# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-008875
**Filing Date:** 2025-7
**Character Count:** 879394
**Document Hash:** ca78aa823efdb3116855b30e85d95d37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008875.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008875

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251113606

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421

## Series and Classes Contracts Data

### YieldMax AAPL Option Income Strategy ETF (Series ID: S000077649)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238137 | YieldMax AAPL Option Income Strategy ETF | APLY            |

### YieldMax TSLA Option Income Strategy ETF (Series ID: S000077650)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238138 | YieldMax TSLA Option Income Strategy ETF | TSLY            |

### YieldMax AMZN Option Income Strategy ETF (Series ID: S000077651)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238139 | YieldMax AMZN Option Income Strategy ETF | AMZY            |

### YieldMax COIN Option Income Strategy ETF (Series ID: S000077653)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238141 | YieldMax COIN Option Income Strategy ETF | CONY            |

### YieldMax GOOGL Option Income Strategy ETF (Series ID: S000077654)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000238142 | YieldMax GOOGL Option Income Strategy ETF | GOOY            |

### YieldMax META Option Income Strategy ETF (Series ID: S000077655)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238143 | YieldMax META Option Income Strategy ETF | FBY             |

### YieldMax NFLX Option Income Strategy ETF (Series ID: S000077656)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238144 | YieldMax NFLX Option Income Strategy ETF | NFLY            |

### YieldMax NVDA Option Income Strategy ETF (Series ID: S000077657)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238145 | YieldMax NVDA Option Income Strategy ETF | NVDY            |

### YieldMax XYZ Option Income Strategy ETF (Series ID: S000077658)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000238146 | YieldMax XYZ Option Income Strategy ETF | XYZY            |

### YieldMax Innovation Option Income Strategy ETF (Series ID: S000077664)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000238152 | YieldMax Innovation Option Income Strategy ETF | OARK            |

### YieldMax Gold Miners Option Income Strategy ETF (Series ID: S000077665)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000238153 | YieldMax Gold Miners Option Income Strategy ETF | GDXY            |

### YieldMax ABNB Option Income Strategy ETF (Series ID: S000081454)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000244356 | YieldMax ABNB Option Income Strategy ETF |  |

### YieldMax XOM Option Income Strategy ETF (Series ID: S000081455)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000244357 | YieldMax XOM Option Income Strategy ETF | XOMO            |

### YieldMax AMD Option Income Strategy ETF (Series ID: S000081456)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000244358 | YieldMax AMD Option Income Strategy ETF | AMDY            |

### YieldMax DIS Option Income Strategy ETF (Series ID: S000081458)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000244360 | YieldMax DIS Option Income Strategy ETF | DISO            |

### YieldMax JPM Option Income Strategy ETF (Series ID: S000081459)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000244361 | YieldMax JPM Option Income Strategy ETF | JPMO            |

### YieldMax MRNA Option Income Strategy ETF (Series ID: S000081460)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000244362 | YieldMax MRNA Option Income Strategy ETF | MRNY            |

### YieldMax MSFT Option Income Strategy ETF (Series ID: S000081461)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000244363 | YieldMax MSFT Option Income Strategy ETF | MSFO            |

### YieldMax PYPL Option Income Strategy ETF (Series ID: S000081463)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000244365 | YieldMax PYPL Option Income Strategy ETF | PYPY            |

### YieldMax AI Option Income Strategy ETF (Series ID: S000082235)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000245519 | YieldMax AI Option Income Strategy ETF | AIYY            |

### YieldMax SNOW Option Income Strategy ETF (Series ID: S000082242)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000245526 | YieldMax SNOW Option Income Strategy ETF | SNOY            |

### YieldMaxTM Magnificent 7 Fund of Option Income ETFs (Series ID: S000083695)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000247704 | YieldMaxTM Magnificent 7 Fund of Option Income ETFs | YMAG            |

### YieldMaxTM Universe Fund of Option Income ETFs (Series ID: S000083696)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247705 | YieldMaxTM Universe Fund of Option Income ETFs | YMAX            |

### YieldMax Ultra Option Income Strategy ETF (Series ID: S000084078)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000248338 | YieldMax Ultra Option Income Strategy ETF | ULTY            |

### YieldMaxTM MSTR Option Income Strategy ETF (Series ID: S000084087)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000248347 | YieldMaxTM MSTR Option Income Strategy ETF | MSTY            |

### YieldMaxTM Short COIN Option Income Strategy ETF (Series ID: S000084229)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248510 | YieldMaxTM Short COIN Option Income Strategy ETF | FIAT            |

### YieldMaxTM Short NVDA Option Income Strategy ETF (Series ID: S000084231)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248512 | YieldMaxTM Short NVDA Option Income Strategy ETF | DIPS            |

### YieldMaxTM Short TSLA Option Income Strategy ETF (Series ID: S000084232)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248513 | YieldMaxTM Short TSLA Option Income Strategy ETF | CRSH            |

### YieldMaxTM Short N100 Option Income Strategy ETF (Series ID: S000084234)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248515 | YieldMaxTM Short N100 Option Income Strategy ETF | YQQQ            |

### YieldMaxTM Bitcoin Option Income Strategy ETF (Series ID: S000084633)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000249067 | YieldMaxTM Bitcoin Option Income Strategy ETF | YBIT            |

### YieldMax(TM) BABA Option Income Strategy ETF (Series ID: S000086353)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251847 | YieldMax(TM) BABA Option Income Strategy ETF |  |

### YieldMax(TM) SMCI Option Income Strategy ETF (Series ID: S000086355)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251849 | YieldMax(TM) SMCI Option Income Strategy ETF |  |

### YieldMax(TM) TSM Option Income Strategy ETF (Series ID: S000086356)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000251850 | YieldMax(TM) TSM Option Income Strategy ETF |  |

### YieldMax(TM) CVNA Option Income Strategy ETF (Series ID: S000086357)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251851 | YieldMax(TM) CVNA Option Income Strategy ETF |  |

### YieldMax(TM) MARA Option Income Strategy ETF (Series ID: S000086361)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251855 | YieldMax(TM) MARA Option Income Strategy ETF | MARO            |

### YieldMax(TM) PLTR Option Income Strategy ETF (Series ID: S000086363)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251857 | YieldMax(TM) PLTR Option Income Strategy ETF |  |

?xml version='1.0' encoding='ASCII'? Semi-Annual Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-23793)**

**Tidal Trust II**

(Exact name of registrant as specified in charter)

**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)

**(844) 986-7700**

(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

**YieldMax™ AMD Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ AMD Option Income Strategy ETF** <br> Ticker: AMDY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/AMDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AMD Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ AMD Option Income Strategy ETF  | $43  | 1.00%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129528 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $732528 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep0dw.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jo9m6.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/16/2025; Exercise Price: $95.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/16/2025; Exercise Price: $95.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/02/2025; Exercise Price: $98.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/02/2025; Exercise Price: $99.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/02/2025; Exercise Price: $106.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc., Expiration: 05/02/2025; Exercise Price: $107.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AMDY .
YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ ABNB Option Income Strategy ETF** <br> Ticker: ABNY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/ABNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ ABNB Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ ABNB Option Income Strategy ETF  | $47  | 1.00%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28422 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $143133 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eoz3l.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jreh5.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/16/2025; Exercise Price: $115.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/16/2025; Exercise Price: $115.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/02/2025; Exercise Price: $128.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/02/2025; Exercise Price: $130.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/02/2025; Exercise Price: $141.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Expiration: 05/02/2025; Exercise Price: $136.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/ABNY .
YieldMax™ AI Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ AI Option Income Strategy ETF** <br> Ticker: AIYY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/AIYY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AI Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ AI Option Income Strategy ETF  | $45  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $86639 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $408553 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eozqh.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jeroa.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 06/20/2025; Exercise Price: $22.51** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -12.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 06/20/2025; Exercise Price: $22.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 05/02/2025; Exercise Price: $22.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 05/02/2025; Exercise Price: $22.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 05/02/2025; Exercise Price: $23.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Expiration: 05/02/2025; Exercise Price: $24.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AIYY .
YieldMax™ AMZN Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ AMZN Option Income Strategy ETF** <br> Ticker: AMZY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/AMZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AMZN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ AMZN Option Income Strategy ETF  | $53  | 1.07%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $235084  |
| **Number of Holdings** | 11  |
| **Annual Portfolio Turnover** | 21%  |
| **Total Advisory Fee** | $1221122  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep0z0.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9k2dko.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., Expiration: 05/16/2025; Exercise Price: $190.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., Expiration: 05/16/2025; Exercise Price: $190.0** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., Expiration: 05/02/2025; Exercise Price: $197.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., Expiration: 05/02/2025; Exercise Price: $215.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AMZY .
YieldMax™ AAPL Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ AAPL Option Income Strategy ETF** <br> Ticker: APLY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/APLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ AAPL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ AAPL Option Income Strategy ETF  | $47  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $119292 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $602578 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eow0b.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9k5jn9.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., Expiration: 05/16/2025; Exercise Price: $185.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., Expiration: 05/02/2025; Exercise Price: $215.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., Expiration: 05/16/2025; Exercise Price: $185.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., Expiration: 05/02/2025; Exercise Price: $225.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/APLY .
YieldMax™ BABA Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ BABA Option Income Strategy ETF** <br> Ticker: BABO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/BABO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ BABA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ BABA Option Income Strategy ETF  | $51  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $40863  |
| **Number of Holdings** | 17  |
| **Annual Portfolio Turnover** | 53%  |
| **Total Advisory Fee** | $181978  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep1j5.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jn6wm.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 68.9%  |
| **Alibaba Group Holding Ltd., Expiration: 05/16/2025; Exercise Price: $119.00** | 4.6%  |
| **Alibaba Group Holding Ltd., Expiration: 05/16/2025; Exercise Price: $119.01** | -4.0%  |
| **Alibaba Group Holding Ltd., Expiration: 05/09/2025; Exercise Price: $124.00** | -0.3%  |
| **Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $123.00** | -0.1%  |
| **Alibaba Group Holding Ltd., Expiration: 05/09/2025; Exercise Price: $132.00** | 0.1%  |
| **Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $129.00** | -0.0%\*  |
| **Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $124.00** | -0.0%\*  |
| **Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $128.00** | 0.0%^  |
| **Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $139.00** | 0.0%^  |

---

\* Less than -0.05% of net assets.^ Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/BABO .
YieldMax™ COIN Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ COIN Option Income Strategy ETF** <br> Ticker: CONY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/CONY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ COIN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ COIN Option Income Strategy ETF  | $53  | 1.04%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1067276 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5049280 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep24g.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9k1is7.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $185.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $195.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $185.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $220.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $195.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $220.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $220.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $215.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $217.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.0%\* <br>|

---

\* Less than -0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CONY .
**YieldMax™ Short TSLA Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Short TSLA Option Income Strategy ETF** <br> Ticker: CRSH (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Short TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/CRSH. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short TSLA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Short TSLA Option Income Strategy ETF  | $48  | 1.08%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26710 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105484 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epgpw.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9iqn3t.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 51.1%  |
| **Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $230.02** | -19.0%  |
| **Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $257.50** | -1.3%  |
| **Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $230.00** | 0.7%  |
| **Tesla, Inc., Expiration: 05/09/2025; Exercise Price: $222.50** | 0.3%  |
| **Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $370.00** | 0.2%  |

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CRSH .
YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ CVNA Option Income Strategy ETF** <br> Ticker: CVNY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ CVNA Option Income Strategy ETF (the "Fund") for the period January 29, 2025 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/CVNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ CVNA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ CVNA Option Income Strategy ETF  | $26  | 1.04%  |

---

Fund commenced operations January 29, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62556 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39310 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epc1a.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9hrim6.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 55.3%  |
| **Carvana Co., Expiration: 05/16/2025; Exercise Price: $225.00** | 12.8%  |
| **Carvana Co., Expiration: 05/16/2025; Exercise Price: $225.01** | -5.0%  |
| **Carvana Co., Expiration: 05/02/2025; Exercise Price: $250.00** | -1.2%  |
| **Carvana Co., Expiration: 05/09/2025; Exercise Price: $275.00** | -0.2%  |
| **Carvana Co., Expiration: 05/02/2025; Exercise Price: $267.50** | 0.1%  |
| **Carvana Co., Expiration: 05/02/2025; Exercise Price: $270.00** | 0.0%\*  |
| **Carvana Co., Expiration: 05/02/2025; Exercise Price: $255.00** | -0.0%^  |

---

\* Less than 0.05% of net assets.^ Less than -0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CVNY .
**YieldMax™ Short NVDA Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Short NVDA Option Income Strategy ETF** <br> Ticker: DIPS (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Short NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/DIPS. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short NVDA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Short NVDA Option Income Strategy ETF  | $53  | 1.05%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10371 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58842 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9lvjis.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9itpza.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $100.02** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -9.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $100.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $101.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $91.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $155.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/DIPS .
YieldMax™ DIS Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ DIS Option Income Strategy ETF** <br> Ticker: DISO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/DISO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ DIS Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ DIS Option Income Strategy ETF  | $56  | 1.17%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $30737  |
| **Number of Holdings** | 11  |
| **Annual Portfolio Turnover** | 53%  |
| **Total Advisory Fee** | $162770  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep2qf.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jloio.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co., Expiration: 05/16/2025; Exercise Price: $85.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co., Expiration: 05/16/2025; Exercise Price: $85.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co., Expiration: 05/02/2025; Exercise Price: $92.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co., Expiration: 05/02/2025; Exercise Price: $95.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co., Expiration: 05/02/2025; Exercise Price: $99.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/DISO .
YieldMax™ META Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ META Option Income Strategy ETF** <br> Ticker: FBY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/FBY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ META Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ META Option Income Strategy ETF  | $49  | 1.03%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $141665  |
| **Number of Holdings** | 14  |
| **Annual Portfolio Turnover** | 19%  |
| **Total Advisory Fee** | $764749  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep5be.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jyxsc.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 53.9%  |
| **Meta Platforms, Inc., Expiration: 05/16/2025; Exercise Price: $585.01** | -8.6%  |
| **Meta Platforms, Inc., Expiration: 05/16/2025; Exercise Price: $585.00** | 2.5%  |
| **Meta Platforms, Inc., Expiration: 05/02/2025; Exercise Price: $580.00** | -0.6%  |
| **Meta Platforms, Inc., Expiration: 05/02/2025; Exercise Price: $585.00** | -0.4%  |
| **Meta Platforms, Inc., Expiration: 05/02/2025; Exercise Price: $590.00** | -0.2%  |
| **Meta Platforms, Inc., Expiration: 05/02/2025; Exercise Price: $640.00** | 0.1%  |
| **Meta Platforms, Inc., Expiration: 05/02/2025; Exercise Price: $650.00** | 0.1%  |

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/FBY .
**YieldMax™ Short COIN Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Short COIN Option Income Strategy ETF** <br> Ticker: FIAT (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Short COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/FIAT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short COIN Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Short COIN Option Income Strategy ETF  | $45  | 1.05%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51079 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $193833 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epfo8.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9j3i6x.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $155.02** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -21.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $195.02** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $250.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $195.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $190.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/16/2025; Exercise Price: $155.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $197.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $170.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $187.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/FIAT .
YieldMax™ Gold Miners Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Gold Miners Option Income Strategy ETF** <br> Ticker: GDXY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/GDXY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Gold Miners Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Gold Miners Option Income Strategy ETF  | $54  | 1.01%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69543 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $234921 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep3fa.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jscz4.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 06/20/2025; Exercise Price: $51.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -7.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 06/20/2025; Exercise Price: $51.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 05/02/2025; Exercise Price: $51.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 05/02/2025; Exercise Price: $53.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 05/02/2025; Exercise Price: $50.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.0%^ <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF, Expiration: 05/02/2025; Exercise Price: $52.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.^ Less than -0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/GDXY .
YieldMax™ GOOGL Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ GOOGL Option Income Strategy ETF** <br> Ticker: GOOY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/GOOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ GOOGL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ GOOGL Option Income Strategy ETF  | $55  | 1.14%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107333 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $511572 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep42t.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9k0aaa.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 58.1%  |
| **Alphabet, Inc., Expiration: 05/16/2025;** <br> **Exercise Price: $150.00** | 6.9%  |
| **Alphabet, Inc., Expiration: 05/02/2025;** <br> **Exercise Price: $150.01** | -1.0%  |
| **Alphabet, Inc., Expiration: 05/02/2025;** <br> **Exercise Price: $165.00** | -0.2%  |
| **Alphabet, Inc., Expiration: 05/02/2025;** <br> **Exercise Price: $172.50** | 0.0%\*  |

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/GOOY .
YieldMax™ JPM Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ JPM Option Income Strategy ETF** <br> Ticker: JPMO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ JPM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/JPMO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ JPM Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ JPM Option Income Strategy ETF  | $53  | 1.07%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49179 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210545 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep4oq.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9lqlo6.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/16/2025; Exercise Price: $230.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/16/2025; Exercise Price: $230.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/09/2025; Exercise Price: $250.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/02/2025; Exercise Price: $247.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/09/2025; Exercise Price: $260.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Expiration: 05/02/2025; Exercise Price: $255.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/JPMO .
YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ MARA Option Income Strategy ETF** <br> Ticker: MARO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ MARA Option Income Strategy ETF (the "Fund") for the period December 9, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/MARO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MARA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ MARA Option Income Strategy ETF  | $32  | 1.05%  |

---

Fund commenced operations December 9, 2024. Expenses for a full reporting period would be higher than the figures shown.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42329 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112934 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epckv.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9hqob9.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $13.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -21.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $13.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $15.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $16.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MARO .
YieldMax™ MRNA Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ MRNA Option Income Strategy ETF** <br> Ticker: MRNY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/MRNY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MRNA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ MRNA Option Income Strategy ETF  | $38  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $76259  |
| **Number of Holdings** | 12  |
| **Annual Portfolio Turnover** | 1%  |
| **Total Advisory Fee** | $302147  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep5wb.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jjx6y.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc., Expiration: 05/16/2025; Exercise Price: $27.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc., Expiration: 05/16/2025; Exercise Price: $27.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc., Expiration: 05/02/2025; Exercise Price: $29.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc., Expiration: 05/02/2025; Exercise Price: $32.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc., Expiration: 05/02/2025; Exercise Price: $29.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MRNY .
YieldMax™ MSFT Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ MSFT Option Income Strategy ETF** <br> Ticker: MSFO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/MSFO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSFT Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ MSFT Option Income Strategy ETF  | $51  | 1.03%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107788 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $549414 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep6h3.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jinof.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/16/2025; Exercise Price: $370.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/16/2025; Exercise Price: $370.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/02/2025; Exercise Price: $405.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/02/2025; Exercise Price: $400.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/02/2025; Exercise Price: $415.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., Expiration: 05/02/2025; Exercise Price: $425.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MSFO .
**YieldMax™ MSTR Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ MSTR Option Income Strategy ETF** <br> Ticker: MSTY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/MSTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ MSTR Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ MSTR Option Income Strategy ETF  | $59  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $3277649  |
| **Number of Holdings** | 18  |
| **Annual Portfolio Turnover** | 0%  |
| **Total Advisory Fee** | $9234061  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep72j.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9j79gr.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/16/2025; Exercise Price: $330.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/16/2025; Exercise Price: $340.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/16/2025; Exercise Price: $330.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/02/2025; Exercise Price: $392.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/16/2025; Exercise Price: $340.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/02/2025; Exercise Price: $385.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/02/2025; Exercise Price: $390.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/02/2025; Exercise Price: $382.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Expiration: 05/02/2025; Exercise Price: $425.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MSTY .
**YieldMax™ NFLX Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ NFLX Option Income Strategy ETF** <br> Ticker: NFLY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/NFLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ NFLX Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ NFLX Option Income Strategy ETF  | $58  | 1.00%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $139721  |
| **Number of Holdings** | 12  |
| **Annual Portfolio Turnover** | 28%  |
| **Total Advisory Fee** | $464336  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep7or.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jws41.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., Expiration: 05/16/2025; Exercise Price: $905.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., Expiration: 05/02/2025; Exercise Price: $1,120.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., Expiration: 05/02/2025; Exercise Price: $1,130.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., Expiration: 05/16/2025; Exercise Price: $905.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., Expiration: 05/02/2025; Exercise Price: $1,190.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/NFLY .
YieldMax™ NVDA Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ NVDA Option Income Strategy ETF** <br> Ticker: NVDY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/NVDY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ NVDA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ NVDA Option Income Strategy ETF  | $50  | 1.10%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $1281390  |
| **Number of Holdings** | 18  |
| **Annual Portfolio Turnover** | 14%  |
| **Total Advisory Fee** | $6764500  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep88k.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jvi6g.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $95.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $110.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $110.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $95.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $113.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $111.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $114.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $110.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $121.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%^ <br>|

---

\* Less than -0.05% of net assets.^ Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/NVDY .
YieldMax™ Innovation Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Innovation Option Income Strategy ETF** <br> Ticker: OARK (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/OARK. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Innovation Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Innovation Option Income Strategy ETF  | $49  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59620 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $312613 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eowmb.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9ls0av.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARK Innovation ETF, Expiration: 05/16/2025; Exercise Price: $47.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARK Innovation ETF, Expiration: 05/02/2025; Exercise Price: $51.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARK Innovation ETF, Expiration: 05/16/2025; Exercise Price: $47.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARK Innovation ETF, Expiration: 05/02/2025; Exercise Price: $53.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/OARK .
YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ PLTR Option Income Strategy ETF** <br> Ticker: PLTY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ PLTR Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/PLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PLTR Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ PLTR Option Income Strategy ETF  | $77  | 1.02%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $287510  |
| **Number of Holdings** | 15  |
| **Annual Portfolio Turnover** | 28%  |
| **Total Advisory Fee** | $524104  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epd61.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9gdvso.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/16/2025; Exercise Price: $100.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/16/2025; Exercise Price: $100.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/09/2025; Exercise Price: $125.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/02/2025; Exercise Price: $115.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/02/2025; Exercise Price: $116.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/09/2025; Exercise Price: $138.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/02/2025; Exercise Price: $123.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Expiration: 05/02/2025; Exercise Price: $125.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/PLTY .
**YieldMax™ PYPL Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ PYPL Option Income Strategy ETF** <br> Ticker: PYPY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ PYPL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/PYPY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ PYPL Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ PYPL Option Income Strategy ETF  | $57  | 1.23%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $49877  |
| **Number of Holdings** | 11  |
| **Annual Portfolio Turnover** | 16%  |
| **Total Advisory Fee** | $264815  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep8vi.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jgxyf.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $60.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $60.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $69.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $76.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $75.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/PYPY .
YieldMax™ SMCI Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ SMCI Option Income Strategy ETF** <br> Ticker: SMCY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ SMCI Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/SMCY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SMCI Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ SMCI Option Income Strategy ETF  | $47  | 1.03%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $123618  |
| **Number of Holdings** | 19  |
| **Annual Portfolio Turnover** | 41%  |
| **Total Advisory Fee** | $415237  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epdrm.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9hstz2.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| <br> **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 62.7%  |
| **Super Micro Computer, Inc., Expiration: 05/16/2025; Exercise Price: $30.50** | 11.3%  |
| **Super Micro Computer, Inc., Expiration: 05/16/2025; Exercise Price: $30.51** | -8.7%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $33.50** | -1.9%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $34.50** | -0.6%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $38.50** | 0.6%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $39.00** | 0.2%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $35.00** | -0.1%  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $38.00** | -0.0%\*  |
| **Super Micro Computer, Inc., Expiration: 05/09/2025; Exercise Price: $42.00** | 0.0%^  |

---

\* Less than -0.05% of net assets.^ Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/SMCY .
YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ SNOW Option Income Strategy ETF** <br> Ticker: SNOY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ SNOW Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/SNOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ SNOW Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ SNOW Option Income Strategy ETF  | $56  | 1.00%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47302 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $199230 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9ep9hw.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jdjwx.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Expiration: 05/16/2025; Exercise Price: $140.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Expiration: 05/02/2025; Exercise Price: $165.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Expiration: 05/16/2025; Exercise Price: $140.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Expiration: 05/02/2025; Exercise Price: $175.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/SNOY .
**YieldMax™ TSLA Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ TSLA Option Income Strategy ETF** <br> Ticker: TSLY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/TSLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSLA Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ TSLA Option Income Strategy ETF  | $53  | 1.04%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $995691 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5065401 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eox6h.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9k4b68.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/16/2025; Exercise Price: $225.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/16/2025; Exercise Price: $280.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/16/2025; Exercise Price: $280.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/16/2025; Exercise Price: $225.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/02/2025; Exercise Price: $292.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/02/2025; Exercise Price: $287.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/02/2025; Exercise Price: $300.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/02/2025; Exercise Price: $307.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. Expiration: 05/02/2025; Exercise Price: $315.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/TSLY .
YieldMax™ TSM Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ TSM Option Income Strategy ETF** <br> Ticker: TSMY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/TSMY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ TSM Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ TSM Option Income Strategy ETF  | $47  | 1.01%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41560 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184282 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epeed.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9hs90s.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/16/2025; Exercise Price: $175.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -6.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/16/2025; Exercise Price: $175.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/02/2025; Exercise Price: $167.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/02/2025; Exercise Price: $175.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/02/2025; Exercise Price: $172.50** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/TSMY .
YieldMax™ Ultra Option Income Strategy ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Ultra Option Income Strategy ETF** <br> Ticker: ULTY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/ULTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Ultra Option Income Strategy ETF  | $74  | 1.53%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $231863  |
| **Number of Holdings** | 89  |
| **Annual Portfolio Turnover** | 318%  |
| **Total Advisory Fee** | $1424986  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9japl6.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9ltach.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - Class A** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc. - Class A** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProShares UltraPro QQQ** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp.** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. - Class A** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. - Class A** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direxion Daily Small Cap Bull 3X Shares** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/ULTY .
**YieldMax™ XOM Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ XOM Option Income Strategy ETF** <br> Ticker: XOMO (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/XOMO. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XOM Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ XOM Option Income Strategy ETF  | $55  | 1.17%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $46021  |
| **Number of Holdings** | 13  |
| **Annual Portfolio Turnover** | 19%  |
| **Total Advisory Fee** | $225447  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9eparm.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jpwhf.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/16/2025; Exercise Price: $100.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/16/2025; Exercise Price: $100.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/02/2025; Exercise Price: $110.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/02/2025; Exercise Price: $111.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/02/2025; Exercise Price: $117.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Expiration: 05/02/2025; Exercise Price: $114.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|

---

\* Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/XOMO .
**YieldMax™ XYZ Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ XYZ Option Income Strategy ETF** <br> Ticker: XYZY (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ XYZ Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/XYZY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ XYZ Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ XYZ Option Income Strategy ETF  | $58  | 1.30%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $59976  |
| **Number of Holdings** | 10  |
| **Annual Portfolio Turnover** | 39%  |
| **Total Advisory Fee** | $353565  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epbee.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9jty25.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Expiration: 05/16/2025; Exercise Price: $55.01** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.1% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Expiration: 05/16/2025; Exercise Price: $55.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Expiration: 05/02/2025; Exercise Price: $62.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Expiration: 05/02/2025; Exercise Price: $68.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.7% <br>|

---

#### How has the Fund changed?
Effective April 1, 2025, the name of the Fund changed to YieldMax™ XYZ Option Income Strategy ETF, Ticker: XYZY, formally known as YieldMax™ SQ Option Income Strategy ETF, Ticker: SQY.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/XYZY .
**YieldMax™ Bitcoin Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Bitcoin Option Income Strategy ETF** <br> Ticker: YBIT (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/YBIT. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Bitcoin Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Bitcoin Option Income Strategy ETF  | $53  | 0.99%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $115210  |
| **Number of Holdings** | 11  |
| **Annual Portfolio Turnover** | 25%  |
| **Total Advisory Fee** | $518034  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9epf16.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9lou7x.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings**<br>  | **(% of net assets)**<br>  |
| **iShares Bitcoin Trust ETF, Expiration: 05/09/2025; Exercise Price: $30.00** | 44.1%  |
| **U.S. Treasury Securities** | 41.0%  |
| **Cboe Mini Bitcoin U.S. ETF Index, Expiration: 05/16/2025; Exercise Price: $245.00** | 0.1%  |
| **iShares Bitcoin Trust ETF, Expiration: 05/02/2025; Exercise Price: $56.00** | -0.1%  |
| **Cboe Mini Bitcoin U.S. ETF Index, Expiration: 05/16/2025; Exercise Price: $255.00** | -0.1%  |

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YBIT .
**YieldMax™ Magnificent 7 Fund of Option Income ETFs** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Magnificent 7 Fund of Option Income ETFs** <br> Ticker: YMAG (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Magnificent 7 Fund of Option Income ETFs (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/YMAG. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Magnificent 7 Fund of Option Income ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Magnificent 7 Fund of Option Income ETFs  | $14  | 0.29%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Size (Thousands)** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $298665 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Holdings** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Portfolio Turnover** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Advisory Fee** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $429237 <br>|

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9jc2q2.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yieldmax TSLA Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.3% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax MSFT Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.0% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yieldmax AMZN Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax GOOGL Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax AAPL Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax NVDA Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yieldmax META Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YMAG .
YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Universe Fund of Option Income ETFs** <br> Ticker: YMAX (Listed on NYSE Arca, Inc.) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/YMAX. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Universe Fund of Option Income ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Universe Fund of Option Income ETFs  | $14  | 0.29%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $718876  |
| **Number of Holdings** | 30  |
| **Annual Portfolio Turnover** | 34%  |
| **Total Advisory Fee** | $936975  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](v7vzmg1mc9jbhsu.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yieldmax TSLA Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax CVNA Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax MSTR Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax PLTR Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.6% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax SNOW Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax AI Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax Innovation Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax COIN Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YieldMax AMD Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yieldmax TSM Option Income Strategy ETF** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5% <br>|

---

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YMAX .
**YieldMax™ Short N100 Option Income Strategy ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br> **YieldMax™ Short N100 Option Income Strategy ETF** <br> Ticker: YQQQ (Listed on the Nasdaq Stock Market, LLC) <br>

This semi-annual shareholder report contains important information about the YieldMax™ Short N100 Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.yieldmaxetfs.com/our-etfs/YQQQ. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Short N100 Option Income Strategy ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| YieldMax™ Short N100 Option Income Strategy ETF  | $53  | 1.07%  |

---

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $11565  |
| **Number of Holdings** | 12  |
| **Annual Portfolio Turnover** | 13%  |
| **Total Advisory Fee** | $42991  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Investments (% of Total Net Assets)
![](a18wsgw1mcjhsqdi.jpg)

^

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security Type - Other Financial Instruments (% of Total Net Assets)
![](v7vzmg1mc9iq1e8.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Holdings**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (% of net assets)**  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.02** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.5% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/09/2025; Exercise Price: $452.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.2% <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/02/2025; Exercise Price: $444.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%\* <br>|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $615.00** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%^ <br>|

---

\* Less than -0.05% of net assets.^ Less than 0.05% of net assets.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YQQQ .
**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

 **Item 4. Principal Accountant Fees and Services.** 

Not applicable for semi-annual reports.

 **Item 5. Audit Committee of Listed Registrants.** 

Not applicable for semi-annual reports.

 **Item 6. Investments.** 

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](yieldmaxncsrs001.jpg)

**Financial Statements**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Tidal Trust II** |  |  |
| ●YieldMax AAPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| APLY | \| NYSE Arca, Inc. |
| ●YieldMax ABNB Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| ABNY | \| NYSE Arca, Inc. |
| ●YieldMax AI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| AIYY | \| NYSE Arca, Inc. |
| ●YieldMax AMD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| AMDY | \| NYSE Arca, Inc. |
| ●YieldMax AMZN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| AMZY | \| NYSE Arca, Inc. |
| ●YieldMax BABA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| BABO | \| NYSE Arca, Inc. |
| ●YieldMax Bitcoin Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| YBIT | \| NYSE Arca, Inc. |
| ●YieldMax COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| CONY | \| NYSE Arca, Inc. |
| ●YieldMax CVNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| CVNY | \| NYSE Arca, Inc. |
| ●YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| DISO | \| NYSE Arca, Inc. |
| ●YieldMax Gold Miners Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| GDXY | \| NYSE Arca, Inc. |
| ●YieldMax GOOGL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| GOOY | \| NYSE Arca, Inc. |
| ●YieldMax Innovation Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| OARK | \| NYSE Arca, Inc. |
| ●YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| JPMO | \| NYSE Arca, Inc. |
| ●YieldMax Magnificent 7 Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| YMAG | \| NYSE Arca, Inc. |
| ●YieldMax MARA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| MARO | \| NYSE Arca, Inc. |
| ●YieldMax META Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| FBY | \| NYSE Arca, Inc. |
| ●YieldMax MRNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| MRNY | \| NYSE Arca, Inc. |
| ●YieldMax MSFT Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| MSFO | \| NYSE Arca, Inc. |
| ●YieldMax MSTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| MSTY | \| NYSE Arca, Inc. |
| ●YieldMax NFLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| NFLY | \| NYSE Arca, Inc. |
| ●YieldMax NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| NVDY | \| NYSE Arca, Inc. |
| ●YieldMax PLTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| PLTY | \| NYSE Arca, Inc. |
| ●YieldMax PYPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| PYPY | \| NYSE Arca, Inc. |
| ●YieldMax Short COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| FIAT | \| NYSE Arca, Inc. |
| ●YieldMax Short N100 Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| YQQQ | \| The Nasdaq Stock Market, LLC |
| ●YieldMax Short NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| DIPS | \| NYSE Arca, Inc. |
| ●YieldMax Short TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| CRSH | \| NYSE Arca, Inc. |
| ●YieldMax SMCI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| SMCY | \| NYSE Arca, Inc. |
| ●YieldMax SNOW Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| SNOY | \| NYSE Arca, Inc. |
| ●YieldMax TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| TSLY | \| NYSE Arca, Inc. |
| ●YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| TSMY | \| NYSE Arca, Inc. |
| ●YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| ULTY | \| NYSE Arca, Inc. |
| ●YieldMax Universe Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| YMAX | \| NYSE Arca, Inc. |
| ●YieldMax XOM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| XOMO | \| NYSE Arca, Inc. |
| ●YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| XYZY | \| NYSE Arca, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;(Formerly: YieldMax SQ Option Income Strategy ETF) |  |  |

---

**YieldMax ETFs**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments & Written Options Contracts: YieldMax ETFs](#yieldmaxncsrsa001) | 1 |
| [Statements of Assets and Liabilities](#yieldmaxncsrsa002) | 46 |
| [Statements of Operations](#yieldmaxncsrsa003) | 52 |
| [Statements of Changes in Net Assets](#yieldmaxncsrsa004) | 57 |
| [Financial Highlights](#yieldmaxncsrsa005) | 69 |
| [Notes to the Financial Statements](#yieldmaxncsrsa006) | 73 |

---

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

**YieldMax AAPL Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 57.3%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $26390000 | $26318430 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 15776000 | 15784087 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 26226000 | 26201381 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $68,202,328) |  |  | 68303898 |
| **PURCHASED OPTIONS - 13.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 13.9%** |  |  |  |
| Apple, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $225.00 | $120487500 | 5670 | 396900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $185.00 | 120487500 | 5670 | 16173675 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,166,444) |  |  | 16570575 |
| **SHORT-TERM INVESTMENTS - 30.6%** |  |  |  |
| **Money Market Funds - 0.4%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 460356 | 460356 |
| **U.S. Treasury Bills - 30.2%** |  | **Par** |  |
| 4.17%, 05/15/2025 <sup>(a)(g)</sup> |  | $5850000 | 5840422 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 9820000 | 9771567 |
| 4.13%, 08/14/2025 <sup>(a)(g)</sup> |  | 20688000 | 20436081 |
|  |  |  | 36048070 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $36,516,759) |  |  | 36508426 |
| **TOTAL INVESTMENTS - 101.8%** (Cost $110,885,531) |  |  | 121382899 |
| Liabilities in Excess of Other Assets - (1.8)% |  |  | (2090556) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $119292343 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax AAPL Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (2.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.8)%** |  |  |  |
| Apple, Inc., Expiration: 05/02/2025; Exercise Price: $215.00 <sup>(a)(b)</sup> | $(120487500) | (5670) | $(2069550) |
| **Put Options - (0.4)%** |  |  |  |
| Apple, Inc., Expiration: 05/16/2025; Exercise Price: $185.01 <sup>(a)(b)</sup> | (120487500) | (5670) | (508558) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $10,741,197) |  |  | $(2578108) |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 1

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax ABNB Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 51.8%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $6435000 | $6417548 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 3127000 | 3128603 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 5193000 | 5188125 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $14,725,185) |  | 14734276 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 9.2%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 9.2%** |  |  |  |
| Airbnb, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $141.00 | $14935200 | 1225 | 68600 |
| &nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $136.00 | 12192000 | 1000 | 68500 |
| &nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $115.00 | 27127200 | 2225 | 2464188 |
| **TOTAL PURCHASED OPTIONS** (Cost $1,525,088) |  |  | 2601288 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 43.3%** | | |
| **Money Market Funds - 3.6%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 1028234 | 1028234 |
| **U.S. Treasury Bills - 39.7%** | **Par** |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> | $3585000 | 3579131 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> | 4439000 | 4417106 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 3312000 | 3271669 |
|  |  | 11267906 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $12,298,004) |  | 12296140 |
| **TOTAL INVESTMENTS - 104.3%** (Cost $28,548,277) |  | 29631704 |
| Liabilities in Excess of Other Assets - (4.3)% |  | (1209745) |
| **TOTAL NET ASSETS - 100.0%** |  | $28421959 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 2

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax ABNB Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.5)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.8)%** |  |  |  |
| Airbnb, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $128.00 | $(12192000) | (1000) | $(257000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $130.00 | (14935200) | (1225) | (241325) |
| **Total Call Options** |  |  | (498325) |
| **Put Options - (2.7)%** |  |  |  |
| Airbnb, Inc., Expiration: 05/16/2025; Exercise Price: $115.01 <sup>(a)(b)</sup> | (27127200) | (2225) | (774624) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,106,926) |  |  | $(1272949) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax AI Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 65.4%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $20531000 | $20475319 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 15733000 | 15741065 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 20471000 | 20451784 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $56,606,890) |  |  | 56668168 |
| **PURCHASED OPTIONS - 10.8%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 10.8%** |  |  |  |
| C3.ai, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $23.50 | $45340600 | 20600 | 133900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $24.50 | 42820455 | 19455 | 48638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $22.50 | 88161055 | 40055 | 9172595 |
| **TOTAL PURCHASED OPTIONS** (Cost $10,346,161) |  |  | 9355133 |
| **SHORT-TERM INVESTMENTS - 25.5%** |  |  |  |
| **Money Market Funds - 1.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1258427 | 1258427 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 24.0%** | **Par** |  |
| 4.15%, 05/15/2025 <sup>(a)(g)</sup> | $4349000 | 4341880 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 7759000 | 7720732 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 8839000 | 8731367 |
|  |  | 20793979 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $22,056,751) |  | 22052406 |
| **TOTAL INVESTMENTS - 101.7%** (Cost $89,009,802) |  | 88075707 |
| Liabilities in Excess of Other Assets - (1.7)% |  | (1436668) |
| **TOTAL NET ASSETS - 100.0%** |  | $86639039 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 3

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax AI Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (13.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.6)%** |  |  |  |
| C3.ai, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $22.00 | $(45340600) | (20600) | $(906400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $22.50 | (42820455) | (19455) | (476647) |
| **Total Call Options** |  |  | (1383047) |
| **Put Options - (12.0)%** |  |  |  |
| C3.ai, Inc., Expiration: 06/20/2025; Exercise Price: $22.51 <sup>(a)(b)</sup> | (88161055) | (40055) | (10368998) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $10,894,636) |  |  | $(11752045) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax AMD Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 47.2%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $28899000 | $28820625 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 1739000 | 1739891 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 30535000 | 30506337 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $60,929,380) |  |  | 61066853 |
| **PURCHASED OPTIONS - 7.0%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 7.0%** |  |  |  |
| Advanced Micro Devices, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $106.00 | $60892425 | 6255 | 59423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $107.00 | 64251000 | 6600 | 42900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $95.00 | 125143425 | 12855 | 8966362 |
| **TOTAL PURCHASED OPTIONS** (Cost $9,514,078) |  |  | 9068685 |

---

The accompanying notes are an integral part of these financial statements. 4

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 43.6%** | |
| **Money Market Funds - 1.7%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 2216427 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 41.9%** | **Par** | |
| 4.15%, 05/15/2025 <sup>(a)(g)</sup> | $22614000 | 22576976 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 25468000 | 25342390 |
| 4.15%, 08/14/2025 <sup>(a)(g)</sup> | 6443000 | 6364543 |
|  |  | 54283909 |

---

---

| | |
|:---|:---|
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $56,506,015) | 56500336 |
| **TOTAL INVESTMENTS - 97.8%** (Cost $126,949,473) | 126635874 |
| Other Assets in Excess of Liabilities - 2.2% | 2892730 |
| **TOTAL NET ASSETS - 100.0%** | $129528604 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax AMD Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (5.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.4)%** |  |  |  |
| Advanced Micro Devices, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $99.00 | $(64251000) | (6600) | $(775500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $98.00 | (60892425) | (6255) | (997672) |
| **Total Call Options** |  |  | (1773172) |
| **Put Options - (4.4)%** |  |  |  |
| Advanced Micro Devices, Inc., Expiration: 05/16/2025; Exercise Price: $95.01 <sup>(a)(b)</sup> | (125143425) | (12855) | (5675227) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $11,226,290) |  |  | $(7448399) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax AMZN Option Income Strategy ETF**

**Schedule of Investments**

 **April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 59.4%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $57076000 | $56921208 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 21669000 | 21680108 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 61034000 | 60976707 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $139,305,313) |  | 139578023 |

---

The accompanying notes are an integral part of these financial statements. 5

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 3.1%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 3.1%** |  |  |  |
| Amazon.com, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $215.00 | $237071910 | 12855 | 173542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $190.00 | 237071910 | 12855 | 7230938 |
| **TOTAL PURCHASED OPTIONS** (Cost $15,772,517) |  |  | 7404480 |
| **SHORT-TERM INVESTMENTS - 43.6%** |  |  |  |
| **Money Market Funds - 0.6%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1406230 | 1406230 |
| **U.S. Treasury Bills - 43.0%** |  | **Par** |  |
| 4.18%, 05/15/2025 <sup>(a)(g)</sup> |  | $26461000 | 26417678 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 26266000 | 26136454 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 49076000 | 48478398 |
|  |  |  | 101032530 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $102,460,065) |  |  | 102438760 |
| **TOTAL INVESTMENTS - 106.1%** (Cost $257,537,895) |  |  | 249421263 |
| Liabilities in Excess of Other Assets - (6.1)% |  |  | (14337576) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $235083687 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax AMZN Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (6.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.8)%** |  |  |  |
| Amazon.com, Inc., Expiration: 05/02/2025; Exercise Price: $197.50 <sup>(a)(b)</sup> | $(237071910) | (12855) | $(1838265) |
| **Put Options - (5.9)%** |  |  |  |
| Amazon.com, Inc., Expiration: 05/16/2025; Exercise Price: $190.01 <sup>(a)(b)</sup> | (237071910) | (12855) | (13796426) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $14,660,622) |  |  | $(15634691) |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | &nbsp;&nbsp;Exchange-traded. |
| (b) | &nbsp;&nbsp;100 shares per contract. |

---

The accompanying notes are an integral part of these financial statements. 6

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax BABA Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 68.9%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $11120000 | $11089842 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 3915000 | 3917007 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 13171000 | 13158636 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $28,164,353) |  |  | 28165485 |
| **PURCHASED OPTIONS - 4.7%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 4.7%** |  |  |  |
| Alibaba Group Holding Ltd. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $128.00 | $10151550 | 850 | 9350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $139.00 | 17496495 | 1465 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $133.00 | 2985750 | 250 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $132.00 | 10151550 | 850 | 30175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $119.00 | 40785345 | 3415 | 1878250 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,132,565) |  |  | 1920973 |
| **SHORT-TERM INVESTMENTS - 30.0%** |  |  |  |
| **Money Market Funds - 2.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1021310 | 1021310 |
| **U.S. Treasury Bills - 27.5%** |  | **Par** |  |
| 4.18%, 05/15/2025 <sup>(a)(g)</sup> |  | $1857000 | 1853960 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 1863000 | 1853811 |
| 4.15%, 08/14/2025 <sup>(a)(g)</sup> |  | 7628000 | 7535113 |
|  |  |  | 11242884 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $12,266,360) |  |  | 12264194 |
| **TOTAL INVESTMENTS - 103.6%** (Cost $42,563,278) |  |  | 42350652 |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (1488148) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $40862504 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 7

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax BABA Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.5)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.5)%** |  |  |  |
| Alibaba Group Holding Ltd. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $129.00 | $(17496495) | (1465) | $(13185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $124.00 | (2985750) | (250) | (9750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $123.00 | (10151550) | (850) | (46750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $124.00 | (10151550) | (850) | (128775) |
| **Total Call Options** |  |  | (198460) |
| **Put Options - (4.0)%** |  |  |  |
| Alibaba Group Holding Ltd., Expiration: 05/16/2025; Exercise Price: |  |  |  |
| $119.01 <sup>(a)(b)</sup> | (40785345) | (3415) | (1656363) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $2,429,195) |  |  | $(1854823) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Bitcoin Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 44.2%<sup>(a)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 44.2%<sup>(b)(c)</sup>** |  |  |  |
| Cboe Mini Bitcoin U.S. ETF Index, Expiration: 05/16/2025; Exercise Price: $245.00 <sup>(d)</sup> | $22286000 | 1000 | $190000 |
| iShares Bitcoin Trust ETF, Expiration: 05/09/2025; Exercise Price: $30.00 <sup>(d)</sup> | 115367560 | 21560 | 50773800 |
| **TOTAL PURCHASED OPTIONS** (Cost $48,184,235) |  |  | 50963800 |
| **U.S. TREASURY SECURITIES - 41.0%** |  | **Par** |  |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(e)</sup> |  | $14080000 | 14041815 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(e)</sup> |  | 12938000 | 12944632 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(e)</sup> |  | 20230000 | 20211010 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $47,123,626) |  |  | 47197457 |
| **SHORT-TERM INVESTMENTS - 14.2%** |  |  |  |
| **Money Market Funds - 0.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 393541 | 393541 |
| **U.S. Treasury Bills - 13.9%** |  | **Par** |  |
| 4.18%, 05/15/2025 <sup>(e)(g)</sup> |  | $4581000 | 4573500 |
| 4.19%, 06/12/2025 <sup>(e)(g)</sup> |  | 4597000 | 4574327 |
| 4.14%, 08/14/2025 <sup>(e)(g)</sup> |  | 6930000 | 6845613 |
|  |  |  | 15993440 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,389,631) |  |  | 16386981 |
| **TOTAL INVESTMENTS - 99.4%** (Cost $111,697,492) |  |  | 114548238 |
| Other Assets in Excess of Liabilities - 0.6% |  |  | 661302 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $115209540 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Held in connection with written option contracts. See Schedule of Written Options for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 8

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax Bitcoin Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.2)% <sup>(a)(b)</sup>** |  |  |  |
| Cboe Mini Bitcoin U.S. ETF Index, Expiration: 05/16/2025; Exercise Price: $255.00 | $(22286000) | (1000) | $(102500) |
| iShares Bitcoin Trust ETF, Expiration: 05/02/2025; Exercise Price: $56.00 | (115367560) | (21560) | (161700) |
| **Total Call Options** |  |  | (264200) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,660,579) |  |  | $(264200) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax COIN Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 71.2%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $304419000 | $303593410 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 134786000 | 134855093 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 321526000 | 321224180 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $758,606,136) |  |  | 759672683 |
| **PURCHASED OPTIONS - 9.0%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 9.0%** |  |  |  |
| Coinbase Global, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $230.00 | $215063400 | 10600 | 95400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $240.00 | 337811850 | 16650 | 49950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $185.00 | 613133580 | 30220 | 70790350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $195.00 | 269235030 | 13270 | 21795975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $220.00 | 104691240 | 5160 | 3005700 |
| **TOTAL PURCHASED OPTIONS** (Cost $93,557,681) |  |  | 95737375 |
| **SHORT-TERM INVESTMENTS - 21.9%** |  |  |  |
| **Money Market Funds - 1.0%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 10803692 | 10803692 |
| **U.S. Treasury Bills - 20.9%** |  | **Par** |  |
| 4.17%, 05/15/2025 <sup>(a)(g)</sup> |  | $68322000 | 68210142 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 90699000 | 90251665 |
| 4.13%, 08/14/2025 <sup>(a)(g)</sup> |  | 65501000 | 64703389 |
|  |  |  | 223165196 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $234,001,171) |  |  | 233968888 |
| **TOTAL INVESTMENTS - 102.1%** (Cost $1,086,164,988) |  |  | 1089378946 |
| Liabilities in Excess of Other Assets - (2.1)% |  |  | (22102465) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1067276481 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 9

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax COIN Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.3)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $217.50 | $(151153050) | (7450) | $(458175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $220.00 | (620843400) | (30600) | (1361700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $215.00 | (215063400) | (10600) | (911600) |
| **Total Call Options** |  |  | (2731475) |
| **Put Options - (3.6)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $220.01 | (104691240) | (5160) | (11736682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $185.01 | (613133580) | (30220) | (15746482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $195.01 | (269235030) | (13270) | (11329528) |
| **Total Put Options** |  |  | (38812692) |
| **TOTAL WRITTEN OPTION**S (Premiums received $116,680,815) |  |  | $(41544167) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax CVNA Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 55.3%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $9992000 | $9964901 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 7199000 | 7202690 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 17435000 | 17418634 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $34,595,924) |  |  | 34586225 |
| **PURCHASED OPTIONS - 12.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 12.9%** |  |  |  |
| Carvana Co. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $267.50 | $30397140 | 1244 | 34210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $270.00 | 25168050 | 1030 | 22145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $225.00 | 59230440 | 2424 | 8005260 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,469,301) |  |  | 8061615 |

---

The accompanying notes are an integral part of these financial statements. 10

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 26.4%** | |
| **Money Market Funds - 1.2%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 752480 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 25.2%** | **Par** | |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | $230000 | 228866 |
| 4.14%, 08/14/2025 <sup>(a)(g)</sup> | 15770000 | 15577968 |
|  |  | 15806834 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,563,709) |  | 16559314 |
| **TOTAL INVESTMENTS - 94.6%** (Cost $57,628,934) |  | 59207154 |
| Other Assets in Excess of Liabilities - 5.4% |  | 3349001 |
| **TOTAL NET ASSETS - 100.0%** |  | $62556155 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax CVNA Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (6.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.4)%** |  |  |  |
| Carvana Co. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $250.00 | $(54832140) | (2244) | $(762960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $255.00 | (733050) | (30) | (4155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $275.00 | (3665250) | (150) | (108000) |
| **Total Call Options** |  |  | (875115) |
| **Put Options - (5.0)%** |  |  |  |
| Carvana Co., Expiration: 05/16/2025; Exercise Price: $225.01 <sup>(a)(b)</sup> | (38493120) | (2424) | (3150867) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $5,464,870) |  |  | $(4025982) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax DIS Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 36.6%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $6312000 | $6294882 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 4948000 | 4943355 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $11,218,006) |  | 11238237 |

---

The accompanying notes are an integral part of these financial statements. 11

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 8.3%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 8.3%** |  |  |  |
| Walt Disney Co. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $95.00 | $18190000 | 2000 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $99.00 | 13369650 | 1470 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $85.00 | 31559650 | 3470 | 2550450 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,110,036) |  |  | 2563655 |
| **SHORT-TERM INVESTMENTS - 56.5%** |  |  |  |
| **Money Market Funds - 1.8%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 538890 | 538890 |
| **U.S. Treasury Bills - 54.7%** |  | **Par** |  |
| 4.15%, 05/15/2025 <sup>(a)(g)</sup> |  | $4316000 | 4308934 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 6308000 | 6276888 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 6315000 | 6238102 |
|  |  |  | 16823924 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $17,366,063) |  |  | 17362814 |
| **TOTAL INVESTMENTS - 101.4%** (Cost $30,694,105) |  |  | 31164706 |
| Liabilities in Excess of Other Assets - (1.4)% |  |  | (427950) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $30736756 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax DIS Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (2.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| Walt Disney Co., Expiration: 05/02/2025; Exercise Price: $92.00 <sup>(a)(b)</sup> | $(31559650) | (3470) | $(170030) |
| **Put Options - (1.7)%** |  |  |  |
| Walt Disney Co., Expiration: 05/16/2025; Exercise Price: $85.01 <sup>(a)(b)</sup> | (31559650) | (3470) | (529997) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,945,350) |  |  | $(700027) |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | &nbsp;&nbsp;Exchange-traded. |
| (b) | &nbsp;&nbsp;100 shares per contract. |

---

The accompanying notes are an integral part of these financial statements. 12

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax Gold Miners Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 64.9%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $10944000 | $10914320 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 15664000 | 15672029 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 18578000 | 18560561 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $45,126,718) |  |  | 45146910 |
| **PURCHASED OPTIONS - 3.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 3.9%** |  |  |  |
| VanEck Gold Miners ETF <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $52.00 | $1470300 | 300 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $53.00 | 35287200 | 7200 | 25200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/20/2025; Exercise Price: $51.00 | 69177615 | 14115 | 2681850 |
| **TOTAL PURCHASED OPTIONS** (Cost $5,812,462) |  |  | 2709000 |
| **SHORT-TERM INVESTMENTS - 37.8%** |  |  |  |
| **Money Market Funds - 3.0%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 2100294 | 2100294 |
| **U.S. Treasury Bills - 34.8%** |  | **Par** |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $3312000 | 3306577 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 3975000 | 3955395 |
| 4.15%, 08/14/2025 <sup>(a)(g)</sup> |  | 17141000 | 16932273 |
|  |  |  | 24194245 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $26,299,612) |  |  | 26294539 |
| **TOTAL INVESTMENTS - 106.6%** (Cost $77,238,792) |  |  | 74150449 |
| Liabilities in Excess of Other Assets - (6.6)% |  |  | (4607122) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $69543327 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

**YieldMax Gold Miners Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (7.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.2)%** |  |  |  |
| VanEck Gold Miners ETF <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $51.00 | $(67707315) | (13815) | $(131243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $50.00 | (1470300) | (300) | (6750) |
| **Total Call Options** |  |  | (137993) |
| **Put Options - (7.2)%** |  |  |  |
| VanEck Gold Miners ETF, Expiration: 06/20/2025; Exercise Price: $51.01 <sup>(a)(b)</sup> | (69177615) | (14115) | (5003787) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $5,224,547) |  |  | $(5141780) |

---

The accompanying notes are an integral part of these financial statements. 13

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax GOOGL Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 58.1%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $24692000 | $24625035 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 13147000 | 13153739 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 24627000 | 24603883 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $62,289,096) |  |  | 62382657 |
| **PURCHASED OPTIONS - 6.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 6.9%** |  |  |  |
| Alphabet, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $172.50 | $106872400 | 6730 | 23555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $150.00 | 106872400 | 6730 | 7386175 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,772,075) |  |  | 7409730 |
| **SHORT-TERM INVESTMENTS - 35.5%** |  |  |  |
| **Money Market Funds - 1.8%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1887997 | 1887997 |
| **U.S. Treasury Bills - 33.7%** |  | **Par** |  |
| 4.19%, 05/15/2025 <sup>(a)(g)</sup> |  | $5604000 | 5594825 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 9597000 | 9549667 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 21312000 | 21052482 |
|  |  |  | 36196974 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $38,094,010) |  |  | 38084971 |
| **TOTAL INVESTMENTS - 100.5%** (Cost $107,155,181) |  |  | 107877358 |
| Liabilities in Excess of Other Assets - (0.5)% |  |  | (544278) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $107333080 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 14

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

**YieldMax GOOGL Option Income Strategy ETF**

**Schedule of Written Options**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.1)%** |  |  |  |
| Alphabet, Inc., Expiration: 05/02/2025; Exercise Price: $165.00 <sup>(a)(b)</sup> | $(106872400) | (6730) | $(171615) |
| **Put Options - (1.0)%** |  |  |  |
| Alphabet, Inc., Expiration: 05/16/2025; Exercise Price: $150.01 <sup>(a)(b)</sup> | (106872400) | (6730) | (1034849) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $6,054,772) |  |  | $(1206464) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Innovation Option Income Strategy ETF**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 63.0%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $13943000 | $13905186 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 9783000 | 9788015 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 13891000 | 13877960 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $37,564,372) |  |  | 37571161 |
| **PURCHASED OPTIONS - 9.7%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 9.7%** |  |  |  |
| ARK Innovation ETF <sup>(c)(d)(e)</sup> |  |  |  |
| Expiration: 05/02/2025; Exercise Price: $53.50 | $60702960 | 11940 | 167160 |
| Expiration: 05/16/2025; Exercise Price: $47.00 | 60702960 | 11940 | 5581950 |
| **TOTAL PURCHASED OPTIONS** (Cost $5,208,302) |  |  | 5749110 |
| **SHORT-TERM INVESTMENTS - 30.2%** |  |  |  |
| **Money Market Funds - 3.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 2063092 | 2063092 |
| **U.S. Treasury Bills - 26.7%** |  | **Par** |  |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | $2938000 | 2923510 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 13187000 | 13026421 |
|  |  |  | 15949931 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,018,182) |  |  | 18013023 |
| **TOTAL INVESTMENTS - 102.9%** (Cost $60,790,856) |  |  | 61333294 |
| Liabilities in Excess of Other Assets - (2.9)% |  |  | (1713155) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $59620139 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

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

The accompanying notes are an integral part of these financial statements. 15

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax Innovation Option Income Strategy ETF** | **YieldMax Innovation Option Income Strategy ETF** | **YieldMax Innovation Option Income Strategy ETF** | **YieldMax Innovation Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (3.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.7)%** |  |  |  |
| ARK Innovation ETF, Expiration: 05/02/2025; Exercise Price: $51.00 <sup>(a)(b)</sup> | $(60702960) | (11940) | $(991020) |
| **Put Options - (1.7)%** |  |  |  |
| ARK Innovation ETF, Expiration: 05/16/2025; Exercise Price: $47.01 <sup>(a)(b)</sup> | (60702960) | (11940) | (1019308) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $4,514,193) |  |  | $(2010328) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 50.0%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $8920000 | $8895809 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 6797000 | 6800484 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 8882000 | 8873663 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $24,534,931) |  |  | 24569956 |
| **PURCHASED OPTIONS - 6.7%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 6.7%** |  |  |  |
| JPMorgan Chase & Co. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $255.00 | $30504114 | 1247 | 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $260.00 | 18542196 | 758 | 13644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $230.00 | 49046310 | 2005 | 3293212 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,183,725) |  |  | 3317456 |
| **SHORT-TERM INVESTMENTS - 44.2%** |  |  |  |
| **Money Market Funds - 1.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 748744 | 748744 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 42.7%** | **Par** |  |
| 4.19%, 05/15/2025 <sup>(a)(g)</sup> | $5887000 | 5877362 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> | 5123000 | 5097733 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 10133000 | 10009609 |
|  |  | 20984704 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $21,737,868) |  | 21733448 |
| **TOTAL INVESTMENTS - 100.9%** (Cost $48,456,524) |  | 49620860 |
| Liabilities in Excess of Other Assets - (0.9)% |  | (441695) |
| **TOTAL NET ASSETS - 100.0%** |  | $49179165 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 16

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (1.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| JPMorgan Chase & Co. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $247.50 | $(30504114) | (1247) | $(138417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $250.00 | (18542196) | (758) | (142125) |
| **Total Call Options** |  |  | (280542) |
| **Put Options - (0.6)%** |  |  |  |
| JPMorgan Chase & Co., Expiration: 05/16/2025; Exercise Price: $230.01 <sup>(a)(b)</sup> | (49046310) | (2005) | (303757) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $2,550,100) |  |  | $(584299) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax Magnificent 7 Fund of Option Income ETFs** | **YieldMax Magnificent 7 Fund of Option Income ETFs** | **YieldMax Magnificent 7 Fund of Option Income ETFs** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 98.2%** | **Shares** | **Value** |
| YieldMax AAPL Option Income Strategy ETF <sup>(a)</sup> | 2905409 | $41402078 |
| YieldMax AMZN Option Income Strategy ETF <sup>(a)</sup> | 2734202 | 41641897 |
| YieldMax GOOGL Option Income Strategy ETF <sup>(a)</sup> | 3419742 | 41584063 |
| YieldMax META Option Income Strategy ETF <sup>(a)</sup> | 2782311 | 40287863 |
| YieldMax MSFT Option Income Strategy ETF <sup>(a)</sup> | 2571026 | 41727752 |
| YieldMax NVDA Option Income Strategy ETF <sup>(a)</sup> | 2836194 | 40784470 |
| YieldMax TSLA Option Income Strategy ETF <sup>(a)</sup> | 5480451 | 45816566 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $379,963,101) |  | 293244689 |
| **SHORT-TERM INVESTMENTS - 1.8%** |  |  |
| **Money Market Funds - 1.8%** |  |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(b)</sup> | 5473561 | 5473561 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,473,561) |  | 5473561 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $385,436,662) |  | 298718250 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup> |  | (53128) |
| **TOTAL NET ASSETS - 100.0%** |  | $298665122 |

---

Percentages are stated as a percent of net assets.

(a) Affiliated security as defined by the Investment Company Act of 1940.

(b) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 17

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(c) Represents less than 0.05% of net assets.

---

| | | |
|:---|:---|:---|
| **YieldMax MARA Option Income Strategy ETF** | **YieldMax MARA Option Income Strategy ETF** | **YieldMax MARA Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 24.4%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $4072000 | $4060956 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 1209000 | 1209620 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 5059000 | 5054251 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $10,323,565) |  | 10324827 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 8.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 8.9%** |  |  |  |
| MARA Holdings, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $16.50 | $41787935 | 31255 | 46882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $13.00 | 42723835 | 31955 | 3722758 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,629,352) |  |  | 3769640 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 71.0%** | |
| **Money Market Funds - 6.1%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 2591938 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 64.9%** | **Par** |  |
| 4.19%, 05/15/2025 <sup>(a)(g)</sup> | $9945000 | 9928718 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 9580000 | 9532751 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 8084000 | 7985560 |
|  |  | 27447029 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $30,043,339) |  | 30038967 |
| **TOTAL INVESTMENTS - 104.3%** (Cost $46,996,256) |  | 44133434 |
| Liabilities in Excess of Other Assets - (4.3)% |  | (1804061) |
| **TOTAL NET ASSETS - 100.0%** |  | $42329373 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MARA Option Income Strategy ETF** | **YieldMax MARA Option Income Strategy ETF** | **YieldMax MARA Option Income Strategy ETF** | **YieldMax MARA Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (6.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.3)%** |  |  |  |
| MARA Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $15.00 <sup>(a)(b)</sup> | $(42723835) | (31955) | $(111843) |
| **Put Options - (6.1)%** |  |  |  |
| MARA Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $13.01 <sup>(a)(b)</sup> | (42723835) | (31955) | (2589882) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $6,790,614) |  |  | $(2701725) |

---

The accompanying notes are an integral part of these financial statements. 18

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax META Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 53.9%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $29035000 | $28956257 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 15018000 | 15025698 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 32358000 | 32327625 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $76,179,718) |  | 76309580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 2.6%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 2.6%** |  |  |  |
| Meta Platforms, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $640.00 | $62037000 | 1130 | 102830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $650.00 | 80703000 | 1470 | 99225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $585.00 | 142740000 | 2600 | 3490500 |
| **TOTAL PURCHASED OPTIONS** (Cost $9,799,790) |  |  | 3692555 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 53.1%** | |
| **Money Market Funds - 2.9%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 4173771 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 50.2%** | **Par** |  |
| 4.18%, 05/15/2025 <sup>(a)(g)</sup> | $15121000 | 15096244 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 19911000 | 19812797 |
| 4.13%, 08/14/2025 <sup>(a)(g)</sup> | 36653000 | 36206673 |
|  |  | 71115714 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $75,304,807) |  | 75289485 |
| **TOTAL INVESTMENTS - 109.6%** (Cost $161,284,315) |  | 155291620 |
| Liabilities in Excess of Other Assets - (9.6)% |  | (13626281) |
| **TOTAL NET ASSETS - 100.0%** |  | $141665339 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 19

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax META Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (9.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.2)%** |  |  |  |
| Meta Platforms, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $590.00 | $(25803000) | (470) | $(251450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $580.00 | (67527000) | (1230) | (910200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $585.00 | (49410000) | (900) | (571500) |
| **Total Call Options** |  |  | (1733150) |
| **Put Options - (8.6)%** |  |  |  |
| Meta Platforms, Inc., Expiration: 05/16/2025; Exercise Price: $585.01 <sup>(a)(b)</sup> | (142740000) | (2600) | (12171388) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $12,031,637) |  |  | $(13904538) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 74.2%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $16854000 | $16808291 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 15637000 | 15645016 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 24177000 | 24154305 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $56,561,405) |  | 56607612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 12.3%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 12.3%** |  |  |  |
| Moderna, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $32.00 | $77885660 | 27290 | 1159825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $27.00 | 77885660 | 27290 | 8173355 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,606,721) |  |  | 9333180 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 21.8%** | |
| **Money Market Funds - 1.5%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 1127299 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 20.3%** | **Par** |  |
| 4.19%, 05/15/2025 <sup>(a)(g)</sup> | $2651000 | 2646660 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> | 4337000 | 4315610 |
| 4.15%, 08/14/2025 <sup>(a)(g)</sup> | 8626000 | 8520960 |
|  |  | 15483230 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,613,489) |  | 16610529 |
| **TOTAL INVESTMENTS - 108.3%** (Cost $79,781,615) |  | 82551321 |
| Liabilities in Excess of Other Assets - (8.3)% |  | (6292490) |
| **TOTAL NET ASSETS - 100.0%** |  | $76258831 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 20

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MRNA Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (8.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (4.0)%** |  |  |  |
| Moderna, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $29.50 | $(75031660) | (26290) | $(2918190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $29.00 | (2854000) | (1000) | (132500) |
| **Total Call Options** |  |  | (3050690) |
| **Put Options - (4.9)%** |  |  |  |
| Moderna, Inc., Expiration: 05/16/2025; Exercise Price: $27.01 <sup>(a)(b)</sup> | (77885660) | (27290) | (3701413) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $8,768,074) |  |  | $(6752103) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 69.3%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $27795000 | $27719619 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 19304000 | 19313895 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 27665000 | 27639031 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $74,560,789) |  | 74672545 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 7.1%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 7.1%** |  |  |  |
| Microsoft Corp. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $415.00 | $39526000 | 1000 | 145500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $425.00 | 69961020 | 1770 | 81420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $370.00 | 109487020 | 2770 | 7458225 |
| **TOTAL PURCHASED OPTIONS** (Cost $5,217,830) |  |  | 7685145 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 25.2%** | |
| **Money Market Funds - 1.6%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 1709969 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 23.6%** | **Par** |  |
| 4.18%, 05/15/2025 <sup>(a)(g)</sup> | $2155000 | 2151472 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 8121000 | 8080947 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 15445000 | 15256925 |
|  |  | 25489344 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $27,205,894) |  | 27199313 |
| **TOTAL INVESTMENTS - 101.6%** (Cost $106,984,513) |  | 109557003 |
| Liabilities in Excess of Other Assets - (1.6)% |  | (1768549) |
| **TOTAL NET ASSETS - 100.0%** |  | $107788454 |

---

The accompanying notes are an integral part of these financial statements. 21

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (2.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.2)%** |  |  |  |
| Microsoft Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $405.00 | $(69961020) | (1770) | $(659325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $400.00 | (39526000) | (1000) | (582500) |
| **Total Call Options** |  |  | (1241825) |
| **Put Options - (1.0)%** |  |  |  |
| Microsoft Corp., Expiration: 05/16/2025; Exercise Price: $370.01 <sup>(a)(b)</sup> | (109487020) | (2770) | (1086896) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $5,328,036) |  |  | $(2328721) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax MSTR Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 34.2%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $382606000 | $381568365 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 144243000 | 144316940 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 597066000 | 596505528 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $1,122,526,146) |  | 1122390833 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 14.1%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 14.1%** |  |  |  |
| MicroStrategy, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $425.00 | $1339165541 | 35231 | 1567779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $430.00 | 591033039 | 15549 | 544215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $420.00 | 335066965 | 8815 | 436343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $330.00 | 2545786725 | 66975 | 374557688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $340.00 | 685718440 | 18040 | 85193900 |
| **TOTAL PURCHASED OPTIONS** (Cost $291,495,053) |  |  | 462299925 |

---

The accompanying notes are an integral part of these financial statements. 22

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 18.2%** | |
| **Money Market Funds - 0.9%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 30905151 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 17.3%** | **Par** |  |
| 4.20%, 05/15/2025 <sup>(a)(g)</sup> | $56973000 | 56879723 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 93131000 | 92671671 |
| 4.16%, 08/14/2025 <sup>(a)(g)</sup> | 421176000 | 416047306 |
|  |  | 565598700 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $596,612,434) |  | 596503851 |
| **TOTAL INVESTMENTS - 66.5%** (Cost $2,010,633,633) |  | 2181194609 |
| Other Assets in Excess of Liabilities - 33.5% |  | 1096454070 |
| **TOTAL NET ASSETS - 100.0%** |  | $3277648679 |
| Percentages are stated as a percent of net assets. |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax MSTR Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (2.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.1)%** |  |  |  |
| MicroStrategy, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $390.00 | $(839472935) | (22085) | $(9054850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $385.00 | (730381365) | (19215) | (11240775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $382.50 | (167248400) | (4400) | (3069000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $392.50 | (1494402465) | (39315) | (13367100) |
| **Total Call Options** |  |  | (36731725) |
| **Put Options - (1.3)%** |  |  |  |
| MicroStrategy, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $330.01 | (2545786725) | (66975) | (31859900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $340.01 | (685718440) | (18040) | (11521564) |
| **Total Put Options** |  |  | (43381464) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $304,792,680) |  |  | $(80113189) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

The accompanying notes are an integral part of these financial statements. 23

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 35.1%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $18418000 | $18368050 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 12309000 | 12315310 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 18327000 | 18309796 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $48,933,491) |  | 48993156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 19.0%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 19.0%** |  |  |  |
| Netflix, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $1,190.00 | $131279520 | 1160 | 46980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $905.00 | 131279520 | 1160 | 26581400 |
| **TOTAL PURCHASED OPTIONS** (Cost $7,854,738) |  |  | 26628380 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 41.9%** | |
| **Money Market Funds - 2.5%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 3503571 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 39.4%** | **Par** |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> | $18015000 | 17985505 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 19390000 | 19294367 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 17884000 | 17666225 |
|  |  | 54946097 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $58,459,264) |  | 58449668 |
| **TOTAL INVESTMENTS - 96.0%** (Cost $115,247,493) |  | 134071204 |
| Other Assets in Excess of Liabilities - 4.0% |  | 5649734 |
| **TOTAL NET ASSETS - 100.0%** |  | $139720938 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (1.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.2)%** |  |  |  |
| Netflix, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $1,120.00 | $(56586000) | (500) | $(922500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $1,130.00 | (74693520) | (660) | (851400) |
| **Total Call Options** |  |  | (1773900) |
| **Put Options - (0.1)%** |  |  |  |
| Netflix, Inc., Expiration: 05/16/2025; Exercise Price: $905.01 <sup>(a)(b)</sup> | (131279520) | (1160) | (108413) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $8,819,053) |  |  | $(1882313) |

---

The accompanying notes are an integral part of these financial statements. 24

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax NVDA Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 72.7%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $391832000 | $390769344 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 43145000 | 43167116 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 498449000 | 497981101 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $930,369,207) |  | 931917561 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 8.2%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 8.2%** |  |  |  |
| NVIDIA Corp. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $121.00 | $796096280 | 73090 | 182725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $124.00 | 326760000 | 30000 | 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $118.00 | 28319200 | 2600 | 18200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $95.00 | 617467480 | 56690 | 80924975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $110.00 | 684562200 | 62850 | 23568750 |
| **TOTAL PURCHASED OPTIONS** (Cost $101,154,667) |  |  | 104739650 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 21.2%** | |
| **Money Market Funds - 0.6%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 7561419 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 20.6%** | **Par** |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> | $109119000 | 108940348 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 99617000 | 99125681 |
| 4.16%, 08/14/2025 <sup>(a)(g)</sup> | 56967000 | 56273309 |
|  |  | 264339338 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $271,929,916) |  | 271900757 |
| **TOTAL INVESTMENTS - 102.1%** (Cost $1,303,453,790) |  | 1308557968 |
| Liabilities in Excess of Other Assets - (2.1)% |  | (27168439) |
| **TOTAL NET ASSETS - 100.0%** |  | $1281389529 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements. 25

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax NVDA Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (3.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.5)%** |  |  |  |
| NVIDIA Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $114.00 | $(477614200) | (43850) | $(1512825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $113.00 | (621856956) | (57093) | (3197208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $110.00 | (28319200) | (2600) | (393900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $111.00 | (174239324) | (15997) | (1735675) |
| **Total Call Options** |  |  | (6839608) |
| **Put Options - (2.7)%** |  |  |  |
| NVIDIA Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $110.01 | (684562200) | (62850) | (30316508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $95.01 | (617467480) | (56690) | (4013142) |
| **Total Put Options** |  |  | (34329650) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $107,409,516) |  |  | $(41169258) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | |
|:---|:---|:---|
| **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PLTR Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 55.2%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $28846000 | $28767769 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 52104000 | 52130709 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 77797000 | 77723971 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $158,642,596) |  | 158622449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 19.0%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 19.0%** |  |  |  |
| Palantir Technologies, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $123.00 | $95190228 | 8037 | 851922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $125.00 | 39677400 | 3350 | 216075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $100.00 | 291800628 | 24637 | 53647068 |
| **TOTAL PURCHASED OPTIONS** (Cost $26,791,224) |  |  | 54715065 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 31.5%** | |
| **Money Market Funds - 1.6%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 4549910 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 29.9%** | **Par** |  |
| 4.17%, 05/15/2025 <sup>(a)(g)</sup> | $12135000 | 12115132 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 12427000 | 12365709 |
| 4.16%, 08/14/2025 <sup>(a)(g)</sup> | 62406000 | 61646077 |
|  |  | 86126918 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $90,691,586) |  | 90676828 |
| **TOTAL INVESTMENTS - 105.7%** (Cost $276,125,406) |  | 304014342 |
| Liabilities in Excess of Other Assets - (5.7)% |  | (16504470) |
| **TOTAL NET ASSETS - 100.0%** |  | $287509872 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PLTR Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (7.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (4.4)%** |  |  |  |
| Palantir Technologies, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $116.00 | $(39677400) | (3350) | $(1407000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $115.00 | (95190228) | (8037) | (3918038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $125.00 | (118440000) | (10000) | (6325000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $138.00 | (38493000) | (3250) | (1001000) |
| **Total Call Options** |  |  | (12651038) |
| **Put Options - (2.8)%** |  |  |  |
| Palantir Technologies, Inc., Expiration: 05/16/2025; Exercise Price: $100.01 <sup>(a)(b)</sup> | (291800628) | (24637) | (8135115) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $27,710,707) |  |  | $(20786153) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 43.6%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $10728000 | $10698905 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 11089000 | 11078591 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $21,736,569) |  |  | 21777496 |
| **PURCHASED OPTIONS - 9.0%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 9.0%** |  |  |  |
| PayPal Holdings, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $76.00 | $23044000 | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $75.00 | 25348400 | 3850 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $60.00 | 48392400 | 7350 | 4465125 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,683,683) |  |  | 4470550 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 47.1%** | |
| **Money Market Funds - 1.7%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 846840 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 45.4%** | **Par** |  |
| 4.17%, 05/15/2025 <sup>(a)(g)</sup> | $5356000 | 5347231 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | 10649000 | 10596478 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> | 6757000 | 6674720 |
|  |  | 22618429 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,469,206) |  | 23465269 |
| **TOTAL INVESTMENTS - 99.7%** (Cost $48,889,458) |  | 49713315 |
| Other Assets in Excess of Liabilities - 0.3% |  | 163310 |
| **TOTAL NET ASSETS - 100.0%** |  | $49876625 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.1)%** |  |  |  |
| PayPal Holdings, Inc., Expiration: 05/02/2025; Exercise Price: $69.00 <sup>(a)(b)</sup> | $(48392400) | (7350) | $(66150) |
| **Put Options - (0.6)%** |  |  |  |
| PayPal Holdings, Inc., Expiration: 05/16/2025; Exercise Price: $60.01 <sup>(a)(b)</sup> | (48392400) | (7350) | (297369) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,949,535) |  |  | $(363519) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **YieldMax Short COIN Option Income Strategy ETF** | **YieldMax Short COIN Option Income Strategy ETF** | **YieldMax Short COIN Option Income Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 37.1%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $6621000 | $6603044 |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 2936000 | 2937505 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 9404000 | 9395172 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $18,927,055) |  | 18935721 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 1.6%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 0.7%** |  |  |  |
| Coinbase Global, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $250.00 | $44534355 | 2195 | 334738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $300.00 | 5680920 | 280 | 8540 |
| **Put Options - 0.9%** |  |  |  |
| Coinbase Global, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $170.00 | 44534355 | 2195 | 18657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $187.50 | 5680920 | 280 | 16380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $195.00 | 5680920 | 280 | 253400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $155.00 | 44534355 | 2195 | 201940 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,637,976) |  |  | 833655 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 29.1%** | |
| **Money Market Funds - 19.3%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 9861983 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 9.8%** | **Par** |  |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | $2058000 | 2047849 |
| 4.16%, 08/14/2025 <sup>(a)(g)</sup> | 2977000 | 2940749 |
|  |  | 4988598 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,851,420) |  | 14850581 |
| **TOTAL INVESTMENTS - 67.8%** (Cost $37,416,451) |  | 34619957 |
| Other Assets in Excess of Liabilities - 32.2% |  | 16459257 |
| **TOTAL NET ASSETS - 100.0%** |  | $51079214 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| |
|:---|
| **YieldMax Short COIN Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (22.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (22.1)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $155.02 | $(44534355) | (2195) | $(10780073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $195.02 | (5680920) | (280) | (470602) |
| **Total Call Options** |  |  | (11250675) |
| **Put Options - (0.5)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $190.00 | (44534355) | (2195) | (204135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $197.50 | (5680920) | (280) | (63980) |
| **Total Put Options** |  |  | (268115) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $6,662,991) |  |  | $(11518790) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax Short N100 Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 46.9%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $1811000 | $1806089 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 1809000 | 1809927 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 1801000 | 1799309 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $5,415,214) |  |  | 5415325 |
| **PURCHASED OPTIONS - 1.9%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.0%<sup>(c)</sup>** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $615.00 <sup>(d)(e)(f)</sup> | 12742596 | 268 | 402 |
| **Put Options - 1.9%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.00 <sup>(d)(e)(f)</sup> | 11791656 | 248 | 220968 |
| **TOTAL PURCHASED OPTIONS** (Cost $614,555) |  |  | 221370 |
| **SHORT-TERM INVESTMENTS - 47.5%** |  |  |  |
| **Money Market Funds - 20.2%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(g)</sup> | First American Government Obligations Fund - Class X, 4.25% <sup>(g)</sup> | 2333618 | 2333618 |
| **U.S. Treasury Bills - 27.3%** |  | **Par**  |  |
| 4.15%, 05/15/2025 <sup>(a)(h)</sup> |  | $1119000 | 1117168 |
| 4.18%, 06/12/2025 <sup>(a)(h)</sup> |  | 1030000 | 1024920 |
| 4.12%, 08/14/2025 <sup>(a)(h)</sup> |  | 1032000 | 1019434 |
|  |  |  | 3161522 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,495,691) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,495,691) |  | 5495140 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 96.3%** (Cost $11,525,460) | 11131835 |
| Other Assets in Excess of Liabilities - 3.7% | 432740 |
| **TOTAL NET ASSETS - 100.0%** | $11564575 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Represents less than 0.05% of net assets.

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

(e) Exchange-traded.

(f) 100 shares per contract.

(g) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(h) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax Short N100 Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (2.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.5)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 05/16/2025; Exercise Price: $475.02 <sup>(a)(b)</sup> | $(11791656) | (248) | $(285469) |
| **Put Options - (0.2)%** |  |  |  |
| Invesco QQQ Trust Series 1 <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $444.00 | (5895828) | (124) | (992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $452.00 | (5895828) | (124) | (20336) |
| **Total Put Options** |  |  | (21328) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $491,469) |  |  | $(306797) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax Short NVDA Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 38.9%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $1833000 | $1828029 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 2211000 | 2208924 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $4,031,910) |  |  | 4036953 |
| **PURCHASED OPTIONS - 1.4%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.0%<sup>(c)</sup>** |  |  |  |
| NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $155.00 <sup>(d)(e)(f)</sup> | $9813692 | 901 | 1802 |
| **Put Options - 1.4%** |  |  |  |
| NVIDIA Corp. <sup>(d)(e)(f)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $91.00 | 9813692 | 901 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $100.00 | 9813692 | 901 | 136051 |
| **TOTAL PURCHASED OPTIONS** (Cost $816,150) |  |  | 140106 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 36.2%** | | |
| **Money Market Funds - 15.5%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(g)</sup> | 1611842 | 1611842 |
| **U.S. Treasury Bills - 20.7%** | **Par**  |  |
| 4.18%, 06/12/2025 <sup>(a)(h)</sup> | $1013000 | 1008004 |
| 4.12%, 08/14/2025 <sup>(a)(h)</sup> | 1151000 | 1136984 |
|  |  | 2144988 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,757,371) |  | 3756830 |
| **TOTAL INVESTMENTS - 76.5%** (Cost $8,605,431) |  | 7933889 |
| Other Assets in Excess of Liabilities - 23.5% |  | 2437447 |
| **TOTAL NET ASSETS - 100.0%** |  | $10371336 |
| Percentages are stated as a percent of net assets. |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Represents less than 0.05% of net assets.

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

(e) Exchange-traded.

(f) 100 shares per contract.

(g) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(h) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax Short NVDA Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (9.2)%** |  |  |  |
| NVIDIA Corp., Expiration: 05/16/2025; Exercise Price: $100.02 <sup>(a)(b)</sup> | $(9813692) | (901) | $(951224) |
| **Put Options - (0.2)%** |  |  |  |
| NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $101.00 <sup>(a)(b)</sup> | (9813692) | (901) | (22976) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $853,745) |  |  | $(974200) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Short TSLA Option Income Strategy ETF** <br> **Schedule of Investments** <br> **April 30, 2025 (Unaudited)** <br>

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 51.1%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $2058000 | $2052419 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 4062000 | 4064082 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 7537000 | 7529925 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $13,635,727) |  | 13646426 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 0.2%** |  | |  |
| Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $370.00 <sup>(c)(d)(e)</sup> | $26043368 | 923 | 62302 |
| **Put Options - 1.0%** |  |  |  |
| Tesla, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $222.50 | 26043368 | 923 | 68764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $230.00 | 26043368 | 923 | 194753 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,321,308) |  |  | 325819 |
| **SHORT-TERM INVESTMENTS - 24.5%** |  |  |  |
| **Money Market Funds - 3.8%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1007254 | 1007254 |
| **U.S. Treasury Bills - 20.7%** |  | **Par** |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $1528000 | 1525498 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 1533000 | 1525439 |
| 4.17%, 08/14/2025 <sup>(a)(g)</sup> |  | 2521000 | 2490302 |
|  |  |  | 5541239 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,549,227) |  |  | 6548493 |
| **TOTAL INVESTMENTS - 76.8%** (Cost $22,506,262) |  |  | 20520738 |
| Other Assets in Excess of Liabilities - 23.2% |  |  | 6189540 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $26710278 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

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

(d) Exchange-traded.

(e) 100 shares per contract.

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax Short TSLA Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (20.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (19.0)%** |  |  |  |
| Tesla, Inc., Expiration: 05/16/2025; Exercise Price: $230.02 <sup>(a)(b)</sup> | $(26043368) | (923) | $(5059028) |
| **Put Options - (1.3)%** |  |  |  |
| Tesla, Inc., Expiration: 05/09/2025; Exercise Price: $257.50 <sup>(a)(b)</sup> | (26043368) | (923) | (350740) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,147,403) |  |  | $(5409768) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| |
|:---|
| **YieldMax SMCI Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 62.7%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $27815000 | $27739565 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 16699000 | 16707560 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 33067000 | 33035960 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $77,483,429) |  |  | 77483085 |
| **PURCHASED OPTIONS - 12.1%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 12.1%** |  |  |  |
| Super Micro Computer, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $42.00 | $53524800 | 16800 | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $41.00 | 7009200 | 2200 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $38.50 | 45037296 | 14136 | 706800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $39.00 | 19116000 | 6000 | 264000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $30.50 | 127236096 | 39936 | 13977600 |
| **TOTAL PURCHASED OPTIONS** (Cost $11,866,158) |  |  | 14957900 |
| **SHORT-TERM INVESTMENTS - 48.8%** |  |  |  |
| **Money Market Funds - 1.4%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1749288 | 1749288 |
| **U.S. Treasury Bills - 47.4%** |  | **Par**  |  |
| 4.17%, 05/15/2025 <sup>(a)(g)</sup> |  | $11491000 | 11472187 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> |  | 12770000 | 12707018 |
| 4.17%, 08/14/2025 <sup>(a)(g)</sup> |  | 34860000 | 34435507 |
|  |  |  | 58614712 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $60,372,347) |  |  | 60364000 |
| **TOTAL INVESTMENTS - 123.6%** (Cost $149,721,934) |  |  | 152804985 |
| Liabilities in Excess of Other Assets - (23.6)% |  |  | (29187256) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $123617729 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| |
|:---|
| **YieldMax SMCI Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (11.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.6)%** |  |  |  |
| Super Micro Computer, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $37.50 | $(2548800) | (800) | $(2800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $37.00 | (7009200) | (2200) | (7700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $38.00 | (50976000) | (16000) | (24000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $35.00 | (2548800) | (800) | (88400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $34.50 | (19116000) | (6000) | (741000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $33.50 | (45037296) | (14136) | (2332440) |
| **Total Call Options** |  |  | (3196340) |
| **Put Options - (8.7)%** |  |  |  |
| Super Micro Computer, Inc., Expiration: 05/16/2025; Exercise Price: <br>$30.51 (a)(b) | (127236096) | (39936) | (10782720) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $14,941,872) |  |  | $(13979060) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax SNOW Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 45.1%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $7250000 | $7230338 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 5070000 | 5072599 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 9018000 | 9009535 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $21,289,868) |  |  | 21312472 |
| **PURCHASED OPTIONS - 13.8%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 13.8%** |  |  |  |
| Snowflake, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $175.00 | $47655612 | 2988 | 126990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $140.00 | 47655612 | 2988 | 6416730 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,326,386) |  |  | 6543720 |
| **SHORT-TERM INVESTMENTS - 42.5%** |  |  |  |
| **Money Market Funds - 6.4%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 3027717 | 3027717 |
| **U.S. Treasury Bills - 36.1%** |  | **Par**  |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $4347000 | 4339883 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> |  | 4888000 | 4863892 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 7995000 | 7897644 |
|  |  |  | 17101419 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $20,132,739) |  |  | 20129136 |
| **TOTAL INVESTMENTS - 101.4%** (Cost $44,748,993) |  |  | 47985328 |
| Liabilities in Excess of Other Assets - (1.4)% |  |  | (683194) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $47302134 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax SNOW Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.1)%** |  |  |  |
| Snowflake, Inc., Expiration: 05/02/2025; Exercise Price: $165.00 <sup>(a)(b)</sup> | $(47655612) | (2988) | $(525888) |
| **Put Options - (0.8)%** |  |  |  |
| Snowflake, Inc., Expiration: 05/16/2025; Exercise Price: $140.01 <sup>(a)(b)</sup> | (47655612) | (2988) | (396344) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,984,407) |  |  | $(922232) |
| <br> Percentages are stated as a percent of net assets.<br>|  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax TSLA Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 63.6%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $271907000 | $271169583 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 31896000 | 31912350 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 330803000 | 330492472 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $632,902,044) |  |  | 633574405 |
| **PURCHASED OPTIONS - 17.4%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 17.4%** |  |  |  |
| Tesla, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $315.00 | $329957904 | 11694 | 374208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $305.00 | 129737168 | 4598 | 370139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $337.50 | 180102728 | 6383 | 44681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $330.00 | 98586704 | 3494 | 38434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $225.00 | 735308960 | 26060 | 155252450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $280.00 | 276460368 | 9798 | 16926045 |
| **TOTAL PURCHASED OPTIONS** (Cost $102,179,456) |  |  | 173005957 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 16.1%** | |
| **Money Market Funds - 1.0%** | **Shares** |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> | 9722114 |

---

---

| | | |
|:---|:---|:---|
| **U.S. Treasury Bills - 15.1%** | **Par** | |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> | $60814000 | 60514061 |
| 4.15%, 08/14/2025 <sup>(a)(g)</sup> | 90911000 | 89803969 |
|  |  | 150318030 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $160,071,970) |  | 160040144 |
| **TOTAL INVESTMENTS - 97.1%** (Cost $895,153,470) |  | 966620506 |
| Other Assets in Excess of Liabilities - 2.9% |  | 29070450 |
| **TOTAL NET ASSETS - 100.0%** |  | $995690956 |
| Percentages are stated as a percent of net assets. |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax TSLA Option Income Strategy ETF** | **YieldMax TSLA Option Income Strategy ETF** | **YieldMax TSLA Option Income Strategy ETF** | **YieldMax TSLA Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (2.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.7)%** |  |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $302.50 | $(98586704) | (3494) | $(365123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $292.50 | (329957904) | (11694) | (3362025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $307.50 | (307244024) | (10889) | (686007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $287.50 | (129737168) | (4598) | (2080595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $300.00 | (146243528) | (5183) | (697113) |
| **Total Call Options** |  |  | (7190863) |
| **Put Options - (2.0)%** |  |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $280.01 | (276460368) | (9798) | (14470713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $225.01 | (735308960) | (26060) | (4827253) |
| **Total Put Options** |  |  | (19297966) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $101,983,560) |  |  | $(26488829) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| |
|:---|
| **YieldMax TSM Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)<br>**  |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 46.1%** | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> | $8061000 | $8039138 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> | 3088000 | 3089583 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> | 8028000 | 8020464 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $19,143,931) |  | 19149185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 1.4%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | |
| **Call Options - 1.4%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $175.00 | $40839050 | 2450 | 51450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $172.50 | 933464 | 56 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $175.00 | 41772514 | 2506 | 546308 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,772,999) |  |  | 600502 |
| **SHORT-TERM INVESTMENTS - 55.1%** |  |  |  |
| **Money Market Funds - 8.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 3373376 | 3373376 |
| **U.S. Treasury Bills - 47.0%** |  | **Par**  |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $5585000 | 5575856 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 6334000 | 6302760 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 7749000 | 7654640 |
|  |  |  | 19533256 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $22,910,443) |  |  | 22906632 |
| **TOTAL INVESTMENTS - 102.6%** (Cost $45,827,373) |  |  | 42656319 |
| Liabilities in Excess of Other Assets - (2.6)% |  |  | (1096243) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $41560076 |
| <br> Percentages are stated as a percent of net assets.<br>|  |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **YieldMax TSM Option Income Strategy ETF** | **YieldMax TSM Option Income Strategy ETF** | **YieldMax TSM Option Income Strategy ETF** | **YieldMax TSM Option Income Strategy ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (7.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.2)%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/02/2025;<br> Exercise Price: $167.50 <sup>(a)(b)</sup> | $(41772514) | (2506) | $(493682) |
| **Put Options - (6.2)%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 05/16/2025;<br> Exercise Price: $175.01 <sup>(a)(b)</sup> | (41772514) | (2506) | (2563982) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,275,549) |  |  | $(3057664) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| |
|:---|
| **YieldMax Ultra Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 86.8%** | **Shares** | **Value** |
| **Auto Manufacturers - 5.6%** |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> | 46000 | $12979360 |
| **Computers - 1.9%** |  |  |
| Super Micro Computer, Inc. <sup>(a)(b)</sup> | 135000 | 4301100 |
| **Diversified Financial Services - 8.6%** |  |  |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | 46000 | 9332940 |
| Upstart Holdings, Inc. <sup>(a)(b)</sup> | 221000 | 10563800 |
|  |  | 19896740 |
| **Electric - 7.0%** |  |  |
| Oklo, Inc. <sup>(a)(b)</sup> | 300000 | 7122000 |
| Vistra Corp. <sup>(b)</sup> | 70000 | 9074100 |
|  |  | 16196100 |
| **Energy-Alternate Sources - 2.4%** |  |  |
| First Solar, Inc. <sup>(a)(b)</sup> | 45000 | 5661900 |
| **Internet - 14.9%** |  |  |
| Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | 70000 | 8360100 |
| Hims & Hers Health, Inc. <sup>(a)(b)</sup> | 275000 | 9102500 |
| Reddit, Inc. - Class A <sup>(a)(b)</sup> | 55000 | 6411350 |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 217000 | 10656870 |
|  |  | 34530820 |
| **Investment Companies - 3.6%** |  |  |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | 625000 | 8356250 |
| **Machinery-Construction & Mining - 2.6%** |  |  |
| Vertiv Holdings Co. - Class A <sup>(b)</sup> | 72000 | 6147360 |
| **Mining - 3.0%** |  |  |
| MP Materials Corp. <sup>(a)(b)</sup> | 280000 | 6848800 |
| **Retail - 10.5%** |  |  |
| Carvana Co. <sup>(a)(b)</sup> | 50000 | 12217500 |
| GameStop Corp. - Class A <sup>(a)(b)</sup> | 300000 | 8358000 |
| RH (a)(b) | 20500 | 3772615 |
|  |  | 24348115 |
| **Semiconductors - 4.8%** |  |  |
| NVIDIA Corp. <sup>(b)</sup> | 102100 | 11120732 |
| **Software - 19.7%** |  |  |
| Cloudflare, Inc. - Class A <sup>(a)(b)</sup> | 55000 | 6642900 |
| IonQ, Inc. <sup>(a)(b)</sup> | 325000 | 8924500 |
| MicroStrategy, Inc. - Class A <sup>(a)(b)</sup> | 38000 | 14444180 |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | 132000 | 15634080 |
|  |  | 45645660 |
| **Telecommunications - 2.2%** |  |  |
| AST SpaceMobile, Inc. <sup>(a)(b)</sup> | 225000 | 5222250 |
| **TOTAL COMMON STOCKS** (Cost $190,462,370) |  | 201255187 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 9.8%** | | | |
| Direxion Daily Small Cap Bull 3X Shares <sup>(b)</sup> |  | 365000 | 9292900 |
| ProShares UltraPro QQQ <sup>(b)</sup> |  | 245000 | 13445600 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $33,212,129) |  |  | 22738500 |
| **PURCHASED OPTIONS - 0.7%<sup>(a)(c)(d)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.1%** |  |  |  |
| Reddit, Inc., Expiration: 05/02/2025; Exercise Price: $145.00 <sup>(b)</sup> | $6411350 | 550 | 32450 |
| Upstart Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $64.00 <sup>(b)</sup> | 10563800 | 2210 | 288405 |
| **Put Options - 0.6%** |  |  |  |
| Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $100.00 <sup>(b)</sup> | 8360100 | 700 | 2100 |
| AST SpaceMobile, Inc., Expiration: 05/02/2025; Exercise Price: $19.00 <sup>(b)</sup> | 5222250 | 2250 | 15750 |
| Carvana Co. <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $195.00 | 6108750 | 250 | 93750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $180.00 | 6108750 | 250 | 50625 |
| Cloudflare, Inc., Expiration: 05/09/2025; Exercise Price: $100.00 <sup>(b)</sup> | 6642900 | 550 | 94600 |
| Coinbase Global, Inc., Expiration: 05/02/2025; Exercise Price: $170.00 <sup>(b)</sup> | 9332940 | 460 | 3910 |
| Direxion Daily Small Cap Bull 3X Shares, Expiration: 05/02/2025; Exercise Price: $20.00 <sup>(b)</sup> | 9292900 | 3650 | 14600 |
| First Solar, Inc., Expiration: 05/02/2025; Exercise Price: $110.00 <sup>(b)</sup> | 5661900 | 450 | 3600 |
| GameStop Corp., Expiration: 05/02/2025; Exercise Price: $23.00 <sup>(b)</sup> | 8358000 | 3000 | 9000 |
| Hims & Hers Health, Inc. <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $27.00 | 2482500 | 750 | 49500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $22.00 | 6620000 | 2000 | 32000 |
| IonQ, Inc., Expiration: 05/09/2025; Exercise Price: $22.00 <sup>(b)</sup> | 8924500 | 3250 | 123500 |
| MARA Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $11.00 <sup>(b)</sup> | 8356250 | 6250 | 65625 |
| MicroStrategy, Inc. <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $300.00 | 7792255 | 205 | 8712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $295.00 | 6651925 | 175 | 6913 |
| MP Materials Corp., Expiration: 05/16/2025; Exercise Price: $19.00 <sup>(b)</sup> | 6848800 | 2800 | 70000 |
| NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $90.00 <sup>(b)</sup> | 11120732 | 1021 | 3063 |
| Oklo, Inc., Expiration: 05/09/2025; Exercise Price: $19.00 <sup>(b)</sup> | 7122000 | 3000 | 51000 |
| Palantir Technologies, Inc. <sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $83.00 | 7106400 | 600 | 35100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $80.00 | 7343280 | 620 | 26970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $95.00 | 1184400 | 100 | 13050 |
| ProShares UltraPro QQQ, Expiration: 05/02/2025; Exercise Price: $40.00 <sup>(b)</sup> | 13445600 | 2450 | 6125 |
| Reddit, Inc., Expiration: 05/02/2025; Exercise Price: $104.00 <sup>(b)</sup> | 6411350 | 550 | 157025 |
| RH, Expiration: 05/02/2025; Exercise Price: $155.00 <sup>(b)</sup> | 3772615 | 205 | 5125 |
| Robinhood Markets, Inc., Expiration: 05/02/2025; Exercise Price: $40.00 <sup>(b)</sup> | 10656870 | 2170 | 57505 |
| Super Micro Computer, Inc., Expiration: 05/02/2025; Exercise Price: $27.00 <sup>(b)</sup> | 4301100 | 1350 | 8775 |
| Tesla, Inc., Expiration: 05/02/2025; Exercise Price: $210.00 <sup>(b)</sup> | 12979360 | 460 | 2070 |
| Upstart Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $36.00 <sup>(b)</sup> | 10563800 | 2210 | 309400 |
| Vertiv Holdings Co., Expiration: 05/02/2025; Exercise Price: $73.00 <sup>(b)</sup> | 6147360 | 720 | 9000 |
| Vistra Corp., Expiration: 05/09/2025; Exercise Price: $102.00 <sup>(b)</sup> | 9074100 | 700 | 42350 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,988,545) |  |  | 1691598 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 5.1%** | | |
| **Money Market Funds - 5.1%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(e)</sup> | 11814336 | 11814336 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,814,336) |  | 11814336 |
| **TOTAL INVESTMENTS - 102.4%** (Cost $238,477,380) |  | 237499621 |
| Liabilities in Excess of Other Assets - (2.4)% |  | (5636968) |
| **TOTAL NET ASSETS - 100.0%** |  | $231862653 |
| Percentages are stated as a percent of net assets. |  |  |
| ADR - American Depositary Receipt |  |  |

---

(a) Non-income producing security.

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

(c) Exchange-traded.

(d) 100 shares per contract.

(e) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax Ultra Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.6)% <sup>(a)(b)</sup>** |  |  |  |
| Alibaba Group Holding Ltd., Expiration: 05/02/2025; Exercise Price: $124.00 | $(8360100) | (700) | $(27300) |
| AST SpaceMobile, Inc., Expiration: 05/02/2025; Exercise Price: $26.00 | (5222250) | (2250) | (20250) |
| Carvana Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $260.00 | (6108750) | (250) | (301875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $245.00 | (6108750) | (250) | (470000) |
| Cloudflare, Inc., Expiration: 05/09/2025; Exercise Price: $129.00 | (6642900) | (550) | (283250) |
| Coinbase Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $205.00 | (4666470) | (230) | (81650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $220.00 | (4666470) | (230) | (10235) |
| Direxion Daily Small Cap Bull 3X Shares, Expiration: 05/02/2025; Exercise Price: $27.50 | (9292900) | (3650) | (40150) |
| First Solar, Inc., Expiration: 05/02/2025; Exercise Price: $130.00 | (5661900) | (450) | (55350) |
| GameStop Corp., Expiration: 05/02/2025; Exercise Price: $29.00 | (8358000) | (3000) | (54000) |
| Hims & Hers Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $31.00 | (6620000) | (2000) | (890000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $38.00 | (2482500) | (750) | (141375) |
| IonQ, Inc., Expiration: 05/09/2025; Exercise Price: $30.00 | (8924500) | (3250) | (443625) |
| MARA Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $14.50 | (8356250) | (6250) | (240625) |
| MicroStrategy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $385.00 | (6651925) | (175) | (102375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $387.50 | (7792255) | (205) | (100963) |
| MP Materials Corp., Expiration: 05/16/2025; Exercise Price: $25.00 | (6848800) | (2800) | (406000) |
| NVIDIA Corp., Expiration: 05/02/2025; Exercise Price: $109.00 | (11120732) | (1021) | (196032) |
| Oklo, Inc., Expiration: 05/09/2025; Exercise Price: $25.00 | (7122000) | (3000) | (286500) |
| Palantir Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $112.00 | (7343280) | (620) | (784300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $114.00 | (7106400) | (600) | (690000) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/09/2025; Exercise Price: $130.00 | (1184400) | (100) | (46250) |
| ProShares UltraPro QQQ, Expiration: 05/02/2025; Exercise Price: $55.50 | (13445600) | (2450) | (350350) |
| Reddit, Inc., Expiration: 05/02/2025; Exercise Price: $130.00 | (6411350) | (550) | (146300) |
| RH, Expiration: 05/02/2025; Exercise Price: $195.00 | (3772615) | (205) | (30237) |
| Robinhood Markets, Inc., Expiration: 05/02/2025; Exercise Price: $52.00 | (10656870) | (2170) | (383005) |
| Super Micro Computer, Inc., Expiration: 05/02/2025; Exercise Price: $33.00 | (4301100) | (1350) | (62775) |
| Tesla, Inc., Expiration: 05/02/2025; Exercise Price: $280.00 | (12979360) | (460) | (372600) |
| Upstart Holdings, Inc., Expiration: 05/09/2025; Exercise Price: $51.00 | (10563800) | (2210) | (966875) |
| Vertiv Holdings Co., Expiration: 05/02/2025; Exercise Price: $92.00 | (6147360) | (720) | (25560) |
| Vistra Corp., Expiration: 05/09/2025; Exercise Price: $131.00 | (9074100) | (700) | (451500) |
| **Total Call Options** |  |  | (8461307) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $6,975,637) |  |  | $(8461307) |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax Universe Fund of Option Income ETFs** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 98.3%** | **Shares** | **Value** |
| YieldMax AAPL Option Income Strategy ETF <sup>(a)</sup> | 1715501 | $24445889 |
| YieldMax ABNB Option Income Strategy ETF <sup>(a)</sup> | 2032882 | 24516557 |
| YieldMax AI Option Income Strategy ETF <sup>(a)</sup> | 5281677 | 25140782 |
| YieldMax AMD Option Income Strategy ETF <sup>(a)</sup> | 3539317 | 24987578 |
| YieldMax AMZN Option Income Strategy ETF <sup>(a)</sup> | 1614396 | 24587251 |
| YieldMax BABA Option Income Strategy ETF <sup>(a)</sup> | 1376188 | 23009863 |
| YieldMax Bitcoin Option Income Strategy ETF <sup>(a)</sup> | 2255232 | 23882907 |
| YieldMax COIN Option Income Strategy ETF <sup>(a)</sup> | 3082772 | 25032109 |
| YieldMax CVNA Option Income Strategy ETF <sup>(a)</sup> | 661932 | 26788388 |
| YieldMax DIS Option Income Strategy ETF <sup>(a)</sup> | 1854259 | 23923279 |
| YieldMax Gold Miners Option Income Strategy ETF <sup>(a)</sup> | 1328203 | 20773095 |
| YieldMax GOOGL Option Income Strategy ETF <sup>(a)</sup> | 2019194 | 24553399 |
| YieldMax Innovation Option Income Strategy ETF <sup>(a)</sup> | 3292818 | 25124201 |
| YieldMax JPM Option Income Strategy ETF <sup>(a)</sup> | 1478016 | 23057050 |
| YieldMax MARA Option Income Strategy ETF <sup>(a)</sup> | 1031175 | 22180574 |
| YieldMax META Option Income Strategy ETF <sup>(a)</sup> | 1642799 | 23787729 |
| YieldMax MRNA Option Income Strategy ETF <sup>(a)</sup> | 8921294 | 23463003 |
| YieldMax MSFT Option Income Strategy ETF <sup>(a)</sup> | 1518061 | 24638130 |
| YieldMax MSTR Option Income Strategy ETF <sup>(a)</sup> | 1061552 | 25838176 |
| YieldMax NFLX Option Income Strategy ETF <sup>(a)</sup> | 1310397 | 24635464 |
| YieldMax NVDA Option Income Strategy ETF <sup>(a)</sup> | 1674627 | 24081137 |
| YieldMax PLTR Option Income Strategy ETF <sup>(a)</sup> | 392121 | 25683925 |
| YieldMax PYPL Option Income Strategy ETF <sup>(a)</sup> | 1894098 | 24547510 |
| YieldMax SMCI Option Income Strategy ETF <sup>(a)</sup> | 1356664 | 24067219 |
| YieldMax SNOW Option Income Strategy ETF <sup>(a)</sup> | 1668406 | 25226299 |
| YieldMax TSLA Option Income Strategy ETF <sup>(a)</sup> | 3235930 | 27052375 |
| YieldMax TSM Option Income Strategy ETF <sup>(a)</sup> | 1748903 | 24816934 |
| YieldMax XOM Option Income Strategy ETF <sup>(a)</sup> | 1782178 | 22909898 |
| YieldMax XYZ Option Income Strategy ETF <sup>(a)</sup> | 2258646 | 24483723 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $901,319,083) |  | 707234444 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS - 1.2%** | |
| **Money Market Funds - 1.2%** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(b)</sup> | 8372420 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,372,420) | 8372420 |
| **TOTAL INVESTMENTS - 99.5%** (Cost $909,691,503) | 715606864 |
| Other Assets in Excess of Liabilities - 0.5% | 3268671 |
| **TOTAL NET ASSETS - 100.0%** | $718875535 |
| Percentages are stated as a percent of net assets. |  |

---

(a) Affiliated security as defined by the Investment Company Act of 1940.

(b) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax XOM Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 61.5%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $10423000 | $10394732 |
| &nbsp;&nbsp; 4.25%, 10/15/2025 <sup>(a)</sup> |  | 6367000 | 6370264 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 11530000 | 11519177 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $28,240,328) |  |  | 28284173 |
| **PURCHASED OPTIONS - 6.4%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 6.4%** |  |  |  |
| Exxon Mobil Corp. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $117.00 | $24875865 | 2355 | 12952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $114.00 | 20809110 | 1970 | 10835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $100.00 | 45684975 | 4325 | 2941000 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,203,914) |  |  | 2964787 |
| **SHORT-TERM INVESTMENTS - 31.8%** |  |  |  |
| **Money Market Funds - 0.7%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 332750 | 332750 |
| **U.S. Treasury Bills - 31.1%** |  | **Par**  |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $4197000 | 4190129 |
| 4.19%, 06/12/2025 <sup>(a)(g)</sup> |  | 4210000 | 4189236 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 5991000 | 5918047 |
|  |  |  | 14297412 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,632,984) |  |  | 14630162 |
| **TOTAL INVESTMENTS - 99.7%** (Cost $46,077,226) |  |  | 45879122 |
| Other Assets in Excess of Liabilities - 0.3% |  |  | 141714 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $46020836 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax XOM Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.2)%** |  |  |  |
| Exxon Mobil Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $111.00 | $(24875865) | (2355) | $(35325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $110.00 | (20809110) | (1970) | (50235) |
| **Total Call Options** |  |  | (85560) |
| **Put Options - (1.2)%** |  |  |  |
| Exxon Mobil Corp., Expiration: 05/16/2025; Exercise Price: $100.01 <sup>(a)(b)</sup> | (45684975) | (4325) | (572829) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $2,194,620) |  |  | $(658389) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

---

| |
|:---|
| **YieldMax XYZ Option Income Strategy ETF** |
| **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 55.7%** | | **Par** | **Value** |
| United States Treasury Note/Bond |  |  |  |
| &nbsp;&nbsp; 3.00%, 07/15/2025 <sup>(a)</sup> |  | $16329000 | $16284716 |
| &nbsp;&nbsp; 3.88%, 01/15/2026 <sup>(a)</sup> |  | 17120000 | 17103929 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $33,320,839) |  |  | 33388645 |
| **PURCHASED OPTIONS - 10.7%<sup>(b)</sup>** | **Notional Amount** | **Contracts** |  |
| **Call Options - 10.7%** |  |  |  |
| Block, Inc. <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/02/2025; Exercise Price: $68.00 | $60048690 | 10270 | 415935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 05/16/2025; Exercise Price: $55.00 | 60048690 | 10270 | 6033625 |
| **TOTAL PURCHASED OPTIONS** (Cost $6,396,991) |  |  | 6449560 |
| **SHORT-TERM INVESTMENTS - 39.4%** |  |  |  |
| **Money Market Funds - 2.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(f)</sup> |  | 1487550 | 1487550 |
| **U.S. Treasury Bills - 36.9%** |  | **Par**  |  |
| 4.16%, 05/15/2025 <sup>(a)(g)</sup> |  | $3259000 | 3253664 |
| 4.18%, 06/12/2025 <sup>(a)(g)</sup> |  | 5107000 | 5081812 |
| 4.12%, 08/14/2025 <sup>(a)(g)</sup> |  | 13942000 | 13772227 |
|  |  |  | 22107703 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,601,059) |  |  | 23595253 |
| **TOTAL INVESTMENTS - 105.8%** (Cost $63,318,889) |  |  | 63433458 |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (3457833) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $59975625 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments & Written Options Contracts** | **YieldMax ETFs** |

---

April 30, 2025 (Unaudited)

(a) All or a portion of this security has been pledged to the broker in connection with options as of April 30, 2025.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

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

(f) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

(g) The rate shown is the annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **YieldMax XYZ Option Income Strategy ETF** |
| **Schedule of Written Options** |
| **April 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (6.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.8)%** |  |  |  |
| Block, Inc., Expiration: 05/02/2025; Exercise Price: $62.00 <sup>(a)(b)</sup> | $(60048690) | (10270) | $(1668875) |
| **Put Options - (3.9)%** |  |  |  |
| Block, Inc., Expiration: 05/16/2025; Exercise Price: $55.01 <sup>(a)(b)</sup> | (60048690) | (10270) | (2329167) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $5,245,053) |  |  | $(3998042) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL<br> Option Income<br> Strategy ETF** | **YieldMax ABNB<br> Option Income<br> Strategy ETF** | **YieldMax AI<br> Option Income<br> Strategy ETF** | **YieldMax AMD<br> Option Income<br> Strategy ETF** | **YieldMax AMZN<br> Option Income<br> Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $121382899 | $29631704 | $88075707 | $126635874 | $249421263 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 564436 | 124396 | 452357 | 612481 | 1248188 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 17382 |  | 9928319 |  | 237629 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 113090 |  | 296965 |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 24457850 |  |
| Total assets | 121964717 | 29869190 | 98456383 | 152003170 | 250907080 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 2578108 | 1272949 | 11752045 | 7448399 | 15634691 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 94266 | 22176 | 65299 | 99390 | 188702 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 75427 |  | 301527 |  |
| &nbsp;&nbsp;&nbsp;Due to broker |  | 76679 |  | 14625250 |  |
| Total liabilities | 2672374 | 1447231 | 11817344 | 22474566 | 15823393 |
| **NET ASSETS** | $119292343 | $28421959 | $86639039 | $129528604 | $235083687 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $147052997 | $37865159 | $162992440 | $234678393 | $293799582 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (27760654) | (9443200) | (76353401) | (105149789) | (58715895) |
| Total net assets | $119292343 | $28421959 | $86639039 | $129528604 | $235083687 |
| &nbsp;&nbsp;&nbsp;Net assets | $119292343 | $28421959 | $86639039 | $129528604 | $235083687 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 8400000 | 2375000 | 18200000 | 18325000 | 15450000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $14.20 | $11.97 | $4.76 | $7.07 | $15.22 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $110885531 | $28548277 | $89009802 | $126949473 | $257537895 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $10741197 | $3106926 | $10894636 | $11226290 | $14660622 |

---

(a) Unlimited shares authorized without par value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA<br> Option Income<br> Strategy ETF** | **YieldMax Bitcoin<br> Option Income<br> Strategy ETF** | **YieldMax COIN<br> Option Income<br> Strategy ETF** | **YieldMax CVNA<br> Option Income<br> Strategy ETF** | **YieldMax DIS<br> Option Income<br> Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $42350652 | $114548238 | $1089378946 | $59207154 | $31164706 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 259385 | 381888 | 6598237 | 302426 | 113343 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 199313 |  | 7536853 | 314893 |  |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 40801 | 644178 |  | 194398 | 183604 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  | 8320848 | 7058030 |  |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  |  | 1664 |  |  |
| Total assets | 42850151 | 115574304 | 1111836548 | 67076901 | 31461653 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 1854823 | 264200 | 41544167 | 4025982 | 700027 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 100356 |  | 2150937 | 465049 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 32468 | 92004 | 759438 | 29715 | 24870 |
| &nbsp;&nbsp;&nbsp;Interest payable |  | 8560 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker |  |  | 105525 |  |  |
| Total liabilities | 1987647 | 364764 | 44560067 | 4520746 | 724897 |
| **NET ASSETS** | $40862504 | $115209540 | $1067276481 | $62556155 | $30736756 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $48865572 | $144889236 | $1740180911 | $60667515 | $40742273 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (8003068) | (29679696) | (672904430) | 1888640 | (10005517) |
| Total net assets | $40862504 | $115209540 | $1067276481 | $62556155 | $30736756 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA<br> Option Income<br> Strategy ETF** | **YieldMax Bitcoin<br> Option Income<br> Strategy ETF** | **YieldMax COIN<br> Option Income<br> Strategy ETF** | **YieldMax CVNA<br> Option Income<br> Strategy ETF** | **YieldMax DIS<br> Option Income<br> Strategy ETF** |
| &nbsp;&nbsp;&nbsp;Net assets | $40862504 | $115209540 | $1067276481 | $62556155 | $30736756 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 2450000 | 10900000 | 131575000 | 1550000 | 2400000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $16.68 | $10.57 | $8.11 | $40.36 | $12.81 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $42563278 | $111697492 | $1086164988 | $57628934 | $30694105 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $2429195 | $1660579 | $116680815 | $5464870 | $1945350 |

---

(a) Unlimited shares authorized without par value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Gold<br> Miners Option<br> Income Strategy<br> ETF** | **YieldMax GOOGL<br> Option Income<br> Strategy ETF** | **YieldMax<br> Innovation Option<br> Income Strategy<br> ETF** | **YieldMax JPM<br> Option Income<br> Strategy ETF** | **YieldMax<br> Magnificent 7 Fund of Option Income<br> ETFs** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $74150449 | $107877358 | $61333294 | $49620860 | $5473561 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities,<br> at value (Note 7) |  |  |  |  | 293244689 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 343080 | 528201 | 306928 | 195412 | 15208 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 243274 | 219198 | 35429 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  | 106073 |  |
| Total assets | 74736803 | 108624757 | 61675651 | 49922345 | 298733458 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 5141780 | 1206464 | 2010328 | 584299 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 51696 | 85213 | 45184 | 39103 | 68336 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 19752 |  |
| &nbsp;&nbsp;&nbsp;Due to broker |  |  |  | 100026 |  |
| Total liabilities | 5193476 | 1291677 | 2055512 | 743180 | 68336 |
| **NET ASSETS** | $69543327 | $107333080 | $59620139 | $49179165 | $298665122 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $73589421 | $134134492 | $84626881 | $57675618 | $390097721 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (4046094) | (26801412) | (25006742) | (8496453) | (91432599) |
| Total net assets | $69543327 | $107333080 | $59620139 | $49179165 | $298665122 |
| &nbsp;&nbsp;&nbsp;Net assets | $69543327 | $107333080 | $59620139 | $49179165 | $298665122 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 4450000 | 8825000 | 7825000 | 3150000 | 20300000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $15.63 | $12.16 | $7.62 | $15.61 | $14.71 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $77238792 | $107155181 | $60790856 | $48456524 | $5473561 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, <br> at cost | $— | $— | $— | $— | $379963101 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $5224547 | $6054772 | $4514193 | $2550100 | $— |

---

(a) Unlimited shares authorized without par value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MARA<br> Option Income<br> Strategy ETF** | **YieldMax META<br> Option Income<br> Strategy ETF** | **YieldMax MRNA<br> Option Income<br> Strategy ETF** | **YieldMax MSFT<br> Option Income<br> Strategy ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $44133434 | $155291620 | $82551321 | $109557003 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MARA<br> Option Income<br> Strategy ETF** | **YieldMax META<br> Option Income<br> Strategy ETF** | **YieldMax MRNA<br> Option Income<br> Strategy ETF** | **YieldMax MSFT<br> Option Income<br> Strategy ETF** |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 827922 |  | 54801 | 47965 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 100700 | 660866 | 460101 | 599633 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  |  |  |  |
| Total assets | 45062056 | 155952486 | 83066223 | 110204601 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 2701725 | 13904538 | 6752103 | 2328721 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 30958 | 110461 | 55289 | 87426 |
| &nbsp;&nbsp;&nbsp;Interest payable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker |  | 272148 |  |  |
| Total liabilities | 2732683 | 14287147 | 6807392 | 2416147 |
| **NET ASSETS** | $42329373 | $141665339 | $76258831 | $107788454 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $68010698 | $187039779 | $155298421 | $130953805 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (25681325) | (45374440) | (79039590) | (23165351) |
| Total net assets | $42329373 | $141665339 | $76258831 | $107788454 |
| &nbsp;&nbsp;&nbsp;Net assets | $42329373 | $141665339 | $76258831 | $107788454 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 1975000 | 9700000 | 29025000 | 6675000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $21.43 | $14.60 | $2.63 | $16.15 |
| **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $46996256 | $161284315 | $79781615 | $106984513 |
| **PROCEEDS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $6790614 | $12031637 | $8768074 | $5328036 |

---

(a) Unlimited shares authorized without par value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MSTR<br> Short Option<br> Income Strategy<br> ETF** | **YieldMax NFLX<br> Option Income<br> Strategy ETF** | **YieldMax NVDA<br> Option Income<br> Strategy ETF** | **YieldMax PLTR<br> Option Income<br> Strategy ETF** | **YieldMax PYPL<br> Option Income<br> Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $5992725 | $134071204 | $1308557968 | $304014342 | $49713315 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 330745 | 161475 | 242977 | 3730068 | 197965 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 26580 | 404828 | 9227199 | 1247031 | 224053 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 5542250 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  | 1347822 | 163598 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 7056525 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  | 1411 |  |  |  |
| Total assets | 6350050 | 141695443 | 1323570394 | 310339263 | 50298931 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 999967 | 1882313 | 41169258 | 20786153 | 363519 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 4040 | 92192 | 1011607 | 166616 | 38790 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 1876622 | 19997 |
| Total liabilities | 1004007 | 1974505 | 42180865 | 22829391 | 422306 |
| **NET ASSETS** | $5346043 | $139720938 | $1281389529 | $287509872 | $49876625 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $6390148 | $134989034 | $2038302649 | $279657865 | $70061178 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br> (accumulated losses) | (1044105) | 4731904 | (756913120) | 7852007 | (20184553) |
| Total net assets | $5346043 | $139720938 | $1281389529 | $287509872 | $49876625 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MSTR<br> Short Option<br> Income Strategy<br> ETF** | **YieldMax NFLX<br> Option Income<br> Strategy ETF** | **YieldMax NVDA<br> Option Income<br> Strategy ETF** | **YieldMax PLTR<br> Option Income<br> Strategy ETF** | **YieldMax PYPL<br> Option Income<br> Strategy ETF** |
| &nbsp;&nbsp;&nbsp;Net assets | $5346043 | $139720938 | $1281389529 | $287509872 | $49876625 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 125000 | 7425000 | 89400000 | 4400000 | 3875000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $42.77 | $18.82 | $14.33 | $65.34 | $12.87 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $6642686 | $115247493 | $1303453790 | $276125406 | $48889458 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $561542 | $8819053 | $107409516 | $27710707 | $3949535 |

---

(a) Unlimited shares authorized without par value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Short**<br>**COIN Option**<br>**Income Strategy**<br>**ETF** | **YieldMax Short**<br>**N100 Option**<br>**Income Strategy**<br>**ETF** | **YieldMax Short**<br>**NVDA Option**<br>**Income Strategy**<br>**ETF** | **YieldMax Short**<br>**TSLA Option**<br>**Income Strategy**<br>**ETF** |<br>**YieldMax SMCI**<br>**Option Income**<br>**Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $34619957 | $11131835 | $7933889 | $20520738 | $152804985 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for other investments | 27835082 | 669509 | 3375780 | 11187605 | 97972 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 177881 | 46032 | 44763 | 116738 | 668686 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 36544 |  | 433382 | 17812886 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  |  | 442860 |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  |  |  |  | 88 |
| Total assets | 62632920 | 11883920 | 11354432 | 32258463 | 171827477 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 11518790 | 306797 | 974200 | 5409768 | 13979060 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 34916 | 9290 | 8896 | 23477 | 96443 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 3258 |  | 114940 | 34134245 |
| Total liabilities | 11553706 | 319345 | 983096 | 5548185 | 48209748 |
| **NET ASSETS** | $51079214 | $11564575 | $10371336 | $26710278 | $123617729 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $80777521 | $12821038 | $15305798 | $42178729 | $178372184 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (29698307) | (1256463) | (4934462) | (15468451) | (54754455) |
| Total net assets | $51079214 | $11564575 | $10371336 | $26710278 | $123617729 |
| &nbsp;&nbsp;&nbsp;Net assets | $51079214 | $11564575 | $10371336 | $26710278 | $123617729 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 6950000 | 700000 | 925000 | 4400000 | 7150000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $7.35 | $16.52 | $11.21 | $6.07 | $17.29 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $37416451 | $11525460 | $8605431 | $22506262 | $149721934 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $6662991 | $491469 | $853745 | $3147403 | $14941872 |

---

(a) Unlimited shares authorized without par value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax SNOW**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSLA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Ultra**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Universe**<br>**Fund of Option**<br>**Income ETFs** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $47985328 | $966620506 | $42656319 | $237499621 | $8372420 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities,<br> at value (Note 7) |  |  |  |  | 707234444 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax SNOW**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSLA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Ultra**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Universe**<br>**Fund of Option**<br>**Income ETFs** |
| &nbsp;&nbsp;&nbsp;Interest receivable | 181298 | 6280832 | 175452 | 37074 | 25356 |
| &nbsp;&nbsp;&nbsp; Deposit at broker for<br> other investments | 92194 | 50011327 | 1817555 | 850156 | 3268336 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  | 1559311 |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  | 5596925 | 7947060 |
| &nbsp;&nbsp;&nbsp;Dividends receivable |  |  |  | 6250 |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 96434 |  |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  |  |  | 1119 |  |
| Total assets | 48258820 | 1022912665 | 44649326 | 245646890 | 726847616 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 922232 | 26488829 | 3057664 | 8461307 |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 34454 | 732880 | 31586 | 195297 | 160861 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  | 5127633 | 7811220 |
| Total liabilities | 956686 | 27221709 | 3089250 | 13784237 | 7972081 |
| **NET ASSETS** | $47302134 | $995690956 | $41560076 | $231862653 | $718875535 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $57364590 | $1572931926 | $56492317 | $371247100 | $950339335 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (10062456) | (577240970) | (14932241) | (139384447) | (231463800) |
| Total net assets | $47302134 | $995690956 | $41560076 | $231862653 | $718875535 |
| &nbsp;&nbsp;&nbsp;Net assets | $47302134 | $995690956 | $41560076 | $231862653 | $718875535 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 3125000 | 119025000 | 2925000 | 39375000 | 54275000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $15.14 | $8.37 | $14.21 | $5.89 | $13.25 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $44748993 | $895153470 | $45827373 | $238477380 | $8372420 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, <br> at cost | $— | $— | $— | $— | $901319083 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $3984407 | $101983560 | $3275549 | $6975637 | $— |

---

(a) Unlimited shares authorized without par value.

---

| | | |
|:---|:---|:---|
|  | **YieldMax XOM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax XYZ**<br>**Option Income**<br>**Strategy ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $45879122 | $63433458 |
| &nbsp;&nbsp;&nbsp; Deposit at broker for<br> other investments | 601474 | 244732 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 237111 | 342068 |
| Total assets | 46717707 | 64020258 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value | 658389 | 3998042 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 38482 | 46591 |
| Total liabilities | 696871 | 4044633 |
| **NET ASSETS** | $46020836 | $59975625 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $56864850 | $102791703 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (10844014) | (42816078) |
| Total net assets | $46020836 | $59975625 |
| &nbsp;&nbsp;&nbsp;Net assets | $46020836 | $59975625 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 3575000 | 5550000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $12.87 | $10.81 |
| **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $46077226 | $63318889 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |
| April 30, 2025 (Unaudited) |  |

---

---

| | | |
|:---|:---|:---|
|  | **YieldMax XOM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax XYZ**<br>**Option Income**<br>**Strategy ETF** |
| **PROCEEDS:** |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $2194620 | $5245053 |

---

(a) Unlimited shares authorized without par value.

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |
| For the Six-Months/Periods Ended April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL**<br>**Option Income**<br>**Strategy ETF** | **YieldMax ABNB**<br>**Option Income**<br>**Strategy ETF** | **YieldMax AI**<br>**Option Income**<br>**Strategy ETF** | **YieldMax AMD**<br>**Option Income**<br>**Strategy ETF** | **YieldMax AMZN**<br>**Option Income**<br>**Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $2637185 | $600610 | $1890819 | $3430761 | $5685509 |
| &nbsp;&nbsp;&nbsp;Dividend income | 5 | 2 | 21 |  | 28 |
| Total investment income | 2637190 | 600612 | 1890840 | 3430761 | 5685537 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 602578 | 143133 | 408553 | 732528 | 1221122 |
| &nbsp;&nbsp;&nbsp;Interest expense | 279 | 1913 |  | 8162 | 102198 |
| Total expenses | 602857 | 145046 | 408553 | 740690 | 1323320 |
| **NET INVESTMENT INCOME** | 2034333 | 455566 | 1482287 | 2690071 | 4362217 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (7817808) | (2681431) | (16702309) | (50232845) | 5387627 |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (24467061) | (3885952) | (14593197) | (23575920) | (6037180) |
| Net realized gain (loss) | (32284869) | (6567383) | (31295506) | (73808765) | (649553) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 11269255 | 895984 | (357409) | 9263454 | (6197041) |
| &nbsp;&nbsp;&nbsp;Written option contracts | 7900984 | 1506921 | (2331200) | 9787619 | (3298832) |
| Net change in unrealized appreciation (depreciation) | 19170239 | 2402905 | (2688609) | 19051073 | (9495873) |
| Net realized and unrealized gain (loss) | (13114630) | (4164478) | (33984115) | (54757692) | (10145426) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(11080297) | $(3708912) | $(32501828) | $(52067621) | $(5783209) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Bitcoin**<br>**Option Income**<br>**Strategy ETF** | **YieldMax COIN**<br>**Option Income**<br>**Strategy ETF** | **YieldMax CVNA**<br>**Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax DIS**<br>**Option Income**<br>**Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $733088 | $1404026 | $24088514 | $155371 | $740002 |
| &nbsp;&nbsp;&nbsp;Dividend income |  | 7 | 82 |  | 2 |
| Total investment income | 733088 | 1404033 | 24088596 | 155371 | 740004 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 181978 | 518034 | 5049280 | 39310 | 162770 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 274757 | 2162 | 28989 |
| Total expenses | 181978 | 518034 | 5324037 | 41472 | 191759 |
| **NET INVESTMENT INCOME** | 551110 | 885999 | 18764559 | 113899 | 548245 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9602208 | (15469170) | (47897990) | 2441815 | (239522) |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (8633025) | 28404788 | (207015603) | (347954) | (5327449) |
| Net realized gain (loss) | 969183 | 12935618 | (254913593) | 2093861 | (5566971) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1193748 | 2998239 | 57447684 | 1578220 | 248743 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 1521048 | (7642220) | 142037238 | 1438888 | 1037457 |
| Net change in unrealized appreciation (depreciation) | 2714796 | (4643981) | 199484922 | 3017108 | 1286200 |
| Net realized and unrealized gain (loss) | 3683979 | 8291637 | (55428671) | 5110969 | (4280771) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4235089 | $9177636 | $(36664112) | $5224868 | $(3732526) |

---

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

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |
| For the Six-Months/Periods Ended April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Gold**<br>**Miners Option**<br>**Income Strategy**<br>**ETF** |<br>**YieldMax GOOGL**<br>**Option Income**<br>**Strategy ETF** | **YieldMax**<br>**Innovation Option**<br>**Income Strategy**<br>**ETF** |<br>**YieldMax JPM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax**<br>**Magnificent 7 Fund**<br>**of Option Income**<br>**ETFs** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $965606 | $2375307 | $1298237 | $971837 | $63923 |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | 1 | 13 | 21 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities |  |  |  |  | 66997136 |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |  |
| Total investment income | 965607 | 2375320 | 1298258 | 971839 | 67061065 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 234921 | 511572 | 312613 | 210545 | 429237 |
| &nbsp;&nbsp;&nbsp;Interest expense | 5915 | 78511 | 296 | 17551 |  |
| Total expenses | 240836 | 590083 | 312909 | 228096 | 429237 |
| **NET INVESTMENT INCOME** | 724771 | 1785237 | 985349 | 743743 | 66631828 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 11004039 | 761771 | 5486462 | 2376720 | (9) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  |  | (9984472) |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (498504) | (10315205) | (10591373) | (7462084) |  |
| Net realized gain (loss) | 10505535 | (9553434) | (5104911) | (5085364) | (9984481) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | (2548393) | (1158157) | 1454588 | 1297193 |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  |  | (84073639) |
| &nbsp;&nbsp;&nbsp;Written option contracts | (500036) | 2025747 | 963031 | 2068630 |  |
| Net change in unrealized appreciation (depreciation) | (3048429) | 867590 | 2417619 | 3365823 | (84073639) |
| Net realized and unrealized gain (loss) | 7457106 | (8685844) | (2687292) | (1719541) | (94058120) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8181877 | $(6900607) | $(1701943) | $(975798) | $(27426292) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MARA**<br>**Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax META**<br>**Option Income**<br>**Strategy ETF** | **YieldMax MRNA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax MSFT**<br>**Option Income**<br>**Strategy ETF** | **YieldMax MSTR**<br>**Option Income**<br>**Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $525205 | $3571375 | $1552882 | $2523273 | $23983593 |
| &nbsp;&nbsp;&nbsp;Dividend income | 1 |  | 3 | 7 | 377 |
| Total investment income | 525206 | 3571375 | 1552885 | 2523280 | 23983970 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 112934 | 764749 | 302147 | 549414 | 9234061 |
| &nbsp;&nbsp;&nbsp;Interest expense | 6316 | 33276 | 158 | 20750 | 41826 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 547 |  |  |  |  |
| Total expenses | 119797 | 798025 | 302305 | 570164 | 9275887 |
| **NET INVESTMENT INCOME** | 405409 | 2773350 | 1250580 | 1953116 | 14708083 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (14036031) | 6241403 | (33675861) | (17652500) | (31378433) |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (1598045) | (10949537) | (7242744) | 1601951 | 149910485 |
| Net realized gain (loss) | (15634076) | (4708134) | (40918605) | (16050549) | 118532052 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (2862822) | (4165386) | 2876921 | 5982317 | 206178897 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 4088889 | (5039154) | 1839386 | 4199425 | 221779745 |
| Net change in unrealized appreciation (depreciation) | 1226067 | (9204540) | 4716307 | 10181742 | 427958642 |
| Net realized and unrealized gain (loss) | (14408009) | (13912674) | (36202298) | (5868807) | 546490694 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14002600) | $(11139324) | $(34951718) | $(3915691) | $561198777 |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |
| For the Six-Months/Periods Ended April 30, 2025 (Unaudited) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax NFLX**<br>**Option Income**<br>**Strategy ETF** | **YieldMax NVDA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax PLTR**<br>**Option Income**<br>**Strategy ETF** | **YieldMax PYPL**<br>**Option Income**<br>**Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $2041463 | $31095192 | $1923219 | $1193948 |
| &nbsp;&nbsp;&nbsp;Dividend income | 7 |  | 9 | 8 |
| Total investment income | 2041470 | 31095192 | 1923228 | 1193956 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 464336 | 6764500 | 524104 | 264815 |
| &nbsp;&nbsp;&nbsp;Interest expense | 6011 | 781013 | 13240 | 64166 |
| Total expenses | 470347 | 7545513 | 537344 | 328981 |
| **NET INVESTMENT INCOME** | 1571123 | 23549679 | 1385884 | 864975 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7161935 | (299021781) | 73775621 | (6688470) |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (7427561) | (65987882) | (43889204) | (7367409) |
| Net realized gain (loss) | (265626) | (365009663) | 29886417 | (14055879) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 18949238 | 4294361 | 27871101 | 1742034 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 6488014 | 57027172 | 6934866 | 2414142 |
| Net change in unrealized appreciation (depreciation) | 25437252 | 61321533 | 34805967 | 4156176 |
| Net realized and unrealized gain (loss) | 25171626 | (303688130) | 64692384 | (9899703) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $26742749 | $(280138451) | $66078268 | $(9034728) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Short**<br>**COIN Option**<br>**Income Strategy**<br>**ETF** |<br>**YieldMax Short**<br>**N100 Option Income**<br>**Strategy ETF** | **YieldMax Short**<br>**NVDA Option**<br>**Income Strategy**<br>**ETF** | **YieldMax Short**<br>**TSLA Option**<br>**Income Strategy**<br>**ETF** |<br>**YieldMax SMCI**<br>**Option Income**<br>**Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $818145 | $181307 | $220553 | $417212 | $1646978 |
| &nbsp;&nbsp;&nbsp;Dividend income | 1 | 3 | 2 | 3 | 12 |
| Total investment income | 818146 | 181310 | 220555 | 417215 | 1646990 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 193833 | 42991 | 58842 | 105484 | 415237 |
| &nbsp;&nbsp;&nbsp;Interest expense | 12065 | 3493 | 3367 | 9824 | 17929 |
| Total expenses | 205898 | 46484 | 62209 | 115308 | 433166 |
| **NET INVESTMENT INCOME** | 612248 | 134826 | 158346 | 301907 | 1213824 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9220916 | 282426 | 2483738 | 3559743 | 24789108 |
| &nbsp;&nbsp;&nbsp;Written option contracts expired or closed | (4897781) | (324886) | (2509994) | (5152836) | (38460951) |
| Net realized gain (loss) | 4323135 | (42460) | (26256) | (1593093) | (13671843) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (6176634) | (266826) | (220391) | (1206987) | 3899667 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (5481172) | 314634 | 709544 | (1470211) | 1429437 |
| Net change in unrealized appreciation (depreciation) | (11657806) | 47808 | 489153 | (2677198) | 5329104 |
| Net realized and unrealized gain (loss) | (7334671) | 5348 | 462897 | (4270291) | (8342739) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(6722423) | $140174 | $621243 | $(3968384) | $(7128915) |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |
| For the Six-Months/Periods Ended April 30, 2025 (Unaudited) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax SNOW**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSLA**<br>**Option Income**<br>**Strategy ETF** | **YieldMax TSM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Ultra**<br>**Option Income**<br>**Strategy ETF** | **YieldMax Universe**<br>**Fund of Option**<br>**Income ETFs** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $774746 | $22820330 | $797118 | $329493 | $147963 |
| &nbsp;&nbsp;&nbsp; Dividend income from<br> unaffiliated securities | 7 | 33 | 2 | 486659 | 17 |
| &nbsp;&nbsp;&nbsp; Dividend income from<br> affiliated securities |  |  |  |  | 179188354 |
| Total investment income | 774753 | 22820363 | 797120 | 816152 | 179336334 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 199230 | 5065401 | 184282 | 1549985 | 936975 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1700 | 254525 | 3858 | 488439 |  |
| Total expenses | 200930 | 5319926 | 188140 | 2038424 | 936975 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser |  |  |  | (124999) |  |
| Net expenses | 200930 | 5319926 | 188140 | 1913425 | 936975 |
| **NET INVESTMENT INCOME/(LOSS)** | 573823 | 17500437 | 608980 | (1097273) | 178399359 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | (2657973) | 171938484 | (5521575) | (3535948) | 83401 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  |  | (31675477) |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (1449588) | (356684649) | 1669513 | (2287597) | 3940586 |
| Net realized gain (loss) | (4107561) | (184746165) | (3852062) | (5823545) | (27651490) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 4089341 | 122990875 | (2551443) | (7839359) | (15207) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  |  | (187030975) |
| &nbsp;&nbsp;&nbsp;Written option contracts | 3560038 | 36136388 | 243127 | (4278096) | (1364798) |
| Net change in unrealized appreciation (depreciation) | 7649379 | 159127263 | (2308316) | (12117455) | (188410980) |
| Net realized and unrealized gain (loss) | 3541818 | (25618902) | (6160378) | (17941000) | (216062470) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4115641 | $(8118465) | $(5551398) | $(19038273) | $(37663111) |

---

---

| | | |
|:---|:---|:---|
|  | **YieldMax XOM<br> Option Income<br> Strategy ETF** | **YieldMax XYZ<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $994921 | $1690915 |
| &nbsp;&nbsp;&nbsp;Dividend income |  | 19 |
| Total investment income | 994921 | 1690934 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 225447 | 353565 |
| &nbsp;&nbsp;&nbsp;Interest expense | 40954 | 109429 |
| Total expenses | 266401 | 462994 |
| **NET INVESTMENT INCOME** | 728520 | 1227940 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4885932) | 1503582 |
| &nbsp;&nbsp;&nbsp; Written option contracts expired<br> or closed | (1215736) | (24125094) |
| Net realized gain (loss) | (6101668) | (22621512) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 304433 | (1135761) |
| &nbsp;&nbsp;&nbsp;Written option contracts | 1055084 | (709944) |
| Net change in unrealized appreciation (depreciation) | 1359517 | (1845705) |
| Net realized and unrealized gain (loss) | (4742151) | (24467217) |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |
| For the Six-Months/Periods Ended April 30, 2025 (Unaudited) |  |

---

---

| | | |
|:---|:---|:---|
|  | **YieldMax XOM**<br>**Option Income**<br>**Strategy ETF** | **YieldMax XYZ**<br>**Option Income**<br>**Strategy ETF** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4013631) | $(23239277) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL Option Income** | **YieldMax AAPL Option Income** | **YieldMax ABNB Option Income** | **YieldMax ABNB Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2034333 | $2539590 | $455566 | $106572 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (32284869) | 7735438 | (6567383) | 89477 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 19170239 | 2121758 | 2402905 | 514499 |
| Net increase (decrease) in net assets from operations | (11080297) | 12396786 | (3708912) | 710548 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2034333) | (7952933) | (455566) | (782854) |
| &nbsp;&nbsp;&nbsp;From return of capital | (13576302) | (7942237) | (5206416) | (480389) |
| Total distributions to shareholders | (15610635) | (15895170) | (5661982) | (1263243) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 69843248 | 57645405 | 27631295 | 19731438 |
| &nbsp;&nbsp;&nbsp;Redemptions | (16341342) | (18076480) | (6588288) | (2439675) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 17237 | 15144 | 6844 | 3934 |
| Net increase (decrease) in net assets from capital transactions | 53519143 | 39584069 | 21049851 | 17295697 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 26828211 | 36085685 | 11678957 | 16743002 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 92464132 | 56378447 | 16743002 |  |
| End of the period | $119292343 | $92464132 | $28421959 | $16743002 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 4125000 | 3225000 | 1775000 | 1175000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1050000) | (975000) | (425000) | (150000) |
| Total increase (decrease) in shares outstanding | 3075000 | 2250000 | 1350000 | 1025000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AI Option Income** | **YieldMax AI Option Income** | **YieldMax AMD Option Income** | **YieldMax AMD Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1482287 | $878479 | $2690071 | $3522687 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (31295506) | (11544721) | (73808765) | 4775836 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2688609) | 897105 | 19051073 | (15081804) |
| Net increase (decrease) in net assets from operations | (32501828) | (9769137) | (52067621) | (6783281) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1482287) | (874595) | (2690071) | (9911652) |
| &nbsp;&nbsp;&nbsp;From return of capital | (31726118) | (13131653) | (33415817) | (43650526) |
| Total distributions to shareholders | (33208405) | (14006248) | (36105888) | (53562178) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 137600962 | 71703313 | 139294405 | 221236288 |
| &nbsp;&nbsp;&nbsp;Redemptions | (19555370) | (13672755) | (42849425) | (45374730) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 31432 | 17075 | 36428 | 53322 |
| Net increase (decrease) in net assets from capital transactions | 118077024 | 58047633 | 96481408 | 175914880 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 52366791 | 34272248 | 8307899 | 115569421 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 34272248 |  | 121220705 | 5651284 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AI Option Income** | **YieldMax AI Option Income** | **YieldMax AMD Option Income** | **YieldMax AMD Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| End of the period | $86639039 | $34272248 | $129528604 | $121220705 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 16675000 | 5150000 | 13625000 | 11825000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (2575000) | (1050000) | (4950000) | (2475000) |
| Total increase (decrease) in shares outstanding | 14100000 | 4100000 | 8675000 | 9350000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AMZN Option Income** | **YieldMax AMZN Option Income** | **YieldMax BABA Option Income** | **YieldMax BABA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4362217 | $3927612 | $551110 | $72948 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (649553) | 4655652 | 969183 | 2800531 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9495873) | 1684873 | 2714796 | (2353050) |
| Net increase (decrease) in net assets from operations | (5783209) | 10268137 | 4235089 | 520429 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (4362217) | (11939727) | (551110) | (1351303) |
| &nbsp;&nbsp;&nbsp;From return of capital | (46516661) | (26751756) | (10856173) |  |
| Total distributions to shareholders | (50878878) | (38691483) | (11407283) | (1351303) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 173955370 | 183046380 | 72060258 | 23431765 |
| &nbsp;&nbsp;&nbsp;Redemptions | (61186305) | (9481770) | (45064801) | (1589377) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 47028 | 38506 | 23223 | 4504 |
| Net increase (decrease) in net assets from capital transactions | 112816093 | 173603116 | 27018680 | 21846892 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 56154006 | 145179770 | 19846486 | 21016018 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 178929681 | 33749911 | 21016018 |  |
| End of the period | $235083687 | $178929681 | $40862504 | $21016018 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 9100000 | 8425000 | 3675000 | 1075000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (3250000) | (475000) | (2225000) | (75000) |
| Total increase (decrease) in shares outstanding | 5850000 | 7950000 | 1450000 | 1000000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Bitcoin Option Income** | **YieldMax Bitcoin Option Income** | **YieldMax COIN Option Income** | **YieldMax COIN Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $885999 | $196447 | $18764559 | $18167917 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12935618 | (10846767) | (254913593) | 101236234 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4643981) | 8891106 | 199484922 | (121778731) |
| Net increase (decrease) in net assets from operations | 9177636 | (1759214) | (36664112) | (2374580) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Bitcoin Option Income** | **YieldMax Bitcoin Option Income** | **YieldMax COIN Option Income** | **YieldMax COIN Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (885999) | (687940) | (18764559) | (130427868) |
| &nbsp;&nbsp;&nbsp;From return of capital | (35524179) | (15428412) | (485369539) | (274839752) |
| Total distributions to shareholders | (36410178) | (16116352) | (504134098) | (405267620) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 149066458 | 111001130 | 1255893265 | 1169856957 |
| &nbsp;&nbsp;&nbsp;Redemptions | (54494618) | (45326800) | (303365038) | (172263215) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 40712 | 30766 | 311852 | 268424 |
| Net increase (decrease) in net assets from capital transactions | 94612552 | 65705096 | 952840079 | 997862166 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 67380010 | 47829530 | 412041869 | 590219966 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 47829530 |  | 655234612 | 65014646 |
| End of the period | $115209540 | $47829530 | $1067276481 | $655234612 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 11825000 | 6900000 | 99300000 | 58775000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (4675000) | (3150000) | (21300000) | (8500000) |
| Total increase (decrease) in shares outstanding | 7150000 | 3750000 | 78000000 | 50275000 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **YieldMax DIS** | **YieldMax DIS** |
|  | | **Option Income** | **Option Income** |
|  | **YieldMax CVNA**<br>**Option Income**<br>**Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Period ended**<br> **April 30, 2025<sup>(a)</sup>**<br>**(Unaudited)** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $113899 | $548245 | $538435 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2093861 | (5566971) | (1777865) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3017108 | 1286200 | 497689 |
| Net increase (decrease) in net assets from operations | 5224868 | (3732526) | (741741) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (113899) | (548245) | (666805) |
| &nbsp;&nbsp;&nbsp;From return of capital | (3222329) | (4338570) | (3706250) |
| Total distributions to shareholders | (3336228) | (4886815) | (4373055) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 68766235 | 21926620 | 27578670 |
| &nbsp;&nbsp;&nbsp;Redemptions | (8098720) | (5104434) | (3938118) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) |  | 5406 | 6303 |
| Net increase (decrease) in net assets from capital transactions | 60667515 | 16827592 | 23646855 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 62556155 | 8208251 | 18532059 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period |  | 22528505 | 3996446 |
| End of the period | $62556155 | $30736756 | $22528505 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

**SHARES TRANSACTIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **YieldMax DIS** | **YieldMax DIS** |
|  | | **Option Income** | **Option Income** |
|  | **YieldMax CVNA**<br>**Option Income**<br>**Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Period ended**<br> **April 30, 2025<sup>(a)</sup>**<br>**(Unaudited)** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1775000 | 1300000 | 1450000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (225000) | (325000) | (225000) |
| Total increase (decrease) in shares outstanding | 1550000 | 975000 | 1225000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Gold Miners Option Income** | **YieldMax Gold Miners Option Income** | **YieldMax GOOGL Option Income** | **YieldMax GOOGL Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $724771 | $329405 | $1785237 | $1540083 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 10505535 | (94669) | (9553434) | (6293239) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3048429) | 42853 | 867590 | 6338039 |
| Net increase (decrease) in net assets from operations | 8181877 | 277589 | (6900607) | 1584883 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (724771) | (961525) | (1785237) | (1894535) |
| &nbsp;&nbsp;&nbsp;From return of capital | (10819264) | (2062505) | (16522210) | (11181438) |
| Total distributions to shareholders | (11544035) | (3024030) | (18307447) | (13075973) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 56302430 | 36420648 | 72392970 | 74778135 |
| &nbsp;&nbsp;&nbsp;Redemptions | (14827882) | (2264633) | (10820075) | (8685733) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 14226 | 7137 | 16642 | 16693 |
| Net increase (decrease) in net assets from capital transactions | 41488774 | 34163152 | 61589537 | 66109095 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 38126616 | 31416711 | 36381483 | 54618005 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 31416711 |  | 70951597 | 16333592 |
| End of the period | $69543327 | $31416711 | $107333080 | $70951597 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 3575000 | 1950000 | 4900000 | 4375000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (950000) | (125000) | (800000) | (525000) |
| Total increase (decrease) in shares outstanding | 2625000 | 1825000 | 4100000 | 3850000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Innovation Option Income** | **YieldMax Innovation Option Income** | **YieldMax JPM Option Income** | **YieldMax JPM Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $985349 | $2813231 | $743743 | $597777 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (5104911) | (8676835) | (5085364) | 817182 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2417619 | 18820293 | 3365823 | (17107) |
| Net increase (decrease) in net assets from operations | (1701943) | 12956689 | (975798) | 1397852 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Innovation Option Income** | **YieldMax Innovation Option Income** | **YieldMax JPM Option Income** | **YieldMax JPM Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (985349) | (2803181) | (743743) | (1423567) |
| &nbsp;&nbsp;&nbsp;From return of capital | (13424684) | (23765706) | (6454770) | (1980575) |
| Total distributions to shareholders | (14410033) | (26568887) | (7198513) | (3404142) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 33983028 | 28369395 | 36008932 | 29986308 |
| &nbsp;&nbsp;&nbsp;Redemptions | (12704645) | (27422377) | (5091837) | (4857290) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 9338 | 11158 | 8220 | 6969 |
| Net increase (decrease) in net assets from capital transactions | 21287721 | 958176 | 30925315 | 25135987 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 5175745 | (12654022) | 22751004 | 23129697 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 54444394 | 67098416 | 26428161 | 3298464 |
| End of the period | $59620139 | $54444394 | $49179165 | $26428161 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 3475000 | 2450000 | 1975000 | 1525000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1275000) | (2400000) | (275000) | (250000) |
| Total increase (decrease) in shares outstanding | 2200000 | 50000 | 1700000 | 1275000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax Magnificent 7 Fund of** | **YieldMax Magnificent 7 Fund of** | |
|  | **Option Income ETFs** | **Option Income ETFs** | **YieldMax MARA**<br>**Option Income**<br>**Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended**<br> **April 30, 2025<sup>(b)</sup>**<br>**(Unaudited)** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $66631828 | $10364715 | $405409 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (9984481) | 703694 | (15634076) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (84073639) | (2644773) | 1226067 |
| Net increase (decrease) in net assets from operations | (27426292) | 8423636 | (14002600) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (59785033) | (11300209) | (405409) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (12967418) | (11273316) |
| Total distributions to shareholders | (59785033) | (24267627) | (11678725) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 215440168 | 219703880 | 80429813 |
| &nbsp;&nbsp;&nbsp;Redemptions | (12234510) | (21189100) | (12436938) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) |  |  | 17823 |
| Net increase (decrease) in net assets from capital transactions | 203205658 | 198514780 | 68010698 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 115994333 | 182670789 | 42329373 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period | 182670789 |  |  |
| End of the period | $298665122 | $182670789 | $42329373 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 11250000 | 10900000 | 2450000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (750000) | (1100000) | (475000) |
| Total increase (decrease) in shares outstanding | 10500000 | 9800000 | 1975000 |

---

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

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

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax META Option Income** | **YieldMax META Option Income** | **YieldMax MRNA Option Income** | **YieldMax MRNA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2773350 | $2513383 | $1250580 | $809578 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4708134) | 18322251 | (40918605) | (18886706) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9204540) | 1583662 | 4716307 | 135842 |
| Net increase (decrease) in net assets from operations | (11139324) | 22419296 | (34951718) | (17941286) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2773350) | (24199271) | (1250580) | (829150) |
| &nbsp;&nbsp;&nbsp;From return of capital | (29609308) | (5732114) | (24018160) | (9155627) |
| Total distributions to shareholders | (32382658) | (29931385) | (25268740) | (9984777) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 93594238 | 137746925 | 122230283 | 68569325 |
| &nbsp;&nbsp;&nbsp;Redemptions | (36878158) | (14131075) | (14619478) | (13269820) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 26095 | 30376 | 27370 | 16368 |
| Net increase (decrease) in net assets from capital transactions | 56742175 | 123646226 | 107638175 | 55315873 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 13220193 | 116134137 | 47417717 | 27389810 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 128445146 | 12311009 | 28841114 | 1451304 |
| End of the period | $141665339 | $128445146 | $76258831 | $28841114 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 5025000 | 6750000 | 28925000 | 4600000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1975000) | (725000) | (3875000) | (700000) |
| Total increase (decrease) in shares outstanding | 3050000 | 6025000 | 25050000 | 3900000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MSFT Option Income** | **YieldMax MSFT Option Income** | **YieldMax MSTR Option Income** | **YieldMax MSTR Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1953116 | $2026375 | $14708083 | $3758992 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (16050549) | 3680515 | 118532052 | 290278624 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 10181742 | (4848130) | 427958642 | (32718175) |
| Net increase (decrease) in net assets from operations | (3915691) | 858760 | 561198777 | 261319441 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1953116) | (6248686) | (14708083) | (247274410) |
| &nbsp;&nbsp;&nbsp;From return of capital | (12284974) | (8000692) | (922204737) |  |
| Total distributions to shareholders | (14238090) | (14249378) | (936912820) | (247274410) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 67684512 | 90153288 | 3085953618 | 837555035 |
| &nbsp;&nbsp;&nbsp;Redemptions | (22609370) | (4466118) | (246324627) | (38707543) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 18059 | 18924 | 666455 | 174753 |
| Net increase (decrease) in net assets from capital transactions | 45093201 | 85706094 | 2840295446 | 799022245 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 26939420 | 72315476 | 2464581403 | 813067276 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 80849034 | 8533558 | 813067276 |  |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MSFT Option Income** | **YieldMax MSFT Option Income** | **YieldMax MSTR Option Income** | **YieldMax MSTR Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| End of the period | $107788454 | $80849034 | $3277648679 | $813067276 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 3675000 | 4175000 | 115375000 | 29350000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1350000) | (225000) | (8875000) | (1375000) |
| Total increase (decrease) in shares outstanding | 2325000 | 3950000 | 106500000 | 27975000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **YieldMax NFLX Option Income <br> Strategy ETF** | **YieldMax NFLX Option Income <br> Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1571123 | $1597112 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (265626) | 15463007 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 25437252 | 172796 |
| Net increase (decrease) in net assets from operations | 26742749 | 17232915 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1571123) | (17515864) |
| &nbsp;&nbsp;&nbsp;From return of capital | (20306612) | (551336) |
| Total distributions to shareholders | (21877735) | (18067200) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 85962358 | 68005073 |
| &nbsp;&nbsp;&nbsp;Redemptions | (2589095) | (31784023) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 17710 | 19958 |
| Net increase (decrease) in net assets from capital transactions | 83390973 | 36241008 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 88255987 | 35406723 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 51464951 | 16058228 |
| End of the period | $139720938 | $51464951 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 4675000 | 3800000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (150000) | (1800000) |
| Total increase (decrease) in shares outstanding | 4525000 | 2000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax NVDA Option Income** | **YieldMax NVDA Option Income** | **YieldMax PLTR Option Income** | **YieldMax PLTR Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $23549679 | $20704734 | $1385884 | $6990 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (365009663) | 282183166 | 29886417 | (194179) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 61321533 | 25809389 | 34805967 | 7523 |
| Net increase (decrease) in net assets from operations | (280138451) | 328697289 | 66078268 | (179666) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax NVDA Option Income** | **YieldMax NVDA Option Income** | **YieldMax PLTR Option Income** | **YieldMax PLTR Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (23549679) | (311324754) | (1385884) |  |
| &nbsp;&nbsp;&nbsp;From return of capital | (453843551) | (63150284) | (56660711) |  |
| Total distributions to shareholders | (477393230) | (374475038) | (58046595) |  |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 1052213097 | 1226812205 | 417825175 | 6339543 |
| &nbsp;&nbsp;&nbsp;Redemptions | (258341827) | (95177880) | (144620110) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 262112 | 264398 | 112489 | 768 |
| Net increase (decrease) in net assets from capital transactions | 794133382 | 1131898723 | 273317554 | 6340311 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 36601701 | 1086120974 | 281349227 | 6160645 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 1244787828 | 158666854 | 6160645 |  |
| End of the period | $1281389529 | $1244787828 | $287509872 | $6160645 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 52475000 | 46225000 | 6350000 | 125000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (13100000) | (4000000) | (2075000) |  |
| Total increase (decrease) in shares outstanding | 39375000 | 42225000 | 4275000 | 125000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax PYPL Option Income** | **YieldMax PYPL Option Income** | **YieldMax Short COIN Option Income** | **YieldMax Short COIN Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $864975 | $616471 | $612248 | $187643 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (14055879) | 6896786 | 4323135 | (4038270) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4156176 | 377038 | (11657806) | 4005513 |
| Net increase (decrease) in net assets from operations | (9034728) | 7890295 | (6722423) | 154886 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (864975) | (8716230) | (612248) | (3417195) |
| &nbsp;&nbsp;&nbsp;From return of capital | (9334873) | (697730) | (19101327) | (2261623) |
| Total distributions to shareholders | (10199848) | (9413960) | (19713575) | (5678818) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 34587268 | 54740170 | 74105874 | 54838058 |
| &nbsp;&nbsp;&nbsp;Redemptions | (10684818) | (9382330) | (36649577) | (9289688) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 9054 | 12824 | 22151 | 12326 |
| Net increase (decrease) in net assets from capital transactions | 23911504 | 45370664 | 37478448 | 45560696 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4676928 | 43846999 | 11042450 | 40036764 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 45199697 | 1352698 | 40036764 |  |
| End of the period | $49876625 | $45199697 | $51079214 | $40036764 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 2000000 | 3000000 | 8600000 | 2900000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (675000) | (525000) | (4025000) | (525000) |
| Total increase (decrease) in shares outstanding | 1325000 | 2475000 | 4575000 | 2375000 |

---

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

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short N100 Option Income** | **YieldMax Short N100 Option Income** | **YieldMax Short NVDA Option Income** | **YieldMax Short NVDA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $134826 | $31418 | $158346 | $69738 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (42460) | 173656 | (26256) | (137892) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 47808 | (256760) | 489153 | (1281150) |
| Net increase (decrease) in net assets from operations | 140174 | (51686) | 621243 | (1349304) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (134826) | (189417) | (158346) | (385033) |
| &nbsp;&nbsp;&nbsp;From return of capital | (1020707) |  | (3663022) | (442930) |
| Total distributions to shareholders | (1155533) | (189417) | (3821368) | (827963) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 10866802 | 6291440 | 11545315 | 14309308 |
| &nbsp;&nbsp;&nbsp;Redemptions | (4341005) |  | (8598898) | (1513690) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 3042 | 758 | 4029 | 2664 |
| Net increase (decrease) in net assets from capital transactions | 6528839 | 6292198 | 2950446 | 12798282 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 5513480 | 6051095 | (249679) | 10621015 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 6051095 |  | 10621015 |  |
| End of the period | $11564575 | $6051095 | $10371336 | $10621015 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 625000 | 325000 | 900000 | 800000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (250000) |  | (675000) | (100000) |
| Total increase (decrease) in shares outstanding | 375000 | 325000 | 225000 | 700000 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short TSLA Option Income** | **YieldMax Short TSLA Option Income** | **YieldMax SMCI Option Income** | **YieldMax SMCI Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $301907 | $195942 | $1213824 | $22648 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1593093) | (320760) | (13671843) | (2912304) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2677198) | (1570691) | 5329104 | (1283242) |
| Net increase (decrease) in net assets from operations | (3968384) | (1695509) | (7128915) | (4172898) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (301907) | (781280) | (1213824) | (22648) |
| &nbsp;&nbsp;&nbsp;From return of capital | (8721371) | (3752805) | (42216171) | (1315877) |
| Total distributions to shareholders | (9023278) | (4534085) | (43429995) | (1338525) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 31852035 | 32236730 | 214008560 | 17104548 |
| &nbsp;&nbsp;&nbsp;Redemptions | (15243668) | (2929515) | (51481065) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 9419 | 6533 | 53098 | 2921 |
| Net increase (decrease) in net assets from capital transactions | 16617786 | 29313748 | 162580593 | 17107469 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short TSLA Option Income** | **YieldMax Short TSLA Option Income** | **YieldMax SMCI Option Income** | **YieldMax SMCI Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(b)</sup>** |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 3626124 | 23084154 | 112021683 | 11596046 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 23084154 |  | 11596046 |  |
| End of the period | $26710278 | $23084154 | $123617729 | $11596046 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 4525000 | 2275000 | 8650000 | 350000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (2175000) | (225000) | (1850000) |  |
| Total increase (decrease) in shares outstanding | 2350000 | 2050000 | 6800000 | 350000 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax SNOW Option Income** | **YieldMax SNOW Option Income** | **YieldMax TSLA Option Income** | **YieldMax TSLA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $573823 | $189989 | $17500437 | $31821008 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4107561) | 531671 | (184746165) | 33573917 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7649379 | (1350869) | 159127263 | (29302181) |
| Net increase (decrease) in net assets from operations | 4115641 | (629209) | (8118465) | 36092744 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (573823) | (937968) | (17500437) | (31820428) |
| &nbsp;&nbsp;&nbsp;From return of capital | (12037097) | (1820930) | (407834728) | (486932585) |
| Total distributions to shareholders | (12610920) | (2758898) | (425335165) | (518753013) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 55926663 | 23005275 | 973049490 | 856132540 |
| &nbsp;&nbsp;&nbsp;Redemptions | (18899833) | (865825) | (370754672) | (225731279) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 14966 | 4274 | 268761 | 216057 |
| Net increase (decrease) in net assets from<br> capital transactions | 37041796 | 22143724 | 602563579 | 630617318 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 28546517 | 18755617 | 169109949 | 147957049 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 18755617 |  | 826581007 | 678623958 |
| End of the period | $47302134 | $18755617 | $995690956 | $826581007 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 3050000 | 1225000 | 79675000 | 69700000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1100000) | (50000) | (29925000) | (16900000) |
| &nbsp;&nbsp;&nbsp;Reverse Stock Split (Note 10) |  |  |  | (44725000)<sup>(b)</sup> |
| Total increase (decrease) in shares outstanding | 1950000 | 1175000 | 49750000 | 8075000 |

---

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

(b) Share amounts for the Fund have been adjusted for a one-for-two reverse stock split effective on February 26, 2024 (Note 10).

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax TSM Option Income** | **YieldMax TSM Option Income** | **YieldMax Ultra Option Income** | **YieldMax Ultra Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $608980 | $37259 | $(1097273) | $(348207) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3852062) | 253395 | (5823545) | (11958411) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2308316) | (644853) | (12117455) | 9654026 |
| Net increase (decrease) in net assets from operations | (5551398) | (354199) | (19038273) | (2652592) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (608980) | (569854) |  | (3008277) |
| &nbsp;&nbsp;&nbsp;From return of capital | (7847810) | (466466) | (114685305) | (89997353) |
| Total distributions to shareholders | (8456790) | (1036320) | (114685305) | (93005630) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 41771829 | 25624027 | 173265682 | 344831008 |
| &nbsp;&nbsp;&nbsp;Redemptions | (9445325) | (1006720) | (13147610) | (43819140) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 10146 | 4826 | 37283 | 77230 |
| Net increase (decrease) in net assets from capital transactions | 32336650 | 24622133 | 160155355 | 301089098 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 18328462 | 23231614 | 26431777 | 205430876 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 23231614 |  | 205430876 |  |
| End of the period | $41560076 | $23231614 | $231862653 | $205430876 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 2300000 | 1225000 | 20275000 | 24400000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (550000) | (50000) | (1675000) | (3625000) |
| Total increase (decrease) in shares outstanding | 1750000 | 1175000 | 18600000 | 20775000 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Universe Fund of Option** | **YieldMax Universe Fund of Option** | **YieldMax XOM Option Income** | **YieldMax XOM Option Income** |
|  | **Income ETFs** | **Income ETFs** | **Strategy ETF** | **Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $178399359 | $27964054 | $728520 | $735648 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (27651490) | (15077396) | (6101668) | 389916 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (188410980) | (5673659) | 1359517 | 750795 |
| Net increase (decrease) in net assets from operations | (37663111) | 7212999 | (4013631) | 1876359 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (171601430) | (27963154) | (728520) | (1792420) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (36079501) | (5566120) | (2567003) |
| Total distributions to shareholders | (171601430) | (64042655) | (6294640) | (4359423) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 600642440 | 443566538 | 32997067 | 35970935 |
| &nbsp;&nbsp;&nbsp;Redemptions | (17872557) | (41367053) | (8908765) | (7668120) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) |  | 364 | 8382 | 8728 |
| Net increase (decrease) in net assets from capital transactions | 582769883 | 402199849 | 24096684 | 28311543 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 373505342 | 345370193 | 13788413 | 25828479 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Universe Fund of Option** | **YieldMax Universe Fund of Option** | **YieldMax XOM Option** | **YieldMax XOM Option** |
|  | **Income ETFs** | **Income ETFs** | **Income Strategy ETF** | **Income Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 345370193 |  | 32232423 | 6403944 |
| End of the period | $718875535 | $345370193 | $46020836 | $32232423 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 35175000 | 22675000 | 2225000 | 2075000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1300000) | (2275000) | (625000) | (450000) |
| Total increase (decrease) in shares outstanding | 33875000 | 20400000 | 1600000 | 1625000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **YieldMax XYZ Option<br> Income Strategy ETF** | **YieldMax XYZ Option<br> Income Strategy ETF** |
|  | **Six-Months ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1227940 | $1154925 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (22621512) | 2873897 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1845705) | 3128873 |
| Net increase (decrease) in net assets from operations | (23239277) | 7157695 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1227940) | (6862639) |
| &nbsp;&nbsp;&nbsp;From return of capital | (18233035) | (9747016) |
| Total distributions to shareholders | (19460975) | (16609655) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 69458590 | 89037003 |
| &nbsp;&nbsp;&nbsp;Redemptions | (17073890) | (32886815) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (See Note 9) | 17307 | 24385 |
| Net increase (decrease) in net assets from capital transactions | 52402007 | 56174573 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 9701755 | 46722613 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 50273870 | 3551257 |
| End of the period | $59975625 | $50273870 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions | 3775000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Redemptions | (1050000) | (1575000) |
| Total increase (decrease) in shares outstanding | 2725000 | 2625000 |

---

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

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the six-months/periods presented

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | <br>**Net asset value, beginning of period** | **Net investment income (loss)<sup>(a)</sup>** | **Net realized and unrealized gain (loss) on investments<sup>(b)</sup>** | **Total from investment operations** | **Net investment income** | **Net realized gains** | **Return of capital** | **Total distributions** | <br>**ETF transaction fees per share** | <br>**Net asset value, end of period** | <br>**Total return<sup>(c)</sup>** | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of expenses to average net assets after expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of dividends, interest and broker expense to average net assets<sup>(d)</sup>** | **Ratio of tax expense to average net assets<sup>(d)</sup>** | **Ratio of operational expenses to average net assets excluding dividends, interest, tax, and broker expense<sup>(d)</sup>** | **Ratio of net investment income (loss) to average net assets<sup>(d)</sup>** | **Portfolio turnover rate<sup>(c)(e)</sup>** |
| YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF | YieldMax AAPL Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $17.36 | 0.27 | (1.38) | (1.11) | (0.25) |  | (1.80) | (2.05) | 0.00<sup>(g)</sup> | $14.20 | -7.05% | $119292 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 3.34% | 17% |
| 10/31/2024 | $18.33 | 0.69 | 2.72 | 3.41 | (2.19) |  | (2.19) | (4.38) | 0.00<sup>(g)</sup> | $17.36 | 21.14% | $92464 | 1.06% | 1.06% | 0.07% | —% | 0.99% | 3.82% | 20% |
| 10/31/2023<sup>(i)</sup> | $20.00 | 0.44 | 0.06 | 0.50 | (0.41) |  | (1.77) | (2.18) | 0.01 | $18.33 | 1.88% | $56378 | 0.99% | 0.99% | —% | —% | 0.99% | 4.16% | 42% |
| YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF | YieldMax ABNB Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $16.33 | 0.22 | (1.65) | (1.43) | (0.41) |  | (2.52) | (2.93) | 0.00<sup>(g)</sup> | $11.97 | -10.43% | $28422 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 3.15% | 29% |
| 10/31/2024<sup>(j)</sup> | $20.00 | 0.19 | (1.81) | (1.62) | (1.28) |  | (0.78) | (2.06) | 0.01 | $16.33 | -7.19% | $16743 | 1.06% | 1.06% | 0.07% | —% | 0.99% | 3.22% | 46% |
| YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF | YieldMax AI Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $8.36 | 0.12 | (0.69) | (0.57) | (0.49) |  | (2.54) | (3.03) | 0.00<sup>(g)</sup> | $4.76 | -15.58% | $86639 | 0.99% | 0.99% | —% | —% | 0.99% | 3.59% | 15% |
| 10/31/2024<sup>(k)</sup> | $20.00 | 0.38 | (5.37) | (4.99) | (0.42) |  | (6.24) | (6.66) | 0.01 | $8.36 | -30.62% | $34272 | 1.67% | 1.67% | 0.68% | —% | 0.99% | 3.56% | 4% |
| YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF | YieldMax AMD Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $12.56 | 0.17 | (3.29) | (3.12) | (0.32) |  | (2.05) | (2.37) | 0.00<sup>(g)</sup> | $7.07 | -28.13% | $129529 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 3.64% | 38% |
| 10/31/2024 | $18.84 | 0.68 | 4.59 | 5.27 | (2.14) |  | (9.42) | (11.56) | 0.01 | $12.56 | 25.62% | $121221 | 1.23% | 1.23% | 0.24% | —% | 0.99% | 4.06% | 37% |
| 10/31/2023<sup>(l)</sup> | $20.00 | 0.10 | (1.26) | (1.16) |  |  |  |  | 0.00<sup>(g)</sup> | $18.84 | -5.80% | $5651 | 0.99% | 0.99% | —% | —% | —% | 4.39% | —% |
| YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF | YieldMax AMZN Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $18.64 | 0.32 | 0.15 | 0.47 | (0.52) |  | (3.37) | (3.89) | 0.00<sup>(g)</sup> | $15.22 | 1.09% | $235084 | 1.07% | 1.07% | 0.08% | —% | 0.99% | 3.54% | 21% |
| 10/31/2024 | $20.45 | 0.81 | 5.36 | 6.17 | (2.47) |  | (5.52) | (7.99) | 0.01 | $18.64 | 32.51% | $178930 | 1.17% | 1.17% | 0.18% | —% | 0.99% | 3.90% | 27% |
| 10/31/2023<sup>(m)</sup> | $20.00 | 0.23 | 1.31 | 1.54 | (1.10) |  |  | (1.10) | 0.01 | $20.45 | 7.94% | $33750 | 1.06% | 1.06% | 0.07% | —% | 0.99% | 4.10% | 2% |
| YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF | YieldMax BABA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $21.02 | 0.28 | 1.17 | 1.45 | (0.32) |  | (5.48) | (5.81) | 0.01 | $16.68 | 6.52% | $40863 | 0.99% | 0.99% | —% | —% | 0.99% | 3.00% | 53% |
| 10/31/2024<sup>(n)</sup> | $20.00 | 0.15 | 2.85 | 3.00 | (1.99) |  |  | (1.99) | 0.01 | $21.02 | 15.00% | $21016 | 1.07% | 1.07% | 0.08% | —% | 0.99% | 3.05% | 16% |
| YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF | YieldMax Bitcoin Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $12.75 | 0.10 | 1.88 | 1.98 | (0.23) |  | (3.93) | (4.16) | 0.00<sup>(g)</sup> | $10.57 | 15.78% | $115210 | 0.99% | 0.99% | —% | —% | 0.99% | 1.69% | 25% |
| 10/31/2024<sup>(o)</sup> | $20.00 | 0.07 | (1.88) | (1.81) | (0.23) |  | (5.22) | (5.45) | 0.01 | $12.75 | -7.26% | $47830 | 4.75% | 4.75% | 3.76% | —% | 0.99% | 0.91% | 28% |
| YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF | YieldMax COIN Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $12.23 | 0.21 | 1.95 | 2.16 | (0.92) |  | (5.36) | (6.28) | 0.00<sup>(g)</sup> | $8.11 | 6.99% | $1067276 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 3.68% | 24% |
| 10/31/2024 | $19.70 | 0.76 | 12.23 | 12.99 | (6.59) |  | (13.88) | (20.47) | 0.01 | $12.23 | 62.36% | $655235 | 1.22% | 1.22% | 0.23% | —% | 0.99% | 4.10% | 27% |
| 10/31/2023<sup>(p)</sup> | $20.00 | 0.18 | 0.72 | 0.90 | (1.21) |  |  | (1.21) | 0.01 | $19.70 | 4.69% | $65015 | 1.09% | 1.09% | 0.10% | —% | 0.99% | 4.28% | 9% |
| YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF | YieldMax CVNA Option Income Strategy ETF |
| 4/30/2025<sup>(f)(q)</sup> | $50.00 | 0.25 | (3.01) | (2.76) | (0.33) |  |  | (7.21) |  | $40.36 | -1.74% | $62556 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 2.87% | —% |
| YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF | YieldMax DIS Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $15.81 | 0.26 | (0.85) | (0.59) | (0.38) |  | (2.03) | (2.41) | 0.00<sup>(g)</sup> | $12.81 | -5.56% | $30737 | 1.17% | 1.17% | 0.18% | —% | 0.99% | 3.33% | 53% |
| 10/31/2024 | $19.98 | 0.69 | 1.48 | 2.17 | (0.97) |  | (5.38) | (6.35) | 0.01 | $15.81 | 10.47% | $22529 | 1.31% | 1.31% | 0.32% | —% | 0.99% | 3.87% | 20% |
| 10/31/2023<sup>(r)</sup> | $20.00 | 0.14 | 0.10 | 0.24 | (0.26) |  |  | (0.26) | 0.00<sup>(g)</sup> | $19.98 | 1.22% | $3996 | 1.15% | 1.15% | 0.16% | —% | 0.99% | 3.69% | 2% |
| YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF | YieldMax Gold Miners Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $17.21 | 0.24 | 1.80 | 2.04 | (0.10) |  | (3.52) | (3.62) | 0.00<sup>(g)</sup> | $15.63 | 14.25% | $69543 | 1.01% | 1.01% | 0.02% | —% | 0.99% | 3.05% | 27% |
| 10/31/2024<sup>(s)</sup> | $20.00 | 0.30 | (0.52) | (0.22) | (0.82) |  | (1.76) | (2.58) | 0.01 | $17.21 | -0.66% | $31417 | 1.08% | 1.08% | 0.09% | —% | 0.99% | 3.75% | 14% |
| YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF | YieldMax GOOGL Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $15.02 | 0.24 | (0.76) | (0.52) | (0.15) |  | (2.19) | (2.34) | 0.00<sup>(g)</sup> | $12.16 | -4.15% | $107333 | 1.14% | 1.14% | 0.15% | —% | 0.99% | 3.45% | 25% |
| 10/31/2024 | $18.67 | 0.65 | 0.98 | 1.63 | (0.77) |  | (4.52) | (5.29) | 0.01 | $15.02 | 9.81% | $70952 | 1.20% | 1.20% | 0.21% | —% | 0.99% | 3.91% | 359% |
| 10/31/2023<sup>(t)</sup> | $20.00 | 0.20 | (0.86) | (0.66) | (0.68) |  |  | (0.68) | 0.01 | $18.67 | -3.50% | $16334 | 0.99% | 0.99% | —% | —% | 0.99% | 3.68% | 13% |
| YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF | YieldMax Innovation Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $9.68 | 0.15 | (0.04) | 0.11 | (0.16) |  | (2.01) | (2.17) | 0.00<sup>(g)</sup> | $7.62 | -1.41% | $59620 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 3.12% | 97% |
| 10/31/2024 | $12.04 | 0.49 | 1.84 | 2.33 | (0.49) |  | (4.20) | (4.69) | 0.00<sup>(g)</sup> | $9.68 | 20.85% | $54444 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 4.22% | 64% |
| 10/31/2023<sup>(u)</sup> | $20.00 | 0.58 | (2.62) | (2.04) | (4.27) |  | (1.66) | (5.93) | 0.01 | $12.04 | -13.76% | $67098 | 1.19% | 1.19% | 0.20% | —% | 0.99% | 4.24% | 60% |
| YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF | YieldMax JPM Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $18.23 | 0.30 | (0.03) | 0.27 | (0.25) |  | (2.64) | (2.89) | 0.00<sup>(g)</sup> | $15.61 | 0.81% | $49179 | 1.07% | 1.07% | 0.08% | —% | 0.99% | 3.50% | 17% |

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

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|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

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For a share outstanding throughout the six-months/periods presented

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | <br>**Net asset value, beginning of period** | **Net investment income (loss)<sup>(a)</sup>** | **Net realized and unrealized gain (loss) on investments<sup>(b)</sup>** | **Total from investment operations** | **Net investment income** | **Net realized gains** | **Return of capital** | **Total distributions** | <br>**ETF transaction fees per share** | <br>**Net asset value, end of period** | <br>**Total return<sup>(c)</sup>** | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of expenses to average net assets after expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of dividends, interest and broker expense to average net assets<sup>(d)</sup>** | **Ratio of tax expense to average net assets<sup>(d)</sup>** | **Ratio of operational expenses to average net assets excluding dividends, interest, tax, and broker expense<sup>(d)</sup>** | **Ratio of net investment income (loss) to average net assets<sup>(d)</sup>** | **Portfolio turnover rate<sup>(c)e)</sup>** |
| 10/31/2024 | $18.85 | 0.77 | 3.20 | 3.97 | (1.92) |  | (2.68) | (4.60) | 0.01 | $18.23 | 22.35% | $26428 | 1.18% | 1.18% | 0.19% | —% | 0.99% | 3.99% | 11% |
| 10/31/2023<sup>(v)</sup> | $20.00 | 0.11 | (1.01) | (0.90) | (0.10) |  | (0.15) | (0.25) | 0.00<sup>(g)</sup> | $18.85 | -4.58% | $3298 | 1.05% | 1.05% | 0.06% | —% | 0.99% | 4.04% | 42% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs | YieldMax Magnificent 7 Fund of Option Income ETFs |
| 4/30/2025<sup>(f)</sup> | $18.64 | 3.88(qq) | (4.25) | (0.37) | (3.56) |  |  | (3.56) |  | $14.71 | -3.67% | $298665 | 0.29%<sup>(rr)</sup> | 0.29%<sup>(rr)</sup> | –%(rr) | –%(rr) | 0.29%<sup>(rr)</sup> | 45.02%<sup>(rr)</sup> | 19% |
| 10/31/2024<sup>(w)</sup> | $20.00 | 2.57(qq) | 1.49 | 4.06 | (2.52) |  | (2.90) | (5.42) |  | $18.64 | 22.44% | $182671 | 0.29%<sup>(rr)</sup> | 0.29%<sup>(rr)</sup> | –%(rr) | –%(rr) | 0.29%<sup>(rr)</sup> | 17.41%<sup>(rr)</sup> | 21% |
| YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF | YieldMax MARA Option Income Strategy ETF |
| 4/30/2025<sup>(f)(x)</sup> | $50.00 | 0.37 | (19.48) | (19.11) | (0.72) |  | (8.76) | (9.48) | 0.02 | $21.43 | -41.03% | $42329 | 1.05% | 1.05% | 0.06% | 0.00%<sup>(h)</sup> | 0.99% | 3.55% | —% |
| YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF | YieldMax META Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $19.32 | 0.33 | (1.21) | (0.88) | (0.36) |  | (3.48) | (3.84) | 0.00<sup>(g)</sup> | $14.60 | -6.81% | $141665 | 1.03% | 1.03% | 0.04% | —% | 0.99% | 3.59% | 19% |
| 10/31/2024 | $19.70 | 0.80 | 8.94 | 9.74 | (8.19) |  | (1.94) | (10.13) | 0.01 | $19.32 | 59.90% | $128445 | 1.06% | 1.06% | 0.07% | —% | 0.99% | 4.04% | 16% |
| 10/31/2023<sup>(t)</sup> | $20.00 | 0.21 | 0.21 | 0.42 | (0.73) |  |  | (0.73) | 0.01 | $19.70 | 2.17% | $12311 | 0.99% | 0.99% | —% | —% | 0.99% | 3.99% | 17% |
| YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF | YieldMax MRNA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $7.26 | 0.08 | (3.02) | (2.94) | (0.24) |  | (1.45) | (1.69) | 0.00<sup>(g)</sup> | $2.63 | -46.76% | $76259 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 4.10% | 1% |
| 10/31/2024 | $19.35 | 0.58 | (3.50) | (2.92) | (0.76) |  | (8.42) | (9.18) | 0.01 | $7.26 | -36.73% | $28841 | 1.26% | 1.26% | 0.27% | —% | 0.99% | 4.02% | 27% |
| 10/31/2023<sup>(y)</sup> | $20.00 | 0.00<sup>(g)</sup> | (0.65) | (0.65) |  |  |  |  |  | $19.35 | -3.25% | $1451 | 0.99% | 0.99% | —% | —% | 0.99% | (0.78)% | —% |
| YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF | YieldMax MSFT Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $18.59 | 0.30 | (0.47) | (0.17) | (0.37) |  | (1.90) | (2.27) | 0.00<sup>(g)</sup> | $16.15 | -1.30% | $107788 | 1.03% | 1.03% | 0.04% | —% | 0.99% | 3.52% | 14% |
| 10/31/2024 | $21.33 | 0.84 | 3.04 | 3.88 | (2.91) |  | (3.72) | (6.63) | 0.01 | $18.59 | 18.73% | $80849 | 1.07% | 1.07% | 0.08% | —% | 0.99% | 4.02% | 21% |
| 10/31/2023<sup>(r)</sup> | $20.00 | 0.15 | 1.45 | 1.60 | (0.28) |  |  | (0.28) | 0.01 | $21.33 | 8.13% | $8534 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 4.01% | 9% |
| YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF | YieldMax MSTR Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $29.06 | 0.19 | 9.63 | 9.82 | (2.33) |  | (12.29) | (14.52) | 0.01 | $24.37 | 41.11% | $3277649 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 1.58% | —% |
| 10/31/2024<sup>(z)</sup> | $20.00 | 0.34 | 28.71 | 29.05 | (20.01) |  |  | (20.01) | 0.02 | $29.06 | 188.30% | $813067 | 0.99% | 0.99% | —% | —% | 0.99% | 1.85% | —% |
| YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF | YieldMax NFLX Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $17.75 | 0.29 | 5.09 | 5.38 | (0.50) |  | (3.81) | (4.31) | 0.00<sup>(g)</sup> | $18.82 | 34.61% | $139721 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 3.35% | 28% |
| 10/31/2024 | $17.84 | 0.71 | 7.87 | 8.58 | (8.42) |  | (0.26) | (8.68) | 0.01 | $17.75 | 63.43% | $51465 | 1.05% | 1.05% | 0.06% | —% | 0.99% | 4.08% | 51% |
| 10/31/2023<sup>(aa)</sup> | $20.00 | 0.19 | (1.43) | (1.24) | (0.93) |  |  | (0.93) | 0.01 | $17.84 | -5.99% | $16058 | 0.99% | 0.99% | —% | —% | 0.99% | 4.72% | 0%(h) |
| YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF | YieldMax NVDA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $24.88 | 0.34 | (3.88) | (3.54) | (0.43) |  | (6.58) | (7.01) | 0.00<sup>(g)</sup> | $14.33 | -18.36% | $1281390 | 1.10% | 1.10% | 0.11% | —% | 0.99% | 3.45% | 14% |
| 10/31/2024 | $20.34 | 0.98 | 21.80 | 22.78 | (15.17) |  | (3.08) | (18.25) | 0.01 | $24.88 | 144.70% | $1244788 | 1.27% | 1.27% | 0.28% | —% | 0.99% | 3.82% | 23% |
| 10/31/2023<sup>(bb)</sup> | $20.00 | 0.45 | 4.00 | 4.45 | (3.55) |  | (0.57) | (4.12) | 0.01 | $20.34 | 21.88% | $158667 | 1.02% | 1.02% | 0.03% | —% | 0.99% | 4.24% | 24% |
| YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF | YieldMax PLTR Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $49.29 | 0.84 | 43.18 | 44.02 | (6.47) |  | (21.57) | (28.04) | 0.07 | $65.34 | 103.56% | $287510 | 1.02% | 1.02% | 0.03% | —% | 0.99% | 2.62% | 28% |
| 10/31/2024<sup>(cc)</sup> | $50.00 | 0.10 | (0.82) | (0.72) |  |  |  |  | 0.01 | $49.29 | -1.43% | $6161 | 1.44% | 1.44% | 0.45% | —% | 0.99% | 2.95% | —% |
| YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF | YieldMax PYPL Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $17.73 | 0.25 | (2.10) | (1.85) | (0.29) |  | (2.72) | (3.01) | 0.00<sup>(g)</sup> | $12.87 | -12.58% | $49877 | 1.23% | 1.23% | 0.24% | —% | 0.99% | 3.23% | 16% |
| 10/31/2024 | $18.04 | 0.63 | 7.72 | 8.35 | (8.03) |  | (0.64) | (8.67) | 0.01 | $17.73 | 58.02% | $45200 | 1.45% | 1.45% | 0.46% | —% | 0.99% | 3.49% | 344% |
| 10/31/2023<sup>(dd)</sup> | $20.00 | 0.06 | (2.03) | (1.97) |  |  |  |  | 0.01 | $18.04 | -9.82% | $1353 | 1.16% | 1.16% | 0.17% | —% | 0.99% | 3.32% | 111% |
| YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF | YieldMax Short COIN Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $16.86 | 0.13 | (5.42) | (5.29) | (0.07) |  | (4.15) | (4.22) | 0.00<sup>(g)</sup> | $7.35 | -29.03% | $51079 | 1.05% | 1.05% | 0.06% | —% | 0.99% | 3.13% | 34% |
| 10/31/2024<sup>(ee)</sup> | $20.00 | 0.21 | 1.86 | 2.07 | (0.17) |  | (5.05) | (5.22) | 0.01 | $16.86 | 9.61% | $40037 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 3.66% | 38% |
| YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF | YieldMax Short N100 Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $18.62 | 0.27 | (0.25) | 0.02 | (0.12) |  | (2.01) | (2.13) | 0.01 | $16.52 | 0.26% | $11565 | 1.07% | 1.07% | 0.08% | —% | 0.99% | 3.10% | 13% |
| 10/31/2024<sup>(ff)</sup> | $20.00 | 0.15 | (0.75) | (0.60) | (0.78) |  |  | (0.78) | 0.00<sup>(g)</sup> | $18.62 | -3.09% | $6051 | 0.99% | 0.99% | —% | —% | 0.99% | 3.67% | —% |
| YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF | YieldMax Short NVDA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $15.17 | 0.17 | (0.08) | 0.09 | (0.17) |  | (3.88) | (4.05) | 0.00<sup>(g)</sup> | $11.21 | 1.86% | $10371 | 1.05% | 1.05% | 0.06% | —% | 0.99% | 2.66% | 21% |
| 10/31/2024<sup>(gg)</sup> | $20.00 | 0.18 | (3.12) | (2.94) | (0.88) |  | (1.02) | (1.90) | 0.01 | $15.17 | -15.83% | $10621 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 3.98% | 18% |

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

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|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

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For a share outstanding throughout the six-months/periods presented

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | **LESS DISTRIBUITONS FROM:** | | | | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| **For the period ended** | <br>**Net asset value, beginning of period** | **Net investment income (loss)<sup>(a)</sup>** | **Net realized and unrealized gain (loss) on investments<sup>(b)</sup>** | **Total from investment operations** | **Net investment income** | **Net realized gains** | **Return of capital** | **Total distributions** | <br>**ETF transaction fees per share** | <br>**Net asset value, end of period** | <br>**Total return<sup>(c)</sup>** | **Net assets, end of period (in thousands)** | **Ratio of expenses to average net assets before expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of expenses to average net assets after expense reimbursement / recoupment<sup>(d)</sup>** | **Ratio of dividends, interest and broker expense to average net assets<sup>(d)</sup>** | **Ratio of tax expense to average net assets<sup>(d)</sup>** | **Ratio of operational expenses to average net assets excluding dividends, interest, tax, and broker expense<sup>(d)</sup>** | **Ratio of net investment income (loss) to average net assets<sup>(d)</sup>** | **Portfolio turnover rate<sup>(c)(e)</sup>** |
| YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF | YieldMax Short TSLA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $11.26 | 0.10 | (2.67) | (2.57) | (0.21) |  | (2.41) | (2.62) | 0.00<sup>(g)</sup> | $6.07 | -21.59% | $26710 | 1.08% | 1.08% | 0.09% | —% | 0.99% | 2.83% | 3% |
| 10/31/2024<sup>(hh)</sup> | $20.00 | 0.28 | (4.00) | (3.72) | (0.87) |  | (4.16) | (5.03) | 0.01 | $11.26 | -20.88% | $23084 | 1.13% | 1.13% | 0.14% | —% | 0.99% | 3.88% | 64% |
| YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF | YieldMax SMCI Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $33.13 | 0.34 | (4.36) | (4.02) | (0.15) |  | (11.69) | (11.84) | 0.02 | $17.29 | -16.54% | $123618 | 1.03% | 1.03% | 0.04% | —% | 0.99% | 2.89% | 41% |
| 10/31/2024<sup>(ii)</sup> | $50.00 | 0.23 | (11.78) | (11.55) | (0.09) |  | (5.26) | (5.35) | 0.03 | $33.13 | -26.75% | $11596 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 3.34% | —% |
| YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF | YieldMax SNOW Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $15.96 | 0.25 | 4.35 | 4.60 | (0.20) |  | (5.23) | (5.43) | 0.01 | $15.14 | 27.32% | $47302 | 1.00% | 1.00% | 0.01% | —% | 0.99% | 2.85% | 317% |
| 10/31/2024<sup>(jj)</sup> | $20.00 | 0.27 | (0.67) | (0.40) | (1.24) |  | (2.41) | (3.65) | 0.01 | $15.96 | -1.67% | $18756 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 3.89% | 2% |
| YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF | YieldMax TSLA Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $11.93 | 0.20 | 1.17 | 1.37 | (0.36) |  | (4.57) | (4.93) | 0.00<sup>(g)</sup> | $8.37 | 5.35% | $995691 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 3.42% | 93% |
| 10/31/2024<sup>(rr)</sup> | $22.18 | 0.70 | 0.66 | 1.36 | (0.71) |  | (10.90) | (11.61) | 0.00<sup>(g)</sup> | $11.93 | 9.21% | $826581 | 1.04% | 1.04% | 0.05% | —% | 0.99% | 4.28% | 51% |
| 10/31/2023<sup>(u)</sup> | $40.00 | 1.20 | (3.18) | (1.98) | (1.34) |  | (14.52) | (15.86) | 0.02 | $22.18 | -7.26% | $678624 | 1.01% | 1.01% | 0.02% | —% | 0.99% | 4.50% | 168% |
| YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF | YieldMax TSM Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $19.77 | 0.28 | (2.11) | (1.83) | (0.14) |  | (3.59) | (3.73) | 0.00<sup>(g)</sup> | $14.21 | -11.03% | $41560 | 1.01% | 1.01% | 0.02% | —% | 0.99% | 3.27% | 44% |
| 10/31/2024<sup>(kk)</sup> | $20.00 | 0.14 | 0.87 | 1.01 | (0.69) |  | (0.57) | (1.26) | 0.02 | $19.77 | 5.26% | $23232 | 0.99% | 0.99% | 0.00%<sup>(h)</sup> | —% | 0.99% | 3.47% | 7% |
| YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $9.89 | (0.03) | (0.21) | (0.24) |  |  | (3.76) | (3.76) | 0.00<sup>(g)</sup> | $5.89 | -5.85% | $231863 | 1.63% | 1.53% | 0.39% | —% | 1.14% | (0.88)% | 318% |
| 10/31/2024<sup>(ll)</sup> | $20.00 | (0.03) | (1.61) | (1.64) | (0.27) |  | (8.21) | (8.48) | 0.01 | $9.89 | -7.63% | $205431 | 1.35% | 1.25% | 0.11% | —% | 1.14% | (0.38)% | 717% |
| YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs | YieldMax Universe Fund of Option Income ETFs |
| 4/30/2025<sup>(f)</sup> | $16.93 | 4.25(pp) | (3.75) | 0.50 | (4.18) |  |  | (4.18) |  | $13.25 | 1.65% | $718876 | 0.29%<sup>(qq)</sup> | 0.29%<sup>(qq)</sup> | –%(qq) | –%(qq) | 0.29%<sup>(qq)</sup> | 55.22%<sup>(qq)</sup> | 34% |
| 10/31/2024<sup>(mm)</sup> | $20.00 | 2.93(pp) | (0.07) | 2.86 | (2.59) |  | (3.34) | (5.93) | 0.00<sup>(g)</sup> | $16.93 | 15.11% | $345370 | 0.29%((qq) | 0.29%<sup>(qq)</sup> | 0.00%(h) (qq) | –%(qq) | 0.29%<sup>(qq)</sup> | 19.87%<sup>(qq)</sup> | 64% |
| YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF | YieldMax XOM Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $16.32 | 0.23 | (1.68) | (1.45) | (0.23) |  | (1.77) | (2.00) | 0.00<sup>(g)</sup> | $12.87 | -9.67% | $46021 | 1.17% | 1.17% | 0.18% | —% | 0.99% | 3.20% | 19% |
| 10/31/2024 | $18.30 | 0.65 | 1.16 | 1.81 | (1.56) |  | (2.24) | (3.80) | 0.01 | $16.32 | 11.07% | $32232 | 1.25% | 1.25% | 0.26% | —% | 0.99% | 3.77% | 6% |
| 10/31/2023<sup>(nn)</sup> | $20.00 | 0.14 | (1.55) | (1.41) | (0.29) |  |  | (0.29) | 0.00<sup>(g</sup> | $18.30 | -7.08% | $6404 | 1.12% | 1.12% | 0.13% | —% | 0.99% | 4.28% | —% |
| YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF | YieldMax XYZ Option Income Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $17.80 | 0.26 | (2.77) | (2.51) | (0.61) |  | (3.87) | (4.48) | 0.00<sup>(g)</sup> | $10.81 | -20.05% | $59976 | 1.30% | 1.30% | 0.31% | —% | 0.99% | 3.44% | 39% |
| 10/31/2024 | $17.76 | 0.75 | 10.86 | 11.61 | (4.79) |  | (6.80) | (11.59) | 0.02 | $17.80 | 75.00% | $50274 | 1.43% | 1.43% | 0.44% | —% | 0.99% | 3.73% | —% |
| 10/31/2023<sup>(oo)</sup> | $20.00 | 0.04 | (2.28) | (2.24) |  |  |  |  | 0.00<sup>(g)</sup> | $17.76 | -11.17% | $3551 | 1.99% | 1.99% | 1.00% | —% | 0.99% | 3.51% | —% |

---

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

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

(d) Annualized for periods less than one year.

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

(f) Unaudited.

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

(h) Amount represents less than 0.005%.

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the six-months/periods presented

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(pp) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(qq) These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments.

(rr) During the year ended October 31, 2024, the Fund effected the following reverse stock split: February 26, 2024, 1 for 2. All historical per share information has been retroactively adjusted to reflect this reverse stock split. See Note 10 in the Notes to Financial Statements.

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

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

 **NOTE 1 – ORGANIZATIONAL**

The YieldMax ETFs (defined below) (each a "Fund", and collectively the "Funds") are each a series of Tidal Trust II (the "Trust"). The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended. Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds. The Funds are considered non-diversified under the 1940 Act. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund:** | **Commencement Date:** |
| &nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF (the "APLY ETF") | April 17, 2023 |
| &nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF (the "ABNY ETF") | June 24, 2024 |
| &nbsp;&nbsp;YieldMax AI Option Income Strategy ETF (the "AIYY ETF") | November 27, 2023 |
| &nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF (the "AMDY ETF") | September 18, 2023 |
| &nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF (the "AMZY ETF") | July 24, 2023 |
| &nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF (the "BABO ETF") | August 7, 2024 |
| &nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF (the "YBIT ETF") | April 22, 2024 |
| &nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF (the "CONY ETF") | August 14, 2023 |
| &nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF (the "CVNY ETF") | January 29, 2025 |
| &nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF (the "DISO ETF") | August 24, 2023 |
| &nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF (the "GDXY ETF") | May 20, 2024 |
| &nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF (the "GOOY ETF") | July 27, 2023 |
| &nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF (the "OARK ETF") | November 22, 2022 |
| &nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF (the "JPMO ETF") | September 11, 2023 |
| &nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs (the "YMAG ETF") | January 29, 2024 |
| &nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF (the "MARO ETF") | December 9, 2024 |
| &nbsp;&nbsp;YieldMax META Option Income Strategy ETF (the "FBY ETF") | July 27, 2023 |
| &nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF (the "MRNY ETF") | October 23, 2023 |
| &nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF (the "MSFO ETF") | August 24, 2023 |
| &nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF (the "MSTY ETF") | February 21, 2024 |
| &nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF (the "NFLY ETF") | August 7, 2023 |
| &nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF (the "NVDY ETF") | May 10, 2023 |
| &nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF (the "PLTY ETF") | October 7, 2024 |
| &nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF (the "PYPY ETF") | September 25, 2023 |
| &nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF (the "FIAT ETF") | July 9, 2024 |
| &nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF (the "YQQQ ETF") | August 14, 2024 |
| &nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF (the "DIPS ETF") | July 23, 2024 |
| &nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF (the "CRSH ETF") | May 1, 2024 |
| &nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF (the "SMCY ETF") | September 11, 2024 |
| &nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF (the "SNOY ETF") | June 10, 2024 |
| &nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF (the "TSLY ETF") | November 22, 2022 |
| &nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF (the "TSMY ETF") | August 20, 2024 |
| &nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF (the "ULTY ETF") | February 28, 2024 |
| &nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs (the "YMAX ETF") | January 16, 2024 |
| &nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF (the "XOMO ETF") | August 30, 2023 |
| &nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF (the "XYZY ETF") | October 10, 2023 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

Prior to April 1, 2025, the XYZY ETF was formerly named the YieldMax SQ Option Income Strategy ETF.

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

The secondary objective of each Fund, except the YMAG ETF and the YMAX ETF, is to seek exposure to the share price of their underlying common stock, subject to a limit on potential investment gains.

The secondary objective of the YMAG ETF and the YMAX ETF is that they will primarily invest their assets in the shares of other ETFs ("fund-of-funds"), rather than in securities of individual companies. In addition, from time to time, the Funds may invest directly in the securities and financial instruments in which one or more affiliated YieldMax ETFs.

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

 **NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

A. *Security Valuation.* Equity securities that are listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC ("NASDAQ"), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors.

FLexible EXchange® Options ("FLEX Options") listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange's trading day. However, when the Funds' options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange's model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. If the pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its Shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025:

**APLY ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $68303898 | $— | $68303898 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 16570575 |  | 16570575 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 460356 |  |  | 460356 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 36048070 |  | 36048070 |
| Total Investments | $460356 | $120922543 | $— | $121382899 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(2578108) | $— | $(2578108) |
| Total Investments | $— | $(2578108) | $— | $(2578108) |

---

**ABNY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $14734276 | $— | $14734276 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 2601288 |  | 2601288 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1028234 |  |  | 1028234 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 11267906 |  | 11267906 |
| Total Investments | $1028234 | $28603470 | $— | $29631704 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(1272949) | $— | $(1272949) |
| Total Investments | $— | $(1272949) | $— | $(1272949) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**AIYY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $56668168 | $— | $56668168 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 9355133 |  | 9355133 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1258427 |  |  | 1258427 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 20793979 |  | 20793979 |
| Total Investments | $1258427 | $86817280 | $— | $88075707 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(11752045) | $— | $(11752045) |
| Total Investments | $— | $(11752045) | $— | $(11752045) |

---

**AMDY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $61066853 | $— | $61066853 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 9068685 |  | 9068685 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2216427 |  |  | 2216427 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 54283909 |  | 54283909 |
| Total Investments | $2216427 | $124419447 | $— | $126635874 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(7448399) | $— | $(7448399) |
| Total Investments | $— | $(7448399) | $— | $(7448399) |

---

**AMZY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $139578023 | $— | $139578023 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 7404480 |  | 7404480 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1406230 |  |  | 1406230 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 101032530 |  | 101032530 |
| Total Investments | $1406230 | $248015033 | $— | $249421263 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(15634691) | $— | $(15634691) |
| Total Investments | $— | $(15634691) | $— | $(15634691) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**BABO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $28165485 | $— | $28165485 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 1920973 |  | 1920973 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1021310 |  |  | 1021310 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 11242884 |  | 11242884 |
| Total Investments | $1021310 | $41329342 | $— | $42350652 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(1854823) | $— | $(1854823) |
| Total Investments | $— | $(1854823) | $— | $(1854823) |

---

**YBIT ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | $— | $50963800 | $— | $50963800 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 47197457 |  | 47197457 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 393541 |  |  | 393541 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 15993440 |  | 15993440 |
| Total Investments | $393541 | $114154697 | $— | $114548238 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(264200) | $— | $(264200) |
| Total Investments | $— | $(264200) | $— | $(264200) |

---

**CONY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $759672683 | $— | $759672683 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 95737375 |  | 95737375 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 10803692 |  |  | 10803692 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 223165196 |  | 223165196 |
| Total Investments | $10803692 | $1078575254 | $— | $1089378946 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(41544167) | $— | $(41544167) |
| Total Investments | $— | $(41544167) | $— | $(41544167) |

---

**CVNY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $34586225 | $— | $34586225 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 8061615 |  | 8061615 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 752480 |  |  | 752480 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 15806834 |  | 15806834 |
| Total Investments | $752480 | $58454674 | $— | $59207154 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(4025982) | $— | $(4025982) |
| Total Investments | $— | $(4025982) | $— | $(4025982) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**DISO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $11238237 | $— | $11238237 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 2563655 |  | 2563655 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 538890 |  |  | 538890 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 16823924 |  | 16823924 |
| Total Investments | $538890 | $30625816 | $— | $31164706 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(700027) | $— | $(700027) |
| Total Investments | $— | $(700027) | $— | $(700027) |

---

**GDXY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $45146910 | $— | $45146910 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 2709000 |  | 2709000 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2100294 |  |  | 2100294 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 24194245 |  | 24194245 |
| Total Investments | $2100294 | $72050155 | $— | $74150449 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(5141780) | $— | $(5141780) |
| Total Investments | $— | $(5141780) | $— | $(5141780) |

---

**GOOY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $62382657 | $— | $62382657 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 7409730 |  | 7409730 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1887997 |  |  | 1887997 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 36196974 |  | 36196974 |
| Total Investments | $1887997 | $105989361 | $— | $107877358 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(1206464) | $— | $(1206464) |
| Total Investments | $— | $(1206464) | $— | $(1206464) |

---

**OARK ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $37571161 | $— | $37571161 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 5749110 |  | 5749110 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2063092 |  |  | 2063092 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 15949931 |  | 15949931 |
| Total Investments | $2063092 | $59270202 | $— | $61333294 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(2010328) | $— | $(2010328) |
| Total Investments | $— | $(2010328) | $— | $(2010328) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**JPMO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $24569956 | $— | $24569956 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 3317456 |  | 3317456 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 748744 |  |  | 748744 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 20984704 |  | 20984704 |
| Total Investments | $748744 | $48872116 | $— | $49620860 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(584299) | $— | $(584299) |
| Total Investments | $— | $(584299) | $— | $(584299) |

---

**YMAG ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $293244689 | $— | $— | $293244689 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 5473561 |  |  | 5473561 |
| Total Investments | $298718250 | $— | $— | $298718250 |

---

**MARO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $10324827 | $— | $10324827 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 3769640 |  | 3769640 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2591938 |  |  | 2591938 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 27447029 |  | 27447029 |
| Total Investments | $2591938 | $41541496 | $— | $44133434 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(2701725) | $— | $(2701725) |
| Total Investments | $— | $(2701725) | $— | $(2701725) |

---

**FBY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $76309580 | $— | $76309580 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 3692555 |  | 3692555 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4173771 |  |  | 4173771 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 71115714 |  | 71115714 |
| Total Investments | $4173771 | $151117849 | $— | $155291620 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(13904538) | $— | $(13904538) |
| Total Investments | $— | $(13904538) | $— | $(13904538) |

---

**MRNY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $56607612 | $— | $56607612 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 9333180 |  | 9333180 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1127299 |  |  | 1127299 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 15483230 |  | 15483230 |
| Total Investments | $1127299 | $81424022 | $— | $82551321 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(6752103) | $— | $(6752103) |
| Total Investments | $— | $(6752103) | $— | $(6752103) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**MSFO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $74672545 | $— | $74672545 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 7685145 |  | 7685145 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1709969 |  |  | 1709969 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 25489344 |  | 25489344 |
| Total Investments | $1709969 | $107847034 | $— | $109557003 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(2328721) | $— | $(2328721) |
| Total Investments | $— | $(2328721) | $— | $(2328721) |

---

**MSTY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $1122390833 | $— | $1122390833 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 462299925 |  | 462299925 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 30905151 |  |  | 30905151 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 565598700 |  | 565598700 |
| Total Investments | $30905151 | $2150289458 | $— | $2181194609 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(80113189) | $— | $(80113189) |
| Total Investments | $— | $(80113189) | $— | $(80113189) |

---

**NFLY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $48993156 | $— | $48993156 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 26628380 |  | 26628380 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3503571 |  |  | 3503571 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 54946097 |  | 54946097 |
| Total Investments | $3503571 | $130567633 | $— | $134071204 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(1882313) | $— | $(1882313) |
| Total Investments | $— | $(1882313) | $— | $(1882313) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**NVDY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $931917561 | $— | $931917561 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 104739650 |  | 104739650 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 7561419 |  |  | 7561419 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 264339338 |  | 264339338 |
| Total Investments | $7561419 | $1300996549 | $— | $1308557968 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(41169258) | $— | $(41169258) |
| Total Investments | $— | $(41169258) | $— | $(41169258) |

---

**PLTY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $158622449 | $— | $158622449 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 54715065 |  | 54715065 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4549910 |  |  | 4549910 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 86126918 |  | 86126918 |
| Total Investments | $4549910 | $299464432 | $— | $304014342 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(20786153) | $— | $(20786153) |
| Total Investments | $— | $(20786153) | $— | $(20786153) |

---

**PYPY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $21777496 | $— | $21777496 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 4470550 |  | 4470550 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 846840 |  |  | 846840 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 22618429 |  | 22618429 |
| Total Investments | $846840 | $48866475 | $— | $49713315 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(363519) | $— | $(363519) |
| Total Investments | $— | $(363519) | $— | $(363519) |

---

**FIAT ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $18935721 | $— | $18935721 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 833655 |  | 833655 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 9861983 |  |  | 9861983 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 4988598 |  | 4988598 |
| Total Investments | $9861983 | $24757974 | $— | $34619957 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(11518790) | $— | $(11518790) |
| Total Investments | $— | $(11518790) | $— | $(11518790) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**YQQQ ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $5415325 | $— | $5415325 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 221370 |  | 221370 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2333618 |  |  | 2333618 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 3161522 |  | 3161522 |
| Total Investments | $2333618 | $8798217 | $— | $11131835 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(306797) | $— | $(306797) |
| Total Investments | $— | $(306797) | $— | $(306797) |

---

**DIPS ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $4036953 | $— | $4036953 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 140106 |  | 140106 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1611842 |  |  | 1611842 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 2144988 |  | 2144988 |
| Total Investments | $1611842 | $6322047 | $— | $7933889 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(974200) | $— | $(974200) |
| Total Investments | $— | $(974200) | $— | $(974200) |

---

**CRSH ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $13646426 | $— | $13646426 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 325819 |  | 325819 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1007254 |  |  | 1007254 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 5541239 |  | 5541239 |
| Total Investments | $1007254 | $19513484 | $— | $20520738 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(5409768) | $— | $(5409768) |
| Total Investments | $— | $(5409768) | $— | $(5409768) |

---

**SMCY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $77483085 | $— | $77483085 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 14957900 |  | 14957900 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1749288 |  |  | 1749288 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 58614712 |  | 58614712 |
| Total Investments | $1749288 | $151055697 | $— | $152804985 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(13979060) | $— | $(13979060) |
| Total Investments | $— | $(13979060) | $— | $(13979060) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**SNOY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $21312472 | $— | $21312472 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 6543720 |  | 6543720 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3027717 |  |  | 3027717 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 17101419 |  | 17101419 |
| Total Investments | $3027717 | $44957611 | $— | $47985328 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(922232) | $— | $(922232) |
| Total Investments | $— | $(922232) | $— | $(922232) |

---

**TSLY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $633574405 | $— | $633574405 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 173005957 |  | 173005957 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 9722114 |  |  | 9722114 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 150318030 |  | 150318030 |
| Total Investments | $9722114 | $956898392 | $— | $966620506 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(26488829) | $— | $(26488829) |
| Total Investments | $— | $(26488829) | $— | $(26488829) |

---

**TSMY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $19149185 | $— | $19149185 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 600502 |  | 600502 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3373376 |  |  | 3373376 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 19533256 |  | 19533256 |
| Total Investments | $3373376 | $39282943 | $— | $42656319 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(3057664) | $— | $(3057664) |
| Total Investments | $— | $(3057664) | $— | $(3057664) |

---

**ULTY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $201255187 | $— | $— | $201255187 |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | 22738500 |  |  | 22738500 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 1691598 |  | 1691598 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 11814336 |  |  | 11814336 |
| Total Investments | $235808023 | $1691598 | $— | $237499621 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(8461307) | $— | $(8461307) |
| Total Investments | $— | $(8461307) | $— | $(8461307) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**YMAX ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $707234444 | $— | $— | $707234444 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 8372420 |  |  | 8372420 |
| Total Investments | $715606864 | $— | $— | $715606864 |

---

**XOMO ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $28284173 | $— | $28284173 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 2964787 |  | 2964787 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 332750 |  |  | 332750 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 14297412 |  | 14297412 |
| Total Investments | $332750 | $45546372 | $— | $45879122 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(658389) | $— | $(658389) |
| Total Investments | $— | $(658389) | $— | $(658389) |

---

**XYZY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $33388645 | $— | $33388645 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 6449560 |  | 6449560 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1487550 |  |  | 1487550 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 22107703 |  | 22107703 |
| Total Investments | $1487550 | $61945908 | $— | $63433458 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(3998042) | $— | $(3998042) |
| Total Investments | $— | $(3998042) | $— | $(3998042) |

---

B. *Derivative Instruments*. As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is affected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them, or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Funds will sell the underlying reference instrument to the option buyer for less than its market value, and such Funds will experience a loss (which will be offset by the premium received by the Funds as the writer of such option). If a call option expires unexercised, the Funds will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Funds will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

By virtue of each Fund's investments in option contracts, equity ETFs and equity indices, each Fund is exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

For the periods ended April 30, 2025, the Funds' monthly average notional amounts are described below:

---

| | | |
|:---|:---|:---|
|  | **Average Notional Amount** | **Average Notional Amount** |
| **Fund:** | **Purchased Options** | **Written Options** |
| **APLY ETF** | $266836160 | $(246371589) |
| **ABNY ETF** | 60137705 | (55331399) |
| **AIYY ETF** | 156820814 | (156974060) |
| **AMDY ETF** | 289884446 | (290409273) |
| **AMZY ETF** | 488712636 | (488712636) |
| **BABO ETF** | 69880803 | (73101221) |
| **YBIT ETF** | 155798796 | (165888537) |
| **CONY ETF** | 1874033211 | (1959521290) |
| **CVNY ETF** | 46503313 | (47419625) |
| **DISO ETF** | 66251163 | (66361106) |
| **GDXY ETF** | 74692534 | (95805107) |
| **GOOY ETF** | 203986381 | (203986381) |
| **OARK ETF** | 144380637 | (124957100) |
| **JPMO ETF** | 88903273 | (85802484) |
| **MARO ETF** | 66014472 | (66201652) |
| **FBY ETF** | 307123039 | (308906861) |
| **MRNY ETF** | 124272463 | (123819943) |
| **MSFO ETF** | 227458489 | (216051664) |
| **MSTY ETF** | 3306213520 | (3592376696) |
| **NFLY ETF** | 182244157 | (189912461) |
| **NVDY ETF** | 2674518973 | (2704567360) |
| **PLTY ETF** | 214740558 | (237159558) |
| **PYPY ETF** | 111466179 | (105020221) |
| **FIAT ETF** | 118272375 | (78731207) |
| **YQQQ ETF** | 18307716 | (16607178) |
| **DIPS ETF** | 34996000 | (23177193) |
| **CRSH ETF** | 65527406 | (43958583) |
| **SMCY ETF** | 148355006 | (149031013) |
| **SNOY ETF** | 86857344 | (79861012) |
| **TSLY ETF** | 2009264319 | (2052272599) |
| **TSMY ETF** | 75693854 | (75693854) |
| **ULTY ETF** | 248577987 | (255593761) |
| **YMAX ETF** | 14075040 | (28150080) |
| **XOMO ETF** | 97115301 | (90079783) |
| **XYZY ETF** | 138820487 | (138820487) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

*Statements of Assets and Liabilities*

Fair Value of derivative instruments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund:** | **Instrument** | **Balance Sheet** | **Instrument** | **Balance Sheet** |
|  | Investments, at value | Investments, at value | Written options contracts, at value | Written options contracts, at value |
| **APLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $16570575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | $2578108 |
| **ABNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2601288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1272949 |
| **AIYY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9355133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 11752045 |
| **AMDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9068685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 7448399 |
| **AMZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 7404480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 15634691 |
| **BABO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1920973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1854823 |
| **YBIT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 50963800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 264200 |
| **CONY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 95737375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 41544167 |
| **CVNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 8061615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 4025982 |
| **DISO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2563655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 700027 |
| **GDXY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 5141780 |
| **GOOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 7409730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1206464 |
| **OARK ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 5749110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2010328 |
| **JPMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3317456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 584299 |
| **MARO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3769640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2701725 |
| **FBY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3692555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 13904538 |
| **MRNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9333180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 6752103 |
| **MSFO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 7685145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2328721 |
| **MSTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 462299925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 80113189 |
| **NFLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 26628380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1882313 |
| **NVDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 104739650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 41169258 |
| **PLTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 54715065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 20786153 |
| **PYPY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 4470550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 363519 |
| **FIAT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 833655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 11518790 |
| **YQQQ ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 221370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 306797 |
| **DIPS ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 140106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 974200 |
| **CRSH ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 325819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 5409768 |
| **SMCY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 14957900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 13979060 |
| **SNOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 6543720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 922232 |
| **TSLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 173005957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 26488829 |
| **TSMY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 600502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 3057664 |
| **ULTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1691598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 8461307 |
| **XOMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2964787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 658389 |
| **XYZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 6449560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 3998042 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

 

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the six-months/periods ended April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Change in Unrealized** | **Change in Unrealized** |
| **Fund:** | **Instrument:** | **Location:** | **Instrument:** | **Location:** |
|  | Net realized gain (loss) from investments | Net realized gain (loss) from investments | Net change in unrealized appreciation (depreciation) on investments | Net change in unrealized appreciation (depreciation) on investments |
| **APLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $(7790349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $11382002 |
| **ABNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (2676424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 900224 |
| **AIYY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (16672007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (300762) |
| **AMDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (50089662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9351514 |
| **AMZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 5491429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (5922452) |
| **BABO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9638781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1163510 |
| **YBIT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (15441390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3100430 |
| **CONY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (47447218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 58606445 |
| **CVNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2447384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1592314 |
| **DISO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (236618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 292946 |
| **GDXY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 11016026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (2507818) |
| **GOOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 790743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (1066689) |
| **OARK ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 5372520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1615663 |
| **JPMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2384589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1341559 |
| **YMAG ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  |
| **MARO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (14033551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (2859712) |
| **FBY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 6301228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (40360761) |
| **MRNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (33663088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2912246 |
| **MSFO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (17641287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 6097769 |
| **MSTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (31278009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 206423860 |
| **NFLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 7179187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 19027842 |
| **NVDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (298468187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 5279448 |
| **PLTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 73808134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 27901240 |
| **PYPY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (6657117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1750578 |
| **FIAT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 9266997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (6210039) |
| **YQQQ ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 284589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (270461) |
| **DIPS ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 2494899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (229377) |
| **CRSH ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3564240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (1199125) |
| **SMCY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 24869282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 3898093 |
| **SNOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (1248932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 4108927 |
| **TSLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 171985009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 124610616 |
| **TSMY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (5507950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (2564079) |
| **ULTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 21609947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (989788) |
| **YMAX ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 83535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (15026) |
| **XOMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (4880523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 348607 |
| **XYZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | 1557329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | (1090341) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Change in Unrealized** | **Change in Unrealized** |
| **Fund:** | **Instrument:** | **Location:** | **Instrument:** | **Location:** |
|  | Net realized gain (loss) from written options contracts expired or closed | Net realized gain (loss) from written options contracts expired or closed | Net change in unrealized appreciation (depreciation) on written options contracts | Net change in unrealized appreciation (depreciation) on written options contracts |
| **APLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | $(24467061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | $7900984 |
| **ABNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (3885952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1506921 |
| **AIYY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (14593197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (2331200) |
| **AMDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (23575920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 9787619 |
| **AMZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (6037180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (3298832) |
| **BABO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (8633025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1521048 |
| **YBIT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 28404788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7642220) |
| **CONY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (207015603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 142037238 |
| **CVNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (347954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1438888 |
| **DISO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (5327449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1037457 |
| **GDXY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (498504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (500036) |
| **GOOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (10315205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2025747 |
| **OARK ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (10591373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 963031 |
| **JPMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7462084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2068630 |
| **MARO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1598045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 4088889 |
| **FBY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (10949537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (5039154) |
| **MRNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7242744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1839386 |
| **MSFO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1601951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 4199425 |
| **MSTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 149910485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 221779745 |
| **NFLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7427561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 6488014 |
| **NVDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (65987882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 57027172 |
| **PLTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (43889204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 6934866 |
| **PYPY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (7367409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 2414142 |
| **FIAT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (4897781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (5481172) |
| **YQQQ ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (324886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 314634 |
| **DIPS ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (2509994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 709544 |
| **CRSH ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (5152836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1470211) |
| **SMCY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (38460951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1429437 |
| **SNOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1449588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 3560038 |
| **TSLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (356684649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 36136388 |
| **TSMY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1669513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 243127 |
| **ULTY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (2287597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (4278096) |
| **YMAX ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 3940586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1364798) |
| **XOMO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (1215736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | 1055084 |
| **XYZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (24125094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | (709944) |

---

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

*C. Federal Income Taxes.* Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, the Funds are subject to a 4% excise tax that is imposed if the Funds do not distribute by the end of any calendar year at least the sum of (i) 98% of their ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of their capital gain in excess of their capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use each Fund's fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of April 30, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

D. *Securities Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

E. *Distributions to Shareholders.* Distributions to shareholders from net investment income, if any, for the Funds are declared and paid monthly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting periods. Actual results could differ from those estimates.

G. *Share Valuation*. The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the NYSE Arca, Inc. ("NYSE") is closed for trading.

H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

I. *Illiquid Securities*. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limits its illiquid investments that are assets to no more than 15% of the value of the Funds' net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

J. *Derivatives Transactions*. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Funds implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

 

*Underlying Stock Risk.* The Funds invest in options contracts that are based on the value of the Underlying Stocks. This subjects the Funds to certain of the same risks as if each Fund owned shares of the respective Underlying Stocks, even though they do not. By virtue of the Funds' investments in options contracts that are based on the value of the Underlying Stock, the Funds may also be subject to the following risks:

*Indirect Investment in Underlying Stock Risk.* The Underlying Stocks are not affiliated with the Trust, the respective Funds, the Adviser, or their respective affiliates and are not involved with this offering in any way and have no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Funds will not have voting rights and will not be able to influence management of the Underlying Stocks but will be exposed to the performance of the Underlying Stocks. Investors in the Funds will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Stocks but will be subject to declines in the performance of the Underlying Stocks.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

 

*Underlying Stock Trading Risk.* The trading price of the Underlying Stocks may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of the Underlying Stocks may be traded by short sellers which may put pressure on the supply and demand for the common stock of the Underlying Stocks, further influencing volatility in the market price. Public perception and other factors outside of the control of the Underlying Stocks may additionally impact the Underlying Stocks's stock price due to the Underlying Stocks garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company's securities, securities class action litigation has often been instituted against companies such as these. Moreover, stockholder litigation like this has been filed against the Underlying Stocks in the past. While the Underlying Stocks continue to defend such actions, any judgment against the Underlying Stocks, or any future stockholder litigation could result in substantial costs and a diversion of the management of the Underlying Stocks' attention and resources. If the Underlying Stocks trading is halted, trading in Shares of the respective Funds may be impacted, either temporarily or indefinitely.

*Underlying Stock Performance Risk.* The Underlying Stocks may fail to meet their respective publicly announced guidelines or other expectations about their business, which could cause the price of the Underlying Stocks to decline. The Underlying Stocks provide guidance regarding each ones expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance the Underlying Stocks provide may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If the Underlying Stocks' guidance is not accurate or varies from actual results due to each Underlying Stocks inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by the Underlying Stocks could decline significantly.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in each Fund, see the section in each Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee ("Investment Advisory Fee") based on the average daily net assets of each Fund. Each fund, excluding YMAG ETF, ULTY ETF and YMAX ETF, pays an annual rate of 0.99% of each Fund's average daily net assets. The YMAG ETF and YMAX ETF each pay an annual rate of 0.29% of their average daily net assets. The ULTY ETF pays an annual rate of 1.24% of its average daily net assets.

The Adviser has agreed to reduce the ULTY ETF's Investment Advisory Fee to 1.14% of its average daily net assets through at least October 14, 2025. This agreement may be terminated only by, or with the consent of, the Board, on behalf of the ULTY ETF, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board. The fee waiver is not subject to recoupment.

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by each Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, "Excluded Expenses"), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the six-months/periods ended April 30, 2025, are disclosed in the Statements of Operations.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

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**April 30, 2025 (Unaudited)**

As stated above, effective January 1, 2025, the Adviser assumed full management responsibilities for the Funds following the resignation of ZEGA as sub-adviser and its cessation of operations as a registered investment adviser. As a result, there is no sub-advisory agreement currently in effect for the Funds, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**NOTE 5 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the periods ended April 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, options contracts, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Purchases** | **Sales** |
| **APLY ETF** | $— | $— |
| **ABNY ETF** |  |  |
| **AIYY ETF** |  |  |
| **AMDY ETF** |  |  |
| **AMZY ETF** |  |  |
| **BABO ETF** |  |  |
| **YBIT ETF** |  |  |
| **CONY ETF** |  |  |
| **CVNY ETF** |  |  |
| **DISO ETF** |  |  |
| **GDXY ETF** |  |  |
| **GOOY ETF** |  | 3 |
| **OARK ETF** |  |  |
| **JPMO ETF** |  |  |
| **YMAG ETF** | 53651281 | 48411359 |
| **MARO ETF** |  |  |
| **FBY ETF** |  |  |
| **MRNY ETF** |  |  |
| **MSFO ETF** |  |  |
| **MSTY ETF** |  |  |
| **NFLY ETF** |  |  |
| **NVDY ETF** |  |  |
| **PLTY ETF** |  |  |
| **PYPY ETF** |  |  |
| **FIAT ETF** |  |  |
| **YQQQ ETF** |  |  |
| **DIPS ETF** |  |  |
| **CRSH ETF** |  |  |
| **SMCY ETF** |  |  |
| **SNOY ETF** | 24294843 | 22453583 |
| **TSLY ETF** |  |  |
| **TSMY ETF** |  |  |
| **ULTY ETF** | 782885613 | 699263412 |
| **YMAX ETF** | 217760909 | 192931338 |
| **XOMO ETF** |  |  |
| **XYZY ETF** |  |  |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

For the periods ended April 30, 2025, the purchases or sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Purchases** | **Sales** |
| **APLY ETF** | $6781713 | $23897526 |
| **ABNY ETF** | 3123982 | 1481539 |
| **AIYY ETF** | 12849254 | 3681721 |
| **AMDY ETF** | 18993277 | 31851023 |
| **AMZY ETF** | 19853831 | 36053663 |
| **BABO ETF** | 2592638 | 4026249 |
| **YBIT ETF** | 6329728 | 6391667 |
| **CONY ETF** | 93626054 | 122366282 |
| **CVNY ETF** |  |  |
| **DISO ETF** | 4464907 | 4695588 |
| **GDXY ETF** | 3069137 | 2436398 |
| **GOOY ETF** | 9034260 | 12150174 |
| **OARK ETF** | 18254801 | 42871697 |
| **JPMO ETF** | 3875056 | 2263123 |
| **YMAG ETF** |  |  |
| **MARO ETF** | 1201076 |  |
| **FBY ETF** | 8520941 | 14679568 |
| **MRNY ETF** | 7350926 | 265887 |
| **MSFO ETF** | 6067486 | 6478862 |
| **MSTY ETF** |  |  |
| **NFLY ETF** | 6302500 | 7666386 |
| **NVDY ETF** | 82034192 | 140232697 |
| **PLTY ETF** | 13389951 | 2564994 |
| **PYPY ETF** | 2769585 | 4900158 |
| **FIAT ETF** | 2879480 | 8735957 |
| **YQQQ ETF** | 480685 | 212965 |
| **DIPS ETF** | 524824 | 1250631 |
| **CRSH ETF** | 203332 | 2047951 |
| **SMCY ETF** | 9088978 | 3162801 |
| **SNOY ETF** | 4458915 | 1815483 |
| **TSLY ETF** | 269875602 | 594050706 |
| **TSMY ETF** | 4202340 | 2520710 |
| **ULTY ETF** |  |  |
| **YMAX ETF** |  |  |
| **XOMO ETF** | 3452893 | 3728969 |
| **XYZY ETF** | 9372831 | 9798473 |

---

For the periods ended April 30, 2025, the cost of purchases and proceeds from in-kind transactions for the YMAG ETF and YMAX ETF were as follows (the rest of the Funds did not have any in-kind transactions):

---

| | | |
|:---|:---|:---|
| **Fund:** | **Purchases** | **Sales** |
| **YMAG ETF** | $213872524 | $12098013 |
| **YMAX ETF** | 593547609 | 17570204 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**NOTE 7 – AFFILIATED SECURITIES**

The YMAG ETF and YMAX ETF held affiliated securities of the following companies during the six-months ended April 30, 2025. Transactions during the period in these securities of affiliated companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** | **YMAG ETF** |
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|  **Security <br> Name** | **Share <br> Balance <br> 4/30/2025** | **Fair Value <br> 10/31/2024** | **Purchases** | **Sales** | **Realized Gain <br> (Loss)** | **Change in <br> Unrealized <br> Appreciation/<br> (Depreciation)** | **Fair Value <br> 4/30/2025** | **Dividend <br> Income** |
| APLY ETF | 2905409 | $24709419 | $37586518 | $(11190384) | $(1297619) | $(8405856) | $41402078 | $5542716 |
| AMZY ETF | 2734202 | 24893298 | 33819531 | (6382373) | (1272135) | (9416424) | 41641897 | 8802540 |
| GOOY ETF | 3419742 | 25966099 | 33385180 | (7273250) | (2074062) | (8419904) | 41584063 | 7517877 |
| FBY ETF | 2782311 | 26754275 | 36228489 | (10498102) | (598330) | (11598469) | 40287863 | 8774138 |
| MSFO ETF | 2571026 | 25575707 | 33228274 | (9776943) | (3199146) | (4100140) | 41727752 | 5363077 |
| NVDY ETF | 2836194 | 24891597 | 42170971 | (2430234) | (272454) | (23575411) | 40784470 | 14162899 |
| TSLY ETF | 5480451 | 27497969 | 51104843 | (12958086) | (1270724) | (18557435) | 45816566 | 16833889 |
|  |  | $180288364 |  |  | $(9984470) | $(84073639) | $293244689 | $66997136 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** | **YMAX ETF** |
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|  **Security <br> Name** | **Share<br> Balance <br> 4/30/2025** | **Fair Value <br> 10/31/2024** | **Purchases** | **Sales** | **Realized Gain <br> (Loss)** | **Change in <br> Unrealized<br> Appreciation/ <br> (Depreciation)** | **Fair Value <br> 4/30/2025** | **Dividend<br> Income** |
| APLY ETF | 1715501 | $13238896 | $24357068 | $(7664026) | $(698877) | $(4787172) | $24445889 | $3065791 |
| ABNY ETF | 2032882 | 13873570 | 22940034 | (4947409) | (465857) | (6883781) | 24516557 | 4522451 |
| AIYY ETF | 5281677 | 12504131 | 30077110 | (659216) | (87353) | (16693890) | 25140782 | 9043140 |
| AMDY ETF | 3539317 | 13217460 | 28708134 | (4499964) | (4043207) | (8394845) | 24987578 | 5135104 |
| AMZY ETF | 1614396 | 13335947 | 22520305 | (5039278) | (1015460) | (5214263) | 24587251 | 4753072 |
| BABO ETF | 1376188 | 13850322 | 25995206 | (15200561) | (339018) | (1296086) | 23009863 | 7010135 |
| YBIT ETF | 2255232 |  | 41612342 | (10432826) | (1916717) | (5379892) | 23882907 | 7615234 |
| CONY ETF | 3082772 | 12349812 | 32133717 | (6306374) | (2501972) | (10643074) | 25032109 | 10667729 |
| CVNY ETF | 661932 |  | 27462236 | (1700019) | (208640) | 1234811 | 26788388 | 2015835 |
| DISO ETF | 1854259 | 13606224 | 23192342 | (6578186) | (848089) | (5449012) | 23923279 | 3462531 |
| GDXY ETF | 1328203 | 13415824 | 24433151 | (16765732) | (1880791) | 1570643 | 20773095 | 5243860 |
| GOOY ETF | 2019194 | 13911268 | 22399809 | (6040678) | (1519489) | (4197511) | 24553399 | 4077569 |
| OARK ETF | 3292818 | 13207790 | 23897361 | (4389637) | (359223) | (7232090) | 25124201 | 5344179 |
| JPMO ETF | 1478016 | 14119642 | 22379761 | (9232499) | (858417) | (3351437) | 23057050 | 3816118 |
| MARO ETF | 1031175 |  | 38005187 | (948243) | (262788) | (14613582) | 22180574 | 6415781 |
| FBY ETF | 1642799 | 14335950 | 24473104 | (7603536) | (416289) | (7001500) | 23787729 | 4819592 |
| MRNY ETF | 8921294 | 14471804 | 32264759 | (1768639) | (1773149) | (19731772) | 23463003 | 8848647 |
| MSFO ETF | 1518061 | 13701802 | 21921668 | (6823315) | (2006756) | (2155269) | 24638130 | 3000160 |
| MSTY ETF | 1061552 | 13264143 | 30399360 | (13065612) | (2614810) | (2144905) | 25838176 | 11125434 |
| NFLY ETF | 1310397 | 13963096 | 22765894 | (12274123) | (1070099) | 1250696 | 24635464 | 5847961 |
| NVDY ETF | 1674627 | 13335799 | 25579472 | (1611616) | (241250) | (12981268) | 24081137 | 7792536 |
| PLTY ETF | 392121 |  | 38000730 | (13176780) | (130113) | 990088 | 25683925 | 9561393 |
| PYPY ETF | 1894098 | 13853259 | 24452886 | (4770154) | (761152) | (8227329) | 24547510 | 4289984 |
| SMCY ETF | 1356664 |  | 45996643 | (13064230) | (1748811) | (7116383) | 24067219 | 11374939 |
| SNOY ETF | 1668406 | 13368930 | 24994797 | (8928298) | (1167650) | (3041480) | 25226299 | 7155718 |
| TSLY ETF | 3235930 | 14733321 | 32038003 | (9027812) | (280355) | (10410782) | 27052375 | 9003351 |
| TSMY ETF | 1748903 | 12893361 | 25183316 | (4892662) | (673793) | (7693288) | 24816934 | 5079584 |
| XOMO ETF | 1782178 | 13447517 | 23857089 | (9303688) | (1474790) | (3616230) | 22909898 | 3224825 |
| XYZY ETF | 2258646 | 13134051 | 29267034 | (3786428) | (310562) | (13820372) | 24483723 | 5875701 |
|  |  | $325133919 |  |  | $(31675477) | $(187030975) | $707234444 | $179188354 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

 **NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the periods ended April 30, 2025 (estimated) and the prior fiscal periods ended October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Distributions paid from:** | &nbsp;&nbsp; **Distributions paid from:** | &nbsp;&nbsp; **Distributions paid from:** | &nbsp;&nbsp; **Distributions paid from:** |
|  | &nbsp;&nbsp; **Ordinary Income** <br> **April 30, 2025** | &nbsp;&nbsp; **Return of Capital** <br> **April 30, 2025** | &nbsp;&nbsp; **Ordinary Income** <br> **October 31, 2024** | &nbsp;&nbsp; **Return of Capital** <br> **October 31, 2024** |
| **APLY ETF** | $&nbsp;&nbsp;2034333 | $&nbsp;&nbsp;13576302 | $&nbsp;&nbsp;7952933 | $&nbsp;&nbsp;7942237 |
| **ABNY ETF** | &nbsp;&nbsp;455566 | &nbsp;&nbsp;5206416 | &nbsp;&nbsp;782854 | &nbsp;&nbsp;480389 |
| **AIYY ETF** | &nbsp;&nbsp;1482287 | &nbsp;&nbsp;31726118 | &nbsp;&nbsp;874595 | &nbsp;&nbsp;13131653 |
| **AMDY ETF** | &nbsp;&nbsp;2690071 | &nbsp;&nbsp;33415817 | &nbsp;&nbsp;9911652 | &nbsp;&nbsp;43650526 |
| **AMZY ETF** | &nbsp;&nbsp;4362217 | &nbsp;&nbsp;46516661 | &nbsp;&nbsp;11939727 | &nbsp;&nbsp;26751756 |
| **BABO ETF** | &nbsp;&nbsp;551110 | &nbsp;&nbsp;10856173 | &nbsp;&nbsp;1351303 | &nbsp;&nbsp;— |
| **YBIT ETF** | &nbsp;&nbsp;885999 | &nbsp;&nbsp;35524179 | &nbsp;&nbsp;687940 | &nbsp;&nbsp;15428412 |
| **CONY ETF** | &nbsp;&nbsp;18764559 | &nbsp;&nbsp;485369539 | &nbsp;&nbsp;130427868 | &nbsp;&nbsp;274839752 |
| **CVNY ETF** | &nbsp;&nbsp;113899 | &nbsp;&nbsp;3222329 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| **DISO ETF** | &nbsp;&nbsp;548245 | &nbsp;&nbsp;4338570 | &nbsp;&nbsp;666805 | &nbsp;&nbsp;3706250 |
| **GDXY ETF** | &nbsp;&nbsp;724771 | &nbsp;&nbsp;10819264 | &nbsp;&nbsp;961525 | &nbsp;&nbsp;2062505 |
| **GOOY ETF** | &nbsp;&nbsp;1785237 | &nbsp;&nbsp;16522210 | &nbsp;&nbsp;1894535 | &nbsp;&nbsp;11181438 |
| **OARK ETF** | &nbsp;&nbsp;985349 | &nbsp;&nbsp;13424684 | &nbsp;&nbsp;2803181 | &nbsp;&nbsp;23765706 |
| **JPMO ETF** | &nbsp;&nbsp;743743 | &nbsp;&nbsp;6454770 | &nbsp;&nbsp;1423567 | &nbsp;&nbsp;1980575 |
| **YMAG ETF** | &nbsp;&nbsp;59785033 | &nbsp;&nbsp;— | &nbsp;&nbsp;11300209 | &nbsp;&nbsp;12967418 |
| **MARO ETF** | &nbsp;&nbsp;405409 | &nbsp;&nbsp;11273316 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| **FBY ETF** | &nbsp;&nbsp;2773350 | &nbsp;&nbsp;29609308 | &nbsp;&nbsp;24199271 | &nbsp;&nbsp;5732114 |
| **MRNY ETF** | &nbsp;&nbsp;1250580 | &nbsp;&nbsp;24018160 | &nbsp;&nbsp;829150 | &nbsp;&nbsp;9155627 |
| **MSFO ETF** | &nbsp;&nbsp;1953116 | &nbsp;&nbsp;12284974 | &nbsp;&nbsp;6248686 | &nbsp;&nbsp;8000692 |
| **MSTY ETF** | &nbsp;&nbsp;14708083 | &nbsp;&nbsp;922204737 | &nbsp;&nbsp;247274410 | &nbsp;&nbsp;— |
| **NFLY ETF** | &nbsp;&nbsp;1571123 | &nbsp;&nbsp;20306612 | &nbsp;&nbsp;17515864 | &nbsp;&nbsp;551336 |
| **NVDY ETF** | &nbsp;&nbsp;23549679 | &nbsp;&nbsp;453843551 | &nbsp;&nbsp;311324754 | &nbsp;&nbsp;63150284 |
| **PLTY ETF** | &nbsp;&nbsp;1385884 | &nbsp;&nbsp;56660711 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| **PYPY ETF** | &nbsp;&nbsp;864975 | &nbsp;&nbsp;9334873 | &nbsp;&nbsp;8716230 | &nbsp;&nbsp;697730 |
| **FIAT ETF** | &nbsp;&nbsp;612248 | &nbsp;&nbsp;19101327 | &nbsp;&nbsp;3417195 | &nbsp;&nbsp;2261623 |
| **YQQQ ETF** | &nbsp;&nbsp;134826 | &nbsp;&nbsp;1020707 | &nbsp;&nbsp;189417 | &nbsp;&nbsp;— |
| **DIPS ETF** | &nbsp;&nbsp;158346 | &nbsp;&nbsp;3663022 | &nbsp;&nbsp;385033 | &nbsp;&nbsp;442930 |
| **CRSH ETF** | &nbsp;&nbsp;301907 | &nbsp;&nbsp;8721371 | &nbsp;&nbsp;781280 | &nbsp;&nbsp;3752805 |
| **SMCY ETF** | &nbsp;&nbsp;1213824 | &nbsp;&nbsp;42216171 | &nbsp;&nbsp;22648 | &nbsp;&nbsp;1315877 |
| **SNOY ETF** | &nbsp;&nbsp;573823 | &nbsp;&nbsp;12037097 | &nbsp;&nbsp;937968 | &nbsp;&nbsp;1820930 |
| **TSLY ETF** | &nbsp;&nbsp;17500437 | &nbsp;&nbsp;407834728 | &nbsp;&nbsp;31820428 | &nbsp;&nbsp;486932585 |
| **TSMY ETF** | &nbsp;&nbsp;608980 | &nbsp;&nbsp;7847810 | &nbsp;&nbsp;569854 | &nbsp;&nbsp;466466 |
| **ULTY ETF** | &nbsp;&nbsp;— | &nbsp;&nbsp;114685305 | &nbsp;&nbsp;3008277 | &nbsp;&nbsp;89997353 |
| **YMAX ETF** | &nbsp;&nbsp;171601430 | &nbsp;&nbsp;— | &nbsp;&nbsp;27963154 | &nbsp;&nbsp;36079501 |
| **XOMO ETF** | &nbsp;&nbsp;728520 | &nbsp;&nbsp;5566120 | &nbsp;&nbsp;1792420 | &nbsp;&nbsp;2567003 |
| **XYZY ETF** | &nbsp;&nbsp;1227940 | &nbsp;&nbsp;18233035 | &nbsp;&nbsp;6862639 | &nbsp;&nbsp;9747016 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

As of the prior fiscal periods ended October 31, 2024, components of the distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **APLY ETF** | **ABNY ETF** | **AIYY ETF** | **AMDY ETF** | **AMZY ETF** | **BABO ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $86830620 | $14128868 | $31855291 | $131451772 | $177286567 | $19817872 |
| Gross tax unrealized appreciation | 735563 | 602084 | 1596136 | 1631011 | 3018268 | 145741 |
| Gross tax unrealized depreciation | (1289941) | (87892) | (717866) | (17259883) | (2626417) | (2641629) |
| Net tax unrealized appreciation (depreciation) | (554378) | 514192 | 878270 | (15628872) | 391851 | (2495888) |
| Undistributed ordinary income (loss) |  |  |  |  |  | 1808987 |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  | 1808987 |
| Other accumulated gain (loss) <sup>(b)</sup> | (515344) | (596498) | (11521438) | (1347408) | (2445659) | (143973) |
| Total distributable earnings<br> (accumulated losses) | $(1069722) | $(72306) | $(10643168) | $(16976280) | $(2053808) | $(830874) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **YBIT ETF** | **CONY ETF** | **DISO ETF** | **GDXY ETF** | **GOOY ETF** | **OARK ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $28398363 | $711831892 | $21057990 | $29181109 | $65630583 | $53667418 |
| Gross tax unrealized appreciation | 9211971 | 13205333 | 486728 | 784000 | 4782790 | 1706865 |
| Gross tax unrealized depreciation | (441681) | (134436124) | (58366) | (744603) | (95486) | (1136593) |
| Net tax unrealized appreciation (depreciation) | 8770290 | (121230791) | 428362 | 39397 | 4687304 | 570272 |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings ... |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (11217444) | (10875429) | (1814538) | (723333) | (6280662) | (9465038) |
| Total distributable earnings<br> (accumulated losses) | $(2447154) | $(132106220) | $(1386176) | $(683936) | $(1593358) | $(8894766) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JPMO ETF** | **YMAG ETF** | **FBY ETF** | **MRNY ETF** | **MSFO ETF** | **MSTY ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $25280938 | $186391425 | $116298023 | $27537194 | $83497623 | $5861528 |
| Gross tax unrealized appreciation | 160471 | 1091549 | 3472999 | 341421 | 644138 | 17526737 |
| Gross tax unrealized depreciation | (399352) | (5312823) | (2142697) | (275242) | (5255204) | (50247397) |
| Net tax unrealized appreciation (depreciation) | (238881) | (4221274) | 1330302 | 66179 | (4611066) | (32720660) |
| Undistributed ordinary income (loss) |  |  |  |  |  | 64291361 |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  | 64291361 |
| Other accumulated gain (loss) <sup>(b)</sup> | (83261) |  | (3182760) | (18885311) | (400504) | (17525670) |
| Total distributable earnings<br> (accumulated losses) | $(322142) | $(4221274) | $(1852458) | $(18819132) | $(5011570) | $14045031 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NFLY ETF** | **NVDY ETF** | **PLTY ETF** | **PYPY ETF** | **FIAT ETF** | **YQQQ ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $50670658 | $1176970451 | $4784667 | $44463377 | $44175159 | $5883706 |
| Gross tax unrealized appreciation | 585975 | 12380829 | 162219 | 1274494 | 7273514 | 29266 |
| Gross tax unrealized depreciation | (270359) | (2473902) | (154696) | (1030826) | (3273349) | (305053) |
| Net tax unrealized appreciation (depreciation) | 315616 | 9906927 | 7523 | 243668 | 4000165 | (275787) |
| Undistributed ordinary income (loss) |  |  | 6995 |  |  | 62169 |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  | 6995 |  |  | 62169 |
| Other accumulated gain (loss) <sup>(b)</sup> | (448726) | (9288366) | (194184) | (1193645) | (7262474) | (27486) |
| Total distributable earnings<br> (accumulated losses) | $(133110) | $618561 | $(179666) | $(949977) | $(3262309) | $(241104) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DIPS ETF** | **CRSH ETF** | **SMCY ETF** | **SNOY ETF** | **TSLY ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $11667196 | $22613872 | $14885587 | $18371224 | $885127186 |
| Gross tax unrealized appreciation | 49802 | 450473 | 361210 | 256430 | 43647523 |
| Gross tax unrealized depreciation | (1741113) | (2542346) | (1644451) | (1607904) | (56728786) |
| Net tax unrealized appreciation (depreciation) | (1691311) | (2091873) | (1283241) | (1351474) | (13081263) |
| Undistributed ordinary income (loss) |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (43026) | (384916) | (2912304) | (215703) | (130706077) |
| Total distributable earnings<br> (accumulated losses) | $(1734337) | $(2476789) | $(4195545) | $(1567177) | $(143787340) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TSMY ETF** | **ULTY ETF** | **YMAX ETF** | **XOMO ETF** | **XYZY ETF** |
| Investments including written options,<br> at cost<sup>(a)</sup> | $22227787 | $191625789 | $356425337 | $31509198 | $46548246 |
| Gross tax unrealized appreciation | 258710 | 21262111 | 29310390 | 608972 | 3448705 |
| Gross tax unrealized depreciation | (924965) | (13984794) | (45526761) | (631449) | (244948) |
| Net tax unrealized appreciation (depreciation) | (666255) | 7277317 | (16216371) | (22477) | 3203757 |
| Undistributed ordinary income (loss) |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (257798) | (12938186) | (6021334) | (513266) | (3319583) |
| Total distributable earnings<br> (accumulated losses) | $(924053) | $(5660869) | $(22237705) | $(535743) | $(115826) |

---

<sup>(a)</sup> The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales.

<sup>(b)</sup> A portion of the other accumulated gain (loss) is attributable to straddles in the amount that follows in the table below:

---

| | |
|:---|:---|
|  | **Straddles** |
| **APLY ETF** | $(515344) |
| **ABNY ETF** | (586498) |
| **AIYY ETF** | (1480995) |
| **AMDY ETF** | (1347408) |
| **AMZY ETF** | (2445659) |
| **BABO ETF** | (143973) |
| **YBIT ETF** | (9038599) |
| **CONY ETF** | (10875429) |
| **DISO ETF** | (421576) |
| **GDXY ETF** | (723333) |
| **GOOY ETF** | (4589257) |
| **OARK ETF** | (1540834) |
| **JPMO ETF** | (83261) |
| **YMAG ETF** |  |
| **FBY ETF** | (3182760) |
| **MRNY ETF** | (260215) |
| **MSFO ETF** | (400504) |
| **MSTY ETF** | (17525670) |
| **NFLY ETF** | (448726) |
| **NVDY ETF** | (9288366) |
| **PLTY ETF** | (162219) |
| **PYPY ETF** | (1193645) |
| **FIAT ETF** | (7262474) |
| **YQQQ ETF** | (27486) |
| **DIPS ETF** | (43026) |
| **CRSH ETF** | (384916) |
| **SMCY ETF** | (361175) |
| **SNOY ETF** | (215703) |
| **TSLY ETF** | (41257539) |
| **TSMY ETF** | (257798) |
| **ULTY ETF** | (12938186) |
| **YMAX ETF** |  |
| **XOMO ETF** | (513266) |
| **XYZY ETF** | (3319583) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

Net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the prior fiscal periods ended October 31, 2024, the Funds have not elected to defer late-year losses. As of the prior fiscal periods ended October 31, 2024, the following Funds had long-term and short-term capital loss carryovers, which do not expire. The TSLY ETF and APLY ETF used $57,146,761 and $2,840,723, respectively, of capital loss carryovers during the period ended October 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital<br> Loss Carryovers** | **Short-Term Capital<br> Loss Carryovers** |
| **APLY ETF** | $— | $— |
| **ABNY ETF** |  |  |
| **AIYY ETF** |  | (10040443) |
| **AMDY ETF** |  |  |
| **AMZY ETF** |  |  |
| **BABO ETF** |  |  |
| **YBIT ETF** |  | (2178845) |
| **CONY ETF** |  |  |
| **DISO ETF** |  | (1392962) |
| **GDXY ETF** |  |  |
| **GOOY ETF** |  | (1691405) |
| **OARK ETF** | (30271) | (7893933) |
| **JPMO ETF** |  |  |
| **YMAG ETF** |  |  |
| **FBY ETF** |  |  |
| **MRNY ETF** |  | (18625096) |
| **MSFO ETF** |  |  |
| **MSTY ETF** |  |  |
| **NFLY ETF** |  |  |
| **NVDY ETF** |  |  |
| **PLTY ETF** |  | (31965) |
| **PYPY ETF** |  |  |
| **FIAT ETF** |  |  |
| **YQQQ ETF** |  |  |
| **DIPS ETF** |  |  |
| **CRSH ETF** |  |  |
| **SMCY ETF** |  | (2551129) |
| **SNOY ETF** |  |  |
| **TSLY ETF** | (368994) | (80079544) |
| **TSMY ETF** |  |  |
| **ULTY ETF** |  |  |
| **YMAX ETF** |  | (6021334) |
| **XOMO ETF** |  |  |
| **XYZY ETF** |  |  |

---

**NOTE 9 – SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE Arca, Inc., except the YQQQ ETF, which is listed and traded on the NASDAQ. Market prices for the Shares may be different from their NAV. The Funds issue and redeem Shares on a continuous basis at NAV generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**April 30, 2025 (Unaudited)**

**NOTE 10 – REVERSE STOCK SPLIT**

During the year ended October 31, 2024, the Shares of the TSLY ETF were adjusted to reflect a reverse stock split. The effect of this reverse stock split was to reduce the number of Shares outstanding in the Fund while maintaining the Fund's and each shareholder's aggregate NAV. All historical per Share information has been retroactively adjusted to reflect this reverse stock split. Set forth below are details regarding the reverse stock split effected on February 26, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Rate** | **NAV Before**<br> **Split** | **NAV After<br> Split** | **Shares** <br> **Outstanding**<br> **Before Split** | **Shares** <br> **Outstanding**<br> **After Split** |
| TSLY ETF | 2/26/2024 | 1 for 2 | $9.28 | $18.56 | 89450000 | 44725000 |

---

**NOTE 11 – RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 12 – SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

 **Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There have been no changes in or disagreements with the Funds' accountants.

 **Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by the report.

 **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

 **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**APPROVAL OF ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS**

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held between August 12-13, 2024, the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") considered the approval of the renewal of:

● the Investment Advisory Agreement (the "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of the Nicholas Fixed Income Alternative ETF (the "Nicholas ETF" or the "Fund");

● a Sub-Advisory Agreement between the Adviser and Nicholas Wealth Management ("Nicholas") with respect to the Nicholas ETF; and

● a Sub-Advisory Agreement between the Adviser and ZEGA Financial, LLC ("ZEGA") with respect to the Nicholas ETF (the Sub-Advisory Agreement together with the Advisory Agreement, referred to as the "Agreements").

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at meetings called for the purpose of voting on such approval.

In preparation for such meetings, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Advisers.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to the Fund's shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services provided and the profits realized by the Adviser and Sub-Advisers from services to be provided to the Fund, including any fall-out benefits; (iii) comparative fee and expense data for the Fund in relation to other investment companies with similar investment objectives; (iv) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflect these economies of scale for the benefit of the Fund; and (v) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Fund. The Board's review included written and oral information furnished to the Board prior to and at the meetings held between August 12-13, 2024. Among other things, the Adviser and Sub-Advisers provided responses to a detailed series of questions, which included information about the Adviser's and Sub-Advisers' operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser's oral presentations and any other information that the Board received at the meetings and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

**Nature, Extent and Quality of Services Provided.** The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services provided by the Adviser and Sub-Advisers, the Board reviewed the Adviser's and Sub-Advisers' compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Advisers' working with ETFs. The Board also considered other services provided to the Fund by the Adviser and Sub-Advisers, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser and Sub-Advisers based on their experience, personnel, operations and resources.

**Historical Performance.** The Board considered the investment performance of the Fund. The Board noted the Fund's performance against its respective benchmark index. In this regard, the Board considered that the Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record. After considering all of the information, the Board concluded that the performance of the Fund was satisfactory.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the advisory fees for the Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for the Fund is a "unified fee."

The Board noted the importance of the fact that the advisory fee for the Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources.

The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with the Fund, and concluded that while the Fund was profitable to the Adviser, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business. The Board also reviewed the sub-advisory fees paid to each Sub-Adviser for its services under the Sub-Advisory Agreements. The Board considered these fees in light of the services the Sub-Advisers provide as investment sub-advisers to the Fund. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser and Sub-Advisers given the work performed by each firm.

The Board also considered that Nicholas and ZEGA were acting as sponsors to the Nicholas ETF, and each had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board also considered that there are additional parties not named above who also share in the economic responsibilities for certain series of the Trust. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor(s) out of its profits. The Board concluded that the sub-advisory fees for the Fund were reasonable in light of the services rendered.

The Board discussed that as the Fund was new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as the Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

The Board also considered that the sub-advisory fees paid to the Sub-Advisers are paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and each Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Advisers from their relationships with the Fund were not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. The Board considered that, because the sub-advisory fees were paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the respective sub-advisory fees.

**Conclusion.** No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement and Sub-Advisory Agreements are fair and reasonable; (b) concluded that the Adviser's and Sub-Advisers' fees are reasonable in light of the services that the Adviser and Sub-Advisers provide to the Fund; and (c) agreed to approve renewal of the Advisory Agreement and Sub-Advisory Agreements for a term of one year.

Effective January 1, 2025, the Adviser has acquired the trading team previously employed by ZEGA, the Fund's sub-adviser. In connection with this transaction, ZEGA will cease operations as a registered investment adviser and resign as a sub-adviser for the Funds. The Adviser will assume full management responsibilities for the Fund. Jay Pestrichelli, a key member of the Fund's portfolio management team previously employed by ZEGA, will continue to serve as a portfolio manager for the Fund, now as an employee of the Adviser. There are no other portfolio manager changes for the Fund. This transaction will not result in any changes to any of the Fund's investment objectives, principal investment strategies, or fees. The Fund will continue to be managed in accordance with its stated policies and objectives, ensuring continuity for shareholders.

 **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240-10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) *[A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex99cert.htm)* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*(b)* *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex99-906cert.htm) .* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Tidal Trust II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>July 9, 2025 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>July 9, 2025 </u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>July 9, 2025 </u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

[Tidal Trust II N-CSRS](yieldmax_ncsrs-043025.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | July 9, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[Tidal Trust II N-CSRS](yieldmax_ncsrs-043025.htm)**

**Exhibit 99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust II for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust II for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich |
| Eric W. Falkeis | Aaron J. Perkovich |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust II | Tidal Trust II |

---

Dated: <u>July 9, 2025 </u> Dated: <u>July 9, 2025 </u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.