YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report

semi-annual shareholder report April 30, 2026

YieldMax™ AAPL Option Income Strategy ETF

Ticker: APLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ AAPL Option Income Strategy ETF
$58
1.16%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$109,328
Number of Holdings
11
Total Advisory Fee Paid
$616,167
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
4.1%
Cash & Cash Equivalents
95.9%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.3%
Written Put Options
-4.4%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
98.0
Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.01
-4.4
Apple, Inc., Expiration: 06/18/2026; Exercise Price: $275.00
3.5
First American Government Obligations Fund - Class X, 3.58%
2.1
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $275.00
-0.9
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $282.50
0.6
Apple, Inc., Expiration: 05/01/2026; Exercise Price: $277.50
-0.4

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/APLY.

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.

YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ ABNB Option Income Strategy ETF

Ticker: ABNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ ABNB Option Income Strategy ETF
$65
1.24%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$21,925
Number of Holdings
12
Total Advisory Fee Paid
$122,555
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
11.0%
Cash & Cash Equivalents
89.0%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.3%
Written Put Options
-3.0%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
84.3
Airbnb, Inc., Expiration: 06/18/2026; Exercise Price: $130.01
10.9
First American Government Obligations Fund - Class X, 3.58%
4.9
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $145.00
-0.2
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $144.00
-0.1
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $149.00
0.0*
Airbnb, Inc., Expiration: 05/01/2026; Exercise Price: $148.00
0.0*
* Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ABNY.

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.

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ AI Option Income Strategy ETF

Ticker: AIYY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ AI Option Income Strategy ETF
$39
1.02%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$25,140
Number of Holdings
10
Total Advisory Fee Paid
$227,624
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
5.3%
Cash & Cash Equivalents
94.7%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.9%
Written Put Options
-7.1%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
94.1
First American Government Obligations Fund - Class X, 3.58%
7.5
C3.ai, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $9.01
-2.0
C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.00
-0.8
C3.ai, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $9.50
0.2
C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.00
-0.1
C3.ai, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $9.50
0.0*
* Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:10 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AIYY.

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.

YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report

YieldMax AMD Option Income Strategy ETF Tailored Shareholder Report

YieldMax AMD Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax AMD Option Income Strategy ETF

Ticker: AMDY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ AMD Option Income Strategy ETF
$58
1.03%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$234,882
Number of Holdings
16
Total Advisory Fee Paid
$842,783
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
7.2%
Cash & Cash Equivalents
92.8%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.4%
Written Put Options
-6.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
54.7
Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.00
6.9
Advanced Micro Devices, Inc., Expiration: 05/15/2026; Exercise Price: $350.01
-6.7
First American Government Obligations Fund - Class X, 3.58%
4.2
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $355.00
-0.7
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $357.50
-0.3
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $350.00
-0.3
Advanced Micro Devices, Inc., Expiration: 05/01/2026; Exercise Price: $370.00
0.1
Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $360.00
-0.1
Advanced Micro Devices, Inc., Expiration: 05/08/2026; Exercise Price: $372.50
0.1

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMDY.

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.

YieldMax AMD Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ AMZN Option Income Strategy ETF

Ticker: AMZY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ AMZN Option Income Strategy ETF
$55
1.09%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$252,370
Number of Holdings
14
Total Advisory Fee Paid
$1,252,808
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
21.1%
Cash & Cash Equivalents
78.9%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.1%
Written Put Options
0.1%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
77.5
Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.00
21.0
First American Government Obligations Fund - Class X, 3.58%
3.4
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $262.50
-0.8
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $267.50
-0.2
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $260.00
-0.1
Amazon.com, Inc., Expiration: 05/01/2026; Exercise Price: $272.50
0.1
Amazon.com, Inc., Expiration: 05/15/2026; Exercise Price: $210.01
(0.0)^

^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/AMZY.

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.

YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ BABA Option Income Strategy ETF

Ticker: BABO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ BABA Option Income Strategy ETF
$51
1.13%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$17,907
Number of Holdings
14
Total Advisory Fee Paid
$184,299
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
1.6%
Cash & Cash Equivalents
98.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.7%
Written Put Options
-11.1%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
101.7
Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.01
-11.1
First American Government Obligations Fund - Class X, 3.58%
7.1
Alibaba Group Holding Ltd., Expiration: 05/15/2026; Exercise Price: $145.00
1.3
Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $132.00
-0.5
Alibaba Group Holding Ltd., Expiration: 05/08/2026; Exercise Price: $136.00
0.3
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $133.00
-0.1
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $134.00
-0.1
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $135.00
(0.0)^
Alibaba Group Holding Ltd., Expiration: 05/01/2026; Exercise Price: $137.00
0.0*
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/BABO.

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.

YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ BRK.B Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ BRK.B Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ BRK.B Option Income Strategy ETF

Ticker: BRKC (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ BRK.B Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/BRKC. You can also request this information by contacting us at or by writing to the YieldMax™ BRK.B 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ BRK.B Option Income Strategy ETF
$49
1.00%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$7,159
Number of Holdings
8
Total Advisory Fee Paid
$116,571
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
0.8%
Cash & Cash Equivalents
99.2%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.8%
Written Put Options
-3.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
92.2
First American Government Obligations Fund - Class X, 3.58%
4.7
Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.01
-3.70
Berkshire Hathaway, Inc. - Class B, Expiration: 05/15/2026; Exercise Price: $490.00
0.60
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $472.50
-0.50
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $470.00
-0.20
Berkshire Hathaway, Inc. - Class B, Expiration: 05/01/2026; Exercise Price: $477.50
0.20

How has the Fund changed?

Effective January 2, 2026, a supplement was filed to the Summary Prospectus dated June 4, 2025 and the Prospectus dated February 28, 2025. The supplement adds disclosure to the “Principal Investment Risks” section of the Summary Prospectus and Prospectus, as well as the “Principal Risks of Investing in the Funds” section of the Prospectus, regarding Berkshire Hathaway management changes following Warren E. Buffett’s resignation as CEO and Greg Abel’s succession to the role.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/BRKC.

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.

YieldMax™ BRK.B Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Bitcoin Option Income Strategy ETF

Ticker: YBIT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Bitcoin Option Income Strategy ETF
$43
1.00%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$43,523
Number of Holdings
10
Total Advisory Fee Paid
$331,595
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
9.6%
Cash & Cash Equivalents
90.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.9%
Written Put Options
-0.9%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
75.9
iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.00
8.6
First American Government Obligations Fund - Class X, 3.58%
5.5
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $43.50
-1.4
iShares Bitcoin Trust ETF, Expiration: 05/15/2026; Exercise Price: $40.01
-0.9
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.50
0.8
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $44.00
-0.4
iShares Bitcoin Trust ETF, Expiration: 05/08/2026; Exercise Price: $45.50
0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YBIT.

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.

YieldMax™ Bitcoin Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ COIN Option Income Strategy ETF

Ticker: CONY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ COIN Option Income Strategy ETF
$43
1.09%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$398,238
Number of Holdings
22
Total Advisory Fee Paid
$3,009,802
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
13.3%
Cash & Cash Equivalents
86.7%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-4.0%
Written Put Options
-6.3%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
91.9
Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.00
8.1
First American Government Obligations Fund - Class X, 3.58%
4.9
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.01
-3.3
Coinbase Global, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $170.01
-3.0
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00
2.9
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $185.00
-1.6
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $195.00
0.4
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $187.50
-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $197.50
0.7

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 1, 2025, the Fund effected a 1:10 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CONY.

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.

YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ CVNA Option Income Strategy ETF

Ticker: CVNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ CVNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/CVNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ CVNA 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ CVNA Option Income Strategy ETF
$69
1.10%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$23,762
Number of Holdings
19
Total Advisory Fee Paid
$204,995
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
19.6%
Cash & Cash Equivalents
80.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-3.0%
Written Put Options
-0.8%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
76.4
Carvana Co., Expiration: 05/15/2026; Exercise Price: $330.01
16.9
First American Government Obligations Fund - Class X, 3.58%
3.7
Carvana Co., Expiration: 05/08/2026; Exercise Price: $385.00
-1.1
Carvana Co., Expiration: 05/08/2026; Exercise Price: $390.00
-0.9
Carvana Co., Expiration: 05/08/2026; Exercise Price: $397.50
-0.8
Carvana Co., Expiration: 05/08/2026; Exercise Price: $400.00
0.7
Carvana Co., Expiration: 05/08/2026; Exercise Price: $405.00
0.6
Carvana Co., Expiration: 05/08/2026; Exercise Price: $412.50
0.4
Carvana Co., Expiration: 05/01/2026; Exercise Price: $410.00
-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CVNY.

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.

YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ DIS Option Income Strategy ETF

Ticker: DISO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ DIS Option Income Strategy ETF
$62
1.28%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$5,037
Number of Holdings
8
Total Advisory Fee Paid
$95,557
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
1.6%
Cash & Cash Equivalents
98.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.5%
Written Put Options
-7.5%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
101.7
The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.01
-7.5
First American Government Obligations Fund - Class X, 3.58%
2.4
The Walt Disney Co., Expiration: 05/15/2026; Exercise Price: $110.00
1.5
The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $104.00
-0.5
The Walt Disney Co., Expiration: 05/01/2026; Exercise Price: $106.00
0.1

How has the Fund changed?

Effective June 18, 2026, the Fund will be closed and liquidated.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DISO.

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.

YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ DKNG Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ DKNG Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ DKNG Option Income Strategy ETF

Ticker: DRAY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ DKNG Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DRAY. You can also request this information by contacting us at or by writing to the YieldMax™ DKNG 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ DKNG Option Income Strategy ETF
$99
1.06%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$2,615
Number of Holdings
9
Total Advisory Fee Paid
$79,607
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
3.6%
Cash & Cash Equivalents
96.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.6%
Written Put Options
-10.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
49.6
First American Government Obligations Fund - Class X, 3.58%
17.2
DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.01
-10.7
DraftKings, Inc., Expiration: 05/15/2026; Exercise Price: $25.00
3.5
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.00
-1.3
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $23.50
-0.3
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $24.50
0.1
DraftKings, Inc., Expiration: 05/01/2026; Exercise Price: $25.00
0.0*
* Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DRAY.

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.

YieldMax™ DKNG Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Gold Miners Option Income Strategy ETF

Ticker: GDXY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Gold Miners Option Income Strategy ETF
$52
1.00%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$282,211
Number of Holdings
16
Total Advisory Fee Paid
$1,282,581
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
3.0%
Cash & Cash Equivalents
97.0%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.4%
Written Put Options
-4.3%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
96.7
First American Government Obligations Fund - Class X, 3.58%
4.6
VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.01
-4.4
VanEck Gold Miners ETF, Expiration: 05/15/2026; Exercise Price: $90.00
2.6
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $90.00
-1.0
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $93.00
0.3
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $89.50
-0.3
VanEck Gold Miners ETF, Expiration: 05/08/2026; Exercise Price: $94.00
0.1
VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $90.00
(0.0)^
VanEck Gold Miners ETF, Expiration: 05/01/2026; Exercise Price: $91.00
(0.0)^

^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GDXY.

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.

YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ GOOGL Option Income Strategy ETF

Ticker: GOOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ GOOGL Option Income Strategy ETF
$63
1.09%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$266,725
Number of Holdings
13
Total Advisory Fee Paid
$1,093,747
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
21.6%
Cash & Cash Equivalents
78.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-3.1%
Written Put Options
-0.0%*
bar
* Less than -0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
80.4
Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.00
19.7
First American Government Obligations Fund - Class X, 3.58%
4.1
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $375.00
-2.4
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $382.50
1.6
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $380.00
-0.4
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $395.00
0.3
Alphabet, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $387.50
-0.2
Alphabet, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $310.01
(0.0)*
* Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/GOOY.

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.

YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ HOOD Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ HOOD Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ HOOD Option Income Strategy ETF

Ticker: HOOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ HOOD Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/HOOY. You can also request this information by contacting us at or by writing to the YieldMax™ HOOD 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ HOOD Option Income Strategy ETF
$39
0.99%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$105,658
Number of Holdings
16
Total Advisory Fee Paid
$716,110
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
11.5%
Cash & Cash Equivalents
88.5%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.9%
Written Put Options
-6.3%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
92.0
Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.00
11.00
First American Government Obligations Fund - Class X, 3.58%
7.3
Robinhood Markets, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $70.01
-6.30
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $76.00
-0.70
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $75.00
-0.70
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $74.00
-0.40
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $81.00
0.20
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $80.00
0.20
Robinhood Markets, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $79.00
0.10

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/HOOY.

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.

YieldMax™ HOOD Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Innovation Option Income Strategy ETF

Ticker: OARK (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Innovation Option Income Strategy ETF
$51
1.07%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$52,259
Number of Holdings
15
Total Advisory Fee Paid
$294,839
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
10.9%
Cash & Cash Equivalents
89.1%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.0%
Written Put Options
-2.9%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
88.5
ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.00
10.6
First American Government Obligations Fund - Class X, 3.58%
3.1
ARK Innovation ETF, Expiration: 06/18/2026; Exercise Price: $70.01
-2.9
ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $75.00
-0.9
ARK Innovation ETF, Expiration: 05/08/2026; Exercise Price: $78.00
0.3
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $77.50
-0.1
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $78.00
(0.0)^
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $81.00
0.0*
ARK Innovation ETF, Expiration: 05/01/2026; Exercise Price: $80.00
0.0*
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/OARK.

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.

YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ JP Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ JP Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ JP Option Income Strategy ETF

Ticker: JPO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ JP Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/JPO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ JP 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ JPM Option Income Strategy ETF
$65
1.31%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$40,540
Number of Holdings
18
Total Advisory Fee Paid
$244,906
Portfolio Turnover
70%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
8.1%
Cash & Cash Equivalents
91.9%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.7%
Written Put Options
-0.2%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
87.2
JPMorgan Chase & Co., Expiration: 05/15/2026; Exercise Price: $290.00
6.40
First American Government Obligations Fund - Class X, 3.58%
2.4
JPMorgan Chase & Co., Expiration: 05/15/2026; Exercise Price: $290.01
1.30
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $315.00
-0.30
JPMorgan Chase & Co., Expiration: 05/01/2026; Exercise Price: $312.50
-0.20
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $320.00
0.20
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $317.50
-0.10
JPMorgan Chase & Co., Expiration: 05/08/2026; Exercise Price: $322.50
0.0*
JPMorgan Chase & Co., Expiration: 05/01/2026; Exercise Price: $315.00
(0.0)^
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

How has the Fund changed?

Effective March 2, 2026, the name of the fund and ticker symbol changed to YieldMax™ JP Option Income Strategy ETF and ticker to JPO.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/JPO.

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.

YieldMax™ JP Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Magnificent 7 Fund of Option Income ETF Tailored Shareholder Report

YieldMax™ Magnificent 7 Fund of Option Income ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Magnificent 7 Fund of Option Income ETF

Ticker: YMAG (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Magnificent 7 Fund of Option Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 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 six months?

(based on a hypothetical $10,000 investment)

Class 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
$14
0.29%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$315,905
Number of Holdings
8
Total Advisory Fee Paid
$532,993
Portfolio Turnover
13%

Security Type - Investments

(% of Net Assets)

Sector
%
Exchange Traded Funds
98.1%
Cash & Cash Equivalents
1.9%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
YieldMax GOOGL Option Income Strategy ETF
15.6
YieldMax AMZN Option Income Strategy ETF
14.3
YieldMax AAPL Option Income Strategy ETF
14.1
YieldMax TSLA Option Income Strategy ETF
13.8
YieldMax MSFT Option Income Strategy ETF
13.8
YieldMax NVDA Option Income Strategy ETF
13.7
YieldMax META Option Income Strategy ETF
12.8
First American Government Obligations Fund - Class X, 3.58%
0.5

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAG.

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.

YieldMax™ Magnificent 7 Fund of Option Income ETF Tailored Shareholder Report

YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MARA Option Income Strategy ETF

Ticker: MARO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MARA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/MARO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MARA 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ MARA Option Income Strategy ETF
$54
1.33%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$66,030
Number of Holdings
15
Total Advisory Fee Paid
$252,851
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
10.7%
Cash & Cash Equivalents
89.3%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-5.7%
Written Put Options
-7.4%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
81.6
First American Government Obligations Fund - Class X, 3.58%
5.5
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.00
-3.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.00
2.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $11.50
-2.1
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $12.50
0.7
MARA Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $12.01
0.2
MARA Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $12.50
-0.2
MARA Holdings, Inc., Expiration: 05/08/2026; Exercise Price: $13.00
-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MARO.

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.

YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ META Option Income Strategy ETF

Ticker: FBY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ META Option Income Strategy ETF
$54
1.14%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$103,058
Number of Holdings
17
Total Advisory Fee Paid
$619,906
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
10.0%
Cash & Cash Equivalents
90.0%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.6%
Written Put Options
-1.8%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
86.5
Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.00
7.8
First American Government Obligations Fund - Class X, 3.58%
-3.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $615.00
-0.7
Meta Platforms, Inc. - Class A, Expiration: 06/18/2026; Exercise Price: $570.01
-0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $620.00
-0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $632.50
0.4
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $630.00
-0.3
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $637.50
0.2
Meta Platforms, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $617.50
-0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FBY.

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.

YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MRNA Option Income Strategy ETF

Ticker: MRNY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ MRNA Option Income Strategy ETF
$75
1.24%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$87,328
Number of Holdings
15
Total Advisory Fee Paid
$474,042
Portfolio Turnover
340%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
3.4%
Cash & Cash Equivalents
96.6%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.5%
Written Put Options
-11.8%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
98.2
Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.01
-11.9
First American Government Obligations Fund - Class X, 3.58%
6.3
Moderna, Inc., Expiration: 05/15/2026; Exercise Price: $50.00
3.2
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $52.00
-0.3
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $55.00
0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $53.00
-0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $54.00
-0.1
Moderna, Inc., Expiration: 05/01/2026; Exercise Price: $56.00
0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MRNY.

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.

YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MSFT Option Income Strategy ETF

Ticker: MSFO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ MSFT Option Income Strategy ETF
$47
1.03%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$97,799
Number of Holdings
14
Total Advisory Fee Paid
$548,169
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
4.4%
Cash & Cash Equivalents
95.6%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.5%
Written Put Options
-1.4%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
96.4
Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.00
3.5
First American Government Obligations Fund - Class X, 3.58%
2.5
Microsoft Corp., Expiration: 05/15/2026; Exercise Price: $400.01
-1.5
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $405.00
-0.7
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $407.50
-0.7
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $412.50
0.5
Microsoft Corp., Expiration: 05/08/2026; Exercise Price: $415.00
0.4
Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $425.00
(0.0)^
Microsoft Corp., Expiration: 05/01/2026; Exercise Price: $440.00
0.0*
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSFO.

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.

YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ MSTR Option Income Strategy ETF

Ticker: MSTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ MSTR Option Income Strategy ETF
$47
1.12%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$1,244,459
Number of Holdings
26
Total Advisory Fee Paid
$7,155,704
Portfolio Turnover
137%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
22.9%
Cash & Cash Equivalents
77.1%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.8%
Written Put Options
-1.8%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
50.7
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.00
7.9
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.00
7.3
Strategy, Inc., Expiration: 05/15/2026; Exercise Price: $140.00
6.7
First American Government Obligations Fund - Class X, 3.58%
2.1
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $167.50
-0.9
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $130.01
-0.8
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $170.00
-0.6
Strategy, Inc., Expiration: 06/18/2026; Exercise Price: $125.01
-0.5
Strategy, Inc., Expiration: 05/08/2026; Exercise Price: $177.50
0.4

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/MSTY.

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.

YieldMax™ MSTR Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ NFLX Option Income Strategy ETF

Ticker: NFLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ NFLX Option Income Strategy ETF
$55
1.18%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$74,058
Number of Holdings
16
Total Advisory Fee Paid
$431,519
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
1.9%
Cash & Cash Equivalents
98.1%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.8%
Written Put Options
-3.1%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
99.7
First American Government Obligations Fund - Class X, 3.58%
7.9
Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.01
-3.1
Netflix, Inc., Expiration: 05/15/2026; Exercise Price: $95.00
1.8
Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $94.00
-0.3
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $93.00
-0.2
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $94.00
-0.1
Netflix, Inc., Expiration: 05/08/2026; Exercise Price: $97.00
0.1
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $91.00
-0.1
Netflix, Inc., Expiration: 05/01/2026; Exercise Price: $95.00
-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NFLY.

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.

YieldMax™ NFLX Option Income Strategy ETF Tailored Shareholder Report

YieldMax NVDA Option Income Strategy ETF Tailored Shareholder Report

YieldMax NVDA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax NVDA Option Income Strategy ETF

Ticker: NVDY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ NVDA Option Income Strategy ETF
$56
1.11%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$1,387,743
Number of Holdings
17
Total Advisory Fee Paid
$7,412,514
Portfolio Turnover
275%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
4.0%
Cash & Cash Equivalents
96.0%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.9%
Written Put Options
-2.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
95.4
First American Government Obligations Fund - Class X, 3.58%
2.7
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.01
-2.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $200.00
1.9
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.00
1.7
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $205.00
-0.8
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $195.01
-0.8
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $212.50
0.2
NVIDIA Corp., Expiration: 05/08/2026; Exercise Price: $210.00
0.1
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $205.00
(0.0)*
* Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/NVDY.

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.

YieldMax NVDA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ PLTR Option Income Strategy ETF

Ticker: PLTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ PLTR Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ PLTR Option Income Strategy ETF
$49
1.14%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$348,649
Number of Holdings
18
Total Advisory Fee Paid
$2,372,361
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
5.7%
Cash & Cash Equivalents
94.3%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top 10 Holdings
(% of Total Net Assets)
U.S. Treasury Bills
101.7
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.01
-5.8
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.01
-5.6
First American Government Obligations Fund - Class X, 3.58%
5.6
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.00
4.5
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $142.00
2.4
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.00
-2.2
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $149.00
1.5
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $145.00
1.1
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $152.50
-0.6

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PLTY.

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.

YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ PYPL Option Income Strategy ETF

Ticker: PYPY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ PYPL Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ PYPL Option Income Strategy ETF
$61
1.39%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$29,881
Number of Holdings
10
Total Advisory Fee Paid
$156,379
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
5.1%
Cash & Cash Equivalents
94.9%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.6%
Written Put Options
-4.5%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
97.1
PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.00
5.1
PayPal Holdings, Inc., Expiration: 05/15/2026; Exercise Price: $50.01
-4.5
First American Government Obligations Fund - Class X, 3.58%
3.3
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $50.00
-0.4
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $51.00
-0.1
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $53.00
0.0*
PayPal Holdings, Inc., Expiration: 05/01/2026; Exercise Price: $52.00
0.0*
* Less than 0.05% of net assets.

How has the Fund changed?

After the close of trading on NYSE Arca, Inc on December 5, 2025, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/PYPY.

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.

YieldMax™ PYPL Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ RBLX Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ RBLX Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ RBLX Option Income Strategy ETF

Ticker: RBLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ RBLX Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/RBLY. You can also request this information by contacting us at or by writing to the YieldMax™ RBLX 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ RBLX Option Income Strategy ETF
$62
1.64%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$1,652
Number of Holdings
12
Total Advisory Fee Paid
$74,664
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
10.5%
Cash & Cash Equivalents
89.5%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-4.6%
Written Put Options
-7.9%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
72.9
First American Government Obligations Fund - Class X, 3.58%
32.2
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $55.00
-2.9
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $63.00
-0.9
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $61.00
0.8
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $62.00
-0.8
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $60.00
0.7
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $68.00
0.5
Roblox Corp., Expiration: 05/01/2026; Exercise Price: $67.00
0.4
Roblox Corp., Expiration: 05/08/2026; Exercise Price: $56.01
0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/RBLY.

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.

YieldMax™ RBLX Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short COIN Option Income Strategy ETF

Ticker: FIAT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Short COIN Option Income Strategy ETF
$60
1.01%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$38,833
Number of Holdings
24
Total Advisory Fee Paid
$209,227
Portfolio Turnover
1,398%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Put Options
8.0%
Purchased Call Options
0.3%
Cash & Cash Equivalents
91.7%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-5.8%
Written Put Options
-3.2%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
85.4
First American Government Obligations Fund - Class X, 3.58%
13.7
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.00
6.9
Coinbase Global, Inc. - Class A, Expiration: 05/15/2026; Exercise Price: $190.02
-5.9
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $182.50
-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $192.50
-1.1
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $175.00
0.7
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $195.00
-0.4
Coinbase Global, Inc. - Class A, Expiration: 05/08/2026; Exercise Price: $177.50
-0.3
Coinbase Global, Inc. - Class A, Expiration: 05/01/2026; Exercise Price: $182.50
0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/FIAT.

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.

YieldMax™ Short COIN Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short N100 Option Income Strategy ETF

Ticker: YQQQ (Listed on The Nasdaq Stock Market LLC)

This semi-annual shareholder report contains important information about the YieldMax™ Short N100 Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Short N100 Option Income Strategy ETF
$50
1.00%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$14,024
Number of Holdings
16
Total Advisory Fee Paid
$74,297
Portfolio Turnover
231%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Put Options
0.6%
Purchased Call Options*
0.0%
Cash & Cash Equivalents
99.4%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-11.3%
Written Put Options
-0.2%
bar
* Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
86.9
First American Government Obligations Fund - Class X, 3.58%
13.0
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.02
-11.3
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $600.00
0.6
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $655.00
-0.1
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $648.00
(0.0)^
Invesco QQQ Trust Series 1, Expiration: 05/08/2026; Exercise Price: $645.00
(0.0)^
Invesco QQQ Trust Series 1, Expiration: 06/18/2026; Exercise Price: $900.00
0.0*
Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $643.00
(0.0)^
Invesco QQQ Trust Series 1, Expiration: 05/01/2026; Exercise Price: $648.00
(0.0)^
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YQQQ.

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.

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short NVDA Option Income Strategy ETF

Ticker: DIPS (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Short NVDA Option Income Strategy ETF
$54
1.05%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$9,824
Number of Holdings
13
Total Advisory Fee
$47,471
Portfolio Turnover
167%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Put Options
1.3%
Purchased Call Options*
0.0%
Cash & Cash Equivalents
98.7%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-6.0%
Written Put Options
-0.4%
bar
* Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
83.9
First American Government Obligations Fund - Class X, 3.58%
18.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.02
-6.0
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $190.00
1.2
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $197.50
-0.3
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $195.00
(0.0)^
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $190.00
0.0*
NVIDIA Corp., Expiration: 05/15/2026; Exercise Price: $280.00
0.0*
NVIDIA Corp., Expiration: 05/01/2026; Exercise Price: $185.00
0.0*
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/DIPS.

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.

YieldMax™ Short NVDA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Short TSLA Option Income Strategy ETF

Ticker: CRSH (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Short TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Short TSLA Option Income Strategy ETF
$54
1.01%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$18,952
Number of Holdings
13
Total Advisory Fee
$96,655
Portfolio Turnover
167%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Put Options
7.7%
Purchased Call Options*
0.0%
Cash & Cash Equivalents
92.3%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.3%
Written Put Options
-0.7%
bar
* Less than 0.05% of net assets

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
84.6
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00
7.5
First American Government Obligations Fund - Class X, 3.58%
7.2
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.02
-1.3
Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $372.50
-0.7
Tesla, Inc., Expiration: 05/08/2026; Exercise Price: $355.00
0.2
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $595.00
0.0*
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $367.50
(0.0)^
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $347.50
0.0*
* Less than 0.05% of net assets.
^ Less than -0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/CRSH.

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.

YieldMax™ Short TSLA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ SMCI Option Income Strategy ETF

Ticker: SMCY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ SMCI Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ SMCI Option Income Strategy ETF
$41
1.05%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$107,306
Number of Holdings
15
Total Advisory Fee Paid
$803,660
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
4.9%
Cash & Cash Equivalents
95.1%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-4.5%
Written Put Options
-19.2%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
113.7
Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.01
-19.2
First American Government Obligations Fund - Class X, 3.58%
3.9
Super Micro Computer, Inc., Expiration: 05/15/2026; Exercise Price: $32.00
2.6
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.50
-2.6
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.50
1.4
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $27.00
-1.4
Super Micro Computer, Inc., Expiration: 05/08/2026; Exercise Price: $29.00
0.8
Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $27.00
-0.3
Super Micro Computer, Inc., Expiration: 05/01/2026; Exercise Price: $28.00
-0.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SMCY.

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.

YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ SNOW Option Income Strategy ETF

Ticker: SNOY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ SNOW Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ SNOW Option Income Strategy ETF
$39
1.02%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$16,681
Number of Holdings
15
Total Advisory Fee Paid
$232,780
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
2.7%
Cash & Cash Equivalents
97.3%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.7%
Written Put Options
-11.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
100.0
Snowflake, Inc., Expiration: 05/15/2026; Exercise Price: $150.01
-9.8
First American Government Obligations Fund - Class X, 3.58%
7.9
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $138.00
-1.1
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $145.00
0.5
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $140.00
-0.4
Snowflake, Inc., Expiration: 05/08/2026; Exercise Price: $147.00
0.2
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $140.00
-0.1
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $142.00
-0.1
Snowflake, Inc., Expiration: 05/01/2026; Exercise Price: $147.00
0.0*
* Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SNOY.

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.

YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ TSLA Option Income Strategy ETF

Ticker: TSLY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ TSLA Option Income Strategy ETF
$51
1.07%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$837,223
Number of Holdings
20
Total Advisory Fee Paid
$5,091,121
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
1.2%
Cash & Cash Equivalents
98.8%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-0.6%
Written Put Options
-7.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
104.9
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.01
-4.1
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.01
-3.6
First American Government Obligations Fund - Class X, 3.58%
1.8
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $405.00
0.6
Tesla, Inc., Expiration: 05/15/2026; Exercise Price: $410.00
0.5
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $382.50
-0.3
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $385.00
-0.1
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $387.50
-0.1
Tesla, Inc., Expiration: 05/01/2026; Exercise Price: $380.00
-0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSLY.

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.

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ TSM Option Income Strategy ETF

Ticker: TSMY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ TSM Option Income Strategy ETF
$57
1.02%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$102,374
Number of Holdings
19
Total Advisory Fee Paid
$354,280
Portfolio Turnover
100%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
10.8%
Cash & Cash Equivalents
89.2%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.9%
Written Put Options
-0.7%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
87.7
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.00
8.0
First American Government Obligations Fund - Class X, 3.58%
4.5
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/15/2026; Exercise Price: $360.01
1.2
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $402.50
-0.7
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $395.00
-0.5
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $412.50
0.4
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $390.00
-0.3
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/08/2026; Exercise Price: $405.00
0.3
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR, Expiration: 05/01/2026; Exercise Price: $395.00
-0.3

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/TSMY.

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.

YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Ultra Option Income Strategy ETF

Ticker: ULTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Ultra Option Income Strategy ETF
$58
1.24%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$854,456
Number of Holdings
91
Total Advisory Fee
$6,736,122
Portfolio Turnover
264%

Security Type - Investments

(% of Net Assets)

Sector
%
Common Stocks
91.4%
Exchange Traded Funds
8.5%
Purchased Put Options
2.1%
Cash & Cash Equivalents
-2.0%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-2.5%
Written Put Options
-1.4%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
Alphabet, Inc. - Class A
5.7
Analog Devices, Inc.
5.5
Amazon.com, Inc.
5.1
Lam Research Corp.
5.0
Quanta Services, Inc.
4.9
Ciena Corp.
4.9
Lumentum Holdings, Inc.
4.9
NVIDIA Corp.
4.8
IREN Ltd.
4.8
Strategy, Inc.
4.6

How has the Fund changed?

Effective December 8, 2025, the Fund implemented revisions to its principal investment strategies, including changes to its equity allocation framework and options strategies designed to enhance options premium generation, manage volatility, and provide greater flexibility in pursuing upside participation and downside protection. The updated strategy also permits the Fund to invest up to 50% of its net assets in lower-volatility, large-cap equities to support greater NAV stability and expands the Adviser’s ability to utilize substitute ETFs and hedging techniques as part of the Fund’s options strategy implementation. Additionally, Scott Snyder and Quinn Berry replaced Michael Venuto and Christopher P. Mullen as portfolio managers of the Fund. Mr. Snyder and Mr. Berry now serve alongside Jay Pestrichelli as jointly and primarily responsible for the day-to-day management of the Fund.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/ULTY.

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.

YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Ultra Short Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Ultra Short Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Ultra Short Option Income Strategy ETF

Ticker: SLTY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Ultra Short Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Short 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Yieldmax™ Ultra Short Option Income Strategy ETF
$92
1.87%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$19,452
Number of Holdings
113
Total Advisory Fee Paid
$114,435
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
3.1%
Common Stocks*
0.0%
Cash & Cash Equivalents
96.9%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-2.9%
Common Stocks
-85.8%
Exchange Traded Funds
-11.5%
Written Put Options
-1.1%
bar
* Less than 0.05% of net assets.

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
84.3
First American Government Obligations Fund - Class X, 3.58%
9.1
Oklo, Inc.
-6.0
KKR & Co., Inc.
-4.9
Target Corp.
-4.6
Centene Corp.
-4.6
Salesforce, Inc.
-4.5
Starbucks Corp.
-4.4
Etsy, Inc.
-4.3
Rocket Lab USA, Inc.
-4.2

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/SLTY.

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.

YieldMax™ Ultra Short Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ Universe Fund of Option Income ETFs

Ticker: YMAX (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ Universe Fund of Option Income ETFs
$14
0.29%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$392,904
Number of Holdings
32
Total Advisory Fee Paid
$831,310
Portfolio Turnover
166%

Security Type - Investments

(% of Net Assets)

Sector
%
Exchange Traded Funds
98.6%
Cash & Cash Equivalents
1.4%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
YieldMax AMD Option Income Strategy ETF
6.8
YieldMax AMZN Option Income Strategy ETF
5.3
YieldMax TSM Option Income Strategy ETF
4.9
YieldMax Crypto Industry & Tech Portfolio Option Income ETF
4.9
YieldMax GOOGL Option Income Strategy ETF
4.8
YieldMax MARA Option Income Strategy ETF
4.7
YieldMax AI & Tech Portfolio Option Income ETF
4.7
YieldMax Semiconductor Portfolio Option Income ETF
4.6
YieldMax HOOD Option Income Strategy ETF
4.5
YieldMax NFLX Option Income Strategy ETF
4.5

How has the Fund changed?

Effective February 20, 2026, the Fund announced changes to its principal investment strategy in connection with its annual prospectus update. Under the revised strategy, the Fund will no longer invest equally across all eligible Underlying YieldMax® ETFs and instead will allocate assets to a select subset of eligible Underlying YieldMax® ETFs based on recent relative performance, with stronger-performing ETFs receiving larger portfolio weightings.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/YMAX.

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.

YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ XOM Option Income Strategy ETF

Ticker: XOMO (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ XOM Option Income Strategy ETF
$68
1.23%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$29,894
Number of Holdings
11
Total Advisory Fee Paid
$203,030
Portfolio Turnover
383%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
6.8%
Cash & Cash Equivalents
93.2%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-2.8%
Written Put Options
-3.3%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
95.1
First American Government Obligations Fund - Class X, 3.58%
4.0
Exxon Mobil Corp., Expiration: 06/18/2026; Exercise Price: $150.01
2.8
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $150.00
-1.6
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $152.50
-1.2
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $155.00
0.5
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $160.00
0.1
Exxon Mobil Corp., Expiration: 05/01/2026; Exercise Price: $157.50
0.1

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/XOMO.

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.

YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ XYZ Option Income Strategy ETF Tailored Shareholder Report

YieldMax™ XYZ Option Income Strategy ETF Tailored Shareholder Report

semi-annual Shareholder Report April 30, 2026

YieldMax™ XYZ Option Income Strategy ETF

Ticker: XYZY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the YieldMax™ XYZ Option Income Strategy ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/XYZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XYZ 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 six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
YieldMax™ XYZ Option Income Strategy ETF
$67
1.42%*
* Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)
$38,549
Number of Holdings
13
Total Advisory Fee Paid
$199,591
Portfolio Turnover
0%

Security Type - Investments

(% of Net Assets)

Sector
%
Purchased Call Options
7.8%
Cash & Cash Equivalents
92.2%
bar

Security Type - Other Financial Instruments

(% of Net Assets)

Sector
%
Written Call Options
-1.6%
Written Put Options
-5.8%
bar

Percentages are stated as a percent of total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of April 30, 2026)

Top Holdings
(% of Net Assets)
U.S. Treasury Bills
98.2
Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.00
6.9
Block, Inc., Expiration: 05/15/2026; Exercise Price: $70.01
-5.8
First American Government Obligations Fund - Class X, 3.58%
2.1
Block, Inc., Expiration: 05/08/2026; Exercise Price: $70.00
-1.3
Block, Inc., Expiration: 05/08/2026; Exercise Price: $73.00
0.9
Block, Inc., Expiration: 05/01/2026; Exercise Price: $72.00
-0.3
Block, Inc., Expiration: 05/01/2026; Exercise Price: $74.00
0.0*
Block, Inc., Expiration: 05/01/2026; Exercise Price: $75.00
0.0*
* Less than 0.05% of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.yieldmaxetfs.com/our-etfs/XYZY.

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.

YieldMax™ XYZ Option Income Strategy ETF Tailored Shareholder Report

 

 

 

 

 

 



 

 

Financial Statements 

April 30, 2026 (Unaudited)

 

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 BRK.B Option Income Strategy ETF | BRKC | NYSE Arca, Inc.
• YieldMax COIN Option Income Strategy ETF | CONY | NYSE Arca, Inc.
• YieldMax CVNA Option Income Strategy ETF | CVNY | NYSE Arca, Inc.
• YieldMax DIS Option Income Strategy ETF | DISO | NYSE Arca, Inc.
• YieldMax DKNG Option Income Strategy ETF | DRAY | 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 HOOD Option Income Strategy ETF | HOOY | NYSE Arca, Inc.
• YieldMax Innovation Option Income Strategy ETF | OARK | NYSE Arca, Inc.
• YieldMax JP Option Income Strategy ETF | JPO | NYSE Arca, Inc.
• YieldMax Magnificent 7 Fund of Option Income ETFs | YMAG | NYSE Arca, Inc.
• YieldMax MARA Option Income Strategy ETF | MARO | 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 RBLX Option Income Strategy ETF | RBLY | NYSE Arca, Inc.
• YieldMax Short COIN Option Income Strategy ETF | FIAT | NYSE Arca, Inc.
• YieldMax Short N100 Option Income Strategy ETF | YQQQ | The 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 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 Ultra Short Option Income Strategy ETF | SLTY | 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 XYZ Option Income Strategy ETF | XYZY | NYSE Arca, Inc.

 

 

 

YieldMax ETF’s 

 

Table of Contents

 

  Page
Schedules of Investments, Securities Sold Short & Written Options Contracts: YieldMax ETFs 1
Statements of Assets and Liabilities 89
Statements of Operations 101
Statements of Changes in Net Assets 110
Financial Highlights 131
Notes to the Financial Statements 138

 

 

 

 

YieldMax AAPL Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited) 

PURCHASED OPTIONS - 4.1%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 4.1%                        
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $282.50   $ 109,354,050       4,030     $ 612,560  
Apple, Inc., Expiration: 6/18/2026; Exercise Price: $275.00     109,354,050       4,030       3,878,875  
                      4,491,435  
                         
TOTAL PURCHASED OPTIONS (Cost $3,857,684)                     4,491,435  

 

SHORT-TERM INVESTMENTS - 100.1%            
Money Market Funds - 2.1%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     2,334,468       2,334,468  

 

    Principal        
U.S. Treasury Bills - 98.0%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)(g)     29,199,000       29,167,142  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     14,545,000       14,485,448  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     21,005,000       20,859,965  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     21,602,000       21,393,625  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     21,480,000       21,213,364  
              107,119,544  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $109,447,770)             109,454,012  
                 
TOTAL INVESTMENTS - 104.2% (Cost $113,305,454)           $ 113,945,447  
Liabilities in Excess of Other Assets - (4.2)%             (4,617,089 )
TOTAL NET ASSETS - 100.0%           $ 109,328,358  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 1

 

YieldMax AAPL Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

WRITTEN OPTIONS - (5.7)%(a)(b)   Notional
Amount		     Contracts     Value  
Call Options - (1.3)%                        
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $277.50   $ (37,989,000 )     (1,400 )   $ (392,000 )
Apple, Inc., Expiration: 5/1/2026; Exercise Price: $275.00     (71,365,050 )     (2,630 )     (953,375 )
                      (1,345,375 )
                         
Put Options - (4.4)%                        
Apple, Inc., Expiration: 6/18/2026; Exercise Price: $275.01     (109,354,050 )     (4,030 )     (4,841,481 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $9,337,225)                     (6,186,856 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 2

 

YieldMax ABNB Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

PURCHASED OPTIONS - 11.0%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 11.0%                        
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $149.00   $ 13,895,640       990     $ 7,920  
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $148.00     8,084,736       576       7,488  
Airbnb, Inc., Expiration: 6/18/2026; Exercise Price: $130.01     21,980,376       1,566       2,389,591  
                      2,404,999  
                         
TOTAL PURCHASED OPTIONS (Cost $1,410,527)                     2,404,999  
                         
SHORT-TERM INVESTMENTS - 89.2%                        
Money Market Funds - 4.9%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     1,079,881       1,079,881  

 

    Principal        
U.S. Treasury Bills - 84.3%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)     3,035,000       3,031,688  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     2,464,000       2,453,911  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     5,389,000       5,351,790  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     4,263,000       4,221,879  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     3,469,000       3,425,939  
              18,485,207  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $19,562,272)             19,565,088  
                 
TOTAL INVESTMENTS - 100.2% (Cost $20,972,799)           $ 21,970,087  
Liabilities in Excess of Other Assets - (0.2)%             (44,791 )
TOTAL NET ASSETS - 100.0%           $ 21,925,296  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 3

 

YieldMax ABNB Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.3)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.3)%                        
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $145.00   $ (13,895,640 )     (990 )   $ (33,660 )
Airbnb, Inc., Expiration: 5/1/2026; Exercise Price: $144.00     (8,084,736 )     (576 )     (30,528 )
                      (64,188 )
                         
Put Options - (3.0)%                        
Airbnb, Inc., Expiration: 6/18/2026; Exercise Price: $130.01     (21,980,376 )     (1,566 )     (663,686 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $2,082,607)                     (727,874 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 4

 

YieldMax AI Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 5.3%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 5.3%                        
C3.Ai, Inc., Expiration: 5/1/2026; Exercise Price: $9.50   $ 24,459,100       27,700     $ 41,550  
C3.Ai, Inc., Expiration: 5/8/2026; Exercise Price: $9.50     706,400       800       11,200  
C3.Ai, Inc., Expiration: 5/15/2026; Exercise Price: $9.01     25,165,500       28,500       1,285,065  
                      1,337,815  
                         
TOTAL PURCHASED OPTIONS (Cost $2,736,349)                     1,337,815  
                         
SHORT-TERM INVESTMENTS - 101.6%            
Money Market Funds - 7.5%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     1,873,078       1,873,078  

 

    Principal        
U.S. Treasury Bills - 94.1%   Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)     21,198,000       21,051,632  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     651,000       644,721  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     2,000,000       1,975,174  
              23,671,527  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $25,532,765)             25,544,605  
                 
TOTAL INVESTMENTS - 106.9% (Cost $28,269,114)           $ 26,882,420  
Liabilities in Excess of Other Assets - (6.9)%             (1,742,480 )
TOTAL NET ASSETS - 100.0%           $ 25,139,940  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 5

 

YieldMax AI Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (8.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.9)%                        
C3.Ai, Inc., Expiration: 5/1/2026; Exercise Price: $9.00   $ (24,459,100 )     (27,700 )   $ (193,900 )
C3.Ai, Inc., Expiration: 5/8/2026; Exercise Price: $9.00     (706,400 )     (800 )     (26,400 )
                      (220,300 )
                         
Put Options - (7.1)%                        
C3.Ai, Inc., Expiration: 5/15/2026; Exercise Price: $9.01     (25,165,500 )     (28,500 )     (1,790,940 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $4,419,622)                     (2,011,240 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 6

 

YieldMax AMD Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

    Notional              
PURCHASED OPTIONS - 7.2%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 7.2%                        
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $372.50   $ 76,215,350       2,150     $ 112,875  
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $370.00     121,767,315       3,435       250,755  
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $365.00     35,449,000       1,000       136,000  
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $372.50     4,431,125       125       138,125  
Advanced Micro Devices, Inc., Expiration: 5/15/2026; Exercise Price: $350.00     237,862,790       6,710       16,288,525  
                      16,926,280  
                         
TOTAL PURCHASED OPTIONS (Cost $18,940,322)                     16,926,280  
                         
SHORT-TERM INVESTMENTS - 58.9%            
Money Market Funds - 4.2%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     9,814,637       9,814,637  

 

    Principal        
U.S. Treasury Bills - 54.7%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)     24,192,000       24,165,605  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     15,614,000       15,550,072  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     33,263,000       33,033,326  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     19,617,000       19,427,772  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     36,810,000       36,353,071  
              128,529,846  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $138,350,407)             138,344,483  
                 
TOTAL INVESTMENTS - 66.1% (Cost $157,290,729)           $ 155,270,763  
Other Assets in Excess of Liabilities - 33.9%             79,611,722  
TOTAL NET ASSETS - 100.0%           $ 234,882,485  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

 7

 

YieldMax AMD Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (8.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.3)%                        
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $357.50   $ (76,215,350 )     (2,150 )   $ (731,000 )
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $355.00     (121,767,315 )     (3,435 )     (1,528,575 )
Advanced Micro Devices, Inc., Expiration: 5/1/2026; Exercise Price: $350.00     (35,449,000 )     (1,000 )     (727,500 )
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $360.00     (4,431,125 )     (125 )     (194,063 )
                      (3,181,138 )
                         
Put Options - (6.7)%                        
Advanced Micro Devices, Inc., Expiration: 5/15/2026; Exercise Price: $350.01     (237,862,790 )     (6,710 )     (15,656,010 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $20,155,307)                     (18,837,148 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

  

 8

 

YieldMax AMZN Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 21.1%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 21.1%                        
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $277.50   $ 66,265,000       2,500     $ 33,750  
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $272.50     171,626,350       6,475       265,475  
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $270.00     13,253,000       500       38,750  
Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $210.00     251,144,350       9,475       53,012,625  
                      53,350,600  
                         
TOTAL PURCHASED OPTIONS (Cost $17,446,982)                     53,350,600  
                         
SHORT-TERM INVESTMENTS - 80.9%            
Money Market Funds - 3.4%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     8,684,919       8,684,919  

 

    Principal        
U.S. Treasury Bills - 77.5%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)     11,156,000       11,143,828  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     17,248,000       17,177,381  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     58,929,000       58,522,108  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     55,703,000       55,165,683  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     54,163,000       53,490,664  
              195,499,664  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $204,162,378)             204,184,583  
                 
TOTAL INVESTMENTS - 102.0% (Cost $221,609,360)           $ 257,535,183  
Liabilities in Excess of Other Assets - (2.0)%             (5,165,420 )
TOTAL NET ASSETS - 100.0%           $ 252,369,763  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

 9

 

YieldMax AMZN Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (1.2)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.1)%                        
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $267.50   $ (108,409,540 )     (4,090 )   $ (588,960 )
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $262.50     (129,481,810 )     (4,885 )     (1,966,212 )
Amazon.com, Inc., Expiration: 5/1/2026; Exercise Price: $260.00     (13,253,000 )     (500 )     (295,000 )
                      (2,850,172 )
                         
Put Options - (0.1)%                        
Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $210.01     (251,144,350 )     (9,475 )     (91,434 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $19,632,392)                     (2,941,606 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 10

 

YieldMax BABA Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

    Notional              
PURCHASED OPTIONS - 1.6%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 1.6%                        
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $139.00   $ 4,615,800       350     $ 1,225  
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $138.00     4,220,160       320       1,120  
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $137.00     5,275,200       400       2,600  
Alibaba Group Holding Ltd., Expiration: 5/8/2026; Exercise Price: $136.00     3,956,400       300       45,150  
Alibaba Group Holding Ltd., Expiration: 5/15/2026; Exercise Price: $145.00     18,067,560       1,370       226,050  
                      276,145  
                         
TOTAL PURCHASED OPTIONS (Cost $1,402,150)                     276,145  
                         
SHORT-TERM INVESTMENTS - 108.8%            
Money Market Funds - 7.1%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     1,265,614       1,265,614  

 

    Principal        
U.S. Treasury Bills - 101.7%   Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     3,768,000       3,741,983  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)     10,184,000       10,085,764  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     4,452,000       4,396,736  
              18,224,483  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $19,488,180)             19,490,097  
                 
TOTAL INVESTMENTS - 110.4% (Cost $20,890,330)           $ 19,766,242  
Liabilities in Excess of Other Assets - (10.4)%             (1,858,809 )
TOTAL NET ASSETS - 100.0%           $ 17,907,433  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 11

 

YieldMax BABA Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (11.8)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.7)%                        
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $135.00   $ (4,615,800 )     (350 )   $ (7,875 )
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $134.00     (4,220,160 )     (320 )     (12,000 )
Alibaba Group Holding Ltd., Expiration: 5/1/2026; Exercise Price: $133.00     (5,275,200 )     (400 )     (25,400 )
Alibaba Group Holding Ltd., Expiration: 5/8/2026; Exercise Price: $132.00     (3,956,400 )     (300 )     (91,050 )
                      (136,325 )
                         
Put Options - (11.1)%                        
                         
Alibaba Group Holding Ltd., Expiration: 5/15/2026; Exercise Price: $145.01 (18,067,560)             (1,370 )     (1,982,020 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $2,090,734)                     (2,118,345 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

  

 12

 

YieldMax Bitcoin Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

    Notional              
PURCHASED OPTIONS - 9.6%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 9.6%                        
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $45.50   $ 12,692,760       2,930     $ 67,390  
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $44.50     30,410,640       7,020       333,450  
iShares Bitcoin Trust ETF, Expiration: 5/15/2026; Exercise Price: $40.00     43,103,400       9,950       3,756,125  
                      4,156,965  
                         
TOTAL PURCHASED OPTIONS (Cost $3,976,015)                     4,156,965  
                         
SHORT-TERM INVESTMENTS - 81.4%            
Money Market Funds - 5.5%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     2,397,130       2,397,130  

 

    Principal        
U.S. Treasury Bills - 75.9%   Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     10,721,000       10,646,974  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)     12,257,000       12,138,768  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     10,390,000       10,261,027  
              33,046,769  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $35,438,909)             35,443,899  
                 
TOTAL INVESTMENTS - 91.0% (Cost $39,414,924)           $ 39,600,864  
Other Assets in Excess of Liabilities - 9.0%             3,921,997  
TOTAL NET ASSETS - 100.0%           $ 43,522,861  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 13

 

YieldMax Bitcoin Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (2.8)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.9)%                        
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $44.00   $ (12,692,760 )     (2,930 )   $ (193,380 )
iShares Bitcoin Trust ETF, Expiration: 5/8/2026; Exercise Price: $43.50     (30,410,640 )     (7,020 )     (621,270 )
                      (814,650 )
                         
Put Options - (0.9)%                        
iShares Bitcoin Trust ETF, Expiration: 5/15/2026; Exercise Price: $40.01     (43,103,400 )     (9,950 )     (382,976 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $4,374,119)                     (1,197,626 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 14

 

YieldMax BRK.B Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

    Notional              
PURCHASED OPTIONS - 0.8%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 0.8%                        
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $477.50   $ 7,246,080       153     $ 12,164  
Berkshire Hathaway, Inc., Expiration: 5/15/2026; Exercise Price: $490.00     7,246,080       153       42,228  
                      54,392  
                         
TOTAL PURCHASED OPTIONS (Cost $237,207)                     54,392  
                         
SHORT-TERM INVESTMENTS - 96.9%            
Money Market Funds - 4.7%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     333,050       333,050  

 

    Principal        
U.S. Treasury Bills - 92.2%   Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)     4,999,000       4,964,483  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     1,664,000       1,643,344  
              6,607,827  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $6,939,682)             6,940,877  
                 
TOTAL INVESTMENTS - 97.7% (Cost $7,176,889)           $ 6,995,269  
Other Assets in Excess of Liabilities - 2.3%             163,862  
TOTAL NET ASSETS - 100.0%           $ 7,159,131  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 15

 

YieldMax BRK.B Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (4.5)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.8)%                        
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $472.50   $ (5,825,280 )     (123 )   $ (39,237 )
Berkshire Hathaway, Inc., Expiration: 5/1/2026; Exercise Price: $470.00   $ (1,420,800 )     (30 )   $ (15,675 )
                      (54,912 )
                         
Put Options - (3.7)%                        
Berkshire Hathaway, Inc., Expiration: 5/15/2026; Exercise Price: $490.01     (7,246,080 )     (153 )     (266,621 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $363,692)                     (321,533 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 16

 

YieldMax COIN Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 13.3%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 13.3%                        
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $205.00   $ 61,964,100       3,300     $ 1,270,500  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $202.50     35,864,070       1,910       854,725  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $200.00     9,388,500       500       256,250  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $197.50     85,529,235       4,555       2,641,900  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $195.00     98,203,710       5,230       3,504,100  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $190.00     18,777,000       1,000       872,500  
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.00     188,802,735       10,055       11,412,425  
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $170.00     205,420,380       10,940       32,163,600  
                      52,976,000  
                         
TOTAL PURCHASED OPTIONS (Cost $58,782,448)                     52,976,000  
                         
SHORT-TERM INVESTMENTS - 96.8%            
Money Market Funds - 4.9%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     19,428,357       19,428,357  

 

    Principal        
U.S. Treasury Bills - 91.9%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)     12,598,000       12,584,255  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     94,702,000       94,314,260  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)     139,943,000       138,976,723  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     93,467,000       92,565,407  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     27,997,000       27,649,468  
              366,090,113  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $385,411,295)             385,518,470  
                 
TOTAL INVESTMENTS - 110.1% (Cost $444,193,743)           $ 438,494,470  
Liabilities in Excess of Other Assets - (10.1)%             (40,256,179 )
TOTAL NET ASSETS - 100.0%           $ 398,238,291  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 17

 

YieldMax COIN Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (10.3)%(a)(b)   Amount     Contracts     Value  
Call Options - (4.0)%                        
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $195.00   $ (56,331,000 )     (3,000 )   $ (2,010,000 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $192.50     (35,864,070 )     (1,910 )     (1,508,900 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $190.00     (9,388,500 )     (500 )     (436,250 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $187.50     (85,529,235 )     (4,555 )     (4,520,837 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $185.00     (103,836,810 )     (5,530 )     (6,179,775 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $182.50     (18,777,000 )     (1,000 )     (1,242,500 )
                      (15,898,262 )
                         
Put Options - (6.3)%                        
                         
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.01     (188,802,735 )     (10,055 )     (13,134,445 )
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $170.01     (205,420,380 )     (10,940 )     (11,972,517 )
                      (25,106,962 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $59,806,901)                     (41,005,224 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 18

 

YieldMax CVNA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 19.6%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 19.6%                        
Carvana Co., Expiration: 5/1/2026; Exercise Price: $430.00   $ 5,937,000       150     $ 4,800  
Carvana Co., Expiration: 5/1/2026; Exercise Price: $425.00     3,364,300       85       4,718  
Carvana Co., Expiration: 5/1/2026; Exercise Price: $420.00     791,600       20       1,560  
Carvana Co., Expiration: 5/8/2026; Exercise Price: $412.50     4,551,700       115       106,662  
Carvana Co., Expiration: 5/8/2026; Exercise Price: $405.00     4,551,700       115       143,462  
Carvana Co., Expiration: 5/8/2026; Exercise Price: $400.00     4,551,700       115       168,475  
Carvana Co., Expiration: 5/15/2026; Exercise Price: $330.01     23,748,000       600       4,226,760  
                      4,656,437  
                         
TOTAL PURCHASED OPTIONS (Cost $3,023,434)                     4,656,437  
                         
SHORT-TERM INVESTMENTS - 80.1%            
Money Market Funds - 3.7%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     870,772       870,772  

 

    Principal        
U.S. Treasury Bills - 76.4%   Amount     Value  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     1,234,000       1,228,948  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     3,182,000       3,160,029  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)     6,527,000       6,464,040  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)     7,412,000       7,319,993  
              18,173,010  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $19,045,425)             19,043,782  
                 
TOTAL INVESTMENTS - 99.7% (Cost $22,068,859)           $ 23,700,219  
Other Assets in Excess of Liabilities - 0.3%             62,016  
TOTAL NET ASSETS - 100.0%           $ 23,762,235  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 19

 

 

YieldMax CVNA Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.8)%(a)(b)   Amount     Contracts     Value  
Call Options - (3.0)%                        
Carvana Co., Expiration: 5/1/2026; Exercise Price: $415.00   $ (5,937,000 )     (150 )   $ (20,325 )
Carvana Co., Expiration: 5/1/2026; Exercise Price: $410.00     (3,364,300 )     (85 )     (20,528 )
Carvana Co., Expiration: 5/1/2026; Exercise Price: $405.00     (791,600 )     (20 )     (6,810 )
Carvana Co., Expiration: 5/8/2026; Exercise Price: $397.50     (4,551,700 )     (115 )     (180,837 )
Carvana Co., Expiration: 5/8/2026; Exercise Price: $390.00     (4,551,700 )     (115 )     (221,087 )
Carvana Co., Expiration: 5/8/2026; Exercise Price: $385.00     (4,551,700 )     (115 )     (256,163 )
                      (705,750 )
Put Options - (0.8)%                        
Carvana Co., Expiration: 5/15/2026; Exercise Price: $330.01     (23,748,000 )     (600 )     (201,978 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $3,400,793)                     (907,728 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

  

 20

 

YieldMax DIS Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 1.6%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 1.6%                        
Walt Disney Co., Expiration: 5/1/2026; Exercise Price: $106.00   $ 5,104,500       492     $ 3,690  
Walt Disney Co., Expiration: 5/15/2026; Exercise Price: $110.00     5,104,500       492       76,752  
                      80,442  
                         
TOTAL PURCHASED OPTIONS (Cost $220,259)                     80,442  
                         
SHORT-TERM INVESTMENTS - 104.1%                        
Money Market Funds - 2.4%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             123,007       123,007  
                         
              Principal          
U.S. Treasury Bills - 101.7%             Amount       Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)           $ 821,000       815,331  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             1,841,000       1,823,242  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)             2,512,000       2,480,818  
                      5,119,391  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $5,242,940)                     5,242,398  
                         
TOTAL INVESTMENTS - 105.7% (Cost $5,463,199)                   $ 5,322,840  
Liabilities in Excess of Other Assets - (5.7)%                     (286,032 )
TOTAL NET ASSETS - 100.0%                   $ 5,036,808  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 21

 

YieldMax DIS Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (8.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.5)%                        
Walt Disney Co., Expiration: 5/1/2026; Exercise Price: $104.00   $ (5,104,500 )     (492 )   $ (23,862 )
                         
Put Options - (7.5)%                        
Walt Disney Co., Expiration: 5/15/2026; Exercise Price: $110.01     (5,104,500 )     (492 )     (380,006 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $509,880)                     (403,868 )

 

Percentages are stated as a percent of net assets.

                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

  

 22

 

YieldMax DKNG Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 3.6%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 3.6%                        
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $25.00   $ 897,820       385     $ 770  
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $24.50     1,609,080       690       1,725  
DraftKings, Inc., Expiration: 5/15/2026; Exercise Price: $25.00     2,623,500       1,125       91,688  
                      94,183  
                         
TOTAL PURCHASED OPTIONS (Cost $294,216)                     94,183  
                         
SHORT-TERM INVESTMENTS - 66.8%                        
Money Market Funds - 17.2%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             450,185       450,185  
                         
              Principal          
U.S. Treasury Bills - 49.6%             Amount       Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)           $ 677,000       672,325  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             631,000       624,913  
                      1,297,238  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $1,747,153)                     1,747,423  
                         
TOTAL INVESTMENTS - 70.4% (Cost $2,041,369)                   $ 1,841,606  
Other Assets in Excess of Liabilities - 29.6%                     773,166  
TOTAL NET ASSETS - 100.0%                   $ 2,614,772  

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 

 23

 

YieldMax DKNG Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (12.3)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.6)%                        
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $23.50   $ (897,820 )     (385 )   $ (8,855 )
DraftKings, Inc., Expiration: 5/1/2026; Exercise Price: $23.00     (1,609,080 )     (690 )     (33,810 )
                      (42,665 )
Put Options - (10.7)%                        
DraftKings, Inc., Expiration: 5/15/2026; Exercise Price: $25.01     (2,623,500 )     (1,125 )     (278,899 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $362,779)                     (321,564 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 

 24

 

YieldMax Gold Miners Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

    Notional              
PURCHASED OPTIONS - 3.0%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 3.0%                        
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $94.00   $ 18,761,625       2,125     $ 4,250  
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $93.00     13,243,500       1,500       7,500  
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $94.00     67,762,575       7,675       234,088  
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $93.00     180,994,500       20,500       963,500  
VanEck Gold Miners ETF, Expiration: 5/15/2026; Exercise Price: $90.00     280,762,200       31,800       7,441,200  
                      8,650,538  
                         
TOTAL PURCHASED OPTIONS (Cost $45,515,996)                     8,650,538  
                         
SHORT-TERM INVESTMENTS - 101.3%                        
Money Market Funds - 4.6%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             12,858,349       12,858,349  
                         
              Principal          
U.S. Treasury Bills - 96.7%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 32,984,000       32,948,013  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             45,883,000       45,695,141  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             72,146,000       71,647,847  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             65,928,000       65,292,051  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             58,077,000       57,356,079  
                      272,939,131  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $285,823,964)                     285,797,480  
                         
TOTAL INVESTMENTS - 104.3% (Cost $331,339,960)                   $ 294,448,018  
Liabilities in Excess of Other Assets - (4.3)%                     (12,236,792 )
TOTAL NET ASSETS - 100.0%                   $ 282,211,226  

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 25

 

YieldMax Gold Miners Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (5.7)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.4)%                        
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $91.00   $ (13,243,500 )     (1,500 )   $ (16,500 )
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $90.00     (18,761,625 )     (2,125 )     (53,125 )
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $90.00     (191,368,575 )     (21,675 )     (2,904,450 )
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $89.50     (57,388,500 )     (6,500 )     (919,750 )
                      (3,893,825 )
Put Options - (4.3)%                        
VanEck Gold Miners ETF, Expiration: 5/15/2026; Exercise Price: $90.01     (280,762,200 )     (31,800 )     (12,282,432 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $18,324,251)                     (16,176,257 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 26

 

YieldMax GOOGL Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 21.6%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 21.6%                        
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $395.00   $ 76,960,000       2,000     $ 740,000  
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $382.50     185,473,600       4,820       4,277,750  
Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $310.00     267,436,000       6,950       52,594,125  
                      57,611,875  
                         
TOTAL PURCHASED OPTIONS (Cost $15,329,147)                     57,611,875  
                         
SHORT-TERM INVESTMENTS - 84.5%                        
Money Market Funds - 4.1%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             10,881,545       10,881,545  
                         
              Principal          
U.S. Treasury Bills - 80.4%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 23,029,000       23,003,874  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             44,859,000       44,675,333  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             47,142,000       46,816,495  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             51,432,000       50,935,881  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             49,651,000       49,034,673  
                      214,466,256  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $225,358,601)                     225,347,801  
                         
TOTAL INVESTMENTS - 106.1% (Cost $240,687,748)                   $ 282,959,676  
Liabilities in Excess of Other Assets - (6.1)%                     (16,234,369 )
TOTAL NET ASSETS - 100.0%                   $ 266,725,307  

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

 27

 

YieldMax GOOGL Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.1)%(a)(b)   Amount     Contracts     Value  
Call Options - (3.1)%                        
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $387.50   $ (38,480,000 )     (1,000 )   $ (632,500 )
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $380.00     (38,480,000 )     (1,000 )     (1,020,000 )
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $375.00     (185,473,600 )     (4,820 )     (6,531,100 )
                      (8,183,600 )
Put Options - 0.0%(c)                        
Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $310.01     (267,436,000 )     (6,950 )     (95,910 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $16,507,812)                     (8,279,510 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

(c) Does not round to 0.1% or (0.1)%, as applicable.

 

 

 28

 

YieldMax HOOD Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 11.5%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 11.5%                        
Robinhood Markets, Inc., Expiration: 5/1/2026; Exercise Price: $76.00   $ 5,102,300       700     $ 11,550  
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $81.00     43,734,000       6,000       240,000  
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $80.00     32,508,940       4,460       223,000  
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $79.00     14,723,780       2,020       130,290  
Robinhood Markets, Inc., Expiration: 6/18/2026; Exercise Price: $70.00     105,909,170       14,530       11,587,675  
                      12,192,515  
                         
TOTAL PURCHASED OPTIONS (Cost $12,655,377)                     12,192,515  
                         
SHORT-TERM INVESTMENTS - 99.3%                        
Money Market Funds - 7.3%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             7,755,141       7,755,141  
                         
              Principal          
U.S. Treasury Bills - 92.0%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 11,376,000       11,363,588  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)(g)             37,124,000       36,972,003  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             23,262,000       23,101,381  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             13,702,000       13,569,829  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             12,251,000       12,098,926  
                      97,105,727  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $104,852,764)                     104,860,868  
                         
TOTAL INVESTMENTS - 110.8% (Cost $117,508,141)                   $ 117,053,383  
Liabilities in Excess of Other Assets - (10.8)%                     (11,394,943 )
TOTAL NET ASSETS - 100.0%                   $ 105,658,440  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 29

 

YieldMax HOOD Option Income Strategy ETF

 Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (8.2)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.9)%                        
Robinhood Markets, Inc., Expiration: 5/1/2026; Exercise Price: $73.00   $ (5,102,300 )     (700 )   $ (65,450 )
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $76.00     (43,734,000 )     (6,000 )     (792,000 )
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $75.00     (32,508,940 )     (4,460 )     (742,590 )
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $74.00     (14,723,780 )     (2,020 )     (416,120 )
                      (2,016,160 )
Put Options - (6.3)%                        
Robinhood Markets, Inc., Expiration: 6/18/2026; Exercise Price: $70.01     (105,909,170 )     (14,530 )     (6,687,868 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $14,107,671)                     (8,704,028 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

  

 30

 

YieldMax Innovation Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 10.9%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 10.9%                        
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $81.00   $ 18,960,000       2,500     $ 12,500  
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $80.00     18,201,600       2,400       8,400  
ARK Innovation ETF, Expiration: 5/8/2026; Exercise Price: $78.00     15,168,000       2,000       171,000  
ARK Innovation ETF, Expiration: 6/18/2026; Exercise Price: $70.00     52,329,600       6,900       5,520,000  
                      5,711,900  
                         
TOTAL PURCHASED OPTIONS (Cost $3,858,307)                     5,711,900  
                         
SHORT-TERM INVESTMENTS - 91.6%                        
Money Market Funds - 3.1%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             1,623,697       1,623,697  
                         
              Principal          
U.S. Treasury Bills - 88.5%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 1,164,000       1,162,730  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             5,017,000       4,996,459  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             14,117,000       14,019,525  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             17,658,000       17,487,669  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             8,687,000       8,579,166  
                      46,245,549  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $47,859,023)                     47,869,246  
                         
TOTAL INVESTMENTS - 102.5% (Cost $51,717,330)                   $ 53,581,146  
Liabilities in Excess of Other Assets - (2.5)%                     (1,321,778 )
TOTAL NET ASSETS - 100.0%                   $ 52,259,368  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

  

 31

 

YieldMax Innovation Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.9)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.0)%                        
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $78.00   $ (18,960,000 )     (2,500 )   $ (17,500 )
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $77.50     (15,168,000 )     (2,000 )     (31,000 )
ARK Innovation ETF, Expiration: 5/1/2026; Exercise Price: $77.00     (3,033,600 )     (400 )     (8,000 )
ARK Innovation ETF, Expiration: 5/8/2026; Exercise Price: $75.00     (15,168,000 )     (2,000 )     (452,000 )
                      (508,500 )
Put Options - (2.9)%                        
ARK Innovation ETF, Expiration: 6/18/2026; Exercise Price: $70.01     (52,329,600 )     (6,900 )     (1,527,384 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $4,830,992)                     (2,035,884 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 32

 

YieldMax JP Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 8.1%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 8.1%                        
JPMorgan Chase & Co, Expiration: 5/1/2026; Exercise Price: $325.00   $ 4,698,450       150     $ 300  
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $322.50     5,794,755       185       19,055  
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $320.00     12,215,970       390       63,570  
JPMorgan Chase & Co, Expiration: 5/15/2026; Exercise Price: $290.00     33,202,380       1,060       2,594,350  
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $322.50     3,132,300       100       100  
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $317.50     8,770,440       280       5,740  
JPMorgan Chase & Co., Expiration: 5/15/2026; Exercise Price: $290.01     7,674,135       245       599,552  
                      3,282,667  
                         
TOTAL PURCHASED OPTIONS (Cost $2,068,788)                     3,282,667  
                         
SHORT-TERM INVESTMENTS - 89.6%                        
Money Market Funds - 2.4%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             992,133       992,133  
                         
              Principal          
U.S. Treasury Bills - 87.2%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 5,882,000       5,875,583  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             5,519,000       5,496,404  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             8,920,000       8,858,409  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             10,133,000       10,035,256  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             5,123,000       5,059,407  
                      35,325,059  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $36,311,662)                     36,317,192  
                         
TOTAL INVESTMENTS - 97.7% (Cost $38,380,450)                   $ 39,599,859  
Other Assets in Excess of Liabilities - 2.3%                     940,201  
TOTAL NET ASSETS - 100.0%                   $ 40,540,060  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

  

 33

 

YieldMax JP Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (0.9)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.7)%                        
JPMorgan Chase & Co, Expiration: 5/8/2026; Exercise Price: $315.00   $ (12,215,970 )     (390 )   $ (139,425 )
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $315.00     (3,132,300 )     (100 )     (7,300 )
JPMorgan Chase & Co., Expiration: 5/1/2026; Exercise Price: $312.50     (13,468,890 )     (430 )     (93,310 )
JPMorgan Chase & Co., Expiration: 5/8/2026; Exercise Price: $317.50     (5,794,755 )     (185 )     (46,527 )
                      (286,562 )
Put Options - (0.2)%                        
JPMorgan Chase & Co., Expiration: 5/15/2026; Exercise Price: $290.01     (40,876,515 )     (1,305 )     (87,566 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $2,507,155)                     (374,128 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 

 34

 

YieldMax Magnificent 7 Fund of Option Income ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

EXCHANGE TRADED FUNDS - 98.1%   Shares     Value  
YieldMax AAPL Option Income Strategy ETF(a)     3,733,904     $ 44,548,462  
Yieldmax AMZN Option Income ETF(a)     3,623,085       45,252,332  
YieldMax GOOGL Option Income Strategy ETF(a)     3,184,711       49,203,785  
Yieldmax META Option Income Strategy ETF(a)     4,003,835       40,558,849  
YieldMax MSFT Option Income Strategy ETF(a)     3,554,585       43,472,574  
YieldMax NVDA Option Income Strategy ETF(a)     3,221,047       43,355,293  
Yieldmax TSLA Option Income ETF(a)     1,488,887       43,669,041  
              310,060,336  
                 
TOTAL EXCHANGE TRADED FUNDS (Cost $356,799,477)             310,060,336  
                 
SHORT-TERM INVESTMENTS - 0.5%                
Money Market Funds - 0.5%     Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(b)     1,566,392       1,566,392  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $1,566,392)             1,566,392  
                 
TOTAL INVESTMENTS - 98.6% (Cost $358,365,869)           $ 311,626,728  
Other Assets in Excess of Liabilities - 1.4%             4,278,381  
TOTAL NET ASSETS - 100.0%           $ 315,905,109  

 

Percentages are stated as a percent of net assets.

 

(a) Affiliated company as defined by the Investment Company Act of 1940. See Note X.

(b) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

 

 35

 

YieldMax MARA Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 10.7%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 10.7%                        
MARA Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $13.50   $ 26,857,600       22,400     $ 33,600  
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $14.00     2,278,100       1,900       23,750  
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $12.50     11,990,000       10,000       460,000  
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $12.00     26,324,045       21,955       1,470,985  
MARA Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $12.01     67,449,745       56,255       5,062,950  
                      7,051,285  
                         
TOTAL PURCHASED OPTIONS (Cost $6,564,393)                     7,051,285  
                         
SHORT-TERM INVESTMENTS - 87.1%                        
Money Market Funds - 5.5%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             3,602,160       3,602,160  
                         
              Principal          
U.S. Treasury Bills - 81.6%             Amount       Value  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)           $ 3,394,000       3,380,104  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             27,974,000       27,780,846  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             10,963,000       10,857,250  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             12,024,000       11,874,744  
                      53,892,944  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $57,484,536)                     57,495,104  
                         
TOTAL INVESTMENTS - 97.8% (Cost $64,048,929)                   $ 64,546,389  
Other Assets in Excess of Liabilities - 2.2%                     1,483,251  
TOTAL NET ASSETS - 100.0%                   $ 66,029,640  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

  

 36

 

YieldMax MARA Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (13.1)%(a)(b)   Amount     Contracts     Value  
Call Options - (5.7)%                        
MARA Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $12.50   $ (26,857,600 )     (22,400 )   $ (145,600 )
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $13.00     (2,278,100 )     (1,900 )     (56,050 )
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $11.50     (17,985,000 )     (15,000 )     (1,387,500 )
MARA Holdings, Inc., Expiration: 5/8/2026; Exercise Price: $11.00     (20,329,045 )     (16,955 )     (2,136,330 )
                      (3,725,480 )
Put Options - (7.4)%                        
MARA Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $12.01     (67,449,745 )     (56,255 )     (4,908,249 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $7,810,971)                     (8,633,729 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 37

 

YieldMax META Option Income Strategy ETF 

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 10.0%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 10.0%                        
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $647.50   $ 28,147,860       460     $ 156,400  
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $637.50     27,535,950       450       208,125  
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $635.00     9,178,650       150       84,750  
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $632.50     36,714,600       600       372,000  
Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.01     16,215,615       265       1,503,973  
Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.00     85,361,445       1,395       8,045,662  
                      10,370,910  
                         
TOTAL PURCHASED OPTIONS (Cost $9,514,520)                     10,370,910  
                         
SHORT-TERM INVESTMENTS - 89.9%                        
Money Market Funds - 3.4%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             3,531,371       3,531,371  
                         
              Principal          
U.S. Treasury Bills - 86.5%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 15,378,000       15,361,222  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             10,463,000       10,420,161  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             20,035,000       19,896,663  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             27,128,000       26,866,320  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             16,751,000       16,543,067  
                      89,087,433  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $92,606,767)                     92,618,804  
                         
TOTAL INVESTMENTS - 99.9% (Cost $102,121,287)                   $ 102,989,714  
Other Assets in Excess of Liabilities - 0.1%                     68,768  
TOTAL NET ASSETS - 100.0%                   $ 103,058,482  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

  

 38

 

YieldMax META Option Income Strategy ETF 

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.4)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.6)%                        
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $630.00   $ (28,147,860 )     (460 )   $ (301,300 )
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $620.00     (27,535,950 )     (450 )     (450,000 )
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $617.50     (9,178,650 )     (150 )     (168,750 )
Meta Platforms, Inc., Expiration: 5/8/2026; Exercise Price: $615.00     (36,714,600 )     (600 )     (727,500 )
                      (1,647,550 )
Put Options - (1.8)%                        
                         
Meta Platforms, Inc., Expiration: 6/18/2026; Exercise Price: $570.01     (101,577,060 )     (1,660 )     (1,899,355 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $7,321,081)                     (3,546,905 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 39

 

YieldMax MRNA Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 3.4%(a)(b)(c)(d)   Notional
Amount		   Contracts   Value  
Call Options - 3.4%                        
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $56.00   $ 39,554,340       8,610     $ 51,660  
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $55.00     45,940,000       10,000       95,000  
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $51.00     1,378,200       300       11,550  
Moderna, Inc., Expiration: 5/15/2026; Exercise Price: $50.00     86,872,540       18,910       2,836,500  
                      2,994,710  
                         
TOTAL PURCHASED OPTIONS (Cost $15,130,973)                     2,994,710  
                         
SHORT-TERM INVESTMENTS - 104.5%                        
Money Market Funds - 6.3%             Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)             5,512,324       5,512,324  
                         
              Principal        
U.S. Treasury Bills - 98.2%             Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)             10,602,000       10,590,433  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             21,790,000       21,700,785  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             23,782,000       23,617,790  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             19,515,000       19,326,756  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             10,605,000       10,473,358  
                      85,709,122  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $91,215,558)                     91,221,446  
                         
TOTAL INVESTMENTS - 107.9% (Cost $106,346,531)                   $ 94,216,156  
Liabilities in Excess of Other Assets - (7.9)%                     (6,887,778 )
TOTAL NET ASSETS - 100.0%                   $ 87,328,378  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

  

 40

 

 

YieldMax MRNA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

  Notional          
WRITTEN OPTIONS - (12.3)%(a)(b) Amount Contracts     Value  
Call Options - (0.5)%            
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $54.00 $ (22,970,000) (5,000)   $ (70,000)  
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $53.00 (22,970,000) (5,000)     (90,000)  
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $52.00 (39,554,340) (8,610)     (228,165)  
Moderna, Inc., Expiration: 5/1/2026; Exercise Price: $49.00 (1,378,200) (300)     (22,200)  
          (410,365)  
             
Put Options - (11.8)%            
Moderna, Inc., Expiration: 5/15/2026; Exercise Price: $50.01 (86,872,540) (18,910)     (10,359,654)  
             
TOTAL WRITTEN OPTIONS (Premiums received $13,772,105)         (10,770,019)  

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 41

 

 

YieldMax MSFT Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 4.4%(a)(b)(c)(d)   Notional
Amount		   Contracts   Value  
Call Options - 4.4%                        
Microsoft Corp., Expiration: 5/1/2026; Exercise Price: $440.00   $ 29,156,270       715     $ 3,575  
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $415.00     36,700,200       900       414,000  
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $412.50     32,622,400       800       452,000  
Microsoft Corp., Expiration: 5/15/2026; Exercise Price: $400.00     98,478,870       2,415       3,459,488  
                      4,329,063  
                         
TOTAL PURCHASED OPTIONS (Cost $7,781,995)                     4,329,063  
                         
SHORT-TERM INVESTMENTS - 98.9%                        
Money Market Funds - 2.5%             Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)             2,456,795       2,456,795  
                         
              Principal        
U.S. Treasury Bills - 96.4%             Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)             11,760,000       11,747,169  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             8,253,000       8,219,210  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             30,770,000       30,557,539  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             29,887,000       29,598,707  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             14,260,000       14,082,988  
                      94,205,613  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $96,644,451)                     96,662,408  
                         
TOTAL INVESTMENTS - 103.3% (Cost $104,426,446)                   $ 100,991,471  
Liabilities in Excess of Other Assets - (3.3)%                     (3,192,281 )
TOTAL NET ASSETS - 100.0%                   $ 97,799,190  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 42

 

 

YieldMax MSFT Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

  Notional          
WRITTEN OPTIONS - (2.9)%(a)(b) Amount Contracts     Value  
Call Options - (1.5)%            
Microsoft Corp., Expiration: 5/1/2026; Exercise Price: $425.00 $ (29,156,270) (715)   $ (13,585)  
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $407.50 (36,700,200) (900)     (702,000)  
Microsoft Corp., Expiration: 5/8/2026; Exercise Price: $405.00 (32,622,400) (800)     (726,000)  
          (1,441,585)  
             
Put Options - (1.4)%            
Microsoft Corp., Expiration: 5/15/2026; Exercise Price: $400.01 (98,478,870) (2,415)     (1,427,627)  
             
TOTAL WRITTEN OPTIONS (Premiums received $6,411,200)         (2,869,212)  

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 43

 

 

YieldMax MSTR Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 22.9%(a)(b)(c)(d)   Notional Amount   Contracts   Value  
Call Options - 22.9%                        
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $185.00   $ 240,564,300       14,540     $ 43,620  
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $182.50     206,812,500       12,500       62,500  
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $172.50     99,270,000       6,000       324,000  
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $170.00     57,907,500       3,500       332,500  
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $167.50     41,362,500       2,500       411,250  
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $177.50     297,810,000       18,000       5,580,000  
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $175.00     241,970,625       14,625       5,411,250  
Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $140.00     504,622,500       30,500       83,646,250  
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $130.00     406,014,300       24,540       98,896,200  
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $125.00     333,795,375       20,175       90,283,125  
                      284,990,695  
                         
TOTAL PURCHASED OPTIONS (Cost $146,245,153)                     284,990,695  
                         
SHORT-TERM INVESTMENTS - 52.8%                        
Money Market Funds - 2.1%             Shares      Value  
First American Government Obligations Fund - Class X, 3.58%(e)             26,404,569       26,404,569  
                         
              Principal        
U.S. Treasury Bills - 50.7%             Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)             50,031,000       49,976,413  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             121,688,000       121,189,772  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             169,519,000       168,348,507  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             178,441,000       176,719,738  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             115,589,000       114,154,172  
                      630,388,602  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $656,687,776)                     656,793,171  
                         
TOTAL INVESTMENTS - 75.7% (Cost $802,932,929)                   $ 941,783,866  
Other Assets in Excess of Liabilities - 24.3%                     302,675,180  
TOTAL NET ASSETS - 100.0%                   $ 1,244,459,046  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

 44

 

 

YieldMax MSTR Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

  Notional      
WRITTEN OPTIONS - (3.6)%(a)(b) Amount Contracts   Value
Call Options - (1.8)%        
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $177.50 $ (240,564,300) (14,540) $ (254,450)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $175.00   (206,812,500) (12,500)   (381,250)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $167.50  (82,725,000) (5,000)   (822,500)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $165.00  (57,907,500) (3,500)   (945,000)
Strategy, Inc., Expiration: 5/1/2026; Exercise Price: $162.50  (57,907,500) (3,500)   (1,487,500)
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $170.00   (231,630,000) (14,000)   (7,350,000)
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $167.50   (308,150,625) (18,625)   (11,640,625)
        (22,881,325)
         
Put Options - (1.8)%        
Strategy, Inc., Expiration: 5/15/2026; Exercise Price: $140.01   (504,622,500) (30,500)   (5,419,240)
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $130.01   (406,014,300) (24,540)   (10,071,952)
Strategy, Inc., Expiration: 6/18/2026; Exercise Price: $125.01   (333,795,375) (20,175)   (6,692,048)
        (22,183,240)
         
TOTAL WRITTEN OPTIONS (Premiums received $156,726,931)       (45,064,565)

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 45

 

 

YieldMax NFLX Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 1.9%(a)(b)(c)(d)   Notional
Amount		   Contracts   Value  
Call Options - 1.9%                        
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $98.00   $ 18,722,000       2,000     $ 7,000  
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $97.00     37,069,560       3,960       17,820  
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $93.00     1,872,200       200       19,000  
Netflix, Inc., Expiration: 5/8/2026; Exercise Price: $97.00     16,381,750       1,750       94,500  
Netflix, Inc., Expiration: 5/15/2026; Exercise Price: $95.00     74,045,510       7,910       1,309,105  
                      1,447,425  
                         
TOTAL PURCHASED OPTIONS (Cost $4,641,815)                     1,447,425  
                         
SHORT-TERM INVESTMENTS - 107.6%                        
Money Market Funds - 7.9%             Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)             5,881,785       5,881,785  
                         
              Principal        
U.S. Treasury Bills - 99.7%             Amount     Value  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             9,021,000       8,984,065  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             22,699,000       22,542,268  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             23,574,000       23,346,603  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)             19,156,000       18,918,213  
                      73,791,149  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $79,658,260)                     79,672,934  
                         
TOTAL INVESTMENTS - 109.5% (Cost $84,300,075)                   $ 81,120,359  
Liabilities in Excess of Other Assets - (9.5)%                     (7,062,548 )
TOTAL NET ASSETS - 100.0%                   $ 74,057,811  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 46

 

 

YieldMax NFLX Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

  Notional      
WRITTEN OPTIONS - (3.9)%(a)(b) Amount Contracts   Value
Call Options - (0.8)%        
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $95.00 $ (18,722,000) (2,000) $ (39,000)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $94.00   (22,747,230) (2,430)   (106,920)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $93.00   (14,322,330) (1,530)   (145,350)
Netflix, Inc., Expiration: 5/1/2026; Exercise Price: $91.00   (1,872,200) (200)   (52,900)
Netflix, Inc., Expiration: 5/8/2026; Exercise Price: $94.00    (16,381,750) (1,750)   (250,250)
        (594,420)
         
Put Options - (3.1)%        
Netflix, Inc., Expiration: 5/15/2026; Exercise Price: $95.01    (74,045,510) (7,910)   (2,262,735)
         
TOTAL WRITTEN OPTIONS (Premiums received $5,247,498)       (2,857,155)

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 47

 

 

YieldMax NVDA Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 4.0%(a)(b)(c)(d)   Notional
Amount		   Contracts   Value  
Call Options - 4.0%                        
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $217.50   $ 113,754,900       5,700     $ 37,050  
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $210.00     99,785,000       5,000       70,000  
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $212.50     731,224,480       36,640       3,334,240  
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $210.00     199,570,000       10,000       1,270,000  
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $200.00     874,316,170       43,810       27,052,675  
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $195.00     515,688,880       25,840       23,385,200  
                      55,149,165  
                         
TOTAL PURCHASED OPTIONS (Cost $58,060,237)                     55,149,165  
                         
SHORT-TERM INVESTMENTS - 98.1%                        
Money Market Funds - 2.7%             Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)             37,643,283       37,643,283  
                         
              Principal        
U.S. Treasury Bills - 95.4%             Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)             302,468,000       302,137,989  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             200,064,000       199,244,876  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             402,865,000       400,083,302  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             210,747,000       208,714,111  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             216,673,000       213,983,397  
                      1,324,163,675  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $1,361,681,175)                     1,361,806,958  
                         
TOTAL INVESTMENTS - 102.1% (Cost $1,419,741,412)                   $ 1,416,956,123  
Liabilities in Excess of Other Assets - (2.1)%                     (29,213,238 )
TOTAL NET ASSETS - 100.0%                   $ 1,387,742,885  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 48

 

 

YieldMax NVDA Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

  Notional      
WRITTEN OPTIONS - (3.6)%(a)(b) Amount Contracts   Value
Call Options - (0.9)%        
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $212.50 $ (113,754,900) (5,700) $ (59,850)
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $205.00 (99,785,000) (5,000)   (192,500)
NVIDIA Corp., Expiration: 5/8/2026; Exercise Price: $205.00   (930,794,480) (46,640)   (11,496,760)
        (11,749,110)
         
Put Options - (2.7)%        
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $200.01   (874,316,170) (43,810)   (27,241,934)
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $195.01   (515,688,880) (25,840)   (10,605,253)
        (37,847,187)
         
TOTAL WRITTEN OPTIONS (Premiums received $150,647,522)       (49,596,297)

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 49

 

 

YieldMax PLTR Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited)

 

    Notional              
PURCHASED OPTIONS - 5.7%(a)(b)(c)(d)   Amount     Contracts     Value   
Call Options - 5.7%                        
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $149.00   $ 13,911,000       1,000     $ 4,500  
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $152.50     80,057,805       5,755       1,432,995  
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $149.00     151,643,811       10,901       3,651,835  
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $148.00     33,386,400       2,400       870,000  
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.00     186,073,536       13,376       5,316,960  
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.00     162,480,480       11,680       8,614,000  
                      19,890,290  
                         
TOTAL PURCHASED OPTIONS (Cost $36,217,236)                     19,890,290  
                         
SHORT-TERM INVESTMENTS - 106.2%                        
Money Market Funds - 4.5%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             15,821,776       15,821,776  
                         
              Principal          
U.S. Treasury Bills - 101.7%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)             19,444,000       19,422,785  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             62,645,000       62,388,512  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             99,457,000       98,770,270  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             130,884,000       129,621,478  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             44,859,000       44,302,157  
                      354,505,202  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $370,329,398)                     370,326,978  
                         
TOTAL INVESTMENTS - 111.9% (Cost $406,546,634)                   $ 390,217,268  
Liabilities in Excess of Other Assets - (11.9)%                     (41,567,936 )
TOTAL NET ASSETS - 100.0%                   $ 348,649,332  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 50

 

 

YieldMax PLTR Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

  Notional      
WRITTEN OPTIONS - (14.4)%(a)(b) Amount Contracts   Value
Call Options - (3.0)%        
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $143.00 $ (13,911,000) (1,000) $ (32,500)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $146.00 (13,911,000) (1,000)   (425,000)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $145.00 (66,146,805) (4,755)   (2,199,187)
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $142.00 (185,030,211) (13,301)   (7,648,075)
        (10,304,762)
         
Put Options - (11.4)%        
Palantir Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $150.01 (186,073,536) (13,376)   (19,560,929)
Palantir Technologies, Inc., Expiration: 6/18/2026; Exercise Price: $150.01 (162,480,480) (11,680)   (20,356,955)
        (39,917,884)
         
TOTAL WRITTEN OPTIONS (Premiums received $43,205,759)       (50,222,646)

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 51

 

 

YieldMax PYPL Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 5.1%(a)(b)(c)(d)   Notional
Amount		   Contracts   Value  
Call Options - 5.1%                        
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $53.00   $ 16,546,200       3,300     $ 6,600  
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $52.00     13,638,080       2,720       4,080  
Paypal Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $50.00     30,184,280       6,020       1,526,070  
                      1,536,750  
                         
TOTAL PURCHASED OPTIONS (Cost $1,147,312)                     1,536,750  
                         
SHORT-TERM INVESTMENTS - 100.4%                        
Money Market Funds - 3.3%             Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)             977,251       977,251  
                         
              Principal        
U.S. Treasury Bills - 97.1%             Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             8,691,000       8,630,991  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             8,709,000       8,624,992  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)             11,916,000       11,768,084  
                      29,024,067  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $29,999,648)                     30,001,318  
                         
TOTAL INVESTMENTS - 105.5% (Cost $31,146,960)                   $ 31,538,068  
Liabilities in Excess of Other Assets - (5.5)%                     (1,656,666 )
TOTAL NET ASSETS - 100.0%                   $ 29,881,402  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 52

 

 

YieldMax PYPL Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

  Notional      
WRITTEN OPTIONS - (5.1)%(a)(b) Amount Contracts   Value
Call Options - (0.6)%        
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $51.00 $ (16,546,200) (3,300) $ (37,950)
Paypal Holdings, Inc., Expiration: 5/1/2026; Exercise Price: $50.00 (13,638,080) (2,720)   (125,120)
        (163,070)
         
Put Options - (4.5)%        
Paypal Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $50.01 (30,184,280) (6,020)   (1,354,921)
         
TOTAL WRITTEN OPTIONS (Premiums received $4,321,906)       (1,517,991)

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 53

 

 

YieldMax RBLX Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 10.5%(a)(b)(c)(d)   Notional Amount   Contracts   Value  
Call Options - 10.5%                        
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $68.00   $ 552,600       100     $ 7,600  
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $67.00     431,028       78       6,084  
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $61.00     381,294       69       13,800  
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $60.00     276,300       50       11,475  
Roblox Corp., Expiration: 5/8/2026; Exercise Price: $56.01     1,641,222       297       133,947  
                      172,906  
                         
TOTAL PURCHASED OPTIONS (Cost $181,012)                     172,906  
                         
SHORT-TERM INVESTMENTS - 105.1%                        
Money Market Funds - 32.2%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)(f)             532,451       532,451  
                         
              Principal          
U.S. Treasury Bills - 72.9%             Amount       Value  
U.S. Treasury Bill, 8/6/2026, 3.63%(g)             165,000       163,408  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)             1,054,000       1,040,917  
                      1,204,325  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $1,736,714)                     1,736,776  
                         
TOTAL INVESTMENTS - 115.6% (Cost $1,917,726)                   $ 1,909,682  
Liabilities in Excess of Other Assets - (15.6)%                     (257,915 )
TOTAL NET ASSETS - 100.0%                   $ 1,651,767  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(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) The rate shown is the annualized effective yield as of April 30, 2026.

 

 54

 

 

YieldMax RBLX Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (12.5)%(a)(b)   Amount     Contracts     Value  
Call Options - (4.6)%                        
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $63.00   $ (552,600 )     (100 )   $ (15,250 )
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $62.00     (431,028 )     (78 )     (13,104 )
Roblox Corp., Expiration: 5/1/2026; Exercise Price: $55.00     (657,594 )     (119 )     (48,493 )
                      (76,847 )
Put Options - (7.9)%                        
Roblox Corp., Expiration: 5/8/2026; Exercise Price: $56.01     (1,641,222 )     (297 )     (130,383 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $215,035)                     (207,230 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 55

 

 

YieldMax Short COIN Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 8.3%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 0.3%                        
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $310.00   $ 28,353,270       1,510     $ 46,055  
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $250.00     6,571,950       350       27,825  
Coinbase Global, Inc., Expiration: 6/18/2026; Exercise Price: $300.00     3,285,975       175       24,500  
                      98,380  
Put Options - 8.0%                        
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $185.00     3,943,170       210       32,655  
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $182.50     13,801,095       735       62,843  
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $180.00     1,877,700       100       4,600  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $175.00     11,266,200       600       259,500  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $167.50     4,037,055       215       51,707  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $162.50     1,877,700       100       17,000  
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $160.00     1,408,275       75       9,788  
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.00     38,211,195       2,035       2,670,937  
                      3,109,030  
TOTAL PURCHASED OPTIONS (Cost $6,109,462)                     3,207,410  
                         
SHORT-TERM INVESTMENTS - 99.1%                        
Money Market Funds - 13.7%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             5,318,569       5,318,569  
                         
              Principal          
U.S. Treasury Bills - 85.4%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)(g)             16,965,000       16,946,490  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             9,916,000       9,847,532  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             3,304,000       3,272,130  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             3,136,000       3,097,072  
                      33,163,224  
TOTAL SHORT-TERM INVESTMENTS (Cost $38,479,154)                     38,481,793  
                         
TOTAL INVESTMENTS - 107.4% (Cost $44,588,616)                   $ 41,689,203  
Liabilities in Excess of Other Assets - (7.4)%                     (2,856,628 )
TOTAL NET ASSETS - 100.0%                   $ 38,832,575  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 56

 

 

YieldMax Short COIN Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (9.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (5.8)%                        
Coinbase Global, Inc., Expiration: 5/15/2026; Exercise Price: $190.02   $ (38,211,195 )     (2,035 )   $ (2,273,197 )
                         
Put Options - (3.2)%                        
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $195.00     (3,473,745 )     (185 )     (161,412 )
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $192.50     (13,801,095 )     (735 )     (431,813 )
Coinbase Global, Inc., Expiration: 5/1/2026; Exercise Price: $190.00     (2,347,125 )     (125 )     (50,000 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $182.50     (11,266,200 )     (600 )     (432,000 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $177.50     (4,037,055 )     (215 )     (108,038 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $172.50     (1,877,700 )     (100 )     (35,500 )
Coinbase Global, Inc., Expiration: 5/8/2026; Exercise Price: $170.00     (1,408,275 )     (75 )     (21,862 )
                      (1,240,625 )
TOTAL WRITTEN OPTIONS (Premiums received $5,490,483)                     (3,513,822 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 57

 

 

YieldMax Short N100 Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

    Notional              
PURCHASED OPTIONS - 0.6%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 0.0%(e)                        
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $900.00   $  17,428,014       261     $ 522  
                         
Put Options - 0.6%                        
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $600.00     2,003,220       30       45  
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $580.00     2,270,316       34       34  
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $600.00     14,022,540       210       82,635  
                      82,714  
TOTAL PURCHASED OPTIONS (Cost $303,820)                     83,236  
                         
SHORT-TERM INVESTMENTS - 99.9%                        
Money Market Funds - 13.0%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(f)             1,826,732       1,826,732  
                         
              Principal          
U.S. Treasury Bills - 86.9%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(g)             1,853,000       1,850,979  
U.S. Treasury Bill, 6/11/2026, 3.57%(g)             1,461,000       1,455,018  
U.S. Treasury Bill, 7/9/2026, 3.63%(g)             3,164,000       3,142,154  
U.S. Treasury Bill, 8/6/2026, 3.63%(g)             2,389,000       2,365,956  
U.S. Treasury Bill, 9/3/2026, 3.64%(g)             3,407,000       3,364,707  
                      12,178,814  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $14,005,204)                     14,005,546  
                         
TOTAL INVESTMENTS - 100.5% (Cost $14,309,024)                   $ 14,088,782  
Liabilities in Excess of Other Assets - (0.5)%                     (64,681 )
TOTAL NET ASSETS - 100.0%                   $ 14,024,101  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) Does not round to 0.1% or (0.1)%, as applicable.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g) The rate shown is the annualized effective yield as of April 30, 2026.

 

 58

 

 

YieldMax Short N100 Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (11.5)%(a)(b)   Amount     Contracts     Value  
Call Options - (11.3)%                        
Invesco QQQ Trust Series 1, Expiration: 6/18/2026; Exercise Price: $600.02   $ (14,022,540 )     (210 )   $ (1,590,750 )
                         
Put Options - (0.2)%                        
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $648.00     (2,670,960 )     (40 )     (420 )
Invesco QQQ Trust Series 1, Expiration: 5/1/2026; Exercise Price: $643.00     (4,006,440 )     (60 )     (420 )
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $655.00     (4,340,310 )     (65 )     (19,793 )
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $648.00     (1,669,350 )     (25 )     (4,800 )
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $645.00     (1,335,480 )     (20 )     (3,150 )
                      (28,583 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $752,743)                     (1,619,333 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 59

 

 

YieldMax Short NVDA Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 1.3%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 0.0%(e)                        
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $280.00   $ 14,887,922       746     $ 1,865  
                         
Put Options - 1.3%                        
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $190.00     7,184,520       360       3,060  
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $185.00     2,195,270       110       385  
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $190.00     9,379,790       470       122,435  
                      125,880  
                         
TOTAL PURCHASED OPTIONS (Cost $717,044)                     127,745  
                         
SHORT-TERM INVESTMENTS - 101.9%                        
Money Market Funds - 18.0%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(f)             1,770,828       1,770,828  
                         
              Principal          
U.S. Treasury Bills - 83.9%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(g)(h)           $ 3,305,000       3,301,394  
U.S. Treasury Bill, 6/11/2026, 3.57%(g)             1,000,000       995,906  
U.S. Treasury Bill, 7/9/2026, 3.63%(g)             1,833,000       1,820,344  
U.S. Treasury Bill, 8/6/2026, 3.63%(g)             1,151,000       1,139,897  
U.S. Treasury Bill, 9/3/2026, 3.64%(g)             995,000       982,649  
                      8,240,190  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $10,010,159)                     10,011,018  
                         
TOTAL INVESTMENTS - 103.2% (Cost $10,727,203)                   $ 10,138,763  
Liabilities in Excess of Other Assets - (3.2)%                     (314,757 )
TOTAL NET ASSETS - 100.0%                   $ 9,824,006  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) Does not round to 0.1% or (0.1)%, as applicable.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g) The rate shown is the annualized effective yield as of April 30, 2026.

(h) 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.

 

 60

 

 

YieldMax Short NVDA Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (6.4)%(a)(b)   Amount     Contracts     Value  
Call Options - (6.0)%                        
NVIDIA Corp., Expiration: 5/15/2026; Exercise Price: $190.02   $ (9,379,790 )     (470 )   $ (587,904 )
                         
Put Options - (0.4)%                        
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $197.50     (7,184,520 )     (360 )     (32,940 )
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $195.00     (2,195,270 )     (110 )     (4,235 )
                      (37,175 )
TOTAL WRITTEN OPTIONS (Premiums received $649,134)                     (625,079 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 61

 

 

YieldMax Short TSLA Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 7.7%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 0.0%(e)                        
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $595.00   $ 19,577,619       513     $ 7,952  
                         
Put Options - 7.7%                        
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $347.50     10,036,869       263       1,183  
Tesla, Inc., Expiration: 5/8/2026; Exercise Price: $355.00     9,540,750       250       33,875  
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.00     19,577,619       513       1,421,010  
                      1,456,068  
TOTAL PURCHASED OPTIONS (Cost $1,783,871)                     1,464,020  
                         
SHORT-TERM INVESTMENTS - 91.8%                        
Money Market Funds - 7.2%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(f)             1,363,664       1,363,664  
                         
              Principal          
U.S. Treasury Bills - 84.6%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(g)(h)           $ 6,115,000       6,108,328  
U.S. Treasury Bill, 6/11/2026, 3.57%(g)             1,528,000       1,521,744  
U.S. Treasury Bill, 7/9/2026, 3.63%(g)             837,000       831,221  
U.S. Treasury Bill, 8/6/2026, 3.63%(g)(h)             4,819,000       4,772,515  
U.S. Treasury Bill, 9/3/2026, 3.64%(g)             2,836,000       2,800,796  
                      16,034,604  
                         
TOTAL SHORT-TERM INVESTMENTS (Cost $17,396,458)                     17,398,268  
                         
TOTAL INVESTMENTS - 99.5% (Cost $19,180,329)                   $ 18,862,288  
Other Assets in Excess of Liabilities - 0.5%                     89,473  
TOTAL NET ASSETS - 100.0%                   $ 18,951,761  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) Does not round to 0.1% or (0.1)%, as applicable.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g) The rate shown is the annualized effective yield as of April 30, 2026.

(h) 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.

 

 62

 

 

YieldMax Short TSLA Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (2.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.3)%                        
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.02   $ (19,577,619 )     (513 )   $ (246,332 )
                         
Put Options - (0.7)%                        
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $367.50     (10,036,869 )     (263 )     (7,364 )
Tesla, Inc., Expiration: 5/8/2026; Exercise Price: $372.50     (9,540,750 )     (250 )     (126,250 )
                      (133,614 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $1,570,915)                     (379,946 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 63

 

 

YieldMax SMCI Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited)  

 

    Notional              
PURCHASED OPTIONS - 4.9%(a)(b)(c)(d)   Amount     Contracts     Value  
Call Options - 4.9%                        
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $29.00   $ 43,840,000       16,000     $ 104,000  
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $29.50     42,294,640       15,436       1,543,600  
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $29.00     20,550,000       7,500       870,000  
Super Micro Computer, Inc., Expiration: 5/15/2026; Exercise Price: $32.00     106,684,640       38,936       2,803,392  
                      5,320,992  
TOTAL PURCHASED OPTIONS (Cost $15,436,764)                     5,320,992  
                         
SHORT-TERM INVESTMENTS - 117.6%                        
Money Market Funds - 3.9%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             4,210,164       4,210,164  
                         
              Principal          
U.S. Treasury Bills - 113.7%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 7,383,000       7,374,945  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             14,691,000       14,630,850  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)             41,788,000       41,499,463  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             44,533,000       44,103,430  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             14,535,000       14,354,574  
                      121,963,262  
TOTAL SHORT-TERM INVESTMENTS (Cost $126,136,903)                     126,173,426  
                         
TOTAL INVESTMENTS - 122.5% (Cost $141,573,667)                   $ 131,494,418  
Liabilities in Excess of Other Assets - (22.5)%                     (24,188,018 )
TOTAL NET ASSETS - 100.0%                   $ 107,306,400  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 64

 

 

YieldMax SMCI Option Income Strategy ETF 

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (23.7)%(a)(b)   Amount     Contracts     Value  
Call Options - (4.5)%                        
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $28.00   $ (30,140,000 )     (11,000 )   $ (242,000 )
Super Micro Computer, Inc., Expiration: 5/1/2026; Exercise Price: $27.00     (13,700,000 )     (5,000 )     (340,000 )
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $27.50     (42,294,640 )     (15,436 )     (2,755,326 )
Super Micro Computer, Inc., Expiration: 5/8/2026; Exercise Price: $27.00     (20,550,000 )     (7,500 )     (1,518,750 )
                      (4,856,076 )
Put Options - (19.2)%                        
Super Micro Computer, Inc., Expiration: 5/15/2026; Exercise Price: $32.01     (106,684,640 )     (38,936 )     (20,599,870 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $21,184,321)                     (25,455,946 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 65

 

 

YieldMax SNOW Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 2.7%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 2.7%                        
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $149.00   $ 4,230,570       310     $ 1,240  
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $147.00     4,435,275       325       1,625  
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $147.00     2,592,930       190       33,345  
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $145.00     5,458,800       400       88,400  
Snowflake, Inc., Expiration: 5/15/2026; Exercise Price: $150.01     16,717,575       1,225       321,685  
                      446,295  
TOTAL PURCHASED OPTIONS (Cost $1,298,370)                     446,295  
                         
SHORT-TERM INVESTMENTS - 107.9%                        
Money Market Funds - 7.9%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             1,317,217       1,317,217  
                         
              Principal          
U.S. Treasury Bills - 100.0%             Amount       Value  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)           $ 2,553,000       2,542,547  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             3,843,000       3,816,465  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)             5,444,000       5,391,487  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)             5,000,000       4,937,934  
                      16,688,433  
TOTAL SHORT-TERM INVESTMENTS (Cost $18,007,488)                     18,005,650  
                         
TOTAL INVESTMENTS - 110.6% (Cost $19,305,858)                   $ 18,451,945  
Liabilities in Excess of Other Assets - (10.6)%                     (1,770,796 )
TOTAL NET ASSETS - 100.0%                   $ 16,681,149  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

 66

 

 

YieldMax SNOW Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (13.4)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.7)%                        
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $142.00   $ (4,230,570 )     (310 )   $ (10,230 )
Snowflake, Inc., Expiration: 5/1/2026; Exercise Price: $140.00     (4,435,275 )     (325 )     (21,775 )
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $140.00     (2,592,930 )     (190 )     (70,300 )
Snowflake, Inc., Expiration: 5/8/2026; Exercise Price: $138.00     (5,458,800 )     (400 )     (182,000 )
                      (284,305 )
Put Options - (11.7)%                        
Snowflake, Inc., Expiration: 5/15/2026; Exercise Price: $150.01     (16,717,575 )     (1,225 )     (1,948,767 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $2,082,047)                     (2,233,072 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 67

 

 

YieldMax TSLA Option Income Strategy ETF

Schedule of Investments 

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 1.2%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 1.2%                        
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $407.50   $ 76,326,000       2,000     $ 23,000  
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $405.00     228,978,000       6,000       84,000  
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $402.50     190,815,000       5,000       90,000  
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $400.00     267,141,000       7,000       171,500  
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $397.50     69,418,497       1,819       61,846  
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $410.00     420,098,304       11,008       4,293,120  
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.00     412,580,193       10,811       5,243,335  
                      9,966,801  
                         
TOTAL PURCHASED OPTIONS (Cost $78,807,804)                     9,966,801  
                         
SHORT-TERM INVESTMENTS - 106.7%                        
Money Market Funds - 1.8%             Shares       Value  
First American Government Obligations Fund - Class X, 3.58%(e)             14,934,985       14,934,985  
                         
              Principal          
U.S. Treasury Bills - 104.9%             Amount       Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)           $ 108,563,000       108,444,551  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)             194,374,000       193,578,172  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)             197,990,000       196,622,921  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)             200,601,000       198,665,981  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)             183,223,000       180,948,618  
                      878,260,243  
TOTAL SHORT-TERM INVESTMENTS (Cost $893,242,440)                     893,195,228  
                         
TOTAL INVESTMENTS - 107.9% (Cost $972,050,244)                   $ 903,162,029  
Liabilities in Excess of Other Assets - (7.9)%                     (65,938,709 )
TOTAL NET ASSETS - 100.0%                   $ 837,223,320  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

 68

 

 

YieldMax TSLA Option Income Strategy ETF

Schedule of Written Options Contracts 

April 30, 2026 (Unaudited) 

 

    Notional              
WRITTEN OPTIONS - (8.3)%(a)(b)   Amount     Contracts     Value  
Call Options - (0.6)%                        
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $390.00   $ (76,326,000 )     (2,000 )   $ (214,000 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $387.50     (228,978,000 )     (6,000 )     (936,000 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $385.00     (190,815,000 )     (5,000 )     (1,127,500 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $382.50     (267,141,000 )     (7,000 )     (2,240,000 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $380.00     (69,418,497 )     (1,819 )     (814,002 )
                      (5,331,502 )
Put Options - (7.7)%                        
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $410.01     (420,098,304 )     (11,008 )     (34,737,395 )
Tesla, Inc., Expiration: 5/15/2026; Exercise Price: $405.01     (412,580,193 )     (10,811 )     (29,740,521 )
                      (64,477,916 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $81,106,080)                     (69,809,418 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

 69

 

 

YieldMax TSM Option Income Strategy ETF
Schedule of Investments
April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 10.8%(a)(b)(c)(d)   Notional Amount     Contracts     Value  
Call Options - 10.8%                        
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $405.00   $ 24,516,114       619     $ 50,758  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $397.50     15,842,400       400       123,400  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $412.50     38,932,698       983       452,180  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $410.00     3,960,600       100       49,500  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $405.00     18,971,274       479       301,770  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.01     19,803,000       500       1,973,290  
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.00     82,420,086       2,081       8,147,115  
                      11,098,013  
TOTAL PURCHASED OPTIONS (Cost $4,992,191)                     11,098,013  

 

SHORT-TERM INVESTMENTS - 92.2%            
Money Market Funds - 4.5%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     4,640,772       4,640,772  

 

    Principal        
U.S. Treasury Bills - 87.7%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)   $ 11,627,000       11,614,314  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     18,434,000       18,358,525  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)     16,519,000       16,404,940  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     24,312,000       24,077,484  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)     19,531,000       19,288,558  
              89,743,821  
TOTAL SHORT-TERM INVESTMENTS (Cost $94,385,752)             94,384,593  
TOTAL INVESTMENTS - 103.0% (Cost $99,377,943)           $ 105,482,606  
Liabilities in Excess of Other Assets - (3.0)%             (3,108,703 )
TOTAL NET ASSETS - 100.0%           $ 102,373,903  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

 

70

 

YieldMax TSM Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (2.6)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.9)%                        
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $395.00   $ (24,516,114 )     (619 )   $ (270,812 )
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/1/2026; Exercise Price: $390.00     (15,842,400 )     (400 )     (308,000 )
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $402.50     (38,932,698 )     (983 )     (732,335 )
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $400.00     (3,960,600 )     (100 )     (85,250 )
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/8/2026; Exercise Price: $395.00     (18,971,274 )     (479 )     (529,295 )
                      (1,925,692 )
                         
Put Options - (0.7)%                        
Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $360.01     (102,223,086 )     (2,581 )     (693,773 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $8,598,490)                     (2,619,465 )

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.
(b) Exchange-traded.

 

71

 

YieldMax Ultra Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited) 

 

COMMON STOCKS - 91.4%   Shares     Value  
Financial Services - 8.6%                
IREN Ltd. (a)     900,000     $ 40,959,000  
Robinhood Markets, Inc. - Class A(a)     449,800       32,785,922  
              73,744,922  
                 
Health Care - 1.8%                
TransMedics Group, Inc.(a)     150,000       15,118,500  
                 
Industrial Services - 9.3%                
Comfort Systems USA, Inc.     20,000       36,805,000  
Quanta Services, Inc.     58,000       42,210,660  
              79,015,660  
                 
Materials - 3.2%                
Southern Copper Corp.     159,141       27,322,970  
                 
Media - 8.8%                
Alphabet, Inc. - Class A     125,500       48,292,400  
Reddit, Inc. - Class A(a)     185,000       27,237,550  
              75,529,950  
                 
Retail & Wholesale - Discretionary - 5.2%                
Amazon.com, Inc.(a)     166,000       43,999,960  
                 
Software & Tech Services - 16.3%                
Fortinet, Inc.(a)     360,000       30,351,600  
Palantir Technologies, Inc. - Class A(a)     269,900       37,545,789  
Shopify, Inc. - Class A(a)     260,000       31,493,800  
Strategy, Inc. - Class A(a)     240,000       39,708,000  
              139,099,189  
                 
Tech Hardware & Semiconductors - 38.2%(b)                
Advanced Micro Devices, Inc.(a)     100,000       35,449,000  
Analog Devices, Inc.     116,000       46,662,160  
Astera Labs, Inc.(a)     200,000       38,948,000  
Ciena Corp.(a)     80,000       42,206,400  
Coherent Corp.(a)     120,000       38,365,200  
Lam Research Corp.     165,000       42,546,900  
Lumentum Holdings, Inc.(a)     46,000       41,506,720  
NVIDIA Corp.     205,400       40,991,678  
              326,676,058  
                 
TOTAL COMMON STOCKS (Cost $598,746,633)             780,507,209  

 

EXCHANGE TRADED FUNDS - 8.5%   Shares     Value  
Amplify Junior Silver Miners ETF     1,224,000       35,887,680  

 

72

 

VanEck Gold Miners ETF     419,000     $ 36,993,510  
              72,881,190  
TOTAL EXCHANGE TRADED FUNDS (Cost $71,145,500)             72,881,190  

 

PURCHASED OPTIONS - 2.1%(a)(c)(d)(e)   Notional
Amount		     Contracts     Value  
Put Options - 2.1%                        
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $330.00     70,898,000       2,000       1,595,000  
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $355.00     96,584,800       2,510       115,460  
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $240.00     87,999,920       3,320       73,040  
Amplify Junior Silver Miners ETF, Expiration: 5/1/2026; Exercise Price: $28.50     35,887,680       12,240       146,880  
Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $26.00     35,887,680       12,240       183,600  
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $382.50     46,662,160       1,160       52,200  
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $365.00     46,662,160       1,160       118,900  
Astera Labs, Inc., Expiration: 5/1/2026; Exercise Price: $175.00     38,948,000       2,000       20,000  
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $490.00     84,412,800       1,600       2,896,000  
Coherent Corp., Expiration: 5/1/2026; Exercise Price: $282.50     38,365,200       1,200       18,000  
Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,700.00     73,610,000       400       1,232,000  
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $77.00     60,703,200       7,200       1,285,200  
IREN Ltd., Expiration: 5/8/2026; Exercise Price: $40.00     40,959,000       9,000       1,341,000  
Lam Research Corp., Expiration: 5/1/2026; Exercise Price: $250.00     42,546,900       1,650       211,200  
Lam Research Corp., Expiration: 5/8/2026; Exercise Price: $230.00     42,546,900       1,650       284,625  
Lumentum Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $835.00     41,506,720       460       2,332,200  
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $185.00     40,991,678       2,054       7,189  
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $131.00     37,545,789       2,699       18,893  
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $125.00     37,545,789       2,699       524,955  
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $660.00     84,421,320       1,160       466,900  
Reddit, Inc., Expiration: 5/1/2026; Exercise Price: $142.00     27,237,550       1,850       1,197,875  
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $66.00     32,785,922       4,498       184,418  
Shopify, Inc., Expiration: 5/8/2026; Exercise Price: $109.00     31,493,800       2,600       679,900  
Southern Copper Corp., Expiration: 5/1/2026; Exercise Price: $167.50     27,315,879       1,591       186,943  
Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $155.00     27,315,879       1,591       230,695  
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $146.00     39,708,000       2,400       314,400  
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $105.00     15,118,500       1,500       1,552,500  
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $90.00     15,118,500       1,500       476,250  
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $86.00     36,993,510       4,190       85,895  
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $81.00     36,993,510       4,190       157,125  
                      17,989,243  
TOTAL PURCHASED OPTIONS (Cost $22,108,946)                     17,989,243  

 

73

 

 

SHORT-TERM INVESTMENTS - 1.5%            
Money Market Funds - 1.5%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(f)     12,718,079     $ 12,718,079  
TOTAL SHORT-TERM INVESTMENTS (Cost $12,718,079)             12,718,079  
                 
TOTAL INVESTMENTS - 103.5% (Cost $704,719,158)           $ 884,095,721  
Liabilities in Excess of Other Assets - (3.5)%             (29,640,097 )
TOTAL NET ASSETS - 100.0%           $ 854,455,624  

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c) Exchange-traded.

(d) 100 shares per contract.

(e) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

 

74

 

YieldMax Ultra Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (3.9)%(a)(b)   Amount     Contracts     Value  
Call Options - (2.5)%                        
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $377.50   $ (35,449,000 )     (1,000 )   $ (957,500 )
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $397.50     (48,292,400 )     (1,255 )     (371,480 )
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $272.50     (43,999,960 )     (1,660 )     (355,240 )
Amplify Junior Silver Miners ETF, Expiration: 5/8/2026; Exercise Price: $29.50     (35,887,680 )     (12,240 )     (905,760 )
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $402.50     (46,662,160 )     (1,160 )     (385,700 )
Astera Labs, Inc., Expiration: 5/1/2026; Exercise Price: $197.50     (38,948,000 )     (2,000 )     (513,000 )
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $565.00     (42,206,400 )     (800 )     (1,620,000 )
Coherent Corp., Expiration: 5/1/2026; Exercise Price: $320.00     (38,365,200 )     (1,200 )     (738,000 )
Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,960.00     (36,805,000 )     (200 )     (775,000 )
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $90.00     (30,351,600 )     (3,600 )     (824,400 )
IREN Ltd., Expiration: 5/8/2026; Exercise Price: $46.50     (40,959,000 )     (9,000 )     (2,970,000 )
Lam Research Corp., Expiration: 5/8/2026; Exercise Price: $265.00     (42,546,900 )     (1,650 )     (1,056,000 )
Lumentum Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $970.00     (41,506,720 )     (460 )     (2,484,000 )
NVIDIA Corp., Expiration: 5/1/2026; Exercise Price: $207.50     (40,991,678 )     (2,054 )     (44,161 )
Palantir Technologies, Inc., Expiration: 5/8/2026; Exercise Price: $146.00     (37,545,789 )     (2,699 )     (1,147,075 )
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $770.00     (42,210,660 )     (580 )     (443,700 )
Reddit, Inc., Expiration: 5/1/2026; Exercise Price: $160.00     (27,237,550 )     (1,850 )     (897,250 )
Robinhood Markets, Inc., Expiration: 5/8/2026; Exercise Price: $77.00     (32,785,922 )     (4,498 )     (463,294 )
Shopify, Inc., Expiration: 5/8/2026; Exercise Price: $127.00     (31,493,800 )     (2,600 )     (1,306,500 )
Southern Copper Corp., Expiration: 5/8/2026; Exercise Price: $177.50     (27,315,879 )     (1,591 )     (509,120 )
Strategy, Inc., Expiration: 5/8/2026; Exercise Price: $170.00     (39,708,000 )     (2,400 )     (1,260,000 )
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $110.00     (15,118,500 )     (1,500 )     (675,000 )
VanEck Gold Miners ETF, Expiration: 5/8/2026; Exercise Price: $92.50     (36,993,510 )     (4,190 )     (251,400 )
                      (20,953,580 )
                         
Put Options - (1.4)%                        
Advanced Micro Devices, Inc., Expiration: 5/8/2026; Exercise Price: $340.00     (35,449,000 )     (1,000 )     (1,125,000 )
Alphabet, Inc., Expiration: 5/8/2026; Exercise Price: $370.00     (48,292,400 )     (1,255 )     (252,882 )
Amazon.com, Inc., Expiration: 5/8/2026; Exercise Price: $252.50     (43,999,960 )     (1,660 )     (176,790 )
Amplify Junior Silver Miners ETF, Expiration: 5/1/2026; Exercise Price: $30.00     (35,887,680 )     (12,240 )     (1,046,520 )
Analog Devices, Inc., Expiration: 5/1/2026; Exercise Price: $397.50     (46,662,160 )     (1,160 )     (255,200 )
Ciena Corp., Expiration: 5/15/2026; Exercise Price: $507.50     (42,206,400 )     (800 )     (2,112,000 )

 

75

 

Comfort Systems USA, Inc., Expiration: 5/15/2026; Exercise Price: $1,760.00   $ (36,805,000 )     (200 )   $ (961,000 )
Fortinet, Inc., Expiration: 5/8/2026; Exercise Price: $80.00     (30,351,600 )     (3,600 )     (966,600 )
Lam Research Corp., Expiration: 5/1/2026; Exercise Price: $260.00     (42,546,900 )     (1,650 )     (853,875 )
Palantir Technologies, Inc., Expiration: 5/1/2026; Exercise Price: $136.00     (37,545,789 )     (2,699 )     (125,504 )
Quanta Services, Inc., Expiration: 5/15/2026; Exercise Price: $690.00     (42,210,660 )     (580 )     (504,600 )
Southern Copper Corp., Expiration: 5/1/2026; Exercise Price: $175.00     (27,315,879 )     (1,591 )     (747,770 )
TransMedics Group, Inc., Expiration: 5/15/2026; Exercise Price: $110.00     (15,118,500 )     (1,500 )     (2,062,500 )
VanEck Gold Miners ETF, Expiration: 5/1/2026; Exercise Price: $90.00     (36,993,510 )     (4,190 )     (877,805 )
                      (12,068,046 )
TOTAL WRITTEN OPTIONS (Premiums received $32,572,699)                     (33,021,626 )

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.
(b) Exchange-traded.

 

76

 

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited) 

 

COMMON STOCKS - 0.0%(a)   Shares     Value  
Materials - 0.0%(a)                
Energy Fuels, Inc.(b)     100     $ 2,164  
TOTAL COMMON STOCKS (Cost $1,798)             2,164  

 

PURCHASED OPTIONS - 3.1%(b)(c)(d)(e)   Notional
Amount		     Contracts     Value  
Call Options - 3.1%                        
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $67.50     1,477,740       220       35,200  
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $102.00     859,372       92       2,668  
Centene Corp., Expiration: 5/1/2026; Exercise Price: $44.00     885,885       165       152,625  
Centene Corp., Expiration: 5/8/2026; Exercise Price: $57.00     885,885       165       4,950  
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $15.50     1,033,200       720       1,800  
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $73.00     1,631,760       240       7,800  
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $465.00     1,299,030       30       9,525  
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $69.00     1,672,840       260       14,430  
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $27.00     998,000       400       15,000  
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $710.00     1,602,576       24       132  
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $93.50     1,247,400       140       140  
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $110.00     1,919,856       184       3,680  
Lennar Corp., Expiration: 5/1/2026; Exercise Price: $103.00     767,550       85       5,737  
Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $167.50     1,326,696       84       3,990  
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $15.50     1,443,300       1,020       52,530  
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $240.00     1,340,766       54       75,600  
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $52.00     689,100       150       9,600  
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $48.00     1,614,704       364       2,912  
Oklo, Inc., Expiration: 5/8/2026; Exercise Price: $70.00     1,160,000       160       91,200  
Rocket Lab Corp., Expiration: 5/8/2026; Exercise Price: $82.00     825,100       100       52,500  
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $192.50     882,650       50       3,325  
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $190.00     882,650       50       4,675  
Starbucks Corp., Expiration: 5/1/2026; Exercise Price: $107.00     863,706       82       1,804  
Starbucks Corp., Expiration: 5/8/2026; Exercise Price: $114.00     863,706       82       2,050  
Target Corp., Expiration: 5/8/2026; Exercise Price: $139.00     1,790,550       138       1,725  
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $407.50     1,068,564       28       322  
T-Mobile US, Inc., Expiration: 5/1/2026; Exercise Price: $205.00     488,750       25       313  
T-Mobile US, Inc., Expiration: 5/8/2026; Exercise Price: $212.50     488,750       25       812  
U.S. Oil Fund LP, Expiration: 5/1/2026; Exercise Price: $143.00     808,995       55       27,363  
U.S. Oil Fund LP, Expiration: 5/8/2026; Exercise Price: $161.00     808,995       55       13,998  
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $130.00     1,448,622       126       7,560  
                      605,966  
TOTAL PURCHASED OPTIONS (Cost $376,621)                     605,966  

 

77

 

 

SHORT-TERM INVESTMENTS - 93.4%            
Money Market Funds - 9.1%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(f)     1,769,145     $ 1,769,145  

 

    Principal        
U.S. Treasury Bills - 84.3%   Amount     Value  
U.S. Treasury Bill, 6/11/2026, 3.57%(g)   $ 1,500,000       1,493,859  
U.S. Treasury Bill, 7/9/2026, 3.63%(g)(h)     5,467,000       5,429,251  
U.S. Treasury Bill, 8/6/2026, 3.63%(g)(h)     5,485,000       5,432,091  
U.S. Treasury Bill, 9/3/2026, 3.64%(g)     4,096,000       4,045,156  
              16,400,357  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $18,172,424)             18,169,502  
                 
TOTAL INVESTMENTS - 96.5% (Cost $18,550,843)           $ 18,777,632  
Other Assets in Excess of Liabilities - 3.5%             674,087  
TOTAL NET ASSETS - 100.0%           $ 19,451,719  

 

Percentages are stated as a percent of net assets.

 

PLC Public Limited Company

 

(a) Does not round to 0.1% or (0.1)%, as applicable.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

(e) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(g) The rate shown is the annualized effective yield as of April 30, 2026.

(h) 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.

 

78

 

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Securities Sold Short

April 30, 2026 (Unaudited) 

 

COMMON STOCKS - (85.8)%   Shares     Value  
Consumer Discretionary Products - (10.8)%                
Lennar Corp. - Class A     (8,500 )   $ (767,550 )
Nike, Inc. - Class B     (18,200 )     (807,352 )
Tesla, Inc.     (1,400 )     (534,282 )
              (2,109,184 )
                 
Consumer Discretionary Services - (10.1)%                
Cava Group, Inc.     (4,600 )     (429,686 )
Live Nation Entertainment, Inc.     (4,200 )     (663,348 )
Starbucks Corp.     (8,200 )     (863,706 )
              (1,956,740 )
                 
Consumer Staple Products - (2.7)%                
Conagra Brands, Inc.     (36,000 )     (516,600 )
                 
Financial Services - (4.9)%                
KKR & Co., Inc.     (9,200 )     (959,928 )
                 
Health Care - (10.1)%                
Centene Corp.     (16,500 )     (885,885 )
Moderna, Inc.     (7,500 )     (344,550 )
Zoetis, Inc. - Class A     (6,300 )     (724,311 )
              (1,954,746 )
                 
Industrial Products - (11.4)%                
Carrier Global Corp.     (11,000 )     (738,870 )
Eaton Corp. PLC     (1,500 )     (649,515 )
Rocket Lab Corp.     (10,000 )     (825,100 )
              (2,213,485 )
                 
Industrial Services - (4.2)%                
Delta Air Lines, Inc.     (12,000 )     (815,880 )
                 
Materials - 0.0%                
Energy Fuels, Inc.     (100 )     (2,164 )
                 
Media - (3.7)%                
Lyft, Inc. - Class A     (51,000 )     (721,650 )
                 
Oil & Gas - (3.4)%                
Marathon Petroleum Corp.     (2,700 )     (670,383 )
                 
Retail & Wholesale - Discretionary - (6.9)%                
Etsy, Inc.     (13,000 )     (836,420 )
GameStop Corp. - Class A     (20,000 )     (499,000 )
              (1,335,420 )

 

79

 

Retail & Wholesale - Staples - (4.6)%            
Target Corp.     (6,900 )   $ (895,275 )
                 
Software & Tech Services - (4.5)%                
Salesforce, Inc.     (5,000 )     (882,650 )
                 
Telecommunications - (2.5)%                
T-Mobile US, Inc.     (2,500 )     (488,750 )
                 
Utilities - (6.0)%                
Oklo, Inc. - Class A     (16,000 )     (1,160,000 )
                 
TOTAL COMMON STOCKS (Proceeds ($15,980,638))             (16,682,855 )

 

EXCHANGE TRADED FUNDS - (11.5)%   Shares     Value  
Invesco QQQ Trust Series 1     (1,200 )     (801,288 )
iShares MSCI Japan ETF     (7,000 )     (623,700 )
U.S. Oil Fund LP     (5,500 )     (808,995 )
              (2,233,983 )
TOTAL EXCHANGE TRADED FUNDS (Proceeds ($1,839,551))             (2,233,983 )
TOTAL SECURITIES SOLD SHORT - (97.3)% (Proceeds $17,820,189)           $ (18,916,838 )

 

Percentages are stated as a percent of net assets.

 

80

 

YieldMax Ultra Short Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (4.0)%(a)(b)   Amount     Contracts     Value  
Call Options - (2.9)%                        
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $65.00   $ (738,870 )     (110 )   $ (33,550 )
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $98.00     (429,686 )     (46 )     (874 )
Centene Corp., Expiration: 5/1/2026; Exercise Price: $42.00     (885,885 )     (165 )     (191,400 )
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $14.50     (516,600 )     (360 )     (6,300 )
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $70.00     (815,880 )     (120 )     (11,820 )
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $447.50     (649,515 )     (15 )     (10,800 )
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $66.00     (836,420 )     (130 )     (16,250 )
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $25.50     (499,000 )     (200 )     (13,400 )
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $677.00     (801,288 )     (12 )     (3,906 )
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $89.50     (623,700 )     (70 )     (2,975 )
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $106.00     (959,928 )     (92 )     (5,060 )
Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $157.50     (663,348 )     (42 )     (4,830 )
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $15.00     (721,650 )     (510 )     (34,170 )
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $220.00     (670,383 )     (27 )     (81,405 )
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $49.00     (344,550 )     (75 )     (10,425 )
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $45.00     (807,352 )     (182 )     (11,921 )
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $180.00     (882,650 )     (50 )     (17,250 )
Starbucks Corp., Expiration: 5/1/2026; Exercise Price: $103.00     (863,706 )     (82 )     (23,247 )
Target Corp., Expiration: 5/8/2026; Exercise Price: $132.00     (895,275 )     (69 )     (8,901 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $390.00     (534,282 )     (14 )     (1,498 )
T-Mobile US, Inc., Expiration: 5/1/2026; Exercise Price: $195.00     (488,750 )     (25 )     (5,187 )
U.S. Oil Fund LP, Expiration: 5/1/2026; Exercise Price: $136.00     (808,995 )     (55 )     (60,363 )
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $120.00     (724,311 )     (63 )     (18,428 )
                      (573,960 )
                         
Put Options - (1.1)%                        
Carrier Global Corp., Expiration: 5/15/2026; Exercise Price: $60.00     (738,870 )     (110 )     (3,300 )
Cava Group, Inc., Expiration: 5/1/2026; Exercise Price: $89.00     (429,686 )     (46 )     (552 )
Centene Corp., Expiration: 5/8/2026; Exercise Price: $51.00     (885,885 )     (165 )     (7,755 )
Conagra Brands, Inc., Expiration: 5/8/2026; Exercise Price: $13.50     (516,600 )     (360 )     (2,700 )
Delta Air Lines, Inc., Expiration: 5/8/2026; Exercise Price: $65.00     (815,880 )     (120 )     (8,160 )
Eaton Corp. PLC, Expiration: 5/8/2026; Exercise Price: $405.00     (649,515 )     (15 )     (6,300 )
Etsy, Inc., Expiration: 5/8/2026; Exercise Price: $61.00     (836,420 )     (130 )     (9,815 )
GameStop Corp., Expiration: 5/15/2026; Exercise Price: $24.00     (499,000 )     (200 )     (7,400 )
Invesco QQQ Trust Series 1, Expiration: 5/8/2026; Exercise Price: $651.00     (801,288 )     (12 )     (2,820 )
iShares MSCI Japan ETF, Expiration: 5/1/2026; Exercise Price: $84.50     (623,700 )     (70 )     (2,275 )
KKR & Co., Inc., Expiration: 5/1/2026; Exercise Price: $97.00     (959,928 )     (92 )     (1,150 )
Lennar Corp., Expiration: 5/1/2026; Exercise Price: $90.00   $ (767,550 )     (85 )   $ (7,650 )

 

81

 

Live Nation Entertainment, Inc., Expiration: 5/1/2026; Exercise Price: $147.00     (663,348 )     (42 )     (1,365 )
Lyft, Inc., Expiration: 5/8/2026; Exercise Price: $13.50     (721,650 )     (510 )     (34,935 )
Marathon Petroleum Corp., Expiration: 5/15/2026; Exercise Price: $210.00     (670,383 )     (27 )     (2,295 )
Moderna, Inc., Expiration: 5/8/2026; Exercise Price: $44.00     (344,550 )     (75 )     (12,000 )
Nike, Inc., Expiration: 5/8/2026; Exercise Price: $42.00     (807,352 )     (182 )     (2,548 )
Oklo, Inc., Expiration: 5/8/2026; Exercise Price: $61.00     (1,160,000 )     (160 )     (10,880 )
Rocket Lab Corp., Expiration: 5/8/2026; Exercise Price: $71.00     (825,100 )     (100 )     (10,250 )
Salesforce, Inc., Expiration: 5/8/2026; Exercise Price: $170.00     (882,650 )     (50 )     (11,150 )
Starbucks Corp., Expiration: 5/8/2026; Exercise Price: $101.00     (863,706 )     (82 )     (3,936 )
Target Corp., Expiration: 5/8/2026; Exercise Price: $123.00     (895,275 )     (69 )     (2,691 )
Tesla, Inc., Expiration: 5/1/2026; Exercise Price: $362.50     (534,282 )     (14 )     (175 )
T-Mobile US, Inc., Expiration: 5/8/2026; Exercise Price: $187.50     (488,750 )     (25 )     (2,313 )
U.S. Oil Fund LP, Expiration: 5/8/2026; Exercise Price: $140.00     (808,995 )     (55 )     (22,687 )
Zoetis, Inc., Expiration: 5/15/2026; Exercise Price: $115.00     (724,311 )     (63 )     (31,185 )
                      (208,287 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $663,587)                     (782,247 )

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

82

 

YieldMax Universe Fund of Option Income ETFs

Schedule of Investments

April 30, 2026 (Unaudited) 

 

EXCHANGE TRADED FUNDS - 98.6%   Shares     Value  
YieldMax AAPL Option Income Strategy ETF(a)     1,164,653     $ 13,895,242  
YieldMax ABNB Option Income Strategy ETF(a)     380,719       16,407,343  
YieldMax AI & Tech Portfolio Option Income ETF(a)     427,918       18,297,774  
YieldMax AI Option Income Strategy ETF(a)     1       8  
YieldMax AMD Option Income Strategy ETF(a)     595,642       26,905,131  
Yieldmax AMZN Option Income ETF(a)     1,661,067       20,746,727  
YieldMax Bitcoin Option Income Strategy ETF(a)     1       14  
YieldMax COIN Option Income Strategy ETF(a)     0       3  
YieldMax Crypto Industry & Tech Portfolio Option Income ETF(a)     852,384       19,332,069  
Yieldmax GME Option Income Strategy ETF(a)     20,017       690,044  
YieldMax GOOGL Option Income Strategy ETF(a)     1,223,428       18,901,962  
YieldMax HIMS Option Income Strategy ETF(a)     1,081,735       17,202,940  
YieldMax HOOD Option Income Strategy ETF(a)     650,917       17,652,869  
YieldMax Innovation Option Income Strategy ETF(a)     546,139       17,521,559  
YieldMax JPM Option Income Strategy ETF(a)     582,979       8,307,276  
YieldMax MARA Option Income Strategy ETF(a)     2,889,127       18,577,087  
Yieldmax META Option Income Strategy ETF(a)     1,339,248       13,566,582  
YieldMax MSFT Option Income Strategy ETF(a)     1,087,333       13,298,082  
YieldMax MSTR Option Income Strategy ETF(a)     407,264       10,071,634  
YieldMax MSTR Performance & Income Target 25 ETF(a)     94,808       3,825,503  
YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF(a)     129,323       5,232,835  
YieldMax NFLX Option Income Strategy ETF(a)     1,713,830       17,583,896  
YieldMax NVDA Option Income Strategy ETF(a)     872,206       11,739,893  
YieldMax NVDA Performance & Distribution Target 25 ETF(a)     25,702       1,282,530  
YieldMax PYPL Option Income Strategy ETF(a)     579,234       17,545,010  
YieldMax Russell 2000 ODTE Covered Call Strategy ETF(a)     70,019       2,656,087  
YieldMax Semiconductor Portfolio Option Income ETF(a)     259,695       18,048,802  
YieldMax Target 12 Semiconductor Option Income ETF(a)     72,724       6,030,798  
Yieldmax Tsm Option Income Strategy ETF(a)     1,172,089       19,421,515  
YieldMax Ultra Option Income Strategy ETF(a)     478,591       15,022,971  
YieldMax XYZ Option Income Strategy ETF(a)     633,990       17,477,012  
              387,241,198  
TOTAL EXCHANGE TRADED FUNDS (Cost $223,540,233)             387,241,198  

 

SHORT-TERM INVESTMENTS - 0.0%(b)            
Money Market Funds - 0.0%(b)   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(c)     60,584       60,584  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $60,584)             60,584  
                 
TOTAL INVESTMENTS - 98.6% (Cost $223,600,817)           $ 387,301,782  
Other Assets in Excess of Liabilities - 1.4%             5,602,534  
TOTAL NET ASSETS - 100.0%           $ 392,904,316  

 

Percentages are stated as a percent of net assets.

 

83

 

(a) Affiliated company as defined by the Investment Company Act of 1940. See Note X.

(b) Does not round to 0.1% or (0.1)%, as applicable.

(c) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

 

84

 

YieldMax XOM Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited) 

 

PURCHASED OPTIONS - 6.8%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 6.8%                        
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $160.00   $ 13,889,700       900     $ 42,750  
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $157.50     3,086,600       200       18,900  
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $155.00     13,889,700       900       157,050  
Exxon Mobil Corp., Expiration: 6/18/2026; Exercise Price: $150.01     30,866,000       2,000       1,825,380  
                      2,044,080  
                         
TOTAL PURCHASED OPTIONS (Cost $1,998,134)                     2,044,080  

 

SHORT-TERM INVESTMENTS - 99.1%            
Money Market Funds - 4.0%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     1,180,945       1,180,945  

 

    Principal        
U.S. Treasury Bills - 95.1%   Amount     Value  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)   $ 6,320,000       6,276,362  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)     6,207,000       6,147,126  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)     16,223,000       16,021,621  
              28,445,109  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $29,625,876)             29,626,054  
                 
TOTAL INVESTMENTS - 105.9% (Cost $31,624,010)           $ 31,670,134  
Liabilities in Excess of Other Assets - (5.9)%             (1,776,563 )
TOTAL NET ASSETS - 100.0%           $ 29,893,571  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

85

 

YieldMax XOM Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (6.1)%(a)(b)   Amount     Contracts     Value  
Call Options - (2.8)%                        
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $152.50   $ (16,976,300 )     (1,100 )   $ (360,250 )
Exxon Mobil Corp., Expiration: 5/1/2026; Exercise Price: $150.00     (13,889,700 )     (900 )     (463,500 )
                      (823,750 )
                         
Put Options - (3.3)%                        
Exxon Mobil Corp., Expiration: 6/18/2026; Exercise Price: $150.01     (30,866,000 )     (2,000 )     (989,960 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $1,614,775)                     (1,813,710 )
                         
Percentages are stated as a percent of net assets.                        

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

86

 

YieldMax XYZ Option Income Strategy ETF

Schedule of Investments

April 30, 2026 (Unaudited)

 

PURCHASED OPTIONS - 7.8%(a)(b)(c)(d)   Notional
Amount		     Contracts     Value  
Call Options - 7.8%                        
Block, Inc., Expiration: 5/1/2026; Exercise Price: $75.00   $ 9,659,870       1,370     $ 5,480  
Block, Inc., Expiration: 5/1/2026; Exercise Price: $74.00     20,271,625       2,875       17,250  
Block, Inc., Expiration: 5/8/2026; Exercise Price: $73.00     8,461,200       1,200       348,600  
Block, Inc., Expiration: 5/15/2026; Exercise Price: $70.00     38,392,695       5,445       2,654,437  
                      3,025,767  
                         
TOTAL PURCHASED OPTIONS (Cost $2,145,631)                     3,025,767  

 

SHORT-TERM INVESTMENTS - 100.3%            
Money Market Funds - 2.1%   Shares     Value  
First American Government Obligations Fund - Class X, 3.58%(e)     798,464       798,464  

 

    Principal        
U.S. Treasury Bills - 98.2%   Amount     Value  
U.S. Treasury Bill, 5/12/2026, 3.32%(f)   $ 1,112,000       1,110,787  
U.S. Treasury Bill, 6/11/2026, 3.57%(f)     2,468,000       2,457,895  
U.S. Treasury Bill, 7/9/2026, 3.63%(f)(g)     10,549,000       10,476,161  
U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g)     11,398,000       11,288,054  
U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)     12,685,000       12,527,539  
              37,860,436  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $38,655,998)             38,658,900  
                 
TOTAL INVESTMENTS - 108.1% (Cost $40,801,629)           $ 41,684,667  
Liabilities in Excess of Other Assets - (8.1)%             (3,135,818 )
TOTAL NET ASSETS - 100.0%           $ 38,548,849  

 

Percentages are stated as a percent of net assets.

 

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with written option contracts. See Schedule of Written Options Contracts for further information.

(d) Non-income producing security.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(f) The rate shown is the annualized effective yield as of April 30, 2026.

(g) 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.

 

87

 

YieldMax XYZ Option Income Strategy ETF

Schedule of Written Options Contracts

April 30, 2026 (Unaudited)

 

    Notional              
WRITTEN OPTIONS - (7.4)%(a)(b)   Amount     Contracts     Value  
Call Options - (1.6)%                        
Block, Inc., Expiration: 5/1/2026; Exercise Price: $72.00   $ (29,931,495 )     (4,245 )   $ (106,125 )
Block, Inc., Expiration: 5/8/2026; Exercise Price: $70.00     (8,461,200 )     (1,200 )     (516,000 )
                      (622,125 )
Put Options - (5.8)%                        
Block, Inc., Expiration: 5/15/2026; Exercise Price: $70.01     (38,392,695 )     (5,445 )     (2,243,013 )
                         
TOTAL WRITTEN OPTIONS (Premiums received $7,430,818)                     (2,865,138 )

 

Percentages are stated as a percent of net assets.

 

(a) 100 shares per contract.

(b) Exchange-traded.

 

88

 

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

 

    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 (cost $113,305,454, $20,972,799, $28,269,114, $157,290,729 and $221,609,360) (Note 2)   $ 113,945,447     $ 21,970,087     $ 26,882,420     $ 155,270,763     $ 257,535,183  
Deposits with brokers for derivatives     1,922,209       947,757       654,872       2,655,918       279,358  
Receivable for investments sold     –       –       24,227       114,053,551       –  
Receivable for fund shares sold     595,795       –       –       2,262,230      

1,878,675

  
Interest receivable     5,481       8,157       2,820       16,924       13,806  
Receivable for ETF transaction fees (Note 9)     119       –      

–

       452      

376

  
Total assets     116,469,051       22,926,001       27,564,339       274,259,838       259,707,398  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $9,337,225, $2,082,607, $4,419,622, $20,155,307 and $19,632,392) (Note 2)     6,186,856       727,874       2,011,240       18,837,148       2,941,606  
Distributions payable     874,175       251,370       356,850       4,912,936       4,204,000  
Payable to adviser (Note 4)     79,662       21,461       19,516       136,015       192,029  
Payable for fund shares redeemed     –       –       520       –       –  
Payable for investments purchased     –       –       36,273       15,491,254       –  
Total liabilities     7,140,693       1,000,705       2,424,399       39,377,353       7,337,635  
NET ASSETS   $ 109,328,358     $ 21,925,296     $ 25,139,940     $ 234,882,485     $ 252,369,763  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 112,541,144     $ 23,966,017     $ 131,869,915     $ 205,239,645     $ 249,308,946  
Total distributable earnings/(accumulated losses)     (3,212,786 )     (2,070,721 )     (106,729,975 )     29,642,840       3,060,817  
Total Net Assets   $ 109,328,358     $ 21,895,296     $ 25,139,940     $ 234,882,485     $ 252,369,763  

 

89

 

Statements of Assets and Liabilities

April 30, 2026 (Unaudited)

 

    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		  
Net assets   $ 109,328,358     $ 21,895,296     $ 25,139,940     $ 234,882,485     $ 252,369,763  
Shares issued and outstanding(a)     9,175,000       509,981       2,637,473       5,249,975       20,150,000  
Net asset value per share   $ 11.92     $ 42.99     $ 9.53     $ 44.74     $ 12.52  

 

(a) Unlimited shares authorized without par value.

 

90

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax BABA Option Income Strategy ETF     YieldMax Bitcoin Option Income Strategy ETF     YieldMax BRK.B Option Income Strategy ETF     YieldMax COIN Option Income Strategy ETF     YieldMax CVNA Option Income Strategy ETF  
ASSETS:                                        
Investments, at value (cost $20,890,330, $39,414,924, $7,176,889, $444,193,743 and $22,068,859) (Note 2)   $ 19,766,242     $ 39,600,864     $ 6,995,269     $ 438,494,470     $ 23,700,219  
Deposits with brokers for derivatives     419,707       5,000,335       516,881       6,486,296       103,461  
Receivable for investments sold     60,435       326,803       –       3,911,336       523,446  
Interest receivable     1,799       4,053       1,092       41,685       3,855  
Receivable for fund shares sold     –       603,072       –       1,309,775       1,398,620  
Receivable for ETF transaction fees (Note 9)     –       121       –       262       –  
Total assets     20,248,183       45,535,248       7,513,242       450,243,824       25,729,601  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $2,090,734, $4,374,119, $363,692, $59,806,901 and $3,400,793) (Note 2)     2,118,345       1,197,626       321,533       41,005,224       907,728  
Distributions payable     177,100       590,775       26,688       8,044,062       512,000  
Payable for investments purchased     30,464       171,260       –       2,265,141       532,142  
Payable to adviser (Note 4)     14,841       44,166       5,890       329,442       15,496  
Payable for interest expense     –       8,560       –       –       –  
Other payables     –       –       –       361,664       –  
Total liabilities     2,340,750       2,012,387       354,111       52,005,533       1,967,366  
NET ASSETS   $ 17,907,433     $ 43,522,861     $ 7,159,131     $ 398,238,291     $ 23,762,235  
                                         
 NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 25,185,792     $ 72,869,610     $ 8,114,950     $ 954,160,943     $ 14,594,836  
Total distributable earnings/(accumulated losses)     (7,278,359 )     (29,346,749 )     (955,819 )     (555,922,652 )     9,167,399  
Total Net Assets   $ 17,907,433     $ 43,522,861     $ 7,159,131     $ 398,238,291     $ 23,762,235  
                                         
Net assets   $ 17,907,433     $ 43,522,861     $ 7,159,131     $ 398,238,291     $ 23,762,235  
Shares issued and outstanding(a)     1,750,000       1,804,979       175,000       15,207,457       850,000  
Net asset value per share   $ 10.23     $ 24.11     $ 40.91     $ 26.19     $ 27.96  

 

(a) Unlimited shares authorized without par value.

 

 91

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax DIS Option Income Strategy ETF     YieldMax DKNG Option Income Strategy ETF     YieldMax Gold Miners Option Income Strategy ETF     YieldMax GOOGL Option Income Strategy ETF     YieldMax HOOD Option Income Strategy ETF  
ASSETS:                                        
Investments, at value (cost $5,463,199, $2,041,369, $331,339,960, $240,687,748 and $117,508,141) (Note 2)   $ 5,322,840     $ 1,841,606     $ 294,448,018     $ 282,959,676     $ 117,053,383  
Deposits with brokers for derivatives     162,601       666,171       6,512,181       267,630       3,305,620  
Interest receivable     688       2,821       38,576       17,346       6,544  
Receivable for investments sold     –       458,604       3,315,148       25,379,814       1,517,637  
Receivable for fund shares sold     –       –       –       –       6,078,310  
Receivable for ETF transaction fees (Note 9)     –       –       129       –       678  
Total assets     5,486,129       2,969,202       304,314,052       308,624,466       127,962,172  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $509,880, $362,779, $18,324,251, $16,507,812 and $14,107,671) (Note 2)     403,868       321,564       16,176,257       8,279,510       8,704,028  
Distributions payable     40,750       30,165       3,460,128       3,887,310       1,870,513  
Payable to adviser (Note 4)     4,246       2,226       236,121       177,395       84,595  
Payable for investments purchased     –       475       1,588,080       29,554,944       10,957,233  
Payable for fund shares redeemed     –       –       642,240       –       –  
Other payables     457       –       –       –       687,363  
Total liabilities     449,321       354,430       22,102,826       41,899,159       22,303,732  
NET ASSETS   $ 5,036,808     $ 2,614,772     $ 282,211,226     $ 266,725,307     $ 105,658,440  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 6,738,764     $ 17,010,183     $ 292,074,547     $ 205,968,635     $ 199,305,331  
Total distributable earnings/(accumulated losses)     (1,701,956 )     (14,395,411 )     (9,863,321 )     60,756,672       (93,646,891 )
Total Net Assets   $ 5,036,808     $ 2,614,772     $ 282,211,226     $ 266,725,307     $ 105,658,440  
                                         
Net assets   $ 5,036,808     $ 2,614,772     $ 282,211,226     $ 266,725,307     $ 105,658,440  
Shares issued and outstanding(a)     500,000       150,000       21,975,000       17,300,000       3,900,000  
Net asset value per share   $ 10.07     $ 17.43     $ 12.84     $ 15.42     $ 27.09  

 

(a) Unlimited shares authorized without par value.

 

 92

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax Innovation Option Income Strategy ETF     YieldMax JP Option Income Strategy ETF     YieldMax Magnificent 7 Fund of Option Income ETF     YieldMax MARA Option Income Strategy ETF     YieldMax META Option Income Strategy ETF  
ASSETS:                                        
Investments in unaffiliated securities, at value (cost $51,717,330, $38,380,450, $1,566,392, $64,048,929 and $102,121,287) (Note 2)   $ 53,581,146     $ 39,599,859     $ 1,566,392     $ 64,546,389     $ 102,989,714  
Investments in affiliated securities, at value (cost $–, $– , $356,799,477, $– and $–) (Notes 2 and 7)     –       –       310,060,336       –       –  
Deposits with brokers for derivatives     640,953       1,660,168       –       392,515       2,829,291  
Receivable for fund shares sold     801,535       –       3,209,440       –       2,027,520  
Interest receivable     2,902       2,636       10,848       7,982       9,744  
Dividends receivable     –       –       4,336,500       –       –  
Cash     –       –       2,496       –       –  
Receivable for investments sold     –       45,076       4,138,896       18,589,581       1,471,887  
Receivable for ETF transaction fees (Note 9)     160       –       –       611       406  
Total assets     55,026,696       41,307,739       323,324,908       83,537,078       109,328,562  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $4,830,992, $2,507,155, $–, $7,810,971 and $7,321,081) (Note 2)     2,035,884       374,128       –       8,633,729       3,546,905  
Distributions payable     688,534       345,705       –       1,393,590       1,899,240  
Payable to adviser (Note 4)     42,910       28,305       71,462       45,857       77,521  
Payable for investments purchased     –       19,541       3,173,572       7,112,802       746,414  
Payable for fund shares redeemed     –       –       4,174,765       321,460       –  
Total liabilities     2,767,328       767,679       7,419,799       17,507,438       6,270,080  
NET ASSETS   $ 52,259,368     $ 40,540,060     $ 315,905,109     $ 66,029,640     $ 103,058,482  
                                         
 NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 62,613,676     $ 42,776,242     $ 406,113,776     $ 109,789,345     $ 136,886,607  
Total distributable earnings/(accumulated losses)     (10,354,308 )     (2,236,182 )     (90,208,667 )     (43,759,705 )     (33,828,125 )
Total Net Assets   $ 52,259,368     $ 40,540,060     $ 315,905,109     $ 66,029,640     $ 103,058,482  

 

 93

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax Innovation Option Income Strategy ETF     YieldMax JP Option Income Strategy ETF     YieldMax Magnificent 7 Fund of Option Income ETF     YieldMax MARA Option Income Strategy ETF     YieldMax META Option Income Strategy ETF  
Net assets   $ 52,259,368     $ 40,540,060     $ 315,905,109     $ 66,029,640     $ 103,058,482  
Shares issued and outstanding(a)     1,629,975       2,850,000       24,650,000       10,250,000       10,175,000  
Net asset value per share   $ 32.06     $ 14.22     $ 12.82     $ 6.44     $ 10.13  

 

(a) Unlimited shares authorized without par value.

 

 94

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    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 (cost $106,346,531, $104,426,446, $802,932,929, $84,300,075 and $1,419,741,412) (Note 2)   $ 94,216,156     $ 100,991,471     $ 941,783,866     $ 81,120,359     $ 1,416,956,123  
Deposits with brokers for derivatives     5,239,053       751,847       359,508,732       1,853,664       39,437,650  
Receivable for investments sold     93,651       1,061,280       18,314,163       352,960       16,678,759  
Interest receivable     17,199       10,509       3,854,554       16,423       48,936  
Receivable for fund shares sold     –       –       2,477,580       –       24,933,483  
Receivable for ETF transaction fees (Note 9)     –       –       496       1,080       3,565  
Total assets     99,566,059       102,815,107       1,325,939,391       83,344,486       1,498,058,516  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $13,772,105, $6,411,200, $156,726,931, $5,247,498 and $150,647,522) (Note 2)     10,770,019       2,869,212       45,064,565       2,857,155       49,596,297  
Distributions payable     1,214,202       1,413,203       24,500,827       530,707       21,092,960  
Payable for investments purchased     157,386       655,898       10,979,364       429,432       38,500,136  
Payable to adviser (Note 4)     96,074       77,604       935,589       67,184       1,126,238  
Payable for fund shares redeemed     –       –       –       5,402,197       –  
Total liabilities     12,237,681       5,015,917       81,480,345       9,286,675       110,315,631  
NET ASSETS   $ 87,328,378     $ 97,799,190     $ 1,244,459,046     $ 74,057,811     $ 1,387,742,885  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 120,867,324     $ 122,651,711     $ 3,081,268,765     $ 110,354,222     $ 1,414,616,862  
Total distributable earnings/(accumulated losses)     (33,538,946 )     (24,852,521 )     (1,836,809,719 )     (36,296,411 )     (26,873,977 )
Total Net Assets   $ 87,328,378     $ 97,799,190     $ 1,244,459,046     $ 74,057,811     $ 1,387,742,885  
                                         
Net assets   $ 87,328,378     $ 97,799,190     $ 1,244,459,046     $ 74,057,811     $ 1,387,742,885  
Shares issued and outstanding(a)     5,579,974       8,025,000       50,244,959       7,200,000       103,125,000  
Net asset value per share   $ 15.65     $ 12.19     $ 24.77     $ 10.29     $ 13.46  

 

(a) Unlimited shares authorized without par value.

 

 95

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax PLTR Option Income Strategy ETF     YieldMax PYPL Option Income Strategy ETF     YieldMax RBLX Option Income Strategy ETF     YieldMax Short COIN Option Income Strategy ETF     YieldMax Short N100 Option Income Strategy ETF  
ASSETS:                                        
Investments, at value (cost $406,546,634, $31,146,960, $1,917,726, $44,588,616 and $14,309,024) (Note 2)   $ 390,217,268     $ 31,538,068     $ 1,909,682     $ 41,689,203     $ 14,088,782  
Deposits with brokers for derivatives     10,275,136       294,379       78,965       1,574,717       1,973,207  
Receivable for investments sold     3,276,799       –       290,140       842,871       40,007  
Receivable for fund shares sold     874,108       –       –       –       –  
Interest receivable     35,270       2,254       5,665       10,891       9,681  
Receivable for ETF transaction fees (Note 9)     180       –       –       –       55  
Total assets     404,678,761       31,834,701       2,284,452       44,117,682       16,111,732  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $43,205,759, $4,321,906, $215,035, $5,490,483 and $752,743) (Note 2)     50,222,646       1,517,991       207,230       3,513,822       1,619,333  
Distributions payable     3,588,965       406,402       22,210       539,721       66,040  
Payable for investments purchased     1,914,298       –       401,870       1,199,934       113,710  
Payable to adviser (Note 4)     303,490       28,906       1,375       31,630       13,733  
Payable for fund shares redeemed     –       –       –       –       274,815  
Other payables     30       –       –       –       –  
Total liabilities     56,029,429       1,953,299       632,685       5,285,107       2,087,631  
NET ASSETS   $ 348,649,332     $ 29,881,402     $ 1,651,767     $ 38,832,575     $ 14,024,101  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 522,568,020     $ 51,170,609     $ 17,508,129     $ 60,093,405     $ 16,556,563  
Total distributable earnings/(accumulated losses)     (173,918,688 )     (21,289,207 )     (15,856,362 )     (21,260,830 )     (2,532,462 )
Total Net Assets   $ 348,649,332     $ 29,881,402     $ 1,651,767     $ 38,832,575     $ 14,024,101  
                                         
Net assets   $ 348,649,332     $ 29,881,402     $ 1,651,767     $ 38,832,575     $ 14,024,101  
Shares issued and outstanding(a)     9,975,000       984,977       100,000       1,744,977       1,275,000  
Net asset value per share   $ 34.95     $ 30.34     $ 16.52     $ 22.25     $ 11.00  

 

(a) Unlimited shares authorized without par value.

 

 96

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    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     YieldMax TSLA Option Income Strategy ETF  
ASSETS:                                        
Investments, at value (cost $10,727,203, $19,180,329, $141,573,667, $19,305,858 and $972,050,244) (Note 2)   $ 10,138,763     $ 18,862,288     $ 131,494,418     $ 18,451,945     $ 903,162,029  
Deposits with brokers for derivatives     375,194       597,605       1,943,875       651,959       13,073,929  
Interest receivable     7,968       3,195       12,069       2,876       31,286  
Receivable for investments sold     –       113,059       351,126       242,644       –  
Receivable for fund shares sold     –       –       1,720,260       –       –  
Receivable for ETF transaction fees (Note 9)     –       –       344       –       –  
Other receivables     –       –       689       –       –  
Total assets     10,521,925       19,576,147       135,522,781       19,349,424       916,267,244  
                                         
LIABILITIES:                                        
Written option contracts, at value (premium received $649,134, $1,570,915, $21,184,321, $2,082,047 and $81,106,080) (Note 2)     625,079       379,946       25,455,946       2,233,072       69,809,418  
Distributions payable     63,637       190,548       2,398,935       169,785       8,552,212  
Payable to adviser (Note 4)     9,203       15,942       91,578       22,774       682,294  
Payable for investments purchased     –       37,950       269,922       122,804       –  
Other payables     –       –       –       119,840       –  
Total liabilities     697,919       624,386       28,216,381       2,668,275       79,043,924  
NET ASSETS   $ 9,824,006     $ 18,951,761     $ 107,306,400     $ 16,681,149     $ 837,223,320  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 16,516,260     $ 34,570,772     $ 233,218,476     $ 45,517,821     $ 963,182,851  
Total distributable earnings/(accumulated losses)     (6,692,254 )     (15,619,011 )     (125,912,076 )     (28,836,672 )     (125,959,531 )
Total Net Assets   $ 9,824,006     $ 18,951,761     $ 107,306,400     $ 16,681,149     $ 837,223,320  
                                         
Net assets   $ 9,824,006     $ 18,951,761     $ 107,306,400     $ 16,681,149     $ 837,223,320  
Shares issued and outstanding(a)     229,985       779,975       18,725,000       2,450,000       28,554,965  
Net asset value per share   $ 42.72     $ 24.30     $ 5.73     $ 6.81     $ 29.32  

 

(a) Unlimited shares authorized without par value.

 

 97

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax TSM Option Income Strategy ETF     YieldMax Ultra Option Income Strategy ETF     YieldMax Ultra Short Option Income Strategy ETF     YieldMax Universe Fund of Option Income ETFs     YieldMax XOM Option Income Strategy ETF  
ASSETS:                                        
Investments in unaffiliated securities, at value (cost $99,377,943, $704,719,158, $18,550,843, $60,584 and $31,624,010) (Note 2)   $ 105,482,606     $ 884,095,721     $ 18,777,632     $ 60,584     $ 31,670,134  
Investments in affiliated securities, at value (cost $–, $–, $–, $223,540,233 and $–) (Note 2)     –       –       –       387,241,198       –  
Receivable for investments sold     1,397,868       12,178,980       215,706       1,654,490       –  
Receivable for fund shares sold     825,945       –       –       4,624,895       –  
Deposits with brokers for derivatives     420,923       –       20,830,129       –       258,904  
Interest receivable     17,594       7,534,830       14,881       16,070       3,369  
Dividends receivable     –       –       –       4,663,982       –  
Cash     –       –       –       541,601       –  
Receivable for ETF transaction fees (Note 9)     165       –       –       –       –  
Other receivables     –       23,171,037       –       –       –  
Total assets     108,145,101       926,980,568       39,838,348       398,802,820       31,932,407  
                                         
LIABILITIES:                                        
Securities sold short, at value (cost , $–, $–, $17,820,189, $– and $–) (Note 2)     –       –       18,916,838       –       –  
Written option contracts, at value (premium received $8,598,490, $32,572,699, $663,587, $– and $1,614,775) (Note 2)     2,619,465       33,021,626       782,247       –       1,813,710  
Distributions payable     1,689,405       –       –       –       199,920  
Payable for investments purchased     1,237,892       35,350,018       647,961       4,546,747       –  
Payable to adviser (Note 4)     64,466       801,678       19,394       90,422       25,206  
Payable for fund shares redeemed     –       –       –       1,261,335       –  
Dividends payable     –       –       20,189       –       –  
Due to brokers     –       3,351,622       –       –       –  
Other payables     159,970       –       –       –       –  
Total liabilities     5,771,198       72,524,944       20,386,629       5,898,504       2,038,836  
NET ASSETS   $ 102,373,903     $ 854,455,624     $ 19,451,719     $ 392,904,316     $ 29,893,571  
                                         
NET ASSETS CONSISTS OF:                                        
Paid-in capital   $ 88,995,945     $ 1,339,832,688     $ 23,105,746     $ 737,292,511     $ 23,494,226  
Total distributable Earnings/(accumulated losses)     13,377,958       (485,377,064 )     (3,654,027 )     (344,388,195 )     6,399,345  
Total Net Assets   $ 102,373,903     $ 854,455,624     $ 19,451,719     $ 392,904,316     $ 29,893,571  

 

 98

 

 

Statements of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax TSM Option Income Strategy ETF     YieldMax Ultra Option Income Strategy ETF     YieldMax Ultra Short Option Income Strategy ETF     YieldMax Universe Fund of Option Income ETFs     YieldMax XOM Option Income Strategy ETF  
Net assets   $ 102,373,903     $ 854,455,624     $ 19,451,719     $ 392,904,316     $ 29,893,571  
Shares issued and outstanding(a)     6,200,000       27,227,464       750,000       46,725,000       2,450,000  
Net asset value per share   $ 16.51     $ 31.38     $ 25.94     $ 8.41     $ 12.20  

 

(a) Unlimited shares authorized without par value.

 

 99

 

 

Statement of Assets and Liabilities
April 30, 2026 (Unaudited)

 

    YieldMax XYZ Option Income Strategy ETF  
ASSETS:        
Investments, at value (cost $40,801,629) (Note 2)   $ 41,684,667  
Receivable for investments sold     419,384  
Deposits with brokers for derivatives     259,463  
Interest receivable     2,790  
Total assets     42,366,304  
         
LIABILITIES:        
Written option contracts, at value (premium received $7,430,818) (Note 2)     2,865,138  
Distributions payable     629,833  
Payable for investments purchased     288,775  
Payable to adviser (Note 4)     33,709  
Total liabilities     3,817,455  
NET ASSETS   $ 38,548,849  
         
NET ASSETS CONSISTS OF:        
Paid-in capital   $ 59,390,602  
Total distributable earnings/(accumulated losses)     (20,841,753 )
Total Net Assets   $ 38,548,849  
         
Net assets   $ 38,548,849  
Shares issued and outstanding(a)     1,394,979  
Net asset value per share   $ 27.63  

 

(a) Unlimited shares authorized without par value.

 

 100

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    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  
INVESTMENT INCOME:                                        
Interest income   $ 2,294,288     $ 473,455     $ 961,047     $ 3,422,567     $ 4,954,687  
Total investment income     2,294,288       473,455       961,047       3,422,567       4,954,687  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     616,167       122,555       227,624       842,783       1,252,808  
Interest expense     108,062       30,778       7,007       34,656       131,000  
Total expenses     724,229       153,333       234,631       877,439       1,383,808  
NET INVESTMENT INCOME (LOSS)     1,570,059       320,122       726,416       2,545,128       3,570,879  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     (3,763,142 )     (1,335,454 )     (38,161,532 )     78,029,224       (8,888,477 )
Written option contracts     4,074,533       2,370,578       3,178,382       (47,003,787 )     (27,734,867 )
Securities sold short     460       –       16       (32,656 )     (5,429 )
Net realized gain (loss)     311,851       1,035,124       (34,983,134 )     30,992,781       (36,628,773 )
Net change in unrealized appreciation (depreciation) on:
Investments     (2,924,510 )     815,948       1,466,712       1,877,014       32,286,346  
Written option contracts     (569,372 )     458,366       (60,182 )     2,606,451       8,094,872  
Foreign currency translation     –       –       –       –       (52,269 )
Net change in unrealized appreciation (depreciation)     (3,493,882 )     1,274,314       1,406,530       4,483,465       40,328,949  
Net realized and unrealized gain (loss)     (3,182,031 )     2,309,438       (33,576,604 )     35,476,246       3,700,176  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (1,611,972 )   $ 2,629,560     $ (32,850,188 )   $ 38,021,374     $ 7,271,055  

 

 101

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax BABA Option Income Strategy ETF     YieldMax Bitcoin Option Income Strategy ETF     YieldMax BRK.B Option Income Strategy ETF     YieldMax COIN Option Income Strategy ETF     YieldMax CVNA Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Interest income   $ 704,570     $ 1,544,014     $ 441,739     $ 13,058,923     $ 746,523  
Total investment income     704,570       1,544,014       441,739       13,058,923       746,523  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     184,299       331,595       116,571       3,009,802       204,995  
Interest expense     24,961       2,100       1,380       297,188       22,627  
Total expenses     209,260       333,695       117,951       3,306,990       227,622  
NET INVESTMENT INCOME (LOSS)     495,310       1,210,319       323,788       9,751,933       518,901  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     (4,923,414 )     (33,653,252 )     (1,102,993 )     (359,986,413 )     (2,037,764 )
Written option contracts     7,678,789       (6,340,004 )     310,666       (138,376,122 )     8,362,994  
Securities sold short     –       (568 )     –       –       –  
Net realized gain (loss)     2,755,375       (39,993,824 )     (792,327 )     (498,362,535 )     6,325,230  
Net change in unrealized appreciation (depreciation) on:
Investments     (6,892,001 )     6,424,986       652,737       32,324,498       1,288,265  
Written option contracts     (2,769,798 )     4,151,816       134,771       2,901,988       1,902,867  
Foreign currency translation     –       –       –       (23,328 )     (2,330 )
Net change in unrealized appreciation (depreciation)     (9,661,799 )     10,576,802       787,508       35,203,158       3,188,802  
Net realized and unrealized gain (loss)     (6,906,424 )     (29,417,022 )     (4,819 )     (463,159,377 )     9,514,032  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (6,411,114 )   $ (28,206,703 )   $ 318,969     $ (453,407,444 )   $ 10,032,933  

 

 102

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax DIS Option Income Strategy ETF     YieldMax DKNG Option Income Strategy ETF     YieldMax Gold Miners Option Income Strategy ETF     YieldMax GOOGL Option Income Strategy ETF     YieldMax HOOD Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Interest income   $ 381,449     $ 316,275     $ 4,513,846     $ 3,996,918     $ 3,320,374  
Total investment income     381,449       316,275       4,513,846       3,996,918       3,320,374  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     95,557       79,607       1,282,581       1,093,747       716,110  
Interest expense     27,518       5,730       14,423       114,179       3,480  
Total expenses     123,075       85,337       1,297,004       1,207,926       719,590  
NET INVESTMENT INCOME (LOSS)     258,374       230,938       3,216,842       2,788,992       2,600,784  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     (3,198,061 )     (4,624,195 )     21,836,353       47,398,319       (62,137,700 )
Written option contracts     1,815,149       (66,357 )     2,158,198       (4,164,049 )     (32,001,235 )
Securities sold short     –       –       (587 )     198       (1,497 )
Net realized gain (loss)     (1,382,912 )     (4,690,552 )     23,993,964       43,234,468       (94,140,432 )
Net change in unrealized appreciation (depreciation) on:
Investments     (150,942 )     91,791       (27,518,213 )     14,476,941       1,017,720  
Written option contracts     65,191       302,745       4,041,846       1,707,056       (1,247,688 )
Foreign currency translation     (3,062 )     –       –       –       –  
Net change in unrealized appreciation (depreciation)     (88,813 )     394,536       (23,476,367 )     16,183,997       (229,968 )
Net realized and unrealized gain (loss)     (1,471,725 )     (4,296,016 )     517,597       59,418,465       (94,370,400 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (1,213,351 )   $ (4,065,078 )   $ 3,734,439     $ 62,207,457     $ (91,769,616 )

 

 103

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax Innovation Option Income Strategy ETF     YieldMax JP Option Income Strategy ETF     YieldMax Magnificent 7 Fund of Option Income ETF     YieldMax MARA Option Income Strategy ETF     YieldMax META Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Unaffiliated dividend income   $ –     $ –     $ 733     $ –     $ –  
Affiliated dividend income     –       –       74,932,470       –       –  
Interest income     1,160,557       1,003,431       161,924       1,344,362       2,546,925  
Total investment income     1,160,557       1,003,431       75,095,127       1,344,362       2,546,925  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     294,839       244,906       532,993       252,851       619,906  
Interest expense     24,932       38,191       102       87,659       93,601  
Dividend expense     –       41,850       –       –       –  
Total expenses     319,771       324,947       533,095       340,510       713,507  
NET INVESTMENT INCOME (LOSS)     840,786       678,484       74,562,032       1,003,852       1,833,418  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Unaffiliated investments     (12,704,533 )     (1,592,517 )     2,464,563       (25,354,094 )     (21,687,948 )
Affiliated investments     –       –       (15,424,538 )     –       –  
Affiliated in-kind redemptions     –       –       (4,550,264 )     –       –  
Written option contracts     6,881,451       (1,158,357 )     4,496,725       (10,977,927 )     (15,357,248 )
Securities sold short     (14,863 )     (123,673 )     –       142       (8,157 )
Net realized gain (loss)     (5,837,945 )     (2,874,547 )     (13,013,514 )     (36,331,879 )     (37,053,353 )
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities     (3,401,518 )     296,175       (3,955,711 )     226,215       11,165,691  
Investments in affiliated securities     –       –       (57,647,396 )     –       –  
Written option contracts     (762,585 )     380,629       (3,167,154 )     (468,165 )     14,159,630  
Foreign currency translation     –       (3,925 )     –       –       –  
Net change in unrealized appreciation (depreciation)     (4,164,103 )     672,879       (64,770,261 )     (241,950 )     25,325,321  
Net realized and unrealized gain (loss)     (10,002,048 )     (2,201,668 )     (77,783,775 )     (36,573,829 )     (11,728,032 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (9,161,262 )   $ (1,523,184 )   $ (3,221,743 )   $ (35,569,977 )   $ (9,894,614 )

 

 104

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    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  
INVESTMENT INCOME:                                        
Interest income   $ 1,600,347     $ 2,247,669     $ 29,101,925     $ 1,799,456     $ 32,146,593  
Total investment income     1,600,347       2,247,669       29,101,925       1,799,456       32,146,593  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     474,042       548,169       7,155,704       431,519       7,412,514  
Interest expense     118,372       22,719       917,571       83,545       889,243  
Total expenses     592,414       570,888       8,073,275       515,064       8,301,757  
NET INVESTMENT INCOME (LOSS)     1,007,933       1,676,781       21,028,650       1,284,392       23,844,836  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     22,807,042       (20,949,369 )     (804,882,194 )     (16,601,689 )     (134,489,229 )
Written option contracts     23,348,075       (1,753,558 )     (765,644,726 )     (18,123,553 )     198,449,586  
Securities sold short     (540 )     –       249       (3,069 )     3,879  
Net realized gain (loss)     46,154,577       (22,702,927 )     (1,570,526,671 )     (34,728,311 )     63,964,236  
Net change in unrealized appreciation (depreciation) on:
Investments     (13,908,348 )     (2,595,062 )     326,013,988       5,016,931       (116,563,948 )
Written option contracts     (2,530,005 )     1,308,283       268,139,745       11,119,375       46,435,202  
Foreign currency translation     –       (5,516 )     (84,963 )     –       –  
Net change in unrealized appreciation (depreciation)     (16,438,353 )     (1,292,295 )     594,068,770       16,136,306       (70,128,746 )
Net realized and unrealized gain (loss)     29,716,224       (23,995,222 )     (976,457,901 )     (18,592,005 )     (6,164,510 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ 30,724,157     $ (22,318,441 )   $ (955,429,251 )   $ (17,307,613 )   $ 17,680,326  

 

 105

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax PLTR Option Income Strategy ETF     YieldMax PYPL Option Income Strategy ETF     YieldMax RBLX Option Income Strategy ETF     YieldMax Short COIN Option Income Strategy ETF     YieldMax Short N100 Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Interest income   $ 9,464,797     $ 696,404     $ 356,358     $ 675,099     $ 268,723  
Total investment income     9,464,797       696,404       356,358       675,099       268,723  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     2,372,361       156,379       74,664       209,227       74,297  
Interest expense     364,312       63,686       49,048       3,965       513  
Total expenses     2,736,673       220,065       123,712       213,192       74,810  
NET INVESTMENT INCOME (LOSS)     6,728,124       476,339       232,646       461,907       193,913  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     (116,396,662 )     (4,933,225 )     (8,469,121 )     (6,759,903 )     (1,003,346 )
Written option contracts     29,650,606       (5,307,319 )     (5,628,300 )     19,671,757       1,742,588  
Securities sold short     959,880       –       (279 )     –       –  
Net realized gain (loss)     (86,650,176 )     (10,240,544 )     (14,097,700 )     12,911,854       739,242  
Net change in unrealized appreciation (depreciation) on:
Investments     (56,383,363 )     496,341       2,133,706       (860,013 )     (27,643 )
Securities sold short     (119 )     –       –       –       –  
Written option contracts     (28,482,234 )     688,840       185,728       3,090,892       (604,392 )
Foreign currency translation     –       (29,291 )     4,456       –       –  
Net change in unrealized appreciation (depreciation)     (84,865,716 )     1,155,890       2,323,890       2,230,879       (632,035 )
Net realized and unrealized gain (loss)     (171,515,892 )     (9,084,654 )     (11,773,810 )     15,142,733       107,207  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (164,787,768 )   $ (8,608,315 )   $ (11,541,164 )   $ 15,604,640     $ 301,120  

 

 106

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    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     YieldMax TSLA Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Interest income   $ 175,632     $ 346,133     $ 3,691,160     $ 930,418     $ 20,366,493  
Other income     –       –       –       –       14,913  
Total investment income     175,632       346,133       3,691,160       930,418       20,381,406  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     47,471       96,655       803,660       232,780       5,091,121  
Interest expense     2,833       2,112       49,537       6,769       396,444  
Total expenses     50,304       98,767       853,197       239,549       5,487,565  
NET INVESTMENT INCOME (LOSS)     125,328       247,366       2,837,963       690,869       14,893,841  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Investments     (2,441,492 )     (5,033,949 )     (92,724,968 )     (17,855,836 )     (224,744,123 )
Written option contracts     1,998,966       1,674,234       (18,065,243 )     2,293,363       259,709,397  
Securities sold short     –       –       40       (109 )     24,419  
Net realized gain (loss)     (442,526 )     (3,359,715 )     (110,790,171 )     (15,562,582 )     34,989,693  
Net change in unrealized appreciation (depreciation) on:
Investments     (237,116 )     1,464,190       (6,663,060 )     (8,808,969 )     (87,577,901 )
Written option contracts     699,613       4,610,122       (3,910,946 )     (4,034,298 )     (63,678,063 )
Foreign currency translation     –       –       –       –       (24,770 )
Net change in unrealized appreciation (depreciation)     462,497       6,074,312       (10,574,006 )     (12,843,267 )     (151,280,734 )
Net realized and unrealized gain (loss)     19,971       2,714,597       (121,364,177 )     (28,405,849 )     (116,291,041 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ 145,299     $ 2,961,963     $ (118,526,214 )   $ (27,714,980 )   $ (101,397,200 )

 

 107

 

 

Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax TSM Option Income Strategy ETF     YieldMax Ultra Option Income Strategy ETF     YieldMax Ultra Short Option Income Strategy ETF(a)     YieldMax Universe Fund of Option Income ETFs     YieldMax XOM Option Income Strategy ETF  
INVESTMENT INCOME:                                        
Unaffiliated dividend income   $ –     $ 1,631,583     $ –     $ –     $ –  
Affiliated dividend income     –       –       –       159,626,790       –  
Interest income     1,305,713       1,020,433       584,330       179,024       748,459  
Other income     –       10,503       –       –       –  
Total investment income     1,305,713       2,662,519       584,330       159,805,814       748,459  
                                         
EXPENSES:                                        
Investment advisory fee (Note 4)     354,280       7,327,010       124,473       831,310       203,030  
Interest expense     9,900       396       –       37       49,498  
Dividend expense     –       –       73,297       –       –  
Total expenses     364,180       7,327,406       197,770       831,347       252,528  
Expense reimbursement by Adviser (Note 4)     –       (590,888 )     (10,038 )     –       –  
Net expenses     364,180       6,736,518       187,732       831,347       252,528  
NET INVESTMENT INCOME (LOSS)     941,533       (4,073,999 )     396,598       158,974,467       495,931  
                                         
REALIZED AND UNREALIZED GAIN (LOSS)                                        
Net realized gain (loss) from:                                        
Unaffiliated investments     (3,837,851 )     (310,608,257 )     (1,651,829 )     (3,849,591 )     7,510,557  
Affiliated investments     –       –       –       (375,111,534 )     –  
Affiliated In-kind redemptions     –       –       –       (52,477,647 )     –  
Written option contracts     6,894,500       113,974,790       (34,997 )     (403,647 )     1,522,062  
Securities sold short     –       –       395,872       –       –  
Net realized gain (loss)     3,056,649       (196,633,467 )     (1,290,954 )     (431,842,419 )     9,032,619  
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities     6,500,039       (66,228,472 )     206,863       –       365,136  
Investments in affiliated securities     –       –       –       170,046,083       –  
Securities sold short     –       –       (284,692 )     –       –  
Written option contracts     4,481,016       (3,804,030 )     (142,127 )     –       (517,105 )
Foreign currency translation     –       (25 )     –       (25 )     (8,531 )
Net change in unrealized appreciation (depreciation)     10,981,055       (70,032,527 )     (219,956 )     170,046,058       (160,500 )
Net realized and unrealized gain (loss)     14,037,704       (266,665,994 )     (1,510,910 )     (261,796,361 )     8,872,119  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ 14,979,237     $ (270,739,993 )   $ (1,114,312 )   $ (102,821,894 )   $ 9,368,050  

 

(a) Inception date of the Fund was August 20, 2025.

 

 108

 

 

Statement of Operations
For the Period Ended April 30, 2026 (Unaudited)

 

    YieldMax XYZ Option Income Strategy ETF  
INVESTMENT INCOME:        
Interest income   $ 857,705  
Other income     343  
Total investment income     858,048  
         
EXPENSES:        
Investment advisory fee (Note 4)     199,591  
Interest expense     86,250  
Total expenses     285,841  
NET INVESTMENT INCOME (LOSS)     572,207  
         
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) from:        
Investments     (7,834,113 )
Written option contracts     (2,019,443 )
Securities sold short     (381,308 )
Net realized gain (loss)     (10,234,864 )
Net change in unrealized appreciation (depreciation) on:        
Investments     984,136  
Written option contracts     3,313,332  
Foreign currency translation     (10,356 )
Net change in unrealized appreciation (depreciation)     4,287,112  
Net realized and unrealized gain (loss)     (5,947,752 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (5,375,545 )

 

 109

 

 

Statements of Changes in Net Assets

 

    YieldMax AAPL Option Income
Strategy ETF		     YieldMax ABNB Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 1,570,059     $ 4,058,916     $ 320,122     $ 971,386  
Net realized gain (loss)     311,851       4,220,966       1,035,124       (4,872,308 )
Net change in unrealized appreciation (depreciation)     (3,493,882 )     7,794,026       1,274,314       563,208  
Net increase (decrease) in net assets resulting from operations     (1,611,972 )     16,073,908       2,629,560       (3,337,714 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (1,570,059 )     (15,034,941 )     (320,122 )     (970,138 )
Return of capital     (16,547,219 )     (28,724,087 )     (5,054,487 )     (12,986,440 )
Total distributions to shareholders     (18,117,278 )     (43,759,028 )     (5,365,609 )     (13,956,578 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     44,492,453       129,199,180       14,900,802       45,930,595  
Redemptions     (70,820,568 )     (38,649,102 )     (21,234,891 )     (14,403,165 )
ETF transaction fees (Note 9)     23,063       33,570       7,227       12,067  
Net increase (decrease) in net assets from capital transactions     (26,305,052 )     90,583,648       (6,326,862 )     31,539,497  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (44,422,330 )     62,898,528       (9,062,911 )     14,245,205  
                                 
NET ASSETS:                                
Beginning of the period     155,362,660       92,464,132       30,988,207       16,743,002  
End of the period   $ 109,328,358     $ 155,362,660     $ 21,925,296     $ 30,988,207  
                                 
SHARES TRANSACTIONS                                
Subscriptions     3,625,000       8,650,000       425,000       3,400,000  
Redemptions     (5,725,000 )     (2,700,000 )     (560,019 )     (1,200,000 )
Reverse Stock Split (Note 11)     —       —       —       (2,580,000 )(a)
Total increase (decrease) in shares outstanding     (2,100,000 )     5,950,000       (135,019 )     (380,000 )

 

(a) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 11).

 

 110

 

Statements of Changes in Net Assets

 

    YieldMax AI Option Income
Strategy ETF		     YieldMax AMD Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 726,416     $ 3,048,473     $ 2,545,128     $ 4,668,219  
Net realized gain (loss)     (34,983,134 )     (61,227,677 )     30,992,781       76,818,322  
Net change in unrealized appreciation (depreciation)     1,406,530       (1,281,947 )     4,483,465       10,401,509  
Net increase (decrease) in net assets resulting from operations     (32,850,188 )     (59,461,151 )     38,021,374       91,888,050  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (726,416 )     (3,049,052 )     (2,545,128 )     (80,745,177 )
Return of capital     (14,224,346 )     (64,204,751 )     (56,469,499 )     (38,366,621 )
Total distributions to shareholders     (14,950,762 )     (67,253,803 )     (59,014,627 )     (119,111,798 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     15,755,250       219,495,812       234,110,970       269,706,637  
Redemptions     (27,392,562 )     (42,535,940 )     (210,358,847 )     (131,748,490 )
ETF transaction fees (Note 9)     8,629       52,407       88,894       79,617  
Net increase (decrease) in net assets from capital transactions     (11,628,683 )     177,012,279       23,841,017       138,037,764  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (59,429,633 )     50,297,325       2,847,764       110,814,016  
                                 
NET ASSETS:                                
Beginning of the period     84,569,573       34,272,248       232,034,721       121,220,705  
End of the period   $ 25,139,940     $ 84,569,573     $ 234,882,485     $ 232,034,721  
                                 
SHARES TRANSACTIONS                                
Subscriptions     3,625,000       39,575,000       8,725,000       28,950,000  
Redemptions     (4,425,027 )     (9,300,000 )     (8,195,025 )     (15,000,000 )
Reverse Stock Split (Note 11)     —       (30,937,500 )(a)     —       (18,880,000 )(b)
Total increase (decrease) in shares outstanding     (800,027 )     (662,500 )     529,975       (4,930,000 )

 

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

 

 111

 

Statements of Changes in Net Assets

 

    YieldMax AMZN Option Income
Strategy ETF		     YieldMax BABA Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 3,570,879     $ 8,496,158     $ 495,310     $ 1,235,985  
Net realized gain (loss)     (36,628,783 )     39,988,890       2,755,375       8,563,304  
Net change in unrealized appreciation (depreciation)     40,328,949       11,830,219       (9,661,799 )     10,863,150  
Net increase (decrease) in net assets resulting from operations     7,271,055       60,315,267       (6,411,114 )     20,662,439  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (3,570,879 )     (58,900,818 )     (495,310 )     (20,203,501 )
Return of capital     (51,329,644 )     (66,473,190 )     (7,973,075 )     (12,746,267 )
Total distributions to shareholders     (54,900,523 )     (125,374,008 )     (8,468,385 )     (32,949,768 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     52,465,511       284,300,035       759,760       123,920,828  
Redemptions     (64,128,887 )     (86,605,868 )     (27,687,455 )     (72,979,758 )
ETF transaction fees (Note 9)     23,319       74,181       5,689       39,179  
Net increase (decrease) in net assets from capital transactions     (11,640,057 )     197,768,348       (26,922,006 )     50,980,249  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (59,269,525 )     132,709,607       (41,801,505 )     38,692,920  
                                 
NET ASSETS:                                
Beginning of the period     311,639,288       178,929,681       59,708,938       21,016,018  
End of the period   $ 252,369,763     $ 311,639,288     $ 17,907,433     $ 59,708,938  
                                 
SHARES TRANSACTIONS                                
Subscriptions     4,350,000       16,375,000       50,000       6,750,000  
Redemptions     (5,200,000 )     (4,975,000 )     (2,125,000 )     (3,925,000 )
Total increase (decrease) in shares outstanding     (850,000 )     11,400,000       (2,075,000 )     2,825,000  

 

 112

 

Statements of Changes in Net Assets

 

    YieldMax Bitcoin Option Income
Strategy ETF		     YieldMax BRK.B Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		  
OPERATIONS:                                
Net investment income (loss)   $ 1,210,319     $ 1,818,888     $ 323,788     $ 238,392  
Net realized gain (loss)     (39,993,824 )     40,476,296       (792,327 )     221,339  
Net change in unrealized appreciation (depreciation)     10,576,802       (16,105,475 )     787,508       (926,969 )
Net increase (decrease) in net assets resulting from operations     (28,206,703 )     26,189,709       318,969       (467,238 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (1,210,319 )     (23,672,283 )     (323,788 )     (483,762 )
Return of capital     (16,600,146 )     (54,152,615 )     (1,992,290 )     (1,357,456 )
Total distributions to shareholders     (17,810,465 )     (77,824,898 )     (2,316,078 )     (1,841,218 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     34,307,747       215,887,225       20,141,413       43,556,438  
Redemptions     (54,847,404 )     (102,083,305 )     (43,941,908 )     (8,314,188 )
ETF transaction fees (Note 9)     17,831       63,594       12,817       10,124  
Net increase (decrease) in net assets from capital transactions     (20,521,826 )     113,867,514       (23,787,678 )     35,252,374  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (66,538,994 )     62,232,325       (25,784,787 )     32,943,918  
                                 
NET ASSETS:                                
Beginning of the period     110,061,855       47,829,530       32,943,918       —  
End of the period   $ 43,522,861     $ 110,061,855     $ 7,159,131     $ 32,943,918  
                                 
SHARES TRANSACTIONS                                
Subscriptions     1,875,000       18,100,000       475,000       900,000  
Redemptions     (2,570,021 )     (9,350,000 )     (1,025,000 )     (175,000 )
Reverse Stock Split (Note 11)     —       (10,000,000 )(b)     —       —  
Total increase (decrease) in shares outstanding     (695,021 )     (1,250,000 )     (550,000 )     725,000  

 

(a) Inception date of the Fund was June 4, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 28, 2025 (Note 11).

 

 113

 

Statements of Changes in Net Assets

 

    YieldMax COIN Option Income
Strategy ETF		     YieldMax CVNA Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		  
OPERATIONS:                                
Net investment income (loss)   $ 9,751,933     $ 39,066,476     $ 518,901     $ 1,080,324  
Net realized gain (loss)     (498,362,535 )     153,421,176       6,325,230       16,768,040  
Net change in unrealized appreciation (depreciation)     35,203,158       99,010,234       3,188,802       933,293  
Net increase (decrease) in net assets resulting from operations     (453,407,444 )     291,497,886       10,032,933       18,781,657  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (9,751,933 )     (252,154,941 )     (518,901 )     (19,128,290 )
Return of capital     (200,129,085 )     (925,803,792 )     (14,049,894 )     (14,341,853 )
Total distributions to shareholders     (209,881,018 )     (1,177,958,733 )     (14,568,795 )     (33,470,143 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     232,177,298       2,442,407,610       17,878,680       122,909,758  
Redemptions     (440,973,070 )     (941,670,295 )     (43,718,212 )     (54,083,643 )
ETF transaction fees (Note 9)     134,629       676,816       —       —  
Net increase (decrease) in net assets from capital transactions     (208,661,143 )     1,501,414,131       (25,839,532 )     68,826,115  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (871,949,605 )     614,953,284       (30,375,394 )     54,137,629  
                                 
NET ASSETS:                                
Beginning of the period     1,270,187,896       655,234,612       54,137,629       —  
End of the period   $ 398,238,291     $ 1,270,187,896     $ 23,762,235     $ 54,137,629  
                                 
SHARES TRANSACTIONS                                
Subscriptions     20,500,000       249,000,000       525,000       3,025,000  
Redemptions     (25,347,543 )     (102,025,000 )     (1,375,000 )     (1,325,000 )
Reverse Stock Split (Note 11)     —       (180,495,000 )(b)     —       —  
Total increase (decrease) in shares outstanding     (4,847,543 )     (33,520,000 )     (850,000 )     1,700,000  

 

(a) Inception date of the Fund was January 29, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

 

 114

 

Statements of Changes in Net Assets

 

    YieldMax DIS Option Income
Strategy ETF		     YieldMax DKNG Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		  
OPERATIONS:                                
Net investment income (loss)   $ 258,374     $ 1,096,446     $ 230,938     $ 122,711  
Net realized gain (loss)     (1,382,912 )     1,533,481       (4,690,552 )     (9,546,826 )
Net change in unrealized appreciation (depreciation)     (88,813 )     (378,320 )     394,536       (553,084 )
Net increase (decrease) in net assets resulting from operations     (1,213,351 )     2,251,607       (4,065,078 )     (9,977,199 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (258,374 )     (1,095,662 )     (230,938 )     (122,197 )
Return of capital     (2,776,359 )     (11,379,403 )     (4,799,102 )     (2,144,281 )
Total distributions to shareholders     (3,034,733 )     (12,475,065 )     (5,030,040 )     (2,266,478 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     541,747       38,459,393       8,563,209       43,380,043  
Redemptions     (26,457,563 )     (15,579,940 )     (25,668,280 )     (2,337,045 )
ETF transaction fees (Note 9)     5,400       10,808       6,747       8,893  
Net increase (decrease) in net assets from capital transactions     (25,910,416 )     22,890,261       (17,098,324 )     41,051,891  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (30,158,500 )     12,666,803       (26,193,442 )     28,808,214  
                                 
NET ASSETS:                                
Beginning of the period     35,195,308       22,528,505       28,808,214       —  
End of the period   $ 5,036,808     $ 35,195,308     $ 2,614,772     $ 28,808,214  
                                 
SHARES TRANSACTIONS                                
Subscriptions     50,000       2,500,000       400,000       950,000  
Redemptions     (2,350,000 )     (1,125,000 )     (1,150,000 )     (50,000 )
Total increase (decrease) in shares outstanding     (2,300,000 )     1,375,000       (750,000 )     900,000  

 

(a) Inception date of the Fund was July 14, 2025.

 

 115

 

Statements of Changes in Net Assets

 

    YieldMax Gold Miners Option
Income Strategy ETF		     YieldMax GOOGL Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 3,216,842     $ 2,387,893     $ 2,788,992     $ 3,740,810  
Net realized gain (loss)     23,993,964       45,998,273       43,234,468       26,118,308  
Net change in unrealized appreciation (depreciation)     (23,476,367 )     (11,310,434 )     16,183,997       29,613,338  
Net increase (decrease) in net assets resulting from operations     3,734,439       37,075,732       62,207,457       59,472,456  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (3,216,842 )     (46,772,715 )     (2,788,992 )     (56,540,890 )
Return of capital     (72,765,581 )     —       (45,150,573 )     —  
Total distributions to shareholders     (75,982,423 )     (46,772,715 )     (47,939,565 )     (56,540,890 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     274,842,210       204,088,162       100,192,448       163,426,440  
Redemptions     (107,434,317 )     (38,881,622 )     (41,772,955 )     (43,341,427 )
ETF transaction fees (Note 9)     76,455       48,594       28,393       41,353  
Net increase (decrease) in net assets from capital transactions     167,484,348       165,255,134       58,447,886       120,126,366  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     95,236,364       155,558,151       72,715,778       123,057,932  
                                 
NET ASSETS:                                
Beginning of the period     186,974,862       31,416,711       194,009,529       70,951,597  
End of the period   $ 282,211,226     $ 186,974,862     $ 266,725,307     $ 194,009,529  
                                 
SHARES TRANSACTIONS                                
Subscriptions     17,175,000       12,675,000       6,900,000       11,900,000  
Redemptions     (7,275,000 )     (2,425,000 )     (2,950,000 )     (3,275,000 )
Total increase (decrease) in shares outstanding     9,900,000       10,250,000       3,950,000       8,625,000  

 

 116

 

Statements of Changes in Net Assets

 

    YieldMax HOOD Option Income
Strategy ETF		     YieldMax Innovation Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 2,600,784     $ 1,739,126     $ 840,786     $ 2,051,024  
Net realized gain (loss)     (94,140,432 )     78,815,849       (5,837,945 )     22,201,049  
Net change in unrealized appreciation (depreciation)     (229,968 )     5,178,853       (4,164,103 )     8,194,343  
Net increase (decrease) in net assets resulting from operations     (91,769,616 )     85,733,828       (9,161,262 )     32,446,416  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (2,600,784 )     (85,010,320 )     (840,786 )     (23,903,921 )
Return of capital     (50,113,611 )     —       (13,013,347 )     (13,919,822 )
Total distributions to shareholders     (52,714,395 )     (85,010,320 )     (13,854,133 )     (37,823,743 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     73,619,982       372,968,958       24,714,695       77,667,283  
Redemptions     (73,972,872 )     (123,325,403 )     (41,137,038 )     (35,072,962 )
ETF transaction fees (Note 9)     29,519       98,759       13,170       22,548  
Net increase (decrease) in net assets from capital transactions     (323,371 )     249,742,314       (16,409,173 )     42,616,869  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (144,807,382 )     250,465,822       (39,424,568 )     37,239,542  
                                 
NET ASSETS:                                
Beginning of the period     250,465,822       —       91,683,936       54,444,394  
End of the period   $ 105,658,440     $ 250,465,822     $ 52,259,368     $ 91,683,936  
                                 
SHARES TRANSACTIONS                                
Subscriptions     2,075,000       5,425,000       1,100,000       8,500,000  
Redemptions     (1,850,000 )     (1,750,000 )     (1,535,025 )     (3,800,000 )
Reverse Stock Split (Note 11)     —       —       —       (8,260,000 )(b)
Total increase (decrease) in shares outstanding     225,000       3,675,000       (435,025 )     (3,560,000 )

 

(a) Inception date of the Fund was May 7, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

 

 117

 

Statements of Changes in Net Assets

 

    YieldMax JP Option Income
Strategy ETF		   YieldMax Magnificent 7 Fund of
Option Income ETF
    Period Ended
April 30, 2026
(Unaudited)		    Year Ended
October 31, 2025		   Period Ended
April 30, 2026
(Unaudited)		    Year Ended
October 31, 2025
OPERATIONS:                
Net investment income (loss)   $ 678,484     $ 1,545,622     $ 74,562,032     $ 87,176,852  
Net realized gain (loss)     (2,874,547 )     6,652,504       (13,013,514 )     (20,995,066 )
Net change in unrealized appreciation (depreciation)     672,879       2,911,318       (64,770,261 )     20,675,894  
Net increase (decrease) in net assets resulting from operations     (1,523,184 )     11,109,444       (3,221,743 )     86,857,680  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (678,484 )     (10,821,815 )     (70,240,372 )     (97,057,984 )
Return of capital     (6,462,639 )     (5,654,710 )     —       (63,741,071 )
Total distributions to shareholders     (7,141,123 )     (16,476,525 )     (70,240,372 )     (160,799,055 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     15,807,172       61,689,630       53,910,997       396,904,483  
Redemptions     (27,536,837 )     (21,842,053 )     (136,383,675 )     (33,793,995 )
ETF transaction fees (Note 9)     8,669       16,706       —       —  
Net increase (decrease) in net assets from capital transactions     (11,720,996 )     39,864,283       (82,472,678 )     363,110,488  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (20,385,303 )     34,497,202       (155,934,793 )     289,169,113  
                                 
NET ASSETS:                                
Beginning of the period     60,925,363       26,428,161       471,839,902       182,670,789  
End of the period   $ 40,540,060     $ 60,925,363     $ 315,905,109     $ 471,839,902  
                                 
SHARES TRANSACTIONS                                
Subscriptions     1,075,000       3,525,000       4,100,000       23,050,000  
Redemptions     (1,925,000 )     (1,275,000 )     (10,150,000 )     (2,150,000 )
Total increase (decrease) in shares outstanding     (850,000 )     2,250,000       (6,050,000 )     20,900,000  

  

 118

 

Statements of Changes in Net Assets

 

    YieldMax MARA Option Income
Strategy ETF		     YieldMax META Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 1,003,852     $ 1,940,044     $ 1,833,418     $ 5,308,721  
Net realized gain (loss)     (36,331,879 )     (7,104,704 )     (37,053,353 )     27,479,617  
Net change in unrealized appreciation (depreciation)     (241,950 )     (83,348 )     25,325,321       (22,021,662 )
Net increase (decrease) in net assets resulting from operations     (35,569,977 )     (5,248,008 )     (9,894,614 )     10,766,676  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (1,003,852 )     (1,937,869 )     (1,833,418 )     (31,014,311 )
Return of capital     (23,129,423 )     (61,879,849 )     (24,461,922 )     (38,646,322 )
Total distributions to shareholders     (24,133,275 )     (63,817,718 )     (26,295,340 )     (69,660,633 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     56,334,208       270,806,478       38,036,247       151,992,875  
Redemptions     (26,591,300 )     (105,841,933 )     (53,754,145 )     (66,639,815 )
ETF transaction fees (Note 9)     16,585       74,580       18,358       43,727  
Net increase (decrease) in net assets from capital transactions     29,759,493       165,039,125       (15,699,540 )     85,396,787  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (29,943,759 )     95,973,399       (51,889,494 )     26,502,830  
                                 
NET ASSETS:                                
Beginning of the period     95,973,399       —       154,947,976       128,445,146  
End of the period   $ 66,029,640     $ 95,973,399     $ 103,058,482     $ 154,947,976  
                                 
SHARES TRANSACTIONS                                
Subscriptions     8,175,000       11,125,000       3,225,000       8,600,000  
Redemptions     (3,850,000 )     (5,200,000 )     (4,500,000 )     (3,800,000 )
Total increase (decrease) in shares outstanding     4,325,000       5,925,000       (1,275,000 )     4,800,000  

 

(a) Inception date of the Fund was December 9, 2024.

 

 119

 

Statements of Changes in Net Assets

 

    YieldMax MRNA Option Income
Strategy ETF		     YieldMax MSFT Option Income
Strategy ETF
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 1,007,933     $ 2,755,745     $ 1,676,781     $ 3,969,013  
Net realized gain (loss)     46,154,577       (51,676,059 )     (22,702,927 )     15,391,725  
Net change in unrealized appreciation (depreciation)     (16,438,353 )     7,240,694       (1,292,295 )     6,003,729  
Net increase (decrease) in net assets resulting from operations     30,724,157       (41,679,620 )     (22,318,441 )     25,364,467  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (1,007,933 )     (2,756,418 )     (1,676,781 )     (21,210,197 )
Return of capital     (40,403,636 )     (63,539,082 )     (16,157,972 )     (16,093,723 )
Total distributions to shareholders     (41,411,569 )     (66,295,500 )     (17,834,753 )     (37,303,920 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     82,413,273       208,406,660       29,065,073       116,609,230  
Redemptions     (76,903,173 )     (36,847,878 )     (40,117,515 )     (36,558,455 )
ETF transaction fees (Note 9)     31,863       49,051       13,836       30,634  
Net increase (decrease) in net assets from capital transactions     5,541,963       171,607,833       (11,038,606 )     80,081,409  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (5,145,449 )     63,632,713       (51,191,800 )     68,141,956  
                                 
NET ASSETS:                                
Beginning of the period     92,473,827       28,841,114       148,990,990       80,849,034  
End of the period   $ 87,328,378     $ 92,473,827     $ 97,799,190     $ 148,990,990  
                                 
SHARES TRANSACTIONS                                
Subscriptions     5,775,000       66,450,000       2,300,000       6,450,000  
Redemptions     (5,715,026 )     (15,225,000 )     (2,925,000 )     (2,150,000 )
Reverse Stock Split (Note 11)     —       (49,680,000 )(a)     —       —  
Total increase (decrease) in shares outstanding     59,974       1,545,000       (625,000 )     4,300,000  

 

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

 

 120

 

Statements of Changes in Net Assets

 

    YieldMax MSTR Option Income
Strategy ETF		     YieldMax NFLX Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 21,028,650     $ 79,889,057     $ 1,284,392     $ 4,090,160  
Net realized gain (loss)     (1,570,526,671 )     (499,247,315 )     (34,728,311 )     37,783,140  
Net change in unrealized appreciation (depreciation)     594,068,770       (310,922,255 )     16,136,306       (17,248,878 )
Net increase (decrease) in net assets resulting from operations     (955,429,251 )     (730,280,513 )     (17,307,613 )     24,624,422  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (21,028,650 )     (144,116,337 )     (1,284,392 )     (42,195,719 )
Return of capital     (571,714,140 )     (3,054,672,201 )     (17,383,066 )     (14,625,321 )
Total distributions to shareholders     (592,742,790 )     (3,198,788,538 )     (18,667,458 )     (56,821,040 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     408,602,798       7,685,899,333       84,861,050       152,795,263  
Redemptions     (646,285,749 )     (1,541,640,005 )     (107,877,808 )     (39,090,092 )
ETF transaction fees (Note 9)     210,977       1,845,508       37,759       38,377  
Net increase (decrease) in net assets from capital transactions     (237,471,974 )     6,146,104,836       (22,978,999 )     113,743,548  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (1,785,644,015 )     2,217,035,785       (58,954,070 )     81,546,930  
                                 
NET ASSETS:                                
Beginning of the period     3,030,103,061       813,067,276       133,011,881       51,464,951  
End of the period   $ 1,244,459,046     $ 3,030,103,061     $ 74,057,811     $ 133,011,881  
                                 
SHARES TRANSACTIONS                                
Subscriptions     25,325,000       340,325,000       7,550,000       8,400,000  
Redemptions     (30,790,041 )     (89,750,000 )     (9,325,000 )     (2,325,000 )
Reverse Stock Split (Note 11)     —       (222,840,000 )(a)     —       —  
Total increase (decrease) in shares outstanding     (5,465,041 )     27,735,000       (1,775,000 )     6,075,000  

 

(a) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

 

 121

 

Statements of Changes in Net Assets

 

    YieldMax NVDA Option Income
Strategy ETF		     YieldMax PLTR Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 23,844,836     $ 45,634,320     $ 6,728,124     $ 9,293,533  
Net realized gain (loss)     63,964,236       360,733,256       (86,650,176 )     252,139,058  
Net change in unrealized appreciation (depreciation)     (70,128,746 )     158,371,779       (84,865,716 )     61,511,940  
Net increase (decrease) in net assets resulting from operations     17,680,326       564,739,355       (164,787,768 )     322,944,531  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (23,844,836 )     (586,067,383 )     (6,728,124 )     (325,167,661 )
Return of capital     (341,551,157 )     (522,761,687 )     (148,712,651 )     (1,982,762 )
Total distributions to shareholders     (365,395,993 )     (1,108,829,070 )     (155,440,775 )     (327,150,423 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     318,696,778       1,817,785,615       188,412,788       1,183,133,912  
Redemptions     (407,079,325 )     (695,290,400 )     (195,367,700 )     (509,671,195 )
ETF transaction fees (Note 9)     145,155       502,616       76,756       338,561  
Net increase (decrease) in net assets from capital transactions     (88,237,392 )     1,122,997,831       (6,878,156 )     673,801,278  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (435,953,059 )     578,908,116       (327,106,699 )     669,595,386  
                                 
NET ASSETS:                                
Beginning of the period     1,823,695,944       1,244,787,828       675,756,031       6,160,645  
End of the period   $ 1,387,742,885     $ 1,823,695,944     $ 348,649,332     $ 675,756,031  
                                 
SHARES TRANSACTIONS                                
Subscriptions     22,275,000       98,450,000       3,925,000       17,850,000  
Redemptions     (28,200,000 )     (39,425,000 )     (4,350,000 )     (7,575,000 )
Total increase (decrease) in shares outstanding     (5,925,000 )     59,025,000       (425,000 )     10,275,000  

 

 122

 

Statements of Changes in Net Assets

 

    YieldMax PYPL Option Income
Strategy ETF		     YieldMax RBLX Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		     Period Ended
October 31, 2025(a)		  
OPERATIONS:                                
Net investment income (loss)   $ 476,339     $ 1,634,768     $ 232,646     $ 101,503  
Net realized gain (loss)     (10,240,544 )     (13,012,598 )     (14,097,700 )     (1,763,073 )
Net change in unrealized appreciation (depreciation)     1,155,890       1,756,145       2,323,890       (2,319,673 )
Net increase (decrease) in net assets resulting from operations     (8,608,315 )     (9,621,685 )     (11,541,164 )     (3,981,243 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (476,339 )     (1,632,892 )     (232,646 )     (101,309 )
Return of capital     (6,847,327 )     (21,350,073 )     (4,229,524 )     (3,659,669 )
Total distributions to shareholders     (7,323,666 )     (22,982,965 )     (4,462,170 )     (3,760,978 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     29,291,025       54,241,653       6,709,735       38,536,713  
Redemptions     (30,999,266 )     (19,341,850 )     (18,653,603 )     (1,208,295 )
ETF transaction fees (Note 9)     12,058       14,716       5,073       7,699  
Net increase (decrease) in net assets from capital transactions     (1,696,183 )     34,914,519       (11,938,795 )     37,336,117  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (17,628,164 )     2,309,869       (27,942,129 )     29,593,896  
                                 
NET ASSETS:                                
Beginning of the period     47,509,566       45,199,697       29,593,896       —  
End of the period   $ 29,881,402     $ 47,509,566     $ 1,651,767     $ 29,593,896  
                                 
SHARES TRANSACTIONS                                
Subscriptions     1,000,000       3,625,000       300,000       725,000  
Redemptions     (955,023 )     (1,475,000 )     (900,000 )     (25,000 )
Reverse Stock Split (Note 11)     —       (3,760,000 )(b)     —       —  
Total increase (decrease) in shares outstanding     44,977       (1,610,000 )     (600,000 )     700,000  

 

(a) Inception date of the Fund was July 28, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 11).

 

 123

 

Statements of Changes in Net Assets

 

    YieldMax Short COIN Option
Income Strategy ETF		     YieldMax Short N100 Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 461,907     $ 1,249,036     $ 193,913     $ 339,985  
Net realized gain (loss)     12,911,854       (25,981,381 )     739,242       (2,138,485 )
Net change in unrealized appreciation (depreciation)     2,230,879       (7,159,144 )     (632,035 )     (198,036 )
Net increase (decrease) in net assets resulting from operations     15,604,640       (31,891,489 )     301,120       (1,996,536 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (461,907 )     (1,249,765 )     (193,913 )     (402,030 )
Return of capital     (16,949,513 )     (37,739,558 )     (1,875,797 )     (2,335,403 )
Total distributions to shareholders     (17,411,420 )     (38,989,323 )     (2,069,710 )     (2,737,433 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     29,755,440       137,455,960       7,449,000       19,470,850  
Redemptions     (32,494,895 )     (63,285,700 )     (6,058,000 )     (6,394,160 )
ETF transaction fees (Note 9)     12,450       40,148       2,702       5,173  
Net increase (decrease) in net assets from capital transactions     (2,727,005 )     74,210,408       1,393,702       13,081,863  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (4,533,785 )     3,329,596       (374,888 )     8,347,894  
                                 
NET ASSETS:                                
Beginning of the period     43,366,360       40,036,764       14,398,989       6,051,095  
End of the period   $ 38,832,575     $ 43,366,360     $ 14,024,101     $ 14,398,989  
                                 
SHARES TRANSACTIONS                                
Subscriptions     2,950,000       26,925,000       600,000       1,250,000  
Redemptions     (3,000,023 )     (11,350,000 )     (500,000 )     (400,000 )
Reverse Stock Split (Note 11)     —       (16,155,000 )(a)     —       —  
Total increase (decrease) in shares outstanding     (50,023 )     (580,000 )     100,000       850,000  

 

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

 

 124

 

Statements of Changes in Net Assets

 

    YieldMax Short NVDA Option
Income Strategy ETF		     YieldMax Short TSLA Option
Income Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 125,328     $ 324,651     $ 247,366     $ 788,117  
Net realized gain (loss)     (442,526 )     (5,230,905 )     (3,359,715 )     (12,226,063 )
Net change in unrealized appreciation (depreciation)     462,497       254,268       6,074,312       (3,630,693 )
Net increase (decrease) in net assets resulting from operations     145,299       (4,651,986 )     2,961,963       (15,068,639 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (125,328 )     (325,903 )     (247,366 )     (788,181 )
Return of capital     (2,260,776 )     (5,854,150 )     (5,760,581 )     (18,669,602 )
Total distributions to shareholders     (2,386,104 )     (6,180,053 )     (6,007,947 )     (19,457,783 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     6,385,732       20,263,662       4,979,153       61,629,415  
Redemptions     (2,332,770 )     (12,048,998 )     (5,263,505 )     (27,925,010 )
ETF transaction fees (Note 9)     1,744       6,465       2,049       17,911  
Net increase (decrease) in net assets from capital transactions     4,054,706       8,221,129       (282,303 )     33,722,316  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     1,813,901       (2,610,910 )     (3,328,287 )     (804,106 )
                                 
NET ASSETS:                                
Beginning of the period     8,010,105       10,621,015       22,280,048       23,084,154  
End of the period   $ 9,824,006     $ 8,010,105     $ 18,951,761     $ 22,280,048  
                                 
SHARES TRANSACTIONS                                
Subscriptions     350,000       2,050,000       300,000       11,075,000  
Redemptions     (275,015 )     (1,200,000 )     (307,525 )     (5,250,000 )
Reverse Stock Split (Note 11)     —       (1,395,000 )(a)     —       (7,087,500 )(a)
Total increase (decrease) in shares outstanding     74,985       (545,000 )     (7,525 )     (1,262,500 )

 

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 11).

 

 125

 

Statements of Changes in Net Assets

 

    YieldMax SMCI Option Income
Strategy ETF		     YieldMax SNOW Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 2,837,963     $ 5,201,313     $ 690,869     $ 1,771,964  
Net realized gain (loss)     (110,790,171 )     65,136,330       (15,562,582 )     17,793,932  
Net change in unrealized appreciation (depreciation)     (10,574,006 )     (2,493,627 )     (12,843,267 )     13,189,198  
Net increase (decrease) in net assets resulting from operations     (118,526,214 )     67,844,016       (27,714,980 )     32,755,094  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (2,837,963 )     (68,196,370 )     (690,869 )     (31,618,740 )
Return of capital     (64,122,180 )     (125,814,125 )     (11,747,799 )     (11,214,140 )
Total distributions to shareholders     (66,960,143 )     (194,010,495 )     (12,438,668 )     (42,832,880 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     103,444,228       599,073,888       21,107,385       149,215,410  
Redemptions     (112,154,823 )     (183,199,678 )     (50,362,102 )     (71,862,238 )
ETF transaction fees (Note 9)     43,120       156,455       14,294       44,217  
Net increase (decrease) in net assets from capital transactions     (8,667,475 )     416,030,665       (29,240,423 )     77,397,389  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (194,153,832 )     289,864,186       (69,394,071 )     67,319,603  
                                 
NET ASSETS:                                
Beginning of the period     301,460,232       11,596,046       86,075,220       18,755,617  
End of the period   $ 107,306,400     $ 301,460,232     $ 16,681,149     $ 86,075,220  
                                 
SHARES TRANSACTIONS                                
Subscriptions     12,550,000       29,325,000       2,375,000       8,675,000  
Redemptions     (14,050,000 )     (9,450,000 )     (5,350,000 )     (4,425,000 )
Total increase (decrease) in shares outstanding     (1,500,000 )     19,875,000       (2,975,000 )     4,250,000  

 

 126

 

Statements of Changes in Net Assets

 

    YieldMax TSLA Option Income
Strategy ETF		     YieldMax TSM Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		  
OPERATIONS:                                
Net investment income (loss)   $ 14,893,841     $ 33,851,294     $ 941,533     $ 1,409,235  
Net realized gain (loss)     34,989,693       373,202,532       3,056,649       20,532,349  
Net change in unrealized appreciation (depreciation)     (151,280,734 )     105,829,907       10,981,055       1,747,486  
Net increase (decrease) in net assets resulting from operations     (101,397,200 )     512,883,733       14,979,237       23,689,070  
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (14,893,841 )     (378,764,883 )     (941,533 )     (23,424,762 )
Return of capital     (282,287,817 )     (542,652,570 )     (16,748,037 )     (6,458,733 )
Total distributions to shareholders     (297,181,658 )     (921,417,453 )     (17,689,570 )     (29,883,495 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     329,284,362       1,996,041,030       93,028,755       97,856,531  
Redemptions     (379,791,253 )     (1,128,545,207 )     (60,683,717 )     (42,213,180 )
ETF transaction fees (Note 9)     141,042       624,917       30,742       27,916  
Net increase (decrease) in net assets from capital transactions     (50,365,849 )     868,120,740       32,375,780       55,671,267  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (448,944,707 )     459,587,020       29,665,447       49,476,842  
                                 
NET ASSETS:                                
Beginning of the period     1,286,168,027       826,581,007       72,708,456       23,231,614  
End of the period   $ 837,223,320     $ 1,286,168,027     $ 102,373,903     $ 72,708,456  
                                 
SHARES TRANSACTIONS                                
Subscriptions     24,350,000       203,775,000       5,700,000       5,800,000  
Redemptions     (26,000,035 )     (122,025,000 )     (3,900,000 )     (2,575,000 )
Reverse Stock Split (Note 11)     —       (120,820,000 )(a)     —       —  
Total increase (decrease) in shares outstanding     (1,650,035 )     (39,070,000 )     1,800,000       3,225,000  

 

(a) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 11).

 

 127

 

Statements of Changes in Net Assets

 

    YieldMax Ultra Option Income
Strategy ETF		     YieldMax Ultra Short Option Income
Strategy ETF		  
    Period Ended
April 30, 2026
(Unaudited)		      Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		      Period Ended
October 31, 2025(a)		  
OPERATIONS:                                
Net investment income (loss)   $ (4,073,999 )   $ (7,669,232 )   $ 396,598     $ 57,179  
Net realized gain (loss)     (196,633,467 )     (93,665,745 )     (1,290,954 )     (1,374,586 )
Net change in unrealized appreciation (depreciation)     (70,032,527 )     239,306,112       (219,956 )     (768,564 )
Net increase (decrease) in net assets resulting from operations     (270,739,993 )     137,971,135       (1,114,312 )     (2,085,971 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (420,906,213 )     (346,947,338 )     (396,598 )     (57,146 )
Return of capital     —       (641,667,620 )     (6,730,022 )     (1,852,482 )
Total distributions to shareholders     (420,906,213 )     (988,614,958 )     (7,126,620 )     (1,909,628 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     402,471,308       4,158,063,942       15,075,468       24,508,312  
Redemptions     (1,338,706,541 )     (1,031,898,730 )     (7,904,278 )     —  
ETF transaction fees (Note 9)     346,805       1,037,993       4,596       4,152  
Net increase (decrease) in net assets from capital transactions     (935,888,428 )     3,127,203,205       7,175,786       24,512,464  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (1,627,534,634 )     2,276,559,382       (1,065,146 )     20,516,865  
                                 
NET ASSETS:                                
Beginning of the period     2,481,990,258       205,430,876       20,516,865       —  
End of the period   $ 854,455,624     $ 2,481,990,258     $ 19,451,719     $ 20,516,865  
                                 
SHARES TRANSACTIONS                                
Subscriptions     30,550,000       676,075,000       450,000       550,000  
Redemptions     (53,342,536 )     (196,650,000 )     (250,000 )     —  
Reverse Stock Split (Note 11)     —       (450,180,000 )(b)     —       —  
Total increase (decrease) in shares outstanding     (22,792,536 )     29,245,000       200,000       550,000  

 

(a) Inception date of the Fund was August 20, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

 

 128

 

Statements of Changes in Net Assets

 

    YieldMax Universe Fund of Option Income ETFs     YieldMax XOM Option Income Strategy ETF  
  Period Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		     Period Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
OPERATIONS:                  
Net investment income (loss)   $ 158,974,467     $ 211,942,370     $ 495,931     $ 1,495,455  
Net realized gain (loss)     (431,842,419 )     (53,740,964 )     9,032,619       (1,958,644 )
Net change in unrealized appreciation (depreciation)     170,046,058       (671,459 )     (160,500 )     20,549  
Net increase (decrease) in net assets resulting from operations     (102,821,894 )     157,529,947       9,368,050       (442,640 )
                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                
Distributions to shareholders     (152,453,188 )     (220,883,856 )     (495,931 )     (1,494,392 )
Return of capital     –       (247,024,459 )     (6,217,852 )     (13,448,646 )
Total distributions to shareholders     (152,453,188 )     (467,908,315 )     (6,713,783 )     (14,943,038 )
                                 
CAPITAL TRANSACTIONS:                                
Subscriptions     57,897,750       1,080,710,542       31,080,928       59,044,625  
Redemptions     (371,814,133 )     (153,606,587 )     (52,753,048 )     (27,013,925 )
ETF transaction fees (Note 9)     –       –       16,767       17,212  
Net increase (decrease) in net assets from capital transactions     (313,916,383 )     927,103,955       (21,655,353 )     32,047,912  
                                 
NET INCREASE (DECREASE) IN NET ASSETS     (569,191,465 )     616,725,587       (19,001,086 )     16,662,234  
                                 
NET ASSETS:                                
Beginning of the period     962,095,780       345,370,193       48,894,657       32,323,423  
End of the period   $ 392,904,315     $ 962,095,780     $ 29,893,571     $ 48,894,657  
                                 
SHARES TRANSACTIONS                                
Subscriptions     6,425,000       70,725,000       2,350,000       4,350,000  
Redemptions     (38,975,000 )     (11,850,000 )     (4,100,000 )     (2,125,000 )
Total increase (decrease) in shares outstanding     (32,550,000 )     58,875,000       (1,750,000 )     2,225,000  

 

 129

 

Statement of Changes in Net Assets

 

    YieldMax XYZ Option Income Strategy ETF  
  Period Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
OPERATIONS:                
Net investment income (loss)   $ 572,207     $ 2,049,546  
Net realized gain (loss)     (10,234,864 )     (12,732,162 )
Net change in unrealized appreciation (depreciation)     4,287,112       (2,056,035 )
Net increase (decrease) in net assets resulting from operations     (5,375,545 )     (12,738,651 )
                 
DISTRIBUTIONS TO SHAREHOLDERS:                
Distributions to shareholders     (572,207 )     (2,039,524 )
Return of capital     (12,647,826 )     (43,030,424 )
Total distributions to shareholders     (13,220,033 )     (45,069,948 )
                 
CAPITAL TRANSACTIONS:                
Subscriptions     43,263,165       112,034,900  
Redemptions     (48,549,134 )     (42,118,968 )
ETF transaction fees (Note 9)     18,362       30,831  
Net increase (decrease) in net assets from capital transactions     (5,267,607 )     69,946,763  
                 
NET INCREASE (DECREASE) IN NET ASSETS     (23,863,185 )     12,138,164  
                 
NET ASSETS:                
Beginning of the period     62,412,034       50,273,870  
End of the period   $ 38,548,849     $ 62,412,034  
                 
SHARES TRANSACTIONS                
Subscriptions     1,625,000       8,125,000  
Redemptions     (1,685,021 )     (3,675,000 )
Reverse Stock Split (Note 11)     –       (5,820,000 )(a)
Total increase (decrease) in shares outstanding     (60,021 )     (1,370,000 )

 

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 11).

  

 130

 


 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:      

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
YieldMax AAPL Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $13.78   0.16   (0.16)   0.00(f)   (0.16)   –   (1.70)   (1.86)   0.00(f)   $11.92   0.11%   $109,328   1.16%   1.16%   0.17%   0.99%   2.52%   –%  
10/31/2025   $17.36   0.45   0.78   1.23   (1.65)   –   (3.16)   (4.81)   0.00(f)   $13.78   11.17%   $155,363   1.04%   1.04%   0.05%   0.99%   3.10%   20%  
10/31/2024   $18.33   0.69   2.72   3.41   (2.19)   –   (2.19)   (4.38)   0.00(f)   $17.36   21.14%   $92,464   1.06%   1.06%   0.07%   0.99%   3.82%   20%  
10/31/2023(g)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $48.04   0.57   2.51   3.08   (0.57)   –   (7.57)   (8.14)   0.01   $42.99   11.08%   $21,925   1.24%   1.24%   0.25%   0.99%   2.59%   –%  
10/31/2025(h)   $81.65   1.83   (7.26)   (5.43)   (1.96)   –   (26.24)   (28.20)   0.02   $48.04   (8.22)%   $30,988   1.01%   1.01%   0.02%   0.99%   3.01%   43%  
10/31/2024(i)   $100.00   0.95   (9.05)   (8.10)   (6.40)   –   (3.90)   (10.30)   0.05   $81.65   (7.19)%   $16,743   1.06%   1.06%   0.07%   0.99%   3.22%   46%  
YieldMax AI Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $24.60   0.24   (11.47)   (11.23)   (0.24)   –   (3.60)   (3.84)   0.00(f)   $9.53   (46.34)%   $25,140   1.02%   1.02%   0.03%   0.99%   3.16%   –%  
10/31/2025(j)   $83.60   1.58   (16.32)   (14.74)   (2.01)   –   (42.28)   (44.29)   0.03   $24.60   (36.29)%   $84,570   0.99%   0.99%   0.00%(k)   0.99%   3.48%   53%  
10/31/2024(l)   $200.00   3.80   (53.70)   (49.90)   (4.20)   –   (62.40)   (66.60)   0.10   $83.60   (30.62)%   $34,272   1.67%   1.67%   0.68%   0.99%   3.56%   4%  
YieldMax AMD Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $49.16   0.55   4.76   5.31   (0.55)   –   (9.20)   (9.75)   0.02   $44.74   27.01%   $234,882   1.03%   1.03%   0.04%   0.99%   2.99%   –%(c)  
10/31/2025(m)   $62.80   1.24   16.70   17.94   (21.42)   –   (10.18)   (31.59)   0.02   $49.16   58.57%   $232,035   1.00%   1.00%   0.01%   0.99%   2.86%   46%  
10/31/2024   $94.20   3.40   22.95   26.35   (10.70)   –   (47.10)   (57.80)   0.05   $62.80   25.62%   $121,221   1.23%   1.23%   0.24%   0.99%   4.06%   37%  
10/31/2023(n)   $100.00   0.50   (6.30)   (5.80)   –   –   –   –   0.00(f)   $94.20   (5.80)%   $5,651   0.99%   0.99%   –%   0.99%   4.39%   –%  
YieldMax AMZN Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $14.84   0.18   0.22   0.40   (0.18)   –   (2.54)   (2.72)   0.00(f)   $12.52   4.57%   $252,370   1.09%   1.09%   0.10%   0.99%   2.82%   –%  
10/31/2025   $18.64   0.53   3.69   4.22   (3.77)   –   (4.25)   (8.01)   0.00(f)   $14.84   28.81%   $311,639   1.09%   1.09%   0.10%   0.99%   3.19%   24%  
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(o)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $15.61   0.18   (2.63)   (2.45)   (0.18)   –   (2.75)   (2.93)   0.00(f)   $10.23   (17.63)%   $17,907   1.12%   1.12%   0.13%   0.99%   2.66%   –%  
10/31/2025   $21.02   0.47   5.87   6.34   (7.21)   –   (4.55)   (11.76)   0.01   $15.61   42.90%   $59,709   0.99%   0.99%   0.00%(k)   0.99%   2.74%   59%  
10/31/2024(p)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $44.02   0.55(bb)   (13.58)   (13.03)   (0.55)   –   (6.34)   (6.89)   0.01   $24.11   (27.95)%   $43,523   1.00%(cc)   1.00%(cc)   0.01%(cc)   0.99%(cc)   3.61%(cc)   –%  
10/31/2025   $63.75   0.81   16.09   16.90   (6.24)   (4.91)   (25.51)   (36.66)   0.03   $44.02   31.22%   $110,062   1.02%   1.02%   0.03%   0.99%   1.50%   29%  
10/31/2024(q)   $100.00   0.35   (9.40)   (9.05)   (1.15)   –   (26.10)   (27.25)   0.05   $63.75   (7.26)%   $47,830   4.75%   4.75%   3.76%   0.99%   0.91%   28%  

YieldMax BRK.B Option Income Strategy ETF

                                      

 

 131

 


 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:      

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
4/30/2026                                                                          
(Unaudited)(r)   $45.44   0.61   (0.91)   (0.30)   (0.61)   –   (3.64)   (4.25)   0.02   $40.91   (0.87)%   $7,159   1.00%   1.00%   0.01%   0.99%   2.75%   –%  
10/31/2025(r)   $50.00   0.55   (1.89)   (1.34)   (0.85)   –   (2.39)   (3.24)   0.02   $45.44   (2.77)%   $32,944   1.01%   1.01%   0.02%   0.99%   2.86%   –%  
YieldMax COIN Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $63.34   0.60   (27.87)   (27.27)   (0.60)   –   (9.29)   (9.89)   0.01   $26.19   (41.09)%   $398,238   1.09%   1.09%   0.10%   0.99%   3.21%   –%  
10/31/2025(j)   $122.30   3.01   41.64   44.65   (22.16)   (0.03)   (81.47)   (103.66)   0.05   $63.34   39.94%   $1,270,188   1.04%   1.04%   0.05%   0.99%   3.35%   31%  
10/31/2024   $197.00   7.60   122.30   129.90   (65.90)   –   (138.80)   (204.70)   0.10   $122.30   62.36%   $655,235   1.22%   1.22%   0.23%   0.99%   4.10%   27%  
10/31/2023(s)   $200.00   1.80   7.20   9.00   (12.10)   –   –   (12.10)   0.10   $197.00   4.69%   $65,015   1.09%   1.09%   0.10%   0.99%   4.28%   9%  
YieldMax CVNA Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $31.85   0.42   7.24   7.66   (0.42)   –   (11.13)   (11.55)   –   $27.96   26.50%   $23,762   1.10%   1.10%   0.11%   0.99%   2.51%   –%  
10/31/2025(t)   $50.00   0.85   5.81   6.66   (14.18)   –   (10.63)   (24.81)   –   $31.85   20.50%   $54,138   1.09%   1.09%   0.10%   0.99%   2.76%   –%  
YieldMax DIS Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $12.57   0.15   (0.86)   (0.71)   (0.15)   –   (1.64)   (1.79)   0.00(f)   $10.07   (5.89)%   $5,037   1.28%   1.28%   0.29%   0.99%   2.68%   –%  
10/31/2025   $15.81   0.43   1.43   1.86   (0.45)   –   (4.65)   (5.10)   0.00(f)   $12.57   12.80%   $35,195   1.21%   1.21%   0.22%   0.99%   3.00%   62%  
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(u)   $20.00   0.14   0.10   0.24   (0.26)   –   –   (0.26)   0.00(f)   $19.98   1.22%   $3,996   1.15%   1.15%   0.16%   0.99%   3.69%   2%  
YieldMax DKNG Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)(v)   $32.01   0.39   (7.33)   (6.94)   (0.39)   –   (7.26)   (7.65)   0.01   $17.43   (26.76)%   $2,615   1.06%   1.06%   0.07%   0.99%   2.87%   –%  
10/31/2025(v)   $50.00   0.41   (12.10)   (11.69)   (0.34)   –   (5.99)   (6.33)   0.03   $32.01   (26.06)%   $28,808   1.03%   1.03%   0.04%   0.99%   3.47%   –%  
YieldMax Gold Miners Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $15.48   0.19(bb)   1.65   1.84   (0.19)   –   (4.29)   (4.48)   0.00(f)   $12.84   10.35%   $282,211   1.00%(cc)   1.00%(cc)   0.01%(cc)   0.99%(cc)   2.48%(cc)   –%  
10/31/2025   $17.21   0.45   5.64   6.09   (7.83)   –   –   (7.83)   0.01   $15.48   47.42%   $186,975   1.00%   1.00%   0.01%   0.99%   2.87%   36%  
10/31/2024(w)   $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                                                          
4/30/2026                                                                          
(Unaudited)   $14.53   0.18   3.80   3.98   (0.18)   –   (2.91)   (3.09)   0.00(f)   $15.42   31.33%   $266,725   1.09%   1.09%   0.10%   0.99%   2.52%   –%  
10/31/2025   $15.02   0.41   4.84   5.25   (5.74)   –   –   (5.74)   0.00(f)   $14.53   47.95%   $194,010   1.14%   1.14%   0.15%   0.99%   3.04%   30%  
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(x)   $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 HOOD Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)(y)   $68.15   0.76   (26.99)   (26.23)   (0.76)   –   (14.08)   (14.84)   0.01   $27.09   (42.83)%   $105,658   0.99%   0.99%   0.00%(k)   0.99%   3.60%   –%  
10/31/2025(y)   $50.00   0.79   49.76   50.55   (32.45)   –   –   (32.45)   0.05   $68.15   122.37%   $250,466   0.99%   0.99%   0.00%(k)   0.99%   2.40%   –%  

YieldMax Innovation Option Income Strategy ETF

                                          

 

 132

 


 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:      

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
4/30/2026                                                                          
(Unaudited)   $44.40   0.50(bb)   (5.95)   (5.45)   (0.50)   –   (6.40)   (6.90)   0.01   $32.06   (8.88)%   $52,259   1.07%(cc)   1.07%(cc)   0.08%(cc)   0.99%(cc)   2.82%(cc)   –%  
10/31/2025(h)   $48.40   1.29   18.10   19.39   (14.79)   –   (8.61)   (23.40)   0.01   $44.40   53.68%   $91,684   1.00%   1.00%   0.01%   0.99%   2.87%   115%  
10/31/2024   $60.20   2.45   9.20   11.65   (2.45)   –   (21.00)   (23.45)   0.00(f)   $48.40   20.85%   $54,444   1.00%   1.00%   0.01%   0.99%   4.22%   64%  
10/31/2023(z)   $100.00   2.90   (13.10)   (10.20)   (21.35)   –   (8.30)   (29.65)   0.05   $60.20   (13.76)%   $67,098   1.19%   1.19%   0.20%   0.99%   4.24%   60%  
YieldMax JP Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $16.47   0.21   (0.27)   (0.06)   (0.21)   –   (1.98)   (2.19)   0.00(f)   $14.22   (0.07)%   $40,540   1.31%   1.31%   0.32%   0.99%   2.74%   70%  
10/31/2025   $18.23   0.50   3.05   3.55   (3.50)   –   (1.82)   (5.32)   0.01   $16.47   23.05%   $60,925   1.04%   1.04%   0.05%   0.99%   2.93%   32%  
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(aa)   $20.00   0.11   (1.01)   (0.90)   (0.10)   –   (0.15)   (0.25)   0.00(f)   $18.85   (4.58)%   $3,298   1.05%   1.05%   0.06%   0.99%   4.04%   42%  
YieldMax Magnificent 7 Fund of Option Income ETF                                                          
4/30/2026                                                                          
(Unaudited)   $15.37   2.75(bb)   (2.72)   0.03   (2.58)   –   –   (2.58)   –   $12.82   0.75%   $315,905   0.29%(cc)   0.29%(cc)   0.00%(k)(cc)   0.29%(cc)   40.57%(cc)   13%  
10/31/2025   $18.64   4.19(bb)   0.27   4.46   (4.53)   (0.14)   (3.06)   (7.73)   –   $15.37   31.85%   $471,840   0.29%(cc)   0.29%(cc)   0.00%(k)(cc)   0.29%(cc)   25.87%(cc)   32%  
10/31/2024(dd)   $20.00   2.57(bb)   1.49   4.06   (2.52)   –   (2.90)   (5.42)   –   $18.64   22.44%   $182,671   0.29%(cc)   0.29%(cc)   –%(cc)   0.29%(cc)   17.41%(cc)   21%  
YieldMax MARA Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $16.20   0.15   (6.33)   (6.18)   (0.15)   –   (3.43)   (3.58)   0.00(f)   $6.44   (36.94)%   $66,030   1.33%   1.33%   0.34%   0.99%   3.93%   –%  
10/31/2025(ee)   $50.00   0.59   (14.86)   (14.27)   (0.59)   –   (18.96)   (19.55)   0.02   $16.20   (28.01)%   $95,973   1.00%   1.00%   0.01%   0.99%   3.16%   100%  
YieldMax META Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $13.53   0.18   (1.10)   (0.92)   (0.18)   –   (2.30)   (2.48)   0.00(f)   $10.13   (7.77)%   $103,058   1.14%   1.14%   0.15%   0.99%   2.93%   –%  
10/31/2025   $19.32   0.55   0.95   1.50   (3.25)   –   (4.04)   (7.29)   0.00(f)   $13.53   6.96%   $154,948   1.06%   1.06%   0.07%   0.99%   3.22%   21%  
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(x)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $16.75   0.18   5.37   5.55   (0.18)   –   (6.48)   (6.66)   0.01   $15.65   43.34%   $87,328   1.24%   1.24%   0.25%   0.99%   2.10%   340%  
10/31/2025(ff)   $72.60   0.86   (31.12)   (30.26)   (1.06)   –   (24.55)   (25.61)   0.02   $16.75   (48.88)%   $92,474   1.00%   1.00%   0.01%   0.99%   3.46%   42%  
10/31/2024   $193.50   5.80   (35.00)   (29.20)   (7.60)   –   (84.20)   (91.80)   0.10   $72.60   (36.73)%   $28,841   1.26%   1.26%   0.27%   0.99%   4.02%   27%  
10/31/2023(gg)   $200.00   –   (6.50)   (6.50)   –   –   –   –   –   $193.50   (3.25)%   $1,451   0.99%   0.99%   –%   0.99%   (0.78)%   –%  
YieldMax MSFT Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $17.22   0.21   (3.00)   (2.79)   (0.21)   –   (2.03)   (2.24)   0.00(f)   $12.19   (16.72)%   $97,799   1.03%   1.03%   0.04%   0.99%   3.03%   –%  
10/31/2025   $18.59   0.56   3.41   3.97   (3.04)   –   (2.30)   (5.34)   0.00(f)   $17.22   25.53%   $148,991   1.03%   1.03%   0.04%   0.99%   3.21%   16%  
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(u)   $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

                                          

 

 133

 

 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:    

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
4/30/2026                                                                          
(Unaudited)   $54.39   0.43   (21.09)   (20.66)   (0.43)   –   (8.53)   (8.96)   0.00(f)   $24.77   (31.29)%   $1,244,459   1.12%   1.12%   0.13%   0.99%   2.91%   137%  
10/31/2025(m)   $145.30   2.43   26.07   28.50   (5.38)   –   (114.09)   (119.48)   0.06   $54.39   4.95%   $3,030,103   1.03%   1.03%   0.04%   0.99%   2.47%   –%  
10/31/2024(hh)   $100.00   1.70   143.55   145.25   (100.05)   –   –   (100.05)   0.10   $145.30   188.30%   $813,067   0.99%   0.99%   –%   0.99%   1.85%   –%  
YieldMax NFLX Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $14.82   0.17   (2.16)   (1.99)   (0.17)   –   (2.38)   (2.55)   0.01   $10.29   (13.57)%   $74,058   1.18%   1.18%   0.19%   0.99%   2.95%   –%  
10/31/2025   $17.75   0.56   4.77   5.33   (6.14)   –   (2.13)   (8.26)   0.01   $14.82   33.04%   $133,012   1.01%   1.01%   0.02%   0.99%   3.21%   33%  
10/31/2024   $17.84   0.71   7.87   8.58   (8.42)   –   (0.26)   (8.68)   0.01   $17.75   64.43%   $51,465   1.05%   1.05%   0.06%   0.99%   4.08%   51%  
10/31/2023(ii)   $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%(k)  
YieldMax NVDA Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $16.72   0.23   (0.05)   0.18   (0.23)   –   (3.21)   (3.44)   0.00(f)   $13.46   2.58%   $1,387,743   1.11%   1.11%   0.12%   0.99%   3.18%   275%  
10/31/2025   $24.88   0.52   4.34   4.86   (6.89)   –   (6.14)   (13.03)   0.01   $16.72   36.93%   $1,823,696   1.09%   1.09%   0.10%   0.99%   2.94%   16%  
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(jj)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $64.98   0.65   (15.82)   (15.17)   (0.65)   –   (14.22)   (14.87)   0.01   $34.95   (25.65)%   $348,649   1.14%   1.14%   0.15%   0.99%   2.81%   –%  
10/31/2025   $49.29   1.72   70.75   72.47   (56.50)   –   (0.34)   (56.85)   0.06   $64.98   211.94%   $675,756   1.07%   1.07%   0.08%   0.99%   2.64%   26%  
10/31/2024(kk)   $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                                                              
4/30/2026                                                                          
(Unaudited)   $50.54   0.54   (14.40)   (13.86)   (0.54)   –   (5.81)   (6.35)   0.01   $30.34   (24.24)%   $29,881   1.39%   1.39%   0.40%   0.99%   3.02%   –%  
10/31/2025(m)   $88.65   2.01   (10.98)   (8.97)   (2.07)   –   (27.09)   (29.16)   0.02   $50.54   (12.88)%   $47,510   1.31%   1.31%   0.32%   0.99%   2.98%   19%  
10/31/2024   $90.20   3.15   38.60   41.75   (40.15)   –   (3.20)   (43.35)   0.05   $88.65   58.02%   $45,200   1.45%   1.45%   0.46%   0.99%   3.49%   344%  
10/31/2023(ll)   $100.00   0.30   (10.15)   (9.85)   –   –   –   –   0.05   $90.20   (9.82)%   $1,353   1.16%   1.16%   0.17%   0.99%   3.32%   111%  
YieldMax RBLX Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)(mm)   $42.28   0.43   (18.55)   (18.12)   (0.43)   –   (7.22)   (7.65)   0.01   $16.52   (47.40)%   $1,652   1.64%   1.64%   0.65%   0.99%   3.08%   –%  
10/31/2025(mm)   $50.00   0.35   (0.69)   (0.34)   (0.20)   –   (7.21)   (7.41)   0.03   $42.28   (2.18)%   $29,594   0.99%   0.99%   –%   0.99%   2.75%   –%  
YieldMax Short COIN Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $24.16   0.29   6.57   6.86   (0.29)   –   (8.49)   (8.78)   0.01   $22.25   37.98%   $38,833   1.01%   1.01%   0.02%   0.99%   2.19%   1398%  
10/31/2025(j)   $168.60   1.53   (86.06)   (84.53)   (1.92)   –   (58.04)   (59.96)   0.05   $24.16   (63.59)%   $43,366   1.04%   1.04%   0.05%   0.99%   3.11%   42%  
10/31/2024(nn)   $200.00   2.10   18.60   20.70   (1.70)   –   (50.50)   (52.20)   0.10   $168.60   9.61%   $40,037   1.00%   1.00%   0.01%   0.99%   3.66%   38%  

YieldMax Short N100 Option Income Strategy ETF 

                                      

 

 134

 


 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:      

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
4/30/2026                                                                          
(Unaudited)   $12.25   0.16(bb)   0.22   0.38   (0.16)   –   (1.47)   (1.63)   0.00(f)   $11.00   2.64%   $14,024   1.00%(cc)   1.00%(cc)   0.01%(cc)   0.99%(cc)   2.58%(cc)   231%  
10/31/2025   $18.62   0.47   (2.95)   (2.48)   (0.57)   –   (3.33)   (3.91)   0.01   $12.25   (15.67)%   $14,399   1.09%   1.09%   0.10%   0.99%   3.14%   31%  
10/31/2024(oo)   $20.00   0.15   (0.75)   (0.60)   (0.78)   –   –   (0.78)   0.00(f)   $18.62   (3.09)%   $6,051   0.99%   0.99%   –%   0.99%   3.67%   –%  
YieldMax Short NVDA Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $51.68   0.65   0.15   0.80   (0.65)   –   (9.12)   (9.77)   0.01   $42.72   5.57%   $9,824   1.05%   1.05%   0.06%   0.99%   2.61%   167%  
10/31/2025(j)   $151.70   2.75   (46.40)   (43.65)   (2.98)   –   (53.44)   (56.42)   0.05   $51.68   (40.99)%   $8,010   1.04%   1.04%   0.05%   0.99%   2.94%   22%  
10/31/2024(pp)   $200.00   1.80   (31.20)   (29.40)   (8.80)   –   (10.20)   (0.19)   0.10   $151.70   (15.83)%   $10,621   0.99%   0.99%   0.00%(k)   0.99%   3.98%   18%  
YieldMax Short TSLA Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)   $28.29   0.33   2.02   2.35   (0.33)   –   (6.01)   (6.34)   0.00(f)   $24.30   16.65%   $18,952   1.01%   1.01%   0.02%   0.99%   2.53%   –%  
10/31/2025(j)   $112.60   1.54   (45.30)   (43.76)   (1.64)   –   (38.94)   (40.58)   0.03   $28.29   (48.24)%   $22,280   1.04%   1.04%   0.05%   0.99%   3.08%   4%  
10/31/2024(qq)   $200.00   2.80   (40.00)   (37.20)   (8.70)   –   (41.60)   (50.30)   0.10   $112.60   (20.88)%   $23,084   1.13%   1.13%   0.14%   0.99%   3.88%   64%  
YieldMax SMCI Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $14.91   0.14   (5.99)   (5.85)   (0.14)   –   (3.19)   (3.33)   0.00(f)   $5.73   (41.90)%   $107,306   1.05%   1.05%   0.06%   0.99%   3.50%   –%  
10/31/2025   $33.13   0.54   3.05   3.59   (7.67)   –   (14.16)   (21.83)   0.02   $14.91   25.00%   $301,460   1.01%   1.01%   0.02%   0.99%   2.89%   133%  
10/31/2024(rr)   $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%(k)   0.99%   3.34%   –%  
YieldMax SNOW Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $15.87   0.16   (6.38)   (6.22)   (0.16)   –   (2.68)   (2.84)   0.00(f)   $6.81   (44.01)%   $16,681   1.02%   1.02%   0.03%   0.99%   2.94%   –%  
10/31/2025   $15.96   0.47   10.78   11.25   (8.38)   –   (2.97)   (11.35)   0.01   $15.87   93.18%   $86,075   1.00%   1.00%   0.01%   0.99%   2.86%   33%  
10/31/2024(ss)   $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 TSLA Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $42.58   0.50   (5.49)   (4.99)   (0.50)   –   (7.77)   (8.27)   0.00(f)   $29.32   (8.59)%   $837,223   1.07%   1.07%   0.08%   0.99%   2.90%   –%  
10/31/2025(tt)   $59.65   1.48   23.63   25.11   (17.35)   –   (24.86)   (42.22)   0.03   $42.58   62.26%   $1,286,168   1.07%   1.07%   0.08%   0.99%   3.09%   124%  
10/31/2024(uu)   $110.90   3.50   3.30   6.80   (3.55)   –   (54.50)   (58.05)   –   $59.65   9.21%   $826,581   1.04%   1.04%   0.05%   0.99%   4.28%   51%  
10/31/2023(z)   $200.00   6.00   (15.90)   (9.90)   (6.70)   –   (72.60)   (79.30)   0.10   $110.90   (7.26)%   $678,624   1.01%   1.01%   0.02%   0.99%   4.50%   168%  
YieldMax TSM Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $16.52   0.21   3.54   3.75   (0.21)   –   (3.56)   (3.77)   0.01   $16.51   26.56%   $102,374   1.02%   1.02%   0.03%   0.99%   2.63%   100%  
10/31/2025   $19.77   0.46   5.39   5.85   (7.14)   –   (1.97)   (9.11)   0.01   $16.52   44.11%   $72,708   1.00%   1.00%   0.01%   0.99%   2.78%   77%  
10/31/2024(vv)   $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%(k)   0.99%   3.47%   7%  

YieldMax Ultra Option Income Strategy ETF 

                                      

 

 135

 


 

       

INVESTMENTS

OPERATIONS:

   LESS DISTRIBUTIONS FROM:  

CAPITAL

TRANSACTIONS:

   SUPPLEMENTAL DATA AND RATIOS:      

For the

period

ended

  

Net asset

value,

beginning

of period

  

Net

investment

income

(loss)(a)

  

Net

realized

and

unrealized

gain

(loss)(b)

  

Total from

investment

operations

  

Net

investment

income

  

Net

realized

gains

  

Return of

capital

  

Total

distributions

  

ETF

transaction

fees per

share

  

Net asset

value,

end of

period

  

Total

return(c)

  

Net assets,

end of

period (in

thousands)

  

Ratio of

expenses to

average net

assets

before

Investment

Advisory

Fees

waived(d)

  

Ratio of

expenses to

average net

assets after

Investment

Advisory

Fees

waived

(d)

  

Ratio of

interest,

dividend

and tax

expense to

average net

assets(d)

  

Ratio of

operational

expenses to

average net

assets

excluding interest, dividend and

tax expense(d)

  

Ratio of net

investment

income

(loss) to

average net

assets(d)

  

Portfolio

turnover

rate(c)(e)

  
4/30/2026                                                                          
(Unaudited)   $49.62   (0.13)(bb)   (7.60)   (7.73)   (10.52)   –   –   (10.52)   0.01   $31.38   (10.08)%   $854,456   1.24%(cc)   1.14%(cc)   0.00%(k) (cc)   1.14%(cc)   (0.69)%(cc)   264%  
10/31/2025(ff)   $98.90   (0.41)   14.52   14.11   (22.11)   (0.16)   (41.18)   (63.45)   0.06   $49.62   23.26%   $2,481,990   1.36%   1.24%   0.10%   1.14%   (0.70)%   721%  
10/31/2024(ww)   $200.00   (0.30)   (16.10)   (16.40)   (2.70)   –   (82.10)   (84.80)   0.10   $98.90   (7.63)%   $205,431   1.35%   1.25%   0.11%   1.14%   (0.38)%   717%  
YieldMax Ultra Short Option Income Strategy ETF                                                          
4/30/2026                                                                          
(Unaudited)(xx)   $37.30   0.62(bb)   (0.98)   (0.36)   (0.62)   –   (10.39)   (11.01)   0.01   $25.94   (1.68)%   $19,452   1.97%(cc)   1.87%(cc)   0.73%(cc)   1.14%(cc)   3.95%(cc)   –%  
10/31/2025(xx)   $50.00   0.18   (7.51)   (7.33)   (0.16)   –   (5.22)   (5.38)   0.01   $37.30   (15.12)%   $20,517   1.35%   1.25%   0.11%   1.14%   2.29%   –%  
YieldMax Universe Fund of Option Income ETFs                                                          
4/30/2026                                                                          
(Unaudited)   $12.14   2.65(bb)   (3.90)   (1.25)   (2.48)   –   –   (2.48)   –   $8.41   (10.08)%   $392,904   0.29%(cc)   0.29%(cc)   0.00%(k)(cc)   0.29%(cc)   55.46%(cc)   166%  
10/31/2025   $16.93   3.69(bb)   (0.15)   3.54   (3.89)   (0.04)   (4.40)   (8.33)   –   $12.14   27.14%   $962,096   0.29%(cc)   0.29%(cc)   –%(cc)   0.29%(cc)   26.32%(cc)   76%  
10/31/2024(yy)   $20.00   2.93(bb)   (0.07)   2.86   (2.59)   –   (3.34)   (5.93)   0.00(f)   $16.93   15.11%   $345,370   0.29%(cc)   0.29%(cc)   0.00%(k)(cc)   0.29%(cc)   19.87%(cc)   64%  
YieldMax XOM Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $11.64   0.15   2.53   2.68   (0.15)   –   (1.97)   (2.12)   0.00(f)   $12.20   24.07%   $29,894   1.23%   1.23%   0.24%   0.99%   2.42%   383%  
10/31/2025   $16.32   0.40   (1.08)   (0.68)   (0.40)   –   (3.60)   (4.00)   0.00(f)   $11.64   (3.95)%   $48,895   1.17%   1.17%   0.18%   0.99%   2.99%   23%  
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(zz)   $20.00   0.14   (1.55)   (1.41)   (0.29)   –   –   (0.29)   0.00(f)   $18.30   (7.08)%   $6,404   1.12%   1.12%   0.13%   0.99%   4.28%   –%  
YieldMax XYZ Option Income Strategy ETF                                                              
4/30/2026                                                                          
(Unaudited)   $42.89   0.44   (7.16)   (6.72)   (0.44)   –   (8.11)   (8.55)   0.01   $27.63   (10.15)%   $38,549   1.42%   1.42%   0.43%   0.99%   2.84%   –%  
10/31/2025   $89.00   1.72   (7.48)   (5.76)   (1.83)   –   (38.55)   (40.38)   0.03   $42.89   (7.96)%   $62,412   1.36%   1.36%   0.37%   0.99%   2.89%   46%  
10/31/2024   $88.80   3.75   54.30   58.05   (23.95)   –   (34.00)   (57.95)   0.10   $89.00   75.00%   $50,274   1.43%   1.43%   0.44%   0.99%   3.73%   –%  
10/31/2023(aaa)   $100.00   0.20   (11.40)   (11.20)   –   –   –   –   0.00(f)   $88.80   (11.71)%   $3,551   1.99%   1.99%   1.00%   0.99%   3.51%   –%  

 

(a) Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(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 periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate excludes in-kind transactions, if any.

(f) Amount represents less than $0.005 per share.

(g) Inception date of the Fund was April 17, 2023.

(h) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(i) Inception date of the Fund was June 24, 2024.

(j) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

 

 136

 

(k) Amount represents less than 0.005%.

(l) Inception date of the Fund was November 27, 2023.

(m) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 5, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(n) Inception date of the Fund was September 18, 2023.

(o) Inception date of the Fund was July 24, 2023.

(p) Inception date of the Fund was August 7, 2024.

(q) Inception date of the Fund was April 22, 2024.

(r) Inception date of the Fund was June 4, 2025.

(s) Inception date of the Fund was August 14, 2023.

(t) Inception date of the Fund was January 29, 2025.

(u) Inception date of the Fund was August 24, 2023.

(v) Inception date of the Fund was July 14, 2025.

(w) Inception date of the Fund was May 20, 2024.

(x) Inception date of the Fund was July 27, 2023.

(y) Inception date of the Fund was May 7, 2025.

(z) Inception date of the Fund was November 22, 2022.

(aa) Inception date of the Fund was September 11, 2023.

(bb) 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 in.

(cc) The ratios do not include the income and expenses of the underlying exchange traded funds in which the Fund invests in.

(dd) Inception date of the Fund was January 29, 2024.

(ee) Inception date of the Fund was December 9, 2024.

(ff) After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(gg) Inception date of the Fund was October 23, 2023.

(hh) Inception date of the Fund was February 21, 2024.

(ii) Inception date of the Fund was August 7, 2023.

(jj) Inception date of the Fund was May 10, 2023.

(kk) Inception date of the Fund was October 7, 2024.

(ll) Inception date of the Fund was September 25, 2023.

(mm)Inception date of the Fund was July 28, 2025.

(nn) Inception date of the Fund was July 9, 2024.

(oo) Inception date of the Fund was August 14, 2024.

(pp) Inception date of the Fund was July 23, 2024.

(qq) Inception date of the Fund was May 1, 2024.

(rr) Inception date of the Fund was September 11, 2024.

(ss) Inception date of the Fund was June 10, 2024.

(tt) After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(uu) 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.
(vv) Inception date of the Fund was August 20, 2024.

(ww) Inception date of the Fund was February 28, 2024.

(xx) Inception date of the Fund was August 20, 2025.

(yy) Inception date of the Fund was January 16, 2024.

(zz) Inception date of the Fund was August 30, 2023.

(aaa) Inception date of the Fund was October 10, 2023.

 

 137

 

Notes to Financial Statements

April 30, 2026 (Unaudited)

 

NOTE 1 - ORGANIZATION

 

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 and is registered with the Securities and Exchange Commission (the “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. 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 BRK.B Option Income Strategy ETF (the “BRKC ETF”) June 4, 2025
YieldMax COIN Option Income Strategy ETF (the “CONY ETF”) August 14, 2023
YieldMax CVNA Option Income Strategy ETF (the “CVNY ETF”) January 29, 2025
YieldMax DIS Option Income Strategy ETF (the “DISO ETF”) August 24, 2023
YieldMax DKNG Option Income Strategy ETF (the “DRAY ETF”) July 14, 2025
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 HOOD Option Income Strategy ETF (the “HOOY ETF”) May 7, 2025
YieldMax Innovation Option Income Strategy ETF (the “OARK ETF”) November 22, 2022
YieldMax JP Option Income Strategy ETF (the “JPO ETF”) September 11, 2023
YieldMax Magnificent 7 Fund of Option Income ETFs (the “YMAG ETF”) January 29, 2024
YieldMax MARA Option Income Strategy ETF (the “MARO ETF”) December 9, 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 RBLX Option Income Strategy ETF (the “RBLY ETF”) July 28, 2025
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 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
YieldMax Ultra Short Option Income Strategy ETF (the “SLTY ETF”) August 20, 2025
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
YieldMax XYZ Option Income Strategy ETF (the “XYZY ETF”) October 10, 2023

 

 138

 

 

The investment objective of each Fund is to seek current income.

 

The secondary objective of each Fund, except the YMAG ETF and the YMAX 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 YMAG ETF and the YMAX ETF is that they will primarily invest their assets in the shares of other exchange traded funds (“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.

 

Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA Financial, LLC (“ZEGA”), the former sub-adviser to the Funds. In connection with this transaction, ZEGA ceased operations as a registered investment adviser and resigned as sub-adviser. The Adviser has assumed full management responsibilities for the Funds. Jay Pestrichelli, a key member of each Fund’s portfolio management team previously employed by ZEGA, continues to serve as a portfolio manager for the Funds, now as an employee of the Adviser. There were no other portfolio manager changes for the Funds in connection with the transaction. The transaction did not result in any changes to the Funds’ investment objective, principal investment strategies, or fees. Each Fund continues to be managed in accordance with its stated policies and objectives, ensuring continuity for Fund shareholders.

 

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”).

 

Security Valuation - Equity securities, including exchange traded funds, 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 (“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 the 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 are valued using meanmid of the quoted bid and ask spread prices, as provided by independent pricing vendors..

 

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

 

 139

 

 

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. If the 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.

 

A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The PLTY ETF and SLTY ETF may engage in short sales with respect to securities they own, as well as securities that they do not own. Short sales expose each Fund to the risk that they will be required to acquire, convert or exchange securities to replace the borrowed security (also known as “covering” the short position) at a time when the security sold short has appreciated in value, thus resulting in a loss to the Funds. Each Fund’s investment performance may also suffer if the Funds are required to close out a short position earlier than they had intended. The Funds must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover their positions in a permissible manner. The Funds will be required to pledge their liquid assets to the broker to secure their performance on short sales. As a result, the assets pledged may not be available to meet each Fund’s needs for immediate cash or other liquidity. In addition, the Funds may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with each Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Funds to lose money on a short sale even in instances where the price of the security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of the Funds.

 

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.

 

As described above, the Funds utilize various methods to measure the fair value of their 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 Funds’ 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.

 

 140

 

 

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2026:

 

APLY ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                        
Investments:                        
Purchased Options   $ –     $ 4,491,435     $ –     $ 4,491,435  
U.S. Treasury Bills     –       107,119,544       –       107,119,544  
Money Market Funds     2,334,468       –       –       2,334,468  
Total Investments   $ 2,334,468     $ 111,610,979     $ –     $ 113,945,447  
Liabilities:                                
Investments:                                
Written Options     –       (6,186,856 )     –       (6,186,856 )
Total Investments   $ –     $ (6,186,856 )   $ –     $ (6,186,856 )
                                 
ABNY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 2,404,999     $ –     $ 2,404,999  
U.S. Treasury Bills     –       18,485,207       –       18,485,207  
Money Market Funds     1,079,881       –       –       1,079,881  
Total Investments   $ 1,079,881     $ 20,890,206     $ –     $ 21,970,087  
Liabilities:                                
Investments:                                
Written Options     –       (727,874 )     –       (727,874 )
Total Investments   $ –     $ (727,874 )   $ –     $ (727,874 )
                                 
AIYY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 1,337,815     $ –     $ 1,337,815  
U.S. Treasury Bills     –       23,671,527       –       23,671,527  
Money Market Funds     1,873,078       –       –       1,873,078  
Total Investments   $ 1,873,078     $ 25,009,342     $ –     $ 26,882,420  
Liabilities:                                
Investments:                                
Written Options     –       (2,011,240 )     –       (2,011,240 )
Total Investments   $ –     $ (2,011,240 )   $ –     $ (2,011,240 )
                                 
AMDY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 16,926,280     $ –     $ 16,926,280  
U.S. Treasury Bills     –       128,529,846       –       128,529,846  
Money Market Funds     9,814,637       –       –       9,814,637  
Total Investments   $ 9,814,637     $ 145,456,126     $ –     $ 155,270,763  
Liabilities:                                
Investments:                                
Written Options     –       (18,837,148 )     –       (18,837,148 )
Total Investments   $ –     $ (18,837,148 )   $ –     $ (18,837,148 )
                                 

 

 141

 

 

AMZY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 53,350,600     $ –     $ 53,350,600  
U.S. Treasury Bills     –       195,499,664       –       195,499,664  
Money Market Funds     8,684,919       –       –       8,684,919  
Total Investments   $ 8,684,919     $ 248,850,264     $ –     $ 257,535,183  
Liabilities:                                
Investments:                                
Written Options     –       (2,941,606 )     –       (2,941,606 )
Total Investments   $ –     $ (2,941,606 )   $ –     $ (2,941,606 )
                                 
BABO ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 276,145     $ –     $ 276,145  
U.S. Treasury Bills     –       18,224,483       –       18,224,483  
Money Market Funds     1,265,614       –       –       1,265,614  
Total Investments   $ 1,265,614     $ 18,500,628     $ –     $ 19,766,242  
Liabilities:                                
Investments:                                
Written Options     –       (2,118,345 )     –       (2,118,345 )
Total Investments   $ –     $ (2,118,345 )   $ –     $ (2,118,345 )
                                 
YBIT ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 4,156,965     $ –     $ 4,156,965  
U.S. Treasury Bills     –       33,046,769       –       33,046,769  
Money Market Funds     2,397,130       –       –       2,397,130  
Total Investments   $ 2,397,130     $ 37,203,734     $ –     $ 39,600,864  
Liabilities:                                
Investments:                                
Written Options     –       (1,197,626 )     –       (1,197,626 )
Total Investments   $ –     $ (1,197,626 )   $ –     $ (1,197,626 )
                                 
BRKC ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 54,392     $ –     $ 54,392  
U.S. Treasury Bills     –       6,607,827       –       6,607,827  
Money Market Funds     333,050       –       –       333,050  
Total Investments   $ 333,050     $ 6,662,219     $ –     $ 6,995,269  
Liabilities:                                
Investments:                                
Written Options     –       (321,533 )     –       (321,533 )
Total Investments   $ –     $ (321,533 )   $ –     $ (321,533 )
                                 

 

 142

 

 

CONY ETF                                

    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 52,976,000     $ –     $ 52,976,000  
U.S. Treasury Bills     –       366,090,113       –       366,090,113  
Money Market Funds     19,428,357       –       –       19,428,357  
Total Investments   $ 19,428,357     $ 419,066,113     $ –     $ 438,494,470  
Liabilities:                                
Investments:                                
Written Options     –       (41,005,224 )     –       (41,005,224 )
Total Investments   $ –     $ (41,005,224 )   $ –     $ (41,005,224 )
                                 
CVNY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 4,656,437     $ –     $ 4,656,437  
U.S. Treasury Bills     –       18,173,010       –       18,173,010  
Money Market Funds     870,772       –       –       870,772  
Total Investments   $ 870,772     $ 22,829,447     $ –     $ 23,700,219  
Liabilities:                                
Investments:                                
Written Options     –       (907,728 )     –       (907,728 )
Total Investments   $ –     $ (907,728 )   $ –     $ (907,728 )
                                 
DISO ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 80,442     $ –     $ 80,442  
U.S. Treasury Bills     –       5,119,391       –       5,119,391  
Money Market Funds     123,007       –       –       123,007  
Total Investments   $ 123,007     $ 5,199,833     $ –     $ 5,322,840  
Liabilities:                                
Investments:                                
Written Options     –       (403,868 )     –       (403,868 )
Total Investments   $ –     $ (403,868 )   $ –     $ (403,868 )
                                 
DRAY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 94,183     $ –     $ 94,183  
U.S. Treasury Bills     –       1,297,238       –       1,297,238  
Money Market Funds     450,185       –       –       450,185  
Total Investments   $ 450,185     $ 1,391,421     $ –     $ 1,841,606  
Liabilities:                                
Investments:                                
Written Options     –       (321,564 )     –       (321,564 )
Total Investments   $ –     $ (321,564 )   $ –     $ (321,564 )
                                 

 

 143

 

 

GDXY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 8,650,538     $ –     $ 8,650,538  
U.S. Treasury Bills     –       272,939,131       –       272,939,131  
Money Market Funds     12,858,349       –       –       12,858,349  
Total Investments   $ 12,858,349     $ 281,589,669     $ –     $ 294,448,018  
Liabilities:                                
Investments:                                
Written Options     –       (16,176,257 )     –       (16,176,257 )
Total Investments   $ –     $ (16,176,257 )   $ –     $ (16,176,257 )
                                 
GOOY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 57,611,875     $ –     $ 57,611,875  
U.S. Treasury Bills     –       214,466,256       –       214,466,256  
Money Market Funds     10,881,545       –       –       10,881,545  
Total Investments   $ 10,881,545     $ 272,078,131     $ –     $ 282,959,676  
Liabilities:                                
Investments:                                
Written Options     –       (8,279,510 )     –       (8,279,510 )
Total Investments   $ –     $ (8,279,510 )   $ –     $ (8,279,510 )
                                 
HOOY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 12,192,515     $ –     $ 12,192,515  
U.S. Treasury Bills     –       97,105,727       –       97,105,727  
Money Market Funds   7,755,141       –       –       7,755,141  
Total Investments   $ 7,755,141     $ 109,298,242     $ –     $ 117,053,383  
Liabilities:                                
Investments:                                
Written Options     –       (8,704,028 )     –       (8,704,028 )
Total Investments   $ –     $ (8,704,028 )   $ –     $ (8,704,028 )
                                 
OARK ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 5,711,900     $ –     $ 5,711,900  
U.S. Treasury Bills     –       46,245,549       –       46,245,549  
Money Market Funds     1,623,697       –       –       1,623,697  
Total Investments   $ 1,623,697     $ 51,957,449     $ –     $ 53,581,146  
Liabilities:                                
Investments:                                
Written Options     –       (2,035,884 )     –       (2,035,884 )
Total Investments   $ –     $ (2,035,884 )   $ –     $ (2,035,884 )
                                 

 

 144

 

 

JPO ETF                                

    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 3,282,667     $ –     $ 3,282,667  
U.S. Treasury Bills     –       35,325,059       –       35,325,059  
Money Market Funds     992,133       –       –       992,133  
Total Investments   $ 992,133     $ 38,607,726     $ –     $ 39,599,859  
Liabilities:                                
Investments:                                
Written Options     –       (374,128 )     –       (374,128 )
Total Investments   $ –     $ (374,128 )   $ –     $ (374,128 )
                                 
YMAG ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Exchange Traded Funds   $ 310,060,336     $ –     $ –     $ 310,060,336  
Money Market Funds     1,566,392       –       –       1,566,392  
Total Investments   $ 311,626,728     $ –     $ –     $ 311,626,728  
                                 
MARO ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 7,051,285     $ –     $ 7,051,285  
U.S. Treasury Bills     –       53,892,944       –       53,892,944  
Money Market Funds     3,602,160       –       –       3,602,160  
Total Investments   $ 3,602,160     $ 60,944,229     $ –     $ 64,546,389  
Liabilities:                                
Investments:                                
Written Options     –       (8,633,729 )     –       (8,633,729 )
Total Investments   $ –     $ (8,633,729 )   $ –     $ (8,633,729 )
                                 
FBY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 10,370,910     $ –     $ 10,370,910  
U.S. Treasury Bills     –       89,087,433       –       89,087,433  
Money Market Funds     3,531,371       –       –       3,531,371  
Total Investments   $ 3,531,371     $ 99,458,343     $ –     $ 102,989,714  
Liabilities:                                
Investments:                                
Written Options     –       (3,546,905 )     –       (3,546,905 )
Total Investments   $ –     $ (3,546,905 )   $ –     $ (3,546,905 )
                                 
MRNY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 2,994,710     $ –     $ 2,994,710  
U.S. Treasury Bills     –       85,709,122       –       85,709,122  
Money Market Funds     5,512,324       –       –       5,512,324  
Total Investments   $ 5,512,324     $ 88,703,832     $ –     $ 94,216,156  
Liabilities:                                
Investments:                                
Written Options     –       (10,770,019 )     –       (10,770,019 )
Total Investments   $ –     $ (10,770,019 )   $ –     $ (10,770,019 )

 

 145

 

 

MSFO ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 4,329,063     $ –     $ 4,329,063  
U.S. Treasury Bills     –       94,205,613       –       94,205,613  
Money Market Funds     2,456,795       –       –       2,456,795  
Total Investments   $ 2,456,795     $ 98,534,676     $ –     $ 100,991,471  
Liabilities:                                
Investments:                                
Written Options     –       (2,869,212 )     –       (2,869,212 )
Total Investments   $ –     $ (2,869,212 )   $ –     $ (2,869,212 )
                                 
MSTY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 284,990,695     $ –     $ 284,990,695  
U.S. Treasury Bills     –       630,388,602       –       630,388,602  
Money Market Funds     26,404,569       –       –       26,404,569  
Total Investments   $ 26,404,569     $ 915,379,297     $ –     $ 941,783,866  
Liabilities:                                
Investments:                                
Written Options     –       (45,064,565 )     –       (45,064,565 )
Total Investments   $ –     $ (45,064,565 )   $ –     $ (45,064,565 )
                                 
NFLY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 1,447,425     $ –     $ 1,447,425  
U.S. Treasury Bills     –       73,791,149       –       73,791,149  
Money Market Funds     5,881,785       –       –       5,881,785  
Total Investments   $ 5,881,785     $ 75,238,574     $ –     $ 81,120,359  
Liabilities:                                
Investments:                                
Written Options     –       (2,857,155 )     –       (2,857,155 )
Total Investments   $ –     $ (2,857,155 )   $ –     $ (2,857,155 )
                                 
NVDY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 55,149,165     $ –     $ 55,149,165  
U.S. Treasury Bills     –       1,324,163,675       –       1,324,163,675  
Money Market Funds     37,643,283       –       –       37,643,283  
Total Investments   $ 37,643,283     $ 1,379,312,840     $ –     $ 1,416,956,123  
Liabilities:                                
Investments:                                
Written Options     –       (49,596,297 )     –       (49,596,297 )
Total Investments   $ –     $ (49,596,297 )   $ –     $ (49,596,297 )

 

 146

 

 

PLTY ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 19,890,290     $ –     $ 19,890,290  
U.S. Treasury Bills     –       354,505,202       –       354,505,202  
Money Market Funds     15,821,776       –       –       15,821,776  
Total Investments   $ 15,821,776     $ 374,395,492     $ –     $ 390,217,268  
Liabilities:                                
Investments:                                
Written Options     –       (50,222,646 )     –       (50,222,646 )
Total Investments   $ –     $ (50,222,646 )   $ –     $ (50,222,646 )
                                 
PYPY ETF                                
    Level 1       Level 2       Level 3       Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 1,536,750     $ –     $ 1,536,750  
U.S. Treasury Bills     –       29,024,067       –       29,024,067  
Money Market Funds     977,251       –       –       977,251  
Total Investments   $ 977,251     $ 30,560,817     $ –     $ 31,538,068  
Liabilities:                                
Investments:                                
Written Options     –       (1,517,991 )     –       (1,517,991 )
Total Investments   $ –     $ (1,517,991 )   $ –     $ (1,517,991 )
                                 
RBLY ETF                                
    Level 1       Level 2       Level 3       Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 172,906     $ –     $ 172,906  
U.S. Treasury Bills     –       1,204,325       –       1,204,325  
Money Market Funds     532,451       –       –       532,451  
Total Investments   $ 532,451     $ 1,377,231     $ –     $ 1,909,682  
Liabilities:                                
Investments:                                
Written Options     –       (207,230 )     –       (207,230 )
Total Investments   $ –     $ (207,230 )   $ –     $ (207,230 )
                                 
FIAT ETF                                
    Level 1       Level 2       Level 3       Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 3,207,410     $ –     $ 3,207,410  
U.S. Treasury Bills     –       33,163,224       –       33,163,224  
Money Market Funds     5,318,569       –       –       5,318,569  
Total Investments   $ 5,318,569     $ 36,370,634     $ –     $ 41,689,203  
Liabilities:                                
Investments:                                
Written Options     –       (3,513,822 )     –       (3,513,822 )
Total Investments   $ –     $ (3,513,822 )   $ –     $ (3,513,822 )

 

 147

 

 

YQQQ ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 83,236     $ –     $ 83,236  
U.S. Treasury Bills     –       12,178,814       –       12,178,814  
Money Market Funds     1,826,732       –       –       1,826,732  
Total Investments   $ 1,826,732     $ 12,262,050     $ –     $ 14,088,782  
Liabilities:                                
Investments:                                
Written Options     –       (1,619,333 )     –       (1,619,333 )
Total Investments   $ –     $ (1,619,333 )   $ –     $ (1,619,333 )
                                 
DIPS ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 127,745     $ –     $ 127,745  
U.S. Treasury Bills     –       8,240,190       –       8,240,190  
Money Market Funds     1,770,828       –       –       1,770,828  
Total Investments   $ 1,770,828     $ 8,367,935     $ –     $ 10,138,763  
Liabilities:                                
Investments:                                
Written Options     –       (625,079 )     –       (625,079 )
Total Investments   $ –     $ (625,079 )   $ –     $ (625,079 )
                                 
CRSH ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 1,464,020     $ –     $ 1,464,020  
U.S. Treasury Bills     –       16,034,604       –       16,034,604  
Money Market Funds     1,363,664       –       –       1,363,664  
Total Investments   $ 1,363,664     $ 17,498,624     $ –     $ 18,862,288  
Liabilities:                                
Investments:                                
Written Options     –       (379,946 )     –       (379,946 )
Total Investments   $ –     $ (379,946 )   $ –     $ (379,946 )
                                 
SMCY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 5,320,992     $ –     $ 5,320,992  
U.S. Treasury Bills     –       121,963,262       –       121,963,262  
Money Market Funds     4,210,164       –       –       4,210,164  
Total Investments   $ 4,210,164     $ 127,284,254     $ –     $ 131,494,418  
Liabilities:                                
Investments:                                
Written Options     –       (25,455,946 )     –       (25,455,946 )
Total Investments   $ –     $ (25,455,946 )   $ –     $ (25,455,946 )

 

 148

 

 

SNOY ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 446,295     $ –     $ 446,295  
U.S. Treasury Bills     –       16,688,433       –       16,688,433  
Money Market Funds     1,317,217       –       –       1,317,217  
Total Investments   $ 1,317,217     $ 17,134,728     $ –     $ 18,451,945  
Liabilities:                                
Investments:                                
Written Options     –       (2,233,072 )     –       (2,233,072 )
Total Investments   $ –     $ (2,233,072 )   $ –     $ (2,233,072 )
                                 
TSLY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 9,966,801     $ –     $ 9,966,801  
U.S. Treasury Bills     –       878,260,243       –       878,260,243  
Money Market Funds     14,934,985       –       –       14,934,985  
Total Investments   $ 14,934,985     $ 888,227,044     $ –     $ 903,162,029  
Liabilities:                                
Investments:                                
Written Options     –       (69,809,418 )     –       (69,809,418 )
Total Investments   $ –     $ (69,809,418 )   $ –     $ (69,809,418 )
                                 
TSMY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 11,098,013     $ –     $ 11,098,013  
U.S. Treasury Bills     –       89,743,821       –       89,743,821  
Money Market Funds     4,640,772       –       –       4,640,772  
Total Investments   $ 4,640,772     $ 100,841,834     $ –     $ 105,482,606  
Liabilities:                                
Investments:                                
Written Options     –       (2,619,465 )     –       (2,619,465 )
Total Investments   $ –     $ (2,619,465 )   $ –     $ (2,619,465 )
                                 
ULTY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Common Stocks   $ 780,507,209     $ –     $ –     $ 780,507,209  
Exchange Traded Funds     72,881,190       –       –       72,881,190  
Purchased Options     –       17,989,243       –       17,989,243  
Money Market Funds     12,718,079       –       –       12,718,079  
Total Investments   $ 866,106,478     $ 17,989,243     $ –     $ 884,095,721  
Liabilities:                                
Investments:                                
Written Options     –       (33,021,626 )     –       (33,021,626 )
Total Investments   $ –     $ (33,021,626 )   $ –     $ (33,021,626 )
                                 

 

 149

 

 

SLTY ETF                        
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Common Stocks   $ 2,164     $ –     $ –     $ 2,164  
Purchased Options     –       605,966       –       605,966  
U.S. Treasury Bills     –       16,400,357       –       16,400,357  
Money Market Funds     1,769,145       –       –       1,769,145  
Total Investments   $ 1,771,309     $ 17,006,323     $ –     $ 18,777,632  
Liabilities:                                
Investments:                                
Common Stocks   (16,682,855 )   –       –       (16,682,855 )
Exchange Traded Funds     (2,233,983 )     –       –       (2,233,983 )
Total Investments   $ (18,916,838 )   $ –     $ –     $ (18,916,838 )
Liabilities:                                
Investments:                                
Written Options     –       (782,247 )     –       (782,247 )
Total Investments   $ –     $ (782,247 )   $ –     $ (782,247 )
                                 
YMAX ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Exchange Traded Funds   $ 387,241,198     $ –     $ –     $ 387,241,198  
Money Market Funds     60,584       –       –       60,584  
Total Investments   $ 387,301,782     $ –     $ –     $ 387,301,782  
                                 
XOMO ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 2,044,080     $ –     $ 2,044,080  
U.S. Treasury Bills     –       28,445,109       –       28,445,109  
Money Market Funds     1,180,945       –       –       1,180,945  
Total Investments   $ 1,180,945     $ 30,489,189     $ –     $ 31,670,134  
Liabilities:                                
Investments:                                
Written Options     –       (1,813,710 )     –       (1,813,710 )
Total Investments   $ –     $ (1,813,710 )   $ –     $ (1,813,710 )
                                 
XYZY ETF                                
    Level 1     Level 2     Level 3     Total  
Assets:                                
Investments:                                
Purchased Options   $ –     $ 3,025,767     $ –     $ 3,025,767  
U.S. Treasury Bills     –       37,860,436       –       37,860,436  
Money Market Funds     798,464       –       –       798,464  
Total Investments   $ 798,464     $ 40,886,203     $ –     $ 41,684,667  
Liabilities:                        
Investments:                        
Written Options     –       (2,865,138 )     –       (2,865,138 )
Total Investments   $ –     $ (2,865,138 )   $ –     $ (2,865,138 )

 

 150

 

 

Refer to the Schedules of Investments and Securities Sold Short for further disaggregation of investment categories.

 

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, each Fund has 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, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (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. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-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 reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

 

FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American-style, exercisable any time prior to the expiration date, or European-style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the FLEX Option’s expiration date.

 

 151

 

 

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund 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, a 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 a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund 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 Fund 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 option. 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, the Funds are 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.

 

Each Fund has 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.

 

For the period ended April 30, 2026, each Fund’s monthly average notional amount is listed below:

 

Fund:   Purchased Options   Written Options
APLY ETF   $239,354,975   $(239,342,001)
ABNY ETF   49,410,378   (49,410,378)
AIYY ETF   81,225,937   (81,225,937)
AMDY ETF   338,581,111   (332,562,781)
AMZY ETF   505,254,952   (505,254,952)
BABO ETF   62,690,367   (62,690,367)
YBIT ETF   119,842,438   (119,842,438)
BRKC ETF   36,960,699   (36,960,699)
CONY ETF   965,292,526   (965,292,526)
CVNY ETF   74,007,049   (74,007,049)
DISO ETF   34,623,669   (34,623,669)
DRAY ETF   29,419,583   (29,419,583)
GDXY ETF   566,841,013   (566,841,013)
GOOY ETF   455,858,113   (455,858,113)
HOOY ETF   243,231,772   (243,231,772)
OARK ETF   115,426,328   (115,426,328)
JPO ETF   84,807,381   (84,807,381)

 

 152

 

 

Fund:   Purchased Options   Written Options
YMAG ETF   –   –
MARO ETF   98,240,097   (98,619,780)
FBY ETF   274,931,548   (274,931,548)
MRNY ETF   186,287,948   (186,287,948)
MSFO ETF   215,589,833   (215,589,833)
MSTY ETF   2,187,948,149   (2,327,581,273)
NFLY ETF   173,062,797   (173,062,797)
NVDY ETF   2,798,614,817   (2,798,614,817)
PLTY ETF   737,350,402   (737,350,402)
PYPY ETF   65,456,803   (65,456,803)
RBLY ETF   26,055,784   (26,055,784)
FIAT ETF   129,319,368   (82,279,379)
YQQQ ETF   36,804,382   (30,692,250)
DIPS ETF   30,937,155   (19,909,144)
CRSH ETF   60,066,206   (40,044,137)
SMCY ETF   288,067,991   (288,067,452)
SNOY ETF   79,066,112   (79,066,112)
TSLY ETF   1,805,117,235   (1,805,117,235)
TSMY ETF   143,634,060   (143,634,060)
ULTY ETF   1,845,465,661   (1,771,305,679)
SLTY ETF   32,897,850   (34,379,209)
YMAX ETF   50,274,195   (50,274,195)
XOMO ETF   74,761,747   (74,761,747)
XYZY ETF   80,233,738   (79,517,113)

 

Statements of Assets and Liabilities

 

Fair value of derivative instruments as of April 30, 2026:

 

  Asset Derivatives Liability Derivatives
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Investments, at value   Written option
        contracts, at value
APLY ETF Purchased Options $4,491,435 Written Options $(6,186,856)
ABNY ETF Purchased Options 2,404,999 Written Options (727,874)
AIYY ETF Purchased Options 1,337,815 Written Options (2,011,240)
AMDY ETF Purchased Options 16,926,280 Written Options (18,837,148)
AMZY ETF Purchased Options 53,350,600 Written Options (2,941,606)
BABO ETF Purchased Options 276,145 Written Options (2,118,345)
YBIT ETF Purchased Options 4,156,965 Written Options (1,197,626)
BRKC ETF Purchased Options 54,392 Written Options (321,533)
CONY ETF Purchased Options 52,976,000 Written Options (41,005,224)
CVNY ETF Purchased Options 4,656,437 Written Options (907,728)
DISO ETF Purchased Options 80,442 Written Options (403,868)
DRAY ETF Purchased Options 94,183 Written Options (321,564)

 

 153

 

 

  Asset Derivatives Liability Derivatives
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Investments, at value   Written option
        contracts, at value
GDXY ETF Purchased Options 8,650,538 Written Options (16,176,257)
GOOY ETF Purchased Options 57,611,875 Written Options (8,279,510)
HOOY ETF Purchased Options 12,192,515 Written Options (8,704,028)
OARK ETF Purchased Options 5,711,900 Written Options (2,035,884)
JPO ETF Purchased Options 3,282,667 Written Options (374,128)
YMAG ETF Purchased Options – Written Options –
MARO ETF Purchased Options 7,051,285 Written Options (8,633,729)
FBY ETF Purchased Options 10,370,910 Written Options (3,546,905)
MRNY ETF Purchased Options 2,994,710 Written Options (10,770,019)
MSFO ETF Purchased Options 4,329,063 Written Options (2,869,212)
MSTY ETF Purchased Options 284,990,695 Written Options (45,064,565)
NFLY ETF Purchased Options 1,447,425 Written Options (2,857,155)
NVDY ETF Purchased Options 55,149,165 Written Options (49,596,297)
PLTY ETF Purchased Options 19,890,290 Written Options (50,222,646)
PYPY ETF Purchased Options 1,536,750 Written Options (1,517,991)
RBLY ETF Purchased Options 172,906 Written Options (207,230)
FIAT ETF Purchased Options 3,207,410 Written Options (3,513,822)
YQQQ ETF Purchased Options 83,236 Written Options (1,619,333)
DIPS ETF Purchased Options 127,745 Written Options (625,079)
CRSH ETF Purchased Options 1,464,020 Written Options (379,946)
SMCY ETF Purchased Options 5,320,992 Written Options (25,455,946)
SNOY ETF Purchased Options 446,295 Written Options (2,233,072)
TSLY ETF Purchased Options 9,966,801 Written Options (69,809,418)
TSMY ETF Purchased Options 11,098,013 Written Options (2,619,465)
ULTY ETF Purchased Options 17,989,243 Written Options (33,021,626)
SLTY ETF Purchased Options 605,966 Written Options (782,247)
YMAX ETF Purchased Options – Written Options –
XOMO ETF Purchased Options 2,044,080 Written Options (1,813,710)
XYZY ETF Purchased Options 3,025,767 Written Options (2,865,138)

 

Statements of Operations

 

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026:

  

  Realized Change in Unrealized
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Net realized gain (loss)   Net change in unrealized
    from investments   appreciation (depreciation)
        on investments
APLY ETF Purchased Options $(3,786,091) Purchased Options $(2,799,933)
ABNY ETF Purchased Options (1,342,454) Purchased Options 845,572
AIYY ETF Purchased Options (38,176,838) Purchased Options 1,536,139

 

 154

 

 

  Realized Change in Unrealized
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Net realized gain (loss)   Net change in unrealized
    from investments   appreciation (depreciation)
        on investments
AMDY ETF Purchased Options 78,057,996 Purchased Options 2,007,503
AMZY ETF Purchased Options (8,904,007) Purchased Options 32,578,432
BABO ETF Purchased Options (4,935,255) Purchased Options (6,852,241)
YBIT ETF Purchased Options (33,675,961) Purchased Options 6,496,091
BRKC ETF Purchased Options (1,105,729) Purchased Options 683,995
CONY ETF Purchased Options (360,617,244) Purchased Options 33,523,170
CVNY ETF Purchased Options 159,953 Purchased Options 1,321,254
DISO ETF Purchased Options (3,220,049) Purchased Options (112,050)
DRAY ETF Purchased Options (4,622,212) Purchased Options 88,832
GDXY ETF Purchased Options 21,834,961 Purchased Options (27,431,179)
GOOY ETF Purchased Options 47,404,732 Purchased Options 14,610,677
HOOY ETF Purchased Options (62,162,893) Purchased Options 1,144,860
OARK ETF Purchased Options (12,714,519) Purchased Options (3,351,089)
JPO ETF Purchased Options (1,557,601) Purchased Options 343,574
YMAG ETF Purchased Options 2,465,245 Purchased Options (3,955,711)
MARO ETF Purchased Options (25,378,597) Purchased Options 315,016
FBY ETF Purchased Options (21,703,798) Purchased Options 11,321,555
MRNY ETF Purchased Options 23,430,044 Purchased Options (13,835,982)
MSFO ETF Purchased Options (20,965,801) Purchased Options (2,457,600)
MSTY ETF Purchased Options (806,757,407) Purchased Options 328,489,154
NFLY ETF Purchased Options (16,652,167) Purchased Options 5,137,341
NVDY ETF Purchased Options (128,539,363) Purchased Options (114,859,737)
PLTY ETF Purchased Options (116,437,583) Purchased Options (56,144,332)
PYPY ETF Purchased Options (4,954,941) Purchased Options 548,233
RBLY ETF Purchased Options (8,465,805) Purchased Options 2,127,392
FIAT ETF Purchased Options 4,375,483 Purchased Options (841,848)
YQQQ ETF Purchased Options (984,002) Purchased Options (15,987)
DIPS ETF Purchased Options (2,435,520) Purchased Options (228,205)
CRSH ETF Purchased Options (5,045,937) Purchased Options 1,487,885
SMCY ETF Purchased Options (92,841,531) Purchased Options (6,378,142)
SNOY ETF Purchased Options (17,857,452) Purchased Options (8,782,634)
TSLY ETF Purchased Options (224,781,945) Purchased Options (86,921,910)
TSMY ETF Purchased Options (3,122,514) Purchased Options 6,547,270
ULTY ETF Purchased Options 1,685,607 Purchased Options 9,436,138
SLTY ETF Purchased Options (1,653,735) Purchased Options 211,296
YMAX ETF Purchased Options (4,057,061) Purchased Options –
XOMO ETF Purchased Options 7,725,419 Purchased Options 411,060
XYZY ETF Purchased Options (7,852,066) Purchased Options 1,037,181

 

 155

 

 

  Realized Change in Unrealized
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Net realized gain (loss)   Net change in unrealized
    from Written option   appreciation (depreciation)
    contracts   on written options contracts
APLY ETF Written Options $4,074,533 Written Options $(569,372)
ABNY ETF Written Options 2,370,578 Written Options 458,366
AIYY ETF Written Options 3,178,382 Written Options (60,182)
AMDY ETF Written Options (47,003,787) Written Options 2,606,451
AMZY ETF Written Options (27,734,867) Written Options 8,094,872
BABO ETF Written Options 7,678,789 Written Options (2,769,798)
YBIT ETF Written Options (6,340,004) Written Options 4,151,816
BRKC ETF Written Options 310,666 Written Options 134,771
CONY ETF Written Options (138,376,122) Written Options 2,901,988
CVNY ETF Written Options 8,362,994 Written Options 1,902,867
DISO ETF Written Options 1,815,149 Written Options 65,191
DRAY ETF Written Options (66,357) Written Options 302,745
GDXY ETF Written Options 2,158,198 Written Options 4,041,846
GOOY ETF Written Options (4,164,049) Written Options 1,707,056
HOOY ETF Written Options (32,001,235) Written Options (1,247,688)
OARK ETF Written Options 6,881,451 Written Options (762,585)
JPO ETF Written Options (1,158,357) Written Options 380,629
YMAG ETF Written Options 4,496,725 Written Options (3,167,154)
MARO ETF Written Options (10,977,927) Written Options (468,165)
FBY ETF Written Options (15,357,248) Written Options 14,159,630
MRNY ETF Written Options 23,348,075 Written Options (2,530,005)
MSFO ETF Written Options (1,753,558) Written Options 1,308,283
MSTY ETF Written Options (765,644,726) Written Options 268,139,745
NFLY ETF Written Options (18,123,553) Written Options 11,119,375
NVDY ETF Written Options 198,449,586 Written Options 46,435,202
PLTY ETF Written Options 29,650,606 Written Options (28,482,234)
PYPY ETF Written Options (5,307,319) Written Options 688,840
RBLY ETF Written Options (5,628,300) Written Options 185,728
FIAT ETF Written Options 19,671,757 Written Options 3,090,892
YQQQ ETF Written Options 1,742,588 Written Options (604,392)
DIPS ETF Written Options 1,998,966 Written Options 699,613
CRSH ETF Written Options 1,674,234 Written Options 4,610,122
SMCY ETF Written Options (18,065,243) Written Options (3,910,946)
SNOY ETF Written Options 2,293,363 Written Options (4,034,298)
TSLY ETF Written Options 259,709,397 Written Options (63,678,063)
TSMY ETF Written Options 6,894,500 Written Options 4,481,016
ULTY ETF Written Options 113,974,790 Written Options (3,804,030)
SLTY ETF Written Options (34,997) Written Options (142,127)
YMAX ETF Written Options (403,647) Written Options –
XOMO ETF Written Options 1,522,062 Written Options (517,105)

 

 156

 

 

  Realized Change in Unrealized
Fund: Instrument: Balance Sheet Location: Instrument: Balance Sheet Location:
         
    Net realized gain (loss)   Net change in unrealized
    from Written option   appreciation (depreciation)
    contracts   on written options contracts
XYZY ETF Written Options (2,019,443) Written Options 3,313,332

 

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

 

Federal Income Taxes - Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

 

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its 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 the Funds' 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 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 April 30, 2026, 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 their 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.

 

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 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.

 

Foreign Currency - Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

 

 157

 

 

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for the Funds are declared and paid weekly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

 

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.

 

Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

 

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.

 

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 each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects 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 a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

 

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 have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

 

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, 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.

 

 158

 

 

Underlying Stock 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.

 

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. 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 YMAG ETF, ULTY ETF, SLTY ETF and YMAX ETF, pays an annual rate of 0.99% of each Fund’s 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 ULTY ETF and SLTY ETF each pay an annual rate of 1.24% of their average daily net assets.

 

The Adviser has agreed to reduce the ULTY ETF and SLTY ETF’s Investment Advisory Fee to 1.14% of its average daily net assets through at least February 28, 2027. This agreement may be terminated only by, or with the consent of, the Board, on behalf of the ULTY ETF and SLTY 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 Fees, 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 all expenses incurred by each Fund 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, extraordinary expenses, distribution fees and expenses paid by each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, “Excluded Expenses”), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended April 30, 2026, are disclosed in the Statements of Operations.

 

As stated above, effective January 1, 2025, the Adviser assumed full management responsibilities for the Funds following the resignation of ZEGA as sub-adviser and its cessation of operations as a registered investment adviser. As a result, there is no sub-advisory agreement currently in effect for the Funds, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

 

The Adviser has entered into an agreement with ZEGA, Lucania Investments LLC, and Level ETF Ventures LLC (each a “Supporter” and collectively the “Supporters”), with respect to the Funds, under which each Supporter assumes the obligation of the Adviser to pay all or a portion of expenses of the Funds, except the Excluded Expenses (such expenses of the Funds, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Supporters all or a portion of the profits, if any, generated by each Fund’s unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Supporters include fees charged by Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser.

 

 159

 

 

Although the Supporters have agreed to be responsible for all of the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses.

 

Tidal serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-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 each 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' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. 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 their 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 of 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 - SEGMENT REPORTING

 

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

 

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

 

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

 

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

 

NOTE 6 - PURCHASES AND SALES OF SECURITIES

 

For the period ended April 30, 2026, 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:

 

Fund     Purchases       Sales  
APLY ETF   $ –     $ –  
ABNY ETF     –       –  
AIYY ETF     –       –  
AMDY ETF     –       –  
AMZY ETF     –       –  

 

 160

 

Fund   Purchases     Sales  
BABO ETF     –       –  
YBIT ETF     –       –  
BRKC ETF     –       –  
CONY ETF     –       –  
CVNY ETF     109,760,250       109,304,668  
DISO ETF     –       –  
DRAY ETF     –       –  
GDXY ETF     –       –  
GOOY ETF     –       –  
HOOY ETF     –       –  
OARK ETF     –       –  
JPO ETF     6,200,000       6,150,000  
YMAG ETF     119,704,578       46,167,968  
MARO ETF     –       –  
FBY ETF     –       –  
MRNY ETF     26,355,399       25,488,501  
MSFO ETF     –       –  
MSTY ETF     82,785       80,747  
NFLY ETF     –       –  
NVDY ETF     469,006,750       456,157,511  
PLTY ETF     –       –  
PYPY ETF     –       –  
RBLY ETF     –       –  
FIAT ETF     138,922,844       125,037,754  
YQQQ ETF     2,135,035       2,105,062  
DIPS ETF     3,700,200       3,645,800  
CRSH ETF     –       –  
SMCY ETF     –       –  
SNOY ETF     –       –  
TSLY ETF     –       –  
TSMY ETF     36,026,160       35,417,517  
ULTY ETF     3,129,294,526       4,040,018,371  
SLTY ETF     1,901       –  
YMAX ETF     958,875,077       958,059,653  
XOMO ETF     7,182,500       6,927,500  
XYZY ETF     –       –  

 

For the period ended April 30, 2026, the purchases and sales of long-term U.S. government securities were as follows:

 

Fund   Purchases     Sales  
APLY ETF   $ –     $ 23,131,000  
ABNY ETF     –       4,454,014  
AIYY ETF     –       –  
AMDY ETF     –       24,192,000  
AMZY ETF     –       53,480,369  
BABO ETF     –       –  
YBIT ETF     –       13,782,473  
BRKC ETF     –       –  
CONY ETF     –       1,000,000  
CVNY ETF     –       –  
DISO ETF     –       3,287,872  
DRAY ETF     –       –  
GDXY ETF     –       7,858,982  

 

 161

 

 

Fund   Purchases     Sales  
GOOY ETF     –       13,804,000  
HOOY ETF     –       –  
OARK ETF     –       12,246,122  
JPO ETF     –       8,882,000  
YMAG ETF     –       –  
MARO ETF     –       –  
FBY ETF     –       28,051,000  
MRNY ETF     –       9,717,811  
MSFO ETF     –       25,515,130  
MSTY ETF     –       –  
NFLY ETF     –       6,203,338  
NVDY ETF     –       356,836,886  
PLTY ETF     –       11,860,000  
PYPY ETF     –       4,851,477  
RBLY ETF     –       –  
FIAT ETF     –       5,027,000  
YQQQ ETF     –       925,000  
DIPS ETF     –       2,211,000  
CRSH ETF     –       4,115,000  
SMCY ETF     –       1,000,000  
SNOY ETF     –       7,533,321  
TSLY ETF     –       114,841,020  
TSMY ETF     –       –  
ULTY ETF     –       –  
SLTY ETF     –       –  
YMAX ETF     –       –  
XOMO ETF     –       1,873,927  
XYZY ETF     –       10,235,106  

 

For the period ended April 30, 2026, in-kind transactions associated with creations and redemptions for the Funds were as follows:

 

Fund   Purchases     Sales  
APLY ETF   $ –     $ –  
ABNY ETF     –       –  
AIYY ETF     –       –  
AMDY ETF     –       –  
AMZY ETF     –       –  
BABO ETF     –       –  
YBIT ETF     –       –  
BRKC ETF     –       –  
CONY ETF     –       –  
CVNY ETF     –       –  
DISO ETF     –       –  
DRAY ETF     –       –  
GDXY ETF     –       –  
GOOY ETF     –       –  
HOOY ETF     –       –  
OARK ETF     –       –  
JPO ETF     –       –  
YMAG ETF     51,767,288       133,465,721  
MARO ETF     –       –  

 

 162

 

Fund   Purchases     Sales  
FBY ETF     –       –  
MRNY ETF     –       –  
MSFO ETF     –       –  
MSTY ETF     –       –  
NFLY ETF     –       –  
NVDY ETF     –       –  
PLTY ETF     –       –  
PYPY ETF     –       –  
RBLY ETF     –       –  
FIAT ETF     –       –  
YQQQ ETF     –       –  
DIPS ETF     –       –  
CRSH ETF     –       –  
SMCY ETF     –       –  
SNOY ETF     –       –  
TSLY ETF     –       –  
TSMY ETF     –       –  
ULTY ETF     –       –  
SLTY ETF     –       –  
YMAX ETF     56,048,016       362,523,065  
XOMO ETF     –       –  
XYZY ETF     –       –  

 

 163

 

 

NOTE 7 - AFFILIATED SECURITIES

 

The YMAG ETF and YMAX ETF held affiliated securities of the following companies during the period ended April 30, 2026. Transactions during the period in these securities of affiliated companies were as follows:

 

YMAG ETF
Fair Value
            Change    
  Share Fair       In Unrealized Fair  
Security Balance Value     Realized Appreciation/ Value Dividend
Name 4/30/2026 10/31/2025 Purchases Sales Gain (Loss) (Depreciation) 4/30/2026 Income
YieldMaxAAPL Option Income Strategy ETF 3,733,904 $65,662,286 $13,633,651 ($27,105,468) ($3,233,960) ($4,408,047) $44,548,462 $7,633,677
Yieldmax AMZN Option Income Strategy ETF 3,623,085 0 79,553,246 (26,190,647) (2,285,546) (5,824,721) 45,252,332 9,413,331
YieldMax GOOGL Option Income Strategy ETF 3,184,711 69,081,259 12,465,381 (35,625,172) 2,616,899 665,418 49,203,785 11,490,664
YieldMax META Option Income Strategy ETF 4,003,835 58,686,254 18,883,182 (22,137,689) (4,471,638) (10,401,260) 40,558,849 10,697,388
YieldMax MSFT Option Income Strategy ETF 3,554,585 65,786,117 16,456,716 (20,583,929) (2,561,783) (15,624,547) 43,472,574 8,196,627
YieldMax NVDA Option Income Strategy ETF 3,221,047 69,999,800 11,288,878 (24,820,750) (5,752,445) (7,360,190) 43,355,293 12,708,828
YieldMaxTSLA Option Income Strategy ETF 1,488,887 66,628,641 19,190,811 (23,170,034) (4,286,329) (14,694,048) 43,669,041 14,791,955
Totals   $395,844,357 $171,471,865 ($179,633,689) ($19,974,802) ($57,647,395) $310,060,336 $74,932,470

 

YMAXETF
Fair Value

Security

Name 

Share 

Balance

4/30/2026 

Fair 

Value

10/31/2025

 Purchases Sales Realized Gain (Loss) Change In Unrealized Appreciation/ (Depreciation)

Fair 

Value

4/30/2026

Dividend

Income

YieldMaxAAPL Option Income Strategy ETF 1,164,653 $26,506,026 $36,803,826 ($46,282,550) ($4,514,309) $1,382,249 $13,895,242 $2,252,972
YieldMax ABNB Option Income Strategy ETF 380,719 26,004,305 17,284,497 (24,349,867) (11,166,967) 8,635,375 16,407,343 4,209,036
YieldMax Al &Tech Portfolio Option Income ETF 427,918 0 18,152,053 (366,138) 1,730 510,129 18,297,774 278,534
YieldMax Al Option Income Strategy ETF 1 25,334,205 6,281,703 (17,600,965) (14,736,975) 722,040 8 3,686,995
YieldMax AMD Option Income Strategy ETF 595,642 26,679,515 27,200,164 (22,196,085) (3,787,237) (991,226) 26,905,131 4,793,796
YieldMax AMZN Option Income Strategy ETF 1,661,067 28,544,328 23,047,927 (27,439,791) (10,959,397) 7,553,660 20,746,727 3,879,087
YieldMax BABA Option Income Strategy ETF 0 25,434,628 2,578,288 (23,489,652) (5,556,558) 1,033,294 0 2,717,990
YieldMax Bitcoin Option Income Strategy ETF 1 26,001,466 22,977,883 (37,360,839) (20,441,491) 8,822,995 14 3,781,225
YieldMax BRKB Option Income Strategy ETF 0 25,904,218 25,030,501 (49,405,710) (2,921,187) 1,392,178 0 1,482,210
YieldMax COIN Option Income Strategy ETF 0 25,551,075 29,438,239 (38,331,707) (28,912,930) 12,255,326 3 4,859,154
YieldMax CRCL Option Income Strategy ETF 0 24,229,921 43,680,188 (68,737,035) (1,766,177) 2,593,103 0 8,315,193
YieldMax Crypto Industry & Tech Portfolio Option Income ETF 852,384 0 21,346,233 (1,856,419) (107,394) (50,351) 19,332,069 1,137,025
YieldMax CVNA Option Income Strategy ETF 0 24,412,349 3,230,706 (27,303,675) (6,273,318) 5,933,938 0 4,321,954
YieldMax DIS Option Income Strategy ETF 0 26,685,245 1,427,446 (25,460,772) (8,659,298) 6,007,379 0 1,953,048
YieldMax DKNG Option Income Strategy ETF 0 23,490,491 4,507,455 (21,551,494) (17,176,118) 10,729,666 0 3,728,359
YieldMax GME Option Income Strategy ETF 20,017 24,936,574 3,006,106 (23,173,729) (6,207,975) 2,129,068 690,044 3,553,014
YieldMax Gold Miners Option Income Strategy ETF 0 24,030,155 20,006,505 (41,267,276) (1,946,277) (823,107) 0 3,949,318
YieldMax GOOGL Option Income Strategy ETF 1,223,428 27,886,142 19,961,851 (30,612,669) 2,236,683 (570,045) 18,901,962 3,205,303
YieldMax HIMS Option Income Strategy ETF 1,081,735 23,278,053 48,012,815 (35,790,200) (20,244,941) 1,947,213 17,202,940 7,374,302
YieldMax HOOD Option Income Strategy ETF 650,917 26,766,129 29,601,941 (22,253,773) (12,399,747) (4,061,681) 17,652,869 5,922,656
YieldMax Innovation Option Income Strategy ETF 546,139 26,033,090 23,310,267 (25,283,116) (7,390,389) 851,707 17,521,559 3,921,483
YieldMax JP Option Income Strategy ETF 582,979 26,825,848 16,596,989 (31,516,272) (4,901,182) 1,301,893 8,307,276 2,030,247
YieldMax MARA Option Income Strategy ETF 2,889,127 22,555,231 32,785,957 (24,409,860) (25,355,763) 13,001,522 18,577,087 6,208,050
YieldMax META Option Income Strategy ETF 1,339,248 23,697,698 17,275,660 (23,009,759) (9,965,138) 5,568,121 13,566,582 2,809,452
YieldMax MRNA Option Income Strategy ETF 0 25,857,331 32,526,105 (57,957,722) (2,738,934) 2,313,220 0 8,985,496
YieldMax MSFT Option Income Strategy ETF 1,087,333 26,555,792 19,001,541 (26,130,754) (7,166,690) 1,038,193 13,298,082 2,528,479
YieldMax MSTR Option Income Strategy ETF 407,264 23,615,760 23,194,253 (24,861,688) (36,110,415) 24,233,724 10,071,634 4,796,166
YieldMax MSTR Performance & Income Target 25 ETF 94,808 0 4,121,006 (370,267) (28,340) 103,104 3,825,503 83,860
YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF 129,323 0 5,253,880 (105,489) 333 84,111 5,232,835 59,805
YieldMax NFLX Option Income Strategy ETF 1,713,830 24,211,003 35,907,142 (35,120,280) (10,093,805) 2,679,836 17,583,896 4,052,454
YieldMax NVDA Option Income Strategy ETF 872,206 28,231,056 14,089,193 (25,402,338) (9,023,275) 3,845,257 11,739,893 3,253,159
YieldMax NVDA Performance & Distribution Target 25 ETF 25,702 0 1,313,140 (25,579) (74) (4,957) 1,282,530 6,091
YieldMax PLTR Option Income Strategy ETF 0 28,071,562 34,593,140 (49,833,408) (12,330,261) (501,033) 0 5,453,093
YieldMax PYPL Option Income Strategy ETF 579,234 26,019,128 31,659,256 (31,493,970) (21,287,758) 12,648,354 17,545,010 4,097,642
YieldMax RBLX Option Income Strategy ETF 0 22,587,349 9,430,011 (19,209,801) (19,727,079) 6,919,520 0 3,585,548
YieldMax RDDT Option Income Strategy ETF 0 26,745,968 5,420,439 (22,640,259) (9,323,005) (203,143) 0 4,559,049
YieldMax Russell 2000 ODTE Covered Call Strategy ETF 70,019 0 23,434,195 (19,575,602) (1,197,709) (4,797) 2,656,087 366,665
YieldMax Semiconductor Portfolio Option Income ETF 259,695 0 36,630,747 (18,980,946) (744,883) 1,143,884 18,048,802 562,327
YieldMaxSMCI Option Income Strategy ETF 0 24,446,655 25,082,178 (33,217,213) (25,574,501) 9,262,881 0 6,182,857
YieldMax SNOW Option Income Strategy ETF 0 28,144,172 23,437,802 (38,185,024) (15,206,552) 1,809,602 0 3,852,181
YieldMaxTarget 12 Real Estate Option Income ETF 0 0 37,644,707 (36,261,286) (1,383,421) 0 0 356,661
YieldMax Target 12 Semiconductor Option Income ETF 72,724 0 12,401,275 (6,581,708) (286,132) 497,363 6,030,798 64,028
YieldMaxTSLA Option Income Strategy ETF 0 26,837,502 2,743,980 (24,490,895) (5,854,900) 764,313 0 3,695,891
YieldMaxTSM Option Income Strategy ETF 1,172,089 26,005,472 52,886,061 (56,119,770) (4,792,773) 1,442,525 19,421,515 3,978,182
YieldMax Ultra Option Income Strategy ETF 478,591 0 32,036,899 (15,697,086) (1,053,359) (263,483) 15,022,971 798,158
YieldMaxXOM Option Income Strategy ETF 0 26,656,633 30,270,622 (59,502,152) (930,219) 3,505,116 0 2,357,400
Yield Max XYZ Option Income Strategy ETF 633,990 25,671,846 28,300,320 (29,770,127) (19,583,074) 12,858,047 17,477,012 5,581,195
Totals   $950,443,921 $1,014,923,092 ($1,320,582,717) ($427,589,181) $170,046,083 $387,241,198 $159,626,790

 

NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

 

The tax character of distributions paid during the periods ended April 30, 2026 (estimated) and October 31, 2025, were as follows:

 

 164

 

          October 31,  
Distributions paid from:   April 30, 2026     2025  
APLY ETF                
Ordinary Income   $ 1,570,059     $ 15,034,941  
Return of Capital     16,547,219       28,724,087  
ABNY ETF                
Ordinary Income   $ 320,122     $ 970,138  
Return of Capital     5,054,487       12,986,440  
AIYY ETF                
Ordinary Income   $ 726,416     $ 3,049,052  
Return of Capital     14,224,346       64,204,751  
AMDY ETF                
Ordinary Income   $ 2,545,128     $ 80,745,177  
Return of Capital     56,469,499       38,366,621  
AMZY ETF                
Ordinary Income   $ 3,570,879     $ 58,900,818  
Return of Capital     51,329,644       66,473,190  
BABO ETF                
Ordinary Income   $ 495,310     $ 20,203,501  
Return of Capital     7,973,075       12,746,267  
YBIT ETF                
Ordinary Income   $ 1,210,319     $ 13,243,337  
Long-Term Capital Gains     –       10,428,946  
Return of Capital     16,600,146       54,152,615  
BRKC ETF                
Ordinary Income   $ 323,788     $ 483,762  
Return of Capital     1,992,290       1,357,456  
CONY ETF                
Ordinary Income   $ 9,751,933     $ 251,790,702  
Long-Term Capital Gains     –       364,239  
Return of Capital     200,129,085       925,803,792  
CVNY ETF                
Ordinary Income   $ 518,901     $ 19,128,290  
Return of Capital     14,049,894       14,341,853  
DISO ETF                
Ordinary Income   $ 258,374     $ 1,095,662  
Return of Capital     2,776,359       11,379,403  
DRAY ETF                
Ordinary Income   $ 230,938     $ 122,197  
Return of Capital     4,799,102       2,144,281  
GDXY ETF                
Ordinary Income   $ 3,216,842     $ 46,772,715  
Return of Capital     72,765,581       –  
GOOY ETF                
Ordinary Income   $ 2,788,992     $ 56,540,890  
Return of Capital     45,150,573       –  
HOOY ETF                
Ordinary Income   $ 2,600,784     $ 85,010,320  
Return of Capital     50,113,611       –  
OARK ETF                
Ordinary Income   $ 840,786     $ 23,903,921  
Return of Capital     13,013,347       13,919,822  
JPO ETF                
Ordinary Income   $ 678,484     $ 10,821,815  

 

 165

 

 

 

         October 31,  
Distributions paid from:   April 30, 2026     2025  
Return of Capital     6,462,639       5,654,710  
YMAG ETF                
Ordinary Income   $ 70,240,372     $ 94,150,607  
Long-Term Capital Gains     –       2,907,377  
Return of Capital     –       63,741,071  
MARO ETF                
Ordinary Income   $ 1,003,852     $ 1,937,869  
Return of Capital     23,129,423       61,879,849  
FBY ETF                
Ordinary Income   $ 1,833,418     $ 31,014,311  
Return of Capital     24,461,922       38,646,322  
MRNY ETF                
Ordinary Income   $ 1,007,933     $ 2,756,418  
Return of Capital     40,403,636       63,539,082  
MSFO ETF                
Ordinary Income   $ 1,676,781     $ 21,210,197  
Return of Capital     16,157,972       16,093,723  
MSTY ETF                
Ordinary Income   $ 21,028,650     $ 144,166,337  
Return of Capital     571,714,140       3,054,672,201  
NFLY ETF                
Ordinary Income   $ 1,284,392     $ 42,195,719  
Return of Capital     17,383,066       14,625,321  
NVDY ETF                
Ordinary Income   $ 23,844,836     $ 586,067,383  
Return of Capital     341,551,157       522,761,687  
PLTY ETF                
Ordinary Income   $ 6,728,124     $ 325,167,661  
Return of Capital     148,712,651       1,982,762  
PYPY ETF                
Ordinary Income   $ 476,339     $ 1,632,892  
Return of Capital     6,847,327       21,350,073  
RBLY ETF                
Ordinary Income   $ 232,646     $ 101,309  
Return of Capital     4,229,524       3,659,669  
FIAT ETF                
Ordinary Income   $ 461,907     $ 1,249,765  
Return of Capital     16,949,513       37,739,558  
YQQQ ETF                
Ordinary Income   $ 193,913     $ 402,030  
Return of Capital     1,875,797       2,335,403  
DIPS ETF                
Ordinary Income   $ 125,328     $ 325,903  
Return of Capital     2,260,776       5,854,150  
CRSH ETF                
Ordinary Income   $ 247,366     $ 788,181  
Return of Capital     5,760,581       18,669,602  
SMCY ETF                
Ordinary Income   $ 2,837,963     $ 68,196,370  
Return of Capital     64,122,180       125,814,125  
SNOY ETF                
Ordinary Income   $ 690,869     $ 31,618,446  

 

 166

 

          October 31,  
Distributions paid from:   April 30, 2026     2025  
Long-Term Capital Gains     –       294  
Return of Capital     11,747,799       11,214,140  
TSLY ETF                
Ordinary Income   $ 14,893,841     $ 378,764,883  
Return of Capital     282,287,817       542,652,570  
TSMY ETF                
Ordinary Income   $ 941,533     $ 23,424,762  
Return of Capital     16,748,037       6,458,733  
ULTY ETF                
Ordinary Income   $ 420,906,213     $ 344,498,628  
Long-Term Capital Gains     –       2,448,710  
Return of Capital     –       641,667,620  
SLTY ETF                
Ordinary Income   $ 396,598     $ 57,146  
Return of Capital     6,730,022       1,852,482  
YMAX ETF                
Ordinary Income   $ 152,453,188     $ 218,766,279  
Long-Term Capital Gains     –       2,117,577  
Return of Capital     –       247,024,459  
XOMO ETF                
Ordinary Income   $ 495,931     $ 1,494,392  
Return of Capital     6,217,852       13,448,646  
XYZY ETF                
Ordinary Income   $ 572,207     $ 2,039,524  
Return of Capital     12,647,826       43,030,424  

 

As of the most recent fiscal year ended October 31, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

 

    APLY ETF     ABNY ETF     AIYY ETF     AMDY ETF     AMZY ETF  
Cost of investments(a)   $ 130,136,605     $ 27,501,594     $ 82,194,995     $ 109,436,123     $ 308,907,885  
Gross tax unrealized appreciation     7,442,863       1,333,258       3,187,413       741,383       13,003,674  
Gross tax unrealized depreciation     (161,573 )     (257,128 )     (3,573,913 )     (5,957,971 )     (1,968,577 )
Net tax unrealized appreciation (depreciation)     7,281,290       1,076,130       (386,500 )     (5,216,588 )     11,035,097  
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  
Other accumulated gain (loss)(b)     (7,312,045 )     (5,456,289 )     (72,766,871 )     (616,818 )     (11,674,456 )
Total distributable earnings/(accumulated losses)   $ (30,755 )   $ (4,380,159 )   $ (73,153,371 )   $ (5,833,406 )   $ (639,359 )

 

 167

 

    BABO ETF     YBIT ETF     BRKC ETF     CONY ETF     CVNY ETF  
Cost of investments(a)   $ 50,307,461     $ 76,209,384     $ 32,525,271     $ 1,291,234,660     $ 66,789,503  
Gross tax unrealized appreciation     8,677,457       212,788       48,575       70,471,090       1,308,906  
Gross tax unrealized depreciation     (429,630 )     (142,515 )     (983,454 )     (94,096,997 )     (377,979 )
Net tax unrealized appreciation (depreciation)     8,247,827       70,273       (934,879 )     (23,625,907 )     930,927  
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  
Other accumulated gain (loss)(b)     (8,619,762 )     –       (16,121 )     (69,137,368 )     (1,277,560 )
Total distributable earnings/(accumulated losses)   $ (371,935 )   $ 70,273     $ (951,000 )   $ (92,763,275 )   $ (346,633 )
                                       
    DISO ETF     DRAY ETF     GDXY ETF     GOOY ETF     HOOY ETF  
Cost of investments(a)   $ 34,535,253     $ 38,281,647     $ 194,763,362     $ 159,513,411     $ 148,682,500  
Gross tax unrealized appreciation     184,374       109,321       795,357       34,933,955       8,830,344  
Gross tax unrealized depreciation     (134,004 )     (998,616 )     (12,432,634 )     (668,314 )     (4,270,814 )
Net tax unrealized appreciation (depreciation)     50,370       (889,295 )     (11,637,277 )     34,265,641       4,559,530  
Undistributed ordinary income (loss)     –       –       1,961,361       1,826,659       4,443,310  
Undistributed long-term capital gain (loss)     –       –       –       –       –  
Other accumulated gain (loss)(b)     (280,601 )     (9,210,100 )     (705,002 )     (34,754,093 )     (8,279,331 )
Total distributable earnings/(accumulated losses)   $ (230,231 )   $ (10,099,395 )   $ (10,380,918 )   $ 1,338,207     $ 723,509  
                                       
    OARK ETF     JPO ETF     YMAG ETF     MARO ETF     FBY ETF  
Cost of investments(a)   $ 81,388,387     $ 48,380,364     $ 467,376,499     $ 94,617,467     $ 144,910,771  
Gross tax unrealized appreciation     9,237,598       2,760,432       75,946,304       487,766       1,508,177  
Gross tax unrealized depreciation     (420,126 )     (87,442 )     (83,603,208 )     (585,318 )     (22,268,101 )
Net tax unrealized appreciation (depreciation)     8,817,472       2,672,990     (7,656,904 )     (97,552 )     (20,759,924 ) 
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  

 

 168

 

    OARK ETF     JPO ETF     YMAG ETF     MARO ETF     FBY ETF  

Other accumulated gain (loss)(b) 

     (9,169,732 )     (2,707,504 )     (4,767,988 )     (7,088,324 )     (1,340,169 )
Total distributable earnings/(accumulated losses)   $ (352,260 )   $ (34,514 )   $ (12,424,892 )   $ (7,185,876 )   $ (22,100,093 )

 

    MRNY ETF     MSFO ETF     MSTY ETF     NFLY ETF     NVDY ETF  
Cost of investments(a)   $ 83,695,613     $ 145,941,987     $ 2,426,245,229     $ 147,981,090     $ 1,535,534,593  
Gross tax unrealized appreciation     9,414,506       2,399,746       8,561,476       382,307       190,211,516  
Gross tax unrealized depreciation
    (2,139,498 )     (1,016,606 )     (379,855,395 )     (17,842,589 )     (22,552,874 )
Net tax unrealized appreciation (depreciation)
    7,275,008       1,383,140       (371,293,919 )     (17,460,282 )     167,658,642  
Undistributed ordinary income (loss)
    –       –       –       –       –  
Undistributed long-term capital gain (loss)
    –       –       –       –       –  

Other accumulated gain (loss)(b)

     (70,530,178 )     (2,240,439 )     (489,057,899 )     (244,124 )     (188,368,109 )
Total distributable earnings/(accumulated losses)
  $ (63,255,170 )   $ (857,299 )   $ (860,351,818 )   $ (17,704,406 )   $ (20,709,467 )

 

    PLTY ETF     PYPY ETF     RBLY ETF     FIAT ETF     YQQQ ETF  
Cost of investments(a)   $ 538,868,330     $ 44,832,398     $ 31,180,152     $ 49,090,019     $ 14,606,922  
Gross tax unrealized appreciation     64,155,646       2,352,575       299,376       555,992       22,434  
Gross tax unrealized depreciation
    (2,649,342 )     (352,446 )     (2,619,369 )     (7,588,779 )     (503,291 )
Net tax unrealized appreciation (depreciation)
    61,506,304       2,000,129       (2,319,993 )     (7,032,787 )     (480,857 )
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  

Other accumulated gain (loss)(b)

     (63,909,100 )     (14,204,682 )     (1,762,559 )     (29,370,776 )     (2,158,812 )
Total distributable earnings/(accumulated losses)
  $ (2,402,796 )   $ (12,204,553 )   $ (4,082,552 )   $ (36,403,563 )   $ (2,639,669 )

 

      DIPS ETF     CRSH ETF     SMCY ETF     SNOY ETF     TSLY ETF  
Cost of investments(a)     $ 9,088,349     $ 26,495,313     $ 228,948,175     $ 75,199,490     $ 1,117,999,819  

 

 169

 

 

    DIPS ETF     CRSH ETF     SMCY ETF     SNOY ETF     TSLY ETF  
Gross tax unrealized appreciation     29,771       127,611       1,092,503       12,292,307       103,783,270  
Gross tax unrealized depreciation     (1,094,457 )     (5,466,233 )     (4,869,371 )     (460,371 )     (10,633,342 )
Net tax unrealized appreciation (depreciation)     (1,064,686 )     (5,338,622 )     (3,776,868 )     11,831,936       93,149,928  
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  

Other accumulated gain (loss)(b)

     (5,647,539 )     (12,994,986 )     (771,031 )     (12,262,759 )     (102,818,418 )
Total distributable earnings/(accumulated losses)
  $ (6,712,225 )   $ (18,333,608 )   $ (4,547,899 )   $ (430,823 )   $ (9,668,490 )

 

      TSMY ETF       ULTY ETF       SLTY ETF       YMAX ETF       XOMO ETF  
Cost of investments(a)   $ 60,017,174     $ 2,191,375,910     $ 1,796,506     $ 1,044,885,430     $ 48,492,750  
Gross tax unrealized appreciation     1,796,207       413,898,480       809,177       176,849,146       403,583  
Gross tax unrealized depreciation     (728,974 )     (233,375,064 )     (1,831,184 )     (259,440,980 )     (404,425 )
Net tax unrealized appreciation (depreciation)     1,067,233       180,523,416       (1,022,007 )     (82,591,834 )     (842 )
Undistributed ordinary income (loss)     –       –       –       –       –  
Undistributed long-term capital gain (loss)     –       –       –       –       –  

Other accumulated gain (loss)(b)

     (1,726,979 )     (395,160,487 )     (1,121,110 )     –       (2,471,932 )
Total distributable earnings/(accumulated losses)   $ (659,746 )   $ (214,637,071 )   $ (2,143,117 )   $ (82,591,834 )   $ (2,472,774 )

 

    XYZY ETF  
Cost of investments(a)   $ 60,055,861  
Gross tax unrealized appreciation     1,349,727  
Gross tax unrealized depreciation     (249,194 )
Net tax unrealized appreciation (depreciation)     1,100,533  
Undistributed ordinary income (loss)     –  
Undistributed long-term capital gain (loss)     –  

 

 170

 

 

    XYZY ETF  
Total distributable earnings   –  
Other accumulated gain (loss)(b)     (15,994,534 )
Total distributable earnings/(accumulated losses)   $ (14,894,001 )

 

(a) The difference between book and tax-basis unrealized appreciation is primarily due to the treatment of wash sales

(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:

 

Fund   Straddles  
ABNY ETF   $ (1,300,819 )
AIYY ETF     (3,114,714 )
AMDY ETF     (616,818 )
AMZY ETF     (11,674,456 )
APLY ETF     (7,312,045 )
BABO ETF     (8,619,762 )
BRKC ETF     (16,121 )
CONY ETF     (69,137,368 )
CRSH ETF     (102,105 )
CVNY ETF     (1,277,560 )
DIPS ETF     (20,000 )
DISO ETF     (146,024 )
DRAY ETF     (106,618 )
FBY ETF     (1,340,169 )
FIAT ETF     (153,943 )
GDXY ETF     (705,002 )
GOOY ETF     (34,754,093 )
HOOY ETF     (8,279,331 )
JPO ETF     (2,707,504 )
MARO ETF     (382,359 )
MRNY ETF     (9,301,197 )
MSFO ETF     (2,240,439 )
MSTY ETF     (7,615,327 )
NFLY ETF     (244,124 )
NVDY ETF     (188,368,109 )
OARK ETF     (9,169,732 )
PLTY ETF     (63,909,100 )
PYPY ETF     (2,299,012 )
RBLY ETF     (297,525 )
SLTY ETF     (522,617 )
SMCY ETF     (771,031 )
SNOY ETF     (12,262,759 )
TSLY ETF     (102,818,418 )
TSMY ETF     (1,726,979 )
ULTY ETF     (395,160,487 )
XOMO ETF     (356,570 )

 

 171

 

Fund   Straddles  
XYZY ETF     (1,273,048 )
YBIT ETF     –  
YMAG ETF     (4,767,988 )
YMAX ETF     –  
YQQQ ETF     (10,436 )

 

Net capital losses incurred after October 31 (post-October losses) and 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 year ended October 31, 2025, the Funds had not elected to defer any post-October or late-year losses.

 

As of October 31, 2025, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire:

 

Fund   Short-Term     Long-Term  
ABNY ETF   $ (4,155,470 )   $ –  
AIYY ETF     (69,652,157 )     –  
DISO ETF     (133,215 )     (1,362 )
DRAY ETF     (9,104,082 )     –  
MARO ETF     (6,705,965 )     –  
MRNY ETF     (61,228,981 )     –  
MSTY ETF     (481,442,572 )     –  
PYPY ETF     (11,901,158 )     (4,512 )
RBLY ETF     (1,465,034 )     –  
FIAT ETF     (29,216,833 )     –  
YQQQ ETF     (2,148,376 )     –  
DIPS ETF     (5,627,539 )     –  
CRSH ETF     (12,892,882 )     –  
SLTY ETF     (598,493 )     –  
XOMO ETF     (2,115,362 )     –  
XYZY ETF     (14,710,602 )     (10,884 )

 

NOTE 9 - SHARES TRANSACTIONS

 

Shares of the Funds are listed and traded on the NYSE, except the YQQQ ETF, which is listed and traded on the NASDAQ. Market prices for the Shares may be different from their NAV. The Funds issue and redeem 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 standard fixed transaction fee for each 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 and 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 Funds 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.

 

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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 uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. 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.

 

NOTE 11 - REVERSE STOCK SPLIT

 

Effective on the below dates, the Shares of the below Funds were adjusted for a reverse stock split. The effect of these reverse stock splits were to reduce the number of Shares outstanding in the Funds while maintaining each Fund’s and shareholder’s aggregate NAV. Set forth below are details regarding the reverse stock splits, which due to the timing, were retroactively applied to the prior 4/30/26 financial statements.

 

  Date   Rate   Net Asset Value Before Split   Net Asset Value After Split   Shares Outstanding Before Split   Shares Outstanding After Split 
ABNY ETT 12/01/2025   1 for 5   $9.61   $48.04   3,225,000   645,000 
AIYY ETF 12/01/2025   1 for 10   $2.46   $24.60   34,375,000    3,437,500
AMDY ETF 12/05/2025   1 for 5   $9.83   $49.16   23,600,000    4,720,000
YBIT ETF 11/28/2025   1 for 5   $8.80   $44.02   12,500,000    2,500,000
CONY ETT 12/01/2025   1 for 10   $6.33   $63.33   200,550,000    20,055,000
OAKX ETF 12/01/2025   1 for 5   $8.88   $44.40   10,325,000    2,065,000
MKNY ETF 11/28/2025   1 for 10   $1.68   $16.75   55,200,000    5,520,000
MSTY ETF 12/05/2025   1 for 5   $10.88   $54.39   278,550,000    55,710,000
FYFY ETF 12/05/2025   1 for 5   $10.11   $50.54   4,700,000    940,000
FIAT ETT 12/01/2025   1 for 10   $2.42   $24.16   17,950,000    1,795,000
DIPS ETT 12/01/2025   1 for 10   $5.17   $51.68   1,550,000    155,000
CRSH ETF 12/02/2025   1 for 10   $283   $28.29   7,875,000    787,500
TSLY ETF 11/28/2025   1 for 5   $8.52   $42.58   151.025,000    30,205,000
ULTY ETF 11/28/2025   1 for 10   $4.96   $49.62   500,200,000    50,020,000
XYZY ETF 11/28/2025   1 for 5   $8.58   $42.89   7,275,000    1,455,000

 

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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 subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

 

 174