Semi-Annual Report
Financial
Statements
April 30,
2025 (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
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
Gold Miners Option Income Strategy ETF |
|
GDXY |
| NYSE
Arca, Inc. |
| ●YieldMax
GOOGL Option Income Strategy ETF |
|
GOOY |
| NYSE
Arca, Inc. |
| ●YieldMax
Innovation Option Income Strategy ETF |
|
OARK |
| NYSE
Arca, Inc. |
| ●YieldMax
JPM Option Income Strategy ETF |
|
JPMO |
| NYSE
Arca, Inc. |
| ●YieldMax
Magnificent 7 Fund of Option Income ETFs |
|
YMAG |
| NYSE
Arca, Inc. |
| ●YieldMax
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
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
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. |
| (Formerly:
YieldMax SQ Option Income Strategy ETF) |
| |
YieldMax
ETFs
Table of
Contents
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
|
| |
| April
30, 2025 (Unaudited) |
|
YieldMax
AAPL Option Income Strategy ETF
Schedule
of Investments
April 30,
2025 (Unaudited)
| U.S.
TREASURY SECURITIES - 57.3% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
26,390,000 |
|
|
$ |
26,318,430 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
15,776,000 |
|
|
|
15,784,087 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
26,226,000 |
|
|
|
26,201,381 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$68,202,328) |
|
|
|
|
|
|
|
|
|
|
68,303,898 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 13.9%(b) |
|
Notional Amount
|
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 13.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Apple,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$225.00 |
|
$ |
120,487,500 |
|
|
|
5,670 |
|
|
|
396,900 |
|
| Expiration: 05/16/2025; Exercise Price:
$185.00 |
|
|
120,487,500 |
|
|
|
5,670 |
|
|
|
16,173,675 |
|
| TOTAL PURCHASED OPTIONS (Cost
$6,166,444) |
|
|
|
|
|
|
|
|
|
|
16,570,575 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 30.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
0.4% |
|
|
|
|
|
Shares |
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
460,356 |
|
|
|
460,356 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
30.2% |
|
|
|
|
|
Par |
|
|
|
|
|
| 4.17%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
5,850,000 |
|
|
|
5,840,422 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
9,820,000 |
|
|
|
9,771,567 |
|
| 4.13%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
20,688,000 |
|
|
|
20,436,081 |
|
| |
|
|
|
|
|
|
|
|
|
|
36,048,070 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$36,516,759) |
|
|
|
|
|
|
|
|
|
|
36,508,426 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 101.8% (Cost
$110,885,531) |
|
|
|
|
|
|
|
|
|
|
121,382,899 |
|
| Liabilities in Excess of Other Assets -
(1.8)% |
|
|
|
|
|
|
|
|
|
|
(2,090,556 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
119,292,343 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
|
| (b) |
Non-income
producing security. |
|
| (d) |
100
shares per contract. |
|
| (e) |
Held
in connection with written option contracts. See Schedule of Written
Options for further information. |
|
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
YieldMax
AAPL Option Income Strategy ETF
Schedule
of Written Options
April 30,
2025 (Unaudited)
| WRITTEN
OPTIONS - (2.2)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options - (1.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Apple,
Inc., Expiration: 05/02/2025; Exercise Price: $215.00
(a)(b) |
|
$ |
(120,487,500 |
) |
|
|
(5,670 |
) |
|
$ |
(2,069,550 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Apple,
Inc., Expiration: 05/16/2025; Exercise Price: $185.01
(a)(b) |
|
|
(120,487,500 |
) |
|
|
(5,670 |
) |
|
|
(508,558 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $10,741,197) |
|
|
|
|
|
|
|
|
|
$ |
(2,578,108 |
) |
Percentages are stated as a
percent of net assets.
| The
accompanying notes are an integral part of these financial
statements. |
1 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
YieldMax ABNB Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 51.8% |
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
$ |
6,435,000 |
|
|
$ |
6,417,548 |
|
| 4.25%,
10/15/2025 (a) |
|
|
3,127,000 |
|
|
|
3,128,603 |
|
| 3.88%,
01/15/2026 (a) |
|
|
5,193,000 |
|
|
|
5,188,125 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$14,725,185) |
|
|
|
|
|
|
14,734,276 |
|
| PURCHASED
OPTIONS - 9.2%(b) |
|
Notional Amount |
|
|
Contracts |
|
|
|
|
| Call Options - 9.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Airbnb,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $141.00 |
|
$ |
14,935,200 |
|
|
|
1,225 |
|
|
|
68,600 |
|
| Expiration: 05/02/2025; Exercise Price:
$136.00 |
|
|
12,192,000 |
|
|
|
1,000 |
|
|
|
68,500 |
|
| Expiration: 05/16/2025; Exercise Price:
$115.00 |
|
|
27,127,200 |
|
|
|
2,225 |
|
|
|
2,464,188 |
|
| TOTAL PURCHASED OPTIONS (Cost
$1,525,088) |
|
|
|
|
|
|
|
|
|
|
2,601,288 |
|
| SHORT-TERM
INVESTMENTS - 43.3% |
|
|
|
|
|
|
| Money Market Funds -
3.6% |
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
1,028,234 |
|
|
|
1,028,234 |
|
| |
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 39.7% |
|
|
Par
|
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
$ |
3,585,000 |
|
|
|
3,579,131 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
4,439,000 |
|
|
|
4,417,106 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
3,312,000 |
|
|
|
3,271,669 |
|
| |
|
|
|
|
|
|
11,267,906 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$12,298,004) |
|
|
|
|
|
|
12,296,140 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 104.3% (Cost
$28,548,277) |
|
|
|
|
|
|
29,631,704 |
|
| Liabilities in Excess of Other Assets -
(4.3)% |
|
|
|
|
|
|
(1,209,745 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
$ |
28,421,959 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
2 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax ABNB Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (4.5)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (1.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Airbnb,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $128.00 |
|
$ |
(12,192,000 |
) |
|
|
(1,000 |
) |
|
$ |
(257,000 |
) |
| Expiration: 05/02/2025;
Exercise Price: $130.00 |
|
|
(14,935,200 |
) |
|
|
(1,225 |
) |
|
|
(241,325 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(498,325 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options
- (2.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Airbnb,
Inc., Expiration: 05/16/2025; Exercise Price: $115.01
(a)(b) |
|
|
(27,127,200 |
) |
|
|
(2,225 |
) |
|
|
(774,624 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $3,106,926) |
|
|
|
|
|
|
|
|
|
$ |
(1,272,949 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages
are stated as a percent of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
YieldMax AI Option Income
Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 65.4% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
20,531,000 |
|
|
$ |
20,475,319 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
15,733,000 |
|
|
|
15,741,065 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
20,471,000 |
|
|
|
20,451,784 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$56,606,890) |
|
|
|
|
|
|
|
|
|
|
56,668,168 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 10.8%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| C3.ai,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$23.50 |
|
$ |
45,340,600 |
|
|
|
20,600 |
|
|
|
133,900 |
|
| Expiration: 05/02/2025; Exercise Price:
$24.50 |
|
|
42,820,455 |
|
|
|
19,455 |
|
|
|
48,638 |
|
| Expiration: 06/20/2025; Exercise Price:
$22.50 |
|
|
88,161,055 |
|
|
|
40,055 |
|
|
|
9,172,595 |
|
| TOTAL PURCHASED OPTIONS (Cost
$10,346,161) |
|
|
|
|
|
|
|
|
|
|
9,355,133 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 25.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,258,427 |
|
|
|
1,258,427 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 24.0% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.15%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
4,349,000 |
|
|
|
4,341,880 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
7,759,000 |
|
|
|
7,720,732 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
8,839,000 |
|
|
|
8,731,367 |
|
| |
|
|
|
|
|
|
|
|
|
|
20,793,979 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$22,056,751) |
|
|
|
|
|
|
|
|
|
|
22,052,406 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 101.7% (Cost
$89,009,802) |
|
|
|
|
|
|
|
|
|
|
88,075,707 |
|
| Liabilities in Excess of Other Assets -
(1.7)% |
|
|
|
|
|
|
|
|
|
|
(1,436,668 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
86,639,039 |
|
Percentages are stated as a
percent of net assets.
| The
accompanying notes are an integral part of these financial
statements. |
3 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax AI Option Income
Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (13.6)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (1.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| C3.ai,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $22.00 |
|
$ |
(45,340,600 |
) |
|
|
(20,600 |
) |
|
$ |
(906,400 |
) |
| Expiration: 05/02/2025;
Exercise Price: $22.50 |
|
|
(42,820,455 |
) |
|
|
(19,455 |
) |
|
|
(476,647 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(1,383,047 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options
- (12.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| C3.ai,
Inc., Expiration: 06/20/2025; Exercise Price: $22.51
(a)(b) |
|
|
(88,161,055 |
) |
|
|
(40,055 |
) |
|
|
(10,368,998 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $10,894,636) |
|
|
|
|
|
|
|
|
|
$ |
(11,752,045 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax AMD Option Income
Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 47.2% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
28,899,000 |
|
|
$ |
28,820,625 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
1,739,000 |
|
|
|
1,739,891 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
30,535,000 |
|
|
|
30,506,337 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$60,929,380) |
|
|
|
|
|
|
|
|
|
|
61,066,853 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 7.0%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 7.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Advanced
Micro Devices, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$106.00 |
|
$ |
60,892,425 |
|
|
|
6,255 |
|
|
|
59,423 |
|
| Expiration: 05/02/2025; Exercise Price:
$107.00 |
|
|
64,251,000 |
|
|
|
6,600 |
|
|
|
42,900 |
|
| Expiration: 05/16/2025; Exercise Price:
$95.00 |
|
|
125,143,425 |
|
|
|
12,855 |
|
|
|
8,966,362 |
|
| TOTAL PURCHASED OPTIONS (Cost
$9,514,078) |
|
|
|
|
|
|
|
|
|
|
9,068,685 |
|
| The
accompanying notes are an integral part of these financial
statements. |
4 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| SHORT-TERM
INVESTMENTS - 43.6% |
|
|
|
|
|
|
| Money Market
Funds - 1.7% |
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
2,216,427 |
|
|
|
2,216,427 |
|
| U.S. Treasury Bills -
41.9% |
|
Par |
|
|
|
|
| 4.15%, 05/15/2025
(a)(g) |
|
$ |
22,614,000 |
|
|
|
22,576,976 |
|
| 4.18%, 06/12/2025 (a)(g) |
|
|
25,468,000 |
|
|
|
25,342,390 |
|
| 4.15%, 08/14/2025 (a)(g) |
|
|
6,443,000 |
|
|
|
6,364,543 |
|
| |
|
|
|
|
|
|
54,283,909 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $56,506,015) |
|
|
56,500,336 |
|
| |
|
|
|
|
| TOTAL INVESTMENTS - 97.8% (Cost
$126,949,473) |
|
|
126,635,874 |
|
| Other Assets in Excess of Liabilities -
2.2% |
|
|
2,892,730 |
|
| TOTAL NET ASSETS -
100.0% |
|
$ |
129,528,604 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax AMD Option Income
Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (5.8)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (1.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Advanced
Micro Devices, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $99.00 |
|
$ |
(64,251,000 |
) |
|
|
(6,600 |
) |
|
$ |
(775,500 |
) |
| Expiration: 05/02/2025;
Exercise Price: $98.00 |
|
|
(60,892,425 |
) |
|
|
(6,255 |
) |
|
|
(997,672 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(1,773,172 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options
- (4.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Advanced Micro Devices, Inc., Expiration:
05/16/2025; Exercise Price: $95.01
(a)(b) |
|
|
(125,143,425 |
) |
|
|
(12,855 |
) |
|
|
(5,675,227 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $11,226,290) |
|
|
|
|
|
|
|
|
|
$ |
(7,448,399 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax AMZN Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 59.4% |
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
$ |
57,076,000 |
|
|
$ |
56,921,208 |
|
| 4.25%,
10/15/2025 (a) |
|
|
21,669,000 |
|
|
|
21,680,108 |
|
| 3.88%,
01/15/2026 (a) |
|
|
61,034,000 |
|
|
|
60,976,707 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$139,305,313) |
|
|
|
|
|
|
139,578,023 |
|
| The
accompanying notes are an integral part of these financial
statements. |
5 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| PURCHASED
OPTIONS - 3.1%(b) |
|
Notional Amount |
|
|
Contracts |
|
|
|
|
| Call Options - 3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Amazon.com,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $215.00 |
|
$ |
237,071,910 |
|
|
|
12,855 |
|
|
|
173,542 |
|
| Expiration: 05/16/2025; Exercise Price:
$190.00 |
|
|
237,071,910 |
|
|
|
12,855 |
|
|
|
7,230,938 |
|
| TOTAL PURCHASED OPTIONS (Cost
$15,772,517) |
|
|
|
|
|
|
|
|
|
|
7,404,480 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 43.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
0.6% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,406,230 |
|
|
|
1,406,230 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
43.0% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
26,461,000 |
|
|
|
26,417,678 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
26,266,000 |
|
|
|
26,136,454 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
49,076,000 |
|
|
|
48,478,398 |
|
| |
|
|
|
|
|
|
|
|
|
|
101,032,530 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$102,460,065) |
|
|
|
|
|
|
|
|
|
|
102,438,760 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 106.1% (Cost
$257,537,895) |
|
|
|
|
|
|
|
|
|
|
249,421,263 |
|
| Liabilities in Excess of Other Assets -
(6.1)% |
|
|
|
|
|
|
|
|
|
|
(14,337,576 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
235,083,687 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax AMZN Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (6.7)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options - (0.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Amazon.com,
Inc., Expiration: 05/02/2025; Exercise Price: $197.50
(a)(b) |
|
$ |
(237,071,910 |
) |
|
|
(12,855 |
) |
|
$ |
(1,838,265 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (5.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Amazon.com,
Inc., Expiration: 05/16/2025; Exercise Price: $190.01
(a)(b) |
|
|
(237,071,910 |
) |
|
|
(12,855 |
) |
|
|
(13,796,426 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $14,660,622) |
|
|
|
|
|
|
|
|
|
$ |
(15,634,691 |
) |
| Percentages
are stated as a percent of net assets. |
|
|
|
|
|
| |
|
|
|
|
|
| (a) |
Exchange-traded. |
|
|
|
|
|
| (b) |
100
shares per contract. |
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
6 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax BABA Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 68.9% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
11,120,000 |
|
|
$ |
11,089,842 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
3,915,000 |
|
|
|
3,917,007 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
13,171,000 |
|
|
|
13,158,636 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$28,164,353) |
|
|
|
|
|
|
|
|
|
|
28,165,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 4.7%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alibaba
Group Holding Ltd. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$128.00 |
|
$ |
10,151,550 |
|
|
|
850 |
|
|
|
9,350 |
|
| Expiration: 05/02/2025; Exercise Price:
$139.00 |
|
|
17,496,495 |
|
|
|
1,465 |
|
|
|
2,198 |
|
| Expiration: 05/02/2025; Exercise Price:
$133.00 |
|
|
2,985,750 |
|
|
|
250 |
|
|
|
1,000 |
|
| Expiration: 05/09/2025; Exercise Price:
$132.00 |
|
|
10,151,550 |
|
|
|
850 |
|
|
|
30,175 |
|
| Expiration: 05/16/2025; Exercise Price:
$119.00 |
|
|
40,785,345 |
|
|
|
3,415 |
|
|
|
1,878,250 |
|
| TOTAL PURCHASED OPTIONS (Cost
$2,132,565) |
|
|
|
|
|
|
|
|
|
|
1,920,973 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 30.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
2.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,021,310 |
|
|
|
1,021,310 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
27.5% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
1,857,000 |
|
|
|
1,853,960 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
1,863,000 |
|
|
|
1,853,811 |
|
| 4.15%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
7,628,000 |
|
|
|
7,535,113 |
|
| |
|
|
|
|
|
|
|
|
|
|
11,242,884 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$12,266,360) |
|
|
|
|
|
|
|
|
|
|
12,264,194 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 103.6% (Cost
$42,563,278) |
|
|
|
|
|
|
|
|
|
|
42,350,652 |
|
| Liabilities in Excess of Other Assets -
(3.6)% |
|
|
|
|
|
|
|
|
|
|
(1,488,148 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
40,862,504 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
7 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax BABA Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (4.5)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (0.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alibaba
Group Holding Ltd. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $129.00 |
|
$ |
(17,496,495 |
) |
|
|
(1,465 |
) |
|
$ |
(13,185 |
) |
| Expiration: 05/02/2025;
Exercise Price: $124.00 |
|
|
(2,985,750 |
) |
|
|
(250 |
) |
|
|
(9,750 |
) |
| Expiration: 05/02/2025;
Exercise Price: $123.00 |
|
|
(10,151,550 |
) |
|
|
(850 |
) |
|
|
(46,750 |
) |
| Expiration: 05/09/2025; Exercise Price:
$124.00 |
|
|
(10,151,550 |
) |
|
|
(850 |
) |
|
|
(128,775 |
) |
| Total Call Options |
|
|
|
|
|
|
|
|
|
|
(198,460 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (4.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alibaba Group Holding Ltd., Expiration:
05/16/2025; Exercise Price: |
|
|
|
|
|
|
|
|
|
|
|
|
| $119.01
(a)(b) |
|
|
(40,785,345 |
) |
|
|
(3,415 |
) |
|
|
(1,656,363 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $2,429,195) |
|
|
|
|
|
|
|
|
|
$ |
(1,854,823 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax Bitcoin Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| PURCHASED
OPTIONS - 44.2%(a) |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call
Options - 44.2%(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
| Cboe Mini Bitcoin U.S. ETF Index,
Expiration: 05/16/2025; Exercise Price:
$245.00 (d) |
|
$ |
22,286,000 |
|
|
|
1,000 |
|
|
$ |
190,000 |
|
| iShares
Bitcoin Trust ETF, Expiration: 05/09/2025; Exercise Price: $30.00
(d) |
|
|
115,367,560 |
|
|
|
21,560 |
|
|
|
50,773,800 |
|
| TOTAL PURCHASED OPTIONS (Cost
$48,184,235) |
|
|
|
|
|
|
|
|
|
|
50,963,800 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
TREASURY SECURITIES - 41.0% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (e) |
|
|
|
|
|
$ |
14,080,000 |
|
|
|
14,041,815 |
|
| 4.25%,
10/15/2025 (e) |
|
|
|
|
|
|
12,938,000 |
|
|
|
12,944,632 |
|
| 3.88%,
01/15/2026 (e) |
|
|
|
|
|
|
20,230,000 |
|
|
|
20,211,010 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$47,123,626) |
|
|
|
|
|
|
|
|
|
|
47,197,457 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 14.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
0.3% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
393,541 |
|
|
|
393,541 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
13.9% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
05/15/2025 (e)(g) |
|
|
|
|
|
$ |
4,581,000 |
|
|
|
4,573,500 |
|
| 4.19%,
06/12/2025 (e)(g) |
|
|
|
|
|
|
4,597,000 |
|
|
|
4,574,327 |
|
| 4.14%,
08/14/2025 (e)(g) |
|
|
|
|
|
|
6,930,000 |
|
|
|
6,845,613 |
|
| |
|
|
|
|
|
|
|
|
|
|
15,993,440 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$16,389,631) |
|
|
|
|
|
|
|
|
|
|
16,386,981 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.4% (Cost
$111,697,492) |
|
|
|
|
|
|
|
|
|
|
114,548,238 |
|
| Other Assets in Excess of Liabilities -
0.6% |
|
|
|
|
|
|
|
|
|
|
661,302 |
|
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
115,209,540 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
Non-income producing
security. |
|
| (b) |
100 shares per
contract. |
|
| (d) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (e) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
8 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax Bitcoin Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (0.2)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call
Options - (0.2)% (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Cboe Mini Bitcoin
U.S. ETF Index, Expiration: 05/16/2025; Exercise Price: $255.00 |
|
$ |
(22,286,000 |
) |
|
|
(1,000 |
) |
|
$ |
(102,500 |
) |
| iShares Bitcoin Trust ETF,
Expiration: 05/02/2025; Exercise Price: $56.00 |
|
|
(115,367,560 |
) |
|
|
(21,560 |
) |
|
|
(161,700 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(264,200 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $1,660,579) |
|
|
|
|
|
|
|
|
|
$ |
(264,200 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax COIN Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 71.2% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
304,419,000 |
|
|
$ |
303,593,410 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
134,786,000 |
|
|
|
134,855,093 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
321,526,000 |
|
|
|
321,224,180 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$758,606,136) |
|
|
|
|
|
|
|
|
|
|
759,672,683 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 9.0%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 9.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$230.00 |
|
$ |
215,063,400 |
|
|
|
10,600 |
|
|
|
95,400 |
|
| Expiration: 05/02/2025; Exercise Price:
$240.00 |
|
|
337,811,850 |
|
|
|
16,650 |
|
|
|
49,950 |
|
| Expiration: 05/16/2025; Exercise Price:
$185.00 |
|
|
613,133,580 |
|
|
|
30,220 |
|
|
|
70,790,350 |
|
| Expiration: 05/16/2025; Exercise Price:
$195.00 |
|
|
269,235,030 |
|
|
|
13,270 |
|
|
|
21,795,975 |
|
| Expiration: 05/16/2025; Exercise Price:
$220.00 |
|
|
104,691,240 |
|
|
|
5,160 |
|
|
|
3,005,700 |
|
| TOTAL PURCHASED OPTIONS (Cost
$93,557,681) |
|
|
|
|
|
|
|
|
|
|
95,737,375 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 21.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.0% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
10,803,692 |
|
|
|
10,803,692 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
20.9% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.17%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
68,322,000 |
|
|
|
68,210,142 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
90,699,000 |
|
|
|
90,251,665 |
|
| 4.13%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
65,501,000 |
|
|
|
64,703,389 |
|
| |
|
|
|
|
|
|
|
|
|
|
223,165,196 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$234,001,171) |
|
|
|
|
|
|
|
|
|
|
233,968,888 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.1% (Cost
$1,086,164,988) |
|
|
|
|
|
|
|
|
|
|
1,089,378,946 |
|
| Liabilities in Excess of Other Assets -
(2.1)% |
|
|
|
|
|
|
|
|
|
|
(22,102,465 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
1,067,276,481 |
|
Percentages are stated as a
percent of net assets.
| The
accompanying notes are an integral part of these financial
statements. |
9 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax COIN Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (3.9)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (0.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $217.50 |
|
$ |
(151,153,050 |
) |
|
|
(7,450 |
) |
|
$ |
(458,175 |
) |
| Expiration: 05/02/2025;
Exercise Price: $220.00 |
|
|
(620,843,400 |
) |
|
|
(30,600 |
) |
|
|
(1,361,700 |
) |
| Expiration: 05/02/2025;
Exercise Price: $215.00 |
|
|
(215,063,400 |
) |
|
|
(10,600 |
) |
|
|
(911,600 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(2,731,475 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options
- (3.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025;
Exercise Price: $220.01 |
|
|
(104,691,240 |
) |
|
|
(5,160 |
) |
|
|
(11,736,682 |
) |
| Expiration: 05/16/2025;
Exercise Price: $185.01 |
|
|
(613,133,580 |
) |
|
|
(30,220 |
) |
|
|
(15,746,482 |
) |
| Expiration: 05/16/2025;
Exercise Price: $195.01 |
|
|
(269,235,030 |
) |
|
|
(13,270 |
) |
|
|
(11,329,528 |
) |
| Total Put
Options |
|
|
|
|
|
|
|
|
|
|
(38,812,692 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $116,680,815) |
|
|
|
|
|
|
|
|
|
$ |
(41,544,167 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax CVNA Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 55.3% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
9,992,000 |
|
|
$ |
9,964,901 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
7,199,000 |
|
|
|
7,202,690 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
17,435,000 |
|
|
|
17,418,634 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$34,595,924) |
|
|
|
|
|
|
|
|
|
|
34,586,225 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 12.9%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 12.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Carvana
Co. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$267.50 |
|
$ |
30,397,140 |
|
|
|
1,244 |
|
|
|
34,210 |
|
| Expiration: 05/02/2025; Exercise Price:
$270.00 |
|
|
25,168,050 |
|
|
|
1,030 |
|
|
|
22,145 |
|
| Expiration: 05/16/2025; Exercise Price:
$225.00 |
|
|
59,230,440 |
|
|
|
2,424 |
|
|
|
8,005,260 |
|
| TOTAL PURCHASED OPTIONS (Cost
$6,469,301) |
|
|
|
|
|
|
|
|
|
|
8,061,615 |
|
| The
accompanying notes are an integral part of these financial
statements. |
10 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| SHORT-TERM
INVESTMENTS - 26.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.2% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
752,480 |
|
|
|
752,480 |
|
| U.S. Treasury Bills - 25.2% |
|
Par |
|
|
|
|
| 4.18%,
06/12/2025 (a)(g) |
|
$ |
230,000 |
|
|
|
228,866 |
|
| 4.14%,
08/14/2025 (a)(g) |
|
|
15,770,000 |
|
|
|
15,577,968 |
|
| |
|
|
|
|
|
|
15,806,834 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$16,563,709) |
|
|
|
|
|
|
16,559,314 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 94.6% (Cost
$57,628,934) |
|
|
|
|
|
|
59,207,154 |
|
| Other Assets in Excess of Liabilities -
5.4% |
|
|
|
|
|
|
3,349,001 |
|
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
$ |
62,556,155 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax CVNA Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (6.4)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (1.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Carvana
Co. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $250.00 |
|
$ |
(54,832,140 |
) |
|
|
(2,244 |
) |
|
$ |
(762,960 |
) |
| Expiration: 05/02/2025;
Exercise Price: $255.00 |
|
|
(733,050 |
) |
|
|
(30 |
) |
|
|
(4,155 |
) |
| Expiration: 05/09/2025;
Exercise Price: $275.00 |
|
|
(3,665,250 |
) |
|
|
(150 |
) |
|
|
(108,000 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(875,115 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options
- (5.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Carvana
Co., Expiration: 05/16/2025; Exercise Price: $225.01
(a)(b) |
|
|
(38,493,120 |
) |
|
|
(2,424 |
) |
|
|
(3,150,867 |
) |
| TOTAL WRITTEN OPTIONS
(Premiums received $5,464,870) |
|
|
|
|
|
|
|
|
|
$ |
(4,025,982 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax DIS Option Income
Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 36.6% |
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
$ |
6,312,000 |
|
|
$ |
6,294,882 |
|
| 3.88%,
01/15/2026 (a) |
|
|
4,948,000 |
|
|
|
4,943,355 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$11,218,006) |
|
|
|
|
|
|
11,238,237 |
|
| The
accompanying notes are an integral part of these financial
statements. |
11 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| PURCHASED
OPTIONS - 8.3%(b) |
|
Notional Amount |
|
|
Contracts |
|
|
|
|
| Call Options - 8.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| Walt
Disney Co. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $95.00 |
|
$ |
18,190,000 |
|
|
|
2,000 |
|
|
|
11,000 |
|
| Expiration: 05/02/2025; Exercise Price:
$99.00 |
|
|
13,369,650 |
|
|
|
1,470 |
|
|
|
2,205 |
|
| Expiration: 05/16/2025; Exercise Price:
$85.00 |
|
|
31,559,650 |
|
|
|
3,470 |
|
|
|
2,550,450 |
|
| TOTAL PURCHASED OPTIONS (Cost
$2,110,036) |
|
|
|
|
|
|
|
|
|
|
2,563,655 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 56.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.8% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
538,890 |
|
|
|
538,890 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
54.7% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.15%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
4,316,000 |
|
|
|
4,308,934 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
6,308,000 |
|
|
|
6,276,888 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
6,315,000 |
|
|
|
6,238,102 |
|
| |
|
|
|
|
|
|
|
|
|
|
16,823,924 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$17,366,063) |
|
|
|
|
|
|
|
|
|
|
17,362,814 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 101.4% (Cost
$30,694,105) |
|
|
|
|
|
|
|
|
|
|
31,164,706 |
|
| Liabilities in Excess of Other Assets -
(1.4)% |
|
|
|
|
|
|
|
|
|
|
(427,950 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
30,736,756 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax DIS Option Income
Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (2.3)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options - (0.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Walt
Disney Co., Expiration: 05/02/2025; Exercise Price: $92.00
(a)(b) |
|
$ |
(31,559,650 |
) |
|
|
(3,470 |
) |
|
$ |
(170,030 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Walt
Disney Co., Expiration: 05/16/2025; Exercise Price: $85.01
(a)(b) |
|
|
(31,559,650 |
) |
|
|
(3,470 |
) |
|
|
(529,997 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $1,945,350) |
|
|
|
|
|
|
|
|
|
$ |
(700,027 |
) |
| Percentages
are stated as a percent of net assets. |
|
|
|
|
|
| |
|
|
|
|
|
| (a) |
Exchange-traded. |
|
|
|
|
|
| (b) |
100
shares per contract. |
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
12 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax Gold Miners
Option Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 64.9% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
10,944,000 |
|
|
$ |
10,914,320 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
15,664,000 |
|
|
|
15,672,029 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
18,578,000 |
|
|
|
18,560,561 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$45,126,718) |
|
|
|
|
|
|
|
|
|
|
45,146,910 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 3.9%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| VanEck
Gold Miners ETF (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$52.00 |
|
$ |
1,470,300 |
|
|
|
300 |
|
|
|
1,950 |
|
| Expiration: 05/02/2025; Exercise Price:
$53.00 |
|
|
35,287,200 |
|
|
|
7,200 |
|
|
|
25,200 |
|
| Expiration: 06/20/2025; Exercise Price:
$51.00 |
|
|
69,177,615 |
|
|
|
14,115 |
|
|
|
2,681,850 |
|
| TOTAL PURCHASED OPTIONS (Cost
$5,812,462) |
|
|
|
|
|
|
|
|
|
|
2,709,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 37.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
3.0% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
2,100,294 |
|
|
|
2,100,294 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
34.8% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
3,312,000 |
|
|
|
3,306,577 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
3,975,000 |
|
|
|
3,955,395 |
|
| 4.15%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
17,141,000 |
|
|
|
16,932,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
24,194,245 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$26,299,612) |
|
|
|
|
|
|
|
|
|
|
26,294,539 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 106.6% (Cost
$77,238,792) |
|
|
|
|
|
|
|
|
|
|
74,150,449 |
|
| Liabilities in Excess of Other Assets -
(6.6)% |
|
|
|
|
|
|
|
|
|
|
(4,607,122 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
69,543,327 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
YieldMax Gold Miners
Option Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (7.4)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options
- (0.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| VanEck
Gold Miners ETF (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $51.00 |
|
$ |
(67,707,315 |
) |
|
|
(13,815 |
) |
|
$ |
(131,243 |
) |
| Expiration: 05/02/2025;
Exercise Price: $50.00 |
|
|
(1,470,300 |
) |
|
|
(300 |
) |
|
|
(6,750 |
) |
| Total Call
Options |
|
|
|
|
|
|
|
|
|
|
(137,993 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (7.2)% |
|
|
|
|
|
|
|
|
|
| VanEck Gold Miners ETF, Expiration: 06/20/2025; Exercise Price: $51.01
(a)(b) |
|
|
(69,177,615 |
) |
|
|
(14,115 |
) |
|
|
(5,003,787 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $5,224,547) |
|
|
|
|
|
|
|
|
|
$ |
(5,141,780 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
13 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax GOOGL Option
Income Strategy ETF
Schedule of
Investments
April 30, 2025
(Unaudited)
| U.S.
TREASURY SECURITIES - 58.1% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
24,692,000 |
|
|
$ |
24,625,035 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
13,147,000 |
|
|
|
13,153,739 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
24,627,000 |
|
|
|
24,603,883 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$62,289,096) |
|
|
|
|
|
|
|
|
|
|
62,382,657 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 6.9%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 6.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alphabet,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$172.50 |
|
$ |
106,872,400 |
|
|
|
6,730 |
|
|
|
23,555 |
|
| Expiration: 05/16/2025; Exercise Price:
$150.00 |
|
|
106,872,400 |
|
|
|
6,730 |
|
|
|
7,386,175 |
|
| TOTAL PURCHASED OPTIONS (Cost
$6,772,075) |
|
|
|
|
|
|
|
|
|
|
7,409,730 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 35.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.8% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,887,997 |
|
|
|
1,887,997 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
33.7% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.19%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
5,604,000 |
|
|
|
5,594,825 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
9,597,000 |
|
|
|
9,549,667 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
21,312,000 |
|
|
|
21,052,482 |
|
| |
|
|
|
|
|
|
|
|
|
|
36,196,974 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$38,094,010) |
|
|
|
|
|
|
|
|
|
|
38,084,971 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 100.5% (Cost
$107,155,181) |
|
|
|
|
|
|
|
|
|
|
107,877,358 |
|
| Liabilities in Excess of Other Assets -
(0.5)% |
|
|
|
|
|
|
|
|
|
|
(544,278 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
107,333,080 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
|
| (f) |
The rate shown
represents the 7-day annualized effective yield as of April 30,
2025. |
|
| (g) |
The rate shown is the
annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
14 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YieldMax GOOGL Option
Income Strategy ETF
Schedule of Written
Options
April 30, 2025
(Unaudited)
| WRITTEN
OPTIONS - (1.1)% |
|
Notional Amount |
|
|
Contracts |
|
|
Value |
|
| Call Options - (0.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alphabet,
Inc., Expiration: 05/02/2025; Exercise Price: $165.00
(a)(b) |
|
$ |
(106,872,400 |
) |
|
|
(6,730 |
) |
|
$ |
(171,615 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Alphabet,
Inc., Expiration: 05/16/2025; Exercise Price: $150.01
(a)(b) |
|
|
(106,872,400 |
) |
|
|
(6,730 |
) |
|
|
(1,034,849 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $6,054,772) |
|
|
|
|
|
|
|
|
|
$ |
(1,206,464 |
) |
Percentages are stated as a
percent of net assets.
|
| (b) |
100 shares per
contract. |
YieldMax
Innovation Option Income Strategy ETF
Schedule
of Investments
April 30,
2025 (Unaudited)
| U.S.
TREASURY SECURITIES - 63.0% |
|
|
|
|
Par |
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
13,943,000 |
|
|
$ |
13,905,186 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
9,783,000 |
|
|
|
9,788,015 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
13,891,000 |
|
|
|
13,877,960 |
|
| TOTAL U.S. TREASURY SECURITIES (Cost
$37,564,372) |
|
|
|
|
|
|
|
|
|
|
37,571,161 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 9.7%(b) |
|
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 9.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| ARK
Innovation ETF (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$53.50 |
|
$ |
60,702,960 |
|
|
|
11,940 |
|
|
|
167,160 |
|
| Expiration: 05/16/2025; Exercise Price:
$47.00 |
|
|
60,702,960 |
|
|
|
11,940 |
|
|
|
5,581,950 |
|
| TOTAL PURCHASED OPTIONS (Cost
$5,208,302) |
|
|
|
|
|
|
|
|
|
|
5,749,110 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 30.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
3.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
2,063,092 |
|
|
|
2,063,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
26.7% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
$ |
2,938,000 |
|
|
|
2,923,510 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
13,187,000 |
|
|
|
13,026,421 |
|
| |
|
|
|
|
|
|
|
|
|
|
15,949,931 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost
$18,018,182) |
|
|
|
|
|
|
|
|
|
|
18,013,023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.9% (Cost
$60,790,856) |
|
|
|
|
|
|
|
|
|
|
61,333,294 |
|
| Liabilities in Excess of Other Assets -
(2.9)% |
|
|
|
|
|
|
|
|
|
|
(1,713,155 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
|
|
|
$ |
59,620,139 |
|
Percentages are stated as a
percent of net assets.
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
|
| (b) |
Non-income producing
security. |
|
| (d) |
100 shares per
contract. |
|
| (e) |
Held in connection with
written option contracts. See Schedule of Written Options for further
information. |
| The
accompanying notes are an integral part of these financial
statements. |
15 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax
Innovation Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (3.4)% |
|
Notional
Amount |
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (1.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| ARK
Innovation ETF, Expiration: 05/02/2025; Exercise Price: $51.00
(a)(b) |
|
$ |
(60,702,960 |
) |
|
|
(11,940 |
) |
|
$ |
(991,020 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| ARK
Innovation ETF, Expiration: 05/16/2025; Exercise Price: $47.01
(a)(b) |
|
|
(60,702,960 |
) |
|
|
(11,940 |
) |
|
|
(1,019,308 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $4,514,193) |
|
|
|
|
|
|
|
|
|
$ |
(2,010,328 |
) |
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax JPM
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 50.0% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
8,920,000 |
|
|
$ |
8,895,809 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
6,797,000 |
|
|
|
6,800,484 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
8,882,000 |
|
|
|
8,873,663 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $24,534,931) |
|
|
|
|
|
|
|
|
|
|
24,569,956 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 6.7%(b) |
|
Notional
Amount |
|
|
Contracts
|
|
|
|
|
|
| Call Options - 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| JPMorgan
Chase & Co. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$255.00 |
|
$ |
30,504,114 |
|
|
|
1,247 |
|
|
|
10,600 |
|
| Expiration: 05/09/2025; Exercise Price:
$260.00 |
|
|
18,542,196 |
|
|
|
758 |
|
|
|
13,644 |
|
| Expiration:
05/16/2025; Exercise Price: $230.00 |
|
|
49,046,310 |
|
|
|
2,005 |
|
|
|
3,293,212 |
|
| TOTAL PURCHASED
OPTIONS (Cost $2,183,725) |
|
|
|
|
|
|
|
|
|
|
3,317,456 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 44.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
748,744 |
|
|
|
748,744 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 42.7% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.19%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
5,887,000 |
|
|
|
5,877,362 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
5,123,000 |
|
|
|
5,097,733 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
10,133,000 |
|
|
|
10,009,609 |
|
| |
|
|
|
|
|
|
|
|
|
|
20,984,704 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $21,737,868) |
|
|
|
|
|
|
|
|
|
|
21,733,448 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 100.9% (Cost
$48,456,524) |
|
|
|
|
|
|
|
|
|
|
49,620,860 |
|
| Liabilities in Excess of
Other Assets - (0.9)% |
|
|
|
|
|
|
|
|
|
|
(441,695 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
49,179,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| The
accompanying notes are an integral part of these financial
statements. |
16 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax JPM
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (1.2)% |
|
Notional
Amount |
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (0.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| JPMorgan
Chase & Co. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $247.50 |
|
$ |
(30,504,114 |
) |
|
|
(1,247 |
) |
|
$ |
(138,417 |
) |
| Expiration:
05/09/2025; Exercise Price: $250.00 |
|
|
(18,542,196 |
) |
|
|
(758 |
) |
|
|
(142,125 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(280,542 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| JPMorgan
Chase & Co., Expiration: 05/16/2025; Exercise Price: $230.01
(a)(b) |
|
|
(49,046,310 |
) |
|
|
(2,005 |
) |
|
|
(303,757 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $2,550,100) |
|
|
|
|
|
|
|
|
|
$ |
(584,299 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax
Magnificent 7 Fund of Option Income ETFs |
| Schedule of
Investments |
| April 30, 2025
(Unaudited) |
| |
|
|
|
|
| EXCHANGE
TRADED FUNDS - 98.2% |
|
|
Shares
|
|
|
|
Value
|
|
| YieldMax
AAPL Option Income Strategy ETF (a) |
|
|
2,905,409 |
|
|
$ |
41,402,078 |
|
| YieldMax
AMZN Option Income Strategy ETF (a) |
|
|
2,734,202 |
|
|
|
41,641,897 |
|
| YieldMax
GOOGL Option Income Strategy ETF (a) |
|
|
3,419,742 |
|
|
|
41,584,063 |
|
| YieldMax
META Option Income Strategy ETF (a) |
|
|
2,782,311 |
|
|
|
40,287,863 |
|
| YieldMax
MSFT Option Income Strategy ETF (a) |
|
|
2,571,026 |
|
|
|
41,727,752 |
|
| YieldMax
NVDA Option Income Strategy ETF (a) |
|
|
2,836,194 |
|
|
|
40,784,470 |
|
| YieldMax
TSLA Option Income Strategy ETF (a) |
|
|
5,480,451 |
|
|
|
45,816,566 |
|
| TOTAL EXCHANGE TRADED
FUNDS (Cost $379,963,101) |
|
|
|
|
|
|
293,244,689 |
|
| |
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 1.8% |
|
|
|
|
|
|
|
|
| Money Market Funds -
1.8% |
|
|
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(b) |
|
|
5,473,561 |
|
|
|
5,473,561 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $5,473,561) |
|
|
|
|
|
|
5,473,561 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 100.0% (Cost
$385,436,662) |
|
|
|
|
|
|
298,718,250 |
|
| Liabilities
in Excess of Other Assets - (0.0)% (c) |
|
|
|
|
|
|
(53,128 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$ |
298,665,122 |
|
| |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Affiliated
security as defined by the Investment Company Act of 1940. |
| (b) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
17 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| (c) |
Represents
less than 0.05% of net assets. |
| YieldMax MARA
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 24.4% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
4,072,000 |
|
|
$ |
4,060,956 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
1,209,000 |
|
|
|
1,209,620 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
5,059,000 |
|
|
|
5,054,251 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $10,323,565) |
|
|
|
|
|
|
|
|
|
|
10,324,827 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 8.9%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options -
8.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| MARA
Holdings, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$16.50 |
|
$ |
41,787,935 |
|
|
|
31,255 |
|
|
|
46,882 |
|
| Expiration:
05/16/2025; Exercise Price: $13.00 |
|
|
42,723,835 |
|
|
|
31,955 |
|
|
|
3,722,758 |
|
| TOTAL PURCHASED
OPTIONS (Cost $6,629,352) |
|
|
|
|
|
|
|
|
|
|
3,769,640 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 71.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
6.1% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
2,591,938 |
|
|
|
2,591,938 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 64.9% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.19%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
9,945,000 |
|
|
|
9,928,718 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
9,580,000 |
|
|
|
9,532,751 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
8,084,000 |
|
|
|
7,985,560 |
|
| |
|
|
|
|
|
|
|
|
|
|
27,447,029 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $30,043,339) |
|
|
|
|
|
|
|
|
|
|
30,038,967 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 104.3% (Cost
$46,996,256) |
|
|
|
|
|
|
|
|
|
|
44,133,434 |
|
| Liabilities in Excess of
Other Assets - (4.3)% |
|
|
|
|
|
|
|
|
|
|
(1,804,061 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
42,329,373 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax MARA
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (6.4)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (0.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
| MARA
Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $15.00
(a)(b) |
|
$ |
(42,723,835 |
) |
|
|
(31,955 |
) |
|
$ |
(111,843 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (6.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| MARA
Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $13.01
(a)(b) |
|
|
(42,723,835 |
) |
|
|
(31,955 |
) |
|
|
(2,589,882 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $6,790,614) |
|
|
|
|
|
|
|
|
|
$ |
(2,701,725 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
18 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Percentages are stated as a
percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax META
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 53.9% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
29,035,000 |
|
|
$ |
28,956,257 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
15,018,000 |
|
|
|
15,025,698 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
32,358,000 |
|
|
|
32,327,625 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $76,179,718) |
|
|
|
|
|
|
|
|
|
|
76,309,580 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 2.6%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options -
2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| Meta
Platforms, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$640.00 |
|
$ |
62,037,000 |
|
|
|
1,130 |
|
|
|
102,830 |
|
| Expiration: 05/02/2025; Exercise Price:
$650.00 |
|
|
80,703,000 |
|
|
|
1,470 |
|
|
|
99,225 |
|
| Expiration:
05/16/2025; Exercise Price: $585.00 |
|
|
142,740,000 |
|
|
|
2,600 |
|
|
|
3,490,500 |
|
| TOTAL PURCHASED
OPTIONS (Cost $9,799,790) |
|
|
|
|
|
|
|
|
|
|
3,692,555 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 53.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
2.9% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
4,173,771 |
|
|
|
4,173,771 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 50.2% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
15,121,000 |
|
|
|
15,096,244 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
19,911,000 |
|
|
|
19,812,797 |
|
| 4.13%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
36,653,000 |
|
|
|
36,206,673 |
|
| |
|
|
|
|
|
|
|
|
|
|
71,115,714 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $75,304,807) |
|
|
|
|
|
|
|
|
|
|
75,289,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 109.6% (Cost
$161,284,315) |
|
|
|
|
|
|
|
|
|
|
155,291,620 |
|
| Liabilities in Excess of
Other Assets - (9.6)% |
|
|
|
|
|
|
|
|
|
|
(13,626,281 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
141,665,339 |
|
Percentages are stated as a
percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
19 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| YieldMax META
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (9.8)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Meta
Platforms, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $590.00 |
|
$ |
(25,803,000 |
) |
|
|
(470 |
) |
|
$ |
(251,450 |
) |
| Expiration: 05/02/2025; Exercise Price:
$580.00 |
|
|
(67,527,000 |
) |
|
|
(1,230 |
) |
|
|
(910,200 |
) |
| Expiration:
05/02/2025; Exercise Price: $585.00 |
|
|
(49,410,000 |
) |
|
|
(900 |
) |
|
|
(571,500 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(1,733,150 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (8.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Meta
Platforms, Inc., Expiration: 05/16/2025; Exercise Price: $585.01
(a)(b) |
|
|
(142,740,000 |
) |
|
|
(2,600 |
) |
|
|
(12,171,388 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $12,031,637) |
|
|
|
|
|
|
|
|
|
$ |
(13,904,538 |
) |
Percentages are stated as a
percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax MRNA
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 74.2% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
16,854,000 |
|
|
$ |
16,808,291 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
15,637,000 |
|
|
|
15,645,016 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
24,177,000 |
|
|
|
24,154,305 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $56,561,405) |
|
|
|
|
|
|
|
|
|
|
56,607,612 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 12.3%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 12.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| Moderna,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$32.00 |
|
$ |
77,885,660 |
|
|
|
27,290 |
|
|
|
1,159,825 |
|
| Expiration:
05/16/2025; Exercise Price: $27.00 |
|
|
77,885,660 |
|
|
|
27,290 |
|
|
|
8,173,355 |
|
| TOTAL PURCHASED
OPTIONS (Cost $6,606,721) |
|
|
|
|
|
|
|
|
|
|
9,333,180 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 21.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,127,299 |
|
|
|
1,127,299 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 20.3% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.19%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
2,651,000 |
|
|
|
2,646,660 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
4,337,000 |
|
|
|
4,315,610 |
|
| 4.15%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
8,626,000 |
|
|
|
8,520,960 |
|
| |
|
|
|
|
|
|
|
|
|
|
15,483,230 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $16,613,489) |
|
|
|
|
|
|
|
|
|
|
16,610,529 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 108.3% (Cost
$79,781,615) |
|
|
|
|
|
|
|
|
|
|
82,551,321 |
|
| Liabilities in Excess of
Other Assets - (8.3)% |
|
|
|
|
|
|
|
|
|
|
(6,292,490 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
76,258,831 |
|
Percentages are stated as a
percent of net assets.
| The
accompanying notes are an integral part of these financial
statements. |
20 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax MRNA
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (8.9)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (4.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Moderna,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $29.50 |
|
$ |
(75,031,660 |
) |
|
|
(26,290 |
) |
|
$ |
(2,918,190 |
) |
| Expiration:
05/02/2025; Exercise Price: $29.00 |
|
|
(2,854,000 |
) |
|
|
(1,000 |
) |
|
|
(132,500 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(3,050,690 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (4.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Moderna,
Inc., Expiration: 05/16/2025; Exercise Price: $27.01
(a)(b) |
|
|
(77,885,660 |
) |
|
|
(27,290 |
) |
|
|
(3,701,413 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $8,768,074) |
|
|
|
|
|
|
|
|
|
$ |
(6,752,103 |
) |
Percentages are stated as a
percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax MSFT
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 69.3% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
27,795,000 |
|
|
$ |
27,719,619 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
19,304,000 |
|
|
|
19,313,895 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
27,665,000 |
|
|
|
27,639,031 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $74,560,789) |
|
|
|
|
|
|
|
|
|
|
74,672,545 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 7.1%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 7.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Microsoft
Corp. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$415.00 |
|
$ |
39,526,000 |
|
|
|
1,000 |
|
|
|
145,500 |
|
| Expiration: 05/02/2025; Exercise Price:
$425.00 |
|
|
69,961,020 |
|
|
|
1,770 |
|
|
|
81,420 |
|
| Expiration:
05/16/2025; Exercise Price: $370.00 |
|
|
109,487,020 |
|
|
|
2,770 |
|
|
|
7,458,225 |
|
| TOTAL PURCHASED
OPTIONS (Cost $5,217,830) |
|
|
|
|
|
|
|
|
|
|
7,685,145 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 25.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.6% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
1,709,969 |
|
|
|
1,709,969 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
23.6% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
2,155,000 |
|
|
|
2,151,472 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
8,121,000 |
|
|
|
8,080,947 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
15,445,000 |
|
|
|
15,256,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
25,489,344 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $27,205,894) |
|
|
|
|
|
|
|
|
|
|
27,199,313 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 101.6% (Cost
$106,984,513) |
|
|
|
|
|
|
|
|
|
|
109,557,003 |
|
| Liabilities in Excess of
Other Assets - (1.6)% |
|
|
|
|
|
|
|
|
|
|
(1,768,549 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
107,788,454 |
|
| The
accompanying notes are an integral part of these financial
statements. |
21 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Percentages are stated as a
percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax MSFT
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (2.2)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Microsoft
Corp. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $405.00 |
|
$ |
(69,961,020 |
) |
|
|
(1,770 |
) |
|
$ |
(659,325 |
) |
| Expiration:
05/02/2025; Exercise Price: $400.00 |
|
|
(39,526,000 |
) |
|
|
(1,000 |
) |
|
|
(582,500 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(1,241,825 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Microsoft
Corp., Expiration: 05/16/2025; Exercise Price: $370.01
(a)(b) |
|
|
(109,487,020 |
) |
|
|
(2,770 |
) |
|
|
(1,086,896 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $5,328,036) |
|
|
|
|
|
|
|
|
|
$ |
(2,328,721 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax MSTR
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 34.2% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
382,606,000 |
|
|
$ |
381,568,365 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
144,243,000 |
|
|
|
144,316,940 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
597,066,000 |
|
|
|
596,505,528 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $1,122,526,146) |
|
|
|
|
|
|
|
|
|
|
1,122,390,833 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 14.1%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 14.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| MicroStrategy,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$425.00 |
|
$ |
1,339,165,541 |
|
|
|
35,231 |
|
|
|
1,567,779 |
|
| Expiration: 05/02/2025; Exercise Price:
$430.00 |
|
|
591,033,039 |
|
|
|
15,549 |
|
|
|
544,215 |
|
| Expiration: 05/02/2025; Exercise Price:
$420.00 |
|
|
335,066,965 |
|
|
|
8,815 |
|
|
|
436,343 |
|
| Expiration: 05/16/2025; Exercise Price:
$330.00 |
|
|
2,545,786,725 |
|
|
|
66,975 |
|
|
|
374,557,688 |
|
| Expiration:
05/16/2025; Exercise Price: $340.00 |
|
|
685,718,440 |
|
|
|
18,040 |
|
|
|
85,193,900 |
|
| TOTAL PURCHASED
OPTIONS (Cost $291,495,053) |
|
|
|
|
|
|
|
|
|
|
462,299,925 |
|
| The
accompanying notes are an integral part of these financial
statements. |
22 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| SHORT-TERM
INVESTMENTS - 18.2% |
|
|
|
|
| Money Market Funds -
0.9% |
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
30,905,151 |
|
|
|
30,905,151 |
|
| |
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 17.3% |
|
|
Par
|
|
|
|
|
|
| 4.20%,
05/15/2025 (a)(g) |
|
$ |
56,973,000 |
|
|
|
56,879,723 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
93,131,000 |
|
|
|
92,671,671 |
|
| 4.16%,
08/14/2025 (a)(g) |
|
|
421,176,000 |
|
|
|
416,047,306 |
|
| |
|
|
|
|
|
|
565,598,700 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $596,612,434) |
|
|
|
|
|
|
596,503,851 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 66.5% (Cost
$2,010,633,633) |
|
|
|
|
|
|
2,181,194,609 |
|
| Other Assets in Excess
of Liabilities - 33.5% |
|
|
|
|
|
|
1,096,454,070 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$ |
3,277,648,679 |
|
| |
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax MSTR
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (2.4)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (1.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| MicroStrategy,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $390.00 |
|
$ |
(839,472,935 |
) |
|
|
(22,085 |
) |
|
$ |
(9,054,850 |
) |
| Expiration: 05/02/2025; Exercise Price:
$385.00 |
|
|
(730,381,365 |
) |
|
|
(19,215 |
) |
|
|
(11,240,775 |
) |
| Expiration: 05/02/2025; Exercise Price:
$382.50 |
|
|
(167,248,400 |
) |
|
|
(4,400 |
) |
|
|
(3,069,000 |
) |
| Expiration:
05/02/2025; Exercise Price: $392.50 |
|
|
(1,494,402,465 |
) |
|
|
(39,315 |
) |
|
|
(13,367,100 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(36,731,725 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
| MicroStrategy,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025; Exercise Price:
$330.01 |
|
|
(2,545,786,725 |
) |
|
|
(66,975 |
) |
|
|
(31,859,900 |
) |
| Expiration:
05/16/2025; Exercise Price: $340.01 |
|
|
(685,718,440 |
) |
|
|
(18,040 |
) |
|
|
(11,521,564 |
) |
| Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(43,381,464 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $304,792,680) |
|
|
|
|
|
|
|
|
|
$ |
(80,113,189 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| The
accompanying notes are an integral part of these financial
statements. |
23 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| YieldMax NFLX
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 35.1% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
18,418,000 |
|
|
$ |
18,368,050 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
12,309,000 |
|
|
|
12,315,310 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
18,327,000 |
|
|
|
18,309,796 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $48,933,491) |
|
|
|
|
|
|
|
|
|
|
48,993,156 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 19.0%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 19.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Netflix,
Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$1,190.00 |
|
$ |
131,279,520 |
|
|
|
1,160 |
|
|
|
46,980 |
|
| Expiration:
05/16/2025; Exercise Price: $905.00 |
|
|
131,279,520 |
|
|
|
1,160 |
|
|
|
26,581,400 |
|
| TOTAL PURCHASED
OPTIONS (Cost $7,854,738) |
|
|
|
|
|
|
|
|
|
|
26,628,380 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 41.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
2.5% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
3,503,571 |
|
|
|
3,503,571 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 39.4% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
18,015,000 |
|
|
|
17,985,505 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
19,390,000 |
|
|
|
19,294,367 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
17,884,000 |
|
|
|
17,666,225 |
|
| |
|
|
|
|
|
|
|
|
|
|
54,946,097 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $58,459,264) |
|
|
|
|
|
|
|
|
|
|
58,449,668 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 96.0% (Cost
$115,247,493) |
|
|
|
|
|
|
|
|
|
|
134,071,204 |
|
| Other Assets in Excess
of Liabilities - 4.0% |
|
|
|
|
|
|
|
|
|
|
5,649,734 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
139,720,938 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax NFLX
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (1.3)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Netflix,
Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration:
05/02/2025; Exercise Price: $1,120.00 |
|
$ |
(56,586,000 |
) |
|
|
(500 |
) |
|
$ |
(922,500 |
) |
| Expiration:
05/02/2025; Exercise Price: $1,130.00 |
|
|
(74,693,520 |
) |
|
|
(660 |
) |
|
|
(851,400 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(1,773,900 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Netflix,
Inc., Expiration: 05/16/2025; Exercise Price: $905.01
(a)(b) |
|
|
(131,279,520 |
) |
|
|
(1,160 |
) |
|
|
(108,413 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $8,819,053) |
|
|
|
|
|
|
|
|
|
$ |
(1,882,313 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
24 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Percentages are stated as a
percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax NVDA
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 72.7% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
391,832,000 |
|
|
$ |
390,769,344 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
43,145,000 |
|
|
|
43,167,116 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
498,449,000 |
|
|
|
497,981,101 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $930,369,207) |
|
|
|
|
|
|
|
|
|
|
931,917,561 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 8.2%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 8.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA
Corp. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$121.00 |
|
$ |
796,096,280 |
|
|
|
73,090 |
|
|
|
182,725 |
|
| Expiration: 05/02/2025; Exercise Price:
$124.00 |
|
|
326,760,000 |
|
|
|
30,000 |
|
|
|
45,000 |
|
| Expiration: 05/02/2025; Exercise Price:
$118.00 |
|
|
28,319,200 |
|
|
|
2,600 |
|
|
|
18,200 |
|
| Expiration: 05/16/2025; Exercise Price:
$95.00 |
|
|
617,467,480 |
|
|
|
56,690 |
|
|
|
80,924,975 |
|
| Expiration:
05/16/2025; Exercise Price: $110.00 |
|
|
684,562,200 |
|
|
|
62,850 |
|
|
|
23,568,750 |
|
| TOTAL PURCHASED
OPTIONS (Cost $101,154,667) |
|
|
|
|
|
|
|
|
|
|
104,739,650 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 21.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
0.6% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
7,561,419 |
|
|
|
7,561,419 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
20.6% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
109,119,000 |
|
|
|
108,940,348 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
99,617,000 |
|
|
|
99,125,681 |
|
| 4.16%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
56,967,000 |
|
|
|
56,273,309 |
|
| |
|
|
|
|
|
|
|
|
|
|
264,339,338 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $271,929,916) |
|
|
|
|
|
|
|
|
|
|
271,900,757 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.1% (Cost
$1,303,453,790) |
|
|
|
|
|
|
|
|
|
|
1,308,557,968 |
|
| Liabilities in Excess of
Other Assets - (2.1)% |
|
|
|
|
|
|
|
|
|
|
(27,168,439 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
1,281,389,529 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
25 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| YieldMax NVDA
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (3.2)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (0.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA
Corp. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $114.00 |
|
$ |
(477,614,200 |
) |
|
|
(43,850 |
) |
|
$ |
(1,512,825 |
) |
| Expiration: 05/02/2025; Exercise Price:
$113.00 |
|
|
(621,856,956 |
) |
|
|
(57,093 |
) |
|
|
(3,197,208 |
) |
| Expiration: 05/02/2025; Exercise Price:
$110.00 |
|
|
(28,319,200 |
) |
|
|
(2,600 |
) |
|
|
(393,900 |
) |
| Expiration:
05/02/2025; Exercise Price: $111.00 |
|
|
(174,239,324 |
) |
|
|
(15,997 |
) |
|
|
(1,735,675 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(6,839,608 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (2.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA
Corp. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025; Exercise Price:
$110.01 |
|
|
(684,562,200 |
) |
|
|
(62,850 |
) |
|
|
(30,316,508 |
) |
| Expiration:
05/16/2025; Exercise Price: $95.01 |
|
|
(617,467,480 |
) |
|
|
(56,690 |
) |
|
|
(4,013,142 |
) |
| Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(34,329,650 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $107,409,516) |
|
|
|
|
|
|
|
|
|
$ |
(41,169,258 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax PLTR
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 55.2% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
28,846,000 |
|
|
$ |
28,767,769 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
52,104,000 |
|
|
|
52,130,709 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
77,797,000 |
|
|
|
77,723,971 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $158,642,596) |
|
|
|
|
|
|
|
|
|
|
158,622,449 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 19.0%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 19.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Palantir
Technologies, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$123.00 |
|
$ |
95,190,228 |
|
|
|
8,037 |
|
|
|
851,922 |
|
| Expiration: 05/02/2025; Exercise Price:
$125.00 |
|
|
39,677,400 |
|
|
|
3,350 |
|
|
|
216,075 |
|
| Expiration:
05/16/2025; Exercise Price: $100.00 |
|
|
291,800,628 |
|
|
|
24,637 |
|
|
|
53,647,068 |
|
| TOTAL PURCHASED
OPTIONS (Cost $26,791,224) |
|
|
|
|
|
|
|
|
|
|
54,715,065 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 31.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
1.6% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
4,549,910 |
|
|
|
4,549,910 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
29.9% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.17%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
12,135,000 |
|
|
|
12,115,132 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
12,427,000 |
|
|
|
12,365,709 |
|
| 4.16%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
62,406,000 |
|
|
|
61,646,077 |
|
| |
|
|
|
|
|
|
|
|
|
|
86,126,918 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $90,691,586) |
|
|
|
|
|
|
|
|
|
|
90,676,828 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 105.7% (Cost
$276,125,406) |
|
|
|
|
|
|
|
|
|
|
304,014,342 |
|
| Liabilities in Excess of
Other Assets - (5.7)% |
|
|
|
|
|
|
|
|
|
|
(16,504,470 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
287,509,872 |
|
| The
accompanying notes are an integral part of these financial
statements. |
26 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Percentages are stated as a
percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax PLTR
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (7.2)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (4.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Palantir
Technologies, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $116.00 |
|
$ |
(39,677,400 |
) |
|
|
(3,350 |
) |
|
$ |
(1,407,000 |
) |
| Expiration: 05/02/2025; Exercise Price:
$115.00 |
|
|
(95,190,228 |
) |
|
|
(8,037 |
) |
|
|
(3,918,038 |
) |
| Expiration: 05/09/2025; Exercise Price:
$125.00 |
|
|
(118,440,000 |
) |
|
|
(10,000 |
) |
|
|
(6,325,000 |
) |
| Expiration:
05/09/2025; Exercise Price: $138.00 |
|
|
(38,493,000 |
) |
|
|
(3,250 |
) |
|
|
(1,001,000 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(12,651,038 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (2.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Palantir
Technologies, Inc., Expiration: 05/16/2025; Exercise Price: $100.01
(a)(b) |
|
|
(291,800,628 |
) |
|
|
(24,637 |
) |
|
|
(8,135,115 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $27,710,707) |
|
|
|
|
|
|
|
|
|
$ |
(20,786,153 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| YieldMax PYPL
Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 43.6% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
10,728,000 |
|
|
$ |
10,698,905 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
11,089,000 |
|
|
|
11,078,591 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $21,736,569) |
|
|
|
|
|
|
|
|
|
|
21,777,496 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 9.0%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 9.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| PayPal
Holdings, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$76.00 |
|
$ |
23,044,000 |
|
|
|
3,500 |
|
|
|
3,500 |
|
| Expiration: 05/02/2025; Exercise Price:
$75.00 |
|
|
25,348,400 |
|
|
|
3,850 |
|
|
|
1,925 |
|
| Expiration:
05/16/2025; Exercise Price: $60.00 |
|
|
48,392,400 |
|
|
|
7,350 |
|
|
|
4,465,125 |
|
| TOTAL PURCHASED
OPTIONS (Cost $3,683,683) |
|
|
|
|
|
|
|
|
|
|
4,470,550 |
|
| The
accompanying notes are an integral part of these financial
statements. |
27 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| SHORT-TERM
INVESTMENTS - 47.1% |
|
|
|
|
| Money Market Funds -
1.7% |
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
846,840 |
|
|
|
846,840 |
|
| |
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
45.4% |
|
|
Par
|
|
|
|
|
|
| 4.17%,
05/15/2025 (a)(g) |
|
$ |
5,356,000 |
|
|
|
5,347,231 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
10,649,000 |
|
|
|
10,596,478 |
|
| 4.12%,
08/14/2025 (a)(g) |
|
|
6,757,000 |
|
|
|
6,674,720 |
|
| |
|
|
|
|
|
|
22,618,429 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $23,469,206) |
|
|
|
|
|
|
23,465,269 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.7% (Cost
$48,889,458) |
|
|
|
|
|
|
49,713,315 |
|
| Other Assets in Excess
of Liabilities - 0.3% |
|
|
|
|
|
|
163,310 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$ |
49,876,625 |
|
| |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| YieldMax PYPL
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (0.7)% |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
Value
|
|
| Call Options - (0.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| PayPal
Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $69.00
(a)(b) |
|
$ |
(48,392,400 |
) |
|
|
(7,350 |
) |
|
$ |
(66,150 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| PayPal
Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $60.01
(a)(b) |
|
|
(48,392,400 |
) |
|
|
(7,350 |
) |
|
|
(297,369 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $3,949,535) |
|
|
|
|
|
|
|
|
|
$ |
(363,519 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100
shares per contract. |
| The
accompanying notes are an integral part of these financial
statements. |
28 |
| Schedules
of Investments & Written Options Contracts |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| YieldMax
Short COIN Option Income Strategy ETF |
| Schedule of
Investments |
| April 30,
2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 37.1% |
|
|
|
|
|
|
Par
|
|
|
|
Value
|
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%,
07/15/2025 (a) |
|
|
|
|
|
$ |
6,621,000 |
|
|
$ |
6,603,044 |
|
| 4.25%,
10/15/2025 (a) |
|
|
|
|
|
|
2,936,000 |
|
|
|
2,937,505 |
|
| 3.88%,
01/15/2026 (a) |
|
|
|
|
|
|
9,404,000 |
|
|
|
9,395,172 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $18,927,055) |
|
|
|
|
|
|
|
|
|
|
18,935,721 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED
OPTIONS - 1.6%(b) |
|
Notional
Amount |
|
|
|
Contracts
|
|
|
|
|
|
| Call Options - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025; Exercise Price:
$250.00 |
|
$ |
44,534,355 |
|
|
|
2,195 |
|
|
|
334,738 |
|
| Expiration: 05/16/2025; Exercise Price:
$300.00 |
|
|
5,680,920 |
|
|
|
280 |
|
|
|
8,540 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$170.00 |
|
|
44,534,355 |
|
|
|
2,195 |
|
|
|
18,657 |
|
| Expiration: 05/02/2025; Exercise Price:
$187.50 |
|
|
5,680,920 |
|
|
|
280 |
|
|
|
16,380 |
|
| Expiration: 05/16/2025; Exercise Price:
$195.00 |
|
|
5,680,920 |
|
|
|
280 |
|
|
|
253,400 |
|
| Expiration:
05/16/2025; Exercise Price: $155.00 |
|
|
44,534,355 |
|
|
|
2,195 |
|
|
|
201,940 |
|
| TOTAL PURCHASED
OPTIONS (Cost $3,637,976) |
|
|
|
|
|
|
|
|
|
|
833,655 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 29.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds -
19.3% |
|
|
|
|
|
|
Shares
|
|
|
|
|
|
| First
American Government Obligations Fund - Class X, 4.25%
(f) |
|
|
|
|
|
|
9,861,983 |
|
|
|
9,861,983 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury
Bills - 9.8% |
|
|
|
|
|
|
Par
|
|
|
|
|
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
$ |
2,058,000 |
|
|
|
2,047,849 |
|
| 4.16%,
08/14/2025 (a)(g) |
|
|
|
|
|
|
2,977,000 |
|
|
|
2,940,749 |
|
| |
|
|
|
|
|
|
|
|
|
|
4,988,598 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $14,851,420) |
|
|
|
|
|
|
|
|
|
|
14,850,581 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 67.8% (Cost
$37,416,451) |
|
|
|
|
|
|
|
|
|
|
34,619,957 |
|
| Other Assets in Excess
of Liabilities - 32.2% |
|
|
|
|
|
|
|
|
|
|
16,459,257 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
51,079,214 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| (a) |
All or
a portion of this security has been pledged to the broker in connection
with options as of April 30, 2025. |
| (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 for further information. |
| (f) |
The
rate shown represents the 7-day annualized effective yield as of April 30,
2025. |
| (g) |
The
rate shown is the annualized effective yield as of April 30,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
29 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| YieldMax Short COIN Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (22.6)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (22.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025;
Exercise Price: $155.02 |
|
$ |
(44,534,355 |
) |
|
|
(2,195 |
) |
|
$ |
(10,780,073 |
) |
| Expiration:
05/16/2025; Exercise Price: $195.02 |
|
|
(5,680,920 |
) |
|
|
(280 |
) |
|
|
(470,602 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(11,250,675 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$190.00 |
|
|
(44,534,355 |
) |
|
|
(2,195 |
) |
|
|
(204,135 |
) |
| Expiration:
05/02/2025; Exercise Price: $197.50 |
|
|
(5,680,920 |
) |
|
|
(280 |
) |
|
|
(63,980 |
) |
| Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(268,115 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $6,662,991) |
|
|
|
|
|
|
|
|
|
$ |
(11,518,790 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax Short N100 Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 46.9% |
|
|
|
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
1,811,000 |
|
|
$ |
1,806,089 |
|
| 4.25%, 10/15/2025 (a) |
|
|
|
|
|
|
1,809,000 |
|
|
|
1,809,927 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
1,801,000 |
|
|
|
1,799,309 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $5,415,214) |
|
|
|
|
|
|
|
|
|
|
5,415,325 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
1.9%(b) |
|
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 0.0%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco
QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $615.00
(d)(e)(f) |
|
$ |
12,742,596 |
|
|
|
268 |
|
|
|
402 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco
QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.00
(d)(e)(f) |
|
|
11,791,656 |
|
|
|
248 |
|
|
|
220,968 |
|
| TOTAL PURCHASED
OPTIONS (Cost $614,555) |
|
|
|
|
|
|
|
|
|
|
221,370 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 47.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 20.2% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (g) |
|
|
|
2,333,618 |
|
|
|
2,333,618 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 27.3% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.15%,
05/15/2025 (a)(h) |
|
|
|
|
|
$ |
1,119,000 |
|
|
|
1,117,168 |
|
| 4.18%,
06/12/2025 (a)(h) |
|
|
|
|
|
|
1,030,000 |
|
|
|
1,024,920 |
|
| 4.12%, 08/14/2025 (a)(h) |
|
|
|
|
|
|
1,032,000 |
|
|
|
1,019,434 |
|
| |
|
|
|
|
|
|
|
|
|
|
3,161,522 |
|
| TOTAL
SHORT-TERM INVESTMENTS (Cost $5,495,691) |
|
|
|
|
|
5,495,140 |
|
| |
|
|
|
|
| TOTAL INVESTMENTS - 96.3%
(Cost $11,525,460) |
|
|
11,131,835 |
|
| Other Assets in Excess of Liabilities -
3.7% |
|
|
432,740 |
|
| TOTAL NET ASSETS -
100.0% |
|
$ |
11,564,575 |
|
| The
accompanying notes are an integral part of these financial
statements. |
30 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| Percentages are stated as a
percent of net assets. |
|
|
|
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
| (b) |
Non-income producing
security. |
| (c) |
Represents less than 0.05% of net
assets. |
| (d) |
Held in connection with written option
contracts. See Schedule of Written Options for further
information. |
| (e) |
Exchange-traded. |
| (f) |
100 shares per contract. |
| (g) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (h) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax Short N100 Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (2.7)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (2.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.02
(a)(b) |
|
$ |
(11,791,656 |
) |
|
|
(248 |
) |
|
$ |
(285,469 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco QQQ
Trust Series 1 (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$444.00 |
|
|
(5,895,828 |
) |
|
|
(124 |
) |
|
|
(992 |
) |
| Expiration:
05/09/2025; Exercise Price: $452.00 |
|
|
(5,895,828 |
) |
|
|
(124 |
) |
|
|
(20,336 |
) |
| Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(21,328 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $491,469) |
|
|
|
|
|
|
|
|
|
$ |
(306,797 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax Short NVDA Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 38.9% |
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
1,833,000 |
|
|
$ |
1,828,029 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
2,211,000 |
|
|
|
2,208,924 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $4,031,910) |
|
|
|
|
|
|
|
|
|
|
4,036,953 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
1.4%(b) |
|
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 0.0%(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA Corp.,
Expiration: 05/16/2025; Exercise Price: $155.00
(d)(e)(f) |
|
$ |
9,813,692 |
|
|
|
901 |
|
|
|
1,802 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA Corp.
(d)(e)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$91.00 |
|
|
9,813,692 |
|
|
|
901 |
|
|
|
2,253 |
|
| Expiration:
05/16/2025; Exercise Price: $100.00 |
|
|
9,813,692 |
|
|
|
901 |
|
|
|
136,051 |
|
| TOTAL PURCHASED
OPTIONS (Cost $816,150) |
|
|
|
|
|
|
|
|
|
|
140,106 |
|
| The
accompanying notes are an integral part of these financial
statements. |
31 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| SHORT-TERM
INVESTMENTS - 36.2% |
|
|
|
|
| Money
Market Funds - 15.5% |
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (g) |
|
|
1,611,842 |
|
|
|
1,611,842 |
|
| |
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 20.7% |
|
|
Par |
|
|
|
|
|
| 4.18%,
06/12/2025 (a)(h) |
|
$ |
1,013,000 |
|
|
|
1,008,004 |
|
| 4.12%, 08/14/2025 (a)(h) |
|
|
1,151,000 |
|
|
|
1,136,984 |
|
| |
|
|
|
|
|
|
2,144,988 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $3,757,371) |
|
|
|
|
|
|
3,756,830 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 76.5% (Cost
$8,605,431) |
|
|
|
|
|
|
7,933,889 |
|
| Other Assets in Excess
of Liabilities - 23.5% |
|
|
|
|
|
|
2,437,447 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
| |
|
$ |
10,371,336 |
|
| |
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
| (a) |
All or a portion of this security has
been pledged to the broker in connection with options as of April 30,
2025. |
| (b) |
Non-income producing
security. |
| (c) |
Represents less than 0.05% of net
assets. |
| (d) |
Held in connection with written option
contracts. See Schedule of Written Options for further
information. |
| (e) |
Exchange-traded. |
| (f) |
100 shares per contract. |
| (g) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (h) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax Short NVDA Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (9.4)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (9.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA Corp., Expiration: 05/16/2025; Exercise
Price: $100.02 (a)(b) |
|
$ |
(9,813,692 |
) |
|
|
(901 |
) |
|
$ |
(951,224 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| NVIDIA Corp., Expiration: 05/02/2025; Exercise
Price: $101.00 (a)(b) |
|
|
(9,813,692 |
) |
|
|
(901 |
) |
|
|
(22,976 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $853,745) |
|
|
|
|
|
|
|
|
|
$ |
(974,200 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
|
YieldMax Short TSLA Option Income Strategy
ETF
Schedule of Investments
April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 51.1% |
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
$ |
2,058,000 |
|
|
$ |
2,052,419 |
|
| 4.25%, 10/15/2025 (a) |
|
|
4,062,000 |
|
|
|
4,064,082 |
|
| 3.88%, 01/15/2026 (a) |
|
|
7,537,000 |
|
|
|
7,529,925 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $13,635,727) |
|
|
|
|
|
|
13,646,426 |
|
| The
accompanying notes are an integral part of these financial
statements. |
32 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| PURCHASED OPTIONS -
1.2%(b) |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
| Call Options - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc., Expiration: 05/16/2025; Exercise
Price: $370.00 (c)(d)(e) |
|
$ |
26,043,368 |
|
|
|
923 |
|
|
|
62,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc.
(c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$222.50 |
|
|
26,043,368 |
|
|
|
923 |
|
|
|
68,764 |
|
| Expiration:
05/16/2025; Exercise Price: $230.00 |
|
|
26,043,368 |
|
|
|
923 |
|
|
|
194,753 |
|
| TOTAL PURCHASED
OPTIONS (Cost $2,321,308) |
|
|
|
|
|
|
|
|
|
|
325,819 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 24.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 3.8% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
1,007,254 |
|
|
|
1,007,254 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 20.7% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
1,528,000 |
|
|
|
1,525,498 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
1,533,000 |
|
|
|
1,525,439 |
|
| 4.17%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
2,521,000 |
|
|
|
2,490,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
5,541,239 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $6,549,227) |
|
|
|
|
|
|
|
|
|
|
6,548,493 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 76.8% (Cost
$22,506,262) |
|
|
|
|
|
|
|
|
|
|
20,520,738 |
|
| Other Assets in Excess
of Liabilities - 23.2% |
|
|
|
|
|
|
|
|
|
|
6,189,540 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
| |
|
$ |
26,710,278 |
|
Percentages
are stated as a percent of net assets.
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
| (b) |
Non-income producing
security. |
| (c) |
Held in connection with written option
contracts. See Schedule of Written Options for further
information. |
| (d) |
Exchange-traded. |
| (e) |
100 shares per contract. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax Short TSLA Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (20.3)% |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (19.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc., Expiration: 05/16/2025; Exercise
Price: $230.02 (a)(b) |
|
$ |
(26,043,368 |
) |
|
|
(923 |
) |
|
$ |
(5,059,028 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc., Expiration: 05/09/2025; Exercise
Price: $257.50 (a)(b) |
|
|
(26,043,368 |
) |
|
|
(923 |
) |
|
|
(350,740 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $3,147,403) |
|
|
|
|
|
|
|
|
|
$ |
(5,409,768 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| The
accompanying notes are an integral part of these financial
statements. |
33 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| YieldMax SMCI Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 62.7% |
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
27,815,000 |
|
|
$ |
27,739,565 |
|
| 4.25%, 10/15/2025 (a) |
|
|
|
|
|
|
16,699,000 |
|
|
|
16,707,560 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
33,067,000 |
|
|
|
33,035,960 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $77,483,429) |
|
|
|
|
|
|
|
|
|
|
77,483,085 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
12.1%(b) |
|
Notional Amount
|
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 12.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Super Micro
Computer, Inc. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$42.00 |
|
$ |
53,524,800 |
|
|
|
16,800 |
|
|
|
8,400 |
|
| Expiration: 05/02/2025; Exercise Price:
$41.00 |
|
|
7,009,200 |
|
|
|
2,200 |
|
|
|
1,100 |
|
| Expiration: 05/09/2025; Exercise Price:
$38.50 |
|
|
45,037,296 |
|
|
|
14,136 |
|
|
|
706,800 |
|
| Expiration: 05/09/2025; Exercise Price:
$39.00 |
|
|
19,116,000 |
|
|
|
6,000 |
|
|
|
264,000 |
|
| Expiration:
05/16/2025; Exercise Price: $30.50 |
|
|
127,236,096 |
|
|
|
39,936 |
|
|
|
13,977,600 |
|
| TOTAL PURCHASED
OPTIONS (Cost $11,866,158) |
|
|
|
|
|
|
|
|
|
|
14,957,900 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 48.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 1.4% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
1,749,288 |
|
|
|
1,749,288 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 47.4% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.17%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
11,491,000 |
|
|
|
11,472,187 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
12,770,000 |
|
|
|
12,707,018 |
|
| 4.17%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
34,860,000 |
|
|
|
34,435,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
58,614,712 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $60,372,347) |
|
|
|
|
|
|
|
|
|
|
60,364,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 123.6% (Cost
$149,721,934) |
|
|
|
|
|
|
|
|
|
|
152,804,985 |
|
| Liabilities in Excess of
Other Assets - (23.6)% |
|
|
|
|
|
|
|
|
|
|
(29,187,256 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
123,617,729 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
All or a portion of this security has
been pledged to the broker in connection with options as of April 30,
2025. |
| (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 for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| The
accompanying notes are an integral part of these financial
statements. |
34 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| YieldMax SMCI Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (11.3)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (2.6)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Super Micro
Computer, Inc. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $37.50 |
|
$ |
(2,548,800 |
) |
|
|
(800 |
) |
|
$ |
(2,800 |
) |
| Expiration: 05/02/2025; Exercise Price:
$37.00 |
|
|
(7,009,200 |
) |
|
|
(2,200 |
) |
|
|
(7,700 |
) |
| Expiration: 05/02/2025; Exercise Price:
$38.00 |
|
|
(50,976,000 |
) |
|
|
(16,000 |
) |
|
|
(24,000 |
) |
| Expiration: 05/09/2025; Exercise Price:
$35.00 |
|
|
(2,548,800 |
) |
|
|
(800 |
) |
|
|
(88,400 |
) |
| Expiration: 05/09/2025; Exercise Price:
$34.50 |
|
|
(19,116,000 |
) |
|
|
(6,000 |
) |
|
|
(741,000 |
) |
| Expiration:
05/09/2025; Exercise Price: $33.50 |
|
|
(45,037,296 |
) |
|
|
(14,136 |
) |
|
|
(2,332,440 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(3,196,340 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (8.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
Super Micro Computer,
Inc., Expiration: 05/16/2025; Exercise Price:
$30.51 (a)(b) |
|
|
(127,236,096 |
) |
|
|
(39,936 |
) |
|
|
(10,782,720 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $14,941,872) |
|
|
|
|
|
|
|
|
|
$ |
(13,979,060 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax SNOW Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 45.1% |
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
7,250,000 |
|
|
$ |
7,230,338 |
|
| 4.25%, 10/15/2025 (a) |
|
|
|
|
|
|
5,070,000 |
|
|
|
5,072,599 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
9,018,000 |
|
|
|
9,009,535 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $21,289,868) |
|
|
|
|
|
|
|
|
|
|
21,312,472 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
13.8%(b) |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 13.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Snowflake, Inc.
(c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$175.00 |
|
$ |
47,655,612 |
|
|
|
2,988 |
|
|
|
126,990 |
|
| Expiration:
05/16/2025; Exercise Price: $140.00 |
|
|
47,655,612 |
|
|
|
2,988 |
|
|
|
6,416,730 |
|
| TOTAL PURCHASED
OPTIONS (Cost $3,326,386) |
|
|
|
|
|
|
|
|
|
|
6,543,720 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 42.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 6.4% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
3,027,717 |
|
|
|
3,027,717 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 36.1% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
4,347,000 |
|
|
|
4,339,883 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
4,888,000 |
|
|
|
4,863,892 |
|
| 4.12%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
7,995,000 |
|
|
|
7,897,644 |
|
| |
|
|
|
|
|
|
|
|
|
|
17,101,419 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $20,132,739) |
|
|
|
|
|
|
|
|
|
|
20,129,136 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 101.4% (Cost
$44,748,993) |
|
|
|
|
|
|
|
|
|
|
47,985,328 |
|
| Liabilities in Excess of
Other Assets - (1.4)% |
|
|
|
|
|
|
|
|
|
|
(683,194 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
47,302,134 |
|
| The
accompanying notes are an integral part of these financial
statements. |
35 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
Percentages
are stated as a percent of net assets.
| (a) |
All or a portion of this security has
been pledged to the broker in connection with options as of April 30,
2025. |
| (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 for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax SNOW Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (1.9)% |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (1.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Snowflake, Inc., Expiration: 05/02/2025; Exercise
Price: $165.00 (a)(b) |
|
$ |
(47,655,612 |
) |
|
|
(2,988 |
) |
|
$ |
(525,888 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (0.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Snowflake, Inc., Expiration: 05/16/2025; Exercise
Price: $140.01 (a)(b) |
|
|
(47,655,612 |
) |
|
|
(2,988 |
) |
|
|
(396,344 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $3,984,407) |
|
|
|
|
|
|
|
|
|
$ |
(922,232 |
) |
|
Percentages are stated as a
percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax TSLA Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited) |
| |
| U.S.
TREASURY SECURITIES - 63.6% |
|
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
271,907,000 |
|
|
$ |
271,169,583 |
|
| 4.25%, 10/15/2025 (a) |
|
|
|
|
|
|
31,896,000 |
|
|
|
31,912,350 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
330,803,000 |
|
|
|
330,492,472 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $632,902,044) |
|
|
|
|
|
|
|
|
|
|
633,574,405 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
17.4%(b) |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc.
(c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$315.00 |
|
$ |
329,957,904 |
|
|
|
11,694 |
|
|
|
374,208 |
|
| Expiration: 05/02/2025; Exercise Price:
$305.00 |
|
|
129,737,168 |
|
|
|
4,598 |
|
|
|
370,139 |
|
| Expiration: 05/02/2025; Exercise Price:
$337.50 |
|
|
180,102,728 |
|
|
|
6,383 |
|
|
|
44,681 |
|
| Expiration: 05/02/2025; Exercise Price:
$330.00 |
|
|
98,586,704 |
|
|
|
3,494 |
|
|
|
38,434 |
|
| Expiration: 05/16/2025; Exercise Price:
$225.00 |
|
|
735,308,960 |
|
|
|
26,060 |
|
|
|
155,252,450 |
|
| Expiration:
05/16/2025; Exercise Price: $280.00 |
|
|
276,460,368 |
|
|
|
9,798 |
|
|
|
16,926,045 |
|
| TOTAL PURCHASED
OPTIONS (Cost $102,179,456) |
|
|
|
|
|
|
|
|
|
|
173,005,957 |
|
| The
accompanying notes are an integral part of these financial
statements. |
36 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| SHORT-TERM
INVESTMENTS - 16.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 1.0% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
9,722,114 |
|
|
|
9,722,114 |
|
| U.S. Treasury Bills - 15.1% |
|
|
Par |
|
|
|
| 4.18%, 06/12/2025 (a)(g) |
|
$ |
60,814,000 |
|
|
|
60,514,061 |
|
| 4.15%, 08/14/2025 (a)(g) |
|
|
90,911,000 |
|
|
|
89,803,969 |
|
| |
|
|
|
|
|
|
150,318,030 |
|
| TOTAL
SHORT-TERM INVESTMENTS (Cost $160,071,970) |
|
|
|
|
|
|
160,040,144 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 97.1% (Cost
$895,153,470) |
|
|
|
|
|
|
966,620,506 |
|
| Other
Assets in Excess of Liabilities - 2.9% |
|
|
|
|
|
|
29,070,450 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
| |
|
$ |
995,690,956 |
|
| |
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
| (a) |
All or a portion of this security has
been pledged to the broker in connection with options as of April 30,
2025. |
| (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 for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax TSLA
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (2.7)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (0.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc.
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $302.50 |
|
$ |
(98,586,704 |
) |
|
|
(3,494 |
) |
|
$ |
(365,123 |
) |
| Expiration: 05/02/2025; Exercise Price:
$292.50 |
|
|
(329,957,904 |
) |
|
|
(11,694 |
) |
|
|
(3,362,025 |
) |
| Expiration: 05/02/2025; Exercise Price:
$307.50 |
|
|
(307,244,024 |
) |
|
|
(10,889 |
) |
|
|
(686,007 |
) |
| Expiration: 05/02/2025; Exercise Price:
$287.50 |
|
|
(129,737,168 |
) |
|
|
(4,598 |
) |
|
|
(2,080,595 |
) |
| Expiration:
05/02/2025; Exercise Price: $300.00 |
|
|
(146,243,528 |
) |
|
|
(5,183 |
) |
|
|
(697,113 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(7,190,863 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (2.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Tesla, Inc.
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/16/2025; Exercise Price:
$280.01 |
|
|
(276,460,368 |
) |
|
|
(9,798 |
) |
|
|
(14,470,713 |
) |
| Expiration:
05/16/2025; Exercise Price: $225.01 |
|
|
(735,308,960 |
) |
|
|
(26,060 |
) |
|
|
(4,827,253 |
) |
| Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(19,297,966 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $101,983,560) |
|
|
|
|
|
|
|
|
|
$ |
(26,488,829 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| The
accompanying notes are an integral part of these financial
statements. |
37 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| YieldMax TSM Option
Income Strategy ETF |
| Schedule of
Investments |
|
April 30, 2025
(Unaudited)
|
|
| U.S.
TREASURY SECURITIES - 46.1% |
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
$ |
8,061,000 |
|
|
$ |
8,039,138 |
|
| 4.25%, 10/15/2025 (a) |
|
|
3,088,000 |
|
|
|
3,089,583 |
|
| 3.88%, 01/15/2026 (a) |
|
|
8,028,000 |
|
|
|
8,020,464 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $19,143,931) |
|
|
|
|
|
|
19,149,185 |
|
| PURCHASED OPTIONS -
1.4%(b) |
|
Notional Amount |
|
|
Contracts |
|
|
|
| Call Options - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan
Semiconductor Manufacturing Co. Ltd. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $175.00 |
|
$ |
40,839,050 |
|
|
|
2,450 |
|
|
|
51,450 |
|
| Expiration: 05/02/2025; Exercise Price:
$172.50 |
|
|
933,464 |
|
|
|
56 |
|
|
|
2,744 |
|
| Expiration:
05/16/2025; Exercise Price: $175.00 |
|
|
41,772,514 |
|
|
|
2,506 |
|
|
|
546,308 |
|
| TOTAL PURCHASED
OPTIONS (Cost $3,772,999) |
|
|
|
|
|
|
|
|
|
|
600,502 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 55.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 8.1% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
3,373,376 |
|
|
|
3,373,376 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bills -
47.0% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
5,585,000 |
|
|
|
5,575,856 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
6,334,000 |
|
|
|
6,302,760 |
|
| 4.12%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
7,749,000 |
|
|
|
7,654,640 |
|
| |
|
|
|
|
|
|
|
|
|
|
19,533,256 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $22,910,443) |
|
|
|
|
|
|
|
|
|
|
22,906,632 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.6% (Cost
$45,827,373) |
|
|
|
|
|
|
|
|
|
|
42,656,319 |
|
| Liabilities in Excess of
Other Assets - (2.6)% |
|
|
|
|
|
|
|
|
|
|
(1,096,243 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
|
|
|
|
| |
|
$ |
41,560,076 |
|
|
Percentages are stated as a
percent of net assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
All or a portion of this security has
been pledged to the broker in connection with options as of April 30,
2025. |
| (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 for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax TSM
Option Income Strategy ETF |
| Schedule of
Written Options |
| April 30,
2025 (Unaudited) |
| |
| WRITTEN
OPTIONS - (7.4)% |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.,
Expiration: 05/02/2025;
Exercise Price: $167.50
(a)(b) |
|
$ |
(41,772,514 |
) |
|
|
(2,506 |
) |
|
$ |
(493,682 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (6.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd., Expiration: 05/16/2025;
Exercise
Price: $175.01 (a)(b) |
|
|
(41,772,514 |
) |
|
|
(2,506 |
) |
|
|
(2,563,982 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $3,275,549) |
|
|
|
|
|
|
|
|
|
$ |
(3,057,664 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| The
accompanying notes are an integral part of these financial
statements. |
38 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| YieldMax Ultra Option
Income Strategy ETF |
| Schedule of
Investments |
| April 30, 2025
(Unaudited) |
| COMMON
STOCKS - 86.8% |
|
Shares |
|
|
|
Value |
|
| Auto Manufacturers -
5.6% |
|
|
|
|
|
|
|
|
| Tesla, Inc. (a)(b) |
|
|
46,000 |
|
|
$ |
12,979,360 |
|
| |
|
|
|
|
|
|
|
|
| Computers - 1.9% |
|
|
|
|
|
|
|
|
| Super Micro Computer, Inc.
(a)(b) |
|
|
135,000 |
|
|
|
4,301,100 |
|
| |
|
|
|
|
|
|
|
|
| Diversified Financial
Services - 8.6% |
|
|
|
|
|
|
|
|
| Coinbase
Global, Inc. - Class A (a)(b) |
|
|
46,000 |
|
|
|
9,332,940 |
|
| Upstart Holdings, Inc. (a)(b)
|
|
|
221,000 |
|
|
|
10,563,800 |
|
| |
|
|
|
|
|
|
19,896,740 |
|
| Electric - 7.0% |
|
|
|
|
|
|
|
|
| Oklo, Inc.
(a)(b) |
|
|
300,000 |
|
|
|
7,122,000 |
|
| Vistra Corp. (b) |
|
|
70,000 |
|
|
|
9,074,100 |
|
| |
|
|
|
|
|
|
16,196,100 |
|
| Energy-Alternate Sources -
2.4% |
|
|
|
|
|
|
|
|
| First Solar, Inc. (a)(b) |
|
|
45,000 |
|
|
|
5,661,900 |
|
| |
|
|
|
|
|
|
|
|
| Internet - 14.9% |
|
|
|
|
|
|
|
|
| Alibaba Group
Holding Ltd. - ADR (b) |
|
|
70,000 |
|
|
|
8,360,100 |
|
| Hims & Hers
Health, Inc. (a)(b) |
|
|
275,000 |
|
|
|
9,102,500 |
|
| Reddit, Inc. -
Class A (a)(b) |
|
|
55,000 |
|
|
|
6,411,350 |
|
| Robinhood Markets, Inc. - Class A
(a)(b) |
|
|
217,000 |
|
|
|
10,656,870 |
|
| |
|
|
|
|
|
|
34,530,820 |
|
| Investment Companies -
3.6% |
|
|
|
|
|
|
|
|
| MARA Holdings, Inc. (a)(b) |
|
|
625,000 |
|
|
|
8,356,250 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Construction
& Mining - 2.6% |
|
|
|
|
|
|
|
|
| Vertiv Holdings Co. - Class A
(b) |
|
|
72,000 |
|
|
|
6,147,360 |
|
| |
|
|
|
|
|
|
|
|
| Mining - 3.0% |
|
|
|
|
|
|
|
|
| MP Materials Corp. (a)(b) |
|
|
280,000 |
|
|
|
6,848,800 |
|
| |
|
|
|
|
|
|
|
|
| Retail - 10.5% |
|
|
|
|
|
|
|
|
| Carvana Co.
(a)(b) |
|
|
50,000 |
|
|
|
12,217,500 |
|
| GameStop Corp.
- Class A (a)(b) |
|
|
300,000 |
|
|
|
8,358,000 |
|
| RH (a)(b) |
|
|
20,500 |
|
|
|
3,772,615 |
|
| |
|
|
|
|
|
|
24,348,115 |
|
| Semiconductors - 4.8% |
|
|
|
|
|
|
|
|
| NVIDIA Corp. (b) |
|
|
102,100 |
|
|
|
11,120,732 |
|
| |
|
|
|
|
|
|
|
|
| Software - 19.7% |
|
|
|
|
|
|
|
|
| Cloudflare,
Inc. - Class A (a)(b) |
|
|
55,000 |
|
|
|
6,642,900 |
|
| IonQ, Inc.
(a)(b) |
|
|
325,000 |
|
|
|
8,924,500 |
|
| MicroStrategy,
Inc. - Class A (a)(b) |
|
|
38,000 |
|
|
|
14,444,180 |
|
| Palantir Technologies, Inc. - Class A
(a)(b) |
|
|
132,000 |
|
|
|
15,634,080 |
|
| |
|
|
|
|
|
|
45,645,660 |
|
| Telecommunications - 2.2% |
|
|
|
|
|
|
|
|
| AST SpaceMobile, Inc. (a)(b) |
|
|
225,000 |
|
|
|
5,222,250 |
|
| TOTAL
COMMON STOCKS (Cost $190,462,370) |
|
|
|
|
|
|
201,255,187 |
|
| The
accompanying notes are an integral part of these financial
statements. |
39 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EXCHANGE
TRADED FUNDS - 9.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Direxion Daily
Small Cap Bull 3X Shares (b) |
|
|
|
|
|
|
365,000 |
|
|
|
9,292,900 |
|
| ProShares UltraPro QQQ (b) |
|
|
|
|
|
|
245,000 |
|
|
|
13,445,600 |
|
| TOTAL EXCHANGE TRADED
FUNDS (Cost $33,212,129) |
|
|
|
|
|
|
|
|
|
|
22,738,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
0.7%(a)(c)(d) |
|
Notional Amount
|
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| Reddit, Inc.,
Expiration: 05/02/2025; Exercise Price: $145.00 (b) |
|
$ |
6,411,350 |
|
|
|
550 |
|
|
|
32,450 |
|
| Upstart
Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $64.00
(b) |
|
|
10,563,800 |
|
|
|
2,210 |
|
|
|
288,405 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alibaba
Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $100.00
(b) |
|
|
8,360,100 |
|
|
|
700 |
|
|
|
2,100 |
|
| AST SpaceMobile, Inc., Expiration:
05/02/2025; Exercise Price: $19.00 (b) |
|
|
5,222,250 |
|
|
|
2,250 |
|
|
|
15,750 |
|
| Carvana Co.
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$195.00 |
|
|
6,108,750 |
|
|
|
250 |
|
|
|
93,750 |
|
| Expiration: 05/09/2025; Exercise Price:
$180.00 |
|
|
6,108,750 |
|
|
|
250 |
|
|
|
50,625 |
|
| Cloudflare,
Inc., Expiration: 05/09/2025; Exercise Price: $100.00
(b) |
|
|
6,642,900 |
|
|
|
550 |
|
|
|
94,600 |
|
| Coinbase
Global, Inc., Expiration: 05/02/2025; Exercise Price: $170.00
(b) |
|
|
9,332,940 |
|
|
|
460 |
|
|
|
3,910 |
|
|
Direxion
Daily Small Cap Bull 3X Shares, Expiration: 05/02/2025; Exercise Price:
$20.00 (b) |
|
|
9,292,900 |
|
|
|
3,650 |
|
|
|
14,600 |
|
| First Solar,
Inc., Expiration: 05/02/2025; Exercise Price: $110.00
(b) |
|
|
5,661,900 |
|
|
|
450 |
|
|
|
3,600 |
|
| GameStop Corp.,
Expiration: 05/02/2025; Exercise Price: $23.00 (b) |
|
|
8,358,000 |
|
|
|
3,000 |
|
|
|
9,000 |
|
| Hims & Hers
Health, Inc. (b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$27.00 |
|
|
2,482,500 |
|
|
|
750 |
|
|
|
49,500 |
|
| Expiration: 05/09/2025; Exercise Price:
$22.00 |
|
|
6,620,000 |
|
|
|
2,000 |
|
|
|
32,000 |
|
| IonQ, Inc.,
Expiration: 05/09/2025; Exercise Price: $22.00 (b) |
|
|
8,924,500 |
|
|
|
3,250 |
|
|
|
123,500 |
|
| MARA Holdings,
Inc., Expiration: 05/09/2025; Exercise Price: $11.00 (b)
|
|
|
8,356,250 |
|
|
|
6,250 |
|
|
|
65,625 |
|
| MicroStrategy,
Inc. (b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$300.00 |
|
|
7,792,255 |
|
|
|
205 |
|
|
|
8,712 |
|
| Expiration: 05/02/2025; Exercise Price:
$295.00 |
|
|
6,651,925 |
|
|
|
175 |
|
|
|
6,913 |
|
| MP Materials
Corp., Expiration: 05/16/2025; Exercise Price: $19.00
(b) |
|
|
6,848,800 |
|
|
|
2,800 |
|
|
|
70,000 |
|
| NVIDIA Corp.,
Expiration: 05/02/2025; Exercise Price: $90.00 (b) |
|
|
11,120,732 |
|
|
|
1,021 |
|
|
|
3,063 |
|
| Oklo, Inc.,
Expiration: 05/09/2025; Exercise Price: $19.00 (b) |
|
|
7,122,000 |
|
|
|
3,000 |
|
|
|
51,000 |
|
| Palantir
Technologies, Inc. (b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$83.00 |
|
|
7,106,400 |
|
|
|
600 |
|
|
|
35,100 |
|
| Expiration: 05/09/2025; Exercise Price:
$80.00 |
|
|
7,343,280 |
|
|
|
620 |
|
|
|
26,970 |
|
| Expiration: 05/09/2025; Exercise Price:
$95.00 |
|
|
1,184,400 |
|
|
|
100 |
|
|
|
13,050 |
|
| ProShares UltraPro QQQ, Expiration:
05/02/2025; Exercise Price: $40.00 (b) |
|
|
13,445,600 |
|
|
|
2,450 |
|
|
|
6,125 |
|
| Reddit, Inc.,
Expiration: 05/02/2025; Exercise Price: $104.00 (b) |
|
|
6,411,350 |
|
|
|
550 |
|
|
|
157,025 |
|
| RH, Expiration: 05/02/2025; Exercise
Price: $155.00 (b) |
|
|
3,772,615 |
|
|
|
205 |
|
|
|
5,125 |
|
| Robinhood Markets, Inc., Expiration:
05/02/2025; Exercise Price: $40.00 (b) |
|
|
10,656,870 |
|
|
|
2,170 |
|
|
|
57,505 |
|
|
Super
Micro Computer, Inc., Expiration: 05/02/2025; Exercise Price: $27.00
(b) |
|
|
4,301,100 |
|
|
|
1,350 |
|
|
|
8,775 |
|
| Tesla, Inc.,
Expiration: 05/02/2025; Exercise Price: $210.00 (b) |
|
|
12,979,360 |
|
|
|
460 |
|
|
|
2,070 |
|
| Upstart
Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $36.00
(b) |
|
|
10,563,800 |
|
|
|
2,210 |
|
|
|
309,400 |
|
| Vertiv Holdings
Co., Expiration: 05/02/2025; Exercise Price: $73.00 (b)
|
|
|
6,147,360 |
|
|
|
720 |
|
|
|
9,000 |
|
| Vistra Corp., Expiration: 05/09/2025; Exercise
Price: $102.00 (b) |
|
|
9,074,100 |
|
|
|
700 |
|
|
|
42,350 |
|
| TOTAL PURCHASED
OPTIONS (Cost $2,988,545) |
|
|
|
|
|
|
|
|
|
|
1,691,598 |
|
| The
accompanying notes are an integral part of these financial
statements. |
40 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| SHORT-TERM
INVESTMENTS - 5.1% |
|
|
|
|
| Money
Market Funds - 5.1% |
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (e) |
|
|
11,814,336 |
|
|
|
11,814,336 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $11,814,336) |
|
|
|
|
|
|
11,814,336 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.4% (Cost
$238,477,380) |
|
|
|
|
|
|
237,499,621 |
|
| Liabilities in Excess of
Other Assets - (2.4)% |
|
|
|
|
|
|
(5,636,968 |
) |
| TOTAL NET ASSETS -
100.0% |
|
|
| |
|
$ |
231,862,653 |
|
| |
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
| ADR - American Depositary Receipt |
|
|
|
|
|
|
|
|
| (a) |
Non-income producing
security. |
| (b) |
Held in connection with written option
contracts. See Schedule of Written Options for further
information. |
| (c) |
Exchange-traded. |
| (d) |
100 shares per contract. |
| (e) |
The rate shown represents the 7-day
annualized effective yield as of April 30,
2025. |
| YieldMax Ultra Option Income Strategy
ETF |
| Schedule
of Written Options |
| April 30,
2025 (Unaudited) |
| WRITTEN
OPTIONS - (3.6)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (3.6)%
(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Alibaba Group Holding Ltd.,
Expiration: 05/02/2025; Exercise Price: $124.00 |
|
$ |
(8,360,100 |
) |
|
|
(700 |
) |
|
$ |
(27,300 |
) |
| AST SpaceMobile, Inc., Expiration:
05/02/2025; Exercise Price: $26.00 |
|
|
(5,222,250 |
) |
|
|
(2,250 |
) |
|
|
(20,250 |
) |
| Carvana Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$260.00 |
|
|
(6,108,750 |
) |
|
|
(250 |
) |
|
|
(301,875 |
) |
| Expiration: 05/09/2025; Exercise Price:
$245.00 |
|
|
(6,108,750 |
) |
|
|
(250 |
) |
|
|
(470,000 |
) |
| Cloudflare, Inc., Expiration: 05/09/2025;
Exercise Price: $129.00 |
|
|
(6,642,900 |
) |
|
|
(550 |
) |
|
|
(283,250 |
) |
| Coinbase Global, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$205.00 |
|
|
(4,666,470 |
) |
|
|
(230 |
) |
|
|
(81,650 |
) |
| Expiration: 05/02/2025; Exercise Price:
$220.00 |
|
|
(4,666,470 |
) |
|
|
(230 |
) |
|
|
(10,235 |
) |
| Direxion Daily Small Cap Bull 3X Shares,
Expiration: 05/02/2025; Exercise Price: $27.50 |
|
|
(9,292,900 |
) |
|
|
(3,650 |
) |
|
|
(40,150 |
) |
| First Solar, Inc., Expiration: 05/02/2025;
Exercise Price: $130.00 |
|
|
(5,661,900 |
) |
|
|
(450 |
) |
|
|
(55,350 |
) |
| GameStop Corp., Expiration: 05/02/2025;
Exercise Price: $29.00 |
|
|
(8,358,000 |
) |
|
|
(3,000 |
) |
|
|
(54,000 |
) |
| Hims & Hers Health, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$31.00 |
|
|
(6,620,000 |
) |
|
|
(2,000 |
) |
|
|
(890,000 |
) |
| Expiration: 05/09/2025; Exercise Price:
$38.00 |
|
|
(2,482,500 |
) |
|
|
(750 |
) |
|
|
(141,375 |
) |
| IonQ, Inc., Expiration: 05/09/2025; Exercise
Price: $30.00 |
|
|
(8,924,500 |
) |
|
|
(3,250 |
) |
|
|
(443,625 |
) |
| MARA Holdings, Inc., Expiration: 05/09/2025;
Exercise Price: $14.50 |
|
|
(8,356,250 |
) |
|
|
(6,250 |
) |
|
|
(240,625 |
) |
| MicroStrategy, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$385.00 |
|
|
(6,651,925 |
) |
|
|
(175 |
) |
|
|
(102,375 |
) |
| Expiration: 05/02/2025; Exercise Price:
$387.50 |
|
|
(7,792,255 |
) |
|
|
(205 |
) |
|
|
(100,963 |
) |
| MP Materials Corp., Expiration: 05/16/2025;
Exercise Price: $25.00 |
|
|
(6,848,800 |
) |
|
|
(2,800 |
) |
|
|
(406,000 |
) |
| NVIDIA Corp., Expiration: 05/02/2025;
Exercise Price: $109.00 |
|
|
(11,120,732 |
) |
|
|
(1,021 |
) |
|
|
(196,032 |
) |
| Oklo, Inc., Expiration: 05/09/2025; Exercise
Price: $25.00 |
|
|
(7,122,000 |
) |
|
|
(3,000 |
) |
|
|
(286,500 |
) |
| Palantir Technologies, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/09/2025; Exercise Price:
$112.00 |
|
|
(7,343,280 |
) |
|
|
(620 |
) |
|
|
(784,300 |
) |
| Expiration: 05/09/2025; Exercise Price:
$114.00 |
|
|
(7,106,400 |
) |
|
|
(600 |
) |
|
|
(690,000 |
) |
| Expiration: 05/09/2025;
Exercise Price: $130.00 |
|
|
(1,184,400 |
) |
|
|
(100 |
) |
|
|
(46,250 |
) |
| ProShares UltraPro QQQ, Expiration:
05/02/2025; Exercise Price: $55.50 |
|
|
(13,445,600 |
) |
|
|
(2,450 |
) |
|
|
(350,350 |
) |
| Reddit, Inc., Expiration: 05/02/2025;
Exercise Price: $130.00 |
|
|
(6,411,350 |
) |
|
|
(550 |
) |
|
|
(146,300 |
) |
| RH, Expiration: 05/02/2025; Exercise Price: $195.00 |
|
|
(3,772,615 |
) |
|
|
(205 |
) |
|
|
(30,237 |
) |
| Robinhood Markets, Inc., Expiration:
05/02/2025; Exercise Price: $52.00 |
|
|
(10,656,870 |
) |
|
|
(2,170 |
) |
|
|
(383,005 |
) |
| Super Micro Computer, Inc., Expiration:
05/02/2025; Exercise Price: $33.00 |
|
|
(4,301,100 |
) |
|
|
(1,350 |
) |
|
|
(62,775 |
) |
| Tesla, Inc., Expiration: 05/02/2025; Exercise
Price: $280.00 |
|
|
(12,979,360 |
) |
|
|
(460 |
) |
|
|
(372,600 |
) |
| Upstart Holdings, Inc., Expiration:
05/09/2025; Exercise Price: $51.00 |
|
|
(10,563,800 |
) |
|
|
(2,210 |
) |
|
|
(966,875 |
) |
| Vertiv Holdings Co., Expiration: 05/02/2025;
Exercise Price: $92.00 |
|
|
(6,147,360 |
) |
|
|
(720 |
) |
|
|
(25,560 |
) |
| Vistra Corp.,
Expiration: 05/09/2025; Exercise Price: $131.00 |
|
|
(9,074,100 |
) |
|
|
(700 |
) |
|
|
(451,500 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(8,461,307 |
) |
| TOTAL WRITTEN OPTIONS (Premiums
received $6,975,637) |
|
|
|
|
|
|
|
| |
$ |
(8,461,307 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
41 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
Percentages are stated as a
percent of net assets.
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax
Universe Fund of Option Income ETFs |
| Schedule of Investments |
| April 30,
2025 (Unaudited) |
| EXCHANGE
TRADED FUNDS - 98.3% |
|
Shares |
|
|
|
Value |
|
| YieldMax AAPL Option Income Strategy ETF
(a) |
|
|
1,715,501 |
|
|
$ |
24,445,889 |
|
| YieldMax ABNB
Option Income Strategy ETF (a) |
|
|
2,032,882 |
|
|
|
24,516,557 |
|
| YieldMax AI
Option Income Strategy ETF (a) |
|
|
5,281,677 |
|
|
|
25,140,782 |
|
| YieldMax AMD
Option Income Strategy ETF (a) |
|
|
3,539,317 |
|
|
|
24,987,578 |
|
| YieldMax AMZN
Option Income Strategy ETF (a) |
|
|
1,614,396 |
|
|
|
24,587,251 |
|
| YieldMax BABA
Option Income Strategy ETF (a) |
|
|
1,376,188 |
|
|
|
23,009,863 |
|
| YieldMax
Bitcoin Option Income Strategy ETF (a) |
|
|
2,255,232 |
|
|
|
23,882,907 |
|
| YieldMax COIN
Option Income Strategy ETF (a) |
|
|
3,082,772 |
|
|
|
25,032,109 |
|
| YieldMax CVNA
Option Income Strategy ETF (a) |
|
|
661,932 |
|
|
|
26,788,388 |
|
| YieldMax DIS
Option Income Strategy ETF (a) |
|
|
1,854,259 |
|
|
|
23,923,279 |
|
| YieldMax Gold
Miners Option Income Strategy ETF (a) |
|
|
1,328,203 |
|
|
|
20,773,095 |
|
| YieldMax GOOGL
Option Income Strategy ETF (a) |
|
|
2,019,194 |
|
|
|
24,553,399 |
|
| YieldMax
Innovation Option Income Strategy ETF (a) |
|
|
3,292,818 |
|
|
|
25,124,201 |
|
| YieldMax JPM
Option Income Strategy ETF (a) |
|
|
1,478,016 |
|
|
|
23,057,050 |
|
| YieldMax MARA
Option Income Strategy ETF (a) |
|
|
1,031,175 |
|
|
|
22,180,574 |
|
| YieldMax META
Option Income Strategy ETF (a) |
|
|
1,642,799 |
|
|
|
23,787,729 |
|
| YieldMax MRNA
Option Income Strategy ETF (a) |
|
|
8,921,294 |
|
|
|
23,463,003 |
|
| YieldMax MSFT
Option Income Strategy ETF (a) |
|
|
1,518,061 |
|
|
|
24,638,130 |
|
| YieldMax MSTR
Option Income Strategy ETF (a) |
|
|
1,061,552 |
|
|
|
25,838,176 |
|
| YieldMax NFLX
Option Income Strategy ETF (a) |
|
|
1,310,397 |
|
|
|
24,635,464 |
|
| YieldMax NVDA
Option Income Strategy ETF (a) |
|
|
1,674,627 |
|
|
|
24,081,137 |
|
| YieldMax PLTR
Option Income Strategy ETF (a) |
|
|
392,121 |
|
|
|
25,683,925 |
|
| YieldMax PYPL
Option Income Strategy ETF (a) |
|
|
1,894,098 |
|
|
|
24,547,510 |
|
| YieldMax SMCI
Option Income Strategy ETF (a) |
|
|
1,356,664 |
|
|
|
24,067,219 |
|
| YieldMax SNOW
Option Income Strategy ETF (a) |
|
|
1,668,406 |
|
|
|
25,226,299 |
|
| YieldMax TSLA
Option Income Strategy ETF (a) |
|
|
3,235,930 |
|
|
|
27,052,375 |
|
| YieldMax TSM
Option Income Strategy ETF (a) |
|
|
1,748,903 |
|
|
|
24,816,934 |
|
| YieldMax XOM
Option Income Strategy ETF (a) |
|
|
1,782,178 |
|
|
|
22,909,898 |
|
| YieldMax XYZ Option Income Strategy ETF
(a) |
|
|
2,258,646 |
|
|
|
24,483,723 |
|
| TOTAL EXCHANGE TRADED
FUNDS (Cost $901,319,083) |
|
|
|
|
|
|
707,234,444 |
|
| The
accompanying notes are an integral part of these financial
statements. |
42 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| SHORT-TERM
INVESTMENTS - 1.2% |
|
|
|
|
| Money Market Funds -
1.2% |
|
|
|
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (b) |
|
|
8,372,420 |
|
|
|
8,372,420 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $8,372,420) |
|
|
|
|
|
|
8,372,420 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.5% (Cost
$909,691,503) |
|
|
|
|
|
|
715,606,864 |
|
| Other Assets in Excess
of Liabilities - 0.5% |
|
|
|
|
|
|
3,268,671 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
| |
|
$ |
718,875,535 |
|
| |
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
| (a) |
Affiliated security as defined by the
Investment Company Act of 1940. |
| (b) |
The rate shown represents the 7-day
annualized effective yield as of April 30,
2025. |
| YieldMax XOM Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 61.5% |
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
10,423,000 |
|
|
$ |
10,394,732 |
|
| 4.25%, 10/15/2025 (a) |
|
|
|
|
|
|
6,367,000 |
|
|
|
6,370,264 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
11,530,000 |
|
|
|
11,519,177 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $28,240,328) |
|
|
|
|
|
|
|
|
|
|
28,284,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
6.4%(b) |
|
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| Exxon Mobil
Corp. (c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$117.00 |
|
$ |
24,875,865 |
|
|
|
2,355 |
|
|
|
12,952 |
|
| Expiration: 05/02/2025; Exercise Price:
$114.00 |
|
|
20,809,110 |
|
|
|
1,970 |
|
|
|
10,835 |
|
| Expiration:
05/16/2025; Exercise Price: $100.00 |
|
|
45,684,975 |
|
|
|
4,325 |
|
|
|
2,941,000 |
|
| TOTAL PURCHASED
OPTIONS (Cost $3,203,914) |
|
|
|
|
|
|
|
|
|
|
2,964,787 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 31.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 0.7% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
332,750 |
|
|
|
332,750 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 31.1% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
4,197,000 |
|
|
|
4,190,129 |
|
| 4.19%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
4,210,000 |
|
|
|
4,189,236 |
|
| 4.12%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
5,991,000 |
|
|
|
5,918,047 |
|
| |
|
|
|
|
|
|
|
|
|
|
14,297,412 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $14,632,984) |
|
|
|
|
|
|
|
|
|
|
14,630,162 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.7% (Cost
$46,077,226) |
|
|
|
|
|
|
|
|
|
|
45,879,122 |
|
| Other Assets in Excess
of Liabilities - 0.3% |
|
|
|
|
|
|
|
|
|
|
141,714 |
|
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
46,020,836 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
| (b) |
Non-income producing
security. |
| (c) |
Exchange-traded. |
| (d) |
100 shares per
contract. |
| The
accompanying notes are an integral part of these financial
statements. |
43 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| (e) |
Held in connection
with written option contracts. See Schedule of Written Options for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax XOM Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (1.4)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (0.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Exxon Mobil
Corp. (a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025;
Exercise Price: $111.00 |
|
$ |
(24,875,865 |
) |
|
|
(2,355 |
) |
|
$ |
(35,325 |
) |
| Expiration:
05/02/2025; Exercise Price: $110.00 |
|
|
(20,809,110 |
) |
|
|
(1,970 |
) |
|
|
(50,235 |
) |
| Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(85,560 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (1.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Exxon Mobil Corp., Expiration: 05/16/2025;
Exercise Price: $100.01 (a)(b) |
|
|
(45,684,975 |
) |
|
|
(4,325 |
) |
|
|
(572,829 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $2,194,620) |
|
|
|
|
|
|
|
|
|
$ |
(658,389 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| YieldMax XYZ Option Income Strategy
ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited)
|
| U.S.
TREASURY SECURITIES - 55.7% |
|
|
|
Par |
|
|
|
Value |
|
| United States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 07/15/2025 (a) |
|
|
|
|
|
$ |
16,329,000 |
|
|
$ |
16,284,716 |
|
| 3.88%, 01/15/2026 (a) |
|
|
|
|
|
|
17,120,000 |
|
|
|
17,103,929 |
|
| TOTAL U.S. TREASURY
SECURITIES (Cost $33,320,839) |
|
|
|
|
|
|
|
|
|
|
33,388,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| PURCHASED OPTIONS -
10.7%(b) |
|
Notional Amount |
|
|
|
Contracts |
|
|
|
|
|
| Call Options - 10.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| Block, Inc.
(c)(d)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
| Expiration: 05/02/2025; Exercise Price:
$68.00 |
|
$ |
60,048,690 |
|
|
|
10,270 |
|
|
|
415,935 |
|
| Expiration:
05/16/2025; Exercise Price: $55.00 |
|
|
60,048,690 |
|
|
|
10,270 |
|
|
|
6,033,625 |
|
| TOTAL PURCHASED
OPTIONS (Cost $6,396,991) |
|
|
|
|
|
|
|
|
|
|
6,449,560 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 39.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| Money
Market Funds - 2.5% |
|
|
|
|
|
|
Shares |
|
|
|
|
|
| First American Government Obligations Fund - Class
X, 4.25% (f) |
|
|
|
|
|
|
1,487,550 |
|
|
|
1,487,550 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Bills - 36.9% |
|
|
|
|
|
|
Par |
|
|
|
|
|
| 4.16%,
05/15/2025 (a)(g) |
|
|
|
|
|
$ |
3,259,000 |
|
|
|
3,253,664 |
|
| 4.18%,
06/12/2025 (a)(g) |
|
|
|
|
|
|
5,107,000 |
|
|
|
5,081,812 |
|
| 4.12%, 08/14/2025 (a)(g) |
|
|
|
|
|
|
13,942,000 |
|
|
|
13,772,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
22,107,703 |
|
| TOTAL SHORT-TERM
INVESTMENTS (Cost $23,601,059) |
|
|
|
|
|
|
|
|
|
|
23,595,253 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 105.8% (Cost
$63,318,889) |
|
|
|
|
|
|
|
|
|
|
63,433,458 |
|
| Liabilities in Excess of
Other Assets - (5.8)% |
|
|
|
|
|
|
|
|
|
|
(3,457,833 |
) |
| TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
$ |
59,975,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
44 |
| Schedules of Investments & Written Options
Contracts |
YieldMax
ETFs |
April 30,
2025 (Unaudited)
| (a) |
All or a portion of
this security has been pledged to the broker in connection with options as
of April 30, 2025. |
| (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 for further
information. |
| (f) |
The rate shown represents the 7-day
annualized effective yield as of April 30, 2025. |
| (g) |
The rate shown is the annualized
effective yield as of April 30, 2025. |
| YieldMax XYZ Option Income Strategy
ETF |
| Schedule of Written Options |
| April 30, 2025 (Unaudited)
|
| WRITTEN
OPTIONS - (6.7)% |
|
|
Notional
Amount |
|
|
|
Contracts |
|
|
|
Value |
|
| Call Options - (2.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Block, Inc., Expiration: 05/02/2025; Exercise
Price: $62.00 (a)(b) |
|
$ |
(60,048,690 |
) |
|
|
(10,270 |
) |
|
$ |
(1,668,875 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options - (3.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
| Block, Inc., Expiration: 05/16/2025; Exercise
Price: $55.01 (a)(b) |
|
|
(60,048,690 |
) |
|
|
(10,270 |
) |
|
|
(2,329,167 |
) |
| TOTAL WRITTEN
OPTIONS (Premiums received $5,245,053) |
|
|
|
|
|
|
|
|
|
$ |
(3,998,042 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Percentages are stated as a percent of net
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Exchange-traded. |
| (b) |
100 shares per
contract. |
| The
accompanying notes are an integral part of these financial
statements. |
45 |
| Statements of Assets and
Liabilities |
YieldMax
ETFs |
| April
30, 2025 (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 (Note 2) |
|
$ |
121,382,899 |
|
|
$ |
29,631,704 |
|
|
$ |
88,075,707 |
|
|
$ |
126,635,874 |
|
|
$ |
249,421,263 |
|
| Interest
receivable |
|
|
564,436 |
|
|
|
124,396 |
|
|
|
452,357 |
|
|
|
612,481 |
|
|
|
1,248,188 |
|
| Deposit
at broker for other investments |
|
|
17,382 |
|
|
|
— |
|
|
|
9,928,319 |
|
|
|
— |
|
|
|
237,629 |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
113,090 |
|
|
|
— |
|
|
|
296,965 |
|
|
|
— |
|
| Cash |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,457,850 |
|
|
|
— |
|
| Total
assets |
|
|
121,964,717 |
|
|
|
29,869,190 |
|
|
|
98,456,383 |
|
|
|
152,003,170 |
|
|
|
250,907,080 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
2,578,108 |
|
|
|
1,272,949 |
|
|
|
11,752,045 |
|
|
|
7,448,399 |
|
|
|
15,634,691 |
|
| Payable
to adviser (Note 4) |
|
|
94,266 |
|
|
|
22,176 |
|
|
|
65,299 |
|
|
|
99,390 |
|
|
|
188,702 |
|
| Payable
for investments purchased |
|
|
— |
|
|
|
75,427 |
|
|
|
— |
|
|
|
301,527 |
|
|
|
— |
|
| Due
to broker |
|
|
— |
|
|
|
76,679 |
|
|
|
— |
|
|
|
14,625,250 |
|
|
|
— |
|
| Total
liabilities |
|
|
2,672,374 |
|
|
|
1,447,231 |
|
|
|
11,817,344 |
|
|
|
22,474,566 |
|
|
|
15,823,393 |
|
| NET
ASSETS |
|
$ |
119,292,343 |
|
|
$ |
28,421,959 |
|
|
$ |
86,639,039 |
|
|
$ |
129,528,604 |
|
|
$ |
235,083,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
147,052,997 |
|
|
$ |
37,865,159 |
|
|
$ |
162,992,440 |
|
|
$ |
234,678,393 |
|
|
$ |
293,799,582 |
|
| Total
accumulated losses |
|
|
(27,760,654 |
) |
|
|
(9,443,200 |
) |
|
|
(76,353,401 |
) |
|
|
(105,149,789 |
) |
|
|
(58,715,895 |
) |
| Total
net assets |
|
$ |
119,292,343 |
|
|
$ |
28,421,959 |
|
|
$ |
86,639,039 |
|
|
$ |
129,528,604 |
|
|
$ |
235,083,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
119,292,343 |
|
|
$ |
28,421,959 |
|
|
$ |
86,639,039 |
|
|
$ |
129,528,604 |
|
|
$ |
235,083,687 |
|
| Shares
issued and outstanding(a) |
|
|
8,400,000 |
|
|
|
2,375,000 |
|
|
|
18,200,000 |
|
|
|
18,325,000 |
|
|
|
15,450,000 |
|
| Net asset value
per share |
|
$ |
14.20 |
|
|
$ |
11.97 |
|
|
$ |
4.76 |
|
|
$ |
7.07 |
|
|
$ |
15.22 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
110,885,531 |
|
|
$ |
28,548,277 |
|
|
$ |
89,009,802 |
|
|
$ |
126,949,473 |
|
|
$ |
257,537,895 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
10,741,197 |
|
|
$ |
3,106,926 |
|
|
$ |
10,894,636 |
|
|
$ |
11,226,290 |
|
|
$ |
14,660,622 |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax BABA
Option Income
Strategy ETF |
|
|
YieldMax Bitcoin
Option Income
Strategy ETF |
|
|
YieldMax COIN
Option Income
Strategy ETF |
|
|
YieldMax CVNA
Option Income
Strategy ETF |
|
|
YieldMax DIS
Option Income
Strategy ETF |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value (Note 2) |
|
$ |
42,350,652 |
|
|
$ |
114,548,238 |
|
|
$ |
1,089,378,946 |
|
|
$ |
59,207,154 |
|
|
$ |
31,164,706 |
|
| Interest
receivable |
|
|
259,385 |
|
|
|
381,888 |
|
|
|
6,598,237 |
|
|
|
302,426 |
|
|
|
113,343 |
|
| Receivable
for investments sold |
|
|
199,313 |
|
|
|
— |
|
|
|
7,536,853 |
|
|
|
314,893 |
|
|
|
— |
|
| Deposit
at broker for other investments |
|
|
40,801 |
|
|
|
644,178 |
|
|
|
— |
|
|
|
194,398 |
|
|
|
183,604 |
|
| Receivable for
fund shares sold |
|
|
— |
|
|
|
— |
|
|
|
8,320,848 |
|
|
|
7,058,030 |
|
|
|
— |
|
| Receivable
for transaction fee |
|
|
— |
|
|
|
— |
|
|
|
1,664 |
|
|
|
— |
|
|
|
— |
|
| Total
assets |
|
|
42,850,151 |
|
|
|
115,574,304 |
|
|
|
1,111,836,548 |
|
|
|
67,076,901 |
|
|
|
31,461,653 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
1,854,823 |
|
|
|
264,200 |
|
|
|
41,544,167 |
|
|
|
4,025,982 |
|
|
|
700,027 |
|
| Payable
for investments purchased |
|
|
100,356 |
|
|
|
— |
|
|
|
2,150,937 |
|
|
|
465,049 |
|
|
|
— |
|
| Payable
to adviser (Note 4) |
|
|
32,468 |
|
|
|
92,004 |
|
|
|
759,438 |
|
|
|
29,715 |
|
|
|
24,870 |
|
| Interest
payable |
|
|
— |
|
|
|
8,560 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Due
to broker |
|
|
— |
|
|
|
— |
|
|
|
105,525 |
|
|
|
— |
|
|
|
— |
|
| Total
liabilities |
|
|
1,987,647 |
|
|
|
364,764 |
|
|
|
44,560,067 |
|
|
|
4,520,746 |
|
|
|
724,897 |
|
| NET
ASSETS |
|
$ |
40,862,504 |
|
|
$ |
115,209,540 |
|
|
$ |
1,067,276,481 |
|
|
$ |
62,556,155 |
|
|
$ |
30,736,756 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
48,865,572 |
|
|
$ |
144,889,236 |
|
|
$ |
1,740,180,911 |
|
|
$ |
60,667,515 |
|
|
$ |
40,742,273 |
|
| Total
distributable earnings/(accumulated losses) |
|
|
(8,003,068 |
) |
|
|
(29,679,696 |
) |
|
|
(672,904,430 |
) |
|
|
1,888,640 |
|
|
|
(10,005,517 |
) |
| Total
net assets |
|
$ |
40,862,504 |
|
|
$ |
115,209,540 |
|
|
$ |
1,067,276,481 |
|
|
$ |
62,556,155 |
|
|
$ |
30,736,756 |
|
| The
accompanying notes are an integral part of these financial
statements. |
46 |
| Statements
of Assets and Liabilities |
YieldMax
ETFs |
| April
30, 2025 (Unaudited) |
|
| |
|
YieldMax BABA
Option Income
Strategy ETF |
|
|
YieldMax Bitcoin
Option Income
Strategy ETF |
|
|
YieldMax COIN
Option Income
Strategy ETF |
|
|
YieldMax CVNA
Option Income
Strategy ETF |
|
|
YieldMax DIS
Option Income
Strategy ETF |
|
| Net
assets |
|
$ |
40,862,504 |
|
|
$ |
115,209,540 |
|
|
$ |
1,067,276,481 |
|
|
$ |
62,556,155 |
|
|
$ |
30,736,756 |
|
| Shares
issued and outstanding(a) |
|
|
2,450,000 |
|
|
|
10,900,000 |
|
|
|
131,575,000 |
|
|
|
1,550,000 |
|
|
|
2,400,000 |
|
| Net asset value
per share |
|
$ |
16.68 |
|
|
$ |
10.57 |
|
|
$ |
8.11 |
|
|
$ |
40.36 |
|
|
$ |
12.81 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
42,563,278 |
|
|
$ |
111,697,492 |
|
|
$ |
1,086,164,988 |
|
|
$ |
57,628,934 |
|
|
$ |
30,694,105 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
2,429,195 |
|
|
$ |
1,660,579 |
|
|
$ |
116,680,815 |
|
|
$ |
5,464,870 |
|
|
$ |
1,945,350 |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax Gold
Miners Option
Income Strategy
ETF |
|
|
YieldMax GOOGL
Option Income
Strategy ETF |
|
|
YieldMax
Innovation Option
Income Strategy
ETF |
|
|
YieldMax JPM
Option Income
Strategy ETF |
|
|
YieldMax
Magnificent 7 Fund of Option Income
ETFs |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities, at value (Note 2) |
|
$ |
74,150,449 |
|
|
$ |
107,877,358 |
|
|
$ |
61,333,294 |
|
|
$ |
49,620,860 |
|
|
$ |
5,473,561 |
|
Investments
in affiliated securities,
at value (Note 7) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
293,244,689 |
|
| Interest
receivable |
|
|
343,080 |
|
|
|
528,201 |
|
|
|
306,928 |
|
|
|
195,412 |
|
|
|
15,208 |
|
| Deposit
at broker for other investments |
|
|
243,274 |
|
|
|
219,198 |
|
|
|
35,429 |
|
|
|
— |
|
|
|
— |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106,073 |
|
|
|
— |
|
| Total
assets |
|
|
74,736,803 |
|
|
|
108,624,757 |
|
|
|
61,675,651 |
|
|
|
49,922,345 |
|
|
|
298,733,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
5,141,780 |
|
|
|
1,206,464 |
|
|
|
2,010,328 |
|
|
|
584,299 |
|
|
|
— |
|
| Payable
to adviser (Note 4) |
|
|
51,696 |
|
|
|
85,213 |
|
|
|
45,184 |
|
|
|
39,103 |
|
|
|
68,336 |
|
| Payable
for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,752 |
|
|
|
— |
|
| Due
to broker |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,026 |
|
|
|
— |
|
| Total
liabilities |
|
|
5,193,476 |
|
|
|
1,291,677 |
|
|
|
2,055,512 |
|
|
|
743,180 |
|
|
|
68,336 |
|
| NET
ASSETS |
|
$ |
69,543,327 |
|
|
$ |
107,333,080 |
|
|
$ |
59,620,139 |
|
|
$ |
49,179,165 |
|
|
$ |
298,665,122 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
73,589,421 |
|
|
$ |
134,134,492 |
|
|
$ |
84,626,881 |
|
|
$ |
57,675,618 |
|
|
$ |
390,097,721 |
|
| Total
accumulated losses |
|
|
(4,046,094 |
) |
|
|
(26,801,412 |
) |
|
|
(25,006,742 |
) |
|
|
(8,496,453 |
) |
|
|
(91,432,599 |
) |
| Total
net assets |
|
$ |
69,543,327 |
|
|
$ |
107,333,080 |
|
|
$ |
59,620,139 |
|
|
$ |
49,179,165 |
|
|
$ |
298,665,122 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
69,543,327 |
|
|
$ |
107,333,080 |
|
|
$ |
59,620,139 |
|
|
$ |
49,179,165 |
|
|
$ |
298,665,122 |
|
| Shares
issued and outstanding(a) |
|
|
4,450,000 |
|
|
|
8,825,000 |
|
|
|
7,825,000 |
|
|
|
3,150,000 |
|
|
|
20,300,000 |
|
| Net asset value
per share |
|
$ |
15.63 |
|
|
$ |
12.16 |
|
|
$ |
7.62 |
|
|
$ |
15.61 |
|
|
$ |
14.71 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities, at cost |
|
$ |
77,238,792 |
|
|
$ |
107,155,181 |
|
|
$ |
60,790,856 |
|
|
$ |
48,456,524 |
|
|
$ |
5,473,561 |
|
Investments
in affiliated securities,
at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
379,963,101 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
5,224,547 |
|
|
$ |
6,054,772 |
|
|
$ |
4,514,193 |
|
|
$ |
2,550,100 |
|
|
$ |
— |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax MARA
Option Income
Strategy ETF |
|
|
YieldMax META
Option Income
Strategy ETF |
|
|
YieldMax MRNA
Option Income
Strategy ETF |
|
|
YieldMax MSFT
Option Income
Strategy ETF |
|
|
|
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value (Note 2) |
|
$ |
44,133,434 |
|
|
$ |
155,291,620 |
|
|
$ |
82,551,321 |
|
|
$ |
109,557,003 |
|
|
|
| |
| The
accompanying notes are an integral part of these financial
statements. |
47 |
| Statements
of Assets and Liabilities |
YieldMax
ETFs |
| April
30, 2025 (Unaudited) |
|
| |
|
YieldMax MARA
Option Income
Strategy ETF |
|
|
YieldMax META
Option Income
Strategy ETF |
|
|
YieldMax MRNA
Option Income
Strategy ETF |
|
|
YieldMax MSFT
Option Income
Strategy ETF |
|
| Deposit
at broker for other investments |
|
|
827,922 |
|
|
|
— |
|
|
|
54,801 |
|
|
|
47,965 |
|
| Interest
receivable |
|
|
100,700 |
|
|
|
660,866 |
|
|
|
460,101 |
|
|
|
599,633 |
|
| Receivable for
fund shares sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable
for transaction fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
assets |
|
|
45,062,056 |
|
|
|
155,952,486 |
|
|
|
83,066,223 |
|
|
|
110,204,601 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
2,701,725 |
|
|
|
13,904,538 |
|
|
|
6,752,103 |
|
|
|
2,328,721 |
|
| Payable
to adviser (Note 4) |
|
|
30,958 |
|
|
|
110,461 |
|
|
|
55,289 |
|
|
|
87,426 |
|
| Interest
payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Due
to broker |
|
|
— |
|
|
|
272,148 |
|
|
|
— |
|
|
|
— |
|
| Total
liabilities |
|
|
2,732,683 |
|
|
|
14,287,147 |
|
|
|
6,807,392 |
|
|
|
2,416,147 |
|
| NET
ASSETS |
|
$ |
42,329,373 |
|
|
$ |
141,665,339 |
|
|
$ |
76,258,831 |
|
|
$ |
107,788,454 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
68,010,698 |
|
|
$ |
187,039,779 |
|
|
$ |
155,298,421 |
|
|
$ |
130,953,805 |
|
| Total
accumulated losses |
|
|
(25,681,325 |
) |
|
|
(45,374,440 |
) |
|
|
(79,039,590 |
) |
|
|
(23,165,351 |
) |
| Total
net assets |
|
$ |
42,329,373 |
|
|
$ |
141,665,339 |
|
|
$ |
76,258,831 |
|
|
$ |
107,788,454 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
42,329,373 |
|
|
$ |
141,665,339 |
|
|
$ |
76,258,831 |
|
|
$ |
107,788,454 |
|
| Shares
issued and outstanding(a) |
|
|
1,975,000 |
|
|
|
9,700,000 |
|
|
|
29,025,000 |
|
|
|
6,675,000 |
|
| Net asset value
per share |
|
$ |
21.43 |
|
|
$ |
14.60 |
|
|
$ |
2.63 |
|
|
$ |
16.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
46,996,256 |
|
|
$ |
161,284,315 |
|
|
$ |
79,781,615 |
|
|
$ |
106,984,513 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
6,790,614 |
|
|
$ |
12,031,637 |
|
|
$ |
8,768,074 |
|
|
$ |
5,328,036 |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax MSTR
Short Option
Income Strategy
ETF |
|
|
YieldMax NFLX
Option Income
Strategy ETF |
|
|
YieldMax NVDA
Option Income
Strategy ETF |
|
|
YieldMax PLTR
Option Income
Strategy ETF |
|
|
YieldMax PYPL
Option Income
Strategy ETF |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value (Note 2) |
|
$ |
5,992,725 |
|
|
$ |
134,071,204 |
|
|
$ |
1,308,557,968 |
|
|
$ |
304,014,342 |
|
|
$ |
49,713,315 |
|
| Deposit
at broker for other investments |
|
|
330,745 |
|
|
|
161,475 |
|
|
|
242,977 |
|
|
|
3,730,068 |
|
|
|
197,965 |
|
| Interest
receivable |
|
|
26,580 |
|
|
|
404,828 |
|
|
|
9,227,199 |
|
|
|
1,247,031 |
|
|
|
224,053 |
|
| Cash |
|
|
— |
|
|
|
— |
|
|
|
5,542,250 |
|
|
|
— |
|
|
|
— |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,347,822 |
|
|
|
163,598 |
|
| Receivable for
fund shares sold |
|
|
— |
|
|
|
7,056,525 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable
for transaction fee |
|
|
— |
|
|
|
1,411 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
assets |
|
|
6,350,050 |
|
|
|
141,695,443 |
|
|
|
1,323,570,394 |
|
|
|
310,339,263 |
|
|
|
50,298,931 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
999,967 |
|
|
|
1,882,313 |
|
|
|
41,169,258 |
|
|
|
20,786,153 |
|
|
|
363,519 |
|
| Payable
to adviser (Note 4) |
|
|
4,040 |
|
|
|
92,192 |
|
|
|
1,011,607 |
|
|
|
166,616 |
|
|
|
38,790 |
|
| Payable
for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,876,622 |
|
|
|
19,997 |
|
| Total
liabilities |
|
|
1,004,007 |
|
|
|
1,974,505 |
|
|
|
42,180,865 |
|
|
|
22,829,391 |
|
|
|
422,306 |
|
| NET
ASSETS |
|
$ |
5,346,043 |
|
|
$ |
139,720,938 |
|
|
$ |
1,281,389,529 |
|
|
$ |
287,509,872 |
|
|
$ |
49,876,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
6,390,148 |
|
|
$ |
134,989,034 |
|
|
$ |
2,038,302,649 |
|
|
$ |
279,657,865 |
|
|
$ |
70,061,178 |
|
Total
distributable earnings/
(accumulated losses) |
|
|
(1,044,105 |
) |
|
|
4,731,904 |
|
|
|
(756,913,120 |
) |
|
|
7,852,007 |
|
|
|
(20,184,553 |
) |
| Total
net assets |
|
$ |
5,346,043 |
|
|
$ |
139,720,938 |
|
|
$ |
1,281,389,529 |
|
|
$ |
287,509,872 |
|
|
$ |
49,876,625 |
|
| The
accompanying notes are an integral part of these financial
statements. |
48 |
| Statements
of Assets and Liabilities |
YieldMax
ETFs |
| April
30, 2025 (Unaudited) |
|
| |
|
YieldMax MSTR
Short Option
Income Strategy
ETF |
|
|
YieldMax NFLX
Option Income
Strategy ETF |
|
|
YieldMax NVDA
Option Income
Strategy ETF |
|
|
YieldMax PLTR
Option Income
Strategy ETF |
|
|
YieldMax PYPL
Option Income
Strategy ETF |
|
| Net
assets |
|
$ |
5,346,043 |
|
|
$ |
139,720,938 |
|
|
$ |
1,281,389,529 |
|
|
$ |
287,509,872 |
|
|
$ |
49,876,625 |
|
| Shares
issued and outstanding(a) |
|
|
125,000 |
|
|
|
7,425,000 |
|
|
|
89,400,000 |
|
|
|
4,400,000 |
|
|
|
3,875,000 |
|
| Net asset value
per share |
|
$ |
42.77 |
|
|
$ |
18.82 |
|
|
$ |
14.33 |
|
|
$ |
65.34 |
|
|
$ |
12.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
6,642,686 |
|
|
$ |
115,247,493 |
|
|
$ |
1,303,453,790 |
|
|
$ |
276,125,406 |
|
|
$ |
48,889,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
561,542 |
|
|
$ |
8,819,053 |
|
|
$ |
107,409,516 |
|
|
$ |
27,710,707 |
|
|
$ |
3,949,535 |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax
Short |
|
|
YieldMax
Short |
|
|
YieldMax
Short |
|
|
YieldMax
Short |
|
|
|
|
| |
|
COIN Option |
|
|
N100 Option |
|
|
NVDA Option |
|
|
TSLA Option |
|
|
YieldMax
SMCI |
|
| |
|
Income
Strategy |
|
|
Income
Strategy |
|
|
Income
Strategy |
|
|
Income
Strategy |
|
|
Option
Income |
|
| |
|
ETF |
|
|
ETF |
|
|
ETF |
|
|
ETF |
|
|
Strategy ETF |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value (Note 2) |
|
$ |
34,619,957 |
|
|
$ |
11,131,835 |
|
|
$ |
7,933,889 |
|
|
$ |
20,520,738 |
|
|
$ |
152,804,985 |
|
| Deposit
at broker for other investments |
|
|
27,835,082 |
|
|
|
669,509 |
|
|
|
3,375,780 |
|
|
|
11,187,605 |
|
|
|
97,972 |
|
| Interest
receivable |
|
|
177,881 |
|
|
|
46,032 |
|
|
|
44,763 |
|
|
|
116,738 |
|
|
|
668,686 |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
36,544 |
|
|
|
— |
|
|
|
433,382 |
|
|
|
17,812,886 |
|
| Receivable for
fund shares sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
442,860 |
|
| Receivable
for transaction fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88 |
|
| Total
assets |
|
|
62,632,920 |
|
|
|
11,883,920 |
|
|
|
11,354,432 |
|
|
|
32,258,463 |
|
|
|
171,827,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
11,518,790 |
|
|
|
306,797 |
|
|
|
974,200 |
|
|
|
5,409,768 |
|
|
|
13,979,060 |
|
| Payable
to adviser (Note 4) |
|
|
34,916 |
|
|
|
9,290 |
|
|
|
8,896 |
|
|
|
23,477 |
|
|
|
96,443 |
|
| Payable
for investments purchased |
|
|
— |
|
|
|
3,258 |
|
|
|
— |
|
|
|
114,940 |
|
|
|
34,134,245 |
|
| Total
liabilities |
|
|
11,553,706 |
|
|
|
319,345 |
|
|
|
983,096 |
|
|
|
5,548,185 |
|
|
|
48,209,748 |
|
| NET
ASSETS |
|
$ |
51,079,214 |
|
|
$ |
11,564,575 |
|
|
$ |
10,371,336 |
|
|
$ |
26,710,278 |
|
|
$ |
123,617,729 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
80,777,521 |
|
|
$ |
12,821,038 |
|
|
$ |
15,305,798 |
|
|
$ |
42,178,729 |
|
|
$ |
178,372,184 |
|
| Total
accumulated losses |
|
|
(29,698,307 |
) |
|
|
(1,256,463 |
) |
|
|
(4,934,462 |
) |
|
|
(15,468,451 |
) |
|
|
(54,754,455 |
) |
| Total
net assets |
|
$ |
51,079,214 |
|
|
$ |
11,564,575 |
|
|
$ |
10,371,336 |
|
|
$ |
26,710,278 |
|
|
$ |
123,617,729 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
51,079,214 |
|
|
$ |
11,564,575 |
|
|
$ |
10,371,336 |
|
|
$ |
26,710,278 |
|
|
$ |
123,617,729 |
|
| Shares
issued and outstanding(a) |
|
|
6,950,000 |
|
|
|
700,000 |
|
|
|
925,000 |
|
|
|
4,400,000 |
|
|
|
7,150,000 |
|
| Net asset value
per share |
|
$ |
7.35 |
|
|
$ |
16.52 |
|
|
$ |
11.21 |
|
|
$ |
6.07 |
|
|
$ |
17.29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
37,416,451 |
|
|
$ |
11,525,460 |
|
|
$ |
8,605,431 |
|
|
$ |
22,506,262 |
|
|
$ |
149,721,934 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
6,662,991 |
|
|
$ |
491,469 |
|
|
$ |
853,745 |
|
|
$ |
3,147,403 |
|
|
$ |
14,941,872 |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax
SNOW |
|
|
YieldMax
TSLA |
|
|
YieldMax
TSM |
|
|
YieldMax
Ultra |
|
|
YieldMax
Universe |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Fund of
Option |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Income ETFs |
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities, at value (Note 2) |
|
$ |
47,985,328 |
|
|
$ |
966,620,506 |
|
|
$ |
42,656,319 |
|
|
$ |
237,499,621 |
|
|
$ |
8,372,420 |
|
Investments
in affiliated securities,
at value (Note 7) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
707,234,444 |
|
| The
accompanying notes are an integral part of these financial
statements. |
49 |
| Statements
of Assets and Liabilities |
YieldMax
ETFs |
| April
30, 2025 (Unaudited) |
|
| |
|
YieldMax
SNOW |
|
|
YieldMax
TSLA |
|
|
YieldMax
TSM |
|
|
YieldMax
Ultra |
|
|
YieldMax
Universe |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Fund of
Option |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Income ETFs |
|
| Interest
receivable |
|
|
181,298 |
|
|
|
6,280,832 |
|
|
|
175,452 |
|
|
|
37,074 |
|
|
|
25,356 |
|
Deposit
at broker for
other investments |
|
|
92,194 |
|
|
|
50,011,327 |
|
|
|
1,817,555 |
|
|
|
850,156 |
|
|
|
3,268,336 |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,559,311 |
|
|
|
— |
|
| Receivable for
fund shares sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,596,925 |
|
|
|
7,947,060 |
|
| Dividends
receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,250 |
|
|
|
— |
|
| Cash |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
96,434 |
|
|
|
— |
|
| Receivable
for transaction fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,119 |
|
|
|
— |
|
| Total
assets |
|
|
48,258,820 |
|
|
|
1,022,912,665 |
|
|
|
44,649,326 |
|
|
|
245,646,890 |
|
|
|
726,847,616 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
922,232 |
|
|
|
26,488,829 |
|
|
|
3,057,664 |
|
|
|
8,461,307 |
|
|
|
— |
|
| Payable
to adviser (Note 4) |
|
|
34,454 |
|
|
|
732,880 |
|
|
|
31,586 |
|
|
|
195,297 |
|
|
|
160,861 |
|
| Payable
for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,127,633 |
|
|
|
7,811,220 |
|
| Total
liabilities |
|
|
956,686 |
|
|
|
27,221,709 |
|
|
|
3,089,250 |
|
|
|
13,784,237 |
|
|
|
7,972,081 |
|
| NET
ASSETS |
|
$ |
47,302,134 |
|
|
$ |
995,690,956 |
|
|
$ |
41,560,076 |
|
|
$ |
231,862,653 |
|
|
$ |
718,875,535 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
57,364,590 |
|
|
$ |
1,572,931,926 |
|
|
$ |
56,492,317 |
|
|
$ |
371,247,100 |
|
|
$ |
950,339,335 |
|
| Total
accumulated losses |
|
|
(10,062,456 |
) |
|
|
(577,240,970 |
) |
|
|
(14,932,241 |
) |
|
|
(139,384,447 |
) |
|
|
(231,463,800 |
) |
| Total
net assets |
|
$ |
47,302,134 |
|
|
$ |
995,690,956 |
|
|
$ |
41,560,076 |
|
|
$ |
231,862,653 |
|
|
$ |
718,875,535 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
47,302,134 |
|
|
$ |
995,690,956 |
|
|
$ |
41,560,076 |
|
|
$ |
231,862,653 |
|
|
$ |
718,875,535 |
|
| Shares
issued and outstanding(a) |
|
|
3,125,000 |
|
|
|
119,025,000 |
|
|
|
2,925,000 |
|
|
|
39,375,000 |
|
|
|
54,275,000 |
|
| Net asset value
per share |
|
$ |
15.14 |
|
|
$ |
8.37 |
|
|
$ |
14.21 |
|
|
$ |
5.89 |
|
|
$ |
13.25 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities, at cost |
|
$ |
44,748,993 |
|
|
$ |
895,153,470 |
|
|
$ |
45,827,373 |
|
|
$ |
238,477,380 |
|
|
$ |
8,372,420 |
|
Investments
in affiliated securities,
at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
901,319,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
3,984,407 |
|
|
$ |
101,983,560 |
|
|
$ |
3,275,549 |
|
|
$ |
6,975,637 |
|
|
$ |
— |
|
|
| (a) |
Unlimited shares authorized without par
value. |
| |
|
YieldMax
XOM |
|
|
YieldMax
XYZ |
|
|
|
|
|
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
|
|
|
|
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value (Note 2) |
|
$ |
45,879,122 |
|
|
$ |
63,433,458 |
|
|
| |
|
|
|
|
|
|
|
|
|
Deposit
at broker for
other investments |
|
|
601,474 |
|
|
|
244,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
receivable |
|
|
237,111 |
|
|
|
342,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
|
46,717,707 |
|
|
|
64,020,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts, at value |
|
|
658,389 |
|
|
|
3,998,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable
to adviser (Note 4) |
|
|
38,482 |
|
|
|
46,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities |
|
|
696,871 |
|
|
|
4,044,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS |
|
$ |
46,020,836 |
|
|
$ |
59,975,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
56,864,850 |
|
|
$ |
102,791,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
accumulated losses |
|
|
(10,844,014 |
) |
|
|
(42,816,078 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
net assets |
|
$ |
46,020,836 |
|
|
$ |
59,975,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
46,020,836 |
|
|
$ |
59,975,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares
issued and outstanding(a) |
|
|
3,575,000 |
|
|
|
5,550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value
per share |
|
$ |
12.87 |
|
|
$ |
10.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at cost |
|
$ |
46,077,226 |
|
|
$ |
63,318,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
50 |
| Statements
of Assets and Liabilities |
YieldMax
ETFs |
| April
30, 2025 (Unaudited) |
|
| |
|
YieldMax
XOM |
|
|
YieldMax
XYZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROCEEDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
options premium received |
|
$ |
2,194,620 |
|
|
$ |
5,245,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Unlimited shares authorized without par
value. |
| The
accompanying notes are an integral part of these financial
statements. |
51 |
| Statements of Operations |
YieldMax
ETFs |
| For
the Six-Months/Periods Ended April 30, 2025 (Unaudited) |
|
| |
|
YieldMax
AAPL |
|
|
YieldMax
ABNB |
|
|
YieldMax AI |
|
|
YieldMax
AMD |
|
|
YieldMax
AMZN |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
2,637,185 |
|
|
$ |
600,610 |
|
|
$ |
1,890,819 |
|
|
$ |
3,430,761 |
|
|
$ |
5,685,509 |
|
| Dividend
income |
|
|
5 |
|
|
|
2 |
|
|
|
21 |
|
|
|
— |
|
|
|
28 |
|
| Total
investment income |
|
|
2,637,190 |
|
|
|
600,612 |
|
|
|
1,890,840 |
|
|
|
3,430,761 |
|
|
|
5,685,537 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
602,578 |
|
|
|
143,133 |
|
|
|
408,553 |
|
|
|
732,528 |
|
|
|
1,221,122 |
|
| Interest
expense |
|
|
279 |
|
|
|
1,913 |
|
|
|
— |
|
|
|
8,162 |
|
|
|
102,198 |
|
| Total
expenses |
|
|
602,857 |
|
|
|
145,046 |
|
|
|
408,553 |
|
|
|
740,690 |
|
|
|
1,323,320 |
|
| NET
INVESTMENT INCOME |
|
|
2,034,333 |
|
|
|
455,566 |
|
|
|
1,482,287 |
|
|
|
2,690,071 |
|
|
|
4,362,217 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(7,817,808 |
) |
|
|
(2,681,431 |
) |
|
|
(16,702,309 |
) |
|
|
(50,232,845 |
) |
|
|
5,387,627 |
|
Written
option contracts expired
or closed |
|
|
(24,467,061 |
) |
|
|
(3,885,952 |
) |
|
|
(14,593,197 |
) |
|
|
(23,575,920 |
) |
|
|
(6,037,180 |
) |
| Net
realized gain (loss) |
|
|
(32,284,869 |
) |
|
|
(6,567,383 |
) |
|
|
(31,295,506 |
) |
|
|
(73,808,765 |
) |
|
|
(649,553 |
) |
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
11,269,255 |
|
|
|
895,984 |
|
|
|
(357,409 |
) |
|
|
9,263,454 |
|
|
|
(6,197,041 |
) |
| Written
option contracts |
|
|
7,900,984 |
|
|
|
1,506,921 |
|
|
|
(2,331,200 |
) |
|
|
9,787,619 |
|
|
|
(3,298,832 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
19,170,239 |
|
|
|
2,402,905 |
|
|
|
(2,688,609 |
) |
|
|
19,051,073 |
|
|
|
(9,495,873 |
) |
| Net
realized and unrealized gain (loss) |
|
|
(13,114,630 |
) |
|
|
(4,164,478 |
) |
|
|
(33,984,115 |
) |
|
|
(54,757,692 |
) |
|
|
(10,145,426 |
) |
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(11,080,297 |
) |
|
$ |
(3,708,912 |
) |
|
$ |
(32,501,828 |
) |
|
$ |
(52,067,621 |
) |
|
$ |
(5,783,209 |
) |
| |
|
YieldMax
BABA |
|
|
YieldMax
Bitcoin |
|
|
YieldMax
COIN |
|
|
YieldMax
CVNA |
|
|
YieldMax
DIS |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy
ETF(a) |
|
|
Strategy ETF |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
733,088 |
|
|
$ |
1,404,026 |
|
|
$ |
24,088,514 |
|
|
$ |
155,371 |
|
|
$ |
740,002 |
|
| Dividend
income |
|
|
— |
|
|
|
7 |
|
|
|
82 |
|
|
|
— |
|
|
|
2 |
|
| Total
investment income |
|
|
733,088 |
|
|
|
1,404,033 |
|
|
|
24,088,596 |
|
|
|
155,371 |
|
|
|
740,004 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
181,978 |
|
|
|
518,034 |
|
|
|
5,049,280 |
|
|
|
39,310 |
|
|
|
162,770 |
|
| Interest
expense |
|
|
— |
|
|
|
— |
|
|
|
274,757 |
|
|
|
2,162 |
|
|
|
28,989 |
|
| Total
expenses |
|
|
181,978 |
|
|
|
518,034 |
|
|
|
5,324,037 |
|
|
|
41,472 |
|
|
|
191,759 |
|
| NET
INVESTMENT INCOME |
|
|
551,110 |
|
|
|
885,999 |
|
|
|
18,764,559 |
|
|
|
113,899 |
|
|
|
548,245 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
9,602,208 |
|
|
|
(15,469,170 |
) |
|
|
(47,897,990 |
) |
|
|
2,441,815 |
|
|
|
(239,522 |
) |
Written
option contracts expired
or closed |
|
|
(8,633,025 |
) |
|
|
28,404,788 |
|
|
|
(207,015,603 |
) |
|
|
(347,954 |
) |
|
|
(5,327,449 |
) |
| Net
realized gain (loss) |
|
|
969,183 |
|
|
|
12,935,618 |
|
|
|
(254,913,593 |
) |
|
|
2,093,861 |
|
|
|
(5,566,971 |
) |
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
1,193,748 |
|
|
|
2,998,239 |
|
|
|
57,447,684 |
|
|
|
1,578,220 |
|
|
|
248,743 |
|
| Written
option contracts |
|
|
1,521,048 |
|
|
|
(7,642,220 |
) |
|
|
142,037,238 |
|
|
|
1,438,888 |
|
|
|
1,037,457 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
2,714,796 |
|
|
|
(4,643,981 |
) |
|
|
199,484,922 |
|
|
|
3,017,108 |
|
|
|
1,286,200 |
|
| Net
realized and unrealized gain (loss) |
|
|
3,683,979 |
|
|
|
8,291,637 |
|
|
|
(55,428,671 |
) |
|
|
5,110,969 |
|
|
|
(4,280,771 |
) |
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
4,235,089 |
|
|
$ |
9,177,636 |
|
|
$ |
(36,664,112 |
) |
|
$ |
5,224,868 |
|
|
$ |
(3,732,526 |
) |
|
| (a) |
Inception date of the Fund was January 29,
2025. |
| The
accompanying notes are an integral part of these financial
statements. |
52 |
| Statements
of Operations |
YieldMax
ETFs |
| For
the Six-Months/Periods Ended April 30, 2025 (Unaudited) |
|
| |
|
YieldMax
Gold |
|
|
|
|
|
YieldMax |
|
|
|
|
|
YieldMax |
|
| |
|
Miners
Option |
|
|
YieldMax GOOGL |
|
|
Innovation
Option |
|
|
YieldMax
JPM |
|
|
Magnificent 7 Fund |
|
| |
|
Income
Strategy |
|
|
Option
Income |
|
|
Income
Strategy |
|
|
Option
Income |
|
|
of Option
Income |
|
| |
|
ETF |
|
|
Strategy ETF |
|
|
ETF |
|
|
Strategy ETF |
|
|
ETFs |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
965,606 |
|
|
$ |
2,375,307 |
|
|
$ |
1,298,237 |
|
|
$ |
971,837 |
|
|
$ |
63,923 |
|
| Dividend
income from unaffiliated securities |
|
|
1 |
|
|
|
13 |
|
|
|
21 |
|
|
|
2 |
|
|
|
6 |
|
| Dividend
income from affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
66,997,136 |
|
| Other
income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
investment income |
|
|
965,607 |
|
|
|
2,375,320 |
|
|
|
1,298,258 |
|
|
|
971,839 |
|
|
|
67,061,065 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
234,921 |
|
|
|
511,572 |
|
|
|
312,613 |
|
|
|
210,545 |
|
|
|
429,237 |
|
| Interest
expense |
|
|
5,915 |
|
|
|
78,511 |
|
|
|
296 |
|
|
|
17,551 |
|
|
|
— |
|
| Total
expenses |
|
|
240,836 |
|
|
|
590,083 |
|
|
|
312,909 |
|
|
|
228,096 |
|
|
|
429,237 |
|
| NET
INVESTMENT INCOME |
|
|
724,771 |
|
|
|
1,785,237 |
|
|
|
985,349 |
|
|
|
743,743 |
|
|
|
66,631,828 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities |
|
|
11,004,039 |
|
|
|
761,771 |
|
|
|
5,486,462 |
|
|
|
2,376,720 |
|
|
|
(9 |
) |
| Investments
in affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,984,472 |
) |
Written
option contracts expired
or closed |
|
|
(498,504 |
) |
|
|
(10,315,205 |
) |
|
|
(10,591,373 |
) |
|
|
(7,462,084 |
) |
|
|
— |
|
| Net
realized gain (loss) |
|
|
10,505,535 |
|
|
|
(9,553,434 |
) |
|
|
(5,104,911 |
) |
|
|
(5,085,364 |
) |
|
|
(9,984,481 |
) |
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities |
|
|
(2,548,393 |
) |
|
|
(1,158,157 |
) |
|
|
1,454,588 |
|
|
|
1,297,193 |
|
|
|
— |
|
| Investments
in affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(84,073,639 |
) |
| Written
option contracts |
|
|
(500,036 |
) |
|
|
2,025,747 |
|
|
|
963,031 |
|
|
|
2,068,630 |
|
|
|
— |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(3,048,429 |
) |
|
|
867,590 |
|
|
|
2,417,619 |
|
|
|
3,365,823 |
|
|
|
(84,073,639 |
) |
| Net
realized and unrealized gain (loss) |
|
|
7,457,106 |
|
|
|
(8,685,844 |
) |
|
|
(2,687,292 |
) |
|
|
(1,719,541 |
) |
|
|
(94,058,120 |
) |
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
8,181,877 |
|
|
$ |
(6,900,607 |
) |
|
$ |
(1,701,943 |
) |
|
$ |
(975,798 |
) |
|
$ |
(27,426,292 |
) |
| |
|
YieldMax
MARA |
|
|
YieldMax
META |
|
|
YieldMax
MRNA |
|
|
YieldMax
MSFT |
|
|
YieldMax
MSTR |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
| |
|
Strategy
ETF(a) |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
525,205 |
|
|
$ |
3,571,375 |
|
|
$ |
1,552,882 |
|
|
$ |
2,523,273 |
|
|
$ |
23,983,593 |
|
| Dividend
income |
|
|
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
7 |
|
|
|
377 |
|
| Total
investment income |
|
|
525,206 |
|
|
|
3,571,375 |
|
|
|
1,552,885 |
|
|
|
2,523,280 |
|
|
|
23,983,970 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
112,934 |
|
|
|
764,749 |
|
|
|
302,147 |
|
|
|
549,414 |
|
|
|
9,234,061 |
|
| Interest
expense |
|
|
6,316 |
|
|
|
33,276 |
|
|
|
158 |
|
|
|
20,750 |
|
|
|
41,826 |
|
| Income
tax expense |
|
|
547 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
expenses |
|
|
119,797 |
|
|
|
798,025 |
|
|
|
302,305 |
|
|
|
570,164 |
|
|
|
9,275,887 |
|
| NET
INVESTMENT INCOME |
|
|
405,409 |
|
|
|
2,773,350 |
|
|
|
1,250,580 |
|
|
|
1,953,116 |
|
|
|
14,708,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(14,036,031 |
) |
|
|
6,241,403 |
|
|
|
(33,675,861 |
) |
|
|
(17,652,500 |
) |
|
|
(31,378,433 |
) |
Written
option contracts expired
or closed |
|
|
(1,598,045 |
) |
|
|
(10,949,537 |
) |
|
|
(7,242,744 |
) |
|
|
1,601,951 |
|
|
|
149,910,485 |
|
| Net
realized gain (loss) |
|
|
(15,634,076 |
) |
|
|
(4,708,134 |
) |
|
|
(40,918,605 |
) |
|
|
(16,050,549 |
) |
|
|
118,532,052 |
|
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(2,862,822 |
) |
|
|
(4,165,386 |
) |
|
|
2,876,921 |
|
|
|
5,982,317 |
|
|
|
206,178,897 |
|
| Written
option contracts |
|
|
4,088,889 |
|
|
|
(5,039,154 |
) |
|
|
1,839,386 |
|
|
|
4,199,425 |
|
|
|
221,779,745 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
1,226,067 |
|
|
|
(9,204,540 |
) |
|
|
4,716,307 |
|
|
|
10,181,742 |
|
|
|
427,958,642 |
|
| Net
realized and unrealized gain (loss) |
|
|
(14,408,009 |
) |
|
|
(13,912,674 |
) |
|
|
(36,202,298 |
) |
|
|
(5,868,807 |
) |
|
|
546,490,694 |
|
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(14,002,600 |
) |
|
$ |
(11,139,324 |
) |
|
$ |
(34,951,718 |
) |
|
$ |
(3,915,691 |
) |
|
$ |
561,198,777 |
|
| The
accompanying notes are an integral part of these financial
statements. |
53 |
| Statements
of Operations |
YieldMax
ETFs |
| For
the Six-Months/Periods Ended April 30, 2025 (Unaudited) |
|
| |
|
YieldMax
NFLX |
|
|
YieldMax
NVDA |
|
|
YieldMax
PLTR |
|
|
YieldMax
PYPL |
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
2,041,463 |
|
|
$ |
31,095,192 |
|
|
$ |
1,923,219 |
|
|
$ |
1,193,948 |
|
|
|
|
|
| Dividend
income |
|
|
7 |
|
|
|
— |
|
|
|
9 |
|
|
|
8 |
|
|
|
|
|
| Total
investment income |
|
|
2,041,470 |
|
|
|
31,095,192 |
|
|
|
1,923,228 |
|
|
|
1,193,956 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
464,336 |
|
|
|
6,764,500 |
|
|
|
524,104 |
|
|
|
264,815 |
|
|
|
|
|
| Interest
expense |
|
|
6,011 |
|
|
|
781,013 |
|
|
|
13,240 |
|
|
|
64,166 |
|
|
|
|
|
| Total
expenses |
|
|
470,347 |
|
|
|
7,545,513 |
|
|
|
537,344 |
|
|
|
328,981 |
|
|
|
|
|
| NET
INVESTMENT INCOME |
|
|
1,571,123 |
|
|
|
23,549,679 |
|
|
|
1,385,884 |
|
|
|
864,975 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
7,161,935 |
|
|
|
(299,021,781 |
) |
|
|
73,775,621 |
|
|
|
(6,688,470 |
) |
|
|
|
|
Written
option contracts expired
or closed |
|
|
(7,427,561 |
) |
|
|
(65,987,882 |
) |
|
|
(43,889,204 |
) |
|
|
(7,367,409 |
) |
|
|
|
|
| Net
realized gain (loss) |
|
|
(265,626 |
) |
|
|
(365,009,663 |
) |
|
|
29,886,417 |
|
|
|
(14,055,879 |
) |
|
|
|
|
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
18,949,238 |
|
|
|
4,294,361 |
|
|
|
27,871,101 |
|
|
|
1,742,034 |
|
|
|
|
|
| Written
option contracts |
|
|
6,488,014 |
|
|
|
57,027,172 |
|
|
|
6,934,866 |
|
|
|
2,414,142 |
|
|
|
|
|
| Net
change in unrealized appreciation (depreciation) |
|
|
25,437,252 |
|
|
|
61,321,533 |
|
|
|
34,805,967 |
|
|
|
4,156,176 |
|
|
|
|
|
| Net
realized and unrealized gain (loss) |
|
|
25,171,626 |
|
|
|
(303,688,130 |
) |
|
|
64,692,384 |
|
|
|
(9,899,703 |
) |
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
26,742,749 |
|
|
$ |
(280,138,451 |
) |
|
$ |
66,078,268 |
|
|
$ |
(9,034,728 |
) |
|
|
|
|
| |
|
YieldMax
Short |
|
|
|
|
|
YieldMax
Short |
|
|
YieldMax
Short |
|
|
|
|
| |
|
COIN Option |
|
|
YieldMax
Short |
|
|
NVDA Option |
|
|
TSLA Option |
|
|
YieldMax
SMCI |
|
| |
|
Income
Strategy |
|
|
N100 Option Income |
|
|
Income
Strategy |
|
|
Income
Strategy |
|
|
Option
Income |
|
| |
|
ETF |
|
|
Strategy ETF |
|
|
ETF |
|
|
ETF |
|
|
Strategy ETF |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
818,145 |
|
|
$ |
181,307 |
|
|
$ |
220,553 |
|
|
$ |
417,212 |
|
|
$ |
1,646,978 |
|
| Dividend
income |
|
|
1 |
|
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
12 |
|
| Total
investment income |
|
|
818,146 |
|
|
|
181,310 |
|
|
|
220,555 |
|
|
|
417,215 |
|
|
|
1,646,990 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
193,833 |
|
|
|
42,991 |
|
|
|
58,842 |
|
|
|
105,484 |
|
|
|
415,237 |
|
| Interest
expense |
|
|
12,065 |
|
|
|
3,493 |
|
|
|
3,367 |
|
|
|
9,824 |
|
|
|
17,929 |
|
| Total
expenses |
|
|
205,898 |
|
|
|
46,484 |
|
|
|
62,209 |
|
|
|
115,308 |
|
|
|
433,166 |
|
| NET
INVESTMENT INCOME |
|
|
612,248 |
|
|
|
134,826 |
|
|
|
158,346 |
|
|
|
301,907 |
|
|
|
1,213,824 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
9,220,916 |
|
|
|
282,426 |
|
|
|
2,483,738 |
|
|
|
3,559,743 |
|
|
|
24,789,108 |
|
| Written
option contracts expired or closed |
|
|
(4,897,781 |
) |
|
|
(324,886 |
) |
|
|
(2,509,994 |
) |
|
|
(5,152,836 |
) |
|
|
(38,460,951 |
) |
| Net
realized gain (loss) |
|
|
4,323,135 |
|
|
|
(42,460 |
) |
|
|
(26,256 |
) |
|
|
(1,593,093 |
) |
|
|
(13,671,843 |
) |
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(6,176,634 |
) |
|
|
(266,826 |
) |
|
|
(220,391 |
) |
|
|
(1,206,987 |
) |
|
|
3,899,667 |
|
| Written
option contracts |
|
|
(5,481,172 |
) |
|
|
314,634 |
|
|
|
709,544 |
|
|
|
(1,470,211 |
) |
|
|
1,429,437 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(11,657,806 |
) |
|
|
47,808 |
|
|
|
489,153 |
|
|
|
(2,677,198 |
) |
|
|
5,329,104 |
|
| Net
realized and unrealized gain (loss) |
|
|
(7,334,671 |
) |
|
|
5,348 |
|
|
|
462,897 |
|
|
|
(4,270,291 |
) |
|
|
(8,342,739 |
) |
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(6,722,423 |
) |
|
$ |
140,174 |
|
|
$ |
621,243 |
|
|
$ |
(3,968,384 |
) |
|
$ |
(7,128,915 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
54 |
| Statements
of Operations |
YieldMax
ETFs |
| For
the Six-Months/Periods Ended April 30, 2025 (Unaudited) |
|
| |
|
YieldMax
SNOW |
|
|
YieldMax
TSLA |
|
|
YieldMax
TSM |
|
|
YieldMax
Ultra |
|
|
YieldMax
Universe |
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Option
Income |
|
|
Fund of
Option |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Strategy ETF |
|
|
Income ETFs |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
774,746 |
|
|
$ |
22,820,330 |
|
|
$ |
797,118 |
|
|
$ |
329,493 |
|
|
$ |
147,963 |
|
Dividend
income from
unaffiliated securities |
|
|
7 |
|
|
|
33 |
|
|
|
2 |
|
|
|
486,659 |
|
|
|
17 |
|
Dividend
income from
affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
179,188,354 |
|
| Total
investment income |
|
|
774,753 |
|
|
|
22,820,363 |
|
|
|
797,120 |
|
|
|
816,152 |
|
|
|
179,336,334 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
199,230 |
|
|
|
5,065,401 |
|
|
|
184,282 |
|
|
|
1,549,985 |
|
|
|
936,975 |
|
| Interest
expense |
|
|
1,700 |
|
|
|
254,525 |
|
|
|
3,858 |
|
|
|
488,439 |
|
|
|
— |
|
| Total
expenses |
|
|
200,930 |
|
|
|
5,319,926 |
|
|
|
188,140 |
|
|
|
2,038,424 |
|
|
|
936,975 |
|
| Expense
reimbursement by Adviser |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(124,999 |
) |
|
|
— |
|
| Net
expenses |
|
|
200,930 |
|
|
|
5,319,926 |
|
|
|
188,140 |
|
|
|
1,913,425 |
|
|
|
936,975 |
|
| NET
INVESTMENT INCOME/(LOSS) |
|
|
573,823 |
|
|
|
17,500,437 |
|
|
|
608,980 |
|
|
|
(1,097,273 |
) |
|
|
178,399,359 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities |
|
|
(2,657,973 |
) |
|
|
171,938,484 |
|
|
|
(5,521,575 |
) |
|
|
(3,535,948 |
) |
|
|
83,401 |
|
| Investments
in affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31,675,477 |
) |
Written
option contracts expired
or closed |
|
|
(1,449,588 |
) |
|
|
(356,684,649 |
) |
|
|
1,669,513 |
|
|
|
(2,287,597 |
) |
|
|
3,940,586 |
|
| Net
realized gain (loss) |
|
|
(4,107,561 |
) |
|
|
(184,746,165 |
) |
|
|
(3,852,062 |
) |
|
|
(5,823,545 |
) |
|
|
(27,651,490 |
) |
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in unaffiliated securities |
|
|
4,089,341 |
|
|
|
122,990,875 |
|
|
|
(2,551,443 |
) |
|
|
(7,839,359 |
) |
|
|
(15,207 |
) |
| Investments
in affiliated securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(187,030,975 |
) |
| Written
option contracts |
|
|
3,560,038 |
|
|
|
36,136,388 |
|
|
|
243,127 |
|
|
|
(4,278,096 |
) |
|
|
(1,364,798 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
7,649,379 |
|
|
|
159,127,263 |
|
|
|
(2,308,316 |
) |
|
|
(12,117,455 |
) |
|
|
(188,410,980 |
) |
| Net
realized and unrealized gain (loss) |
|
|
3,541,818 |
|
|
|
(25,618,902 |
) |
|
|
(6,160,378 |
) |
|
|
(17,941,000 |
) |
|
|
(216,062,470 |
) |
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
4,115,641 |
|
|
$ |
(8,118,465 |
) |
|
$ |
(5,551,398 |
) |
|
$ |
(19,038,273 |
) |
|
$ |
(37,663,111 |
) |
| |
|
YieldMax XOM
Option Income
Strategy ETF |
|
|
YieldMax XYZ
Option Income
Strategy ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
$ |
994,921 |
|
|
$ |
1,690,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend
income |
|
|
— |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
investment income |
|
|
994,921 |
|
|
|
1,690,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fee (Note 4) |
|
|
225,447 |
|
|
|
353,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
expense |
|
|
40,954 |
|
|
|
109,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
expenses |
|
|
266,401 |
|
|
|
462,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INVESTMENT INCOME |
|
|
728,520 |
|
|
|
1,227,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(4,885,932 |
) |
|
|
1,503,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
option contracts expired
or closed |
|
|
(1,215,736 |
) |
|
|
(24,125,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) |
|
|
(6,101,668 |
) |
|
|
(22,621,512 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
304,433 |
|
|
|
(1,135,761 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Written
option contracts |
|
|
1,055,084 |
|
|
|
(709,944 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in
unrealized appreciation (depreciation) |
|
|
1,359,517 |
|
|
|
(1,845,705 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
realized and unrealized gain (loss) |
|
|
(4,742,151 |
) |
|
|
(24,467,217 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
55 |
| Statements
of Operations |
YieldMax
ETFs |
| For
the Six-Months/Periods Ended April 30, 2025 (Unaudited) |
|
| |
|
YieldMax
XOM |
|
|
YieldMax
XYZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(4,013,631 |
) |
|
$ |
(23,239,277 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
56 |
| Statements of Changes in Net Assets
|
YieldMax
ETFs |
| |
|
YieldMax AAPL
Option Income |
|
|
YieldMax ABNB
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
2,034,333 |
|
|
$ |
2,539,590 |
|
|
$ |
455,566 |
|
|
$ |
106,572 |
|
| Net
realized gain (loss) |
|
|
(32,284,869 |
) |
|
|
7,735,438 |
|
|
|
(6,567,383 |
) |
|
|
89,477 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
19,170,239 |
|
|
|
2,121,758 |
|
|
|
2,402,905 |
|
|
|
514,499 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(11,080,297 |
) |
|
|
12,396,786 |
|
|
|
(3,708,912 |
) |
|
|
710,548 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(2,034,333 |
) |
|
|
(7,952,933 |
) |
|
|
(455,566 |
) |
|
|
(782,854 |
) |
| From
return of capital |
|
|
(13,576,302 |
) |
|
|
(7,942,237 |
) |
|
|
(5,206,416 |
) |
|
|
(480,389 |
) |
| Total
distributions to shareholders |
|
|
(15,610,635 |
) |
|
|
(15,895,170 |
) |
|
|
(5,661,982 |
) |
|
|
(1,263,243 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
69,843,248 |
|
|
|
57,645,405 |
|
|
|
27,631,295 |
|
|
|
19,731,438 |
|
| Redemptions |
|
|
(16,341,342 |
) |
|
|
(18,076,480 |
) |
|
|
(6,588,288 |
) |
|
|
(2,439,675 |
) |
| ETF
transaction fees (See Note 9) |
|
|
17,237 |
|
|
|
15,144 |
|
|
|
6,844 |
|
|
|
3,934 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
53,519,143 |
|
|
|
39,584,069 |
|
|
|
21,049,851 |
|
|
|
17,295,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
26,828,211 |
|
|
|
36,085,685 |
|
|
|
11,678,957 |
|
|
|
16,743,002 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
92,464,132 |
|
|
|
56,378,447 |
|
|
|
16,743,002 |
|
|
|
— |
|
| End
of the period |
|
$ |
119,292,343 |
|
|
$ |
92,464,132 |
|
|
$ |
28,421,959 |
|
|
$ |
16,743,002 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
4,125,000 |
|
|
|
3,225,000 |
|
|
|
1,775,000 |
|
|
|
1,175,000 |
|
| Redemptions |
|
|
(1,050,000 |
) |
|
|
(975,000 |
) |
|
|
(425,000 |
) |
|
|
(150,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
3,075,000 |
|
|
|
2,250,000 |
|
|
|
1,350,000 |
|
|
|
1,025,000 |
|
|
| (a) |
Inception date of the Fund was June 24,
2024. |
| |
|
YieldMax AI
Option Income |
|
|
YieldMax AMD
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
1,482,287 |
|
|
$ |
878,479 |
|
|
$ |
2,690,071 |
|
|
$ |
3,522,687 |
|
| Net
realized gain (loss) |
|
|
(31,295,506 |
) |
|
|
(11,544,721 |
) |
|
|
(73,808,765 |
) |
|
|
4,775,836 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(2,688,609 |
) |
|
|
897,105 |
|
|
|
19,051,073 |
|
|
|
(15,081,804 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
(32,501,828 |
) |
|
|
(9,769,137 |
) |
|
|
(52,067,621 |
) |
|
|
(6,783,281 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(1,482,287 |
) |
|
|
(874,595 |
) |
|
|
(2,690,071 |
) |
|
|
(9,911,652 |
) |
| From
return of capital |
|
|
(31,726,118 |
) |
|
|
(13,131,653 |
) |
|
|
(33,415,817 |
) |
|
|
(43,650,526 |
) |
| Total
distributions to shareholders |
|
|
(33,208,405 |
) |
|
|
(14,006,248 |
) |
|
|
(36,105,888 |
) |
|
|
(53,562,178 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
137,600,962 |
|
|
|
71,703,313 |
|
|
|
139,294,405 |
|
|
|
221,236,288 |
|
| Redemptions |
|
|
(19,555,370 |
) |
|
|
(13,672,755 |
) |
|
|
(42,849,425 |
) |
|
|
(45,374,730 |
) |
| ETF
transaction fees (See Note 9) |
|
|
31,432 |
|
|
|
17,075 |
|
|
|
36,428 |
|
|
|
53,322 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
118,077,024 |
|
|
|
58,047,633 |
|
|
|
96,481,408 |
|
|
|
175,914,880 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
52,366,791 |
|
|
|
34,272,248 |
|
|
|
8,307,899 |
|
|
|
115,569,421 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
34,272,248 |
|
|
|
— |
|
|
|
121,220,705 |
|
|
|
5,651,284 |
|
| The
accompanying notes are an integral part of these financial
statements. |
57 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax AI
Option Income |
|
|
YieldMax AMD
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months ended |
|
|
|
|
|
Six-Months ended |
|
|
|
|
| |
|
April 30, 2025 |
|
|
Period ended |
|
|
April 30, 2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| End of the period |
|
$ |
86,639,039 |
|
|
$ |
34,272,248 |
|
|
$ |
129,528,604 |
|
|
$ |
121,220,705 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
16,675,000 |
|
|
|
5,150,000 |
|
|
|
13,625,000 |
|
|
|
11,825,000 |
|
| Redemptions |
|
|
(2,575,000 |
) |
|
|
(1,050,000 |
) |
|
|
(4,950,000 |
) |
|
|
(2,475,000 |
) |
| Total increase
(decrease) in shares outstanding |
|
|
14,100,000 |
|
|
|
4,100,000 |
|
|
|
8,675,000 |
|
|
|
9,350,000 |
|
|
| (a) |
Inception date of the Fund was November
27, 2023. |
| |
|
YieldMax AMZN
Option Income |
|
|
YieldMax BABA
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
4,362,217 |
|
|
$ |
3,927,612 |
|
|
$ |
551,110 |
|
|
$ |
72,948 |
|
| Net
realized gain (loss) |
|
|
(649,553 |
) |
|
|
4,655,652 |
|
|
|
969,183 |
|
|
|
2,800,531 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(9,495,873 |
) |
|
|
1,684,873 |
|
|
|
2,714,796 |
|
|
|
(2,353,050 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
(5,783,209 |
) |
|
|
10,268,137 |
|
|
|
4,235,089 |
|
|
|
520,429 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(4,362,217 |
) |
|
|
(11,939,727 |
) |
|
|
(551,110 |
) |
|
|
(1,351,303 |
) |
| From
return of capital |
|
|
(46,516,661 |
) |
|
|
(26,751,756 |
) |
|
|
(10,856,173 |
) |
|
|
— |
|
| Total
distributions to shareholders |
|
|
(50,878,878 |
) |
|
|
(38,691,483 |
) |
|
|
(11,407,283 |
) |
|
|
(1,351,303 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
173,955,370 |
|
|
|
183,046,380 |
|
|
|
72,060,258 |
|
|
|
23,431,765 |
|
| Redemptions |
|
|
(61,186,305 |
) |
|
|
(9,481,770 |
) |
|
|
(45,064,801 |
) |
|
|
(1,589,377 |
) |
| ETF
transaction fees (See Note 9) |
|
|
47,028 |
|
|
|
38,506 |
|
|
|
23,223 |
|
|
|
4,504 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
112,816,093 |
|
|
|
173,603,116 |
|
|
|
27,018,680 |
|
|
|
21,846,892 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
56,154,006 |
|
|
|
145,179,770 |
|
|
|
19,846,486 |
|
|
|
21,016,018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
178,929,681 |
|
|
|
33,749,911 |
|
|
|
21,016,018 |
|
|
|
— |
|
| End
of the period |
|
$ |
235,083,687 |
|
|
$ |
178,929,681 |
|
|
$ |
40,862,504 |
|
|
$ |
21,016,018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
9,100,000 |
|
|
|
8,425,000 |
|
|
|
3,675,000 |
|
|
|
1,075,000 |
|
| Redemptions |
|
|
(3,250,000 |
) |
|
|
(475,000 |
) |
|
|
(2,225,000 |
) |
|
|
(75,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
5,850,000 |
|
|
|
7,950,000 |
|
|
|
1,450,000 |
|
|
|
1,000,000 |
|
|
| (a) |
Inception date of the Fund was August 7,
2024. |
| |
|
YieldMax
Bitcoin Option Income |
|
|
YieldMax COIN
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
885,999 |
|
|
$ |
196,447 |
|
|
$ |
18,764,559 |
|
|
$ |
18,167,917 |
|
| Net
realized gain (loss) |
|
|
12,935,618 |
|
|
|
(10,846,767 |
) |
|
|
(254,913,593 |
) |
|
|
101,236,234 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(4,643,981 |
) |
|
|
8,891,106 |
|
|
|
199,484,922 |
|
|
|
(121,778,731 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
9,177,636 |
|
|
|
(1,759,214 |
) |
|
|
(36,664,112 |
) |
|
|
(2,374,580 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
58 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax
Bitcoin Option Income |
|
|
YieldMax COIN
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(885,999 |
) |
|
|
(687,940 |
) |
|
|
(18,764,559 |
) |
|
|
(130,427,868 |
) |
| From
return of capital |
|
|
(35,524,179 |
) |
|
|
(15,428,412 |
) |
|
|
(485,369,539 |
) |
|
|
(274,839,752 |
) |
| Total
distributions to shareholders |
|
|
(36,410,178 |
) |
|
|
(16,116,352 |
) |
|
|
(504,134,098 |
) |
|
|
(405,267,620 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
149,066,458 |
|
|
|
111,001,130 |
|
|
|
1,255,893,265 |
|
|
|
1,169,856,957 |
|
| Redemptions |
|
|
(54,494,618 |
) |
|
|
(45,326,800 |
) |
|
|
(303,365,038 |
) |
|
|
(172,263,215 |
) |
| ETF
transaction fees (See Note 9) |
|
|
40,712 |
|
|
|
30,766 |
|
|
|
311,852 |
|
|
|
268,424 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
94,612,552 |
|
|
|
65,705,096 |
|
|
|
952,840,079 |
|
|
|
997,862,166 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
67,380,010 |
|
|
|
47,829,530 |
|
|
|
412,041,869 |
|
|
|
590,219,966 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
47,829,530 |
|
|
|
— |
|
|
|
655,234,612 |
|
|
|
65,014,646 |
|
| End
of the period |
|
$ |
115,209,540 |
|
|
$ |
47,829,530 |
|
|
$ |
1,067,276,481 |
|
|
$ |
655,234,612 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
11,825,000 |
|
|
|
6,900,000 |
|
|
|
99,300,000 |
|
|
|
58,775,000 |
|
| Redemptions |
|
|
(4,675,000 |
) |
|
|
(3,150,000 |
) |
|
|
(21,300,000 |
) |
|
|
(8,500,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
7,150,000 |
|
|
|
3,750,000 |
|
|
|
78,000,000 |
|
|
|
50,275,000 |
|
|
| (a) |
Inception date of the Fund was April 22,
2024. |
| |
|
YieldMax
CVNA |
|
|
YieldMax DIS |
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
| |
|
Period
ended |
|
|
Six-Months
ended |
|
|
|
|
|
|
|
|
| |
|
April
30, 2025(a) |
|
|
April 30,
2025 |
|
|
Year ended |
|
|
|
|
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
|
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
113,899 |
|
|
$ |
548,245 |
|
|
$ |
538,435 |
|
|
|
|
|
| Net
realized gain (loss) |
|
|
2,093,861 |
|
|
|
(5,566,971 |
) |
|
|
(1,777,865 |
) |
|
|
|
|
| Net
change in unrealized appreciation (depreciation) |
|
|
3,017,108 |
|
|
|
1,286,200 |
|
|
|
497,689 |
|
|
|
|
|
| Net
increase (decrease) in net assets from operations |
|
|
5,224,868 |
|
|
|
(3,732,526 |
) |
|
|
(741,741 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(113,899 |
) |
|
|
(548,245 |
) |
|
|
(666,805 |
) |
|
|
|
|
| From
return of capital |
|
|
(3,222,329 |
) |
|
|
(4,338,570 |
) |
|
|
(3,706,250 |
) |
|
|
|
|
| Total
distributions to shareholders |
|
|
(3,336,228 |
) |
|
|
(4,886,815 |
) |
|
|
(4,373,055 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
68,766,235 |
|
|
|
21,926,620 |
|
|
|
27,578,670 |
|
|
|
|
|
| Redemptions |
|
|
(8,098,720 |
) |
|
|
(5,104,434 |
) |
|
|
(3,938,118 |
) |
|
|
|
|
| ETF
transaction fees (See Note 9) |
|
|
— |
|
|
|
5,406 |
|
|
|
6,303 |
|
|
|
|
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
60,667,515 |
|
|
|
16,827,592 |
|
|
|
23,646,855 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
62,556,155 |
|
|
|
8,208,251 |
|
|
|
18,532,059 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
— |
|
|
|
22,528,505 |
|
|
|
3,996,446 |
|
|
|
|
|
| End
of the period |
|
$ |
62,556,155 |
|
|
$ |
30,736,756 |
|
|
$ |
22,528,505 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
59 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax
CVNA |
|
|
YieldMax DIS |
|
|
|
|
|
| |
|
Option
Income |
|
|
Option
Income |
|
|
|
|
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
|
|
|
|
| |
|
Period
ended |
|
|
Six-Months
ended |
|
|
|
|
|
|
|
|
| |
|
April
30, 2025(a) |
|
|
April 30,
2025 |
|
|
Year ended |
|
|
|
|
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
|
|
|
| Subscriptions |
|
|
1,775,000 |
|
|
|
1,300,000 |
|
|
|
1,450,000 |
|
|
|
|
|
| Redemptions |
|
|
(225,000 |
) |
|
|
(325,000 |
) |
|
|
(225,000 |
) |
|
|
|
|
| Total increase
(decrease) in shares outstanding |
|
|
1,550,000 |
|
|
|
975,000 |
|
|
|
1,225,000 |
|
|
|
|
|
|
| (a) |
Inception date of the Fund was January 29,
2025. |
| |
|
YieldMax Gold
Miners Option Income |
|
|
YieldMax GOOGL
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
724,771 |
|
|
$ |
329,405 |
|
|
$ |
1,785,237 |
|
|
$ |
1,540,083 |
|
| Net
realized gain (loss) |
|
|
10,505,535 |
|
|
|
(94,669 |
) |
|
|
(9,553,434 |
) |
|
|
(6,293,239 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
(3,048,429 |
) |
|
|
42,853 |
|
|
|
867,590 |
|
|
|
6,338,039 |
|
| Net
increase (decrease) in net assets from operations |
|
|
8,181,877 |
|
|
|
277,589 |
|
|
|
(6,900,607 |
) |
|
|
1,584,883 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(724,771 |
) |
|
|
(961,525 |
) |
|
|
(1,785,237 |
) |
|
|
(1,894,535 |
) |
| From
return of capital |
|
|
(10,819,264 |
) |
|
|
(2,062,505 |
) |
|
|
(16,522,210 |
) |
|
|
(11,181,438 |
) |
| Total
distributions to shareholders |
|
|
(11,544,035 |
) |
|
|
(3,024,030 |
) |
|
|
(18,307,447 |
) |
|
|
(13,075,973 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
56,302,430 |
|
|
|
36,420,648 |
|
|
|
72,392,970 |
|
|
|
74,778,135 |
|
| Redemptions |
|
|
(14,827,882 |
) |
|
|
(2,264,633 |
) |
|
|
(10,820,075 |
) |
|
|
(8,685,733 |
) |
| ETF
transaction fees (See Note 9) |
|
|
14,226 |
|
|
|
7,137 |
|
|
|
16,642 |
|
|
|
16,693 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
41,488,774 |
|
|
|
34,163,152 |
|
|
|
61,589,537 |
|
|
|
66,109,095 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
38,126,616 |
|
|
|
31,416,711 |
|
|
|
36,381,483 |
|
|
|
54,618,005 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
31,416,711 |
|
|
|
— |
|
|
|
70,951,597 |
|
|
|
16,333,592 |
|
| End
of the period |
|
$ |
69,543,327 |
|
|
$ |
31,416,711 |
|
|
$ |
107,333,080 |
|
|
$ |
70,951,597 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
3,575,000 |
|
|
|
1,950,000 |
|
|
|
4,900,000 |
|
|
|
4,375,000 |
|
| Redemptions |
|
|
(950,000 |
) |
|
|
(125,000 |
) |
|
|
(800,000 |
) |
|
|
(525,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
2,625,000 |
|
|
|
1,825,000 |
|
|
|
4,100,000 |
|
|
|
3,850,000 |
|
|
| (a) |
Inception date of the Fund was May 20,
2024. |
| |
|
YieldMax
Innovation Option Income |
|
|
YieldMax JPM
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
985,349 |
|
|
$ |
2,813,231 |
|
|
$ |
743,743 |
|
|
$ |
597,777 |
|
| Net
realized gain (loss) |
|
|
(5,104,911 |
) |
|
|
(8,676,835 |
) |
|
|
(5,085,364 |
) |
|
|
817,182 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
2,417,619 |
|
|
|
18,820,293 |
|
|
|
3,365,823 |
|
|
|
(17,107 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
(1,701,943 |
) |
|
|
12,956,689 |
|
|
|
(975,798 |
) |
|
|
1,397,852 |
|
| The
accompanying notes are an integral part of these financial
statements. |
60 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax
Innovation Option Income |
|
|
YieldMax JPM
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(985,349 |
) |
|
|
(2,803,181 |
) |
|
|
(743,743 |
) |
|
|
(1,423,567 |
) |
| From
return of capital |
|
|
(13,424,684 |
) |
|
|
(23,765,706 |
) |
|
|
(6,454,770 |
) |
|
|
(1,980,575 |
) |
| Total
distributions to shareholders |
|
|
(14,410,033 |
) |
|
|
(26,568,887 |
) |
|
|
(7,198,513 |
) |
|
|
(3,404,142 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
33,983,028 |
|
|
|
28,369,395 |
|
|
|
36,008,932 |
|
|
|
29,986,308 |
|
| Redemptions |
|
|
(12,704,645 |
) |
|
|
(27,422,377 |
) |
|
|
(5,091,837 |
) |
|
|
(4,857,290 |
) |
| ETF
transaction fees (See Note 9) |
|
|
9,338 |
|
|
|
11,158 |
|
|
|
8,220 |
|
|
|
6,969 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
21,287,721 |
|
|
|
958,176 |
|
|
|
30,925,315 |
|
|
|
25,135,987 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
5,175,745 |
|
|
|
(12,654,022 |
) |
|
|
22,751,004 |
|
|
|
23,129,697 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
54,444,394 |
|
|
|
67,098,416 |
|
|
|
26,428,161 |
|
|
|
3,298,464 |
|
| End
of the period |
|
$ |
59,620,139 |
|
|
$ |
54,444,394 |
|
|
$ |
49,179,165 |
|
|
$ |
26,428,161 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
3,475,000 |
|
|
|
2,450,000 |
|
|
|
1,975,000 |
|
|
|
1,525,000 |
|
| Redemptions |
|
|
(1,275,000 |
) |
|
|
(2,400,000 |
) |
|
|
(275,000 |
) |
|
|
(250,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
2,200,000 |
|
|
|
50,000 |
|
|
|
1,700,000 |
|
|
|
1,275,000 |
|
| |
|
|
|
|
|
|
|
YieldMax
MARA |
|
|
|
|
|
| |
|
YieldMax
Magnificent 7 Fund of |
|
|
Option
Income |
|
|
|
|
|
| |
|
Option Income ETFs |
|
|
Strategy ETF |
|
|
|
|
|
| |
|
Six-Months
ended |
|
|
|
|
|
Period
ended |
|
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April
30, 2025(b) |
|
|
|
|
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
|
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
66,631,828 |
|
|
$ |
10,364,715 |
|
|
$ |
405,409 |
|
|
|
|
|
| Net
realized gain (loss) |
|
|
(9,984,481 |
) |
|
|
703,694 |
|
|
|
(15,634,076 |
) |
|
|
|
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(84,073,639 |
) |
|
|
(2,644,773 |
) |
|
|
1,226,067 |
|
|
|
|
|
| Net
increase (decrease) in net assets from operations |
|
|
(27,426,292 |
) |
|
|
8,423,636 |
|
|
|
(14,002,600 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(59,785,033 |
) |
|
|
(11,300,209 |
) |
|
|
(405,409 |
) |
|
|
|
|
| From
return of capital |
|
|
— |
|
|
|
(12,967,418 |
) |
|
|
(11,273,316 |
) |
|
|
|
|
| Total
distributions to shareholders |
|
|
(59,785,033 |
) |
|
|
(24,267,627 |
) |
|
|
(11,678,725 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
215,440,168 |
|
|
|
219,703,880 |
|
|
|
80,429,813 |
|
|
|
|
|
| Redemptions |
|
|
(12,234,510 |
) |
|
|
(21,189,100 |
) |
|
|
(12,436,938 |
) |
|
|
|
|
| ETF
transaction fees (See Note 9) |
|
|
— |
|
|
|
— |
|
|
|
17,823 |
|
|
|
|
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
203,205,658 |
|
|
|
198,514,780 |
|
|
|
68,010,698 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
115,994,333 |
|
|
|
182,670,789 |
|
|
|
42,329,373 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
182,670,789 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| End
of the period |
|
$ |
298,665,122 |
|
|
$ |
182,670,789 |
|
|
$ |
42,329,373 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
11,250,000 |
|
|
|
10,900,000 |
|
|
|
2,450,000 |
|
|
|
|
|
| Redemptions |
|
|
(750,000 |
) |
|
|
(1,100,000 |
) |
|
|
(475,000 |
) |
|
|
|
|
| Total
increase (decrease) in shares outstanding |
|
|
10,500,000 |
|
|
|
9,800,000 |
|
|
|
1,975,000 |
|
|
|
|
|
|
| (a) |
Inception date of the Fund was January 29,
2024. |
|
| (b) |
Inception date of the Fund was December 9,
2024. |
| The
accompanying notes are an integral part of these financial
statements. |
61 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax META
Option Income |
|
|
YieldMax MRNA
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
2,773,350 |
|
|
$ |
2,513,383 |
|
|
$ |
1,250,580 |
|
|
$ |
809,578 |
|
| Net
realized gain (loss) |
|
|
(4,708,134 |
) |
|
|
18,322,251 |
|
|
|
(40,918,605 |
) |
|
|
(18,886,706 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
(9,204,540 |
) |
|
|
1,583,662 |
|
|
|
4,716,307 |
|
|
|
135,842 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(11,139,324 |
) |
|
|
22,419,296 |
|
|
|
(34,951,718 |
) |
|
|
(17,941,286 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(2,773,350 |
) |
|
|
(24,199,271 |
) |
|
|
(1,250,580 |
) |
|
|
(829,150 |
) |
| From
return of capital |
|
|
(29,609,308 |
) |
|
|
(5,732,114 |
) |
|
|
(24,018,160 |
) |
|
|
(9,155,627 |
) |
| Total
distributions to shareholders |
|
|
(32,382,658 |
) |
|
|
(29,931,385 |
) |
|
|
(25,268,740 |
) |
|
|
(9,984,777 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
93,594,238 |
|
|
|
137,746,925 |
|
|
|
122,230,283 |
|
|
|
68,569,325 |
|
| Redemptions |
|
|
(36,878,158 |
) |
|
|
(14,131,075 |
) |
|
|
(14,619,478 |
) |
|
|
(13,269,820 |
) |
| ETF
transaction fees (See Note 9) |
|
|
26,095 |
|
|
|
30,376 |
|
|
|
27,370 |
|
|
|
16,368 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
56,742,175 |
|
|
|
123,646,226 |
|
|
|
107,638,175 |
|
|
|
55,315,873 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
13,220,193 |
|
|
|
116,134,137 |
|
|
|
47,417,717 |
|
|
|
27,389,810 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
128,445,146 |
|
|
|
12,311,009 |
|
|
|
28,841,114 |
|
|
|
1,451,304 |
|
| End
of the period |
|
$ |
141,665,339 |
|
|
$ |
128,445,146 |
|
|
$ |
76,258,831 |
|
|
$ |
28,841,114 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
5,025,000 |
|
|
|
6,750,000 |
|
|
|
28,925,000 |
|
|
|
4,600,000 |
|
| Redemptions |
|
|
(1,975,000 |
) |
|
|
(725,000 |
) |
|
|
(3,875,000 |
) |
|
|
(700,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
3,050,000 |
|
|
|
6,025,000 |
|
|
|
25,050,000 |
|
|
|
3,900,000 |
|
| |
|
YieldMax MSFT
Option Income |
|
|
YieldMax MSTR
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
1,953,116 |
|
|
$ |
2,026,375 |
|
|
$ |
14,708,083 |
|
|
$ |
3,758,992 |
|
| Net realized gain
(loss) |
|
|
(16,050,549 |
) |
|
|
3,680,515 |
|
|
|
118,532,052 |
|
|
|
290,278,624 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
10,181,742 |
|
|
|
(4,848,130 |
) |
|
|
427,958,642 |
|
|
|
(32,718,175 |
) |
| Net increase (decrease)
in net assets from operations |
|
|
(3,915,691 |
) |
|
|
858,760 |
|
|
|
561,198,777 |
|
|
|
261,319,441 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO
SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From earnings |
|
|
(1,953,116 |
) |
|
|
(6,248,686 |
) |
|
|
(14,708,083 |
) |
|
|
(247,274,410 |
) |
| From
return of capital |
|
|
(12,284,974 |
) |
|
|
(8,000,692 |
) |
|
|
(922,204,737 |
) |
|
|
— |
|
| Total distributions to
shareholders |
|
|
(14,238,090 |
) |
|
|
(14,249,378 |
) |
|
|
(936,912,820 |
) |
|
|
(247,274,410 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
67,684,512 |
|
|
|
90,153,288 |
|
|
|
3,085,953,618 |
|
|
|
837,555,035 |
|
| Redemptions |
|
|
(22,609,370 |
) |
|
|
(4,466,118 |
) |
|
|
(246,324,627 |
) |
|
|
(38,707,543 |
) |
| ETF
transaction fees (See Note 9) |
|
|
18,059 |
|
|
|
18,924 |
|
|
|
666,455 |
|
|
|
174,753 |
|
| Net increase (decrease)
in net assets from capital transactions |
|
|
45,093,201 |
|
|
|
85,706,094 |
|
|
|
2,840,295,446 |
|
|
|
799,022,245 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
26,939,420 |
|
|
|
72,315,476 |
|
|
|
2,464,581,403 |
|
|
|
813,067,276 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of the period |
|
|
80,849,034 |
|
|
|
8,533,558 |
|
|
|
813,067,276 |
|
|
|
— |
|
| The
accompanying notes are an integral part of these financial
statements. |
62 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax MSFT
Option Income |
|
|
YieldMax MSTR
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| End of the period |
|
$ |
107,788,454 |
|
|
$ |
80,849,034 |
|
|
$ |
3,277,648,679 |
|
|
$ |
813,067,276 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
3,675,000 |
|
|
|
4,175,000 |
|
|
|
115,375,000 |
|
|
|
29,350,000 |
|
| Redemptions |
|
|
(1,350,000 |
) |
|
|
(225,000 |
) |
|
|
(8,875,000 |
) |
|
|
(1,375,000 |
) |
| Total increase
(decrease) in shares outstanding |
|
|
2,325,000 |
|
|
|
3,950,000 |
|
|
|
106,500,000 |
|
|
|
27,975,000 |
|
|
| (a) |
Inception date of the Fund was February
21, 2024. |
| |
|
YieldMax NFLX Option Income
Strategy ETF |
|
|
|
|
|
|
|
|
|
| |
|
Six-Months
ended |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
|
|
|
|
|
|
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
|
|
|
|
|
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
1,571,123 |
|
|
$ |
1,597,112 |
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) |
|
|
(265,626 |
) |
|
|
15,463,007 |
|
|
|
|
|
|
|
|
|
| Net
change in unrealized appreciation (depreciation) |
|
|
25,437,252 |
|
|
|
172,796 |
|
|
|
|
|
|
|
|
|
| Net
increase (decrease) in net assets from operations |
|
|
26,742,749 |
|
|
|
17,232,915 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(1,571,123 |
) |
|
|
(17,515,864 |
) |
|
|
|
|
|
|
|
|
| From
return of capital |
|
|
(20,306,612 |
) |
|
|
(551,336 |
) |
|
|
|
|
|
|
|
|
| Total
distributions to shareholders |
|
|
(21,877,735 |
) |
|
|
(18,067,200 |
) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
85,962,358 |
|
|
|
68,005,073 |
|
|
|
|
|
|
|
|
|
| Redemptions |
|
|
(2,589,095 |
) |
|
|
(31,784,023 |
) |
|
|
|
|
|
|
|
|
| ETF
transaction fees (See Note 9) |
|
|
17,710 |
|
|
|
19,958 |
|
|
|
|
|
|
|
|
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
83,390,973 |
|
|
|
36,241,008 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
88,255,987 |
|
|
|
35,406,723 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
51,464,951 |
|
|
|
16,058,228 |
|
|
|
|
|
|
|
|
|
| End
of the period |
|
$ |
139,720,938 |
|
|
$ |
51,464,951 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
4,675,000 |
|
|
|
3,800,000 |
|
|
|
|
|
|
|
|
|
| Redemptions |
|
|
(150,000 |
) |
|
|
(1,800,000 |
) |
|
|
|
|
|
|
|
|
| Total
increase (decrease) in shares outstanding |
|
|
4,525,000 |
|
|
|
2,000,000 |
|
|
|
|
|
|
|
|
|
| |
|
YieldMax NVDA
Option Income |
|
|
YieldMax PLTR
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
23,549,679 |
|
|
$ |
20,704,734 |
|
|
$ |
1,385,884 |
|
|
$ |
6,990 |
|
| Net
realized gain (loss) |
|
|
(365,009,663 |
) |
|
|
282,183,166 |
|
|
|
29,886,417 |
|
|
|
(194,179 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
61,321,533 |
|
|
|
25,809,389 |
|
|
|
34,805,967 |
|
|
|
7,523 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(280,138,451 |
) |
|
|
328,697,289 |
|
|
|
66,078,268 |
|
|
|
(179,666 |
) |
| The
accompanying notes are an integral part of these financial
statements. |
63 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax NVDA
Option Income |
|
|
YieldMax PLTR
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(23,549,679 |
) |
|
|
(311,324,754 |
) |
|
|
(1,385,884 |
) |
|
|
— |
|
| From
return of capital |
|
|
(453,843,551 |
) |
|
|
(63,150,284 |
) |
|
|
(56,660,711 |
) |
|
|
— |
|
| Total
distributions to shareholders |
|
|
(477,393,230 |
) |
|
|
(374,475,038 |
) |
|
|
(58,046,595 |
) |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
1,052,213,097 |
|
|
|
1,226,812,205 |
|
|
|
417,825,175 |
|
|
|
6,339,543 |
|
| Redemptions |
|
|
(258,341,827 |
) |
|
|
(95,177,880 |
) |
|
|
(144,620,110 |
) |
|
|
— |
|
| ETF
transaction fees (See Note 9) |
|
|
262,112 |
|
|
|
264,398 |
|
|
|
112,489 |
|
|
|
768 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
794,133,382 |
|
|
|
1,131,898,723 |
|
|
|
273,317,554 |
|
|
|
6,340,311 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
36,601,701 |
|
|
|
1,086,120,974 |
|
|
|
281,349,227 |
|
|
|
6,160,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
1,244,787,828 |
|
|
|
158,666,854 |
|
|
|
6,160,645 |
|
|
|
— |
|
| End
of the period |
|
$ |
1,281,389,529 |
|
|
$ |
1,244,787,828 |
|
|
$ |
287,509,872 |
|
|
$ |
6,160,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
52,475,000 |
|
|
|
46,225,000 |
|
|
|
6,350,000 |
|
|
|
125,000 |
|
| Redemptions |
|
|
(13,100,000 |
) |
|
|
(4,000,000 |
) |
|
|
(2,075,000 |
) |
|
|
— |
|
| Total
increase (decrease) in shares outstanding |
|
|
39,375,000 |
|
|
|
42,225,000 |
|
|
|
4,275,000 |
|
|
|
125,000 |
|
|
| (a) |
Inception date of the Fund was October 7,
2024. |
| |
|
YieldMax PYPL
Option Income |
|
|
YieldMax Short
COIN Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
864,975 |
|
|
$ |
616,471 |
|
|
$ |
612,248 |
|
|
$ |
187,643 |
|
| Net
realized gain (loss) |
|
|
(14,055,879 |
) |
|
|
6,896,786 |
|
|
|
4,323,135 |
|
|
|
(4,038,270 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
4,156,176 |
|
|
|
377,038 |
|
|
|
(11,657,806 |
) |
|
|
4,005,513 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(9,034,728 |
) |
|
|
7,890,295 |
|
|
|
(6,722,423 |
) |
|
|
154,886 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(864,975 |
) |
|
|
(8,716,230 |
) |
|
|
(612,248 |
) |
|
|
(3,417,195 |
) |
| From
return of capital |
|
|
(9,334,873 |
) |
|
|
(697,730 |
) |
|
|
(19,101,327 |
) |
|
|
(2,261,623 |
) |
| Total
distributions to shareholders |
|
|
(10,199,848 |
) |
|
|
(9,413,960 |
) |
|
|
(19,713,575 |
) |
|
|
(5,678,818 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
34,587,268 |
|
|
|
54,740,170 |
|
|
|
74,105,874 |
|
|
|
54,838,058 |
|
| Redemptions |
|
|
(10,684,818 |
) |
|
|
(9,382,330 |
) |
|
|
(36,649,577 |
) |
|
|
(9,289,688 |
) |
| ETF
transaction fees (See Note 9) |
|
|
9,054 |
|
|
|
12,824 |
|
|
|
22,151 |
|
|
|
12,326 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
23,911,504 |
|
|
|
45,370,664 |
|
|
|
37,478,448 |
|
|
|
45,560,696 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
4,676,928 |
|
|
|
43,846,999 |
|
|
|
11,042,450 |
|
|
|
40,036,764 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
45,199,697 |
|
|
|
1,352,698 |
|
|
|
40,036,764 |
|
|
|
— |
|
| End
of the period |
|
$ |
49,876,625 |
|
|
$ |
45,199,697 |
|
|
$ |
51,079,214 |
|
|
$ |
40,036,764 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
2,000,000 |
|
|
|
3,000,000 |
|
|
|
8,600,000 |
|
|
|
2,900,000 |
|
| Redemptions |
|
|
(675,000 |
) |
|
|
(525,000 |
) |
|
|
(4,025,000 |
) |
|
|
(525,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
1,325,000 |
|
|
|
2,475,000 |
|
|
|
4,575,000 |
|
|
|
2,375,000 |
|
|
| (a) |
Inception date of the Fund was July 9,
2024. |
| The
accompanying notes are an integral part of these financial
statements. |
64 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax Short
N100 Option Income |
|
|
YieldMax Short
NVDA Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024(b)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
134,826 |
|
|
$ |
31,418 |
|
|
$ |
158,346 |
|
|
$ |
69,738 |
|
| Net
realized gain (loss) |
|
|
(42,460 |
) |
|
|
173,656 |
|
|
|
(26,256 |
) |
|
|
(137,892 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
47,808 |
|
|
|
(256,760 |
) |
|
|
489,153 |
|
|
|
(1,281,150 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
140,174 |
|
|
|
(51,686 |
) |
|
|
621,243 |
|
|
|
(1,349,304 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(134,826 |
) |
|
|
(189,417 |
) |
|
|
(158,346 |
) |
|
|
(385,033 |
) |
| From
return of capital |
|
|
(1,020,707 |
) |
|
|
— |
|
|
|
(3,663,022 |
) |
|
|
(442,930 |
) |
| Total
distributions to shareholders |
|
|
(1,155,533 |
) |
|
|
(189,417 |
) |
|
|
(3,821,368 |
) |
|
|
(827,963 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
10,866,802 |
|
|
|
6,291,440 |
|
|
|
11,545,315 |
|
|
|
14,309,308 |
|
| Redemptions |
|
|
(4,341,005 |
) |
|
|
— |
|
|
|
(8,598,898 |
) |
|
|
(1,513,690 |
) |
| ETF
transaction fees (See Note 9) |
|
|
3,042 |
|
|
|
758 |
|
|
|
4,029 |
|
|
|
2,664 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
6,528,839 |
|
|
|
6,292,198 |
|
|
|
2,950,446 |
|
|
|
12,798,282 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
5,513,480 |
|
|
|
6,051,095 |
|
|
|
(249,679 |
) |
|
|
10,621,015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
6,051,095 |
|
|
|
— |
|
|
|
10,621,015 |
|
|
|
— |
|
| End
of the period |
|
$ |
11,564,575 |
|
|
$ |
6,051,095 |
|
|
$ |
10,371,336 |
|
|
$ |
10,621,015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
625,000 |
|
|
|
325,000 |
|
|
|
900,000 |
|
|
|
800,000 |
|
| Redemptions |
|
|
(250,000 |
) |
|
|
— |
|
|
|
(675,000 |
) |
|
|
(100,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
375,000 |
|
|
|
325,000 |
|
|
|
225,000 |
|
|
|
700,000 |
|
|
| (a) |
Inception date of the Fund was August 14,
2024. |
|
| (b) |
Inception date of the Fund was July 23,
2024. |
| |
|
YieldMax Short
TSLA Option Income |
|
|
YieldMax SMCI
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024(b)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
301,907 |
|
|
$ |
195,942 |
|
|
$ |
1,213,824 |
|
|
$ |
22,648 |
|
| Net
realized gain (loss) |
|
|
(1,593,093 |
) |
|
|
(320,760 |
) |
|
|
(13,671,843 |
) |
|
|
(2,912,304 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
(2,677,198 |
) |
|
|
(1,570,691 |
) |
|
|
5,329,104 |
|
|
|
(1,283,242 |
) |
| Net
increase (decrease) in net assets from operations |
|
|
(3,968,384 |
) |
|
|
(1,695,509 |
) |
|
|
(7,128,915 |
) |
|
|
(4,172,898 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(301,907 |
) |
|
|
(781,280 |
) |
|
|
(1,213,824 |
) |
|
|
(22,648 |
) |
| From
return of capital |
|
|
(8,721,371 |
) |
|
|
(3,752,805 |
) |
|
|
(42,216,171 |
) |
|
|
(1,315,877 |
) |
| Total
distributions to shareholders |
|
|
(9,023,278 |
) |
|
|
(4,534,085 |
) |
|
|
(43,429,995 |
) |
|
|
(1,338,525 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
31,852,035 |
|
|
|
32,236,730 |
|
|
|
214,008,560 |
|
|
|
17,104,548 |
|
| Redemptions |
|
|
(15,243,668 |
) |
|
|
(2,929,515 |
) |
|
|
(51,481,065 |
) |
|
|
— |
|
| ETF
transaction fees (See Note 9) |
|
|
9,419 |
|
|
|
6,533 |
|
|
|
53,098 |
|
|
|
2,921 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
16,617,786 |
|
|
|
29,313,748 |
|
|
|
162,580,593 |
|
|
|
17,107,469 |
|
| The
accompanying notes are an integral part of these financial
statements. |
65 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax Short
TSLA Option Income |
|
|
YieldMax SMCI
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024(b)
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
3,626,124 |
|
|
|
23,084,154 |
|
|
|
112,021,683 |
|
|
|
11,596,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
23,084,154 |
|
|
|
— |
|
|
|
11,596,046 |
|
|
|
— |
|
| End
of the period |
|
$ |
26,710,278 |
|
|
$ |
23,084,154 |
|
|
$ |
123,617,729 |
|
|
$ |
11,596,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
4,525,000 |
|
|
|
2,275,000 |
|
|
|
8,650,000 |
|
|
|
350,000 |
|
| Redemptions |
|
|
(2,175,000 |
) |
|
|
(225,000 |
) |
|
|
(1,850,000 |
) |
|
|
— |
|
| Total
increase (decrease) in shares outstanding |
|
|
2,350,000 |
|
|
|
2,050,000 |
|
|
|
6,800,000 |
|
|
|
350,000 |
|
|
| (a) |
Inception date of the Fund was May 1,
2024. |
|
| (b) |
Inception date of the Fund was September
11, 2024. |
| |
|
YieldMax SNOW
Option Income |
|
|
YieldMax TSLA
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
573,823 |
|
|
$ |
189,989 |
|
|
$ |
17,500,437 |
|
|
$ |
31,821,008 |
|
| Net realized gain
(loss) |
|
|
(4,107,561 |
) |
|
|
531,671 |
|
|
|
(184,746,165 |
) |
|
|
33,573,917 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
7,649,379 |
|
|
|
(1,350,869 |
) |
|
|
159,127,263 |
|
|
|
(29,302,181 |
) |
| Net increase (decrease)
in net assets from operations |
|
|
4,115,641 |
|
|
|
(629,209 |
) |
|
|
(8,118,465 |
) |
|
|
36,092,744 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO
SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From earnings |
|
|
(573,823 |
) |
|
|
(937,968 |
) |
|
|
(17,500,437 |
) |
|
|
(31,820,428 |
) |
| From
return of capital |
|
|
(12,037,097 |
) |
|
|
(1,820,930 |
) |
|
|
(407,834,728 |
) |
|
|
(486,932,585 |
) |
| Total distributions to
shareholders |
|
|
(12,610,920 |
) |
|
|
(2,758,898 |
) |
|
|
(425,335,165 |
) |
|
|
(518,753,013 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
55,926,663 |
|
|
|
23,005,275 |
|
|
|
973,049,490 |
|
|
|
856,132,540 |
|
| Redemptions |
|
|
(18,899,833 |
) |
|
|
(865,825 |
) |
|
|
(370,754,672 |
) |
|
|
(225,731,279 |
) |
| ETF
transaction fees (See Note 9) |
|
|
14,966 |
|
|
|
4,274 |
|
|
|
268,761 |
|
|
|
216,057 |
|
Net increase (decrease)
in net assets from
capital transactions |
|
|
37,041,796 |
|
|
|
22,143,724 |
|
|
|
602,563,579 |
|
|
|
630,617,318 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
28,546,517 |
|
|
|
18,755,617 |
|
|
|
169,109,949 |
|
|
|
147,957,049 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of the period |
|
|
18,755,617 |
|
|
|
— |
|
|
|
826,581,007 |
|
|
|
678,623,958 |
|
| End of the period |
|
$ |
47,302,134 |
|
|
$ |
18,755,617 |
|
|
$ |
995,690,956 |
|
|
$ |
826,581,007 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
3,050,000 |
|
|
|
1,225,000 |
|
|
|
79,675,000 |
|
|
|
69,700,000 |
|
| Redemptions |
|
|
(1,100,000 |
) |
|
|
(50,000 |
) |
|
|
(29,925,000 |
) |
|
|
(16,900,000 |
) |
| Reverse
Stock Split (Note 10) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(44,725,000 |
)(b) |
| Total increase
(decrease) in shares outstanding |
|
|
1,950,000 |
|
|
|
1,175,000 |
|
|
|
49,750,000 |
|
|
|
8,075,000 |
|
|
| (a) |
Inception date of the Fund was June 10,
2024. |
|
| (b) |
Share amounts for the Fund have been
adjusted for a one-for-two reverse stock split effective on February 26,
2024 (Note 10). |
| The
accompanying notes are an integral part of these financial
statements. |
66 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax TSM
Option Income |
|
|
YieldMax Ultra
Option Income |
|
| |
|
Strategy ETF |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Period
ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024(b)
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
608,980 |
|
|
$ |
37,259 |
|
|
$ |
(1,097,273 |
) |
|
$ |
(348,207 |
) |
| Net
realized gain (loss) |
|
|
(3,852,062 |
) |
|
|
253,395 |
|
|
|
(5,823,545 |
) |
|
|
(11,958,411 |
) |
| Net
change in unrealized appreciation (depreciation) |
|
|
(2,308,316 |
) |
|
|
(644,853 |
) |
|
|
(12,117,455 |
) |
|
|
9,654,026 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(5,551,398 |
) |
|
|
(354,199 |
) |
|
|
(19,038,273 |
) |
|
|
(2,652,592 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(608,980 |
) |
|
|
(569,854 |
) |
|
|
— |
|
|
|
(3,008,277 |
) |
| From
return of capital |
|
|
(7,847,810 |
) |
|
|
(466,466 |
) |
|
|
(114,685,305 |
) |
|
|
(89,997,353 |
) |
| Total
distributions to shareholders |
|
|
(8,456,790 |
) |
|
|
(1,036,320 |
) |
|
|
(114,685,305 |
) |
|
|
(93,005,630 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
41,771,829 |
|
|
|
25,624,027 |
|
|
|
173,265,682 |
|
|
|
344,831,008 |
|
| Redemptions |
|
|
(9,445,325 |
) |
|
|
(1,006,720 |
) |
|
|
(13,147,610 |
) |
|
|
(43,819,140 |
) |
| ETF
transaction fees (See Note 9) |
|
|
10,146 |
|
|
|
4,826 |
|
|
|
37,283 |
|
|
|
77,230 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
32,336,650 |
|
|
|
24,622,133 |
|
|
|
160,155,355 |
|
|
|
301,089,098 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
18,328,462 |
|
|
|
23,231,614 |
|
|
|
26,431,777 |
|
|
|
205,430,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
23,231,614 |
|
|
|
— |
|
|
|
205,430,876 |
|
|
|
— |
|
| End
of the period |
|
$ |
41,560,076 |
|
|
$ |
23,231,614 |
|
|
$ |
231,862,653 |
|
|
$ |
205,430,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
2,300,000 |
|
|
|
1,225,000 |
|
|
|
20,275,000 |
|
|
|
24,400,000 |
|
| Redemptions |
|
|
(550,000 |
) |
|
|
(50,000 |
) |
|
|
(1,675,000 |
) |
|
|
(3,625,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
1,750,000 |
|
|
|
1,175,000 |
|
|
|
18,600,000 |
|
|
|
20,775,000 |
|
|
| (a) |
Inception date of the Fund was August 20,
2024. |
|
| (b) |
Inception date of the Fund was February
28, 2024. |
| |
|
YieldMax
Universe Fund of Option |
|
|
YieldMax XOM
Option Income |
|
| |
|
Income ETFs |
|
|
Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
178,399,359 |
|
|
$ |
27,964,054 |
|
|
$ |
728,520 |
|
|
$ |
735,648 |
|
| Net
realized gain (loss) |
|
|
(27,651,490 |
) |
|
|
(15,077,396 |
) |
|
|
(6,101,668 |
) |
|
|
389,916 |
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(188,410,980 |
) |
|
|
(5,673,659 |
) |
|
|
1,359,517 |
|
|
|
750,795 |
|
| Net
increase (decrease) in net assets from operations |
|
|
(37,663,111 |
) |
|
|
7,212,999 |
|
|
|
(4,013,631 |
) |
|
|
1,876,359 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(171,601,430 |
) |
|
|
(27,963,154 |
) |
|
|
(728,520 |
) |
|
|
(1,792,420 |
) |
| From
return of capital |
|
|
— |
|
|
|
(36,079,501 |
) |
|
|
(5,566,120 |
) |
|
|
(2,567,003 |
) |
| Total
distributions to shareholders |
|
|
(171,601,430 |
) |
|
|
(64,042,655 |
) |
|
|
(6,294,640 |
) |
|
|
(4,359,423 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
600,642,440 |
|
|
|
443,566,538 |
|
|
|
32,997,067 |
|
|
|
35,970,935 |
|
| Redemptions |
|
|
(17,872,557 |
) |
|
|
(41,367,053 |
) |
|
|
(8,908,765 |
) |
|
|
(7,668,120 |
) |
| ETF
transaction fees (See Note 9) |
|
|
— |
|
|
|
364 |
|
|
|
8,382 |
|
|
|
8,728 |
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
582,769,883 |
|
|
|
402,199,849 |
|
|
|
24,096,684 |
|
|
|
28,311,543 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
373,505,342 |
|
|
|
345,370,193 |
|
|
|
13,788,413 |
|
|
|
25,828,479 |
|
| The
accompanying notes are an integral part of these financial
statements. |
67 |
| Statements
of Changes in Net Assets |
YieldMax
ETFs |
| |
|
YieldMax
Universe Fund of Option |
|
|
YieldMax XOM
Option |
|
| |
|
Income ETFs |
|
|
Income Strategy ETF |
|
| |
|
Six-Months
ended |
|
|
|
|
|
Six-Months
ended |
|
|
|
|
| |
|
April 30,
2025 |
|
|
Period
ended |
|
|
April 30,
2025 |
|
|
Year ended |
|
| |
|
(Unaudited) |
|
|
October 31, 2024(a)
|
|
|
(Unaudited) |
|
|
October 31, 2024 |
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
345,370,193 |
|
|
|
— |
|
|
|
32,232,423 |
|
|
|
6,403,944 |
|
| End
of the period |
|
$ |
718,875,535 |
|
|
$ |
345,370,193 |
|
|
$ |
46,020,836 |
|
|
$ |
32,232,423 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
35,175,000 |
|
|
|
22,675,000 |
|
|
|
2,225,000 |
|
|
|
2,075,000 |
|
| Redemptions |
|
|
(1,300,000 |
) |
|
|
(2,275,000 |
) |
|
|
(625,000 |
) |
|
|
(450,000 |
) |
| Total
increase (decrease) in shares outstanding |
|
|
33,875,000 |
|
|
|
20,400,000 |
|
|
|
1,600,000 |
|
|
|
1,625,000 |
|
|
| (a) |
Inception date of the Fund was January 16,
2024. |
| |
|
YieldMax XYZ Option
Income Strategy ETF |
|
|
|
|
|
|
|
|
|
| |
|
Six-Months
ended |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
April 30,
2025 |
|
|
Year ended |
|
|
|
|
|
|
|
|
|
| |
|
(Unaudited) |
|
|
October 31, 2024 |
|
|
|
|
|
|
|
|
|
| OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss) |
|
$ |
1,227,940 |
|
|
$ |
1,154,925 |
|
|
|
|
|
|
|
|
|
| Net
realized gain (loss) |
|
|
(22,621,512 |
) |
|
|
2,873,897 |
|
|
|
|
|
|
|
|
|
| Net
change in unrealized appreciation (depreciation) |
|
|
(1,845,705 |
) |
|
|
3,128,873 |
|
|
|
|
|
|
|
|
|
| Net
increase (decrease) in net assets from operations |
|
|
(23,239,277 |
) |
|
|
7,157,695 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
earnings |
|
|
(1,227,940 |
) |
|
|
(6,862,639 |
) |
|
|
|
|
|
|
|
|
| From
return of capital |
|
|
(18,233,035 |
) |
|
|
(9,747,016 |
) |
|
|
|
|
|
|
|
|
| Total
distributions to shareholders |
|
|
(19,460,975 |
) |
|
|
(16,609,655 |
) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
69,458,590 |
|
|
|
89,037,003 |
|
|
|
|
|
|
|
|
|
| Redemptions |
|
|
(17,073,890 |
) |
|
|
(32,886,815 |
) |
|
|
|
|
|
|
|
|
| ETF
transaction fees (See Note 9) |
|
|
17,307 |
|
|
|
24,385 |
|
|
|
|
|
|
|
|
|
| Net
increase (decrease) in net assets from capital transactions |
|
|
52,402,007 |
|
|
|
56,174,573 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
9,701,755 |
|
|
|
46,722,613 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of the period |
|
|
50,273,870 |
|
|
|
3,551,257 |
|
|
|
|
|
|
|
|
|
| End
of the period |
|
$ |
59,975,625 |
|
|
$ |
50,273,870 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
3,775,000 |
|
|
|
4,200,000 |
|
|
|
|
|
|
|
|
|
| Redemptions |
|
|
(1,050,000 |
) |
|
|
(1,575,000 |
) |
|
|
|
|
|
|
|
|
| Total
increase (decrease) in shares outstanding |
|
|
2,725,000 |
|
|
|
2,625,000 |
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these financial
statements. |
68 |
| Financial Highlights |
YieldMax
ETFs |
For a share outstanding
throughout the six-months/periods presented
| |
|
INVESTMENT
OPERATIONS: |
LESS
DISTRIBUITONS FROM: |
|
|
|
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) on
investments(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 expense reimbursement /
recoupment(d) |
Ratio
of expenses to average net assets after expense reimbursement /
recoupment(d) |
Ratio
of dividends, interest and broker expense to average net
assets(d) |
Ratio
of tax expense to average net assets(d) |
Ratio
of operational expenses to average net assets excluding dividends,
interest, tax, and broker expense(d) |
Ratio
of net investment income (loss) to average net
assets(d) |
Portfolio
turnover rate(c)(e) |
| YieldMax
AAPL Option Income Strategy ETF |
| 4/30/2025(f)
|
$17.36 |
0.27 |
(1.38) |
(1.11) |
(0.25) |
— |
(1.80) |
(2.05) |
0.00(g)
|
$14.20 |
-7.05% |
$119,292 |
0.99% |
0.99% |
0.00%(h)
|
—% |
0.99% |
3.34% |
17% |
| 10/31/2024 |
$18.33 |
0.69 |
2.72 |
3.41 |
(2.19) |
— |
(2.19) |
(4.38) |
0.00(g)
|
$17.36 |
21.14% |
$92,464 |
1.06% |
1.06% |
0.07% |
—% |
0.99% |
3.82% |
20% |
| 10/31/2023(i)
|
$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 |
| 4/30/2025(f)
|
$16.33 |
0.22 |
(1.65) |
(1.43) |
(0.41) |
— |
(2.52) |
(2.93) |
0.00(g)
|
$11.97 |
-10.43% |
$28,422 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
3.15% |
29% |
| 10/31/2024(j)
|
$20.00 |
0.19 |
(1.81) |
(1.62) |
(1.28) |
— |
(0.78) |
(2.06) |
0.01 |
$16.33 |
-7.19% |
$16,743 |
1.06% |
1.06% |
0.07% |
—% |
0.99% |
3.22% |
46% |
| YieldMax
AI Option Income Strategy ETF |
| 4/30/2025(f)
|
$8.36 |
0.12 |
(0.69) |
(0.57) |
(0.49) |
— |
(2.54) |
(3.03) |
0.00(g)
|
$4.76 |
-15.58% |
$86,639 |
0.99% |
0.99% |
—% |
—% |
0.99% |
3.59% |
15% |
| 10/31/2024(k)
|
$20.00 |
0.38 |
(5.37) |
(4.99) |
(0.42) |
— |
(6.24) |
(6.66) |
0.01 |
$8.36 |
-30.62% |
$34,272 |
1.67% |
1.67% |
0.68% |
—% |
0.99% |
3.56% |
4% |
| YieldMax
AMD Option Income Strategy ETF |
| 4/30/2025(f)
|
$12.56 |
0.17 |
(3.29) |
(3.12) |
(0.32) |
— |
(2.05) |
(2.37) |
0.00(g)
|
$7.07 |
-28.13% |
$129,529 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
3.64% |
38% |
| 10/31/2024 |
$18.84 |
0.68 |
4.59 |
5.27 |
(2.14) |
— |
(9.42) |
(11.56) |
0.01 |
$12.56 |
25.62% |
$121,221 |
1.23% |
1.23% |
0.24% |
—% |
0.99% |
4.06% |
37% |
| 10/31/2023(l)
|
$20.00 |
0.10 |
(1.26) |
(1.16) |
— |
— |
— |
— |
0.00(g)
|
$18.84 |
-5.80% |
$5,651 |
0.99% |
0.99% |
—% |
—% |
—% |
4.39% |
—% |
| YieldMax
AMZN Option Income Strategy ETF |
| 4/30/2025(f)
|
$18.64 |
0.32 |
0.15 |
0.47 |
(0.52) |
— |
(3.37) |
(3.89) |
0.00(g)
|
$15.22 |
1.09% |
$235,084 |
1.07% |
1.07% |
0.08% |
—% |
0.99% |
3.54% |
21% |
| 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(m)
|
$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 |
| 4/30/2025(f)
|
$21.02 |
0.28 |
1.17 |
1.45 |
(0.32) |
— |
(5.48) |
(5.81) |
0.01 |
$16.68 |
6.52% |
$40,863 |
0.99% |
0.99% |
—% |
—% |
0.99% |
3.00% |
53% |
| 10/31/2024(n)
|
$20.00 |
0.15 |
2.85 |
3.00 |
(1.99) |
— |
— |
(1.99) |
0.01 |
$21.02 |
15.00% |
$21,016 |
1.07% |
1.07% |
0.08% |
—% |
0.99% |
3.05% |
16% |
| YieldMax
Bitcoin Option Income Strategy ETF |
| 4/30/2025(f)
|
$12.75 |
0.10 |
1.88 |
1.98 |
(0.23) |
— |
(3.93) |
(4.16) |
0.00(g)
|
$10.57 |
15.78% |
$115,210 |
0.99% |
0.99% |
—% |
—% |
0.99% |
1.69% |
25% |
| 10/31/2024(o)
|
$20.00 |
0.07 |
(1.88) |
(1.81) |
(0.23) |
— |
(5.22) |
(5.45) |
0.01 |
$12.75 |
-7.26% |
$47,830 |
4.75% |
4.75% |
3.76% |
—% |
0.99% |
0.91% |
28% |
| YieldMax
COIN Option Income Strategy ETF |
| 4/30/2025(f)
|
$12.23 |
0.21 |
1.95 |
2.16 |
(0.92) |
— |
(5.36) |
(6.28) |
0.00(g)
|
$8.11 |
6.99% |
$1,067,276 |
1.04% |
1.04% |
0.05% |
—% |
0.99% |
3.68% |
24% |
| 10/31/2024 |
$19.70 |
0.76 |
12.23 |
12.99 |
(6.59) |
— |
(13.88) |
(20.47) |
0.01 |
$12.23 |
62.36% |
$655,235 |
1.22% |
1.22% |
0.23% |
—% |
0.99% |
4.10% |
27% |
| 10/31/2023(p)
|
$20.00 |
0.18 |
0.72 |
0.90 |
(1.21) |
— |
— |
(1.21) |
0.01 |
$19.70 |
4.69% |
$65,015 |
1.09% |
1.09% |
0.10% |
—% |
0.99% |
4.28% |
9% |
| YieldMax
CVNA Option Income Strategy ETF |
| 4/30/2025(f)(q)
|
$50.00 |
0.25 |
(3.01) |
(2.76) |
(0.33) |
— |
— |
(7.21) |
— |
$40.36 |
-1.74% |
$62,556 |
1.04% |
1.04% |
0.05% |
—% |
0.99% |
2.87% |
—% |
| YieldMax
DIS Option Income Strategy ETF |
| 4/30/2025(f)
|
$15.81 |
0.26 |
(0.85) |
(0.59) |
(0.38) |
— |
(2.03) |
(2.41) |
0.00(g)
|
$12.81 |
-5.56% |
$30,737 |
1.17% |
1.17% |
0.18% |
—% |
0.99% |
3.33% |
53% |
| 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(r)
|
$20.00 |
0.14 |
0.10 |
0.24 |
(0.26) |
— |
— |
(0.26) |
0.00(g)
|
$19.98 |
1.22% |
$3,996 |
1.15% |
1.15% |
0.16% |
—% |
0.99% |
3.69% |
2% |
| YieldMax
Gold Miners Option Income Strategy ETF |
| 4/30/2025(f)
|
$17.21 |
0.24 |
1.80 |
2.04 |
(0.10) |
— |
(3.52) |
(3.62) |
0.00(g)
|
$15.63 |
14.25% |
$69,543 |
1.01% |
1.01% |
0.02% |
—% |
0.99% |
3.05% |
27% |
| 10/31/2024(s)
|
$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 |
| 4/30/2025(f)
|
$15.02 |
0.24 |
(0.76) |
(0.52) |
(0.15) |
— |
(2.19) |
(2.34) |
0.00(g)
|
$12.16 |
-4.15% |
$107,333 |
1.14% |
1.14% |
0.15% |
—% |
0.99% |
3.45% |
25% |
| 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(t)
|
$20.00 |
0.20 |
(0.86) |
(0.66) |
(0.68) |
— |
— |
(0.68) |
0.01 |
$18.67 |
-3.50% |
$16,334 |
0.99% |
0.99% |
—% |
—% |
0.99% |
3.68% |
13% |
| YieldMax
Innovation Option Income Strategy ETF |
| 4/30/2025(f)
|
$9.68 |
0.15 |
(0.04) |
0.11 |
(0.16) |
— |
(2.01) |
(2.17) |
0.00(g)
|
$7.62 |
-1.41% |
$59,620 |
0.99% |
0.99% |
0.00%(h)
|
—% |
0.99% |
3.12% |
97% |
| 10/31/2024 |
$12.04 |
0.49 |
1.84 |
2.33 |
(0.49) |
— |
(4.20) |
(4.69) |
0.00(g)
|
$9.68 |
20.85% |
$54,444 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
4.22% |
64% |
| 10/31/2023(u)
|
$20.00 |
0.58 |
(2.62) |
(2.04) |
(4.27) |
— |
(1.66) |
(5.93) |
0.01 |
$12.04 |
-13.76% |
$67,098 |
1.19% |
1.19% |
0.20% |
—% |
0.99% |
4.24% |
60% |
| YieldMax
JPM Option Income Strategy ETF |
| 4/30/2025(f)
|
$18.23 |
0.30 |
(0.03) |
0.27 |
(0.25) |
— |
(2.64) |
(2.89) |
0.00(g)
|
$15.61 |
0.81% |
$49,179 |
1.07% |
1.07% |
0.08% |
—% |
0.99% |
3.50% |
17% |
| The
accompanying notes are an integral part of these financial
statements. |
69 |
| Financial
Highlights |
YieldMax
ETFs |
For a share outstanding
throughout the six-months/periods presented
| |
|
INVESTMENT
OPERATIONS: |
LESS
DISTRIBUITONS FROM: |
|
|
|
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) on
investments(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 expense reimbursement /
recoupment(d) |
Ratio
of expenses to average net assets after expense reimbursement /
recoupment(d) |
Ratio
of dividends, interest and broker expense to average net
assets(d) |
Ratio
of tax expense to average net assets(d) |
Ratio
of operational expenses to average net assets excluding dividends,
interest, tax, and broker expense(d) |
Ratio
of net investment income (loss) to average net
assets(d) |
Portfolio
turnover rate(c)e) |
| 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(v)
|
$20.00 |
0.11 |
(1.01) |
(0.90) |
(0.10) |
— |
(0.15) |
(0.25) |
0.00(g)
|
$18.85 |
-4.58% |
$3,298 |
1.05% |
1.05% |
0.06% |
—% |
0.99% |
4.04% |
42% |
| YieldMax
Magnificent 7 Fund of Option Income ETFs |
| 4/30/2025(f)
|
$18.64 |
3.88(qq) |
(4.25) |
(0.37) |
(3.56) |
— |
— |
(3.56) |
— |
$14.71 |
-3.67% |
$298,665 |
0.29%(rr)
|
0.29%(rr)
|
–%(rr) |
–%(rr) |
0.29%(rr)
|
45.02%(rr)
|
19% |
| 10/31/2024(w)
|
$20.00 |
2.57(qq) |
1.49 |
4.06 |
(2.52) |
— |
(2.90) |
(5.42) |
— |
$18.64 |
22.44% |
$182,671 |
0.29%(rr)
|
0.29%(rr)
|
–%(rr) |
–%(rr) |
0.29%(rr)
|
17.41%(rr)
|
21% |
| YieldMax
MARA Option Income Strategy ETF |
| 4/30/2025(f)(x)
|
$50.00 |
0.37 |
(19.48) |
(19.11) |
(0.72) |
— |
(8.76) |
(9.48) |
0.02 |
$21.43 |
-41.03% |
$42,329 |
1.05% |
1.05% |
0.06% |
0.00%(h)
|
0.99% |
3.55% |
—% |
| YieldMax
META Option Income Strategy ETF |
| 4/30/2025(f)
|
$19.32 |
0.33 |
(1.21) |
(0.88) |
(0.36) |
— |
(3.48) |
(3.84) |
0.00(g)
|
$14.60 |
-6.81% |
$141,665 |
1.03% |
1.03% |
0.04% |
—% |
0.99% |
3.59% |
19% |
| 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(t)
|
$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 |
| 4/30/2025(f)
|
$7.26 |
0.08 |
(3.02) |
(2.94) |
(0.24) |
— |
(1.45) |
(1.69) |
0.00(g)
|
$2.63 |
-46.76% |
$76,259 |
0.99% |
0.99% |
0.00%(h)
|
—% |
0.99% |
4.10% |
1% |
| 10/31/2024 |
$19.35 |
0.58 |
(3.50) |
(2.92) |
(0.76) |
— |
(8.42) |
(9.18) |
0.01 |
$7.26 |
-36.73% |
$28,841 |
1.26% |
1.26% |
0.27% |
—% |
0.99% |
4.02% |
27% |
| 10/31/2023(y)
|
$20.00 |
0.00(g)
|
(0.65) |
(0.65) |
— |
— |
— |
— |
— |
$19.35 |
-3.25% |
$1,451 |
0.99% |
0.99% |
—% |
—% |
0.99% |
(0.78)% |
—% |
| YieldMax
MSFT Option Income Strategy ETF |
| 4/30/2025(f)
|
$18.59 |
0.30 |
(0.47) |
(0.17) |
(0.37) |
— |
(1.90) |
(2.27) |
0.00(g)
|
$16.15 |
-1.30% |
$107,788 |
1.03% |
1.03% |
0.04% |
—% |
0.99% |
3.52% |
14% |
| 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(r)
|
$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 |
| 4/30/2025(f)
|
$29.06 |
0.19 |
9.63 |
9.82 |
(2.33) |
— |
(12.29) |
(14.52) |
0.01 |
$24.37 |
41.11% |
$3,277,649 |
0.99% |
0.99% |
0.00%(h)
|
—% |
0.99% |
1.58% |
—% |
| 10/31/2024(z)
|
$20.00 |
0.34 |
28.71 |
29.05 |
(20.01) |
— |
— |
(20.01) |
0.02 |
$29.06 |
188.30% |
$813,067 |
0.99% |
0.99% |
—% |
—% |
0.99% |
1.85% |
—% |
| YieldMax
NFLX Option Income Strategy ETF |
| 4/30/2025(f)
|
$17.75 |
0.29 |
5.09 |
5.38 |
(0.50) |
— |
(3.81) |
(4.31) |
0.00(g)
|
$18.82 |
34.61% |
$139,721 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
3.35% |
28% |
| 10/31/2024 |
$17.84 |
0.71 |
7.87 |
8.58 |
(8.42) |
— |
(0.26) |
(8.68) |
0.01 |
$17.75 |
63.43% |
$51,465 |
1.05% |
1.05% |
0.06% |
—% |
0.99% |
4.08% |
51% |
| 10/31/2023(aa)
|
$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%(h) |
| YieldMax
NVDA Option Income Strategy ETF |
| 4/30/2025(f)
|
$24.88 |
0.34 |
(3.88) |
(3.54) |
(0.43) |
— |
(6.58) |
(7.01) |
0.00(g)
|
$14.33 |
-18.36% |
$1,281,390 |
1.10% |
1.10% |
0.11% |
—% |
0.99% |
3.45% |
14% |
| 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(bb)
|
$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 |
| 4/30/2025(f)
|
$49.29 |
0.84 |
43.18 |
44.02 |
(6.47) |
— |
(21.57) |
(28.04) |
0.07 |
$65.34 |
103.56% |
$287,510 |
1.02% |
1.02% |
0.03% |
—% |
0.99% |
2.62% |
28% |
| 10/31/2024(cc)
|
$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 |
| 4/30/2025(f)
|
$17.73 |
0.25 |
(2.10) |
(1.85) |
(0.29) |
— |
(2.72) |
(3.01) |
0.00(g)
|
$12.87 |
-12.58% |
$49,877 |
1.23% |
1.23% |
0.24% |
—% |
0.99% |
3.23% |
16% |
| 10/31/2024 |
$18.04 |
0.63 |
7.72 |
8.35 |
(8.03) |
— |
(0.64) |
(8.67) |
0.01 |
$17.73 |
58.02% |
$45,200 |
1.45% |
1.45% |
0.46% |
—% |
0.99% |
3.49% |
344% |
| 10/31/2023(dd)
|
$20.00 |
0.06 |
(2.03) |
(1.97) |
— |
— |
— |
— |
0.01 |
$18.04 |
-9.82% |
$1,353 |
1.16% |
1.16% |
0.17% |
—% |
0.99% |
3.32% |
111% |
| YieldMax
Short COIN Option Income Strategy ETF |
| 4/30/2025(f)
|
$16.86 |
0.13 |
(5.42) |
(5.29) |
(0.07) |
— |
(4.15) |
(4.22) |
0.00(g)
|
$7.35 |
-29.03% |
$51,079 |
1.05% |
1.05% |
0.06% |
—% |
0.99% |
3.13% |
34% |
| 10/31/2024(ee)
|
$20.00 |
0.21 |
1.86 |
2.07 |
(0.17) |
— |
(5.05) |
(5.22) |
0.01 |
$16.86 |
9.61% |
$40,037 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
3.66% |
38% |
| YieldMax
Short N100 Option Income Strategy ETF |
| 4/30/2025(f)
|
$18.62 |
0.27 |
(0.25) |
0.02 |
(0.12) |
— |
(2.01) |
(2.13) |
0.01 |
$16.52 |
0.26% |
$11,565 |
1.07% |
1.07% |
0.08% |
—% |
0.99% |
3.10% |
13% |
| 10/31/2024(ff)
|
$20.00 |
0.15 |
(0.75) |
(0.60) |
(0.78) |
— |
— |
(0.78) |
0.00(g)
|
$18.62 |
-3.09% |
$6,051 |
0.99% |
0.99% |
—% |
—% |
0.99% |
3.67% |
—% |
| YieldMax
Short NVDA Option Income Strategy ETF |
| 4/30/2025(f)
|
$15.17 |
0.17 |
(0.08) |
0.09 |
(0.17) |
— |
(3.88) |
(4.05) |
0.00(g)
|
$11.21 |
1.86% |
$10,371 |
1.05% |
1.05% |
0.06% |
—% |
0.99% |
2.66% |
21% |
| 10/31/2024(gg)
|
$20.00 |
0.18 |
(3.12) |
(2.94) |
(0.88) |
— |
(1.02) |
(1.90) |
0.01 |
$15.17 |
-15.83% |
$10,621 |
0.99% |
0.99% |
0.00%(h)
|
—% |
0.99% |
3.98% |
18% |
| The
accompanying notes are an integral part of these financial
statements. |
70 |
| Financial
Highlights |
YieldMax
ETFs |
For a share outstanding
throughout the six-months/periods presented
| |
|
INVESTMENT
OPERATIONS: |
LESS
DISTRIBUITONS FROM: |
|
|
|
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) on
investments(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 expense reimbursement /
recoupment(d) |
Ratio
of expenses to average net assets after expense reimbursement /
recoupment(d) |
Ratio
of dividends, interest and broker expense to average net
assets(d) |
Ratio
of tax expense to average net assets(d) |
Ratio
of operational expenses to average net assets excluding dividends,
interest, tax, and broker expense(d) |
Ratio
of net investment income (loss) to average net
assets(d) |
Portfolio
turnover rate(c)(e) |
| |
| YieldMax
Short TSLA Option Income Strategy ETF |
| 4/30/2025(f)
|
$11.26 |
0.10 |
(2.67) |
(2.57) |
(0.21) |
— |
(2.41) |
(2.62) |
0.00(g)
|
$6.07 |
-21.59% |
$26,710 |
1.08% |
1.08% |
0.09% |
—% |
0.99% |
2.83% |
3% |
| 10/31/2024(hh)
|
$20.00 |
0.28 |
(4.00) |
(3.72) |
(0.87) |
— |
(4.16) |
(5.03) |
0.01 |
$11.26 |
-20.88% |
$23,084 |
1.13% |
1.13% |
0.14% |
—% |
0.99% |
3.88% |
64% |
| YieldMax
SMCI Option Income Strategy ETF |
| 4/30/2025(f)
|
$33.13 |
0.34 |
(4.36) |
(4.02) |
(0.15) |
— |
(11.69) |
(11.84) |
0.02 |
$17.29 |
-16.54% |
$123,618 |
1.03% |
1.03% |
0.04% |
—% |
0.99% |
2.89% |
41% |
| 10/31/2024(ii)
|
$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%(h)
|
—% |
0.99% |
3.34% |
—% |
| YieldMax
SNOW Option Income Strategy ETF |
| 4/30/2025(f)
|
$15.96 |
0.25 |
4.35 |
4.60 |
(0.20) |
— |
(5.23) |
(5.43) |
0.01 |
$15.14 |
27.32% |
$47,302 |
1.00% |
1.00% |
0.01% |
—% |
0.99% |
2.85% |
317% |
| 10/31/2024(jj)
|
$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 |
| 4/30/2025(f)
|
$11.93 |
0.20 |
1.17 |
1.37 |
(0.36) |
— |
(4.57) |
(4.93) |
0.00(g)
|
$8.37 |
5.35% |
$995,691 |
1.04% |
1.04% |
0.05% |
—% |
0.99% |
3.42% |
93% |
| 10/31/2024(rr)
|
$22.18 |
0.70 |
0.66 |
1.36 |
(0.71) |
— |
(10.90) |
(11.61) |
0.00(g)
|
$11.93 |
9.21% |
$826,581 |
1.04% |
1.04% |
0.05% |
—% |
0.99% |
4.28% |
51% |
| 10/31/2023(u)
|
$40.00 |
1.20 |
(3.18) |
(1.98) |
(1.34) |
— |
(14.52) |
(15.86) |
0.02 |
$22.18 |
-7.26% |
$678,624 |
1.01% |
1.01% |
0.02% |
—% |
0.99% |
4.50% |
168% |
| YieldMax
TSM Option Income Strategy ETF |
| 4/30/2025(f)
|
$19.77 |
0.28 |
(2.11) |
(1.83) |
(0.14) |
— |
(3.59) |
(3.73) |
0.00(g)
|
$14.21 |
-11.03% |
$41,560 |
1.01% |
1.01% |
0.02% |
—% |
0.99% |
3.27% |
44% |
| 10/31/2024(kk)
|
$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%(h)
|
—% |
0.99% |
3.47% |
7% |
| YieldMax
Ultra Option Income Strategy ETF |
| 4/30/2025(f)
|
$9.89 |
(0.03) |
(0.21) |
(0.24) |
— |
— |
(3.76) |
(3.76) |
0.00(g)
|
$5.89 |
-5.85% |
$231,863 |
1.63% |
1.53% |
0.39% |
—% |
1.14% |
(0.88)% |
318% |
| 10/31/2024(ll)
|
$20.00 |
(0.03) |
(1.61) |
(1.64) |
(0.27) |
— |
(8.21) |
(8.48) |
0.01 |
$9.89 |
-7.63% |
$205,431 |
1.35% |
1.25% |
0.11% |
—% |
1.14% |
(0.38)% |
717% |
| YieldMax
Universe Fund of Option Income ETFs |
| 4/30/2025(f)
|
$16.93 |
4.25(pp) |
(3.75) |
0.50 |
(4.18) |
— |
— |
(4.18) |
— |
$13.25 |
1.65% |
$718,876 |
0.29%(qq)
|
0.29%(qq)
|
–%(qq) |
–%(qq) |
0.29%(qq)
|
55.22%(qq)
|
34% |
| 10/31/2024(mm)
|
$20.00 |
2.93(pp) |
(0.07) |
2.86 |
(2.59) |
— |
(3.34) |
(5.93) |
0.00(g)
|
$16.93 |
15.11% |
$345,370 |
0.29%((qq) |
0.29%(qq)
|
0.00%(h)
(qq) |
–%(qq) |
0.29%(qq)
|
19.87%(qq)
|
64% |
| YieldMax
XOM Option Income Strategy ETF |
| 4/30/2025(f)
|
$16.32 |
0.23 |
(1.68) |
(1.45) |
(0.23) |
— |
(1.77) |
(2.00) |
0.00(g)
|
$12.87 |
-9.67% |
$46,021 |
1.17% |
1.17% |
0.18% |
—% |
0.99% |
3.20% |
19% |
| 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(nn)
|
$20.00 |
0.14 |
(1.55) |
(1.41) |
(0.29) |
— |
— |
(0.29) |
0.00(g
|
$18.30 |
-7.08% |
$6,404 |
1.12% |
1.12% |
0.13% |
—% |
0.99% |
4.28% |
—% |
| YieldMax
XYZ Option Income Strategy ETF |
| 4/30/2025(f)
|
$17.80 |
0.26 |
(2.77) |
(2.51) |
(0.61) |
— |
(3.87) |
(4.48) |
0.00(g)
|
$10.81 |
-20.05% |
$59,976 |
1.30% |
1.30% |
0.31% |
—% |
0.99% |
3.44% |
39% |
| 10/31/2024 |
$17.76 |
0.75 |
10.86 |
11.61 |
(4.79) |
— |
(6.80) |
(11.59) |
0.02 |
$17.80 |
75.00% |
$50,274 |
1.43% |
1.43% |
0.44% |
—% |
0.99% |
3.73% |
—% |
| 10/31/2023(oo)
|
$20.00 |
0.04 |
(2.28) |
(2.24) |
— |
— |
— |
— |
0.00(g)
|
$17.76 |
-11.17% |
$3,551 |
1.99% |
1.99% |
1.00% |
—% |
0.99% |
3.51% |
—% |
| (a) |
Net
investment income 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 Statement 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. |
| (f) |
Unaudited. |
| (g) |
Amount
represents less than $0.005 per share. |
| (h) |
Amount
represents less than 0.005%. |
| (i) |
Inception
date of the Fund was April 17, 2023. |
| (j) |
Inception
date of the Fund was June 24, 2024. |
| (k) |
Inception
date of the Fund was November 27, 2023. |
| (l) |
Inception
date of the Fund was September 18, 2023. |
| (m) |
Inception
date of the Fund was July 24, 2023. |
| (n) |
Inception
date of the Fund was August 7, 2024. |
| The
accompanying notes are an integral part of these financial
statements. |
71 |
| Financial
Highlights |
YieldMax
ETFs |
For a share outstanding
throughout the six-months/periods presented
| (o) |
Inception
date of the Fund was April 22, 2024. |
| (p) |
Inception
date of the Fund was August 14, 2023. |
| (q) |
Inception
date of the Fund was January 29, 2025. |
| (r) |
Inception
date of the Fund was August 24, 2023. |
| (s) |
Inception
date of the Fund was May 20, 2024. |
| (t) |
Inception
date of the Fund was July 27, 2023. |
| (u) |
Inception
date of the Fund was November 22, 2022. |
| (v) |
Inception
date of the Fund was September 11, 2023. |
| (w) |
Inception
date of the Fund was January 29, 2024. |
| (x) |
Inception
date of the Fund was December 9, 2024. |
| (y) |
Inception
date of the Fund was October 23, 2023. |
| (z) |
Inception
date of the Fund was February 21, 2024. |
| (aa) |
Inception
date of the Fund was August 7, 2023. |
| (bb) |
Inception
date of the Fund was May 10, 2023. |
| (cc) |
Inception
date of the Fund was October 7, 2024. |
| (dd) |
Inception
date of the Fund was September 25, 2023. |
| (ee) |
Inception
date of the Fund was July 9, 2024. |
| (ff) |
Inception
date of the Fund was August 14, 2024. |
| (gg) |
Inception
date of the Fund was July 23, 2024. |
| (hh) |
Inception
date of the Fund was May 1, 2024. |
| (ii) |
Inception
date of the Fund was September 11, 2024. |
| (jj) |
Inception
date of the Fund was June 10, 2024. |
| (kk) |
Inception
date of the Fund was August 20, 2024. |
| (ll) |
Inception
date of the Fund was February 28, 2024. |
| (mm) |
Inception
date of the Fund was January 16, 2024. |
| (nn) |
Inception
date of the Fund was August 30, 2023. |
| (oo) |
Inception
date of the Fund was October 10, 2023. |
| (pp) |
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. |
| (qq) |
These
ratios exclude the impact of expenses of the underlying exchange traded
funds as represented in the Schedule of Investments. |
| (rr) |
During
the year ended October 31, 2024, the Fund effected the following reverse
stock split: February 26, 2024, 1 for 2. All historical per share
information has been retroactively adjusted to reflect this reverse stock
split. See Note 10 in the Notes to Financial
Statements. |
| The
accompanying notes are an integral part of these financial
statements. |
72 |
| Notes to the Financial Statements
|
YieldMax
ETFs |
April 30, 2025
(Unaudited)
The YieldMax
ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a
series of Tidal Trust II (the “Trust”). The Trust was organized as a Delaware
statutory trust on January 13, 2022. The Trust is registered with the Securities
and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as
amended (the “1940 Act”), as an open-end management investment company and the
offering of the Funds’ shares (“Shares”) is registered under the Securities Act
of 1933, as amended. Tidal Investments LLC (“Tidal Investments” or the
“Adviser”), a Tidal Financial Group company, serves as investment adviser to the
Funds. The Funds are considered non-diversified under the 1940 Act. The Funds
are investment companies and accordingly follow the investment company
accounting and reporting guidance of the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification Topic 946 “Financial Services –
Investment Companies”.
| Fund:
|
Commencement
Date: |
| YieldMax
AAPL Option Income Strategy ETF (the “APLY ETF”) |
April
17, 2023 |
| YieldMax
ABNB Option Income Strategy ETF (the “ABNY ETF”) |
June
24, 2024 |
| YieldMax
AI Option Income Strategy ETF (the “AIYY ETF”) |
November
27, 2023 |
| YieldMax
AMD Option Income Strategy ETF (the “AMDY ETF”) |
September
18, 2023 |
| YieldMax
AMZN Option Income Strategy ETF (the “AMZY ETF”) |
July
24, 2023 |
| YieldMax
BABA Option Income Strategy ETF (the “BABO ETF”) |
August
7, 2024 |
| YieldMax
Bitcoin Option Income Strategy ETF (the “YBIT ETF”) |
April
22, 2024 |
| YieldMax
COIN Option Income Strategy ETF (the “CONY ETF”) |
August
14, 2023 |
| YieldMax
CVNA Option Income Strategy ETF (the “CVNY ETF”) |
January
29, 2025 |
| YieldMax
DIS Option Income Strategy ETF (the “DISO ETF”) |
August
24, 2023 |
| YieldMax
Gold Miners Option Income Strategy ETF (the “GDXY ETF”) |
May
20, 2024 |
| YieldMax
GOOGL Option Income Strategy ETF (the “GOOY ETF”) |
July
27, 2023 |
| YieldMax
Innovation Option Income Strategy ETF (the “OARK ETF”) |
November
22, 2022 |
| YieldMax
JPM Option Income Strategy ETF (the “JPMO ETF”) |
September
11, 2023 |
| YieldMax
Magnificent 7 Fund of Option Income ETFs (the “YMAG ETF”) |
January
29, 2024 |
| YieldMax
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
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
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 |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Prior to
April 1, 2025, the XYZY ETF was formerly named the YieldMax SQ Option Income
Strategy ETF.
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 ETFs (“fund-of-funds”), rather
than in securities of individual companies. In addition, from time to time, the
Funds may invest directly in the securities and financial instruments in which
one or more affiliated YieldMax ETFs.
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”).
A.
Security Valuation. Equity securities that are listed on a securities
exchange, market or automated quotation system for which quotations are readily
available (except for securities traded on The Nasdaq Stock Market, LLC
(“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
contracts are valued using the mean/mid of quoted bid and ask spread prices, as
provided by independent pricing vendors.
FLexible
EXchange® Options (“FLEX Options”) listed on an exchange will typically be
valued at a model-based price provided by the exchange at the official close of
that exchange’s trading day. However, when the Funds’ options have a same-day
market trade price, this same-day market trade price will be used for FLEX
Option values instead of the exchange’s model-based price. If the exchange on
which the option is traded is unable to provide a model price, model-based FLEX
Options prices will additionally be provided by a backup third-party pricing
provider. 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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
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 its
investments on a recurring basis. U.S. GAAP establishes a hierarchy that
prioritizes inputs to valuation methods. The three levels of inputs
are:
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities
that the Funds have the ability to access.
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. These
inputs may include quoted prices for the identical instrument on an inactive
market, prices for similar instruments, interest rates, prepayment speeds,
credit risk, yield curves, default rates and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant
observable inputs are not available; representing the 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.
The
following is a summary of the inputs used to value the Funds’ investments as of
April 30, 2025:
APLY
ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
68,303,898 |
|
|
$ |
— |
|
|
$ |
68,303,898 |
|
| Purchased Options |
|
|
— |
|
|
|
16,570,575 |
|
|
|
— |
|
|
|
16,570,575 |
|
| Money Market Funds |
|
|
460,356 |
|
|
|
— |
|
|
|
— |
|
|
|
460,356 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
36,048,070 |
|
|
|
— |
|
|
|
36,048,070 |
|
| Total Investments |
|
$ |
460,356 |
|
|
$ |
120,922,543 |
|
|
$ |
— |
|
|
$ |
121,382,899 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(2,578,108 |
) |
|
$ |
— |
|
|
$ |
(2,578,108 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(2,578,108 |
) |
|
$ |
— |
|
|
$ |
(2,578,108 |
) |
ABNY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
14,734,276 |
|
|
$ |
— |
|
|
$ |
14,734,276 |
|
| Purchased Options |
|
|
— |
|
|
|
2,601,288 |
|
|
|
— |
|
|
|
2,601,288 |
|
| Money Market Funds |
|
|
1,028,234 |
|
|
|
— |
|
|
|
— |
|
|
|
1,028,234 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
11,267,906 |
|
|
|
— |
|
|
|
11,267,906 |
|
| Total
Investments |
|
$ |
1,028,234 |
|
|
$ |
28,603,470 |
|
|
$ |
— |
|
|
$ |
29,631,704 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(1,272,949 |
) |
|
$ |
— |
|
|
$ |
(1,272,949 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(1,272,949 |
) |
|
$ |
— |
|
|
$ |
(1,272,949 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
AIYY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
56,668,168 |
|
|
$ |
— |
|
|
$ |
56,668,168 |
|
| Purchased Options |
|
|
— |
|
|
|
9,355,133 |
|
|
|
— |
|
|
|
9,355,133 |
|
| Money Market Funds |
|
|
1,258,427 |
|
|
|
— |
|
|
|
— |
|
|
|
1,258,427 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
20,793,979 |
|
|
|
— |
|
|
|
20,793,979 |
|
| Total Investments |
|
$ |
1,258,427 |
|
|
$ |
86,817,280 |
|
|
$ |
— |
|
|
$ |
88,075,707 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(11,752,045 |
) |
|
$ |
— |
|
|
$ |
(11,752,045 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(11,752,045 |
) |
|
$ |
— |
|
|
$ |
(11,752,045 |
) |
AMDY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
61,066,853 |
|
|
$ |
— |
|
|
$ |
61,066,853 |
|
| Purchased Options |
|
|
— |
|
|
|
9,068,685 |
|
|
|
— |
|
|
|
9,068,685 |
|
| Money Market Funds |
|
|
2,216,427 |
|
|
|
— |
|
|
|
— |
|
|
|
2,216,427 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
54,283,909 |
|
|
|
— |
|
|
|
54,283,909 |
|
| Total
Investments |
|
$ |
2,216,427 |
|
|
$ |
124,419,447 |
|
|
$ |
— |
|
|
$ |
126,635,874 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(7,448,399 |
) |
|
$ |
— |
|
|
$ |
(7,448,399 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(7,448,399 |
) |
|
$ |
— |
|
|
$ |
(7,448,399 |
) |
AMZY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
139,578,023 |
|
|
$ |
— |
|
|
$ |
139,578,023 |
|
| Purchased Options |
|
|
— |
|
|
|
7,404,480 |
|
|
|
— |
|
|
|
7,404,480 |
|
| Money Market Funds |
|
|
1,406,230 |
|
|
|
— |
|
|
|
— |
|
|
|
1,406,230 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
101,032,530 |
|
|
|
— |
|
|
|
101,032,530 |
|
| Total Investments |
|
$ |
1,406,230 |
|
|
$ |
248,015,033 |
|
|
$ |
— |
|
|
$ |
249,421,263 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(15,634,691 |
) |
|
$ |
— |
|
|
$ |
(15,634,691 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(15,634,691 |
) |
|
$ |
— |
|
|
$ |
(15,634,691 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
BABO ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
28,165,485 |
|
|
$ |
— |
|
|
$ |
28,165,485 |
|
| Purchased Options |
|
|
— |
|
|
|
1,920,973 |
|
|
|
— |
|
|
|
1,920,973 |
|
| Money Market Funds |
|
|
1,021,310 |
|
|
|
— |
|
|
|
— |
|
|
|
1,021,310 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
11,242,884 |
|
|
|
— |
|
|
|
11,242,884 |
|
| Total Investments |
|
$ |
1,021,310 |
|
|
$ |
41,329,342 |
|
|
$ |
— |
|
|
$ |
42,350,652 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(1,854,823 |
) |
|
$ |
— |
|
|
$ |
(1,854,823 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(1,854,823 |
) |
|
$ |
— |
|
|
$ |
(1,854,823 |
) |
YBIT ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchased
Options |
|
$ |
— |
|
|
$ |
50,963,800 |
|
|
$ |
— |
|
|
$ |
50,963,800 |
|
| U.S. Treasury
Securities |
|
|
— |
|
|
|
47,197,457 |
|
|
|
— |
|
|
|
47,197,457 |
|
| Money Market Funds |
|
|
393,541 |
|
|
|
— |
|
|
|
— |
|
|
|
393,541 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
15,993,440 |
|
|
|
— |
|
|
|
15,993,440 |
|
| Total Investments |
|
$ |
393,541 |
|
|
$ |
114,154,697 |
|
|
$ |
— |
|
|
$ |
114,548,238 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(264,200 |
) |
|
$ |
— |
|
|
$ |
(264,200 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(264,200 |
) |
|
$ |
— |
|
|
$ |
(264,200 |
) |
CONY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
759,672,683 |
|
|
$ |
— |
|
|
$ |
759,672,683 |
|
| Purchased Options |
|
|
— |
|
|
|
95,737,375 |
|
|
|
— |
|
|
|
95,737,375 |
|
| Money Market Funds |
|
|
10,803,692 |
|
|
|
— |
|
|
|
— |
|
|
|
10,803,692 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
223,165,196 |
|
|
|
— |
|
|
|
223,165,196 |
|
| Total Investments |
|
$ |
10,803,692 |
|
|
$ |
1,078,575,254 |
|
|
$ |
— |
|
|
$ |
1,089,378,946 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(41,544,167 |
) |
|
$ |
— |
|
|
$ |
(41,544,167 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(41,544,167 |
) |
|
$ |
— |
|
|
$ |
(41,544,167 |
) |
CVNY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
34,586,225 |
|
|
$ |
— |
|
|
$ |
34,586,225 |
|
| Purchased Options |
|
|
— |
|
|
|
8,061,615 |
|
|
|
— |
|
|
|
8,061,615 |
|
| Money Market Funds |
|
|
752,480 |
|
|
|
— |
|
|
|
— |
|
|
|
752,480 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
15,806,834 |
|
|
|
— |
|
|
|
15,806,834 |
|
| Total Investments |
|
$ |
752,480 |
|
|
$ |
58,454,674 |
|
|
$ |
— |
|
|
$ |
59,207,154 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(4,025,982 |
) |
|
$ |
— |
|
|
$ |
(4,025,982 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(4,025,982 |
) |
|
$ |
— |
|
|
$ |
(4,025,982 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
DISO ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
11,238,237 |
|
|
$ |
— |
|
|
$ |
11,238,237 |
|
| Purchased Options |
|
|
— |
|
|
|
2,563,655 |
|
|
|
— |
|
|
|
2,563,655 |
|
| Money Market Funds |
|
|
538,890 |
|
|
|
— |
|
|
|
— |
|
|
|
538,890 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
16,823,924 |
|
|
|
— |
|
|
|
16,823,924 |
|
| Total Investments |
|
$ |
538,890 |
|
|
$ |
30,625,816 |
|
|
$ |
— |
|
|
$ |
31,164,706 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(700,027 |
) |
|
$ |
— |
|
|
$ |
(700,027 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(700,027 |
) |
|
$ |
— |
|
|
$ |
(700,027 |
) |
GDXY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
45,146,910 |
|
|
$ |
— |
|
|
$ |
45,146,910 |
|
| Purchased Options |
|
|
— |
|
|
|
2,709,000 |
|
|
|
— |
|
|
|
2,709,000 |
|
| Money Market Funds |
|
|
2,100,294 |
|
|
|
— |
|
|
|
— |
|
|
|
2,100,294 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
24,194,245 |
|
|
|
— |
|
|
|
24,194,245 |
|
| Total Investments |
|
$ |
2,100,294 |
|
|
$ |
72,050,155 |
|
|
$ |
— |
|
|
$ |
74,150,449 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(5,141,780 |
) |
|
$ |
— |
|
|
$ |
(5,141,780 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(5,141,780 |
) |
|
$ |
— |
|
|
$ |
(5,141,780 |
) |
GOOY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
62,382,657 |
|
|
$ |
— |
|
|
$ |
62,382,657 |
|
| Purchased Options |
|
|
— |
|
|
|
7,409,730 |
|
|
|
— |
|
|
|
7,409,730 |
|
| Money Market Funds |
|
|
1,887,997 |
|
|
|
— |
|
|
|
— |
|
|
|
1,887,997 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
36,196,974 |
|
|
|
— |
|
|
|
36,196,974 |
|
| Total Investments |
|
$ |
1,887,997 |
|
|
$ |
105,989,361 |
|
|
$ |
— |
|
|
$ |
107,877,358 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(1,206,464 |
) |
|
$ |
— |
|
|
$ |
(1,206,464 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(1,206,464 |
) |
|
$ |
— |
|
|
$ |
(1,206,464 |
) |
OARK ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
37,571,161 |
|
|
$ |
— |
|
|
$ |
37,571,161 |
|
| Purchased Options |
|
|
— |
|
|
|
5,749,110 |
|
|
|
— |
|
|
|
5,749,110 |
|
| Money Market Funds |
|
|
2,063,092 |
|
|
|
— |
|
|
|
— |
|
|
|
2,063,092 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
15,949,931 |
|
|
|
— |
|
|
|
15,949,931 |
|
| Total Investments |
|
$ |
2,063,092 |
|
|
$ |
59,270,202 |
|
|
$ |
— |
|
|
$ |
61,333,294 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(2,010,328 |
) |
|
$ |
— |
|
|
$ |
(2,010,328 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(2,010,328 |
) |
|
$ |
— |
|
|
$ |
(2,010,328 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
JPMO ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
24,569,956 |
|
|
$ |
— |
|
|
$ |
24,569,956 |
|
| Purchased Options |
|
|
— |
|
|
|
3,317,456 |
|
|
|
— |
|
|
|
3,317,456 |
|
| Money Market Funds |
|
|
748,744 |
|
|
|
— |
|
|
|
— |
|
|
|
748,744 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
20,984,704 |
|
|
|
— |
|
|
|
20,984,704 |
|
| Total Investments |
|
$ |
748,744 |
|
|
$ |
48,872,116 |
|
|
$ |
— |
|
|
$ |
49,620,860 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(584,299 |
) |
|
$ |
— |
|
|
$ |
(584,299 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(584,299 |
) |
|
$ |
— |
|
|
$ |
(584,299 |
) |
YMAG ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exchange
Traded Funds |
|
$ |
293,244,689 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
293,244,689 |
|
| Money
Market Funds |
|
|
5,473,561 |
|
|
|
— |
|
|
|
— |
|
|
|
5,473,561 |
|
| Total Investments |
|
$ |
298,718,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
298,718,250 |
|
MARO ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
10,324,827 |
|
|
$ |
— |
|
|
$ |
10,324,827 |
|
| Purchased Options |
|
|
— |
|
|
|
3,769,640 |
|
|
|
— |
|
|
|
3,769,640 |
|
| Money Market Funds |
|
|
2,591,938 |
|
|
|
— |
|
|
|
— |
|
|
|
2,591,938 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
27,447,029 |
|
|
|
— |
|
|
|
27,447,029 |
|
| Total Investments |
|
$ |
2,591,938 |
|
|
$ |
41,541,496 |
|
|
$ |
— |
|
|
$ |
44,133,434 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(2,701,725 |
) |
|
$ |
— |
|
|
$ |
(2,701,725 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(2,701,725 |
) |
|
$ |
— |
|
|
$ |
(2,701,725 |
) |
FBY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
76,309,580 |
|
|
$ |
— |
|
|
$ |
76,309,580 |
|
| Purchased Options |
|
|
— |
|
|
|
3,692,555 |
|
|
|
— |
|
|
|
3,692,555 |
|
| Money Market Funds |
|
|
4,173,771 |
|
|
|
— |
|
|
|
— |
|
|
|
4,173,771 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
71,115,714 |
|
|
|
— |
|
|
|
71,115,714 |
|
| Total Investments |
|
$ |
4,173,771 |
|
|
$ |
151,117,849 |
|
|
$ |
— |
|
|
$ |
155,291,620 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(13,904,538 |
) |
|
$ |
— |
|
|
$ |
(13,904,538 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(13,904,538 |
) |
|
$ |
— |
|
|
$ |
(13,904,538 |
) |
MRNY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
56,607,612 |
|
|
$ |
— |
|
|
$ |
56,607,612 |
|
| Purchased Options |
|
|
— |
|
|
|
9,333,180 |
|
|
|
— |
|
|
|
9,333,180 |
|
| Money Market Funds |
|
|
1,127,299 |
|
|
|
— |
|
|
|
— |
|
|
|
1,127,299 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
15,483,230 |
|
|
|
— |
|
|
|
15,483,230 |
|
| Total Investments |
|
$ |
1,127,299 |
|
|
$ |
81,424,022 |
|
|
$ |
— |
|
|
$ |
82,551,321 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(6,752,103 |
) |
|
$ |
— |
|
|
$ |
(6,752,103 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(6,752,103 |
) |
|
$ |
— |
|
|
$ |
(6,752,103 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
MSFO
ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
74,672,545 |
|
|
$ |
— |
|
|
$ |
74,672,545 |
|
| Purchased Options |
|
|
— |
|
|
|
7,685,145 |
|
|
|
— |
|
|
|
7,685,145 |
|
| Money Market Funds |
|
|
1,709,969 |
|
|
|
— |
|
|
|
— |
|
|
|
1,709,969 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
25,489,344 |
|
|
|
— |
|
|
|
25,489,344 |
|
| Total Investments |
|
$ |
1,709,969 |
|
|
$ |
107,847,034 |
|
|
$ |
— |
|
|
$ |
109,557,003 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(2,328,721 |
) |
|
$ |
— |
|
|
$ |
(2,328,721 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(2,328,721 |
) |
|
$ |
— |
|
|
$ |
(2,328,721 |
) |
MSTY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
1,122,390,833 |
|
|
$ |
— |
|
|
$ |
1,122,390,833 |
|
| Purchased Options |
|
|
— |
|
|
|
462,299,925 |
|
|
|
— |
|
|
|
462,299,925 |
|
| Money Market Funds |
|
|
30,905,151 |
|
|
|
— |
|
|
|
— |
|
|
|
30,905,151 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
565,598,700 |
|
|
|
— |
|
|
|
565,598,700 |
|
| Total Investments |
|
$ |
30,905,151 |
|
|
$ |
2,150,289,458 |
|
|
$ |
— |
|
|
$ |
2,181,194,609 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(80,113,189 |
) |
|
$ |
— |
|
|
$ |
(80,113,189 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(80,113,189 |
) |
|
$ |
— |
|
|
$ |
(80,113,189 |
) |
NFLY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
48,993,156 |
|
|
$ |
— |
|
|
$ |
48,993,156 |
|
| Purchased Options |
|
|
— |
|
|
|
26,628,380 |
|
|
|
— |
|
|
|
26,628,380 |
|
| Money Market Funds |
|
|
3,503,571 |
|
|
|
— |
|
|
|
— |
|
|
|
3,503,571 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
54,946,097 |
|
|
|
— |
|
|
|
54,946,097 |
|
| Total Investments |
|
$ |
3,503,571 |
|
|
$ |
130,567,633 |
|
|
$ |
— |
|
|
$ |
134,071,204 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(1,882,313 |
) |
|
$ |
— |
|
|
$ |
(1,882,313 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(1,882,313 |
) |
|
$ |
— |
|
|
$ |
(1,882,313 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
NVDY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
931,917,561 |
|
|
$ |
— |
|
|
$ |
931,917,561 |
|
| Purchased Options |
|
|
— |
|
|
|
104,739,650 |
|
|
|
— |
|
|
|
104,739,650 |
|
| Money Market Funds |
|
|
7,561,419 |
|
|
|
— |
|
|
|
— |
|
|
|
7,561,419 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
264,339,338 |
|
|
|
— |
|
|
|
264,339,338 |
|
| Total Investments |
|
$ |
7,561,419 |
|
|
$ |
1,300,996,549 |
|
|
$ |
— |
|
|
$ |
1,308,557,968 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(41,169,258 |
) |
|
$ |
— |
|
|
$ |
(41,169,258 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(41,169,258 |
) |
|
$ |
— |
|
|
$ |
(41,169,258 |
) |
PLTY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
158,622,449 |
|
|
$ |
— |
|
|
$ |
158,622,449 |
|
| Purchased Options |
|
|
— |
|
|
|
54,715,065 |
|
|
|
— |
|
|
|
54,715,065 |
|
| Money Market Funds |
|
|
4,549,910 |
|
|
|
— |
|
|
|
— |
|
|
|
4,549,910 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
86,126,918 |
|
|
|
— |
|
|
|
86,126,918 |
|
| Total Investments |
|
$ |
4,549,910 |
|
|
$ |
299,464,432 |
|
|
$ |
— |
|
|
$ |
304,014,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(20,786,153 |
) |
|
$ |
— |
|
|
$ |
(20,786,153 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(20,786,153 |
) |
|
$ |
— |
|
|
$ |
(20,786,153 |
) |
PYPY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
21,777,496 |
|
|
$ |
— |
|
|
$ |
21,777,496 |
|
| Purchased Options |
|
|
— |
|
|
|
4,470,550 |
|
|
|
— |
|
|
|
4,470,550 |
|
| Money Market Funds |
|
|
846,840 |
|
|
|
— |
|
|
|
— |
|
|
|
846,840 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
22,618,429 |
|
|
|
— |
|
|
|
22,618,429 |
|
| Total Investments |
|
$ |
846,840 |
|
|
$ |
48,866,475 |
|
|
$ |
— |
|
|
$ |
49,713,315 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(363,519 |
) |
|
$ |
— |
|
|
$ |
(363,519 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(363,519 |
) |
|
$ |
— |
|
|
$ |
(363,519 |
) |
FIAT ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
18,935,721 |
|
|
$ |
— |
|
|
$ |
18,935,721 |
|
| Purchased Options |
|
|
— |
|
|
|
833,655 |
|
|
|
— |
|
|
|
833,655 |
|
| Money Market Funds |
|
|
9,861,983 |
|
|
|
— |
|
|
|
— |
|
|
|
9,861,983 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
4,988,598 |
|
|
|
— |
|
|
|
4,988,598 |
|
| Total Investments |
|
$ |
9,861,983 |
|
|
$ |
24,757,974 |
|
|
$ |
— |
|
|
$ |
34,619,957 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(11,518,790 |
) |
|
$ |
— |
|
|
$ |
(11,518,790 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(11,518,790 |
) |
|
$ |
— |
|
|
$ |
(11,518,790 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YQQQ ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
5,415,325 |
|
|
$ |
— |
|
|
$ |
5,415,325 |
|
| Purchased Options |
|
|
— |
|
|
|
221,370 |
|
|
|
— |
|
|
|
221,370 |
|
| Money Market Funds |
|
|
2,333,618 |
|
|
|
— |
|
|
|
— |
|
|
|
2,333,618 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
3,161,522 |
|
|
|
— |
|
|
|
3,161,522 |
|
| Total Investments |
|
$ |
2,333,618 |
|
|
$ |
8,798,217 |
|
|
$ |
— |
|
|
$ |
11,131,835 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(306,797 |
) |
|
$ |
— |
|
|
$ |
(306,797 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(306,797 |
) |
|
$ |
— |
|
|
$ |
(306,797 |
) |
DIPS ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
4,036,953 |
|
|
$ |
— |
|
|
$ |
4,036,953 |
|
| Purchased Options |
|
|
— |
|
|
|
140,106 |
|
|
|
— |
|
|
|
140,106 |
|
| Money Market Funds |
|
|
1,611,842 |
|
|
|
— |
|
|
|
— |
|
|
|
1,611,842 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
2,144,988 |
|
|
|
— |
|
|
|
2,144,988 |
|
| Total Investments |
|
$ |
1,611,842 |
|
|
$ |
6,322,047 |
|
|
$ |
— |
|
|
$ |
7,933,889 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(974,200 |
) |
|
$ |
— |
|
|
$ |
(974,200 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(974,200 |
) |
|
$ |
— |
|
|
$ |
(974,200 |
) |
CRSH ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
13,646,426 |
|
|
$ |
— |
|
|
$ |
13,646,426 |
|
| Purchased Options |
|
|
— |
|
|
|
325,819 |
|
|
|
— |
|
|
|
325,819 |
|
| Money Market Funds |
|
|
1,007,254 |
|
|
|
— |
|
|
|
— |
|
|
|
1,007,254 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
5,541,239 |
|
|
|
— |
|
|
|
5,541,239 |
|
| Total Investments |
|
$ |
1,007,254 |
|
|
$ |
19,513,484 |
|
|
$ |
— |
|
|
$ |
20,520,738 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(5,409,768 |
) |
|
$ |
— |
|
|
$ |
(5,409,768 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(5,409,768 |
) |
|
$ |
— |
|
|
$ |
(5,409,768 |
) |
SMCY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
77,483,085 |
|
|
$ |
— |
|
|
$ |
77,483,085 |
|
| Purchased Options |
|
|
— |
|
|
|
14,957,900 |
|
|
|
— |
|
|
|
14,957,900 |
|
| Money Market Funds |
|
|
1,749,288 |
|
|
|
— |
|
|
|
— |
|
|
|
1,749,288 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
58,614,712 |
|
|
|
— |
|
|
|
58,614,712 |
|
| Total Investments |
|
$ |
1,749,288 |
|
|
$ |
151,055,697 |
|
|
$ |
— |
|
|
$ |
152,804,985 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(13,979,060 |
) |
|
$ |
— |
|
|
$ |
(13,979,060 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(13,979,060 |
) |
|
$ |
— |
|
|
$ |
(13,979,060 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
SNOY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
21,312,472 |
|
|
$ |
— |
|
|
$ |
21,312,472 |
|
| Purchased Options |
|
|
— |
|
|
|
6,543,720 |
|
|
|
— |
|
|
|
6,543,720 |
|
| Money Market Funds |
|
|
3,027,717 |
|
|
|
— |
|
|
|
— |
|
|
|
3,027,717 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
17,101,419 |
|
|
|
— |
|
|
|
17,101,419 |
|
| Total Investments |
|
$ |
3,027,717 |
|
|
$ |
44,957,611 |
|
|
$ |
— |
|
|
$ |
47,985,328 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(922,232 |
) |
|
$ |
— |
|
|
$ |
(922,232 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(922,232 |
) |
|
$ |
— |
|
|
$ |
(922,232 |
) |
TSLY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
633,574,405 |
|
|
$ |
— |
|
|
$ |
633,574,405 |
|
| Purchased Options |
|
|
— |
|
|
|
173,005,957 |
|
|
|
— |
|
|
|
173,005,957 |
|
| Money Market Funds |
|
|
9,722,114 |
|
|
|
— |
|
|
|
— |
|
|
|
9,722,114 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
150,318,030 |
|
|
|
— |
|
|
|
150,318,030 |
|
| Total Investments |
|
$ |
9,722,114 |
|
|
$ |
956,898,392 |
|
|
$ |
— |
|
|
$ |
966,620,506 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(26,488,829 |
) |
|
$ |
— |
|
|
$ |
(26,488,829 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(26,488,829 |
) |
|
$ |
— |
|
|
$ |
(26,488,829 |
) |
TSMY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
19,149,185 |
|
|
$ |
— |
|
|
$ |
19,149,185 |
|
| Purchased Options |
|
|
— |
|
|
|
600,502 |
|
|
|
— |
|
|
|
600,502 |
|
| Money Market Funds |
|
|
3,373,376 |
|
|
|
— |
|
|
|
— |
|
|
|
3,373,376 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
19,533,256 |
|
|
|
— |
|
|
|
19,533,256 |
|
| Total Investments |
|
$ |
3,373,376 |
|
|
$ |
39,282,943 |
|
|
$ |
— |
|
|
$ |
42,656,319 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(3,057,664 |
) |
|
$ |
— |
|
|
$ |
(3,057,664 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(3,057,664 |
) |
|
$ |
— |
|
|
$ |
(3,057,664 |
) |
ULTY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common
Stocks |
|
$ |
201,255,187 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
201,255,187 |
|
| Exchange Traded
Funds |
|
|
22,738,500 |
|
|
|
— |
|
|
|
— |
|
|
|
22,738,500 |
|
| Purchased Options |
|
|
— |
|
|
|
1,691,598 |
|
|
|
— |
|
|
|
1,691,598 |
|
| Money
Market Funds |
|
|
11,814,336 |
|
|
|
— |
|
|
|
— |
|
|
|
11,814,336 |
|
| Total Investments |
|
$ |
235,808,023 |
|
|
$ |
1,691,598 |
|
|
$ |
— |
|
|
$ |
237,499,621 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(8,461,307 |
) |
|
$ |
— |
|
|
$ |
(8,461,307 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(8,461,307 |
) |
|
$ |
— |
|
|
$ |
(8,461,307 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
YMAX ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exchange
Traded Funds |
|
$ |
707,234,444 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
707,234,444 |
|
| Money
Market Funds |
|
|
8,372,420 |
|
|
|
— |
|
|
|
— |
|
|
|
8,372,420 |
|
| Total Investments |
|
$ |
715,606,864 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
715,606,864 |
|
XOMO ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
28,284,173 |
|
|
$ |
— |
|
|
$ |
28,284,173 |
|
| Purchased Options |
|
|
— |
|
|
|
2,964,787 |
|
|
|
— |
|
|
|
2,964,787 |
|
| Money Market Funds |
|
|
332,750 |
|
|
|
— |
|
|
|
— |
|
|
|
332,750 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
14,297,412 |
|
|
|
— |
|
|
|
14,297,412 |
|
| Total Investments |
|
$ |
332,750 |
|
|
$ |
45,546,372 |
|
|
$ |
— |
|
|
$ |
45,879,122 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(658,389 |
) |
|
$ |
— |
|
|
$ |
(658,389 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(658,389 |
) |
|
$ |
— |
|
|
$ |
(658,389 |
) |
XYZY ETF
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
Treasury Securities |
|
$ |
— |
|
|
$ |
33,388,645 |
|
|
$ |
— |
|
|
$ |
33,388,645 |
|
| Purchased Options |
|
|
— |
|
|
|
6,449,560 |
|
|
|
— |
|
|
|
6,449,560 |
|
| Money Market Funds |
|
|
1,487,550 |
|
|
|
— |
|
|
|
— |
|
|
|
1,487,550 |
|
| U.S.
Treasury Bills |
|
|
— |
|
|
|
22,107,703 |
|
|
|
— |
|
|
|
22,107,703 |
|
| Total Investments |
|
$ |
1,487,550 |
|
|
$ |
61,945,908 |
|
|
$ |
— |
|
|
$ |
63,433,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
— |
|
|
$ |
(3,998,042 |
) |
|
$ |
— |
|
|
$ |
(3,998,042 |
) |
| Total Investments |
|
$ |
— |
|
|
$ |
(3,998,042 |
) |
|
$ |
— |
|
|
$ |
(3,998,042 |
) |
B.
Derivative Instruments. As the buyer of a call option, each Fund has a
right to buy the underlying reference instrument (e.g., a currency or security)
at the exercise price at any time during the option period (for American style
options). Each Fund may enter into closing sale transactions with respect to
call options, exercise them, or permit them to expire. For example, a Fund may
buy call options on underlying reference instruments that it intends to buy with
the goal of limiting the risk of a substantial increase in their market price
before the purchase is affected. 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
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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
If a put
option is 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.
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 Funds will sell the underlying reference
instrument to the option buyer for less than its market value, and such Funds
will experience a loss (which will be offset by the premium received by the
Funds as the writer of such option). If a call option expires unexercised, the
Funds will realize a gain in the amount of the premium received. If the market
price of the underlying reference instrument decreases, the call option will not
be exercised and the Funds will be able to use the amount of the premium
received to hedge against the loss in value of the underlying reference
instrument. The exercise price of a call option will be chosen based upon the
expected price movement of the underlying reference instrument. The exercise
price of a call option may be below, equal to (at-the-money), or above the
current value of the underlying reference instrument at the time the option is
written.
As the
writer of a put option, each Fund has a risk of loss should the underlying
reference instrument decline in value. If the value of the underlying reference
instrument declines below the exercise price of the put option and the put
option is exercised, the Funds, as the writer of the put option, will be
required to buy the instrument at the exercise price, which will exceed the
market value of the underlying reference instrument at that time. Each Fund will
incur a loss to the extent that the current market value of the underlying
reference instrument is less than the exercise price of the put option. However,
the loss will be offset in part by the premium received from the buyer of the
put. If a put option written by the Funds expires unexercised, such Funds will
realize a gain in the amount of the premium received.
By virtue of
each Fund’s investments in option contracts, equity ETFs and equity indices,
each Fund is exposed to common stocks indirectly which subjects the Funds to
equity market risk. Common stocks are generally exposed to greater risk than
other types of securities, such as preferred stock and debt obligations, because
common stockholders generally have inferior rights to receive payment from
specific issuers. Equity securities may experience sudden, unpredictable drops
in value or long periods of decline in value. This may occur because of factors
that affect securities markets generally or factors affecting specific issuers,
industries, or sectors in which the Funds invest.
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, how derivatives are accounted for,
and how derivative instruments affect an entity’s results of operations and
financial position.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
For the periods ended April 30,
2025, the Funds’ monthly average notional amounts are described
below:
| |
|
Average Notional Amount |
| Fund: |
|
Purchased Options |
|
Written Options |
| APLY ETF |
|
$ |
266,836,160 |
|
|
$ |
(246,371,589 |
) |
| ABNY ETF |
|
|
60,137,705 |
|
|
|
(55,331,399 |
) |
| AIYY ETF |
|
|
156,820,814 |
|
|
|
(156,974,060 |
) |
| AMDY ETF |
|
|
289,884,446 |
|
|
|
(290,409,273 |
) |
| AMZY ETF |
|
|
488,712,636 |
|
|
|
(488,712,636 |
) |
| BABO ETF |
|
|
69,880,803 |
|
|
|
(73,101,221 |
) |
| YBIT ETF |
|
|
155,798,796 |
|
|
|
(165,888,537 |
) |
| CONY ETF |
|
|
1,874,033,211 |
|
|
|
(1,959,521,290 |
) |
| CVNY ETF |
|
|
46,503,313 |
|
|
|
(47,419,625 |
) |
| DISO ETF |
|
|
66,251,163 |
|
|
|
(66,361,106 |
) |
| GDXY ETF |
|
|
74,692,534 |
|
|
|
(95,805,107 |
) |
| GOOY ETF |
|
|
203,986,381 |
|
|
|
(203,986,381 |
) |
| OARK ETF |
|
|
144,380,637 |
|
|
|
(124,957,100 |
) |
| JPMO ETF |
|
|
88,903,273 |
|
|
|
(85,802,484 |
) |
| MARO ETF |
|
|
66,014,472 |
|
|
|
(66,201,652 |
) |
| FBY ETF |
|
|
307,123,039 |
|
|
|
(308,906,861 |
) |
| MRNY ETF |
|
|
124,272,463 |
|
|
|
(123,819,943 |
) |
| MSFO ETF |
|
|
227,458,489 |
|
|
|
(216,051,664 |
) |
| MSTY ETF |
|
|
3,306,213,520 |
|
|
|
(3,592,376,696 |
) |
| NFLY ETF |
|
|
182,244,157 |
|
|
|
(189,912,461 |
) |
| NVDY ETF |
|
|
2,674,518,973 |
|
|
|
(2,704,567,360 |
) |
| PLTY ETF |
|
|
214,740,558 |
|
|
|
(237,159,558 |
) |
| PYPY ETF |
|
|
111,466,179 |
|
|
|
(105,020,221 |
) |
| FIAT ETF |
|
|
118,272,375 |
|
|
|
(78,731,207 |
) |
| YQQQ ETF |
|
|
18,307,716 |
|
|
|
(16,607,178 |
) |
| DIPS ETF |
|
|
34,996,000 |
|
|
|
(23,177,193 |
) |
| CRSH ETF |
|
|
65,527,406 |
|
|
|
(43,958,583 |
) |
| SMCY ETF |
|
|
148,355,006 |
|
|
|
(149,031,013 |
) |
| SNOY ETF |
|
|
86,857,344 |
|
|
|
(79,861,012 |
) |
| TSLY ETF |
|
|
2,009,264,319 |
|
|
|
(2,052,272,599 |
) |
| TSMY ETF |
|
|
75,693,854 |
|
|
|
(75,693,854 |
) |
| ULTY ETF |
|
|
248,577,987 |
|
|
|
(255,593,761 |
) |
| YMAX ETF |
|
|
14,075,040 |
|
|
|
(28,150,080 |
) |
| XOMO ETF |
|
|
97,115,301 |
|
|
|
(90,079,783 |
) |
| XYZY ETF |
|
|
138,820,487 |
|
|
|
(138,820,487 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Statements of Assets and
Liabilities
Fair Value
of derivative instruments as of April 30, 2025:
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Fund: |
|
Instrument |
|
Balance
Sheet |
|
Instrument |
|
Balance
Sheet |
| |
|
Investments, at value |
|
Written options contracts, at
value |
| APLY ETF |
|
Purchased
Options |
|
$ |
16,570,575 |
|
|
Written
Options |
|
$ |
2,578,108 |
|
| ABNY ETF |
|
Purchased Options |
|
|
2,601,288 |
|
|
Written Options |
|
|
1,272,949 |
|
| AIYY ETF |
|
Purchased Options |
|
|
9,355,133 |
|
|
Written Options |
|
|
11,752,045 |
|
| AMDY ETF |
|
Purchased Options |
|
|
9,068,685 |
|
|
Written Options |
|
|
7,448,399 |
|
| AMZY ETF |
|
Purchased Options |
|
|
7,404,480 |
|
|
Written Options |
|
|
15,634,691 |
|
| BABO ETF |
|
Purchased Options |
|
|
1,920,973 |
|
|
Written Options |
|
|
1,854,823 |
|
| YBIT ETF |
|
Purchased Options |
|
|
50,963,800 |
|
|
Written Options |
|
|
264,200 |
|
| CONY ETF |
|
Purchased Options |
|
|
95,737,375 |
|
|
Written Options |
|
|
41,544,167 |
|
| CVNY ETF |
|
Purchased Options |
|
|
8,061,615 |
|
|
Written Options |
|
|
4,025,982 |
|
| DISO ETF |
|
Purchased Options |
|
|
2,563,655 |
|
|
Written Options |
|
|
700,027 |
|
| GDXY ETF |
|
Purchased Options |
|
|
2,709,000 |
|
|
Written Options |
|
|
5,141,780 |
|
| GOOY ETF |
|
Purchased Options |
|
|
7,409,730 |
|
|
Written Options |
|
|
1,206,464 |
|
| OARK ETF |
|
Purchased Options |
|
|
5,749,110 |
|
|
Written Options |
|
|
2,010,328 |
|
| JPMO ETF |
|
Purchased Options |
|
|
3,317,456 |
|
|
Written Options |
|
|
584,299 |
|
| MARO ETF |
|
Purchased Options |
|
|
3,769,640 |
|
|
Written Options |
|
|
2,701,725 |
|
| FBY ETF |
|
Purchased Options |
|
|
3,692,555 |
|
|
Written Options |
|
|
13,904,538 |
|
| MRNY ETF |
|
Purchased Options |
|
|
9,333,180 |
|
|
Written Options |
|
|
6,752,103 |
|
| MSFO ETF |
|
Purchased Options |
|
|
7,685,145 |
|
|
Written Options |
|
|
2,328,721 |
|
| MSTY ETF |
|
Purchased Options |
|
|
462,299,925 |
|
|
Written Options |
|
|
80,113,189 |
|
| NFLY ETF |
|
Purchased Options |
|
|
26,628,380 |
|
|
Written Options |
|
|
1,882,313 |
|
| NVDY ETF |
|
Purchased Options |
|
|
104,739,650 |
|
|
Written Options |
|
|
41,169,258 |
|
| PLTY ETF |
|
Purchased Options |
|
|
54,715,065 |
|
|
Written Options |
|
|
20,786,153 |
|
| PYPY ETF |
|
Purchased Options |
|
|
4,470,550 |
|
|
Written Options |
|
|
363,519 |
|
| FIAT ETF |
|
Purchased Options |
|
|
833,655 |
|
|
Written Options |
|
|
11,518,790 |
|
| YQQQ ETF |
|
Purchased Options |
|
|
221,370 |
|
|
Written Options |
|
|
306,797 |
|
| DIPS ETF |
|
Purchased Options |
|
|
140,106 |
|
|
Written Options |
|
|
974,200 |
|
| CRSH ETF |
|
Purchased Options |
|
|
325,819 |
|
|
Written Options |
|
|
5,409,768 |
|
| SMCY ETF |
|
Purchased Options |
|
|
14,957,900 |
|
|
Written Options |
|
|
13,979,060 |
|
| SNOY ETF |
|
Purchased Options |
|
|
6,543,720 |
|
|
Written Options |
|
|
922,232 |
|
| TSLY ETF |
|
Purchased Options |
|
|
173,005,957 |
|
|
Written Options |
|
|
26,488,829 |
|
| TSMY ETF |
|
Purchased Options |
|
|
600,502 |
|
|
Written Options |
|
|
3,057,664 |
|
| ULTY ETF |
|
Purchased Options |
|
|
1,691,598 |
|
|
Written Options |
|
|
8,461,307 |
|
| XOMO ETF |
|
Purchased Options |
|
|
2,964,787 |
|
|
Written Options |
|
|
658,389 |
|
| XYZY ETF |
|
Purchased Options |
|
|
6,449,560 |
|
|
Written Options |
|
|
3,998,042 |
|
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Statements of
Operations
The effect
of derivative instruments on the Statements of Operations for the
six-months/periods ended April 30, 2025:
| |
|
Realized |
|
Change in Unrealized |
| Fund: |
|
Instrument: |
|
Location: |
|
Instrument: |
|
Location: |
| |
|
Net realized gain (loss) from
investments |
|
|
Net change in unrealized
appreciation (depreciation) on investments |
|
| APLY ETF |
|
Purchased
Options |
|
$ |
(7,790,349 |
) |
|
Purchased
Options |
|
$ |
11,382,002 |
|
| ABNY ETF |
|
Purchased Options |
|
|
(2,676,424 |
) |
|
Purchased Options |
|
|
900,224 |
|
| AIYY ETF |
|
Purchased Options |
|
|
(16,672,007 |
) |
|
Purchased Options |
|
|
(300,762 |
) |
| AMDY ETF |
|
Purchased Options |
|
|
(50,089,662 |
) |
|
Purchased Options |
|
|
9,351,514 |
|
| AMZY ETF |
|
Purchased Options |
|
|
5,491,429 |
|
|
Purchased Options |
|
|
(5,922,452 |
) |
| BABO ETF |
|
Purchased Options |
|
|
9,638,781 |
|
|
Purchased Options |
|
|
1,163,510 |
|
| YBIT ETF |
|
Purchased Options |
|
|
(15,441,390 |
) |
|
Purchased Options |
|
|
3,100,430 |
|
| CONY ETF |
|
Purchased Options |
|
|
(47,447,218 |
) |
|
Purchased Options |
|
|
58,606,445 |
|
| CVNY ETF |
|
Purchased Options |
|
|
2,447,384 |
|
|
Purchased Options |
|
|
1,592,314 |
|
| DISO ETF |
|
Purchased Options |
|
|
(236,618 |
) |
|
Purchased Options |
|
|
292,946 |
|
| GDXY ETF |
|
Purchased Options |
|
|
11,016,026 |
|
|
Purchased Options |
|
|
(2,507,818 |
) |
| GOOY ETF |
|
Purchased Options |
|
|
790,743 |
|
|
Purchased Options |
|
|
(1,066,689 |
) |
| OARK ETF |
|
Purchased Options |
|
|
5,372,520 |
|
|
Purchased Options |
|
|
1,615,663 |
|
| JPMO ETF |
|
Purchased Options |
|
|
2,384,589 |
|
|
Purchased Options |
|
|
1,341,559 |
|
| YMAG ETF |
|
Purchased Options |
|
|
— |
|
|
Purchased Options |
|
|
— |
|
| MARO ETF |
|
Purchased Options |
|
|
(14,033,551 |
) |
|
Purchased Options |
|
|
(2,859,712 |
) |
| FBY ETF |
|
Purchased Options |
|
|
6,301,228 |
|
|
Purchased Options |
|
|
(40,360,761 |
) |
| MRNY ETF |
|
Purchased Options |
|
|
(33,663,088 |
) |
|
Purchased Options |
|
|
2,912,246 |
|
| MSFO ETF |
|
Purchased Options |
|
|
(17,641,287 |
) |
|
Purchased Options |
|
|
6,097,769 |
|
| MSTY ETF |
|
Purchased Options |
|
|
(31,278,009 |
) |
|
Purchased Options |
|
|
206,423,860 |
|
| NFLY ETF |
|
Purchased Options |
|
|
7,179,187 |
|
|
Purchased Options |
|
|
19,027,842 |
|
| NVDY ETF |
|
Purchased Options |
|
|
(298,468,187 |
) |
|
Purchased Options |
|
|
5,279,448 |
|
| PLTY ETF |
|
Purchased Options |
|
|
73,808,134 |
|
|
Purchased Options |
|
|
27,901,240 |
|
| PYPY ETF |
|
Purchased Options |
|
|
(6,657,117 |
) |
|
Purchased Options |
|
|
1,750,578 |
|
| FIAT ETF |
|
Purchased Options |
|
|
9,266,997 |
|
|
Purchased Options |
|
|
(6,210,039 |
) |
| YQQQ ETF |
|
Purchased Options |
|
|
284,589 |
|
|
Purchased Options |
|
|
(270,461 |
) |
| DIPS ETF |
|
Purchased Options |
|
|
2,494,899 |
|
|
Purchased Options |
|
|
(229,377 |
) |
| CRSH ETF |
|
Purchased Options |
|
|
3,564,240 |
|
|
Purchased Options |
|
|
(1,199,125 |
) |
| SMCY ETF |
|
Purchased Options |
|
|
24,869,282 |
|
|
Purchased Options |
|
|
3,898,093 |
|
| SNOY ETF |
|
Purchased Options |
|
|
(1,248,932 |
) |
|
Purchased Options |
|
|
4,108,927 |
|
| TSLY ETF |
|
Purchased Options |
|
|
171,985,009 |
|
|
Purchased Options |
|
|
124,610,616 |
|
| TSMY ETF |
|
Purchased Options |
|
|
(5,507,950 |
) |
|
Purchased Options |
|
|
(2,564,079 |
) |
| ULTY ETF |
|
Purchased Options |
|
|
21,609,947 |
|
|
Purchased Options |
|
|
(989,788 |
) |
| YMAX ETF |
|
Purchased Options |
|
|
83,535 |
|
|
Purchased Options |
|
|
(15,026 |
) |
| XOMO ETF |
|
Purchased Options |
|
|
(4,880,523 |
) |
|
Purchased Options |
|
|
348,607 |
|
| XYZY ETF |
|
Purchased Options |
|
|
1,557,329 |
|
|
Purchased Options |
|
|
(1,090,341 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| |
|
Realized |
|
Change in Unrealized |
| Fund: |
|
Instrument: |
|
Location: |
|
Instrument: |
|
Location: |
| |
|
Net realized gain (loss) from
written options contracts expired or closed |
|
|
Net change in unrealized
appreciation (depreciation) on written options contracts |
|
| APLY ETF |
|
Written
Options |
|
$ |
(24,467,061 |
) |
|
Written
Options |
|
$ |
7,900,984 |
|
| ABNY ETF |
|
Written Options |
|
|
(3,885,952 |
) |
|
Written Options |
|
|
1,506,921 |
|
| AIYY ETF |
|
Written Options |
|
|
(14,593,197 |
) |
|
Written Options |
|
|
(2,331,200 |
) |
| AMDY ETF |
|
Written Options |
|
|
(23,575,920 |
) |
|
Written Options |
|
|
9,787,619 |
|
| AMZY ETF |
|
Written Options |
|
|
(6,037,180 |
) |
|
Written Options |
|
|
(3,298,832 |
) |
| BABO ETF |
|
Written Options |
|
|
(8,633,025 |
) |
|
Written Options |
|
|
1,521,048 |
|
| YBIT ETF |
|
Written Options |
|
|
28,404,788 |
|
|
Written Options |
|
|
(7,642,220 |
) |
| CONY ETF |
|
Written Options |
|
|
(207,015,603 |
) |
|
Written Options |
|
|
142,037,238 |
|
| CVNY ETF |
|
Written Options |
|
|
(347,954 |
) |
|
Written Options |
|
|
1,438,888 |
|
| DISO ETF |
|
Written Options |
|
|
(5,327,449 |
) |
|
Written Options |
|
|
1,037,457 |
|
| GDXY ETF |
|
Written Options |
|
|
(498,504 |
) |
|
Written Options |
|
|
(500,036 |
) |
| GOOY ETF |
|
Written Options |
|
|
(10,315,205 |
) |
|
Written Options |
|
|
2,025,747 |
|
| OARK ETF |
|
Written Options |
|
|
(10,591,373 |
) |
|
Written Options |
|
|
963,031 |
|
| JPMO ETF |
|
Written Options |
|
|
(7,462,084 |
) |
|
Written Options |
|
|
2,068,630 |
|
| MARO ETF |
|
Written Options |
|
|
(1,598,045 |
) |
|
Written Options |
|
|
4,088,889 |
|
| FBY ETF |
|
Written Options |
|
|
(10,949,537 |
) |
|
Written Options |
|
|
(5,039,154 |
) |
| MRNY ETF |
|
Written Options |
|
|
(7,242,744 |
) |
|
Written Options |
|
|
1,839,386 |
|
| MSFO ETF |
|
Written Options |
|
|
1,601,951 |
|
|
Written Options |
|
|
4,199,425 |
|
| MSTY ETF |
|
Written Options |
|
|
149,910,485 |
|
|
Written Options |
|
|
221,779,745 |
|
| NFLY ETF |
|
Written Options |
|
|
(7,427,561 |
) |
|
Written Options |
|
|
6,488,014 |
|
| NVDY ETF |
|
Written Options |
|
|
(65,987,882 |
) |
|
Written Options |
|
|
57,027,172 |
|
| PLTY ETF |
|
Written Options |
|
|
(43,889,204 |
) |
|
Written Options |
|
|
6,934,866 |
|
| PYPY ETF |
|
Written Options |
|
|
(7,367,409 |
) |
|
Written Options |
|
|
2,414,142 |
|
| FIAT ETF |
|
Written Options |
|
|
(4,897,781 |
) |
|
Written Options |
|
|
(5,481,172 |
) |
| YQQQ ETF |
|
Written Options |
|
|
(324,886 |
) |
|
Written Options |
|
|
314,634 |
|
| DIPS ETF |
|
Written Options |
|
|
(2,509,994 |
) |
|
Written Options |
|
|
709,544 |
|
| CRSH ETF |
|
Written Options |
|
|
(5,152,836 |
) |
|
Written Options |
|
|
(1,470,211 |
) |
| SMCY ETF |
|
Written Options |
|
|
(38,460,951 |
) |
|
Written Options |
|
|
1,429,437 |
|
| SNOY ETF |
|
Written Options |
|
|
(1,449,588 |
) |
|
Written Options |
|
|
3,560,038 |
|
| TSLY ETF |
|
Written Options |
|
|
(356,684,649 |
) |
|
Written Options |
|
|
36,136,388 |
|
| TSMY ETF |
|
Written Options |
|
|
1,669,513 |
|
|
Written Options |
|
|
243,127 |
|
| ULTY ETF |
|
Written Options |
|
|
(2,287,597 |
) |
|
Written Options |
|
|
(4,278,096 |
) |
| YMAX ETF |
|
Written Options |
|
|
3,940,586 |
|
|
Written Options |
|
|
(1,364,798 |
) |
| XOMO ETF |
|
Written Options |
|
|
(1,215,736 |
) |
|
Written Options |
|
|
1,055,084 |
|
| XYZY ETF |
|
Written Options |
|
|
(24,125,094 |
) |
|
Written Options |
|
|
(709,944 |
) |
The Funds
are not subject to master netting agreements; therefore, no additional
disclosures regarding netting arrangements are required.
C. 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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
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 its net realized capital gains (earned
during the twelve months ended October 31) plus undistributed amounts, if any,
from prior years. As a RIC, the Funds are subject to a 4% excise tax that is
imposed if the Funds do not distribute by the end of any calendar year at least
the sum of (i) 98% of their ordinary income (not taking into account any capital
gain or loss) for the calendar year and (ii) 98.2% of their capital gain in
excess of their capital loss (adjusted for certain ordinary losses) for a one
year period generally ending on October 31 of the calendar year (unless an
election is made to use each Fund’s fiscal year). The Funds generally intend to
distribute income and capital gains in the manner necessary to minimize (but not
necessarily eliminate) the imposition of such excise tax. The Funds may retain
income or capital gains and pay excise tax when it is determined that doing so
is in the best interest of shareholders. Management 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, 2025, 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.
D. Securities
Transactions and Investment Income. Investment securities transactions are
accounted for on the trade date. Gains and losses realized on sales of
securities are determined on a specific identification basis. Discounts/premiums
on debt securities purchased are accreted/amortized over the life of the
respective securities using the effective interest method. Dividend income is
recorded on the ex-dividend date. Interest income is recorded on an accrual
basis. Other non-cash dividends are recognized as investment income at the fair
value of the property received. Withholding taxes on foreign dividends have been
provided for in accordance with the Funds’ understanding of the applicable
country’s tax rules and rates.
E. Distributions
to Shareholders. Distributions to shareholders from net investment income,
if any, for the Funds are declared and paid monthly. Distributions to
shareholders from net realized gains on securities, if any, for the Funds
normally are declared and paid on an annual basis. Distributions are recorded on
the ex-dividend date.
F. Use
of Estimates. The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of increases and decreases in net assets from operations during the reporting
periods. Actual results could differ from those estimates.
G. Share
Valuation. The NAV per Share of each Fund is calculated by dividing the sum
of the value of the securities held by each Fund, plus cash or other assets,
minus all liabilities by the total number of Shares outstanding for each Fund,
rounded to the nearest cent. Fund Shares will not be priced on the days on which
the NYSE Arca, Inc. (“NYSE”) is closed for trading.
H. Guarantees
and Indemnifications. In the normal course of business, the Funds enter into
contracts with service providers that contain general indemnification clauses.
The Funds’ maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, based on experience, the Funds expect the risk of loss to be
remote.
I. Illiquid
Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have
adopted a Board-approved Liquidity Risk Management Program (the “Program”) that
requires, among other things, that each Fund limits its illiquid investments
that are assets to no more than 15% of the value of the Funds’ net assets. An
illiquid investment is any security that 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 the Fund exceeds 15% of the Fund’s net assets, the Fund will
take such steps as set forth in the Program.
J. Derivatives
Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes
limits on the amount of derivatives a fund can enter into, eliminates the asset
segregation and cover framework arising from prior SEC guidance for covering
derivatives and certain financial instruments currently used by funds to comply
with Section 18 of the 1940 Act and treats derivatives as senior securities.
Under Rule 18f-4, a fund’s derivatives exposure is limited through a
value-at-risk test. Funds whose use of derivatives is more than a limited
specified exposure amount are required to establish and maintain a comprehensive
derivatives risk management program, subject to oversight by a fund’s board of
trustees, and appoint a derivatives risk manager. The Funds implemented a Rule
18f-4 Derivative Risk Management Program that complies with Rule 18f-4.
| 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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
Underlying Stock Trading
Risk. The trading price of the Underlying Stocks may be highly volatile and
could continue to be subject to wide fluctuations in response to various
factors. The stock market in general, and the market for technology companies in
particular, has experienced extreme price and volume fluctuations that have
often been unrelated or disproportionate to the operating performance of those
companies. In particular, a large proportion of the Underlying Stocks may be
traded by short sellers which may put pressure on the supply and demand for the
common stock of the Underlying Stocks, further influencing volatility in the
market price. Public perception and other factors outside of the control of the
Underlying Stocks may additionally impact the Underlying Stocks’s stock price
due to the Underlying Stocks garnering a disproportionate degree of public
attention, regardless of actual operating performance. In addition, in the past,
following periods of volatility in the overall market and the market price of a
particular company’s securities, securities class action litigation has often
been instituted against companies such as these. Moreover, stockholder
litigation like this has been filed against the Underlying Stocks in the past.
While the Underlying Stocks continue to defend such actions, any judgment
against the Underlying Stocks, or any future stockholder litigation could result
in substantial costs and a diversion of the management of the Underlying Stocks’
attention and resources. If the Underlying Stocks trading is halted, trading in
Shares of the respective Funds may be impacted, either temporarily or
indefinitely.
Underlying
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.
As with any
investment, there is a risk that you could lose all or a portion of your
principal investment in the Funds. The Funds are subject to the above principal
risks, as well as other principal risks which may adversely affect the Fund’s
NAV, trading price, yield, total return and/or ability to meet its objective.
For more information about the risks of investing in each Fund, see the section
in each Fund’s Prospectus titled “Additional Information About the Fund —
Principal Investment Risks.”
| 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 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 pays an annual rate of 1.24% of its average daily net assets.
The Adviser
has agreed to reduce the ULTY ETF’s Investment Advisory Fee to 1.14% of its
average daily net assets through at least October 14, 2025. This agreement may
be terminated only by, or with the consent of, the Board, on behalf of the ULTY
ETF, upon sixty (60) days’ written notice to the Adviser. This Agreement may not
be terminated by the Adviser without the consent of the Board. The fee waiver is
not subject to recoupment.
Out of the
Investment Advisory 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 six-months/periods ended April 30, 2025, are disclosed in
the Statements of Operations.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
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.
Tidal ETF
Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the
Adviser, serves as the Funds’ administrator and, in that capacity, performs
various administrative and management services for the Funds. Tidal coordinates
the payment of 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 the Fund’s average daily net assets, subject to a
minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for
the services mentioned above.
U.S. Bancorp
Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund
Services”), serves as the Funds’ sub-administrator, fund accountant and transfer
agent. In those capacities, Fund Services performs various administrative and
accounting services for the Funds. Fund Services prepares various federal and
state regulatory filings, reports and returns for the Funds, including
regulatory compliance monitoring and financial reporting; prepares reports and
materials to be supplied to the Board; and monitors the activities of the Funds’
custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services,
serves as the Funds’ custodian.
Foreside
Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter
in a continuous public offering of the Funds’ Shares.
Certain
officers and a trustee of the Trust are affiliated with the Adviser. Neither the
affiliated trustee nor the Trust’s officers receive compensation from the
Funds.
The Board
has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1
under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay
an amount up to 0.25% of their average daily net assets each year to pay
distribution fees for the sale and distribution of its Shares. No Rule 12b-1
fees are currently paid by the Funds, and there are no plans to impose these
fees. However, in the event Rule 12b-1 fees are charged in the future, because
the fees are paid out 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 (ASU) 2023-07, Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures, the Funds have evaluated their
business activities and determined that they each operate as a single reportable
segment.
Each Fund’s
investment activities are managed by the Adviser, which serves as the Chief
Operating Decision Maker (“CODM”). The Adviser is responsible for assessing each
Fund’s financial performance and allocating resources. In making these
assessments, the Adviser 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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| NOTE 6 – PURCHASES AND
SALES OF SECURITIES |
For the periods ended April 30,
2025, the cost of purchases and proceeds from the sales or maturities of
securities, excluding short-term investments, U.S. government securities,
options contracts, and in-kind transactions were as follows:
| Fund: |
|
Purchases |
|
Sales |
| APLY ETF |
|
$ |
— |
|
|
$ |
— |
|
| ABNY ETF |
|
|
— |
|
|
|
— |
|
| AIYY ETF |
|
|
— |
|
|
|
— |
|
| AMDY ETF |
|
|
— |
|
|
|
— |
|
| AMZY ETF |
|
|
— |
|
|
|
— |
|
| BABO ETF |
|
|
— |
|
|
|
— |
|
| YBIT ETF |
|
|
— |
|
|
|
— |
|
| CONY ETF |
|
|
— |
|
|
|
— |
|
| CVNY ETF |
|
|
— |
|
|
|
— |
|
| DISO ETF |
|
|
— |
|
|
|
— |
|
| GDXY ETF |
|
|
— |
|
|
|
— |
|
| GOOY ETF |
|
|
— |
|
|
|
3 |
|
| OARK ETF |
|
|
— |
|
|
|
— |
|
| JPMO ETF |
|
|
— |
|
|
|
— |
|
| YMAG ETF |
|
|
53,651,281 |
|
|
|
48,411,359 |
|
| MARO ETF |
|
|
— |
|
|
|
— |
|
| FBY ETF |
|
|
— |
|
|
|
— |
|
| MRNY ETF |
|
|
— |
|
|
|
— |
|
| MSFO ETF |
|
|
— |
|
|
|
— |
|
| MSTY ETF |
|
|
— |
|
|
|
— |
|
| NFLY ETF |
|
|
— |
|
|
|
— |
|
| NVDY ETF |
|
|
— |
|
|
|
— |
|
| PLTY ETF |
|
|
— |
|
|
|
— |
|
| PYPY ETF |
|
|
— |
|
|
|
— |
|
| FIAT ETF |
|
|
— |
|
|
|
— |
|
| YQQQ ETF |
|
|
— |
|
|
|
— |
|
| DIPS ETF |
|
|
— |
|
|
|
— |
|
| CRSH ETF |
|
|
— |
|
|
|
— |
|
| SMCY ETF |
|
|
— |
|
|
|
— |
|
| SNOY ETF |
|
|
24,294,843 |
|
|
|
22,453,583 |
|
| TSLY ETF |
|
|
— |
|
|
|
— |
|
| TSMY ETF |
|
|
— |
|
|
|
— |
|
| ULTY ETF |
|
|
782,885,613 |
|
|
|
699,263,412 |
|
| YMAX ETF |
|
|
217,760,909 |
|
|
|
192,931,338 |
|
| XOMO ETF |
|
|
— |
|
|
|
— |
|
| XYZY ETF |
|
|
— |
|
|
|
— |
|
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
For the periods ended April 30,
2025, the purchases or sales of long-term U.S. government securities were as
follows:
| Fund: |
|
Purchases |
|
Sales |
| APLY ETF |
|
$ |
6,781,713 |
|
|
$ |
23,897,526 |
|
| ABNY ETF |
|
|
3,123,982 |
|
|
|
1,481,539 |
|
| AIYY ETF |
|
|
12,849,254 |
|
|
|
3,681,721 |
|
| AMDY ETF |
|
|
18,993,277 |
|
|
|
31,851,023 |
|
| AMZY ETF |
|
|
19,853,831 |
|
|
|
36,053,663 |
|
| BABO ETF |
|
|
2,592,638 |
|
|
|
4,026,249 |
|
| YBIT ETF |
|
|
6,329,728 |
|
|
|
6,391,667 |
|
| CONY ETF |
|
|
93,626,054 |
|
|
|
122,366,282 |
|
| CVNY ETF |
|
|
— |
|
|
|
— |
|
| DISO ETF |
|
|
4,464,907 |
|
|
|
4,695,588 |
|
| GDXY ETF |
|
|
3,069,137 |
|
|
|
2,436,398 |
|
| GOOY ETF |
|
|
9,034,260 |
|
|
|
12,150,174 |
|
| OARK ETF |
|
|
18,254,801 |
|
|
|
42,871,697 |
|
| JPMO ETF |
|
|
3,875,056 |
|
|
|
2,263,123 |
|
| YMAG ETF |
|
|
— |
|
|
|
— |
|
| MARO ETF |
|
|
1,201,076 |
|
|
|
— |
|
| FBY ETF |
|
|
8,520,941 |
|
|
|
14,679,568 |
|
| MRNY ETF |
|
|
7,350,926 |
|
|
|
265,887 |
|
| MSFO ETF |
|
|
6,067,486 |
|
|
|
6,478,862 |
|
| MSTY ETF |
|
|
— |
|
|
|
— |
|
| NFLY ETF |
|
|
6,302,500 |
|
|
|
7,666,386 |
|
| NVDY ETF |
|
|
82,034,192 |
|
|
|
140,232,697 |
|
| PLTY ETF |
|
|
13,389,951 |
|
|
|
2,564,994 |
|
| PYPY ETF |
|
|
2,769,585 |
|
|
|
4,900,158 |
|
| FIAT ETF |
|
|
2,879,480 |
|
|
|
8,735,957 |
|
| YQQQ ETF |
|
|
480,685 |
|
|
|
212,965 |
|
| DIPS ETF |
|
|
524,824 |
|
|
|
1,250,631 |
|
| CRSH ETF |
|
|
203,332 |
|
|
|
2,047,951 |
|
| SMCY ETF |
|
|
9,088,978 |
|
|
|
3,162,801 |
|
| SNOY ETF |
|
|
4,458,915 |
|
|
|
1,815,483 |
|
| TSLY ETF |
|
|
269,875,602 |
|
|
|
594,050,706 |
|
| TSMY ETF |
|
|
4,202,340 |
|
|
|
2,520,710 |
|
| ULTY ETF |
|
|
— |
|
|
|
— |
|
| YMAX ETF |
|
|
— |
|
|
|
— |
|
| XOMO ETF |
|
|
3,452,893 |
|
|
|
3,728,969 |
|
| XYZY ETF |
|
|
9,372,831 |
|
|
|
9,798,473 |
|
For the
periods ended April 30, 2025, the cost of purchases
and proceeds from in-kind transactions for the YMAG ETF and YMAX ETF were as
follows (the rest of the Funds did not have any in-kind
transactions):
| Fund: |
|
Purchases |
|
Sales |
| YMAG ETF |
|
$ |
213,872,524 |
|
|
$ |
12,098,013 |
|
| YMAX ETF |
|
|
593,547,609 |
|
|
|
17,570,204 |
|
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| NOTE
7 – AFFILIATED SECURITIES |
The YMAG ETF
and YMAX ETF held affiliated securities of the following companies during the
six-months ended April 30, 2025. Transactions during the period in these
securities of affiliated companies were as follows:
| YMAG
ETF |
| |
|
Fair
Value |
Security
Name |
Share
Balance
4/30/2025 |
Fair
Value
10/31/2024 |
Purchases
|
Sales
|
Realized
Gain
(Loss) |
Change
in
Unrealized
Appreciation/
(Depreciation) |
Fair
Value
4/30/2025 |
Dividend
Income |
| APLY
ETF |
2,905,409 |
$24,709,419 |
$37,586,518 |
$(11,190,384) |
$(1,297,619) |
$(8,405,856) |
$41,402,078 |
$5,542,716 |
| AMZY
ETF |
2,734,202 |
24,893,298 |
33,819,531 |
(6,382,373) |
(1,272,135) |
(9,416,424) |
41,641,897 |
8,802,540 |
| GOOY
ETF |
3,419,742 |
25,966,099 |
33,385,180 |
(7,273,250) |
(2,074,062) |
(8,419,904) |
41,584,063 |
7,517,877 |
| FBY
ETF |
2,782,311 |
26,754,275 |
36,228,489 |
(10,498,102) |
(598,330) |
(11,598,469) |
40,287,863 |
8,774,138 |
| MSFO
ETF |
2,571,026 |
25,575,707 |
33,228,274 |
(9,776,943) |
(3,199,146) |
(4,100,140) |
41,727,752 |
5,363,077 |
| NVDY
ETF |
2,836,194 |
24,891,597 |
42,170,971 |
(2,430,234) |
(272,454) |
(23,575,411) |
40,784,470 |
14,162,899 |
| TSLY
ETF |
5,480,451 |
27,497,969 |
51,104,843 |
(12,958,086) |
(1,270,724) |
(18,557,435) |
45,816,566 |
16,833,889 |
| |
|
$180,288,364 |
|
|
$
(9,984,470) |
$
(84,073,639) |
$
293,244,689 |
$
66,997,136 |
| YMAX
ETF |
| |
|
Fair
Value |
Security
Name |
Share
Balance
4/30/2025 |
Fair
Value
10/31/2024 |
Purchases
|
Sales
|
Realized
Gain
(Loss) |
Change
in
Unrealized
Appreciation/
(Depreciation) |
Fair
Value
4/30/2025 |
Dividend
Income
|
| APLY
ETF |
1,715,501 |
$13,238,896 |
$24,357,068 |
$(7,664,026) |
$(698,877) |
$(4,787,172) |
$24,445,889 |
$3,065,791 |
| ABNY
ETF |
2,032,882 |
13,873,570 |
22,940,034 |
(4,947,409) |
(465,857) |
(6,883,781) |
24,516,557 |
4,522,451 |
| AIYY
ETF |
5,281,677 |
12,504,131 |
30,077,110 |
(659,216) |
(87,353) |
(16,693,890) |
25,140,782 |
9,043,140 |
| AMDY
ETF |
3,539,317 |
13,217,460 |
28,708,134 |
(4,499,964) |
(4,043,207) |
(8,394,845) |
24,987,578 |
5,135,104 |
| AMZY
ETF |
1,614,396 |
13,335,947 |
22,520,305 |
(5,039,278) |
(1,015,460) |
(5,214,263) |
24,587,251 |
4,753,072 |
| BABO
ETF |
1,376,188 |
13,850,322 |
25,995,206 |
(15,200,561) |
(339,018) |
(1,296,086) |
23,009,863 |
7,010,135 |
| YBIT
ETF |
2,255,232 |
— |
41,612,342 |
(10,432,826) |
(1,916,717) |
(5,379,892) |
23,882,907 |
7,615,234 |
| CONY
ETF |
3,082,772 |
12,349,812 |
32,133,717 |
(6,306,374) |
(2,501,972) |
(10,643,074) |
25,032,109 |
10,667,729 |
| CVNY
ETF |
661,932 |
— |
27,462,236 |
(1,700,019) |
(208,640) |
1,234,811 |
26,788,388 |
2,015,835 |
| DISO
ETF |
1,854,259 |
13,606,224 |
23,192,342 |
(6,578,186) |
(848,089) |
(5,449,012) |
23,923,279 |
3,462,531 |
| GDXY
ETF |
1,328,203 |
13,415,824 |
24,433,151 |
(16,765,732) |
(1,880,791) |
1,570,643 |
20,773,095 |
5,243,860 |
| GOOY
ETF |
2,019,194 |
13,911,268 |
22,399,809 |
(6,040,678) |
(1,519,489) |
(4,197,511) |
24,553,399 |
4,077,569 |
| OARK
ETF |
3,292,818 |
13,207,790 |
23,897,361 |
(4,389,637) |
(359,223) |
(7,232,090) |
25,124,201 |
5,344,179 |
| JPMO
ETF |
1,478,016 |
14,119,642 |
22,379,761 |
(9,232,499) |
(858,417) |
(3,351,437) |
23,057,050 |
3,816,118 |
| MARO
ETF |
1,031,175 |
— |
38,005,187 |
(948,243) |
(262,788) |
(14,613,582) |
22,180,574 |
6,415,781 |
| FBY
ETF |
1,642,799 |
14,335,950 |
24,473,104 |
(7,603,536) |
(416,289) |
(7,001,500) |
23,787,729 |
4,819,592 |
| MRNY
ETF |
8,921,294 |
14,471,804 |
32,264,759 |
(1,768,639) |
(1,773,149) |
(19,731,772) |
23,463,003 |
8,848,647 |
| MSFO
ETF |
1,518,061 |
13,701,802 |
21,921,668 |
(6,823,315) |
(2,006,756) |
(2,155,269) |
24,638,130 |
3,000,160 |
| MSTY
ETF |
1,061,552 |
13,264,143 |
30,399,360 |
(13,065,612) |
(2,614,810) |
(2,144,905) |
25,838,176 |
11,125,434 |
| NFLY
ETF |
1,310,397 |
13,963,096 |
22,765,894 |
(12,274,123) |
(1,070,099) |
1,250,696 |
24,635,464 |
5,847,961 |
| NVDY
ETF |
1,674,627 |
13,335,799 |
25,579,472 |
(1,611,616) |
(241,250) |
(12,981,268) |
24,081,137 |
7,792,536 |
| PLTY
ETF |
392,121 |
— |
38,000,730 |
(13,176,780) |
(130,113) |
990,088 |
25,683,925 |
9,561,393 |
| PYPY
ETF |
1,894,098 |
13,853,259 |
24,452,886 |
(4,770,154) |
(761,152) |
(8,227,329) |
24,547,510 |
4,289,984 |
| SMCY
ETF |
1,356,664 |
— |
45,996,643 |
(13,064,230) |
(1,748,811) |
(7,116,383) |
24,067,219 |
11,374,939 |
| SNOY
ETF |
1,668,406 |
13,368,930 |
24,994,797 |
(8,928,298) |
(1,167,650) |
(3,041,480) |
25,226,299 |
7,155,718 |
| TSLY
ETF |
3,235,930 |
14,733,321 |
32,038,003 |
(9,027,812) |
(280,355) |
(10,410,782) |
27,052,375 |
9,003,351 |
| TSMY
ETF |
1,748,903 |
12,893,361 |
25,183,316 |
(4,892,662) |
(673,793) |
(7,693,288) |
24,816,934 |
5,079,584 |
| XOMO
ETF |
1,782,178 |
13,447,517 |
23,857,089 |
(9,303,688) |
(1,474,790) |
(3,616,230) |
22,909,898 |
3,224,825 |
| XYZY
ETF |
2,258,646 |
13,134,051
|
29,267,034 |
(3,786,428) |
(310,562) |
(13,820,372) |
24,483,723 |
5,875,701 |
| |
|
$325,133,919 |
|
|
$(31,675,477) |
$(187,030,975) |
$707,234,444 |
$179,188,354 |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| NOTE
8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
|
The tax character of
distributions paid during the periods ended April 30, 2025 (estimated) and the
prior fiscal periods ended October 31, 2024 were as follows:
| |
Distributions
paid from: |
|
Distributions
paid from: |
| |
|
|
|
| |
Ordinary
Income
April 30, 2025 |
|
Return
of Capital
April 30, 2025 |
|
Ordinary
Income
October 31, 2024 |
|
Return
of Capital
October 31, 2024 |
| APLY
ETF |
$ |
2,034,333 |
|
$ |
13,576,302 |
|
$ |
7,952,933 |
|
$ |
7,942,237 |
| ABNY
ETF |
455,566 |
|
5,206,416 |
|
782,854 |
|
480,389 |
| AIYY
ETF |
1,482,287 |
|
31,726,118 |
|
874,595 |
|
13,131,653 |
| AMDY
ETF |
2,690,071 |
|
33,415,817 |
|
9,911,652 |
|
43,650,526 |
| AMZY
ETF |
4,362,217 |
|
46,516,661 |
|
11,939,727 |
|
26,751,756 |
| BABO
ETF |
551,110 |
|
10,856,173 |
|
1,351,303 |
|
— |
| YBIT
ETF |
885,999 |
|
35,524,179 |
|
687,940 |
|
15,428,412 |
| CONY
ETF |
18,764,559 |
|
485,369,539 |
|
130,427,868 |
|
274,839,752 |
| CVNY
ETF |
113,899 |
|
3,222,329 |
|
N/A |
|
N/A |
| DISO
ETF |
548,245 |
|
4,338,570 |
|
666,805 |
|
3,706,250 |
| GDXY
ETF |
724,771 |
|
10,819,264 |
|
961,525 |
|
2,062,505 |
| GOOY
ETF |
1,785,237 |
|
16,522,210 |
|
1,894,535 |
|
11,181,438 |
| OARK
ETF |
985,349 |
|
13,424,684 |
|
2,803,181 |
|
23,765,706 |
| JPMO
ETF |
743,743 |
|
6,454,770 |
|
1,423,567 |
|
1,980,575 |
| YMAG
ETF |
59,785,033 |
|
— |
|
11,300,209 |
|
12,967,418 |
| MARO
ETF |
405,409 |
|
11,273,316 |
|
N/A |
|
N/A |
| FBY
ETF |
2,773,350 |
|
29,609,308 |
|
24,199,271 |
|
5,732,114 |
| MRNY
ETF |
1,250,580 |
|
24,018,160 |
|
829,150 |
|
9,155,627 |
| MSFO
ETF |
1,953,116 |
|
12,284,974 |
|
6,248,686 |
|
8,000,692 |
| MSTY
ETF |
14,708,083 |
|
922,204,737 |
|
247,274,410 |
|
— |
| NFLY
ETF |
1,571,123 |
|
20,306,612 |
|
17,515,864 |
|
551,336 |
| NVDY
ETF |
23,549,679 |
|
453,843,551 |
|
311,324,754 |
|
63,150,284 |
| PLTY
ETF |
1,385,884 |
|
56,660,711 |
|
— |
|
— |
| PYPY
ETF |
864,975 |
|
9,334,873 |
|
8,716,230 |
|
697,730 |
| FIAT
ETF |
612,248 |
|
19,101,327 |
|
3,417,195 |
|
2,261,623 |
| YQQQ
ETF |
134,826 |
|
1,020,707 |
|
189,417 |
|
— |
| DIPS
ETF |
158,346 |
|
3,663,022 |
|
385,033 |
|
442,930 |
| CRSH
ETF |
301,907 |
|
8,721,371 |
|
781,280 |
|
3,752,805 |
| SMCY
ETF |
1,213,824 |
|
42,216,171 |
|
22,648 |
|
1,315,877 |
| SNOY
ETF |
573,823 |
|
12,037,097 |
|
937,968 |
|
1,820,930 |
| TSLY
ETF |
17,500,437 |
|
407,834,728 |
|
31,820,428 |
|
486,932,585 |
| TSMY
ETF |
608,980 |
|
7,847,810 |
|
569,854 |
|
466,466 |
| ULTY
ETF |
— |
|
114,685,305 |
|
3,008,277 |
|
89,997,353 |
| YMAX
ETF |
171,601,430 |
|
— |
|
27,963,154 |
|
36,079,501 |
| XOMO
ETF |
728,520 |
|
5,566,120 |
|
1,792,420 |
|
2,567,003 |
| XYZY
ETF |
1,227,940 |
|
18,233,035 |
|
6,862,639 |
|
9,747,016 |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
As of the prior fiscal periods
ended October 31, 2024, components of the distributable earnings (accumulated
losses) on a tax basis were as follows:
| |
|
APLY ETF |
|
|
ABNY ETF |
|
|
AIYY ETF |
|
|
AMDY ETF |
|
|
AMZY ETF |
|
|
BABO ETF |
|
Investments
including written options,
at cost(a) |
|
$ |
86,830,620 |
|
|
$ |
14,128,868 |
|
|
$ |
31,855,291 |
|
|
$ |
131,451,772 |
|
|
$ |
177,286,567 |
|
|
$ |
19,817,872 |
|
| Gross
tax unrealized appreciation |
|
|
735,563 |
|
|
|
602,084 |
|
|
|
1,596,136 |
|
|
|
1,631,011 |
|
|
|
3,018,268 |
|
|
|
145,741 |
|
| Gross
tax unrealized depreciation |
|
|
(1,289,941 |
) |
|
|
(87,892 |
) |
|
|
(717,866 |
) |
|
|
(17,259,883 |
) |
|
|
(2,626,417 |
) |
|
|
(2,641,629 |
) |
| Net
tax unrealized appreciation (depreciation) |
|
|
(554,378 |
) |
|
|
514,192 |
|
|
|
878,270 |
|
|
|
(15,628,872 |
) |
|
|
391,851 |
|
|
|
(2,495,888 |
) |
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,808,987 |
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
distributable earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,808,987 |
|
| Other
accumulated gain (loss) (b) |
|
|
(515,344 |
) |
|
|
(596,498 |
) |
|
|
(11,521,438 |
) |
|
|
(1,347,408 |
) |
|
|
(2,445,659 |
) |
|
|
(143,973 |
) |
Total
distributable earnings
(accumulated losses) |
|
$ |
(1,069,722 |
) |
|
$ |
(72,306 |
) |
|
$ |
(10,643,168 |
) |
|
$ |
(16,976,280 |
) |
|
$ |
(2,053,808 |
) |
|
$ |
(830,874 |
) |
| |
|
YBIT ETF |
|
|
CONY ETF |
|
|
DISO ETF |
|
|
GDXY ETF |
|
|
GOOY ETF |
|
|
OARK ETF |
|
Investments
including written options,
at cost(a) |
|
$ |
28,398,363 |
|
|
$ |
711,831,892 |
|
|
$ |
21,057,990 |
|
|
$ |
29,181,109 |
|
|
$ |
65,630,583 |
|
|
$ |
53,667,418 |
|
| Gross
tax unrealized appreciation |
|
|
9,211,971 |
|
|
|
13,205,333 |
|
|
|
486,728 |
|
|
|
784,000 |
|
|
|
4,782,790 |
|
|
|
1,706,865 |
|
| Gross
tax unrealized depreciation |
|
|
(441,681 |
) |
|
|
(134,436,124 |
) |
|
|
(58,366 |
) |
|
|
(744,603 |
) |
|
|
(95,486 |
) |
|
|
(1,136,593 |
) |
| Net
tax unrealized appreciation (depreciation) |
|
|
8,770,290 |
|
|
|
(121,230,791 |
) |
|
|
428,362 |
|
|
|
39,397 |
|
|
|
4,687,304 |
|
|
|
570,272 |
|
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
distributable earnings ... |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Other
accumulated gain (loss) (b) |
|
|
(11,217,444 |
) |
|
|
(10,875,429 |
) |
|
|
(1,814,538 |
) |
|
|
(723,333 |
) |
|
|
(6,280,662 |
) |
|
|
(9,465,038 |
) |
Total
distributable earnings
(accumulated losses) |
|
$ |
(2,447,154 |
) |
|
$ |
(132,106,220 |
) |
|
$ |
(1,386,176 |
) |
|
$ |
(683,936 |
) |
|
$ |
(1,593,358 |
) |
|
$ |
(8,894,766 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| |
|
JPMO ETF |
|
|
YMAG ETF |
|
|
FBY ETF |
|
|
MRNY ETF |
|
|
MSFO ETF |
|
|
MSTY ETF |
|
Investments
including written options,
at cost(a) |
|
$ |
25,280,938 |
|
|
$ |
186,391,425 |
|
|
$ |
116,298,023 |
|
|
$ |
27,537,194 |
|
|
$ |
83,497,623 |
|
|
$ |
5,861,528 |
|
| Gross
tax unrealized appreciation |
|
|
160,471 |
|
|
|
1,091,549 |
|
|
|
3,472,999 |
|
|
|
341,421 |
|
|
|
644,138 |
|
|
|
17,526,737 |
|
| Gross
tax unrealized depreciation |
|
|
(399,352 |
) |
|
|
(5,312,823 |
) |
|
|
(2,142,697 |
) |
|
|
(275,242 |
) |
|
|
(5,255,204 |
) |
|
|
(50,247,397 |
) |
| Net
tax unrealized appreciation (depreciation) |
|
|
(238,881 |
) |
|
|
(4,221,274 |
) |
|
|
1,330,302 |
|
|
|
66,179 |
|
|
|
(4,611,066 |
) |
|
|
(32,720,660 |
) |
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
64,291,361 |
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
distributable earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
64,291,361 |
|
| Other
accumulated gain (loss) (b) |
|
|
(83,261 |
) |
|
|
— |
|
|
|
(3,182,760 |
) |
|
|
(18,885,311 |
) |
|
|
(400,504 |
) |
|
|
(17,525,670 |
) |
Total
distributable earnings
(accumulated losses) |
|
$ |
(322,142 |
) |
|
$ |
(4,221,274 |
) |
|
$ |
(1,852,458 |
) |
|
$ |
(18,819,132 |
) |
|
$ |
(5,011,570 |
) |
|
$ |
14,045,031 |
|
| |
|
NFLY ETF |
|
|
NVDY ETF |
|
|
PLTY ETF |
|
|
PYPY ETF |
|
|
FIAT ETF |
|
|
YQQQ ETF |
|
Investments
including written options,
at cost(a) |
|
$ |
50,670,658 |
|
|
$ |
1,176,970,451 |
|
|
$ |
4,784,667 |
|
|
$ |
44,463,377 |
|
|
$ |
44,175,159 |
|
|
$ |
5,883,706 |
|
| Gross
tax unrealized appreciation |
|
|
585,975 |
|
|
|
12,380,829 |
|
|
|
162,219 |
|
|
|
1,274,494 |
|
|
|
7,273,514 |
|
|
|
29,266 |
|
| Gross
tax unrealized depreciation |
|
|
(270,359 |
) |
|
|
(2,473,902 |
) |
|
|
(154,696 |
) |
|
|
(1,030,826 |
) |
|
|
(3,273,349 |
) |
|
|
(305,053 |
) |
| Net
tax unrealized appreciation (depreciation) |
|
|
315,616 |
|
|
|
9,906,927 |
|
|
|
7,523 |
|
|
|
243,668 |
|
|
|
4,000,165 |
|
|
|
(275,787 |
) |
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
6,995 |
|
|
|
— |
|
|
|
— |
|
|
|
62,169 |
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
distributable earnings |
|
|
— |
|
|
|
— |
|
|
|
6,995 |
|
|
|
— |
|
|
|
— |
|
|
|
62,169 |
|
| Other
accumulated gain (loss) (b) |
|
|
(448,726 |
) |
|
|
(9,288,366 |
) |
|
|
(194,184 |
) |
|
|
(1,193,645 |
) |
|
|
(7,262,474 |
) |
|
|
(27,486 |
) |
Total
distributable earnings
(accumulated losses) |
|
$ |
(133,110 |
) |
|
$ |
618,561 |
|
|
$ |
(179,666 |
) |
|
$ |
(949,977 |
) |
|
$ |
(3,262,309 |
) |
|
$ |
(241,104 |
) |
| |
|
DIPS ETF |
|
|
CRSH ETF |
|
|
SMCY ETF |
|
|
SNOY ETF |
|
|
TSLY ETF |
|
|
Investments
including written options,
at cost(a) |
|
$ |
11,667,196 |
|
|
$ |
22,613,872 |
|
|
$ |
14,885,587 |
|
|
$ |
18,371,224 |
|
|
$ |
885,127,186 |
|
|
| Gross
tax unrealized appreciation |
|
|
49,802 |
|
|
|
450,473 |
|
|
|
361,210 |
|
|
|
256,430 |
|
|
|
43,647,523 |
|
|
| Gross
tax unrealized depreciation |
|
|
(1,741,113 |
) |
|
|
(2,542,346 |
) |
|
|
(1,644,451 |
) |
|
|
(1,607,904 |
) |
|
|
(56,728,786 |
) |
|
| Net
tax unrealized appreciation (depreciation) |
|
|
(1,691,311 |
) |
|
|
(2,091,873 |
) |
|
|
(1,283,241 |
) |
|
|
(1,351,474 |
) |
|
|
(13,081,263 |
) |
|
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Total
distributable earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Other
accumulated gain (loss) (b) |
|
|
(43,026 |
) |
|
|
(384,916 |
) |
|
|
(2,912,304 |
) |
|
|
(215,703 |
) |
|
|
(130,706,077 |
) |
|
Total
distributable earnings
(accumulated losses) |
|
$ |
(1,734,337 |
) |
|
$ |
(2,476,789 |
) |
|
$ |
(4,195,545 |
) |
|
$ |
(1,567,177 |
) |
|
$ |
(143,787,340 |
) |
|
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| |
|
TSMY ETF |
|
|
ULTY ETF |
|
|
YMAX ETF |
|
|
XOMO ETF |
|
|
XYZY ETF |
|
|
Investments
including written options,
at cost(a) |
|
$ |
22,227,787 |
|
|
$ |
191,625,789 |
|
|
$ |
356,425,337 |
|
|
$ |
31,509,198 |
|
|
$ |
46,548,246 |
|
|
| Gross
tax unrealized appreciation |
|
|
258,710 |
|
|
|
21,262,111 |
|
|
|
29,310,390 |
|
|
|
608,972 |
|
|
|
3,448,705 |
|
|
| Gross
tax unrealized depreciation |
|
|
(924,965 |
) |
|
|
(13,984,794 |
) |
|
|
(45,526,761 |
) |
|
|
(631,449 |
) |
|
|
(244,948 |
) |
|
| Net
tax unrealized appreciation (depreciation) |
|
|
(666,255 |
) |
|
|
7,277,317 |
|
|
|
(16,216,371 |
) |
|
|
(22,477 |
) |
|
|
3,203,757 |
|
|
| Undistributed
ordinary income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Undistributed
long-term capital gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Total
distributable earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Other
accumulated gain (loss) (b) |
|
|
(257,798 |
) |
|
|
(12,938,186 |
) |
|
|
(6,021,334 |
) |
|
|
(513,266 |
) |
|
|
(3,319,583 |
) |
|
Total
distributable earnings
(accumulated losses) |
|
$ |
(924,053 |
) |
|
$ |
(5,660,869 |
) |
|
$ |
(22,237,705 |
) |
|
$ |
(535,743 |
) |
|
$ |
(115,826 |
) |
|
|
| (a)
|
The
difference between book and tax-basis unrealized appreciation was
attributable primarily to the treatment of wash
sales. |
|
| (b)
|
A
portion of the other accumulated gain (loss) is attributable to straddles
in the amount that follows in the table below: |
| |
|
Straddles |
|
| APLY ETF |
|
$ |
(515,344 |
) |
| ABNY ETF |
|
|
(586,498 |
) |
| AIYY ETF |
|
|
(1,480,995 |
) |
| AMDY ETF |
|
|
(1,347,408 |
) |
| AMZY ETF |
|
|
(2,445,659 |
) |
| BABO ETF |
|
|
(143,973 |
) |
| YBIT ETF |
|
|
(9,038,599 |
) |
| CONY ETF |
|
|
(10,875,429 |
) |
| DISO ETF |
|
|
(421,576 |
) |
| GDXY ETF |
|
|
(723,333 |
) |
| GOOY ETF |
|
|
(4,589,257 |
) |
| OARK ETF |
|
|
(1,540,834 |
) |
| JPMO ETF |
|
|
(83,261 |
) |
| YMAG ETF |
|
|
— |
|
| FBY ETF |
|
|
(3,182,760 |
) |
| MRNY ETF |
|
|
(260,215 |
) |
| MSFO ETF |
|
|
(400,504 |
) |
| MSTY ETF |
|
|
(17,525,670 |
) |
| NFLY ETF |
|
|
(448,726 |
) |
| NVDY ETF |
|
|
(9,288,366 |
) |
| PLTY ETF |
|
|
(162,219 |
) |
| PYPY ETF |
|
|
(1,193,645 |
) |
| FIAT ETF |
|
|
(7,262,474 |
) |
| YQQQ ETF |
|
|
(27,486 |
) |
| DIPS ETF |
|
|
(43,026 |
) |
| CRSH ETF |
|
|
(384,916 |
) |
| SMCY ETF |
|
|
(361,175 |
) |
| SNOY ETF |
|
|
(215,703 |
) |
| TSLY ETF |
|
|
(41,257,539 |
) |
| TSMY ETF |
|
|
(257,798 |
) |
| ULTY ETF |
|
|
(12,938,186 |
) |
| YMAX ETF |
|
|
— |
|
| XOMO ETF |
|
|
(513,266 |
) |
| XYZY ETF |
|
|
(3,319,583 |
) |
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
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 prior fiscal periods ended October 31, 2024,
the Funds have not elected to defer late-year losses. As of the prior fiscal
periods ended October 31, 2024, the following Funds had long-term and short-term
capital loss carryovers, which do not expire. The TSLY ETF and APLY ETF used
$57,146,761 and $2,840,723, respectively, of capital loss carryovers during the
period ended October 31, 2024.
| |
|
Long-Term Capital
Loss Carryovers |
|
|
Short-Term Capital
Loss Carryovers |
|
| APLY ETF |
|
$ |
— |
|
|
$ |
— |
|
| ABNY ETF |
|
|
— |
|
|
|
— |
|
| AIYY ETF |
|
|
— |
|
|
|
(10,040,443 |
) |
| AMDY ETF |
|
|
— |
|
|
|
— |
|
| AMZY ETF |
|
|
— |
|
|
|
— |
|
| BABO ETF |
|
|
— |
|
|
|
— |
|
| YBIT ETF |
|
|
— |
|
|
|
(2,178,845 |
) |
| CONY ETF |
|
|
— |
|
|
|
— |
|
| DISO ETF |
|
|
— |
|
|
|
(1,392,962 |
) |
| GDXY ETF |
|
|
— |
|
|
|
— |
|
| GOOY ETF |
|
|
— |
|
|
|
(1,691,405 |
) |
| OARK ETF |
|
|
(30,271 |
) |
|
|
(7,893,933 |
) |
| JPMO ETF |
|
|
— |
|
|
|
— |
|
| YMAG ETF |
|
|
— |
|
|
|
— |
|
| FBY ETF |
|
|
— |
|
|
|
— |
|
| MRNY ETF |
|
|
— |
|
|
|
(18,625,096 |
) |
| MSFO ETF |
|
|
— |
|
|
|
— |
|
| MSTY ETF |
|
|
— |
|
|
|
— |
|
| NFLY ETF |
|
|
— |
|
|
|
— |
|
| NVDY ETF |
|
|
— |
|
|
|
— |
|
| PLTY ETF |
|
|
— |
|
|
|
(31,965 |
) |
| PYPY ETF |
|
|
— |
|
|
|
— |
|
| FIAT ETF |
|
|
— |
|
|
|
— |
|
| YQQQ ETF |
|
|
— |
|
|
|
— |
|
| DIPS ETF |
|
|
— |
|
|
|
— |
|
| CRSH ETF |
|
|
— |
|
|
|
— |
|
| SMCY ETF |
|
|
— |
|
|
|
(2,551,129 |
) |
| SNOY ETF |
|
|
— |
|
|
|
— |
|
| TSLY ETF |
|
|
(368,994 |
) |
|
|
(80,079,544 |
) |
| TSMY ETF |
|
|
— |
|
|
|
— |
|
| ULTY ETF |
|
|
— |
|
|
|
— |
|
| YMAX ETF |
|
|
— |
|
|
|
(6,021,334 |
) |
| XOMO ETF |
|
|
— |
|
|
|
— |
|
| XYZY ETF |
|
|
— |
|
|
|
— |
|
| NOTE
9 – SHARES TRANSACTIONS |
Shares of
the Funds are listed and traded on the NYSE Arca, Inc., 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.
| Notes
to the Financial Statements |
YieldMax
ETFs |
April 30, 2025
(Unaudited)
| NOTE
10 – REVERSE STOCK SPLIT |
During the
year ended October 31, 2024, the Shares of the TSLY ETF were adjusted to reflect
a reverse stock split. The effect of this reverse stock split was to reduce the
number of Shares outstanding in the Fund while maintaining the Fund’s and each
shareholder’s aggregate NAV. All historical per Share information has been
retroactively adjusted to reflect this reverse stock split. Set forth below are
details regarding the reverse stock split effected on February 26,
2024:
| |
|
Date
|
|
Rate
|
|
NAV
Before
Split |
|
NAV
After
Split |
|
Shares
Outstanding
Before Split |
|
Shares
Outstanding
After Split |
| TSLY
ETF |
|
2/26/2024 |
|
1 for
2 |
|
$ |
9.28 |
|
$ |
18.56 |
|
89,450,000 |
|
44,725,000 |
| NOTE
11 – 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. The Adviser will monitor developments and seek to manage the Funds in
a manner consistent with achieving the Fund’s investment objective, but there
can be no assurance that they will be successful in doing so.
| NOTE
12 – 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.
