 10/31/2024(r) | $20.00 | 2.57(nn) | 1.49 | 4.06 | (2.52) | (2.90) | (5.42) | $– | $18.64 | 22.44% | $182,671 | 0.29%(oo) | 0.29%(oo) | –%(oo) | 0.29%(oo) | 17.41%(oo) | 21% |
| YieldMax META Option Income Strategy ETF |
| 10/31/2024 | $19.70 | 0.80 | 8.94 | 9.74 | (8.19) | (1.94) | (10.13) | $0.01 | $19.32 | 59.90% | $128,445 | 1.06% | 1.06% | 0.07% | 0.99% | 4.04% | 16% |
| 10/31/2023(n) | $20.00 | 0.21 | 0.21 | 0.42 | (0.73) | – | (0.73) | $0.01 | $19.70 | 2.17% | $12,311 | 0.99% | 0.99% | –% | 0.99% | 3.99% | 17% |
| YieldMax MRNA Option Income Strategy ETF |
| 10/31/2024 | $19.35 | 0.58 | (3.50) | (2.92) | (0.76) | (8.42) | (9.18) | $0.01 | $7.26 | -36.73% | $28,841 | 1.26% | 1.26% | 0.27% | 0.99% | 4.02% | 27% |
| 10/31/2023(s) | $20.00 | 0.00(c) | (0.65) | (0.65) | – | – | – | $– | $19.35 | -3.25% | $1,451 | 0.99% | 0.99% | –% | 0.99% | (0.78)% | –% |
| YieldMax MSFT Option Income Strategy ETF |
| 10/31/2024 | $21.33 | 0.84 | 3.04 | 3.88 | (2.91) | (3.72) | (6.63) | $0.01 | $18.59 | 18.73% | $80,849 | 1.07% | 1.07% | 0.08% | 0.99% | 4.02% | 21% |
| 10/31/2023(l) | $20.00 | 0.15 | 1.45 | 1.60 | (0.28) | – | (0.28) | $0.01 | $21.33 | 8.13% | $8,534 | 1.04% | 1.04% | 0.05% | 0.99% | 4.01% | 9% |
| YieldMax MSTR Option Income Strategy ETF |
| 10/31/2024(t) | $20.00 | 0.34 | 28.71 | 29.05 | (20.01) | – | (20.01) | $0.02 | $29.06 | 188.30% | $813,067 | 0.99% | 0.99% | –% | 0.99% | 1.85% | –% |
| YieldMax NFLX Option Income Strategy ETF |
| 10/31/2024 | $17.84 | 0.71 | 7.87 | 8.58 | (8.42) | (0.26) | (8.68) | $0.01 | $17.75 | 63.43% | $51,465 | 1.05% | 1.05% | 0.06% | 0.99% | 4.08% | 51% |
| 10/31/2023(u) | $20.00 | 0.19 | (1.43) | (1.24) | (0.93) | – | (0.93) | $0.01 | $17.84 | -5.99% | $16,058 | 0.99% | 0.99% | –% | 0.99% | 4.72% | 0%(p) |
| YieldMax NVDA Option Income Strategy ETF |
| 10/31/2024 | $20.34 | 0.98 | 21.80 | 22.78 | (15.17) | (3.08) | (18.25) | $0.01 | $24.88 | 144.70% | $1,244,788 | 1.27% | 1.27% | 0.28% | 0.99% | 3.82% | 23% |
| 10/31/2023(v) | $20.00 | 0.45 | 4.00 | 4.45 | (3.55) | (0.57) | (4.12) | $0.01 | $20.34 | 21.88% | $158,667 | 1.02% | 1.02% | 0.03% | 0.99% | 4.24% | 24% |
| YieldMax PLTR Option Income Strategy ETF |
| 10/31/2024(w) | $50.00 | 0.10 | (0.82) | (0.72) | – | – | – | $0.01 | $49.29 | -1.43% | $6,161 | 1.44% | 1.44% | 0.45% | 0.99% | 2.95% | –% |
| YieldMax PYPL Option Income Strategy ETF |
| 10/31/2024 | $18.04 | 0.63 | 7.72 | 8.35 | (8.03) | (0.64) | (8.67) | $0.01 | $17.73 | 58.02% | $45,200 | 1.45% | 1.45% | 0.46% | 0.99% | 3.49% | 344% |
| 10/31/2023(x) | $20.00 | 0.06 | (2.03) | (1.97) | – | – | – | $0.01 | $18.04 | -9.82% | $1,353 | 1.16% | 1.16% | 0.17% | 0.99% | 3.32% | 111% |
| YieldMax Short COIN Option Income Strategy ETF |
| 10/31/2024(y) | $20.00 | 0.21 | 1.86 | 2.07 | (0.17) | (5.05) | (5.22) | $0.01 | $16.86 | 9.61% | $40,037 | 1.00% | 1.00% | 0.01% | 0.99% | 3.66% | 38% |
| The accompanying notes are an integral part of these financial statements. | 61 |
| Financial Highlights | YieldMax ETFs |
For a share outstanding throughout the year/periods presented
| | | INVESTMENT OPERATIONS: | LESS DISTRIBUTIONS FROM: | CAPITAL TRANSACTIONS: | SUPPLEMENTAL DATA AND RATIOS: | | | |
| For the year/period ended | Net asset value, beginning of year/period | Net investment income (loss) (a) | Net realized and unrealized gain (loss) on investments(b) | Total from investment operations | From net investment income | Return of capital | Total distributions | ETF transaction fees per share | Net asset value, end of year/period | Total return (jj) | Net assets, end of year/period (in thousands) | Ratio of expenses to average net assets before expense reimbursement/ recoupment (kk) | Ratio of expenses to average net assets after expense reimbursement/ recoupment(kk) | Ratio of dividends, tax, and broker expense to average net assets(kk) | Ratio of operational expenses to average net assets excluding dividends, tax, and broker expense(kk) | Ratio of net investment income (loss) to average net assets(kk) | Portfolio turnover rate (jj)(ll) |
| YieldMax Short N100 Option Income Strategy ETF |
| 10/31/2024(z) | $20.00 | 0.15 | (0.75) | (0.60) | (0.78) | – | (0.78) | $0.00(c) | $18.62 | -3.09% | $6,051 | 0.99% | 0.99% | –% | 0.99% | 3.67% | –% |
| YieldMax Short NVDA Option Income Strategy ETF |
| 10/31/2024(aa) | $20.00 | 0.18 | (3.12) | (2.94) | (0.88) | (1.02) | (1.90) | $0.01 | $15.17 | -15.83% | $10,621 | 0.99% | 0.99% | 0.00%(p) | 0.99% | 3.98% | 18% |
| YieldMax Short TSLA Option Income Strategy ETF |
| 10/31/2024(bb) | $20.00 | 0.28 | (4.00) | (3.72) | (0.87) | (4.16) | (5.03) | $0.01 | $11.26 | -20.88% | $23,084 | 1.13% | 1.13% | 0.14% | 0.99% | 3.88% | 64% |
| YieldMax SMCI Option Income Strategy ETF |
| 10/31/2024(cc) | $50.00 | 0.23 | (11.78) | (11.55) | (0.09) | (5.26) | (5.35) | $0.03 | $33.13 | -26.75% | $11,596 | 0.99% | 0.99% | 0.00%(p) | 0.99% | 3.34% | –% |
| YieldMax SNOW Option Income Strategy ETF |
| 10/31/2024(dd) | $20.00 | 0.27 | (0.67) | (0.40) | (1.24) | (2.41) | (3.65) | $0.01 | $15.96 | -1.67% | $18,756 | 1.04% | 1.04% | 0.05% | 0.99% | 3.89% | 2% |
| YieldMax SQ Option Income Strategy ETF |
| 10/31/2024 | $17.76 | 0.75 | 10.86 | 11.61 | (4.79) | (6.80) | (11.59) | $0.02 | $17.80 | 75.00% | $50,274 | 1.43% | 1.43% | 0.44% | 0.99% | 3.73% | –% |
| 10/31/2023(ee) | $20.00 | 0.04 | (2.28) | (2.24) | – | – | – | $0.00(c) | $17.76 | -11.17% | $3,551 | 1.99% | 1.99% | 1.00% | 0.99% | 3.51% | –% |
| YieldMax TSLA Option Income Strategy ETF(mm) |
| 10/31/2024 | $22.18 | 0.70 | 0.66 | 1.36 | (0.71) | (10.90) | (11.61) | $0.00(c) | $11.93 | 9.21% | $826,581 | 1.04% | 1.04% | 0.05% | 0.99% | 4.28% | 51% |
| 10/31/2023(o) | $40.00 | 1.20 | (3.18) | (1.98) | (1.34) | (14.52) | (15.86) | $0.02 | $22.18 | -7.26% | $678,624 | 1.01% | 1.01% | 0.02% | 0.99% | 4.50% | 168% |
| YieldMax TSM Option Income Strategy ETF |
| 10/31/2024(ff) | $20.00 | 0.14 | 0.87 | 1.01 | (0.69) | (0.57) | (1.26) | $0.02 | $19.77 | 5.26% | $23,232 | 0.99% | 0.99% | 0.00%(p) | 0.99% | 3.47% | 7% |
| YieldMax Ultra Option Income Strategy ETF |
| 10/31/2024(gg) | $20.00 | (0.03) | (1.61) | (1.64) | (0.27) | (8.21) | (8.48) | $0.01 | $9.89 | -7.63% | $205,431 | 1.35% | 1.25% | 0.11% | 1.14% | (0.38)% | 717% |
| YieldMax Universe Fund of Option Income ETFs |
| 10/31/2024(hh) | $20.00 | 2.93(nn) | (0.07) | 2.86 | (2.59) | (3.34) | (5.93) | $0.00(c) | $16.93 | 15.11% | $345,370 | 0.29%(oo) | 0.29%(oo) | 0.00%(p)(oo) | 0.29%(oo) | 19.87%(oo) | 64% |
| YieldMax XOM Option Income Strategy ETF |
| 10/31/2024 | $18.30 | 0.65 | 1.16 | 1.81 | (1.56) | (2.24) | (3.80) | $0.01 | $16.32 | 11.07% | $32,232 | 1.25% | 1.25% | 0.26% | 0.99% | 3.77% | 6% |
| 10/31/2023(ii) | $20.00 | 0.14 | (1.55) | (1.41) | (0.29) | – | (0.29) | $0.00(c) | $18.30 | -7.08% | $6,404 | 1.12% | 1.12% | 0.13% | 0.99% | 4.28% | –% |
| (a) | Net investment income per share has been calculated based on average shares outstanding during the year/period. |
| (b) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the year/period. |
| The accompanying notes are an integral part of these financial statements. | 62 |
| Financial Highlights | YieldMax ETFs |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Inception date of the Fund was April 17, 2023. |
| (e) | Inception date of the Fund was June 24, 2024. |
| (f) | Inception date of the Fund was November 27, 2023. |
| (g) | Inception date of the Fund was September 18, 2023. |
| (h) | Inception date of the Fund was July 24, 2023. |
| (i) | Inception date of the Fund was August 7, 2024. |
| (j) | Inception date of the Fund was April 22, 2024. |
| (k) | Inception date of the Fund was August 14, 2023. |
| (l) | Inception date of the Fund was August 24, 2023. |
| (m) | Inception date of the Fund was May 20, 2024. |
| (n) | Inception date of the Fund was July 27, 2023. |
| (o) | Inception date of the Fund was November 22, 2022. |
| (p) | Amount represents less than 0.005%. |
| (q) | Inception date of the Fund was September 11, 2023. |
| (r) | Inception date of the Fund was January 29, 2024. |
| (s) | Inception date of the Fund was October 23, 2023. |
| (t) | Inception date of the Fund was February 21, 2024. |
| (u) | Inception date of the Fund was August 7, 2023. |
| (v) | Inception date of the Fund was May 10, 2023. |
| (w) | Inception date of the Fund was October 7, 2024. |
| (x) | Inception date of the Fund was September 25, 2023. |
| (y) | Inception date of the Fund was July 9, 2024. |
| (z) | Inception date of the Fund was August 14, 2024. |
| (aa) | Inception date of the Fund was July 23, 2024. |
| (bb) | Inception date of the Fund was May 1, 2024. |
| (cc) | Inception date of the Fund was September 11, 2024. |
| (dd) | Inception date of the Fund was June 10, 2024. |
| (ee) | Inception date of the Fund was October 10, 2023. |
| (ff) | Inception date of the Fund was August 20, 2024. |
| (gg) | Inception date of the Fund was February 28, 2024. |
| (hh) | Inception date of the Fund was January 16, 2024. |
| (ii) | Inception date of the Fund was August 30, 2023. |
| (jj) | Not annualized for periods less than one year. |
| (kk) | Annualized for periods less than one year. |
| (ll) | Portfolio turnover rate excludes in-kind transactions. |
| (mm) | During the year ended October 31, 2024, the Fund effected the following reverse stock split: February 26, 2024, 1 for 2. All historical per share information has been retroactively adjusted to reflect this reverse stock split. See |
Note 9 in the Notes to Financial Statements.
| (nn) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. |
| (oo) | These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. |
| The accompanying notes are an integral part of these financial statements. | 63 |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
NOTE 1 – ORGANIZATIONAL
The YieldMax ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a series of Tidal Trust II (the “Trust”). The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended. Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds and ZEGA Financial, LLC (“ZEGA” or the “Sub-Adviser”) serves as sub-adviser to the Funds. The Funds are considered non-diversified under the 1940 Act. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.
| Fund: | Commencement Date: |
| YieldMax AAPL Option Income Strategy ETF (the “APLY ETF”) | April 17, 2023 |
| YieldMax ABNB Option Income Strategy ETF (the “ABNY ETF”) | June 24, 2024 |
| YieldMax AI Option Income Strategy ETF (the “AIYY ETF”) | November 27, 2023 |
| YieldMax AMD Option Income Strategy ETF (the “AMDY ETF”) | September 18, 2023 |
| YieldMax AMZN Option Income Strategy ETF (the “AMZY ETF”) | July 24, 2023 |
| YieldMax BABA Option Income Strategy ETF (the “BABO ETF”) | August 7, 2024 |
| YieldMax Bitcoin Option Income Strategy ETF (the “YBIT ETF”) | April 22, 2024 |
| YieldMax COIN Option Income Strategy ETF (the “CONY ETF”) | August 14, 2023 |
| YieldMax DIS Option Income Strategy ETF (the “DISO ETF”) | August 24, 2023 |
| YieldMax Gold Miners Option Income Strategy ETF (the “GDXY ETF”) | May 20, 2024 |
| YieldMax GOOGL Option Income Strategy ETF (the “GOOY ETF”) | July 27, 2023 |
| YieldMax Innovation Option Income Strategy ETF (the “OARK ETF”) | November 22, 2022 |
| YieldMax JPM Option Income Strategy ETF (the “JPMO ETF”) | September 11, 2023 |
| YieldMax Magnificent 7 Fund of Option Income ETFs (the “YMAG ETF”) | January 29, 2024 |
| YieldMax META Option Income Strategy ETF (the “FBY ETF”) | July 27, 2023 |
| YieldMax MRNA Option Income Strategy ETF (the “MRNY ETF”) | October 23, 2023 |
| YieldMax MSFT Option Income Strategy ETF (the “MSFO ETF”) | August 24, 2023 |
| YieldMax MSTR Option Income Strategy ETF (the “MSTY ETF”) | February 21, 2024 |
| YieldMax NFLX Option Income Strategy ETF (the “NFLY ETF”) | August 7, 2023 |
| YieldMax NVDA Option Income Strategy ETF (the “NVDY ETF”) | May 10, 2023 |
| YieldMax PLTR Option Income Strategy ETF (the “PLTY ETF”) | October 7, 2024 |
| YieldMax PYPL Option Income Strategy ETF (the “PYPY ETF”) | September 25, 2023 |
| YieldMax Short COIN Option Income Strategy ETF (the “FIAT ETF”) | July 9, 2024 |
| YieldMax Short N100 Option Income Strategy ETF (the “YQQQ ETF”) | August 14, 2024 |
| YieldMax Short NVDA Option Income Strategy ETF (the “DIPS ETF”) | July 23, 2024 |
| YieldMax Short TSLA Option Income Strategy ETF (the “CRSH ETF”) | May 1, 2024 |
| YieldMax SMCI Option Income Strategy ETF (the “SMCY ETF”) | September 11, 2024 |
| YieldMax SNOW Option Income Strategy ETF (the “SNOY ETF”) | June 10, 2024 |
| YieldMax SQ Option Income Strategy ETF (the “SQY ETF”) | October 10, 2023 |
| YieldMax TSLA Option Income Strategy ETF (the “TSLY ETF”) | November 22, 2022 |
| YieldMax TSM Option Income Strategy ETF (the “TSMY ETF”) | August 20, 2024 |
| YieldMax Ultra Option Income Strategy ETF (the “ULTY ETF”) | February 28, 2024 |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| YieldMax Universe Fund of Option Income ETFs (the “YMAX ETF”) | January 16, 2024 |
| YieldMax XOM Option Income Strategy ETF (the “XOMO ETF”) | August 30, 2023 |
The investment objective of each Fund is to seek current income.
The secondary objective of each Fund, except the YMAX ETF and the YMAG ETF, is to seek exposure to the share price of their underlying common stock, subject to a limit on potential investment gains.
The secondary objective of the YMAX ETF and the YMAG ETF is that they will primarily invest their assets in the shares of other ETFs (“fund of funds”), rather than in securities of individual companies. In addition, from time to time, the Funds may invest directly in the securities and financial instruments in which one or more affiliated YieldMax ETFs.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A. Security Valuation. Equity securities that are listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the Nasdaq Stock Market, LLC (the “NASDAQ”), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.
Debt securities are valued by using an evaluated mean of the bid and ask prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors.
FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. In selecting the model prices, the Sub-Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s net asset value (“NAV”). If either pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.
Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
As described above, the Funds utilize 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 Funds have 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 speeds, 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2024:
APLY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 84,695,272 | | | $ | – | | | $ | 84,695,272 | |
| Purchased Options | | | – | | | | 4,199,850 | | | | – | | | | 4,199,850 | |
| Money Market Funds | | | 928,335 | | | | – | | | | – | | | | 928,335 | |
| Total Investments | | $ | 928,335 | | | $ | 88,895,122 | | | $ | – | | | $ | 89,823,457 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (3,547,215 | ) | | $ | – | | | $ | (3,547,215 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (3,547,215 | ) | | $ | – | | | $ | (3,547,215 | ) |
ABNY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 13,514,842 | | | $ | – | | | $ | 13,514,842 | |
| Purchased Options | | | – | | | | 1,495,738 | | | | – | | | | 1,495,738 | |
| Money Market Funds | | | 567,987 | | | | – | | | | – | | | | 567,987 | |
| Total Investments | | $ | 567,987 | | | $ | 15,010,580 | | | $ | – | | | $ | 15,578,567 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (935,508 | ) | | $ | – | | | $ | (935,508 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (935,508 | ) | | $ | – | | | $ | (935,508 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
AIYY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 33,078,108 | | | $ | – | | | $ | 33,078,108 | |
| Purchased Options | | | – | | | | 1,591,335 | | | | – | | | | 1,591,335 | |
| Money Market Funds | | | 332,262 | | | | – | | | | – | | | | 332,262 | |
| Total Investments | | $ | 332,262 | | | $ | 34,669,443 | | | $ | – | | | $ | 35,001,705 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,268,144 | ) | | $ | – | | | $ | (2,268,144 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,268,144 | ) | | $ | – | | | $ | (2,268,144 | ) |
AMDY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 128,135,156 | | | $ | – | | | $ | 128,135,156 | |
| Purchased Options | | | – | | | | 728,748 | | | | – | | | | 728,748 | |
| Money Market Funds | | | 5,400,905 | | | | – | | | | – | | | | 5,400,905 | |
| Total Investments | | $ | 5,400,905 | | | $ | 128,863,904 | | | $ | – | | | $ | 134,264,809 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (18,441,910 | ) | | $ | – | | | $ | (18,441,910 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (18,441,910 | ) | | $ | – | | | $ | (18,441,910 | ) |
AMZY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 177,134,037 | | | $ | – | | | $ | 177,134,037 | |
| Purchased Options | | | – | | | | 9,578,660 | | | | – | | | | 9,578,660 | |
| Money Market Funds | | | 1,024,435 | | | | – | | | | – | | | | 1,024,435 | |
| Total Investments | | $ | 1,024,435 | | | $ | 186,712,697 | | | $ | – | | | $ | 187,737,132 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (10,058,713 | ) | | $ | – | | | $ | (10,058,713 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (10,058,713 | ) | | $ | – | | | $ | (10,058,713 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
BABO ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 19,695,163 | | | $ | – | | | $ | 19,695,163 | |
| Purchased Options | | | – | | | | 186,615 | | | | – | | | | 186,615 | |
| Money Market Funds | | | 198,267 | | | | – | | | | – | | | | 198,267 | |
| Total Investments | | $ | 198,267 | | | $ | 19,881,778 | | | $ | – | | | $ | 20,080,045 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,758,061 | ) | | $ | – | | | $ | (2,758,061 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,758,061 | ) | | $ | – | | | $ | (2,758,061 | ) |
YBIT ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 50,626,774 | | | $ | – | | | $ | 50,626,774 | |
| Purchased Options | | | – | | | | 87,896 | | | | – | | | | 87,896 | |
| Money Market Funds | | | 2,513,746 | | | | – | | | | – | | | | 2,513,746 | |
| Total Investments | | $ | 2,513,746 | | | $ | 50,714,670 | | | $ | – | | | $ | 53,228,416 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (16,059,764 | ) | | $ | – | | | $ | (16,059,764 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (16,059,764 | ) | | $ | – | | | $ | (16,059,764 | ) |
CONY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 718,026,597 | | | $ | – | | | $ | 718,026,597 | |
| Purchased Options | | | – | | | | 17,199,227 | | | | – | | | | 17,199,227 | |
| Money Market Funds | | | 4,105,032 | | | | – | | | | – | | | | 4,105,032 | |
| Total Investments | | $ | 4,105,032 | | | $ | 735,225,824 | | | $ | – | | | $ | 739,330,856 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (148,729,755 | ) | | $ | – | | | $ | (148,729,755 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (148,729,755 | ) | | $ | – | | | $ | (148,729,755 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
DISO ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 18,984,512 | | | $ | – | | | $ | 18,984,512 | |
| Purchased Options | | | – | | | | 2,063,140 | | | | – | | | | 2,063,140 | |
| Money Market Funds | | | 1,095,948 | | | | – | | | | – | | | | 1,095,948 | |
| Total Investments | | $ | 1,095,948 | | | $ | 21,047,652 | | | $ | – | | | $ | 22,143,600 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (657,248 | ) | | $ | – | | | $ | (657,248 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (657,248 | ) | | $ | – | | | $ | (657,248 | ) |
GDXY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 28,944,027 | | | $ | – | | | $ | 28,944,027 | |
| Purchased Options | | | – | | | | 1,452,660 | | | | – | | | | 1,452,660 | |
| Money Market Funds | | | 313,067 | | | | – | | | | – | | | | 313,067 | |
| Total Investments | | $ | 313,067 | | | $ | 30,396,687 | | | $ | – | | | $ | 30,709,754 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,489,248 | ) | | $ | – | | | $ | (1,489,248 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,489,248 | ) | | $ | – | | | $ | (1,489,248 | ) |
GOOY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 64,291,162 | | | $ | – | | | $ | 64,291,162 | |
| Purchased Options | | | – | | | | 4,907,235 | | | | – | | | | 4,907,235 | |
| Money Market Funds | | | 2,868,886 | | | | – | | | | – | | | | 2,868,886 | |
| Total Investments | | $ | 2,868,886 | | | $ | 69,198,397 | | | $ | – | | | $ | 72,067,283 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,749,396 | ) | | $ | – | | | $ | (1,749,396 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,749,396 | ) | | $ | – | | | $ | (1,749,396 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
OARK ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 51,628,914 | | | $ | – | | | $ | 51,628,914 | |
| Purchased Options | | | – | | | | 3,809,775 | | | | – | | | | 3,809,775 | |
| Money Market Funds | | | 1,521,618 | | | | – | | | | – | | | | 1,521,618 | |
| Total Investments | | $ | 1,521,618 | | | $ | 55,438,689 | | | $ | – | | | $ | 56,960,307 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,722,617 | ) | | $ | – | | | $ | (2,722,617 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,722,617 | ) | | $ | – | | | $ | (2,722,617 | ) |
JPMO ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 24,881,112 | | | $ | – | | | $ | 24,881,112 | |
| Purchased Options | | | – | | | | 868,700 | | | | – | | | | 868,700 | |
| Money Market Funds | | | 384,419 | | | | – | | | | – | | | | 384,419 | |
| Total Investments | | $ | 384,419 | | | $ | 25,749,812 | | | $ | – | | | $ | 26,134,231 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,092,174 | ) | | $ | – | | | $ | (1,092,174 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,092,174 | ) | | $ | – | | | $ | (1,092,174 | ) |
YMAG ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments: | | | | | | | | |
| Exchange Traded Funds | | $ | 180,288,364 | | | $ | – | | | $ | – | | | $ | 180,288,364 | |
| Money Market Funds | | | 1,881,787 | | | | – | | | | – | | | | 1,881,787 | |
| Total Investments | | $ | 182,170,151 | | | $ | – | | | $ | – | | | $ | 182,170,151 | |
FBY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 112,006,663 | | | $ | – | | | $ | 112,006,663 | |
| Purchased Options | | | – | | | | 8,296,150 | | | | – | | | | 8,296,150 | |
| Money Market Funds | | | 2,769,610 | | | | – | | | | – | | | | 2,769,610 | |
| Total Investments | | $ | 2,769,610 | | | $ | 120,302,813 | | | $ | – | | | $ | 123,072,423 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| Other Financial Instruments: | | | | | | | | |
| Written Options | | $ | – | | | $ | (5,444,097 | ) | | $ | – | | | $ | (5,444,097 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (5,444,097 | ) | | $ | – | | | $ | (5,444,097 | ) |
MRNY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 26,388,793 | | | $ | – | | | $ | 26,388,793 | |
| Purchased Options | | | – | | | | 2,627,550 | | | | – | | | | 2,627,550 | |
| Money Market Funds | | | 1,172,487 | | | | – | | | | – | | | | 1,172,487 | |
| Total Investments | | $ | 1,172,487 | | | $ | 29,016,343 | | | $ | – | | | $ | 30,188,830 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,585,457 | ) | | $ | – | | | $ | (2,585,457 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,585,457 | ) | | $ | – | | | $ | (2,585,457 | ) |
MSFO ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 82,782,515 | | | $ | – | | | $ | 82,782,515 | |
| Purchased Options | | | – | | | | 462,775 | | | | – | | | | 462,775 | |
| Money Market Funds | | | 702,028 | | | | – | | | | – | | | | 702,028 | |
| Total Investments | | $ | 702,028 | | | $ | 83,245,290 | | | $ | – | | | $ | 83,947,318 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (5,060,759 | ) | | $ | – | | | $ | (5,060,759 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (5,060,759 | ) | | $ | – | | | $ | (5,060,759 | ) |
MSTY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| Purchased Options | | $ | – | | | $ | 58,121,030 | | | $ | – | | | $ | 58,121,030 | |
| U.S. Treasury Securities | | | – | | | | 8,989,436 | | | | – | | | | 8,989,436 | |
| Money Market Funds | | | 101,011 | | | | – | | | | – | | | | 101,011 | |
| Total Investments | | $ | 101,011 | | | $ | 67,110,466 | | | $ | – | | | $ | 67,211,477 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (94,070,609 | ) | | $ | – | | | $ | (94,070,609 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (94,070,609 | ) | | $ | – | | | $ | (94,070,609 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
NFLY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 50,079,183 | | | $ | – | | | $ | 50,079,183 | |
| Purchased Options | | | – | | | | 2,341,225 | | | | – | | | | 2,341,225 | |
| Money Market Funds | | | 484,316 | | | | – | | | | – | | | | 484,316 | |
| Total Investments | | $ | 484,316 | | | $ | 52,420,408 | | | $ | – | | | $ | 52,904,724 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,918,450 | ) | | $ | – | | | $ | (1,918,450 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,918,450 | ) | | $ | – | | | $ | (1,918,450 | ) |
NVDY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 1,141,896,583 | | | $ | – | | | $ | 1,141,896,583 | |
| Purchased Options | | | – | | | | 129,795,440 | | | | – | | | | 129,795,440 | |
| Money Market Funds | | | 18,852,203 | | | | – | | | | – | | | | 18,852,203 | |
| Total Investments | | $ | 18,852,203 | | | $ | 1,271,692,023 | | | $ | – | | | $ | 1,290,544,226 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (103,666,850 | ) | | $ | – | | | $ | (103,666,850 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (103,666,850 | ) | | $ | – | | | $ | (103,666,850 | ) |
PLTY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 4,458,569 | | | $ | – | | | $ | 4,458,569 | |
| Purchased Options | | | – | | | | 979,990 | | | | – | | | | 979,990 | |
| Money Market Funds | | | 48,831 | | | | – | | | | – | | | | 48,831 | |
| Total Investments | | $ | 48,831 | | | $ | 5,438,559 | | | $ | – | | | $ | 5,487,390 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (695,201 | ) | | $ | – | | | $ | (695,201 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (695,201 | ) | | $ | – | | | $ | (695,201 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
PYPY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 40,238,897 | | | $ | – | | | $ | 40,238,897 | |
| Purchased Options | | | – | | | | 3,928,945 | | | | – | | | | 3,928,945 | |
| Money Market Funds | | | 2,417,535 | | | | – | | | | – | | | | 2,417,535 | |
| Total Investments | | $ | 2,417,535 | | | $ | 44,167,842 | | | $ | – | | | $ | 46,585,377 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,878,331 | ) | | $ | – | | | $ | (1,878,331 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,878,331 | ) | | $ | – | | | $ | (1,878,331 | ) |
FIAT ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 43,587,392 | | | $ | – | | | $ | 43,587,392 | |
| Purchased Options | | | – | | | | 8,372,985 | | | | – | | | | 8,372,985 | |
| Money Market Funds | | | 108,714 | | | | – | | | | – | | | | 108,714 | |
| Total Investments | | $ | 108,714 | | | $ | 51,960,377 | | | $ | – | | | $ | 52,069,091 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (3,893,767 | ) | | $ | – | | | $ | (3,893,767 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (3,893,767 | ) | | $ | – | | | $ | (3,893,767 | ) |
YQQQ ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 6,040,250 | | | $ | – | | | $ | 6,040,250 | |
| Purchased Options | | | – | | | | 25,289 | | | | – | | | | 25,289 | |
| Money Market Funds | | | 55,594 | | | | – | | | | – | | | | 55,594 | |
| Total Investments | | $ | 55,594 | | | $ | 6,065,539 | | | $ | – | | | $ | 6,121,133 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (513,213 | ) | | $ | – | | | $ | (513,213 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (513,213 | ) | | $ | – | | | $ | (513,213 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
DIPS ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 11,757,939 | | | $ | – | | | $ | 11,757,939 | |
| Purchased Options | | | – | | | | 111,804 | | | | – | | | | 111,804 | |
| Money Market Funds | | | 205,160 | | | | – | | | | – | | | | 205,160 | |
| Total Investments | | $ | 205,160 | | | $ | 11,869,743 | | | $ | – | | | $ | 12,074,903 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,099,017 | ) | | $ | – | | | $ | (2,099,017 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,099,017 | ) | | $ | – | | | $ | (2,099,017 | ) |
CRSH ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 21,379,170 | | | $ | – | | | $ | 21,379,170 | |
| Purchased Options | | | – | | | | 714,738 | | | | – | | | | 714,738 | |
| Money Market Funds | | | 2,117,913 | | | | – | | | | – | | | | 2,117,913 | |
| Total Investments | | $ | 2,117,913 | | | $ | 22,093,908 | | | $ | – | | | $ | 24,211,821 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (3,689,821 | ) | | $ | – | | | $ | (3,689,821 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (3,689,821 | ) | | $ | – | | | $ | (3,689,821 | ) |
SMCY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 9,007,637 | | | $ | – | | | $ | 9,007,637 | |
| Purchased Options | | | – | | | | 695,875 | | | | – | | | | 695,875 | |
| Money Market Funds | | | 5,886,997 | | | | – | | | | – | | | | 5,886,997 | |
| Total Investments | | $ | 5,886,997 | | | $ | 9,703,512 | | | $ | – | | | $ | 15,590,509 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (1,988,164 | ) | | $ | – | | | $ | (1,988,164 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (1,988,164 | ) | | $ | – | | | $ | (1,988,164 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
SNOY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 16,919,691 | | | $ | – | | | $ | 16,919,691 | |
| Purchased Options | | | – | | | | 1,145,154 | | | | – | | | | 1,145,154 | |
| Money Market Funds | | | 1,673,948 | | | | – | | | | – | | | | 1,673,948 | |
| Total Investments | | $ | 1,673,948 | | | $ | 18,064,845 | | | $ | – | | | $ | 19,738,793 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,719,043 | ) | | $ | – | | | $ | (2,719,043 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,719,043 | ) | | $ | – | | | $ | (2,719,043 | ) |
SQY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 43,927,890 | | | $ | – | | | $ | 43,927,890 | |
| Purchased Options | | | – | | | | 7,144,950 | | | | – | | | | 7,144,950 | |
| Money Market Funds | | | 749,034 | | | | – | | | | – | | | | 749,034 | |
| Total Investments | | $ | 749,034 | | | $ | 51,072,840 | | | $ | – | | | $ | 51,821,874 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (2,069,870 | ) | | $ | – | | | $ | (2,069,870 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (2,069,870 | ) | | $ | – | | | $ | (2,069,870 | ) |
TSLY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 880,468,401 | | | $ | – | | | $ | 880,468,401 | |
| Purchased Options | | | – | | | | 37,942,093 | | | | – | | | | 37,942,093 | |
| Money Market Funds | | | 17,329,441 | | | | – | | | | – | | | | 17,329,441 | |
| Total Investments | | $ | 17,329,441 | | | $ | 918,410,494 | | | $ | – | | | $ | 935,739,935 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (63,694,011 | ) | | $ | – | | | $ | (63,694,011 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (63,694,011 | ) | | $ | – | | | $ | (63,694,011 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
TSMY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 15,943,075 | | | $ | – | | | $ | 15,943,075 | |
| Purchased Options | | | – | | | | 1,414,851 | | | | – | | | | 1,414,851 | |
| Money Market Funds | | | 5,131,638 | | | | – | | | | – | | | | 5,131,638 | |
| Total Investments | | $ | 5,131,638 | | | $ | 17,357,926 | | | $ | – | | | $ | 22,489,564 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (928,032 | ) | | $ | – | | | $ | (928,032 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (928,032 | ) | | $ | – | | | $ | (928,032 | ) |
ULTY ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| Common Stocks | | $ | 141,947,590 | | | $ | – | | | $ | – | | | $ | 141,947,590 | |
| Exchange Traded Funds | | | 30,337,600 | | | | – | | | | – | | | | 30,337,600 | |
| Purchased Options | | | – | | | | 5,998,246 | | | | – | | | | 5,998,246 | |
| Money Market Funds | | | 29,718,480 | | | | – | | | | – | | | | 29,718,480 | |
| Total Investments | | $ | 202,003,670 | | | $ | 5,998,246 | | | $ | – | | | $ | 208,001,916 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (9,098,810 | ) | | $ | – | | | $ | (9,098,810 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (9,098,810 | ) | | $ | – | | | $ | (9,098,810 | ) |
YMAX ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| Exchange Traded Funds | | $ | 325,133,919 | | | $ | – | | | $ | – | | | $ | 325,133,919 | |
| Purchased Options | | | – | | | | 35,400 | | | | – | | | | 35,400 | |
| Money Market Funds | | | 15,560,417 | | | | – | | | | – | | | | 15,560,417 | |
| U.S. Treasury Bills | | | – | | | | 5,337,626 | | | | – | | | | 5,337,626 | |
| Total Investments | | $ | 340,694,336 | | | $ | 5,373,026 | | | $ | – | | | $ | 346,067,362 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (5,858,396 | ) | | $ | – | | | $ | (5,858,396 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (5,858,396 | ) | | $ | – | | | $ | (5,858,396 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
XOMO ETF
| | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | | |
| Investments: | | | | | | | | |
| U.S. Treasury Securities | | $ | – | | | $ | 29,116,377 | | | $ | – | | | $ | 29,116,377 | |
| Purchased Options | | | – | | | | 1,131,407 | | | | – | | | | 1,131,407 | |
| Money Market Funds | | | 1,974,615 | | | | – | | | | – | | | | 1,974,615 | |
| Total Investments | | $ | 1,974,615 | | | $ | 30,247,784 | | | $ | – | | | $ | 32,222,399 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Written Options | | $ | – | | | $ | (735,678 | ) | | $ | – | | | $ | (735,678 | ) |
| Total Other Financial Instruments | | $ | – | | | $ | (735,678 | ) | | $ | – | | | $ | (735,678 | ) |
B. Derivative Instruments. As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.
As the buyer of a put option, the Funds have the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Funds may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Funds may buy a put option on an underlying reference instrument owned by the Funds (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. The Funds may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.
If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.
Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.
If the Funds write a covered call option, any underlying reference instruments that are held by the Funds and are subject to the call option will be earmarked on the books of such Funds as segregated to satisfy its obligations under the option. The Funds will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, each Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring the Funds to sell the underlying instrument at the exercise price. In that case, the Funds will sell the underlying reference instrument to the option buyer for less than its market value, and such Funds will experience a loss (which will be offset by the premium received by the Funds as the writer of such option). If a call option expires unexercised, the Funds will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Funds will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.
As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.
By virtue of each Fund’s investments in option contracts equity ETFs and equity indices, each Fund is exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.
The Funds have adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
For the periods ended October 31, 2024, the Funds’ monthly average notional amount are described below:
| | | Average Notional Amount |
| Fund: | | Purchased Options | | Written Options |
| APLY ETF | | $81,248,892 | | $(135,087,084) |
| ABNY ETF | | 16,110,490 | | (20,107,928) |
| AIYY ETF | | 31,379,194 | | (51,735,739) |
| AMDY ETF | | 105,496,153 | | (172,509,028) |
| AMZY ETF | | 129,471,353 | | (202,047,445) |
| BABO ETF | | 13,738,537 | | (27,477,073) |
| YBIT ETF | | 38,441,390 | | (73,086,968) |
| CONY ETF | | 534,643,343 | | (872,917,638) |
| DISO ETF | | 16,487,771 | | (28,136,110) |
| GDXY ETF | | 26,253,290 | | (42,004,733) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| GOOY ETF | | 50,599,934 | | (79,093,422) |
| OARK ETF | | 75,789,858 | | (134,329,162) |
| JPMO ETF | | 17,044,253 | | (30,487,665) |
| FBY ETF | | 79,602,677 | | (125,099,552) |
| MRNY ETF | | 23,770,908 | | (39,968,060) |
| MSFO ETF | | 69,348,583 | | (100,872,071) |
| MSTY ETF | | 355,138,039 | | (415,660,545) |
| NFLY ETF | | 39,181,669 | | (78,363,338) |
| NVDY ETF | | 544,086,695 | | (813,045,156) |
| PLTY ETF | | 12,276,824 | | (12,276,824) |
| PYPY ETF | | 27,262,512 | | (36,079,669) |
| FIAT ETF | | 45,718,422 | | (37,405,704) |
| YQQQ ETF | | 10,322,265 | | (8,955,669) |
| DIPS ETF | | 16,204,227 | | (13,794,633) |
| CRSH ETF | | 32,237,955 | | (26,060,000) |
| SMCY ETF | | 9,681,632 | | (10,773,257) |
| SNOY ETF | | 21,285,063 | | (28,693,016) |
| SQY ETF | | 37,702,255 | | (61,869,786) |
| TSLY ETF | | 832,082,132 | | (1,531,540,040) |
| TSMY ETF | | 19,908,041 | | (20,766,541) |
| ULTY ETF | | 44,357,054 | | (124,033,779) |
| YMAX ETF | | 1,664,004 | | (3,328,008) |
| XOMO ETF | | 24,486,502 | | (39,541,952) |
Statements of Assets and Liabilities
Fair Value of derivative instruments as of October 31, 2024:
| | | Asset Derivatives | | | Liability Derivatives | |
| | | Derivative | | | | | | Derivative | | | | |
| Fund: | | Instrument | | Balance Sheet | | | Instrument | | Balance Sheet | |
| | | | | Investments, at value | | | | | Written option contracts, at value | |
| | | | | | | | | | | |
| APLY ETF | | Purchased Options | | $ | 4,199,850 | | | Written Options | | $ | 3,547,215 | |
| ABNY ETF | | Purchased Options | | | 1,495,738 | | | Written Options | | | 935,508 | |
| AIYY ETF | | Purchased Options | | | 1,591,335 | | | Written Options | | | 2,268,144 | |
| AMDY ETF | | Purchased Options | | | 728,748 | | | Written Options | | | 18,441,910 | |
| AMZY ETF | | Purchased Options | | | 9,578,660 | | | Written Options | | | 10,058,713 | |
| BABO ETF | | Purchased Options | | | 186,615 | | | Written Options | | | 2,758,061 | |
| YBIT ETF | | Purchased Options | | | 87,896 | | | Written Options | | | 16,059,764 | |
| CONY ETF | | Purchased Options | | | 17,199,227 | | | Written Options | | | 148,729,755 | |
| DISO ETF | | Purchased Options | | | 2,063,140 | | | Written Options | | | 657,248 | |
| GDXY ETF | | Purchased Options | | | 1,452,660 | | | Written Options | | | 1,489,248 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| GOOY ETF | | Purchased Options | | | 4,907,235 | | | Written Options | | | 1,749,396 | |
| OARK ETF | | Purchased Options | | | 3,809,775 | | | Written Options | | | 2,722,617 | |
| JPMO ETF | | Purchased Options | | | 868,700 | | | Written Options | | | 1,092,174 | |
| FBY ETF | | Purchased Options | | | 8,296,150 | | | Written Options | | | 5,444,097 | |
| MRNY ETF | | Purchased Options | | | 2,627,550 | | | Written Options | | | 2,585,457 | |
| MSFO ETF | | Purchased Options | | | 462,775 | | | Written Options | | | 5,060,759 | |
| MSTY ETF | | Purchased Options | | | 58,121,030 | | | Written Options | | | 94,070,609 | |
| NFLY ETF | | Purchased Options | | | 2,341,225 | | | Written Options | | | 1,918,450 | |
| NVDY ETF | | Purchased Options | | | 129,795,440 | | | Written Options | | | 103,666,850 | |
| PLTY ETF | | Purchased Options | | | 979,990 | | | Written Options | | | 695,201 | |
| PYPY ETF | | Purchased Options | | | 3,928,945 | | | Written Options | | | 1,878,331 | |
| FIAT ETF | | Purchased Options | | | 8,372,985 | | | Written Options | | | 3,893,767 | |
| YQQQ ETF | | Purchased Options | | | 25,289 | | | Written Options | | | 513,213 | |
| DIPS ETF | | Purchased Options | | | 111,804 | | | Written Options | | | 2,099,017 | |
| CRSH ETF | | Purchased Options | | | 714,738 | | | Written Options | | | 3,689,821 | |
| SMCY ETF | | Purchased Options | | | 695,875 | | | Written Options | | | 1,988,164 | |
| SNOY ETF | | Purchased Options | | | 1,145,154 | | | Written Options | | | 2,719,043 | |
| SQY ETF | | Purchased Options | | | 7,144,950 | | | Written Options | | | 2,069,870 | |
| TSLY ETF | | Purchased Options | | | 37,942,093 | | | Written Options | | | 63,694,011 | |
| TSMY ETF | | Purchased Options | | | 1,414,851 | | | Written Options | | | 928,032 | |
| ULTY ETF | | Purchased Options | | | 5,998,246 | | | Written Options | | | 9,098,810 | |
| YMAX ETF | | Purchased Options | | | 35,400 | | | Written Options | | | 5,858,396 | |
| XOMO ETF | | Purchased Options | | | 1,131,407 | | | Written Options | | | 735,678 | |
Statements of Operations
The effect of derivative instruments on the Statements of Operations for the year/periods ended October 31, 2024:
| | | Realized gain/(loss) | | | Change in Unrealized appreciation/depreciation |
| Fund: | | Derivative
Instrument: | | Location: | | | Derivative
Instrument: | | Location: | |
| | | | | Net realized gain/(loss) from investments | | | | | Net change in unrealized appreciation/(depreciation) on investments | |
| APLY ETF | | Purchased Options | | $ | 11,085,314 | | | Purchased Options | | $ | 1,125,010 | |
| ABNY ETF | | Purchased Options | | | 735,717 | | | Purchased Options | | | 175,976 | |
| AIYY ETF | | Purchased Options | | | (3,932,506 | ) | | Purchased Options | | | (690,266 | ) |
| AMDY ETF | | Purchased Options | | | 10,060,217 | | | Purchased Options | | | (9,544,722 | ) |
| AMZY ETF | | Purchased Options | | | 6,996,712 | | | Purchased Options | | | (796,079 | ) |
| BABO ETF | | Purchased Options | | | 3,313,593 | | | Purchased Options | | | (1,375,103 | ) |
| YBIT ETF | | Purchased Options | | | (1,230,467 | ) | | Purchased Options | | | (320,865 | ) |
| CONY ETF | | Purchased Options | | | 105,600,991 | | | Purchased Options | | | (54,605,723 | ) |
| DISO ETF | | Purchased Options | | | (1,019,010 | ) | | Purchased Options | | | 263,570 | |
| GDXY ETF | | Purchased Options | | | 531,150 | | | Purchased Options | | | (595,644 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| GOOY ETF | | Purchased Options | | | 1,697,417 | | | Purchased Options | | | 3,198,627 | |
| OARK ETF | | Purchased Options | | | (8,386,284 | ) | | Purchased Options | | | 6,832,515 | |
| JPMO ETF | | Purchased Options | | | 1,623,630 | | | Purchased Options | | | (102,245 | ) |
| FBY ETF | | Purchased Options | | | 2,761,482 | | | Purchased Options | | | (1,521,279 | ) |
| MRNY ETF | | Purchased Options | | | (2,464,413 | ) | | Purchased Options | | | (131,410 | ) |
| MSFO ETF | | Purchased Options | | | 1,328,453 | | | Purchased Options | | | (3,677,149 | ) |
| MSTY ETF | | Purchased Options | | | 178,793,498 | | | Purchased Options | | | (35,618,988 | ) |
| NFLY ETF | | Purchased Options | | | 3,492,495 | | | Purchased Options | | | 278,600 | |
| NVDY ETF | | Purchased Options | | | 178,021,902 | | | Purchased Options | | | 9,316,370 | |
| PLTY ETF | | Purchased Options | | | (57,388 | ) | | Purchased Options | | | 22,600 | |
| PYPY ETF | | Purchased Options | | | 2,450,992 | | | Purchased Options | | | (878,011 | ) |
| FIAT ETF | | Purchased Options | | | (1,414,150 | ) | | Purchased Options | | | 3,405,718 | |
| YQQQ ETF | | Purchased Options | | | 42,732 | | | Purchased Options | | | (122,724 | ) |
| DIPS ETF | | Purchased Options | | | (83,940 | ) | | Purchased Options | | | (446,667 | ) |
| CRSH ETF | | Purchased Options | | | 61,808 | | | Purchased Options | | | (796,364 | ) |
| SMCY ETF | | Purchased Options | | | (1,105,894 | ) | | Purchased Options | | | (806,350 | ) |
| SNOY ETF | | Purchased Options | | | (1,633,494 | ) | | Purchased Options | | | (891,593 | ) |
| SQY ETF | | Purchased Options | | | (3,908,655 | ) | | Purchased Options | | | 1,128,697 | |
| TSLY ETF | | Purchased Options | | | 169,673,656 | | | Purchased Options | | | (57,763,749 | ) |
| TSMY ETF | | Purchased Options | | | 140,942 | | | Purchased Options | | | (608,418 | ) |
| ULTY ETF | | Purchased Options | | | (6,706,336 | ) | | Purchased Options | | | (307,159 | ) |
| YMAX ETF | | Purchased Options | | | (1,046,056 | ) | | Purchased Options | | | 15,026 | |
| XOMO ETF | | Purchased Options | | | (566,787 | ) | | Purchased Options | | | (216,613 | ) |
| | | Realized gain/(loss) | | | Change in Unrealized appreciation/depreciation |
| Fund: | | Derivative Instrument: | | Location: | | | Derivative Instrument: | | Location: | |
| | | Net realized gain/(loss) from written option contracts expired or closed | | | Net change in unrealized appreciation/(depreciation) on written option contracts | |
| APLY ETF | | Written Options | | $ | (3,337,740 | ) | | Written Options | | $ | 728,400 | |
| ABNY ETF | | Written Options | | | (650,226 | ) | | Written Options | | | 327,056 | |
| AIYY ETF | | Written Options | | | (7,578,521 | ) | | Written Options | | | 1,473,791 | |
| AMDY ETF | | Written Options | | | (5,197,737 | ) | | Written Options | | | (5,760,818 | ) |
| AMZY ETF | | Written Options | | | (2,337,403 | ) | | Written Options | | | 1,921,439 | |
| BABO ETF | | Written Options | | | (507,372 | ) | | Written Options | | | (946,676 | ) |
| YBIT ETF | | Written Options | | | (9,622,167 | ) | | Written Options | | | 9,038,599 | |
| CONY ETF | | Written Options | | | (4,191,594 | ) | | Written Options | | | (69,413,986 | ) |
| DISO ETF | | Written Options | | | (755,884 | ) | | Written Options | | | 169,228 | |
| GDXY ETF | | Written Options | | | (626,015 | ) | | Written Options | | | 582,803 | |
| GOOY ETF | | Written Options | | | (7,790,240 | ) | | Written Options | | | 2,944,874 | |
| OARK ETF | | Written Options | | | (255,486 | ) | | Written Options | | | 11,719,764 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| JPMO ETF | | Written Options | | | (800,988 | ) | | Written Options | | | 7,940 | |
| FBY ETF | | Written Options | | | 15,588,194 | | | Written Options | | | 2,842,210 | |
| MRNY ETF | | Written Options | | | (16,398,665 | ) | | Written Options | | | 188,679 | |
| MSFO ETF | | Written Options | | | 2,343,337 | | | Written Options | | | (1,399,714 | ) |
| MSTY ETF | | Written Options | | | 111,490,057 | | | Written Options | | | 2,899,746 | |
| NFLY ETF | | Written Options | | | 11,889,305 | | | Written Options | | | (250,321 | ) |
| NVDY ETF | | Written Options | | | 104,437,136 | | | Written Options | | | 13,853,797 | |
| PLTY ETF | | Written Options | | | (136,796 | ) | | Written Options | | | (10,312 | ) |
| PYPY ETF | | Written Options | | | 5,177,490 | | | Written Options | | | 1,208,932 | |
| FIAT ETF | | Written Options | | | (2,424,566 | ) | | Written Options | | | 625,373 | |
| YQQQ ETF | | Written Options | | | 130,971 | | | Written Options | | | (129,962 | ) |
| DIPS ETF | | Written Options | | | (50,743 | ) | | Written Options | | | (829,999 | ) |
| CRSH ETF | | Written Options | | | (418,689 | ) | | Written Options | | | (792,154 | ) |
| SMCY ETF | | Written Options | | | (1,806,409 | ) | | Written Options | | | (466,626 | ) |
| SNOY ETF | | Written Options | | | 2,164,394 | | | Written Options | | | (497,863 | ) |
| SQY ETF | | Written Options | | | 6,842,091 | | | Written Options | | | 1,888,811 | |
| TSLY ETF | | Written Options | | | (135,593,017 | ) | | Written Options | | | 25,790,597 | |
| TSMY ETF | | Written Options | | | 114,080 | | | Written Options | | | (25,242 | ) |
| ULTY ETF | | Written Options | | | (741,992 | ) | | Written Options | | | 2,792,426 | |
| YMAX ETF | | Written Options | | | (2,204,274 | ) | | Written Options | | | 1,364,798 | |
| XOMO ETF | | Written Options | | | 964,465 | | | Written Options | | | 875,019 | |
The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.
C. Federal Income Taxes. Each of the Funds has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a registered investment company, the Funds are subject to a 4% excise tax that is imposed if the Funds do not distribute by the end of any calendar year at least the sum of (i) 98% of their ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of their capital gain in excess of their capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use each fund’s fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management, in consultation with the Board of Trustees, evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.
As of October 31, 2024, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.
D. Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
E. Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Funds are declared and paid monthly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
F. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE Arca, Inc. (“NYSE”) is closed for trading.
H. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
I. Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of the value of the Funds’ net assets. An illiquid investment is any security that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Funds should be in a position where the value of illiquid investments held by each Fund exceeds 15% of each Fund’s net assets, the Funds will take such steps as set forth in the Program.
J. Derivatives Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Funds implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.
K. Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV. These differences are primarily due to adjustments for redemptions in-kind. For the periods ended October 31, 2024, the following table shows the reclassifications made:
Fund: | | Paid-In Capital | | | Total Distributable Earnings/(Accumulated Losses) | |
| YMAG ETF | | | 1,344,701 | | | | (1,344,701 | ) |
| YMAX ETF | | | 1,487,550 | | | | (1,487,550 | ) |
The YMAG ETF & YMAX ETF may realize net capital gains resulting from in-kind redemptions, in which shareholders exchange Fund shares for securities held by the Funds rather than for cash. Because such losses are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from accumulated gains to paid-in capital. During the periods ended October 31, 2024, the YMAG ETF and YMAX ETF realized $1,344,701 and $1,487,550 in net capital gains resulting from in-kind redemptions.
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
NOTE 3 – PRINCIPAL INVESTMENT RISKS
Underlying Stock Risk. The Funds invest in options contracts that are based on the value of the Underlying Stocks. This subjects the Funds to certain of the same risks as if each Fund owned shares of the respective Underlying Stocks, even though they do not. By virtue of the Funds’ investments in options contracts that are based on the value of the Underlying Stock, the Funds may also be subject to the following risks:
Indirect Investment in Underlying Stock Risk. The Underlying Stocks are not affiliated with the Trust, the respective Funds, the Adviser, the Sub-Adviser, or their respective affiliates and are not involved with this offering in any way and have no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Funds will not have voting rights and will not be able to influence management of the Underlying Stocks but will be exposed to the performance of the Underlying Stocks. Investors in the Funds will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Stocks but will be subject to declines in the performance of the Underlying Stocks.
Underlying Stock Trading Risk. The trading price of the Underlying Stocks may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of the Underlying Stocks may be traded by short sellers which may put pressure on the supply and demand for the common stock of the Underlying Stocks, further influencing volatility in the market price. Public perception and other factors outside of the control of the Underlying Stocks may additionally impact the Underlying Stocks’s stock price due to the Underlying Stocks garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against companies such as these. Moreover, stockholder litigation like this has been filed against the Underlying Stocks in the past. While the Underlying Stocks continue to defend such actions, any judgment against the Underlying Stocks, or any future stockholder litigation could result in substantial costs and a diversion of the management of the Underlying Stocks’ attention and resources. If the Underlying Stocks trading is halted, trading in Shares of the respective Funds may be impacted, either temporarily or indefinitely.
Underlying Stocks Performance Risk. The Underlying Stocks may fail to meet their respective publicly announced guidelines or other expectations about their business, which could cause the price of the Underlying Stocks to decline. The Underlying Stocks provide guidance regarding each ones expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance the Underlying Stocks provide may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If the Underlying Stocks’ guidance is not accurate or varies from actual results due to each Underlying Stocks inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by the Underlying Stocks could decline significantly.
As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Fund are subject to the above principal risk, as well as other principal risks which may adversely affect the Fund’s NAV, trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund — Principal Risks of Investing in the Fund.”
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser provides oversight of the Sub-Adviser, the investment sub-adviser to the Fund, and review of the Sub-Adviser’s performance. Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (“Investment Advisory Fee”) based on the average daily net assets of each Fund. Each fund, excluding ULTY ETF, YMAG ETF and YMAX ETF,
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
pays at an annual rate of 0.99% of each Fund’s average daily net assets. The ULTY ETF pays at an annual rate of 1.24% of its average daily net assets. The YMAG ETF and YMAX ETF each pay an annual rate of 0.29% of their average daily net assets.
The adviser has agreed to reduce the ULTY ETF’s Investment Advisory Fee to 1.14% of its average daily net assets through at least October 14, 2025. This agreement may be terminated only by, or with the consent of, the Board, on behalf of the ULTY ETF, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board. The fee waiver is not subject to recoupment.
Out of the Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, “Excluded Expenses”), and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year/periods ended October 31, 2024, are disclosed in the Statements of Operations.
ZEGA serves as investment sub-adviser to the Funds, pursuant to the sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of each Fund’s portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.09% of each Fund’s average daily net assets, except the YMAG ETF, ULTY ETF, and YMAX ETF which fee is calculated at an annual rate of 0.01% , 0.12%, and 0.01%, respectively. The Sub-Adviser has agreed to assume a portion of the Adviser’s obligation to pay all expenses incurred by the Funds, except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser a portion of the profits, if any, generated by each Fund’s Investment Advisory Fee, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.
Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of each Fund’s related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on the Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of each Fund’s shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.
The Board has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.
NOTE 5 – PURCHASES AND SALES OF SECURITIES
For the periods ended October 31, 2024, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| Fund: | | Purchases | | | Sales | |
| | | | | | | |
| APLY ETF | | $ | - | | | $ | - | |
| ABNY ETF | | | - | | | | - | |
| AIYY ETF | | | - | | | | - | |
| AMDY ETF | | | - | | | | - | |
| AMZY ETF | | | - | | | | - | |
| BABO ETF | | | - | | | | - | |
| YBIT ETF | | | - | | | | - | |
| CONY ETF | | | - | | | | - | |
| DISO ETF | | | - | | | | - | |
| GDXY ETF | | | - | | | | - | |
| GOOY ETF | | | 62,782,500 | | | | 62,781,076 | |
| OARK ETF | | | - | | | | - | |
| JPMO ETF | | | - | | | | - | |
| YMAG ETF | | | 21,594,349 | | | | 16,812,264 | |
| FBY ETF | | | 2,000,000 | | | | 2,056,141 | |
| MRNY ETF | | | - | | | | - | |
| MSFO ETF | | | - | | | | - | |
| MSTY ETF | | | - | | | | - | |
| NFLY ETF | | | - | | | | - | |
| NVDY ETF | | | - | | | | - | |
| PLTY ETF | | | - | | | | - | |
| PYPY ETF | | | 27,550,000 | | | | 26,599,261 | |
| FIAT ETF | | | 1,813,098 | | | | 1,586,732 | |
| YQQQ ETF | | | - | | | | - | |
| DIPS ETF | | | - | | | | - | |
| CRSH ETF | | | 2,362,635 | | | | 2,362,500 | |
| SMCY ETF | | | - | | | | - | |
| SNOY ETF | | | - | | | | - | |
| SQY ETF | | | - | | | | - | |
| TSLY ETF | | | - | | | | - | |
| TSMY ETF | | | - | | | | - | |
| ULTY ETF | | | 1,182,806,281 | | | | 1,011,845,033 | |
| YMAX ETF | | | 119,330,682 | | | | 126,048,642 | |
| XOMO ETF | | | - | | | | - | |
For the periods ended October 31, 2024, the purchases or sales of long-term U.S. government securities were as follows:
| Fund: | | Purchases | | | Sales | |
| | | | | | | |
| APLY ETF | | $ | 32,327,214 | | | $ | 7,133,514 | |
| ABNY ETF | | | 4,597,823 | | | | 1,201,234 | |
| AIYY ETF | | | 18,969,341 | | | | 656,438 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| AMDY ETF | | | 62,514,081 | | | | 8,752,186 | |
| AMZY ETF | | | 103,648,958 | | | | 13,593,245 | |
| BABO ETF | | | 5,460,603 | | | | 500,036 | |
| YBIT ETF | | | 31,807,208 | | | | 6,581,204 | |
| CONY ETF | | | 428,347,045 | | | | 46,591,120 | |
| DISO ETF | | | 7,626,033 | | | | 782,816 | |
| GDXY ETF | | | 9,280,138 | | | | 936,708 | |
| GOOY ETF | | | 38,381,766 | | | | 7,703,991 | |
| OARK ETF | | | 24,396,327 | | | | 30,000,514 | |
| JPMO ETF | | | 11,530,661 | | | | 561,720 | |
| YMAG ETF | | | - | | | | - | |
| FBY ETF | | | 44,868,809 | | | | 1,232,744 | |
| MRNY ETF | | | 15,457,441 | | | | 1,519,763 | |
| MSFO ETF | | | 42,759,599 | | | | 3,654,697 | |
| MSTY ETF | | | - | | | | - | |
| NFLY ETF | | | 22,063,678 | | | | 6,333,231 | |
| NVDY ETF | | | 590,414,477 | | | | 57,602,534 | |
| PLTY ETF | | | 1,115,674 | | | | - | |
| PYPY ETF | | | 20,311,027 | | | | 2,098,166 | |
| FIAT ETF | | | 11,939,310 | | | | 435,991 | |
| YQQQ ETF | | | 1,529,533 | | | | - | |
| DIPS ETF | | | 3,232,701 | | | | 298,853 | |
| CRSH ETF | | | 7,069,752 | | | | 323,779 | |
| SMCY ETF | | | 2,256,996 | | | | - | |
| SNOY ETF | | | 5,606,303 | | | | 86,001 | |
| SQY ETF | | | 22,686,763 | | | | - | |
| TSLY ETF | | | 372,400,399 | | | | 205,628,415 | |
| TSMY ETF | | | 4,120,263 | | | | 130,473 | |
| ULTY ETF | | | - | | | | - | |
| YMAX ETF | | | - | | | | - | |
| XOMO ETF | | | 15,363,403 | | | | 500,178 | |
For the periods ended October 31, 2024, the cost of purchases and proceeds from in-kind transactions for the YMAG ETF AND YMAX ETF were as follows (the rest of the Funds did not have in-kind transactions):
| Fund: | | Purchases | | | Sales | |
| YMAG ETF | | $ | 214,496,645 | | | $ | 21,118,786 | |
| YMAX ETF | | | 429,573,260 | | | | 40,208,737 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
NOTE 6 – AFFILIATED SECURITIES
The YMAG ETF and YMAX ETF held affiliated securities of the following companies during the period ended October 31, 2024. Transactions during the period in these securities of affiliated companies were as follows:
| YMAG ETF |
| | | Fair Value |
Security
Name | | Share Balance
10/31/2024 | | Balance
1/29/2024 | | Purchases | | Sales | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Fair Value at
10/31/2024 | | Dividend
Income | | Return of
Capital |
| APLY ETF | | | 1,427,465 | | | $ | - | | | $ | 31,285,237 | | | $ | (6,774,398 | ) | | $ | 242,826 | | | $ | (44,246 | ) | | $ | 24,709,419 | | | $ | 846,690 | | | $ | 899,494 | |
AMZY ETF | | | 1,334,046 | | | | - | | | | 32,618,704 | | | | (6,501,680 | ) | | | 33,921 | | | | (1,257,647 | ) | | | 24,893,298 | | | | 886,170 | | | | 2,071,744 | |
GOOY ETF | | | 1,729,920 | | | | - | | | | 32,813,587 | | | | (6,464,140 | ) | | | 198,531 | | | | (581,879 | ) | | | 25,966,099 | | | | 266,370 | | | | 2,299,048 | |
| FBY ETF | | | 1,365,014 | | | | - | | | | 33,274,785 | | | | (6,599,496 | ) | | | (419,928 | ) | | | 498,914 | | | | 26,754,275 | | | | 2,978,378 | | | | 590,807 | |
MSFO ETF | | | 1,375,038 | | | | - | | | | 32,495,126 | | | | (4,698,560 | ) | | | (35,456 | ) | | | (2,185,403 | ) | | | 25,575,707 | | | | 887,573 | | | | 1,119,482 | |
| NVDY ETF | | | 1,001,271 | | | | - | | | | 35,735,860 | | | | (10,596,700 | ) | | | (146,047 | ) | | | (101,516 | ) | | | 24,891,597 | | | | 4,628,660 | | | | 707,229 | |
| TSLY ETF | | | 2,303,013 | | | | - | | | | 37,867,695 | | | | (12,226,577 | ) | | | 829,847 | | | | 1,027,004 | | | | 27,497,969 | | | | - | | | | 5,971,393 | |
| | | | | | | | | | | | | | | | | | | $ | 703,694 | | | $ | (2,644,773 | ) | | $ | 180,288,364 | | | $ | 10,493,841 | | | $ | 13,659,197 | |
| YMAX ETF |
| | | Fair Value |
Security
Name | | Share
Balance
10/31/2024 | | Balance
1/16/2024 | | Purchases | | Sales | | Realized Gain
(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Fair Value at
10/31/2024 | | Dividend
Income | | Return of
Capital |
APLY ETF | | | 764,812 | | | $- | | | | $22,467,069 | | | | $(9,931,129) | | | | $ 232,125 | | | $ | 470,831 | | | $ | 13,238,896 | | | $ | 669,763 | | | $ | 522,335 | |
| ABNY ETF | | | 848,957 | | | - | | | | 16,327,166 | | | | (2,825,242) | | | | 39,430 | | | | 332,216 | | | | 13,873,570 | | | | 562,538 | | | | 292,732 | |
| AIYY ETF | | | 1,488,587 | | | - | | | | 23,172,314 | | | | (7,915,776) | | | | (874,203) | | | | (1,878,204 | ) | | | 12,504,131 | | | | 219,803 | | | | 2,564,294 | |
| AMDY ETF | | | 1,049,838 | | | - | | | | 23,098,471 | | | | (7,642,623) | | | | (806,150) | | | | (1,432,238 | ) | | | 13,217,460 | | | | 598,507 | | | | 2,409,186 | |
| AMZY ETF | | | 714,681 | | | - | | | | 22,132,912 | | | | (8,201,471) | | | | (25,344) | | | | (570,150 | ) | | | 13,335,947 | | | | 696,013 | | | | 1,308,631 | |
| BABO ETF | | | 657,348 | | | - | | | | 14,781,689 | | | | (542,046) | | | | (47,897) | | | | (341,424 | ) | | | 13,850,322 | | | | 698,815 | | | | - | |
| YBIT ETF | | | - | | | - | | | | 17,116,334 | | | | (15,024,997) | | | | (2,091,337) | | | | - | | | | - | | | | 154,273 | | | | - | |
| CONY ETF | | | 995,150 | | | - | | | | 25,202,970 | | | | (9,695,715) | | | | (614,395) | | | | (2,543,050 | ) | | | 12,349,812 | | | | 1,612,825 | | | | 2,933,462 | |
| DISO ETF | | | 859,831 | | | - | | | | 22,819,798 | | | | (8,187,621) | | | | (653,331) | | | | (372,624 | ) | | | 13,606,224 | | | | 221,320 | | | | 1,239,803 | |
| GDXY ETF | | | 772,356 | | | - | | | | 17,979,755 | | | | (4,408,576) | | | | 82,058 | | | | (237,413 | ) | | | 13,415,824 | | | | 280,111 | | | | 696,773 | |
| GOOY ETF | | | 926,800 | | | - | | | | 22,258,503 | | | | (8,245,592) | | | | 174,755 | | | | (276,398 | ) | | | 13,911,268 | | | | 210,691 | | | | 1,473,335 | |
| OARK ETF | | | 1,367,266 | | | - | | | | 21,999,586 | | | | (8,903,132) | | | | (143,637) | | | | 254,973 | | | | 13,207,790 | | | | - | | | | 1,898,977 | |
| JPMO ETF | | | 771,987 | | | - | | | | 22,572,528 | | | | (8,206,329) | | | | (146,988) | | | | (99,569 | ) | | | 14,119,642 | | | | 586,292 | | | | 599,060 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
FBY ETF
| | | 731,426 | | | - | | | | 22,956,760 | | | | (8,498,639) | | | | (656,930 | ) | | | 534,759 | | | | 14,335,950 | | | | 2,422,254 | | | | 378,308 | |
| MRNY ETF | | | 1,998,868 | | | - | | | | 37,312,012 | | | | (16,708,368) | | | | (5,744,295 | ) | | | (387,545 | ) | | | 14,471,804 | | | | 186,473 | | | | 1,348,123 | |
| MSFO ETF | | | 736,656 | | | - | | | | 22,305,081 | | | | (7,415,299) | | | | (128,642 | ) | | | (1,059,338 | ) | | | 13,701,802 | | | | 707,392 | | | | 704,562 | |
| MSTY ETF | | | 457,542 | | | - | | | | 22,750,502 | | | | (8,936,137) | | | | (818,732 | ) | | | 268,510 | | | | 13,264,143 | | | | 5,794,332 | | | | - | |
| NFLY ETF | | | 785,326 | | | - | | | | 22,023,127 | | | | (8,177,804) | | | | (393,781 | ) | | | 511,554 | | | | 13,963,096 | | | | 2,685,920 | | | | 55,497 | |
| NVDY ETF | | | 536,436 | | | - | | | | 23,623,616 | | | | (10,330,587) | | | | 100,230 | | | | (57,460 | ) | | | 13,335,799 | | | | 4,021,498 | | | | 508,229 | |
| PYPY ETF | | | 778,273 | | | - | | | | 22,928,209 | | | | (9,282,209) | | | | (136,477 | ) | | | 343,736 | | | | 13,853,259 | | | | 3,066,206 | | | | 152,313 | |
| SNOY ETF | | | 837,773 | | | - | | | | 18,514,452 | | | | (4,100,320) | | | | 17,032 | | | | (1,062,234 | ) | | | 13,368,930 | | | | 626,344 | | | | 1,020,442 | |
| SQY ETF | | | 734,156 | | | - | | | | 22,628,558 | | | | (9,738,392) | | | | (122,954 | ) | | | 366,839 | | | | 13,134,051 | | | | 1,270,516 | | | | 1,337,542 | |
| TSLY ETF | | | 1,233,947 | | | - | | | | 25,696,896 | | | | (12,846,933) | | | | 787,954 | | | | 1,095,404 | | | | 14,733,321 | | | | - | | | | 3,554,071 | |
| TSMY ETF | | | 652,168 | | | - | | | | 14,037,224 | | | | (255,405) | | | | - | | | | (888,458 | ) | | | 12,893,361 | | | | 312,034 | | | | 255,404 | |
| XOMO ETF | | | 823,990 | | | - | | | | 22,198,411 | | | | (8,869,209) | | | | 144,696 | | | | (26,381 | ) | | | 13,447,517 | | | | 560,246 | | | | 600,140 | |
| | | | | | | | | | | | | | | | | | $ | (11,826,813 | ) | | $ | (7,053,664 | ) | | $ | 325,133,919 | | | $ | 28,164,166 | | | $ | 25,853,219 | |
NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the periods ended October 31, 2024 and the periods ended October 31, 2023 were as follows:
| | Distributions paid from: | | | Distributions paid from: | |
| | | | | | | |
| | | Ordinary Income
October 31, 2024 | | | Return of Capital
October 31, 2024 | | | Ordinary Income
October 31, 2023 | | | Return of Capital
October 31, 2023 | |
| APLY ETF | | $ | 7,952,933 | | | $ | 7,942,237 | | | $ | 672,828 | | | $ | 2,881,085 | |
| ABNY ETF | | | 782,854 | | | | 480,389 | | | | — | | | | — | |
| AIYY ETF | | | 874,595 | | | | 13,131,653 | | | | — | | | | — | |
| AMDY ETF | | | 9,911,652 | | | | 43,650,526 | | | | — | | | | — | |
| AMZY ETF | | | 11,939,727 | | | | 26,751,756 | | | | 1,306,818 | | | | — | |
| BABO ETF | | | 1,351,303 | | | | — | | | | — | | | | — | |
| YBIT ETF | | | 687,940 | | | | 15,428,412 | | | | — | | | | — | |
| CONY ETF | | | 130,427,868 | | | | 274,839,752 | | | | 2,870,900 | | | | — | |
| DISO ETF | | | 666,805 | | | | 3,706,250 | | | | 52,860 | | | | — | |
| GDXY ETF | | | 961,525 | | | | 2,062,505 | | | | — | | | | — | |
| GOOY ETF | | | 1,894,535 | | | | 11,181,438 | | | | 544,960 | | | | — | |
| OARK ETF | | | 2,803,181 | | | | 23,765,706 | | | | 6,825,543 | | | | 2,654,837 | |
| JPMO ETF | | | 1,423,567 | | | | 1,980,575 | | | | 22,548 | | | | 34,152 | |
| YMAG ETF | | | 11,300,209 | | | | 12,967,418 | | | | — | | | | — | |
| FBY ETF | | | 24,199,271 | | | | 5,732,114 | | | | 403,095 | | | | — | |
| MRNY ETF | | | 829,150 | | | | 9,155,627 | | | | — | | | | — | |
| MSFO ETF | | | 6,248,686 | | | | 8,000,692 | | | | 111,920 | | | | — | |
| MSTY ETF | | | 247,274,410 | | | | — | | | | — | | | | — | |
| NFLY ETF | | | 17,515,864 | | | | 551,336 | | | | 439,752 | | | | — | |
| NVDY ETF | | | 311,324,754 | | | | 63,150,284 | | | | 11,495,186 | | | | 1,828,277 | |
| PLTY ETF | | | — | | | | — | | | | — | | | | — | |
| PYPY ETF | | | 8,716,230 | | | | 697,730 | | | | — | | | | — | |
| FIAT ETF | | | 3,417,195 | | | | 2,261,623 | | | | — | | | | — | |
| YQQQ ETF | | | 189,417 | | | | — | | | | — | | | | — | |
| DIPS ETF | | | 385,033 | | | | 442,930 | | | | — | | | | — | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| CRSH ETF | | | 781,280 | | | | 3,752,805 | | | | — | | | | — | |
| SMCY ETF | | | 22,648 | | | | 1,315,877 | | | | — | | | | — | |
| SNOY ETF | | | 937,968 | | | | 1,820,930 | | | | — | | | | — | |
| SQY ETF | | | 6,862,639 | | | | 9,747,016 | | | | — | | | | — | |
| TSLY ETF | | | 31,820,428 | | | | 486,932,585 | | | | 8,692,542 | | | | 93,438,948 | |
| TSMY ETF | | | 569,854 | | | | 466,466 | | | | — | | | | — | |
| ULTY ETF | | | 3,008,277 | | | | 89,997,353 | | | | — | | | | — | |
| YMAX ETF | | | 27,963,154 | | | | 36,079,501 | | | | — | | | | — | |
| XOMO ETF | | | 1,792,420 | | | | 2,567,003 | | | | 93,048 | | | | — | |
As of October 31, 2024, components of the distributable earnings (accumulated losses) on a tax basis were as follows:
| | | APLY ETF | | | ABNY ETF | | | AIYY ETF | | | AMDY ETF | | | AMZY ETF | | | BABO ETF | |
| Investments including written options, at cost(a) | | $ | 86,830,620 | | | $ | 14,128,868 | | | $ | 31,855,291 | | | $ | 131,451,772 | | | $ | 177,286,567 | | | $ | 19,817,872 | |
| Gross tax unrealized appreciation | | | 735,563 | | | | 602,084 | | | | 1,596,136 | | | | 1,631,011 | | | | 3,018,268 | | | | 145,741 | |
Gross tax unrealized depreciation | | | (1,289,941 | ) | | | (87,892 | ) | | | (717,866 | ) | | | (17,259,883 | ) | | | (2,626,417 | ) | | | (2,641,629 | ) |
| Net tax unrealized appreciation (depreciation) | | | (554,378 | ) | | | 514,192 | | | | 878,270 | | | | (15,628,872 | ) | | | 391,851 | | | | (2,495,888 | ) |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,808,987 | |
Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,808,987 | |
| Other accumulated gain (loss)(b) | | | (515,344 | ) | | | (596,498 | ) | | | (11,521,438 | ) | | | (1,347,408 | ) | | | (2,445,659 | ) | | | (143,973 | ) |
| Total distributable earnings (accumulated losses) | | $ | (1,069,722 | ) | | $ | (72,306 | ) | | $ | (10,643,168 | ) | | $ | (16,976,280 | ) | | $ | (2,053,808 | ) | | $ | (830,874 | ) |
| | | YBIT ETF | | | CONY ETF | | | DISO ETF | | | GDXY ETF | | | GOOY ETF | | | OARK ETF | |
| Investments including written options, at cost(a) | | $ | 28,398,363 | | | $ | 711,831,892 | | | $ | 21,057,990 | | | $ | 29,181,109 | | | $ | 65,630,583 | | | $ | 53,667,418 | |
| Gross tax unrealized appreciation | | | 9,211,971 | | | | 13,205,333 | | | | 486,728 | | | | 784,000 | | | | 4,782,790 | | | | 1,706,865 | |
Gross tax unrealized depreciation | | | (441,681 | ) | | | (134,436,124 | ) | | | (58,366 | ) | | | (744,603 | ) | | | (95,486 | ) | | | (1,136,593 | ) |
| Net tax unrealized appreciation (depreciation) | | | 8,770,290 | | | | (121,230,791 | ) | | | 428,362 | | | | 39,397 | | | | 4,687,304 | | | | 570,272 | |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Other accumulated gain (loss)(b) | | | (11,217,444 | ) | | | (10,875,429 | ) | | | (1,814,538 | ) | | | (723,333 | ) | | | (6,280,662 | ) | | | (9,465,038 | ) |
| Total distributable earnings (accumulated losses) | | $ | (2,447,154 | ) | | $ | (132,106,220 | ) | | $ | (1,386,176 | ) | | $ | (683,936 | ) | | $ | (1,593,358 | ) | | $ | (8,894,766 | ) |
| | | JPMO ETF | | | YMAG ETF | | | FBY ETF | | | MRNY ETF | | | MSFO ETF | | | MSTY ETF | |
Investments including written options, at cost(a) | | $ | 25,280,938 | | | $ | 186,391,425 | | | $ | 116,298,023 | | | $ | 27,537,194 | | | $ | 83,497,623 | | | $ | 5,861,528 | |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
Gross tax unrealized appreciation | | | 160,471 | | | | 1,091,549 | | | | 3,472,999 | | | | 341,421 | | | | 644,138 | | | | 17,526,737 | |
| Gross tax unrealized depreciation | | | (399,352 | ) | | | (5,312,823 | ) | | | (2,142,697 | ) | | | (275,242 | ) | | | (5,255,204 | ) | | | (50,247,397 | ) |
Net tax unrealized appreciation (depreciation) | | | (238,881 | ) | | | (4,221,274 | ) | | | 1,330,302 | | | | 66,179 | | | | (4,611,066 | ) | | | (32,720,660 | ) |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 64,291,361 | |
| Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | — | | | | — | | | | — | | | | 64,291,361 | |
| Other accumulated gain (loss)(b) | | | (83,261 | ) | | | — | | | | (3,182,760 | ) | | | (18,885,311 | ) | | | (400,504 | ) | | | (17,525,670 | ) |
| Total distributable earnings (accumulated losses) | | $ | (322,142 | ) | | $ | (4,221,274 | ) | | $ | (1,852,458 | ) | | $ | (18,819,132 | ) | | $ | (5,011,570 | ) | | $ | 14,045,031 | |
| | | NFLY ETF | | | NVDY ETF | | | PLTY ETF | | | PYPY ETF | | | FIAT ETF | | | YQQQ ETF | |
| Investments including written options, at cost(a) | | $ | 50,670,658 | | | $ | 1,176,970,451 | | | $ | 4,784,667 | | | $ | 44,463,377 | | | $ | 44,175,159 | | | $ | 5,883,706 | |
| Gross tax unrealized appreciation | | | 585,975 | | | | 12,380,829 | | | | 162,219 | | | | 1,274,494 | | | | 7,273,514 | | | | 29,266 | |
| Gross tax unrealized depreciation | | | (270,359 | ) | | | (2,473,902 | ) | | | (154,696 | ) | | | (1,030,826 | ) | | | (3,273,349 | ) | | | (305,053 | ) |
| Net tax unrealized appreciation (depreciation) | | | 315,616 | | | | 9,906,927 | | | | 7,523 | | | | 243,668 | | | | 4,000,165 | | | | (275,787 | ) |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | 6,995 | | | | — | | | | — | | | | 62,169 | |
Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | 6,995 | | | | — | | | | — | | | | 62,169 | |
| Other accumulated gain (loss)(b) | | | (448,726 | ) | | | (9,288,366 | ) | | | (194,184 | ) | | | (1,193,645 | ) | | | (7,262,474 | ) | | | (27,486 | ) |
| Total distributable earnings (accumulated losses) | | $ | (133,110 | ) | | $ | 618,561 | | | $ | (179,666 | ) | | $ | (949,977 | ) | | $ | (3,262,309 | ) | | $ | (241,104 | ) |
| | | DIPS ETF | | | CRSH ETF | | | SMCY ETF | | | SNOY ETF | | | SQY ETF | | | TSLY ETF | |
Investments including written options, at cost(a) | | $ | 11,667,196 | | | $ | 22,613,872 | | | $ | 14,885,587 | | | $ | 18,371,224 | | | $ | 46,548,246 | | | $ | 885,127,186 | |
| Gross tax unrealized appreciation | | | 49,802 | | | | 450,473 | | | | 361,210 | | | | 256,430 | | | | 3,448,705 | | | | 43,647,523 | |
Gross tax unrealized depreciation | | | (1,741,113 | ) | | | (2,542,346 | ) | | | (1,644,451 | ) | | | (1,607,904 | ) | | | (244,948 | ) | | | (56,728,786 | ) |
| Net tax unrealized appreciation (depreciation) | | | (1,691,311 | ) | | | (2,091,873 | ) | | | (1,283,241 | ) | | | (1,351,474 | ) | | | 3,203,757 | | | | (13,081,263 | ) |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Other accumulated gain (loss)(b) | | | (43,026 | ) | | | (384,916 | ) | | | (2,912,304 | ) | | | (215,703 | ) | | | (3,319,583 | ) | | | (130,706,077 | ) |
| Total distributable earnings (accumulated losses) | | $ | (1,734,337 | ) | | $ | (2,476,789 | ) | | $ | (4,195,545 | ) | | $ | (1,567,177 | ) | | $ | (115,826 | ) | | $ | (143,787,340 | ) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
| | | TSMY ETF | | | ULTY ETF | | | YMAX ETF | | | XOMO ETF | |
| Investments including written options, at cost(a) | | $ | 22,227,787 | | | $ | 191,625,789 | | | $ | 356,425,337 | | | $ | 31,509,198 | |
| Gross tax unrealized appreciation | | | 258,710 | | | | 21,262,111 | | | | 29,310,390 | | | | 608,972 | |
Gross tax unrealized depreciation | | | (924,965 | ) | | | (13,984,794 | ) | | | (45,526,761 | ) | | | (631,449 | ) |
| Net tax unrealized appreciation (depreciation) | | | (666,255 | ) | | | 7,277,317 | | | | (16,216,371 | ) | | | (22,477 | ) |
| Undistributed ordinary income (loss) | | | — | | | | — | | | | — | | | | — | |
| Undistributed long-term capital gain (loss) | | | — | | | | — | | | | — | | | | — | |
| Total distributable earnings | | | — | | | | — | | | | — | | | | — | |
| Other accumulated gain (loss)(b) | | | (257,798 | ) | | | (12,938,186 | ) | | | (6,021,334 | ) | | | (513,266 | ) |
| Total distributable earnings (accumulated losses) | | $ | (924,053 | ) | | $ | (5,660,869 | ) | | $ | (22,237,705 | ) | | $ | (535,743 | ) |
| (a) | The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales. |
| (b) | A portion of the other accumulated gain (loss) is attributable to straddles in the amount that follows in the table below: |
| | Straddles |
| APLY ETF | $ | (515,344) |
| ABNY ETF | | (586,498) |
| AIYY ETF | | (1,480,995) |
| AMDY ETF | | (1,347,408) |
| AMZY ETF | | (2,445,659) |
| BABO ETF | | (143,973) |
| YBIT ETF | | (9,038,599) |
| CONY ETF | | (10,875,429) |
| DISO ETF | | (421,576) |
| GDXY ETF | | (723,333) |
| GOOY ETF | | (4,589,257) |
| OARK ETF | | (1,540,834) |
| JPMO ETF | | (83,261) |
| YMAG ETF | | — |
| FBY ETF | | (3,182,760 |
| MRNY ETF | | (260,215) |
| MSFO ETF | | (400,504) |
| MSTY ETF | | (17,525,670) |
| NFLY ETF | | (448,726) |
| NVDY ETF | | (9,288,366) |
| PLTY ETF | | (162,219) |
| PYPY ETF | | (1,193,645) |
| FIAT ETF | | (7,262,474) |
| YQQQ ETF | | (27,486) |
| DIPS ETF | | (43,026) |
| CRSH ETF | | (384,916) |
| SMCY ETF | | (361,175) |
| SNOY ETF | | (215,703) |
| SQY ETF | | (3,319,583) |
| TSLY ETF | | (41,257,539) |
| TSMY ETF | | (257,798) |
| ULTY ETF | | (12,938,186) |
| YMAX ETF | | — |
| XOMO ETF | | (513,266) |
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
Net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the most recent fiscal periods ended October 31, 2024, the Funds have not elected to defer late year losses. As of the most recent fiscal periods ended October 31, 2024, the following Funds had long-term and short-term capital loss carryovers, which do not expire. The TSLY ETF and APLY ETF used $57,146,761 and $2,840,723, respectively, of capital loss carryovers during the period ended October 31, 2024.
| | Long-Term Capital | | Short-Term Capital |
| | Loss Carryovers | | Loss Carryovers |
| APLY ETF | $ | — | | $ | — |
| ABNY ETF | | — | | — |
| AIYY ETF | | — | | (10,040,443) |
| AMDY ETF | | — | | — |
| AMZY ETF | | — | | — |
| BABO ETF | | — | | — |
| YBIT ETF | | — | | (2,178,845) |
| CONY ETF | | — | | — |
| DISO ETF | | — | | (1,392,962) |
| GDXY ETF | | — | | — |
| GOOY ETF | | — | | (1,691,405) |
| OARK ETF | | (30,271) | | (7,893,933) |
| JPMO ETF | | — | | — |
| YMAG ETF | | — | | — |
| FBY ETF | | — | | — |
| MRNY ETF | | — | | (18,625,096) |
| MSFO ETF | | — | | — |
| MSTY ETF | | — | | — |
| NFLY ETF | | — | | — |
| NVDY ETF | | — | | — |
| PLTY ETF | | — | | (31,965) |
| PYPY ETF | | — | | — |
| FIAT ETF | | — | | — |
| YQQQ ETF | | — | | — |
| DIPS ETF | | — | | — |
| CRSH ETF | | — | | — |
| SMCY ETF | | — | | (2,551,129) |
| SNOY ETF | | — | | — |
| SQY ETF | | — | | — |
| TSLY ETF | | (368,994) | | (80,079,544) |
| TSMY ETF | | — | | — |
| ULTY ETF | | — | | — |
| YMAX ETF | | — | | (6,021,334) |
| XOMO ETF | | — | | — |
NOTE 8 – SHARE TRANSACTIONS
Shares of the Funds are listed and traded on the NYSE Arca, Inc., except the YQQQ ETF, which is listed and traded on NASDAQ. Market prices for the shares may be different from their NAV. The Funds issue and redeems shares on a continuous basis at NAV generally in large blocks of shares, called (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The
| Notes to Financial Statements | YieldMax ETFs |
October 31, 2024
standard fixed transaction fee for the Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% and for Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Fund for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 9 – REVERSE STOCK SPLIT
During the year ended October 31, 2024, the shares of the TSLY ETF were adjusted to reflect a reverse stock split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund while maintaining the Fund’s and each shareholder’s aggregate NAV. All historical per share information has been retroactively adjusted to reflect this reverse stock split. Set forth below are details regarding the reverse stock split effected on February 26, 2024:
| | | Date | | Rate | | NAV Before Split | | NAV After Split | | Shares
Outstanding
Before Split | | Shares
Outstanding
After Split |
| TSLY ETF | | 2/26/2024 | | 1 for 2 | | $9.28 | | $18.56 | | 89,450,000 | | 44,725,000 |
NOTE 10 – RECENT MARKET EVENTS
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rates, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, and significant conflict between Israel and Hamas in the Middle East. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. The Middle East conflict has led to significant loss of life, damaged infrastructure and escalated tensions both in the region and globally. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Funds’ investment objective, but there can be no assurance that they will be successful in doing so.
NOTE 11 – SUBSEQUENT EVENTS
In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no other subsequent events that would need to be recognize or disclosed in the Funds’ financial statements.
Report of Independent Registered
Public Accounting Firm | YieldMax ETFs |
To the Shareholders of YieldMax ETFs and
Board of Trustees of Tidal Trust II
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written option contracts (as applicable), of YieldMax ETFs comprising the funds listed below (the “Funds”), each a series of Tidal Trust II, as of October 31, 2024, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
| YieldMax AAPL Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from April 17, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax ABNB Option Income Strategy ETF | For the period from June 24, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax AI Option Income Strategy ETF | For the period from November 27, 2023 (commencement of operations) through October 31, 2024 |
| YieldMax AMD Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from September 18, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax AMZN Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from July 24, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax BABA Option Income Strategy ETF | For the period from August 7, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Bitcoin Option Income Strategy ETF | For the period from April 22, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax COIN Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from August 14, 2023 (commencement of operations) through October 31, 2023 |
Report of Independent Registered
Public Accounting Firm | YieldMax ETFs |
| YieldMax DIS Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from August 24, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax Gold Miners Option Income Strategy ETF | For the period from May 20, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax GOOGL Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from July 27, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax Innovation Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from November 22, 2022 (commencement of operations) through October 31, 2023 |
| YieldMax JPM Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from September 11, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax Magnificent 7 Fund of Option Income ETFs | For the period from January 29, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax META Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from July 27, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax MRNA Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from October 23, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax MSFT Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from August 24, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax MSTR Option Income Strategy ETF | For the period from February 21, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax NFLX Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from August 7, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax NVDA Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from May 10, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax PLTR Option Income Strategy ETF | For the period from October 7, 2024 (commencement of operations) through October 31, 2024 |
Report of Independent Registered
Public Accounting Firm | YieldMax ETFs |
| YieldMax PYPL Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from September 25, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax Short COIN Option Income Strategy ETF | For the period from July 9, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Short N100 Option Income Strategy ETF | For the period from August 14, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Short NVDA Option Income Strategy ETF | For the period from July 23, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Short TSLA Option Income Strategy ETF | For the period from May 1, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax SMCI Option Income Strategy ETF | For the period from September 11, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax SNOW Option Income Strategy ETF | For the period from June 10, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax SQ Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from October 10, 2023 (commencement of operations) through October 31, 2023 |
| YieldMax TSLA Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from November 22, 2022 (commencement of operations) through October 31, 2023 |
| YieldMax TSM Option Income Strategy ETF | For the period from August 20, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Ultra Option Income Strategy ETF | For the period from February 28, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax Universe Fund of Option Income ETFs | For the period from January 16, 2024 (commencement of operations) through October 31, 2024 |
| YieldMax XOM Option Income Strategy ETF | For the year ended October 31, 2024 | For the year ended October 31, 2024 and for the period from August 30, 2023 (commencement of operations) through October 31, 2023 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report of Independent Registered
Public Accounting Firm | YieldMax ETFs |
We have served as the auditor of one or more investment companies advised by Tidal Investments LLC since 2020.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
December 30, 2024
| Other Non-Audited Information | YieldMax ETFs |
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the periods ended October 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
| YieldMax AAPL Option Income Strategy ETF | 0.00% |
| YieldMax ABNB Option Income Strategy ETF | 0.00% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 0.00% |
| YieldMax AMZN Option Income Strategy ETF | 0.00% |
| YieldMax BABA Option Income Strategy ETF | 0.00% |
| YieldMax Bitcoin Option Income Strategy ETF | 0.00% |
| YieldMax COIN Option Income Strategy ETF | 0.00% |
| YieldMax DIS Option Income Strategy ETF | 0.00% |
| YieldMax Gold Miners Option Income Strategy ETF | 0.00% |
| YieldMax GOOGL Option Income Strategy ETF | 0.00% |
| YieldMax Innovation Option Income Strategy ETF | 0.00% |
| YieldMax JPM Option Income Strategy ETF | 0.00% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 0.00% |
| YieldMax META Option Income Strategy ETF | 0.00% |
| YieldMax MRNA Option Income Strategy ETF | 0.00% |
| YieldMax MSFT Option Income Strategy ETF | 0.00% |
| YieldMax MSTR Option Income Strategy ETF | 0.00% |
| YieldMax NFLX Option Income Strategy ETF | 0.00% |
| YieldMax NVDA Option Income Strategy ETF | 0.00% |
| YieldMax PLTR Option Income Strategy ETF | 0.00% |
| YieldMax PYPL Option Income Strategy ETF | 0.00% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 0.00% |
| YieldMax Short NVDA Option Income Strategy ETF | 0.00% |
| YieldMax Short TSLA Option Income Strategy ETF | 0.00% |
| YieldMax SMCI Option Income Strategy ETF | 0.00% |
| YieldMax SNOW Option Income Strategy ETF | 0.00% |
| YieldMax SQ Option Income Strategy ETF | 0.00% |
| YieldMax TSLA Option Income Strategy ETF | 0.00% |
| YieldMax TSM Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Option Income Strategy ETF | 0.00% |
| YieldMax Universe Fund of Option Income ETFs | 0.00% |
| YieldMax XOM Option Income Strategy ETF | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the periods ended October 31, 2024, was as follows:
| YieldMax AAPL Option Income Strategy ETF | 0.00% |
| YieldMax ABNB Option Income Strategy ETF | 0.00% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 0.00% |
| YieldMax AMZN Option Income Strategy ETF | 0.00% |
| YieldMax BABA Option Income Strategy ETF | 0.00% |
| YieldMax Bitcoin Option Income Strategy ETF | 0.00% |
| YieldMax COIN Option Income Strategy ETF | 0.00% |
| YieldMax DIS Option Income Strategy ETF | 0.00% |
| Other Non-Audited Information | YieldMax ETFs |
| YieldMax Gold Miners Option Income Strategy ETF | 0.00% |
| YieldMax GOOGL Option Income Strategy ETF | 0.00% |
| YieldMax Innovation Option Income Strategy ETF | 0.00% |
| YieldMax JPM Option Income Strategy ETF | 0.00% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 0.00% |
| YieldMax META Option Income Strategy ETF | 0.00% |
| YieldMax MRNA Option Income Strategy ETF | 0.00% |
| YieldMax MSFT Option Income Strategy ETF | 0.00% |
| YieldMax MSTR Option Income Strategy ETF | 0.00% |
| YieldMax NFLX Option Income Strategy ETF | 0.00% |
| YieldMax NVDA Option Income Strategy ETF | 0.00% |
| YieldMax PLTR Option Income Strategy ETF | 0.00% |
| YieldMax PYPL Option Income Strategy ETF | 0.00% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 0.00% |
| YieldMax Short NVDA Option Income Strategy ETF | 0.00% |
| YieldMax Short TSLA Option Income Strategy ETF | 0.00% |
| YieldMax SMCI Option Income Strategy ETF | 0.00% |
| YieldMax SNOW Option Income Strategy ETF | 0.00% |
| YieldMax SQ Option Income Strategy ETF | 0.00% |
| YieldMax TSLA Option Income Strategy ETF | 0.00% |
| YieldMax TSM Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Option Income Strategy ETF | 0.00% |
| YieldMax Universe Fund of Option Income ETFs | 0.00% |
| YieldMax XOM Option Income Strategy ETF | 0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the periods ended October 31, 2024, was as follows:
| YieldMax AAPL Option Income Strategy ETF | 68.10% |
| YieldMax ABNB Option Income Strategy ETF | 86.39% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 64.29% |
| YieldMax AMZN Option Income Strategy ETF | 67.14% |
| YieldMax BABA Option Income Strategy ETF | 94.60% |
| YieldMax Bitcoin Option Income Strategy ETF | 0.00% |
| YieldMax COIN Option Income Strategy ETF | 86.08% |
| YieldMax DIS Option Income Strategy ETF | 19.36% |
| YieldMax Gold Miners Option Income Strategy ETF | 65.78% |
| YieldMax GOOGL Option Income Strategy ETF | 18.70% |
| YieldMax Innovation Option Income Strategy ETF | 0.00% |
| YieldMax JPM Option Income Strategy ETF | 58.04% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 8.28% |
| YieldMax META Option Income Strategy ETF | 89.62% |
| YieldMax MRNA Option Income Strategy ETF | 2.14% |
| YieldMax MSFT Option Income Strategy ETF | 67.59% |
| YieldMax MSTR Option Income Strategy ETF | 98.48% |
| YieldMax NFLX Option Income Strategy ETF | 90.39% |
| YieldMax NVDA Option Income Strategy ETF | 93.35% |
| YieldMax PLTR Option Income Strategy ETF | 0.00% |
| YieldMax PYPL Option Income Strategy ETF | 92.89% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 83.41% |
| Other Non-Audited Information | YieldMax ETFs |
| YieldMax Short NVDA Option Income Strategy ETF | 81.85% |
| YieldMax Short TSLA Option Income Strategy ETF | 74.92% |
| YieldMax SMCI Option Income Strategy ETF | 0.00% |
| YieldMax SNOW Option Income Strategy ETF | 79.74% |
| YieldMax SQ Option Income Strategy ETF | 83.18% |
| YieldMax TSLA Option Income Strategy ETF | 0.00% |
| YieldMax TSM Option Income Strategy ETF | 93.46% |
| YieldMax Ultra Option Income Strategy ETF | 100.00% |
| YieldMax Universe Fund of Option Income ETFs | 0.00% |
| YieldMax XOM Option Income Strategy ETF | 59.04% |
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.” |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There have been no changes in or disagreements with the Funds’ accountants.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by the report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
YieldMax ABNB Option Income Strategy ETF (meeting held July 17, 2023)
YieldMax BABA Option Income Strategy ETF (meeting held July 2, 2024)
YieldMax Gold Miners Option Income Strategy ETF (meeting held September 19, 2022)
YieldMax PLTR Option Income Strategy ETF (meeting held July 2, 2024)
YieldMax Short COIN Option Income Strategy ETF (meeting held February 13, 2024)
YieldMax Short N100 Option Income Strategy ETF (meeting held February 13, 2024)
YieldMax Short NVDA Option Income Strategy ETF (meeting held February 13, 2024)
YieldMax Short TSLA Option Income Strategy ETF (meeting held February 13, 2024)
YieldMax SMCI Option Income Strategy ETF (meeting held July 2, 2024)
YieldMax SNOW Option Income Strategy ETF (meeting held September 15, 2023)
YieldMax TSM Option Income Strategy ETF (meeting held July 2, 2024)
(the “YieldMax ETFs”, each a “Fund” and collectively the “Funds”)
Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), meetings held on the above referenced dates, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:
| ● | the Investment Advisory Agreement (the “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of each Fund; |
| ● | an Investment Sub-Advisory Agreement (a “Sub-Advisory Agreement) between the Adviser and ZEGA with respect to the YieldMax ETFs (the Sub-Advisory Agreements together with the Advisory Agreements, referred to as the “Agreements”). |
Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. It is noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.
In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Adviser.
In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meetings held on the above referenced dates. Among other things, the Adviser and Sub-Adviser provided responses to a detailed series of questions, which included information about the Adviser’s and Sub-Advisers’ operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.
The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.
Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser and Sub- Advisers; the Board reviewed the Adviser’s and Sub-Advisers’ compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser, and Sub-Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser and Sub-Adviser based on their experience, personnel, operations and resources.
Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.
Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”
The Board noted the importance of the fact that the proposed advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or “fall-out” benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.
The Board noted that because the Funds are new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieved asset growth.
The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser for its services. The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser and the Sub-Adviser given the work performed by each firm. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.
The Board also considered that the sub-advisory fees paid to the Sub-Adviser is paid out of the Adviser’s unified fee and represents an arm’s-length negotiation between the Adviser and the Sub- Advisers. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from respective relationships with the respective Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. The Board considered that, because these fees are paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub- advisory fee.
Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s and Sub-Adviser’s fees are reasonable in light of the services that the Adviser and Sub-Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable
(b) Not Applicable
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Tidal Trust II | |
| By (Signature and Title)* | /s/ Eric W. Falkeis | |
| | Eric W. Falkeis, President/Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Eric W. Falkeis | |
| | Eric W. Falkeis, President/Principal Executive Officer |
| By (Signature and Title)* | /s/ Aaron J. Perkovich | |
| | Aaron J. Perkovich, Treasurer/Principal Financial Officer |
* Print the name and title of each signing officer under his or her signature.
