yldmx-ncsr_103123

234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

Eric W. Falkeis
Tidal Trust II
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)

YieldMax ETFs

SHAREHOLDER LETTER

Dear Shareholders,

When we developed the YieldMax™ Option Income Strategy ETFs (the “Funds”) in 2022, our goal was to construct a portfolio that generates monthly income by selling/writing call options on a single equity - initially, TSLA – This strategy aims to harvest compelling yields, while retaining capped participation in the price gains of the underlying equity (asset).

Each of the Fund’s primary investment objective is to seek current income. Each of the Fund’s secondary investment objective is to seek exposure to the share price of the common stock of the underlying stock subject to a limit on potential investment gains. There are three main steps in the process:

1)Utilizing Synthetic long exposure to the underlying, which allows the Funds to seek to participate in the changes, up or down, in the price of the underlying’s stock.

2)Covered call writing (where the underlying call options are sold against the synthetic long portion of the strategy), which allows the Funds to generate income.

3)Purchase of U.S. Treasuries, which are collateral for the options holdings, and which also generate income.

Each of the Funds will seek to provide monthly income in the form of distributions. Each of the Funds will seek to generate such income in the following ways:

•Writing (selling) call option contracts on the underlying as described above. The income, in the form of option premiums received from such option sales, will be primarily influenced by the volatility of the underlying stock, although other factors, including interest rates, will also impact the level of income.

•Investing in short-term U.S. Treasury securities. The income generated by these securities will be influenced by interest rates at the time of investment.

Performance Update

The YieldMax™ Option Income Strategy ETFs were launched across various dates in 2022 and 2023.

The table illustrates the YieldMax™ ETFs that were active through the year ending 10/31/2023. Returns are total returns of NAV price including dividends reinvested. Also noted are the inception dates where the earliest ETF tickers are listed first.

Since on the ex-dividend date a security is reduced by the amount of the dividend, the total return is a more complete way to evaluate one’s holdings. This is especially pertinent with a strategy targeting high current income.

Since reinvesting dividends builds one’s share count, it is an effective approach to potential compounding of dividends.


Fund Name	Fund Ticker	NAV Cumulative Returns Inception to 10/31/2023
YieldMax AMD Option Income Strategy ETF	AMDY NAV	-5.8%
YieldMax AMZN Option Income Strategy ETF	AMZY NAV	7.94%
YieldMax AAPL Option Income Strategy ETF	APLY NAV	1.88%
YieldMax COIN Option Income Strategy ETF	CONY NAV	4.69%
YieldMax DIS Option Income Strategy ETF	DISO NAV	1.22%
YieldMax META Option Income Strategy ETF	FBY NAV	2.17%
YieldMax GOOGL Option Income Strategy ETF	GOOY NAV	-3.50%
YieldMax JPM Option Income Strategy ETF	JPMO NAV	-4.58%
YieldMax MRNA Option Income Strategy ETF	MRNY NAV	-3.25%
YieldMax MSFT Option Income Strategy ETF	MSFO NAV	8.13%
YieldMax NFLX Option Income Strategy ETF	NFLY NAV	-5.99%
YieldMax NVDA Option Income Strategy ETF	NVDY NAV	21.88%
YieldMax Innovation Option Income Strategy ETF	OARK NAV	-13.76%
YieldMax PYPL Option Income Strategy ETF	PYPY NAV	-9.82%
YieldMax SQ Option Income Strategy ETF	SQY NAV	-11.17%
YieldMax TSLA Option Income Strategy ETF	TSLY NAV	-7.26%
YieldMax XOM Option Income Strategy ETF	XOMO NAV	-7.08%

Data Source: Tidal Toroso

YieldMax ETFs

Highlights From Across the YieldMax™ Complex:

YieldMax™ TSLA Option Income Strategy ETF

Tesla, the underlying, saw quite amount of volatility that included several large drawdowns with subsequent fast recoveries.

Since investors cap the upside in exchange for the premium sold, they experienced the drawdown but were limited in how much of the recovery they captured. This is always a possibility given the price behavior of Tesla. We also saw the implied volatility levels come down from where they were in late 2022 and early 2023.

The amount of potential option premium received from selling covered calls is largely dependent on the level of implied volatility in the options market.

The relative implied volatility of TSLA remains high compared to the broad market which the fund captured to maintain a high dividend consistent with the primary goal of current income. We the opportunity to generate higher monthly dividends to continue.

YieldMax™ NVDA Option Income Strategy ETF

Nvidia, the underlying, experienced a strong uptrend followed by a wide but range bound price action.

Nvidia’s implied volatility remained robust, especially around several announcement cycles. Due to these factors, the fund was able to not only realize capital appreciation but also strong option premium capture leading to positive returns since inception.

It was a good example of how the fund can capture some upside up to the cap set by selling covered calls to generate premium capture.

YieldMax™ COIN Option Income Strategy ETF

One of the newer funds to the lineup was able to capture a combination of high option premium through covered call selling with some upside appreciate capture.

Coinbase, the underlying, has been in a strong uptrend combined with very high implied volatility. This combination has proven productive thus far for the fund in its mandate to generate high current income.

Expectations in Different Market Environments

Each of the Fund’s strategy performs best:

•When the underlying asset moves slightly higher thus presenting the opportunity to capture some price appreciation and extrinsic premium.

•When the underlying asset moves lower, the Funds intend to lose less due to the offset of the premium received.

When each of the Fund’s strategy performs the worst:

•The YieldMax™ Option Income Strategy ETFs will underperform when the underlying equity is making a strong move up. Since investors in the Funds give up upside in exchange for the premium received to sell a covered call.

•During periods of lower implied volatility where the amount of premium available drops, it leads to potentially lower monthly dividends.

Looking Ahead

We believe investors in the Funds are well positioned to capitalize on the implied volatility inherent in the underlying security by taking in premium from the sale of covered calls.

At the same time, investors can participate in some limited upside as usual per a covered call writing strategy.

While covered calls are not intended to provide material hedges on the underlying, the premium received may reduce the downside by the amount of the option premium sold.

SHAREHOLDER LETTER (Continued)

YieldMax ETFs

Year to date the economy has defied many prognostications by avoiding a recession declared by the NBER (National Bureau of Economic Research). At the same time the S&P 500 Index has recovered from the late 2022 lows while earnings estimates for fiscal 2024 have risen.

Estimates for potential cuts to interest rates by the Federal Reserve have been forecasted evidenced by the Fed Funds futures markets.

Tailwinds for equity markets might include better than expected earnings, a more dovish Fed, no recession, solid employment situation, and investors willing to pay more for future growth with a reflating of the forward price to earnings multiple.

Headwinds might include renewed inflation, a Fed that settles on a “higher-for-longer” rate strategy, softer earnings, problems within the credit markets, or a reduction in the forward price to earnings multiple. Since 2024 is a Presidential election year, this adds an additional dimension of risk and potential volatility to markets.

For these reasons, we believe that investors should consider holding alternative income strategies within their overall portfolio.

We feel this potentially gives investors the ability to take advantage of higher implied volatility to generate monthly income via dividends while generating returns during sideways to slight up or down markets over the period each synthetic covered call is established for.

Due to an interest rate environment where US treasuries are paying a more normalized rate of return, these allow for the Fund to generate additional income in addition to premium generated by the covered call premium selling.

This material must be preceded or accompanied by a prospectus.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833-415-4006. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The fund intends to pay out dividends and interest income, if any, monthly. There is no guarantee these distributions will be made.

Equity Market Risk. The equity securities underlying the Fund’s option investments may experience sudden, unpredictable drops in value or long periods of decline in value. Derivatives Risk. The Fund invests in options, which are a form of derivative investment. Derivatives have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity of the derivative investments. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Fixed Income Securities Risk. The Fund may invest in fixed income securities directly or through ETFs or other investment companies. Fixed income securities are subject to interest rate risk (discussed further herein), call risk, prepayment and extension risk, credit risk (discussed further herein), and liquidity risk. Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Non-Diversification Risk. Because the Fund is “nondiversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. New Fund Risk. The Fund is a recently organized management investment company with no operating history.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility.

Distributed by Foreside Fund Services, LLC

SHAREHOLDER LETTER (Continued)

YieldMax ETFs

YieldMax Innovation Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type	% of Net Assets
United States Treasury Obligations		121.0	%
Options Purchased		0.4
Cash & Cash Equivalents⁽¹⁾		1.9
Options Written		(23.3	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax TSLA Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		91.2	%
Options Purchased		13.0
Cash & Cash Equivalents⁽¹⁾		2.4
Options Written		(6.6	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax AAPL Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		101.2	%
Options Purchased		1.6
Cash & Cash Equivalents⁽¹⁾		1.6
Options Written		(4.4	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax NVDA Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		97.5	%
Options Purchased		0.7
Cash & Cash Equivalents⁽¹⁾		12.9
Options Written		(11.1	)
		100.0	%

⁽¹⁾Represents cash, short-term investments and other assets in excess of liabilities.

YieldMax ETFs


Security Type	% of Net Assets
United States Treasury Obligations		99.8	%
Options Purchased		2.1
Cash & Cash Equivalents⁽¹⁾		2.8
Options Written		(4.7	)
		100.0	%

⁽¹⁾Represents cash, short-term investments and other assets in excess of liabilities.

YieldMax GOOGL Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		90.1	%
Cash & Cash Equivalents⁽¹⁾		11.2
Options Purchased		2.1
Options Written		(3.4	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax META Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		90.8	%
Cash & Cash Equivalents⁽¹⁾		7.4
Options Purchased		4.5
Options Written		(2.7	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax NFLX Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		102.7	%
Options Purchased		1.4
Cash & Cash Equivalents⁽¹⁾		3.4
Options Written		(7.5	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax AMZN Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

YieldMax ETFs


Security Type	% of Net Assets
United States Treasury Obligations		87.5	%
Options Purchased		8.9
Cash & Cash Equivalents⁽¹⁾		10.8
Options Written		(7.2	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax DIS Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		88.5	%
Options Purchased		9.4
Cash & Cash Equivalents⁽¹⁾		3.6
Options Written		(1.5	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax MSFT Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		87.5	%
Options Purchased		8.8
Cash & Cash Equivalents⁽¹⁾		4.3
Options Written		(0.6	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax XOM Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		105.0	%
Options Purchased		0.1
Cash & Cash Equivalents⁽¹⁾		4.3
Options Written		(9.4	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax COIN Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

YieldMax ETFs


Security Type	% of Net Assets
United States Treasury Obligations		88.1	%
Options Purchased		0.6
Cash & Cash Equivalents⁽¹⁾		19.4
Options Written		(8.1	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax AMD Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		96.2	%
Options Purchased		3.1
Cash & Cash Equivalents⁽¹⁾		10.1
Options Written		(9.4	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax PYPL Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		58.4	%
Cash & Cash Equivalents⁽¹⁾		48.1
Options Purchased		2.9
Options Written		(9.4	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax SQ Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)


Security Type	% of Net Assets
United States Treasury Obligations		81.1	%
Options Purchased		13.0
Cash & Cash Equivalents⁽¹⁾		12.1
Options Written		(6.2	)
		100.0	%

⁽¹⁾Represents cash, short-term investments, and other assets in excess of liabilities.

YieldMax JPM Option Income Strategy ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

YieldMax Innovation Option Income Strategy ETF


26		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 121.0%
United States Treasury Notes — 121.0%
0.750%, 12/31/2023⁽²⁾		$40,767,000	$40,453,603
0.750%, 11/15/2024⁽²⁾		42,729,000	40,728,132
			81,181,735
Total United States Treasury Obligations
(Cost $81,287,044)			81,181,735

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 0.4%
Call Options — 0.4%
ARK Innovation ETF
Expiration Date: 12/15/2023, Strike Price: $43.00⁽³⁾⁽⁵⁾	19,585	$68,704,180	293,775
Total Options Purchased
(Cost $8,201,145)			293,775

		Shares
Short-Term Investments— 0.2%
Money Market Funds — 0.2%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		100,679	100,679
Total Short-Term Investments
(Cost $100,679)			100,679

Total Investments in Securities — 121.6%
(Cost $89,588,868)			81,576,189
Liabilities in Excess of Other Assets — (21.6)%			(14,477,773	)
Total Net Assets — 100.0%			$67,098,416

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security was held in its entirety at the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax Innovation Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		27

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 23.3%
Call Options Written — 0.3%
ARK Innovation ETF
Expiration: 11/3/2023, Strike Price: $36.50	9,790	$34,360,860	$88,155
Expiration: 11/3/2023, Strike Price: $37.00	9,795	34,343,320	146,850
			235,005
Put Options Written — 23.0%
ARK Innovation ETF
Expiration: 12/15/2023, Strike Price: $43.01⁽²⁾	19,585	68,704,180	15,409,196

Total Options Written
(Premiums Received $5,465,271)			$15,644,201

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax TSLA Option Income Strategy ETF


28		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 91.2%
United States Treasury Notes — 91.2%
0.750%, 12/31/2023⁽²⁾		$312,186,000	$309,786,067
0.750%, 11/15/2024⁽²⁾		324,424,000	309,232,217
			619,018,284
Total United States Treasury Obligations
(Cost $619,428,978)			619,018,284

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 13.0%
Call Options — 13.0%
Tesla, Inc.
Expiration Date: 1/19/2024, Strike Price: $190.00⁽³⁾⁽⁵⁾	33,670	$676,228,280	88,215,400
Total Options Purchased
(Cost $84,235,766)			88,215,400

		Shares
Short-Term Investments — 1.1%
Money Market Funds — 1.1%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		7,414,388	7,414,388
Total Short-Term Investments
(Cost $7,414,388)			7,414,388
Total Investments in Securities — 105.3%
(Cost $711,079,133)			714,648,072
Liabilities in Excess of Other Assets — (5.3)%			(36,024,114	)
Total Net Assets — 100.0%			$678,623,958

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security was held in its entirety at the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax TSLA Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		29

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 6.6%
Call Options Written — 0.1%
Tesla, Inc.
Expiration: 11/3/2023, Strike Price: $207.50	330	$6,627,720	$57,420
Expiration: 11/3/2023, Strike Price: $220.00	33,340	669,600,560	766,820
			824,240
Put Options Written — 6.5%
Tesla, Inc.
Expiration: 1/19/2024, Strike Price: $190.01⁽²⁾	33,670	676,228,280	43,889,956
Total Options Written
(Premiums Received $58,281,942)			$44,714,196

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax AAPL Option Income Strategy ETF


30		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 101.2%
United States Treasury Notes — 101.2%
0.750%, 12/31/2023⁽²⁾		$28,785,000	$28,563,715
0.750%, 11/15/2024⁽²⁾		29,869,000	28,470,326
			57,034,041
Total United States Treasury Obligations
(Cost $57,096,404)			57,034,041

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 1.6%
Call Options — 1.6%
Apple, Inc.
Expiration Date: 11/17/2023, Strike Price: $175.00⁽³⁾⁽⁵⁾	3,260	$55,671,020	925,840
Total Options Purchased
(Cost $3,028,722)			925,840

		Shares
Short-Term Investments — 0.1%
Money Market Funds — 0.1%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		49,351	49,351
Total Short-Term Investments
(Cost $49,350)			49,351
Total Investments in Securities — 102.9%
(Cost $60,174,476)			58,009,232
Liabilities in Excess of Other Assets — (2.9)%			(1,630,785	)
Total Net Assets — 100.0%			$56,378,447

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security was held in its entirety at the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax AAPL Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		31

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 4.4%
Call Options Written — 0.5%
Apple, Inc.
Expiration: 11/3/2023, Strike Price: $177.50	3,260	$55,671,020	$257,540
Put Options Written — 3.9%
Apple, Inc.
Expiration: 11/17/2023, Strike Price: $175.01⁽²⁾	3,260	55,671,020	2,218,714
Total Options Written
(Premiums Received $2,009,958)			$2,476,254

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax NVDA Option Income Strategy ETF


32		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 97.5%
United States Treasury Notes — 97.5%
0.750%, 12/31/2023⁽²⁾		$77,988,000	$77,388,467
0.750%, 11/15/2024⁽²⁾		81,061,000	77,265,161
			154,653,628
Total United States Treasury Obligations
(Cost $154,788,568)			154,653,628

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 0.7%
Call Options — 0.7%
NVIDIA Corp.
Expiration Date: 11/17/2023, Strike Price: $450.00⁽³⁾⁽⁵⁾	3,925	$160,061,500	1,055,825
Total Options Purchased
(Cost $12,066,660)			1,055,825

		Shares
Short-Term Investments— 1.0%
Money Market Funds — 1.0%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		1,641,400	1,641,400
Total Short-Term Investments
(Cost $1,641,400)			1,641,400
Total Investments in Securities — 99.2%
(Cost $168,496,628)			157,350,853
Other Assets in Excess of Liabilities — 0.8%			1,316,001
Total Net Assets — 100.0%			$158,666,854

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax NVDA Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		33

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 11.1%
Call Options Written — 0.3%
NVIDIA Corp.
Expiration: 11/3/2023, Strike Price: $430.00	1,965	$80,132,700	$151,305
Expiration: 11/3/2023, Strike Price: $425.00	1,960	79,928,800	288,120
			439,425
Put Options Written — 10.8%
NVIDIA Corp.
Expiration: 11/17/2023, Strike Price: $450.01⁽²⁾	3,925	160,061,500	17,152,983
Total Options Written
(Premiums Received $12,951,697)			$17,592,408

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax AMZN Option Income Strategy ETF


34		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 99.8%
United States Treasury Notes — 99.8%
0.750%, 12/31/2023⁽²⁾		$16,980,000	$16,849,466
0.750%, 11/15/2024⁽²⁾		17,659,000	16,832,083
			33,681,549
Total United States Treasury Obligations
(Cost $33,715,069)			33,681,549

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 2.1%
Call Options — 2.1%
Amazon.com, Inc.
Expiration Date: 11/17/2023, Strike Price $135.00⁽³⁾⁽⁵⁾	2,540	$33,804,860	718,820
Total Options Purchased
(Cost $2,368,325)			718,820

		Shares
Short-Term Investments — 0.3%
Money Market Funds — 0.3%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		91,101	91,101
Total Short-Term Investments
(Cost $91,101)			91,101
Total Investments in Securities — 102.2%
(Cost $36,174,495)			34,491,470
Liabilities in Excess of Other Assets — (2.2)%			(741,559	)
Total Net Assets — 100.0%			$33,749,911

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax AMZN Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		35

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 4.7%
Call Options Written — 1.3%
Amazon.com, Inc.
Expiration: 11/03/2023, Strike Price: $133.00	2,540	$33,804,860	$449,580
Put Options Written — 3.4%
Amazon.com, Inc.
Expiration: 11/17/2023, Strike Price: $135.01⁽²⁾	2,540	33,804,860	1,125,866
Total Options Written
(Premiums Received $1,978,771)			$1,575,446

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax GOOGL Option Income Strategy ETF


36		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 90.1%
United States Treasury Notes — 90.1%
0.750%, 12/31/2023⁽²⁾		$7,423,000	$7,365,936
0.750%, 11/15/2024⁽²⁾		7,720,000	7,358,496
			14,724,432
Total United States Treasury Obligations
(Cost $14,742,980)			14,724,432

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 2.1%
Call Options — 2.1%
Alphabet, Inc.
Expiration Date: 11/17/2023, Strike Price: $125.00⁽³⁾⁽⁵⁾	1,315	$16,316,520	344,530
Total Options Purchased
(Cost $1,838,813)			344,530

		Shares
Short-Term Investments — 8.9%
Money Market Funds — 8.9%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		1,449,347	1,449,347
Total Short-Term Investments
(Cost $1,449,347)			1,449,347
Total Investments in Securities — 101.1%
(Cost $18,031,140)			16,518,309
Liabilities in Excess of Other Assets — (1.1)%			(184,717	)
Total Net Assets — 100.0%			$16,333,592

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax GOOGL Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		37

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 3.4%
Call Options Written — 0.8%
Alphabet, Inc.
Expiration: 11/3/2023, Strike Price: $125.00	1,315	$16,316,520	$124,925
Put Options Written — 2.6%
Alphabet, Inc.
Expiration: 11/17/2023, Strike Price: $125.01⁽²⁾	1,315	16,316,520	423,638
Total Options Written
(Premiums Received $426,250)			$548,563

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax META Option Income Strategy ETF


38		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 90.8%
United States Treasury Notes — 90.8%
0.750%, 12/31/2023⁽²⁾		$5,638,000	$5,594,658
0.750%, 11/15/2024⁽²⁾		5,860,000	5,585,594
			11,180,252
Total United States Treasury Obligations
(Cost $11,193,818)			11,180,252

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 4.5%
Call Options — 4.5%
Meta Platforms, Inc.
Expiration Date: 11/17/2023, Strike Price: $295.00⁽³⁾⁽⁵⁾	410	$12,352,070	549,400
Total Options Purchased
(Cost $1,104,595)			549,400

		Shares
Short-Term Investments — 4.6%
Money Market Funds — 4.6%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		568,581	568,581
Total Short-Term Investments
(Cost $568,581)			568,581
Total Investments in Securities — 99.9%
(Cost $12,866,994)			12,298,233
Other Assets in Excess of Liabilities — 0.1%			12,776
Total Net Assets — 100.0%			$12,311,009

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax META Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		39

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 2.7%
Call Options Written — 0.6%
Meta Platforms, Inc.
Expiration: 11/3/2023, Strike Price: $307.50	410	$12,352,070	$70,930
Put Options Written — 2.1%
Meta Platforms, Inc.
Expiration: 11/17/2023, Strike Price: $295.01⁽²⁾	410	12,352,070	260,847
Total Options Written
(Premiums Received $655,820)			$331,777

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax NFLX Option Income Strategy ETF


40		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 102.7%
United States Treasury Notes — 102.7%
0.750%, 12/31/2023⁽²⁾		$8,310,000	$8,246,117
0.750%, 11/15/2024⁽²⁾		8,647,000	8,242,087
			16,488,204
Total United States Treasury Obligations
(Cost $16,504,048)			16,488,204

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 1.4%
Call Options — 1.4%
Netflix, Inc.
Expiration Date: 11/17/2023, Strike Price: $435.00⁽³⁾⁽⁵⁾	365	$15,026,685	135,780
Expiration Date: 1/19/2024, Strike Price: $405.00⁽³⁾⁽⁵⁾	25	1,029,225	91,375
			227,155
Total Options Purchased
(Cost $759,955)			227,155

		Shares
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		82,737	82,737
Total Short-Term Investments
(Cost $82,737)			82,737
Total Investments in Securities — 104.6%
(Cost $17,346,740)			16,798,096
Liabilities in Excess of Other Assets — (4.6)%			(739,868	)
Total Net Assets — 100.0%			$16,058,228

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax NFLX Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		41

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 7.5%
Call Options Written — 1.2%
Netflix, Inc.
Expiration: 11/3/2023, Strike Price: $412.50	365	$15,026,685	$195,275
Expiration: 11/3/2023, Strike Price: $425.00	25	1,029,225	2,975
			198,250
Put Options Written — 6.3%
Netflix, Inc.
Expiration: 11/17/2023, Strike Price: $435.01⁽²⁾	365	15,026,685	946,976
Expiration: 1/19/2024, Strike Price: $405.01⁽²⁾	25	1,029,225	60,493
			1,007,469
Total Options Written
(Premiums Received $1,904,765)			$1,205,719

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax COIN Option Income Strategy ETF


42		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 87.5%
United States Treasury Notes — 87.5%
0.750%, 12/31/2023⁽²⁾		$28,681,000	$28,460,515
0.750%, 11/15/2024⁽²⁾		29,848,000	28,450,309
			56,910,824
Total United States Treasury Obligations
(Cost $56,958,776)			56,910,824

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 8.9%
Call Options — 8.9%
Coinbase Global, Inc.
Expiration Date: 11/17/2023, Strike Price: $75.00⁽³⁾⁽⁵⁾	8,445	$65,127,840	5,776,380
Total Options Purchased
(Cost $7,597,408)			5,776,380

		Shares
Short-Term Investments — 7.4%
Money Market Funds — 7.4%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		4,809,780	4,809,780
Total Short-Term Investments
(Cost $4,809,780)			4,809,780
Total Investments in Securities — 103.8%
(Cost $69,365,964)			67,496,984
Liabilities in Excess of Other Assets — (3.8)%			(2,482,338	)
Total Net Assets — 100.0%			$65,014,646

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax COIN Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		43

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 7.2%
Call Options Written — 1.1%
Coinbase Global, Inc.
Expiration: 11/3/2023, Strike Price: $82.00	925	$7,133,600	$149,850
Expiration: 11/3/2023, Strike Price: $85.00	3,770	29,074,240	346,840
Expiration: 11/3/2023, Strike Price: $87.00	3,735	28,804,320	253,980
Expiration: 11/10/2023, Strike Price: $86.00	15	115,680	2,647
			753,317
Put Options Written — 6.1%
Coinbase Global, Inc.
Expiration: 11/17/2023, Strike Price: $75.01⁽²⁾	8,445	65,127,840	3,936,289
Total Options Written
(Premiums Received $7,203,002)			$4,689,606

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax DIS Option Income Strategy ETF


44		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 88.5%
United States Treasury Notes — 88.5%
0.750%, 12/31/2023⁽²⁾		$1,784,000	$1,770,285
0.750%, 11/15/2024⁽²⁾		1,855,000	1,768,136
			3,538,421
Total United States Treasury Obligations
(Cost $3,542,129)			3,538,421

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 9.4%
Call Options — 9.4%
The Walt Disney Co.
Expiration Date: 11/17/2023, Strike Price: $75.00⁽³⁾⁽⁵⁾	485	$3,957,115	373,450
Total Options Purchased
(Cost $476,346)			373,450

		Shares
Short-Term Investments — 0.5%
Money Market Funds — 0.5%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		22,045	22,045
Total Short-Term Investments
(Cost $22,045)			22,045
Total Investments in Securities — 98.4%
(Cost $4,040,519)			3,933,916
Other Assets in Excess of Liabilities — 1.6%			62,530
Total Net Assets — 100.0%			$3,996,446

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax DIS Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		45

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 1.5%
Call Options Written — 0.4%
The Walt Disney Co.
Expiration: 11/3/2023, Strike Price: $83.00	485	$3,957,115	$16,975
Put Options Written — 1.1%
The Walt Disney Co.
Expiration: 11/17/2023, Strike Price: $75.01⁽²⁾	485	3,957,115	42,558
Total Options Written
(Premiums Received $98,172)			$59,533

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax MSFT Option Income Strategy ETF


46		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 87.5%
United States Treasury Notes — 87.5%
0.750%, 12/31/2023⁽²⁾		$3,734,000	$3,705,295
0.750%, 11/15/2024⁽²⁾		3,946,000	3,761,221
			7,466,516
Total United States Treasury Obligations
(Cost $7,474,622)			7,466,516

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 8.8%
Call Options — 8.8%
Microsoft Corp.
Expiration Date: 11/17/2023, Strike Price: $310.00⁽³⁾⁽⁵⁾	255	$8,621,805	745,875
Total Options Purchased
(Cost $699,180)			745,875

		Shares
Short-Term Investments — 14.5%
Money Market Funds — 14.5%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		1,239,155	1,239,155
Total Short-Term Investments
(Cost $1,239,155)			1,239,155
Total Investments in Securities — 110.8%
(Cost $9,412,957)			9,451,546
Liabilities in Excess of Other Assets — (10.8)%			(917,988	)
Total Net Assets — 100.0%			$8,533,558

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax MSFT Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		47

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 0.6%
Call Options Written — 0.3%
Microsoft Corp.
Expiration: 11/3/2023, Strike Price: $345.00	255	$8,621,805	$24,735
Put Options Written — 0.3%
Microsoft Corp.
Expiration: 11/17/2023, Strike Price: $310.01⁽²⁾	255	8,621,805	23,986
Total Options Written
(Premiums Received $248,325)			$48,721

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax XOM Option Income Strategy ETF


48		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 105.0%
United States Treasury Notes — 105.0%
0.750%, 12/31/2023⁽²⁾		$3,391,000	$3,364,931
0.750%, 11/15/2024⁽²⁾		3,526,000	3,360,888
			6,725,819
Total United States Treasury Obligations
(Cost $6,733,013)			6,725,819

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 0.1%
Call Options — 0.1%
Exxon Mobil Corp.
Expiration Date: 11/17/2023, Strike Price: $115.00⁽³⁾⁽⁵⁾	595	$6,298,075	8,330
Total Options Purchased
(Cost $379,450)			8,330

		Shares
Short-Term Investments — 1.9%
Money Market Funds — 1.9%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		118,391	118,391
Total Short-Term Investments
(Cost $118,391)			118,391
Total Investments in Securities — 107.0%
(Cost $7,230,853)			6,852,540
Liabilities in Excess of Other Assets — (7.0)%			(448,596	)
Total Net Assets — 100.0%			$6,403,944

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax XOM Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		49

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 9.4%
Call Options Written — 0.1%
Exxon Mobil Corp.
Expiration: 11/3/2023, Strike Price: $109.00	580	$6,139,300	$8,120
Expiration: 11/3/2023, Strike Price: $112.00	15	158,775	30
			8,150
Put Options Written — 9.3%
Exxon Mobil Corp.
Expiration: 11/17/2023, Strike Price: $115.01⁽²⁾	595	6,298,075	595,157
Total Options Written
(Premiums Received $209,435)			$603,307

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax JPM Option Income Strategy ETF


50		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 88.1%
United States Treasury Notes — 88.1%
0.750%, 12/31/2023⁽²⁾		$1,465,000	$1,453,738
0.750%, 11/15/2024⁽²⁾		1,525,000	1,453,589
			2,907,327
Total United States Treasury Obligations
(Cost $2,909,555)			2,907,327

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 0.6%
Call Options — 0.6%
JPMorgan Chase & Co.
Expiration Date: 12/15/2023, Strike Price: $150.00⁽³⁾⁽⁵⁾	238	$3,309,628	19,040
Total Options Purchased
(Cost $124,622)			19,040

		Shares
Short-Term Investments — 18.3%
Money Market Funds — 18.3%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		603,039	603,039
Total Short-Term Investments
(Cost $603,039)			603,039
Total Investments in Securities — 107.0%
(Cost $3,637,216)			3,529,406
Liabilities in Excess of Other Assets — (7.0)%			(230,942	)
Total Net Assets — 100.0%			$3,298,464

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax JPM Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		51

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 8.1%
Call Options Written — 0.4%
JPMorgan Chase & Co.
Expiration: 11/3/2023, Strike Price: $140.00	35	$486,710	$2,870
Expiration: 11/3/2023, Strike Price: $141.00	200	2,781,200	9,400
Expiration: 11/3/2023, Strike Price: $145.00	3	41,718	9
			12,279
Put Options Written — 7.7%
JPMorgan Chase & Co.
Expiration: 12/15/2023, Strike Price: $150.01⁽²⁾	238	3,309,628	254,263
Total Options Written
(Premiums Received $155,773)			$266,542

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax AMD Option Income Strategy ETF


52		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 96.2%
United States Treasury Notes — 96.2%
0.750%, 12/31/2023⁽²⁾		$2,742,000	$2,720,921
0.750%, 11/15/2024⁽²⁾		2,852,000	2,718,450
			5,439,371
Total United States Treasury Obligations
(Cost $5,443,253)			5,439,371

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 3.1%
Call Options — 3.1%
Advanced Micro Devices, Inc.
Expiration Date: 12/15/2023, Strike Price: $110.00⁽³⁾⁽⁵⁾	575	$5,663,750	174,225
Total Options Purchased
(Cost $426,410)			174,225

		Shares
Short-Term Investments — 1.8%
Money Market Funds — 1.8%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		97,376	97,376
Total Short-Term Investments
(Cost $97,376)			97,376
Total Investments in Securities — 101.1%
(Cost $5,967,039)			5,710,972
Liabilities in Excess of Other Assets — (1.1)%			(59,688	)
Total Net Assets — 100.0%			$5,651,284

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax AMD Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		53

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 9.4%
Call Options Written — 0.1%
Advanced Micro Devices, Inc.
Expiration: 11/3/2023, Strike Price: $107.00	575	$5,663,750	$47,725
Put Options Written — 9.3%
Advanced Micro Devices, Inc.
Expiration: 12/15/2023, Strike Price: $110.01⁽²⁾	575	5,663,750	790,259
Total Options Written
(Premiums Received $589,074)			$837,984

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax PYPL Option Income Strategy ETF


54		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 58.4%
United States Treasury Notes — 58.4%
0.750%, 12/31/2023⁽²⁾		$397,000	$393,948
0.750%, 11/15/2024⁽²⁾		416,000	396,520
			790,468
Total United States Treasury Obligations
(Cost $791,050)			790,468

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 2.9%
Call Options — 2.9%
PayPal Holdings, Inc.
Expiration Date: 11/17/2023, Strike Price: $55.00⁽³⁾⁽⁵⁾	260	$1,346,800	39,520
Total Options Purchased
(Cost $125,220)			39,520

		Shares
Short-Term Investments — 34.2%
Money Market Funds — 34.2%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		462,110	462,110
Total Short-Term Investments
(Cost $462,110)			462,110
Total Investments in Securities — 95.5%
(Cost $1,378,380)			1,292,098
Other Assets in Excess of Liabilities — 4.5%			60,600
Total Net Assets — 100.0%			$1,352,698

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax PYPL Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		55

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 9.4%
Call Options Written — 0.1%
PayPal Holdings, Inc.
Expiration: 11/3/2023, Strike Price: $58.00	130	$673,400	$5,590
Expiration: 11/3/2023, Strike Price: $60.00	130	673,400	2,860
			8,450
Put Options Written — 9.3%
PayPal Holdings, Inc.
Expiration: 11/17/2023, Strike Price: $55.01⁽²⁾	260	1,346,800	119,508
Total Options Written
(Premiums Received $90,900)			$127,958

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax SQ Option Income Strategy ETF


56		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


		Principal Amount	Value
United States Treasury Obligations — 81.1%
United States Treasury Notes — 81.1%
0.750%, 12/31/2023⁽²⁾		$1,452,000	$1,440,838
0.750%, 11/15/2024⁽²⁾		1,510,000	1,439,291
			2,880,129
Total United States Treasury Obligations
(Cost $2,884,074)			2,880,129

	Contracts⁽¹⁾	Notional Amount
Options Purchased — 13.0%
Call Options — 13.0%
Block, Inc.
Expiration Date: 12/15/2023, Strike Price: $37.50⁽³⁾⁽⁵⁾	885	$3,562,125	461,970
Total Options Purchased
(Cost $447,757)			461,970

		Shares
Short-Term Investments — 25.0%
Money Market Funds — 25.0%
First American Government Obligations Fund, Class X, 5.276%⁽⁴⁾		887,613	887,613
Total Short-Term Investments
(Cost $887,613)			887,613
Total Investments in Securities — 119.1%
(Cost $4,219,444)			4,229,712
Liabilities in Excess of Other Assets — (19.1)%			(678,455	)
Total Net Assets — 100.0%			$3,551,257

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾This security is pledged entirely to the broker in connection with options as of October 31, 2023.

⁽³⁾Held in connection with a written option contract.

⁽⁴⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax SQ Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		57

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 6.2%
Call Options Written — 0.3%
Block, Inc.
Expiration: 11/3/2023, Strike Price: $48.50	440	$1,771,000	$9,680
Expiration: 11/3/2023, Strike Price: $49.50	120	483,000	1,680
Expiration: 11/3/2023, Strike Price: $51.00	325	1,308,125	2,600
			13,960
Put Options Written — 5.9%
Block, Inc.
Expiration: 12/15/2023, Strike Price: $37.50⁽²⁾	885	3,562,125	207,946
Total Options Written
(Premiums Received $290,050)			$221,906

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax MRNA Option Income Strategy ETF


58		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Purchased — 9.0%
Call Options — 9.0%
Moderna, Inc.
Expiration Date: 12/15/2023, Strike Price: $75.00⁽²⁾⁽⁵⁾	190	$1,443,240	$131,100
Total Options Purchased
(Cost $185,478)			131,100

		Shares
Short-Term Investments — 3.5%
Money Market Funds — 3.5%
First American Government Obligations Fund, Class X, 5.276%⁽³⁾		50,000	50,000
Total Short-Term Investments
(Cost $50,000)			50,000
Total Investments in Securities — 12.5%
(Cost $235,478)			181,100
Other Assets in Excess of Liabilities — 87.5%			1,270,204
Total Net Assets — 100.0%			$1,451,304

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾Held in connection with a written option contract.

⁽³⁾The rate shown is the annualized seven-day effective yield as of October 31, 2023.

⁽⁵⁾Non-income producing security.

YieldMax MRNA Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		59

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023


	Contracts⁽¹⁾	Notional Amount	Value
Options Written — 8.1%
Call Options Written — 0.9%
Moderna, Inc.
Expiration: 11/3/2023, Strike Price: $84.00	190	$1,443,240	$13,490
Put Options Written — 7.2%
Moderna, Inc.
Expiration: 12/15/2023, Strike Price: $75.01⁽²⁾	190	1,443,240	104,689
Total Options Written
(Premiums Received $106,085)			$118,179

Percentages are stated as a percent of net assets.

⁽¹⁾100 shares per contract.

⁽²⁾FLexible EXchange^® Options

YieldMax ETFs


60		The accompanying notes are an integral part of these financial statements.

STATEMENTS OF ASSETS AND LIABILITIES at October 31, 2023


	YieldMax Innovation Option Income Strategy ETF		YieldMax TSLA Option Income Strategy ETF		YieldMax AAPL Option Income Strategy ETF		YieldMax NVDA Option Income Strategy ETF

Assets:
Investments in securities, at value (Note 2)	$81,576,189		$714,648,072		$58,009,232		$157,350,853
Deposits at broker for options	—		—		716,673		20,062,531
Receivables:
Fund shares sold	300,950		—		—		305
Investment securities sold	1,263,121		264,461,672		—		—
Interest	255,128		1,976,161		177,423		511,463
Total assets	83,395,388		981,085,905		58,903,328		177,925,152

Liabilities:
Options written (Premiums received of $5,465,271, $58,281,942, $2,009,958, and $12,951,697, respectively) (Note 2)	15,644,201		44,714,196		2,476,254		17,592,408
Payables:
Fund shares redeemed	—		—		—		1,525,642
Management fees (Note 4)	62,318		612,277		48,627		140,248
Due to broker for options	590,453		257,135,474		—		—
Total liabilities	16,296,972		302,461,947		2,524,881		19,258,298
Net Assets	$67,098,416		$678,623,958		$56,378,447		$158,666,854

Components of Net Assets:
Paid-in capital	$86,146,690		$826,692,299		$61,891,860		$175,420,828
Total distributable (accumulated) earnings (losses)	(19,048,274	)	(148,068,341	)	(5,513,413	)	(16,753,974	)
Net assets	$67,098,416		$678,623,958		$56,378,447		$158,666,854

Net Asset Value (unlimited shares authorized):
Net assets	$67,098,416		$678,623,958		$56,378,447		$158,666,854
Shares of beneficial interest issued and outstanding	5,575,000		61,200,000		3,075,000		7,800,000
Net asset value	$12.04		$11.09		$18.33		$20.34

Cost of investments	$89,588,868		$711,079,133		$60,174,476		$168,496,628

YieldMax ETFs


The accompanying notes are an integral part of these financial statements.		61


	YieldMax AMZN Option Income Strategy ETF		YieldMax GOOGL Option Income Strategy ETF		YieldMax META Option Income Strategy ETF		YieldMax NFLX Option Income Strategy ETF

Assets:
Investments in securities, at value (Note 2)	$34,491,470		$16,518,309		$12,298,233		$16,798,096
Deposits at broker for options	749,224		330,506		318,462		414,625
Receivables:
Interest	108,777		47,043		35,678		61,672
Total assets	35,349,471		16,895,858		12,652,373		17,274,393

Liabilities:
Options written (Premiums received of $1,978,771, $426,250, $655,820, and $1,904,765, respectively) (Note 2)	1,575,446		548,563		331,777		1,205,719
Payables:
Management fees (Note 4)	24,114		13,703		9,587		10,446
Total liabilities	1,599,560		562,266		341,364		1,216,165
Net Assets	$33,749,911		$16,333,592		$12,311,009		$16,058,228

Components of Net Assets:
Paid-in capital	$34,132,128		$17,617,298		$12,383,492		$15,908,389
Total distributable (accumulated) earnings (losses)	(382,217	)	(1,283,706	)	(72,483	)	149,839
Net assets	$33,749,911		$16,333,592		$12,311,009		$16,058,228

Net Asset Value (unlimited shares authorized):
Net assets	$33,749,911		$16,333,592		$12,311,009		$16,058,228
Shares of beneficial interest issued and outstanding	1,650,000		875,000		625,000		900,000
Net asset value	$20.45		$18.67		$19.70		$17.84

Cost of investments	$36,174,495		$18,031,140		$12,866,994		$17,346,740

STATEMENTS OF ASSETS AND LIABILITIES at October 31, 2023 (Continued)

YieldMax ETFs


62		The accompanying notes are an integral part of these financial statements.


	YieldMax COIN Option Income Strategy ETF	YieldMax DIS Option Income Strategy ETF	YieldMax MSFT Option Income Strategy ETF	YieldMax XOM Option Income Strategy ETF

Assets:
Investments in securities, at value (Note 2)	$67,496,984	$3,933,916	$9,451,546	$6,852,540
Deposits at broker for options	1,567,528	114,417	97,251	138,018
Receivables:
Fund shares sold	492,628	—	213	—
Investment securities sold	9,771	—	88,320	—
Interest	186,254	11,019	24,710	22,008
Total assets	69,753,165	4,059,352	9,662,040	7,012,566

Liabilities:
Options written (Premiums received of $7,203,002, $98,172, $248,325, and $209,435, respectively) (Note 2)	4,689,606	59,533	48,721	603,307
Payables:
Fund shares redeemed	—	—	1,066,645	—
Investment securities purchased	10,365	—	6,270	—
Management fees (Note 4)	38,548	3,373	6,846	5,315
Total liabilities	4,738,519	62,906	1,128,482	608,622
Net Assets	$65,014,646	$3,996,446	$8,533,558	$6,403,944

Components of Net Assets:
Paid-in capital	$64,318,417	$3,974,075	$8,155,202	$7,023,627
Total distributable (accumulated) earnings (losses)	696,229	22,371	378,356	(619,683	)
Net assets	$65,014,646	$3,996,446	$8,533,558	$6,403,944

Net Asset Value (unlimited shares authorized):
Net assets	$65,014,646	$3,996,446	$8,533,558	$6,403,944
Shares of beneficial interest issued and outstanding	3,300,000	200,000	400,000	350,000
Net asset value	$19.70	$19.98	$21.33	$18.30

Cost of investments	$69,365,964	$4,040,519	$9,412,957	$7,230,853

STATEMENTS OF ASSETS AND LIABILITIES at October 31, 2023 (Continued)

YieldMax ETFs


The accompanying notes are an integral part of these financial statements.		63


	YieldMax JPM Option Income Strategy ETF		YieldMax AMD Option Income Strategy ETF		YieldMax PYPL Option Income Strategy ETF		YieldMax SQ Option Income Strategy ETF		YieldMax MRNA Option Income Strategy ETF

Assets:
Investments in securities, at value (Note 2)	$3,529,406		$5,710,972		$1,292,098		$4,229,712		$181,100
Deposits at broker for options	29,737		230,049		186,960		—		1,388,600
Receivables:
Fund shares sold	—		471,111		—		—		—
Investment securities sold	—		78,760		—		—		—
Interest	9,599		18,592		2,894		10,377		58
Total assets	3,568,742		6,509,484		1,481,952		4,240,089		1,569,758

Liabilities:
Options written (Premiums received of $155,773, $589,074, $90,900, $290,050,and $106,085, respectively) (Note 2)	266,542		837,984		127,958		221,906		118,179
Payables:
Investment securities purchased	—		16,280		—		—		—
Management fees (Note 4)	3,736		3,936		1,296		1,787		275
Due to broker for options	—		—		—		465,139		—
Total liabilities	270,278		858,200		129,254		688,832		118,454
Net Assets	$3,298,464		$5,651,284		$1,352,698		$3,551,257		$1,451,304

Components of Net Assets:
Paid-in capital	$3,594,661		$5,932,631		$1,476,739		$3,962,139		$1,500,000
Total distributable (accumulated) earnings (losses)	(296,197	)	(281,347	)	(124,041	)	(410,882	)	(48,696	)
Net assets	$3,298,464		$5,651,284		$1,352,698		$3,551,257		$1,451,304

Net Asset Value (unlimited shares authorized):
Net assets	$3,298,464		$5,651,284		$1,352,698		$3,551,257		$1,451,304
Shares of beneficial interest issued and outstanding	175,000		300,000		75,000		200,000		75,000
Net asset value	$18.85		$18.84		$18.04		$17.76		$19.35

Cost of investments	$3,637,216		$5,967,039		$1,378,380		$4,219,444		$235,478

STATEMENTS OF ASSETS AND LIABILITIES at October 31, 2023 (Continued)

YieldMax ETFs


64		The accompanying notes are an integral part of these financial statements.

STATEMENTS OF OPERATIONS For the Period Ended October 31, 2023


	YieldMax Innovation Option Income Strategy ETF⁽¹⁾		YieldMax TSLA Option Income Strategy ETF⁽¹⁾		YieldMax AAPL Option Income Strategy ETF⁽²⁾		YieldMax NVDA Option Income Strategy ETF⁽³⁾

Investment Income:
Interest income	$1,418,860		$10,524,594		$836,616		$1,757,491
Broker interest income	17,818		117,497		7,357		17,288
Total investment income	1,436,678		10,642,091		843,973		1,774,779

Expenses:
Management fees (Note 4)	261,797		1,911,452		160,181		334,065
Broker fees	53,557		46,782		10,802		10,010
Total expenses	315,354		1,958,234		170,983		344,075
Net investment income (loss)	1,121,324		8,683,857		672,990		1,430,704

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	(2,917,734	)	(70,814,277	)	(1,516,405	)	(4,558,029	)
Options written	7,765,288		(94,382,064	)	(1,365,630	)	13,655,023
Change in net unrealized appreciation/depreciation on:
Investments	(8,012,679	)	3,568,939		(2,165,244	)	(11,145,775	)
Options written	(10,178,930	)	13,567,746		(466,296	)	(4,640,711	)
Net realized and unrealized gain (loss)	(13,344,055	)	(148,059,656	)	(5,513,575	)	(6,689,492	)
Net increase (decrease) in net assets resulting from operations	$(12,222,731	)	$(139,375,799	)	$(4,840,585	)	$(5,258,788	)

⁽¹⁾The Funds commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.

⁽²⁾The Fund commenced operations on April 17, 2023. The information presented is from April 17, 2023 to October 31, 2023.

⁽³⁾The Fund commenced operations on May 10, 2023. The information presented is from May 10, 2023 to October 31, 2023.

YieldMax ETFs


The accompanying notes are an integral part of these financial statements.		65

STATEMENTS OF OPERATIONS For the Period Ended October 31, 2023 (Continued)


	YieldMax AMZN Option Income Strategy ETF⁽¹⁾		YieldMax GOOGL Option Income Strategy ETF⁽²⁾		YieldMax META Option Income Strategy ETF⁽²⁾		YieldMax NFLX Option Income Strategy ETF⁽³⁾

Investment Income:
Interest income	$288,896		$157,038		$111,457		$103,560
Broker interest income	—		530		5,056		4,893
Total investment income	288,896		157,568		116,513		108,453

Expenses:
Management fees (Note 4)	55,443		33,405		23,146		18,808
Broker interest expense	3,872		—		—		—
Total expenses	59,315		33,405		23,146		18,808
Net investment income (loss)	229,581		124,163		93,367		89,645

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	244,791		439,372		(393,635	)	(186,630	)
Options written	1,729,929		332,863		875,598		536,173
Change in net unrealized appreciation/depreciation on:
Investments	(1,683,025	)	(1,512,831	)	(568,761	)	(548,644	)
Options written	403,325		(122,313	)	324,043		699,047
Net realized and unrealized gain (loss)	695,020		(862,909	)	237,245		499,946
Net increase (decrease) in net assets resulting from operations	$924,601		$(738,746	)	$330,612		$589,591

⁽¹⁾The Fund commenced operations on July 24, 2023. The information presented is from July 24, 2023 to October 31, 2023.

⁽²⁾The Funds commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.

⁽³⁾The Fund commenced operations on August 7, 2023. The information presented is from August 7, 2023 to October 31, 2023.

YieldMax ETFs


66		The accompanying notes are an integral part of these financial statements.

STATEMENTS OF OPERATIONS For the Period Ended October 31, 2023 (Continued)


	YieldMax COIN Option Income Strategy ETF⁽¹⁾		YieldMax DIS Option Income Strategy ETF⁽²⁾		YieldMax MSFT Option Income Strategy ETF⁽²⁾		YieldMax XOM Option Income Strategy ETF⁽³⁾

Investment Income:
Interest income	$292,103		$32,306		$66,260		$45,956
Total investment income	292,103		32,306		66,260		45,956

Expenses:
Management fees (Note 4)	53,795		6,609		12,998		8,430
Broker interest expense	5,597		1,076		674		1,069
Total expenses	59,392		7,685		13,672		9,499
Net investment income (loss)	232,711		24,621		52,588		36,457

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	69,242		(369	)	(27,026	)	158,931
Options written	2,620,760		118,943		226,521		50,163
Change in net unrealized appreciation/depreciation on:
Investments	(1,868,980	)	(106,603	)	38,589		(378,313	)
Options written	2,513,396		38,639		199,604		(393,873	)
Net realized and unrealized gain (loss)	3,334,418		50,610		437,688		(563,092	)
Net increase (decrease) in net assets resulting from operations	$3,567,129		$75,231		$490,276		$(526,635	)

⁽¹⁾The Fund commenced operations on August 14, 2023. The information presented is from August 14, 2023 to October 31, 2023.

⁽²⁾The Funds commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.

⁽³⁾The Fund commenced operations on August 30, 2023. The information presented is from August 30, 2023 to October 31, 2023.

YieldMax ETFs


The accompanying notes are an integral part of these financial statements.		67

STATEMENTS OF OPERATIONS For the Period Ended October 31, 2023 (Continued)


	YieldMax JPM Option Income Strategy ETF⁽¹⁾		YieldMax AMD Option Income Strategy ETF⁽²⁾		YieldMax PYPL Option Income Strategy ETF⁽³⁾		YieldMax SQ Option Income Strategy ETF⁽⁴⁾		YieldMax MRNA Option Income Strategy ETF⁽⁵⁾

Investment Income:
Interest income	$28,681		$23,566		$7,319		$9,925		$58
Broker interest income	—		2,527		—		—		—
Total investment income	28,681		26,093		7,319		9,925		58

Expenses:
Management fees (Note 4)	5,588		4,801		1,618		1,787		275
Broker interest expense	315		—		277		1,799		—
Total expenses	5,903		4,801		1,895		3,586		275
Net investment income (loss)	22,778		21,292		5,424		6,339		(217	)

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	46,177		137,763		(34,845	)	(248,078	)	—
Options Written	(124,025	)	64,575		28,720		(247,555	)	17,993
Change in net unrealized appreciation/depreciation on:
Investments	(107,810	)	(256,067	)	(86,282	)	10,268		(54,378	)
Options Written	(110,769	)	(248,910	)	(37,058	)	68,144		(12,094	)
Net realized and unrealized gain (loss)	(296,427	)	(302,639	)	(129,465	)	(417,221	)	(48,479	)
Net increase (decrease) in net assets resulting from operations	$(273,649	)	$(281,347	)	$(124,041	)	$(410,882	)	$(48,696	)

⁽¹⁾The Fund commenced operations on September 11, 2023. The information presented is from September 11, 2023 to October 31, 2023.

⁽²⁾The Fund commenced operations on September 18, 2023. The information presented is from September 18, 2023 to October 31, 2023.

⁽³⁾The Fund commenced operations on September 25, 2023. The information presented is from September 25, 2023 to October 31, 2023.

⁽⁴⁾The Fund commenced operations on October 10, 2023. The information presented is from October 10, 2023 to October 31, 2023.

⁽⁵⁾The Fund commenced operations on October 23, 2023. The information presented is from October 23, 2023 to October 31, 2023.

YieldMax Innovation Option Income Strategy ETF


68		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$1,121,324
Net realized gain (loss)	4,847,554
Change in net unrealized appreciation/depreciation	(18,191,609	)
Net increase (decrease) in net assets resulting from operations	(12,222,731	)

Distributions to Shareholders:
Distributable earnings	(6,825,543	)
Return of capital	(2,654,837	)
Distributions to shareholders	(9,480,380	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	88,801,527
Total increase (decrease) in net assets	67,098,416

Net Assets:
Beginning of period	—
End of period	$67,098,416

⁽¹⁾The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	6,425,000		$100,668,960
Shares redeemed	(850,000	)	(11,889,945	)
Variable fees	—		22,512
Net increase (decrease)	5,575,000		$88,801,527

YieldMax TSLA Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		69

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$8,683,857
Net realized gain (loss)	(165,196,341	)
Change in net unrealized appreciation/depreciation	17,136,685
Net increase (decrease) in net assets resulting from operations	(139,375,799	)

Distributions to Shareholders:
Distributable earnings	(8,692,542	)
Return of capital	(93,438,948	)
Distributions to shareholders	(102,131,490	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	920,131,247
Total increase (decrease) in net assets	678,623,958

Net Assets:
Beginning of period	—
End of period	$678,623,958

⁽¹⁾The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	63,475,000		$951,858,308
Shares redeemed	(2,275,000	)	(31,923,818	)
Variable fees	—		196,757
Net increase (decrease)	61,200,000		$920,131,247

YieldMax AAPL Option Income Strategy ETF


70		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$672,990
Net realized gain (loss)	(2,882,035	)
Change in net unrealized appreciation/depreciation	(2,631,540	)
Net increase (decrease) in net assets resulting from operations	(4,840,585	)

Distributions to Shareholders:
Distributable earnings	(672,828	)
Return of capital	(2,881,085	)
Distributions to shareholders	(3,553,913	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	64,772,945
Total increase (decrease) in net assets	56,378,447

Net Assets:
Beginning of period	—
End of period	$56,378,447

⁽¹⁾The Fund commenced operations on April 17, 2023. The information presented is from April 17, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	3,400,000		$70,998,755
Shares redeemed	(325,000	)	(6,241,258	)
Variable fees	—		15,448
Net increase (decrease)	3,075,000		$64,772,945

YieldMax NVDA Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		71

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$1,430,704
Net realized gain (loss)	9,096,994
Change in net unrealized appreciation/depreciation	(15,786,486	)
Net increase (decrease) in net assets resulting from operations	(5,258,788	)

Distributions to Shareholders:
Distributable earnings	(11,495,186	)
Return of capital	(1,828,277	)
Distributions to shareholders	(13,323,463	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	177,249,105
Total increase (decrease) in net assets	158,666,854

Net Assets:
Beginning of period	—
End of period	$158,666,854

⁽¹⁾The Fund commenced operations on May 10, 2023. The information presented is from May 10, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	8,650,000		$196,411,130
Shares redeemed	(850,000	)	(19,205,147	)
Variable fees	—		43,122
Net increase (decrease)	7,800,000		$177,249,105

YieldMax AMZN Option Income Strategy ETF


72		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$229,581
Net realized gain (loss)	1,974,720
Change in net unrealized appreciation/depreciation	(1,279,700	)
Net increase (decrease) in net assets resulting from operations	924,601

Distributions to Shareholders:
Distributions to shareholders	(1,306,818	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	34,132,128
Total increase (decrease) in net assets	33,749,911

Net Assets:
Beginning of period	—
End of period	$33,749,911

⁽¹⁾The Fund commenced operations on July 24, 2023. The information presented is from July 24, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares	Value
Shares sold	1,650,000	$34,125,603
Shares redeemed	—	—
Variable fees	—	6,525
Net increase (decrease)	1,650,000	$34,132,128

YieldMax GOOGL Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		73

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$124,163
Net realized gain (loss)	772,235
Change in net unrealized appreciation/depreciation	(1,635,144	)
Net increase (decrease) in net assets resulting from operations	(738,746	)

Distributions to Shareholders:
Distributions to shareholders	(544,960	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	17,617,298
Total increase (decrease) in net assets	16,333,592

Net Assets:
Beginning of period	—
End of period	$16,333,592

⁽¹⁾The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	1,000,000		$20,163,608
Shares redeemed	(125,000	)	(2,550,353	)
Variable fees	—		4,043
Net increase (decrease)	875,000		$17,617,298

YieldMax META Option Income Strategy ETF


74		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$93,367
Net realized gain (loss)	481,963
Change in net unrealized appreciation/depreciation	(244,718	)
Net increase (decrease) in net assets resulting from operations	330,612

Distributions to Shareholders:
Distributions to shareholders	(403,095	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	12,383,492
Total increase (decrease) in net assets	12,311,009

Net Assets:
Beginning of period	—
End of period	$12,311,009

⁽¹⁾The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	725,000		$14,321,205
Shares redeemed	(100,000	)	(1,940,465	)
Variable fees	—		2,752
Net increase (decrease)	625,000		$12,383,492

YieldMax NFLX Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		75

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$89,645
Net realized gain (loss)	349,543
Change in net unrealized appreciation/depreciation	150,403
Net increase (decrease) in net assets resulting from operations	589,591

Distributions to Shareholders:
Distributions to shareholders	(439,752	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	15,908,389
Total increase (decrease) in net assets	16,058,228

Net Assets:
Beginning of period	—
End of period	$16,058,228

⁽¹⁾The Fund commenced operations on August 7, 2023. The information presented is from August 7, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares	Value
Shares sold	900,000	$15,905,708
Shares redeemed	—	—
Variable fees	—	2,681
Net increase (decrease)	900,000	$15,908,389

YieldMax COIN Option Income Strategy ETF


76		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$232,711
Net realized gain (loss)	2,690,002
Change in net unrealized appreciation/depreciation	644,416
Net increase (decrease) in net assets resulting from operations	3,567,129

Distributions to Shareholders:
Distributions to shareholders	(2,870,900	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	64,318,417
Total increase (decrease) in net assets	65,014,646

Net Assets:
Beginning of period	—
End of period	$65,014,646

⁽¹⁾The Fund commenced operations on August 14, 2023. The information presented is from August 14, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	3,600,000		$70,031,065
Shares redeemed	(300,000	)	(5,727,300	)
Variable fees	—		14,652
Net increase (decrease)	3,300,000		$64,318,417

YieldMax DIS Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		77

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$24,621
Net realized gain (loss)	118,574
Change in net unrealized appreciation/depreciation	(67,964	)
Net increase (decrease) in net assets resulting from operations	75,231

Distributions to Shareholders:
Distributions to shareholders	(52,860	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	3,974,075
Total increase (decrease) in net assets	3,996,446

Net Assets:
Beginning of period	—
End of period	$3,996,446

⁽¹⁾The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares	Value
Shares sold	200,000	$3,973,780
Shares redeemed	—	—
Variable fees	—	295
Net increase (decrease)	200,000	$3,974,075

YieldMax MSFT Option Income Strategy ETF


78		The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$52,588
Net realized gain (loss)	199,495
Change in net unrealized appreciation/depreciation	238,193
Net increase (decrease) in net assets resulting from operations	490,276

Distributions to Shareholders:
Distributions to shareholders	(111,920	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	8,155,202
Total increase (decrease) in net assets	8,533,558

Net Assets:
Beginning of period	—
End of period	$8,533,558

⁽¹⁾The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.

⁽²⁾Summary of share transactions is as follows:


	Period Ended October 31, 2023⁽²⁾
	Shares		Value
Shares sold	475,000		$9,711,915
Shares redeemed	(75,000	)	(1,558,467	)
Variable fees	—		1,754
Net increase (decrease)	400,000		$8,155,202

YieldMax XOM Option Income Strategy ETF


The accompanying notes are an integral part of these financial statements.		79

STATEMENT OF CHANGES IN NET ASSETS


	Period Ended October 31, 2023⁽¹⁾
	Period Ended October 31, 2023⁽¹⁾

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$36,457
Net realized gain (loss)	209,093
Change in net unrealized appreciation/depreciation	(772,185	)
Net increase (decrease) in net assets resulting from operations	(526,635	)

Distributions to Shareholders:
Distributions to shareholders	(93,048	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares⁽²⁾	7,023,627
Total increase (decrease) in net assets	6,403,944

Net Asse


A Message to Our Shareholders		1
Performance Summaries		4
Portfolio Allocations		21
Schedules of Investments		26
Schedules of Options Written		27
Statements of Assets and Liabilities		60
Statements of Operations		64
Statements of Changes in Net Assets		68
Financial Highlights		85
Notes to Financial Statements		102
Report of Independent Registered Public Accounting Firm		127
Expense Examples		129
Statement Regarding Liquidity Risk Management Program		136
Trustees and Executive Officers		137
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements		140
Additional Information		142


Total Returns for the Period Ended October 31, 2023:	Since Inception (11/22/2022)			Ending Value (10/31/2023)
YieldMax Innovation Option Income Strategy ETF - NAV		-13.76	%		$8,624
YieldMax Innovation Option Income Strategy ETF - Market		-13.85	%		8,615
S&P 500^® Total Return Index		6.35	%		10,635


Total Returns for the Period Ended October 31, 2023:	Since Inception (11/22/2022)			Ending Value (10/31/2023)
YieldMax TSLA Option Income Strategy ETF - NAV		-7.26	%		$9,274
YieldMax TSLA Option Income Strategy ETF - Market		-8.20	%		9,180
S&P 500^® Total Return Index		6.35	%		10,635


Total Returns for the Period Ended October 31, 2023:	Since Inception (4/17/2023)	Ending Value (10/31/2023)
YieldMax AAPL Option Income Strategy ETF - NAV	1.88%	$10,188
YieldMax AAPL Option Income Strategy ETF - Market	1.86%	10,186
S&P 500^® Total Return Index	1.86%	10,186


Total Returns for the Period Ended October 31, 2023:	Since Inception (5/10/2023)			Ending Value (10/31/2023)
YieldMax NVDA Option Income Strategy ETF - NAV		21.88	%		$12,188
YieldMax NVDA Option Income Strategy ETF - Market		21.71	%		12,171
S&P 500^® Total Return Index		2.14	%		10,214


Total Returns for the Period Ended October 31, 2023:	Since Inception (7/24/2023)	Ending Value (10/31/2023)
YieldMax AMZN Option Income Strategy ETF - NAV	7.94%		$10,794
YieldMax AMZN Option Income Strategy ETF - Market	7.80%		10,780
S&P 500^® Total Return Index	-7.54%		9,246


Total Returns for the Period Ended October 31, 2023:	Since Inception (7/27/2023)	Ending Value (10/31/2023)
YieldMax GOOGL Option Income Strategy ETF - NAV	-3.50%	$9,650
YieldMax GOOGL Option Income Strategy ETF - Market	-3.57%	9,643
S&P 500^® Total Return Index	-7.20%	9,280


Total Returns for the Period Ended October 31, 2023:	Since Inception (8/7/2023)	Ending Value (10/31/2023)
YieldMax NFLX Option Income Strategy ETF - NAV	-5.99%	$9,401
YieldMax NFLX Option Income Strategy ETF - Market	-5.59%	9,441
S&P 500^® Total Return Index	-6.84%	9,316


Total Returns for the Period Ended October 31, 2023:	Since Inception (8/14/2023)	Ending Value (10/31/2023)
YieldMax COIN Option Income Strategy ETF - NAV	4.69%		$10,469
YieldMax COIN Option Income Strategy ETF - Market	5.26%		10,526
S&P 500^® Total Return Index	-6.28%		9,372


Total Returns for the Period Ended October 31, 2023:	Since Inception (8/24/2023)	Ending Value (10/31/2023)
YieldMax DIS Option Income Strategy ETF - NAV	1.22%		$10,122
YieldMax DIS Option Income Strategy ETF - Market	1.25%		10,125
S&P 500^® Total Return Index	-3.92%		9,608


Total Returns for the Period Ended October 31, 2023:	Since Inception (8/30/2023)	Ending Value (10/31/2023)
YieldMax XOM Option Income Strategy ETF - NAV	-7.08%	$9,292
YieldMax XOM Option Income Strategy ETF - Market	-6.98%	9,302
S&P 500^® Total Return Index	-6.90%	9,310


Total Returns for the Period Ended October 31, 2023:	Since Inception (9/11/2023)	Ending Value (10/31/2023)
YieldMax JPM Option Income Strategy ETF - NAV	-4.58%	$9,542
YieldMax JPM Option Income Strategy ETF - Market	-4.58%	9,542
S&P 500^® Total Return Index	-6.38%	9,362


Total Returns for the Period Ended October 31, 2023:	Since Inception (9/18/2023)	Ending Value (10/31/2023)
YieldMax AMD Option Income Strategy ETF - NAV	-5.80%	$9,420
YieldMax AMD Option Income Strategy ETF - Market	-5.55%	9,445
S&P 500^® Total Return Index	-5.70%	9,430


Total Returns for the Period Ended October 31, 2023:	Since Inception (9/25/2023)	Ending Value (10/31/2023)
YieldMax PYPL Option Income Strategy ETF - NAV	-9.82%	$9,018
YieldMax PYPL Option Income Strategy ETF - Market	-9.76%	9,024
S&P 500^® Total Return Index	-3.19%	9,681


Total Returns for the Period Ended October 31, 2023:	Since Inception (10/10/2023)			Ending Value (10/31/2023)
YieldMax SQ Option Income Strategy ETF - NAV		-11.17	%	$8,883
YieldMax SQ Option Income Strategy ETF - Market		-10.85	%	8,915
S&P 500^® Total Return Index		-3.72	%	9,628


Total Returns for the Period Ended October 31, 2023:	Since Inception (10/23/2023)	Ending Value (10/31/2023)
YieldMax MRNA Option Income Strategy ETF - NAV	-3.25%	$9,675
YieldMax MRNA Option Income Strategy ETF - Market	-3.04%	9,696
S&P 500^® Total Return Index	-0.53%	9,947