YieldMax Innovation Option Income Strategy ETF

Ticker: OARK

YieldMax TSLA Option Income Strategy ETF

Ticker: TSLY

YieldMax AAPL Option Income Strategy ETF
Ticker: APLY

YieldMax NVDA Option Income Strategy ETF

Ticker: NVDY

YieldMax AMZN Option Income Strategy ETF
Ticker: AMZY

YieldMax GOOGL Option Income Strategy ETF
Ticker: GOOY

YieldMax META Option Income Strategy ETF
Ticker: FBY

YieldMax NFLX Option Income Strategy ETF
Ticker: NFLY

YieldMax COIN Option Income Strategy ETF
Ticker: CONY

YieldMax DIS Option Income Strategy ETF
Ticker: DISO

YieldMax MSFT Option Income Strategy ETF
Ticker: MSFO

YieldMax XOM Option Income Strategy ETF
Ticker: XOMO

YieldMax JPM Option Income Strategy ETF
Ticker: JPMO

YieldMax AMD Option Income Strategy ETF
Ticker: AMDY

YieldMax PYPL Option Income Strategy ETF
Ticker: PYPY

YieldMax SQ Option Income Strategy ETF
Ticker: SQY

YieldMax MRNA Option Income Strategy ETF
Ticker: MRNY

Annual Report

October 31, 2023

TABLE OF CONTENTS

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

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

1

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

2

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)

3

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)

4

YieldMax Innovation Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

5

YieldMax TSLA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

6

YieldMax AAPL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

7

YieldMax NVDA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

8

YieldMax AMZN Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

9

YieldMax GOOGL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

10

YieldMax META Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

Total Returns for the Period Ended October 31, 2023:

 

Since Inception
(7/27/2023)

 

Ending Value
(10/31/2023)

YieldMax META Option Income Strategy ETF - NAV

2.17%

$10,217

YieldMax META Option Income Strategy ETF - Market

1.74%

10,174

S&P 500® Total Return Index

-7.20%

9,280

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

11

YieldMax NFLX Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

12

YieldMax COIN Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

13

YieldMax DIS Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

14

YieldMax MSFT Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

Total Returns for the Period Ended October 31, 2023:

 

Since Inception
(8/24/2023)

 

Ending Value
(10/31/2023)

YieldMax MSFT Option Income Strategy ETF - NAV

8.13%

$10,813

YieldMax MSFT Option Income Strategy ETF - Market

8.09%

10,809

S&P 500® Total Return Index

-3.92%

9,608

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

15

YieldMax XOM Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

16

YieldMax JPM Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

17

YieldMax AMD Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

18

YieldMax PYPL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

19

YieldMax SQ Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

20

YieldMax MRNA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

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

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 864-3968. The Fund’s expense ratio is 0.99% (as of the Fund’s most recently filed Prospectus).

21

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.

22

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)

23

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)

24

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)

25

YieldMax ETFs

Security Type

% of Net Assets

Cash & Cash Equivalents(1) 

99.1

Options Purchased

9.0

Options Written

(8.1

)

 

100.0

%

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

YieldMax MRNA 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