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        <aggregateCommission>10675.420000000000</aggregateCommission>
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          <principalTransaction>
            <principalName>ROBERT W. BAIRD &amp; CO. INCORPORATED</principalName>
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        <mnthlyAvgNetAssets>30883166.239000000000</mnthlyAvgNetAssets>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Carbon Collective Short Duration Green Bond ETF</mgmtInvFundName>
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        <sharesOutstandings>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Carbon Collective Investing, LLC</subAdviserName>
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          <subAdviser>
            <subAdviserName>Artesian Capital Management (Delaware) LP</subAdviserName>
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            <isSubAdviserHired>N</isSubAdviserHired>
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        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
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        <investmentAdvisers>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <adminName>Tidal ETF Services, LLC</adminName>
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        <brokers>
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            <principalName>CANTOR FITZGERALD &amp; CO.</principalName>
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            <principalName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INCORPORATED</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Grizzle Growth ETF</mgmtInvFundName>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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        <pricingServices>
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            <adminName>Tidal ETF Services, LLC</adminName>
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        <brokers>
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        <sharesOutstandings>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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        <pricingServices>
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            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <custodianName>U.S. Bank N.A.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <isAdminSubAdmin>Y</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>TELSEY ADVISORY GROUP LLC</brokerName>
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          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
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          <broker>
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          <broker>
            <brokerName>ROBERT W. BAIRD &amp; CO. INCORPORATED</brokerName>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax AI &amp; Tech Portfolio Option Income ETF</mgmtInvFundName>
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        <investmentAdvisers>
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        <pricingServices>
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        <brokers>
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          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INCORPORATED</brokerName>
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            <brokerName>BOFA SECURITIES INC.</brokerName>
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            <brokerName>CITADEL SECURITIES LLC</brokerName>
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            <brokerName>OLD MISSION MARKETS LLC</brokerName>
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      <managementInvestmentQuestion>
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        <investmentAdvisers>
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            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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          <pricingService>
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          <pricingService>
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        <brokers>
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          <broker>
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      <managementInvestmentQuestion>
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        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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      <managementInvestmentQuestion>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="YieldMax MSTR Short Option Income Strategy ETF" sharesOutstandingClassId="C000258136" sharesOutstandingTickerSymbol="WNTR"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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          </pricingService>
          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank N.A.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          </admin>
          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerCrdNo>000045993</brokerCrdNo>
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            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>6552.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CITADEL SECURITIES LLC</brokerName>
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            <grossCommission>1642.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>OLD MISSION MARKETS LLC</brokerName>
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            <brokerCrdNo>000281867</brokerCrdNo>
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            <grossCommission>775.000000000000</grossCommission>
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          <broker>
            <brokerName>JANE STREET EXECUTION SERVICES LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>650.000000000000</grossCommission>
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          <broker>
            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INCORPORATED</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
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          <broker>
            <brokerName>BOFA SECURITIES INC.</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
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            <grossCommission>202.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SUSQUEHANNA FINANCIAL GROUP LLLP</brokerName>
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            <brokerCrdNo>000035865</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>127.500000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>10475.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>U.S. BANCORP INVESTMENTS INC.</principalName>
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            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>36355153.490000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
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            <principalTotalPurchaseSale>976865.670000000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>37332019.160000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>15613777.792366400000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000090038</mgmtInvSeriesId>
        <mgmtInvLei>254900I424UL14A00P75</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
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        <sharesOutstandings>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
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            <investmentAdviserCrdNo>000164201</investmentAdviserCrdNo>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
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            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
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            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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            <pricingServiceCountry>BM</pricingServiceCountry>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
            <pricingServiceLei>549300U4VWNITEKO2881</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>U.S. Bank N.A.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <isAdminSubAdmin>Y</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>OLD MISSION MARKETS LLC</brokerName>
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            <brokerCrdNo>000281867</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>1686.000000000000</grossCommission>
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          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerCrdNo>000045993</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>1515.450000000000</grossCommission>
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          <broker>
            <brokerName>FIRST OPTIONS OF CHICAGO</brokerName>
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            <brokerCrdNo>000013822</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>240.500000000000</grossCommission>
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        <aggregateCommission>3441.950000000000</aggregateCommission>
        <principalTransactions>
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            <principalName>U.S. BANCORP INVESTMENTS INC.</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
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            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
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        <principalAggregatePurchase>59904.210000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>6870906.043571430000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax R2000 0DTE Covered Call Strategy ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000090039</mgmtInvSeriesId>
        <mgmtInvLei>254900ONBGCVVW6C0P04</mgmtInvLei>
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        <numAuthorizedClass>1</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
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          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-76857</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000164201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>U.S. Bank N.A.</custodianName>
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            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerCrdNo>000045993</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>953.100000000000</grossCommission>
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          <broker>
            <brokerName>OLD MISSION MARKETS LLC</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>931.500000000000</grossCommission>
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          <broker>
            <brokerName>FIRST OPTIONS OF CHICAGO</brokerName>
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            <brokerCrdNo>000013822</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>114.500000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1999.100000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>U.S. BANCORP INVESTMENTS INC.</principalName>
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            <principalCrdNo>000017868</principalCrdNo>
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            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>39956.520000000000</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>39956.520000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4045769.362108840000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax S&amp;P 500 0DTE Covered Call Strategy ETF</mgmtInvFundName>
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        <mgmtInvLei>2549006NPHE610NPM920</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="YieldMax S&amp;P 500 0DTE Covered Call Strategy ETF" sharesOutstandingClassId="C000256917" sharesOutstandingTickerSymbol="SDTY"/>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
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            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceCountry>BM</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
            <pricingServiceLei>549300U4VWNITEKO2881</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>U.S. Bank N.A.</custodianName>
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            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
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            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerCrdNo>000045993</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
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          <broker>
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            <grossCommission>1259.100000000000</grossCommission>
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          <broker>
            <brokerName>FIRST OPTIONS OF CHICAGO</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>115.000000000000</grossCommission>
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        <aggregateCommission>2683.500000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>U.S. BANCORP INVESTMENTS INC.</principalName>
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            <principalCrdNo>000017868</principalCrdNo>
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            <principalRssdId>N/A</principalRssdId>
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            <principalTotalPurchaseSale>2706448.120000000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
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            <principalCrdNo>000008209</principalCrdNo>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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        </principalTransactions>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11575084.124742900000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax Semiconductor Portfolio Option Income ETF</mgmtInvFundName>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
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          <fundType>Exchange-Traded Fund</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
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          <pricingService>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <adminRssdId>N/A</adminRssdId>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
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            <brokerCrdNo>000045993</brokerCrdNo>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>11551.750000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JANE STREET EXECUTION SERVICES LLC</brokerName>
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            <brokerCrdNo>000167280</brokerCrdNo>
            <brokerLei>549300HXJLXCPDWAH070</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1220.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SUSQUEHANNA FINANCIAL GROUP LLLP</brokerName>
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            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>2.810000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>12774.560000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>STONEX FINANCIAL INC.</principalName>
            <principalFileNo>8-51269</principalFileNo>
            <principalCrdNo>000045993</principalCrdNo>
            <principalLei>549300LNKU6K5TJCRG93</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>20810.340000000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>20810.340000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>12181247.337395000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax Target 12 Big 50 Option Income ETF</mgmtInvFundName>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
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            <investmentAdviserCrdNo>000164201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
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            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
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            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
            <pricingServiceLei>549300U4VWNITEKO2881</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank N.A.</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
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            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
            <brokerFileNo>8-51269</brokerFileNo>
            <brokerCrdNo>000045993</brokerCrdNo>
            <brokerLei>549300LNKU6K5TJCRG93</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>9146.010000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>SUSQUEHANNA FINANCIAL GROUP LLLP</brokerName>
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            <brokerCrdNo>000035865</brokerCrdNo>
            <brokerLei>549300E8QX0ZMRDC2M81</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>706.900000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INCORPORATED</brokerName>
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            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1.070000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>9853.980000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>7794614.331785720000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax Target 12 Real Estate Option Income ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000088626</mgmtInvSeriesId>
        <mgmtInvLei>254900ALEMNLAGRNKK41</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="YieldMax Target 12 Real Estate Option Income ETF" sharesOutstandingClassId="C000254951" sharesOutstandingTickerSymbol="RNTY"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-76857</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000164201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceCountry>BM</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
            <pricingServiceLei>549300U4VWNITEKO2881</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank N.A.</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Tidal ETF Services, LLC</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>U.S. Bancorp Global Fund Services LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>STONEX FINANCIAL INC.</brokerName>
            <brokerFileNo>8-51269</brokerFileNo>
            <brokerCrdNo>000045993</brokerCrdNo>
            <brokerLei>549300LNKU6K5TJCRG93</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>868.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INCORPORATED</brokerName>
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            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0.650000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>869.150000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2589673.761666670000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>YieldMax Target 12 Semiconductor Option Income ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000088627</mgmtInvSeriesId>
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        <sharesOutstandings>
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        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Tidal Investments LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-76857</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000164201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-WI" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
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