# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-26-005229
**Filing Date:** 2026-3
**Character Count:** 766786
**Document Hash:** 2937ab72554bfb0976f8868a277f1c03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005229.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001999371-26-005229

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 144

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 26730654

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### YieldMax(R) BRK.B Option Income Strategy ETF (Series ID: S000077652)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000238140 | YieldMax(R) BRK.B Option Income Strategy ETF | BRKC            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000244356 | YieldMax(R) ABNB Option Income Strategy ETF | ABNY            |

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

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

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

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

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

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

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

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000244361 | YieldMax(R) JP Option Income Strategy ETF | JPO             |

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000247704 | YieldMax(R) Magnificent 7 Fund of Option Income ETFs | YMAG            |

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

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000247705 | YieldMax(R) Universe Fund of Option Income ETFs | YMAX            |

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

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

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

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248347 | YieldMax(R) MSTR Option Income Strategy ETF | MSTY            |

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

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248510 | YieldMax(R) Short COIN Option Income Strategy ETF | FIAT            |

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

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248512 | YieldMax(R) Short NVDA Option Income Strategy ETF | DIPS            |

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

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248513 | YieldMax(R) Short TSLA Option Income Strategy ETF | CRSH            |

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

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248515 | YieldMax(R) Short N100 Option Income Strategy ETF | YQQQ            |

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

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000249067 | YieldMax(R) Bitcoin Option Income Strategy ETF | YBIT            |

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

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

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

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

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

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

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

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

### YieldMax(R) DKNG Option Income Strategy ETF (Series ID: S000086358)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000251852 | YieldMax(R) DKNG Option Income Strategy ETF | DRAY            |

### YieldMax(R) HOOD Option Income Strategy ETF (Series ID: S000086359)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000251853 | YieldMax(R) HOOD Option Income Strategy ETF | HOOY            |

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

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

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

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

### YieldMax(R) RBLX Option Income Strategy ETF (Series ID: S000086364)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000251858 | YieldMax(R) RBLX Option Income Strategy ETF | RBLY            |

### YieldMax(R) Ultra Short Option Income Strategy ETF (Series ID: S000089053)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000255519 | YieldMax(R) Ultra Short Option Income Strategy ETF | SLTY            |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR/A**

**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>October 31, 2025</u>**

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

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

**Annual Shareholder ReportOctober 31, 2025**<br> **YieldMax™ AAPL Option Income Strategy ETF**<br> Ticker: APLY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ AAPL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $110 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiypzm9.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (4/17/2023)**<br>  |
| **YieldMax™ AAPL Option Income ETF - at NAV** | 11.17% | 13.26% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 23.47% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/APLY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **11.17%** versus **21.45%** for the benchmark. Sporadic rapid appreciation in Apple limited upside capture as short call positions required adjustment. These dynamics reflect the typical tradeoff between income generation and capped participation during sharp rallies.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $155363 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $1294591 |
| **Portfolio Turnover** | 20% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuaf7xh.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaf8gm.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 19.4 |
| **Apple, Inc., Expiration: 12/19/2025; Exercise Price: $255.00** | 7.4 |
| **Apple, Inc., Expiration: 12/19/2025; Exercise Price: $255.01** | -1.3 |
| **Apple, Inc., Expiration: 11/07/2025; Exercise Price: $275.00** | -0.6 |
| **Apple, Inc., Expiration: 11/07/2025; Exercise Price: $282.50** | 0.1 |
| **Apple, Inc., Expiration: 11/07/2025; Exercise Price: $280.00** | -0.0^ |
| **Apple, Inc., Expiration: 11/07/2025; Exercise Price: $292.50** | 0.0\* |

---

\* Less than 0.05% of net assets.

---

| | |
|:---|:---|
| ^ | Less than -0.05% of net assets. |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/APLY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ ABNB Option Income Strategy ETF**<br> Ticker: ABNY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ ABNB Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $97 | 1.01% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyowre.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (6/24/2024)**<br>  |
| **YieldMax™ ABNB Option Income Strategy ETF - at NAV** | -8.22% | -11.17% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 19.83% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/ABNY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–8.22%** versus **21.45%** for the benchmark. Intraday volatility led to buying back short calls before the stock retraced, reducing net option income. These conditions reflect how rapid reversals can challenge option-income strategies even when distribution goals are achieved.

YieldMax™ ABNB Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $30988 |
| **Number of Holdings** | 11 |
| **Total Advisory Fee** | $319205 |
| **Portfolio Turnover** | 43% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuaf1r7.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaf2ba.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 19.7 |
| **Airbnb, Inc., Expiration: 12/19/2025; Exercise Price: $130.01** | -7.2 |
| **Airbnb, Inc., Expiration: 12/19/2025; Exercise Price: $130.00** | 5.3 |
| **Airbnb, Inc., Expiration: 11/07/2025; Exercise Price: $129.00** | -4.1 |
| **Airbnb, Inc., Expiration: 11/07/2025; Exercise Price: $134.00** | 2.0 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/ABNY.

#### How has the Fund changed?
Effective November 14, 2025, the Board of Trustees has approved a reverse stock split of the issued and outstanding shares. After the close of trading on NYSE Arca, Inc. on December 1, 2025, the Fund will effect as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ AI Option Income Strategy ETF**<br> Ticker: AIYY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ AI Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $81 | 0.99% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyn9tw.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (11/27/2023)**<br>  |
| **YieldMax™ AI Option Income Strategy ETF - at NAV** | -36.29% | -34.51% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 25.20% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/AIYY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
Performance targets were not met, as the Fund returned **–36.29%** compared with **21.45%** for the benchmark. Intraday swings caused short calls to be repurchased at disadvantageous levels, pressuring returns. Despite the performance lag, the fund maintained strong income generation consistent with its design.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $84570 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $864345 |
| **Portfolio Turnover** | 53% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuaf3bs.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaf3w0.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **C3.ai, Inc., Expiration: 11/21/2025; Exercise Price: $17.50** | 6.2 |
| **C3.ai, Inc., Expiration: 11/21/2025; Exercise Price: $17.51** | -5.5 |
| **C3.ai, Inc., Expiration: 11/07/2025; Exercise Price: $18.00** | -1.9  |
| **C3.ai, Inc., Expiration: 11/07/2025; Exercise Price: $17.50** | -0.7 |
| **C3.ai, Inc., Expiration: 11/07/2025; Exercise Price: $19.50** | 0.4 |
| **C3.ai, Inc., Expiration: 11/07/2025; Exercise Price: $18.50** | 0.3 |
| **C3.ai, Inc., Expiration: 11/07/2025; Exercise Price: $20.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AIYY.

#### How has the Fund changed?
Effective November 14, 2025, on December 1, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ AMD Option Income Strategy ETF**<br> Ticker: AMDY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ AMD Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $129 | 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyl2iz.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (9/18/2023)**<br>  |
| **YieldMax™ AMD Option Income Strategy ETF - at NAV** | 58.57% | 34.61% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.13% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/AMDY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **58.57%** versus **21.45%** for the benchmark, consistent with expectations for an option-income strategy that gives up some upside. Results were in line with internal goals and reflected normal option-related upside caps. Overall, the fund balanced high income with partial equity participation effectively.

YieldMax™ AMD Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $232035 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $1614740 |
| **Portfolio Turnover** | 46% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuaf4ra.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuaf5fh.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 10.4 |
| **Advanced Micro Devices, Inc., Expiration: 11/21/2025; Exercise Price: $260.01** | -7.4 |
| **Advanced Micro Devices, Inc., Expiration: 11/21/2025; Exercise Price: $260.00** | 6.1 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $267.50** | -0.8 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $272.50** | -0.7 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $275.00** | -0.6 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $295.00** | 0.5 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $285.00** | 0.3 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $277.50** | -0.1 |
| **Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $305.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AMDY.

#### How has the Fund changed?
Effective November 14, 2025, on December 5, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

Effective October 1, 2025, the Fund will seek to make distributions on a monthly or more frequent basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ AMZN Option Income Strategy ETF**<br> Ticker: AMZY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ AMZN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $125 | 1.09% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyjeyj.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (7/24/2023)**<br>  |
| **YieldMax™ AMZN Option Income ETF - at NAV** | 28.81% | 30.87% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.28% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/AMZY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **28.81%** compared to **21.45%** for the benchmark. The strategy exceeded internal upside-capture expectations even as option writing capped some gains. This outcome reflects a favorable income-and-upside balance in a strong market.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $311639 |
| **Number of Holdings** | 11 |
| **Total Advisory Fee** | $2632839 |
| **Portfolio Turnover** | 24% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuaf6eq.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuaf6yu.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 20.7 |
| **Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.00** | 10.5 |
| **Amazon.com, Inc., Expiration: 11/07/2025; Exercise Price: $252.50** | -0.6 |
| **Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.01** | -0.5 |
| **Amazon.com, Inc., Expiration: 11/07/2025; Exercise Price: $260.00** | 0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/AMZY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ BABA Option Income Strategy ETF**<br> Ticker: BABO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ BABA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $120 | 0.99% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyhc1s.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/7/2024)**<br>  |
| **YieldMax™ BABA Option Income Strategy ETF - at NAV** | 42.90% | 49.61% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 26.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/BABO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **42.9%** versus **21.45%** for the benchmark after a rapid 45% rally in BABA compressed upside capture. The sudden strong move exceeded what the option overlay could track in real time.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $59709 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $447064 |
| **Portfolio Turnover** | 59% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuaf9au.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuaf9rs.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Alibaba Group Holding Ltd., Expiration: 11/21/2025; Exercise Price: $140.00** | 18.1 |
| **Alibaba Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $175.00** | -0.7 |
| **Alibaba Group Holding Ltd., Expiration: 11/21/2025; Exercise Price: $140.01** | -0.3 |
| **Alibaba Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $180.00** | -0.3 |
| **Alibaba Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $182.50** | 0.1 |
| **Alibaba Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $185.00** | 0.1 |
| **Alibaba Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $190.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/BABO.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Bitcoin Option Income Strategy ETF**<br> Ticker: YBIT (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Bitcoin Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $118 | 1.02% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiye59d.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Since Inception (4/22/2024)**<br>  |
| **YieldMax™ Bitcoin Option Income Strategy ETF - at NAV** | 31.22% | 13.74% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.24% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/YBIT for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did meet its performance target, returning **31.22%** versus **21.45%** for the benchmark as position limits constrained the amount of spreads deployed early in the year. This reduced upside participation during strong periods for crypto-related markets. Still, the fund delivered strong income consistent with its goals.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $110062 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $1199442 |
| **Portfolio Turnover** | 29% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuag9zl.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuagak0.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 13.4 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/21/2025; Exercise Price: $65.01** | -6.7 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/21/2025; Exercise Price: $65.00** | 2.5 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $62.00** | -0.8 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $62.50** | -0.7 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $63.00** | -0.6 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $64.50** | 0.3 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $65.00** | 0.2 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $65.50** | 0.2 |
| **iShares Bitcoin Trust ETF,** <br> **Expiration: 11/07/2025; Exercise Price: $66.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YBIT.

#### How has the Fund changed?
Effective November 14, 2025, on November 28, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ BRK.B Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ BRK.B Option Income Strategy ETF**<br> Ticker: BRKC (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ BRK.B Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/BRKC. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ BRK.B Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Yieldmax™ BRK.B Option Income Strategy ETF | $41 | 1.01% |

---

The Fund commenced operations on June 4, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyg0u3.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (06/04/2025)**<br>  |
| **YieldMax™ BRK.B Option Income Strategy ETF - at NAV** | -2.77% |
| **S&P 500<sup>®</sup> TR** | 15.11% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/BRKC for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–2.77%** versus **15.11%** for the benchmark. Performance aligned with expectations for a steady income-focused option strategy. Overall results reflect balanced income generation with modest participation in the underlying's moves.

**YieldMax™ BRK.B Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $32944 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $82650 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuagjp1.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuagk8r.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 3.2 |
| **Berkshire Hathaway, Inc., Expiration: 11/21/2025; Exercise Price: $490.01** | -3.1 |
| **Berkshire Hathaway, Inc., Expiration: 11/21/2025; Exercise Price: $490.00** | 0.8 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $485.00** | -0.3 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $482.50** | -0.2 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $480.00** | -0.2 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $492.50** | 0.1 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $487.50** | 0.1 |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $495.00** | 0.0\* |
| **Berkshire Hathaway, Inc., Expiration: 11/07/2025; Exercise Price: $497.50** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/BRKC.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ COIN Option Income Strategy ETF**<br> Ticker: CONY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $125 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiyartp.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/14/2023)**<br>  |
| **YieldMax™ COIN Option Income Strategy ETF - at NAV** | 39.94% | 137.87% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.63% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/CONY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **39.94%** compared to **21.45%** for the benchmark. Upside capture was limited because option spreads were not applied to 100% of exposure when Coinbase entered the S&P 500.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $1270188 |
| **Number of Holdings** | 19 |
| **Total Advisory Fee** | $11559288 |
| **Portfolio Turnover** | 31% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafakz.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuafb5y.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Coinbase Global, Inc., Expiration: 12/19/2025;**<br> **Exercise Price: $390.01** | -9.2 |
| **Coinbase Global, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $300.00** | 6.9 |
| **Coinbase Global, Inc., Expiration: 12/19/2025;**<br> **Exercise Price: $390.00** | 2.6 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $357.50** | -0.9 |
| **Coinbase Global, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $300.01** | -0.7 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $362.50** | -0.5 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $377.50** | 0.3 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $370.00** | -0.2 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $382.50** | 0.2 |
| **Coinbase Global, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $365.00** | -0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CONY.

#### How has the Fund changed?
Effective November 14, 2025, on December 1, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ CVNA Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ CVNA Option Income Strategy ETF**<br> Ticker: CVNY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ CVNA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $91 | 1.09% |

---

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

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiy8w6z.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (01/29/2025)**<br>  |
| **YieldMax™ CVNA Option Income Strategy ETF - at NAV** | 20.50% |
| **S&P 500<sup>®</sup> TR** | 14.37% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/CVNY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **20.50%** compared with **14.37%** for the benchmark. Results followed expectations for an option-income strategy that naturally gives up some upside. The fund delivered high income while capturing a portion of Carvana's gains.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $54138 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $386922 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjxb7xaq.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuagmy8.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 35.2 |
| **Carvana Co., Expiration: 12/19/2025;**<br> **Exercise Price: $300.00** | 10.4 |
| **Carvana Co., Expiration: 12/19/2025;**<br> **Exercise Price: $300.01** | -8.4 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $317.50** | -0.9 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $322.50** | -0.3 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $337.50** | 0.3 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $330.00** | -0.2 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $320.00** | -0.1 |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $350.00** | 0.0\* |
| **Carvana Co., Expiration: 11/07/2025;**<br> **Exercise Price: $340.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CVNY.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ DIS Option Income Strategy ETF**<br> Ticker: DISO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ DIS Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $129 | 1.21% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiy7c3x.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/24/2023)**<br>  |
| **YieldMax™ DIS Option Income ETF - at NAV** | 12.80% | 11.20% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.36% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/DISO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **12.8%** versus **21.45%** for the benchmark. Results were not consistent with expectations for a call-writing strategy that prioritizes income over full upside. The fund delivered steady returns while maintaining its income mandate.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $35195 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $362291 |
| **Portfolio Turnover** | 62% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafeyy.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuaffm4.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 9.3 |
| **The Walt Disney Company, Expiration: 11/21/2025; Exercise Price: $120.01** | -8.0 |
| **The Walt Disney Company, Expiration: 11/21/2025; Exercise Price: $120.00** | 1.9 |
| **The Walt Disney Company, Expiration: 11/07/2025; Exercise Price: $113.00** | -0.7 |
| **The Walt Disney Company, Expiration: 11/07/2025; Exercise Price: $114.00** | -0.4 |
| **The Walt Disney Company, Expiration: 11/07/2025; Exercise Price: $117.00** | 0.2 |
| **The Walt Disney Company, Expiration: 11/07/2025; Exercise Price: $116.00** | 0.1 |
| **The Walt Disney Company, Expiration: 11/07/2025; Exercise Price: $115.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/DISO.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ DKNG Option Income Strategy ETF**<br> Ticker: DRAY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ DKNG Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/DRAY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ DKNG Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Yieldmax™ DKNG Option Income Strategy ETF | $27 | 1.03% |

---

The Fund commenced operations on July 14, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiy55rk.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (07/14/2025)**<br>  |
| **YieldMax™ DKNG Option Income Strategy ETF - at NAV** | -26.06% |
| **S&P 500<sup>®</sup> TR** | 9.49% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/DRAY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–26.06%** versus **9.49%** for the benchmark. The option overlay helped cushion losses during a down period for the underlying. Overall, the fund performed less than expected while supporting a high level of income.

YieldMax™ DKNG Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $28808 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $35041 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjxb3j8q.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaghfj.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **DraftKings, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $31.01** | -7.8 |
| **DraftKings, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $31.00** | 6.7 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $32.00** | -2.1 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $35.00** | 0.6 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $33.00** | -0.4 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $33.50** | -0.3 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $32.50** | -0.3 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $36.00** | 0.3 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $34.50** | 0.3 |
| **DraftKings, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $35.50** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/DRAY.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Gold Miners Option Income Strategy ETF** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Gold Miners Option Income Strategy ETF**<br> Ticker: GDXY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Gold Miners Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $124 | 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiy42n6.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (5/20/2024)**<br>  |
| **YieldMax™ Gold Miners Option Income Strategy ETF - at NAV** | 47.42% | 30.12% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 20.66% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/GDXY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **47.42%** versus **21.45%** for the benchmark as gold miners surged roughly 50% in a short period. The call-writing overlay limited upside participation during this sharp move. Still, the fund maintained a strong income profile consistent with its strategy.

**YieldMax™ Gold Miners Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $186975 |
| **Number of Holdings** | 17 |
| **Total Advisory Fee** | $823357 |
| **Portfolio Turnover** | 36% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafjea.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuafjxk.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 8.3 |
| **VanEck Gold Miners ETF, Expiration: 11/21/2025; Exercise Price: $75.01** | -6.1 |
| **VanEck Gold Miners ETF, Expiration: 11/21/2025; Exercise Price: $75.00** | 2.2 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $73.50** | -0.4 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $74.50** | -0.2 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $74.00** | -0.2 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $76.50** | 0.1 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $75.00** | -0.1 |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $77.50** | 0.0\* |
| **VanEck Gold Miners ETF, Expiration: 11/07/2025; Exercise Price: $77.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/GDXY.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ GOOGL Option Income Strategy ETF**<br> Ticker: GOOY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ GOOGL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $141 | 1.14% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjj2bsy7.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (7/27/2023)**<br>  |
| **YieldMax™ GOOGL Option Income ETF - at NAV** | 47.95% | 21.98% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/GOOY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **47.95%** versus **21.45%** for its benchmark while outperforming internal upside-capture expectations. The strategy effectively balanced equity participation and income. This reflects strong execution of the option-income approach.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $194010 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $1218104 |
| **Portfolio Turnover** | 30% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuafkqe.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafl7i.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Alphabet, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $220.00** | 21.9 |
| **U.S. Treasury Securities** | 7.4 |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $290.00** | -0.1 |
| **Alphabet, Inc., Expiration: 11/21/2025;**<br> **Exercise Price: $220.01** | -0.1 |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $297.50** | -0.1 |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $292.50** | -0.1 |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $295.00** | -0.1 |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $305.00** | 0.0\* |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $300.00** | 0.0\* |
| **Alphabet, Inc., Expiration: 11/07/2025;**<br> **Exercise Price: $307.50** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/GOOY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ HOOD Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ HOOD Option Income Strategy ETF**<br> Ticker: HOOY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ HOOD Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/HOOY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ HOOD Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Yieldmax™ HOOD Option Income Strategy ETF | $78 | 0.99% |

---

The Fund commenced operations on May 7, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiu4zpp.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (05/07/2025)**<br>  |
| **YieldMax™ HOOD Option Income Strategy ETF - at NAV** | 122.37% |
| **S&P 500<sup>®</sup> TR** | 22.22% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/HOOY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The fund met its performance target, returning **122.37%** versus **22.22%** for its benchmark as the underlying surged rapidly from June to October. The call overlay limited upside capture during this unusually fast appreciation. Nonetheless, the fund delivered very high income and strong absolute returns.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $250466 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $717398 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjxb2nd2.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuafmj9.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Robinhood Markets, Inc., Expiration: 12/19/2025; Exercise Price: $145.00** | 11.2 |
| **Robinhood Markets, Inc., Expiration: 12/19/2025; Exercise Price: $145.01** | -9.4 |
| **U.S. Treasury Securities** | 7.3 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $160.00** | -1.0 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $157.50** | -0.8 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $150.00** | -0.7 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $170.00** | 0.3 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $172.50** | 0.3 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $165.00** | 0.2 |
| **Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $175.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/HOOY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

Effective October 1, 2025, the Fund will seek to make distributions on a monthly or more frequent basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Innovation Option Income Strategy ETF**<br> Ticker: OARK (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Innovation Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $204 | 1.61% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjixzu03.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (11/22/2022)**<br>  |
| **YieldMax™ Innovation Option Income Strategy ETF - at NAV** | 53.68% | 17.38% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.73% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/OARK for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **53.68%%** versus **21.45%** for the benchmark. Income generation remained strong and consistent with strategy objectives.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $91684 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $707289 |
| **Portfolio Turnover** | 115% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuafvwm.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuafwg6.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 17.3 |
| **ARK Innovation ETF, Expiration: 11/21/2025; Exercise Price: $80.00** | 11.1 |
| **ARK Innovation ETF, Expiration: 11/21/2025; Exercise Price: $80.01** | -1.1 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $89.00** | -0.8 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $90.00** | -0.7 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $88.00** | -0.4 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $93.00** | 0.2 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $94.00** | 0.2 |
| **ARK Innovation ETF, Expiration: 11/07/2025; Exercise Price: $91.00** | 0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/OARK.

#### How has the Fund changed?
Effective November 14, 2025, on December 1, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ JPM Option Income Strategy ETF**<br> Ticker: JPMO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ JPM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $116 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjixy6ng.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (9/11/2023)**<br>  |
| **YieldMax™ JPM Option Income Strategy ETF - at NAV** | 23.05% | 18.48% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 23.47% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/JPMO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **23.05%** versus **21.45%** for the benchmark after large intraday moves forced repurchasing short calls at higher prices. The fund maintained a steady income profile aligned with its mandate.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $60925 |
| **Number of Holdings** | 14 |
| **Total Advisory Fee** | $522833 |
| **Portfolio Turnover** | 32% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafndc.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuafnyi.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 14.6 |
| **JPMorgan Chase & Co., Expiration: 11/21/2025; Exercise Price: $290.00** | 7.6 |
| **JPMorgan Chase & Co., Expiration: 11/21/2025; Exercise Price: $290.01** | -0.4 |
| **JPMorgan Chase & Co., Expiration: 11/07/2025; Exercise Price: $317.50** | -0.3 |
| **JPMorgan Chase & Co., Expiration: 11/07/2025; Exercise Price: $315.00** | -0.3 |
| **JPMorgan Chase & Co., Expiration: 11/07/2025; Exercise Price: $320.00** | 0.1 |
| **JPMorgan Chase & Co., Expiration: 11/07/2025; Exercise Price: $325.00** | 0.1 |
| **JPMorgan Chase & Co., Expiration: 11/21/2025; Exercise Price: $290.01** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/JPMO.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Magnificent 7 Fund of Option Income ETFs** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Magnificent 7 Fund of Option Income ETFs**<br> Ticker: YMAG (Listed on NYSE Arca, Inc.) <br>

This 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 October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $34 | 0.29% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes5bx1mz1mjrq1m66.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (1/29/2024)**<br>  |
| **YieldMax™ Magnificent 7 Fund of Option Income ETF - at NAV** | 31.85% | 31.36% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.15% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/YMAG for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **31.85%** versus **21.45%** for the benchmark while outperforming internal upside expectations. The diversified exposure supported steady income and above-target participation. Overall, results aligned well with strategy objectives.

**YieldMax™ Magnificent 7 Fund of Option Income ETFs** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $471840 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $977093 |
| **Portfolio Turnover** | 32% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuagbhu.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuagbz7.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **YieldMax NVDA Option Income Strategy ETF** | 14.8 |
| **YieldMax GOOGL Option Income Strategy ETF** | 14.6 |
| **Yieldmax Tsla Option Income ETF** | 14.1 |
| **YieldMax MSFT Option Income Strategy ETF** | 13.9 |
| **YieldMax AAPL Option Income Strategy ETF** | 13.9 |
| **Yieldmax Meta Option Income Strategy ETF** | 12.4 |
| **Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.00** | 1.6 |
| **Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.01** | -0.1 |
| **Amazon.com, Inc., Expiration: 11/07/2025; Exercise Price: $250.00** | -0.1 |
| **Amazon.com, Inc., Expiration: 11/07/2025; Exercise Price: $255.00** | -0.0^ |

---

---

| | |
|:---|:---|
| ^ | Less than -0.05% of net assets. |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YMAG.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ MARA Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ MARA Option Income Strategy ETF**<br> Ticker: MARO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ MARA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $86 | 1.00% |

---

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

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiun964.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (12/09/2024)**<br>  |
| **YieldMax™ MARA Option Income Strategy ETF - at NAV** | -28.01% |
| **S&P 500<sup>®</sup> TR** | 14.28% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/MARO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The fund did not meet its performance target, returning **-28.01** versus **14.28%** for the benchmark amid significant volatility in the underlying. Intraday stock movements created challenges for managing short calls. The fund still delivered substantial income consistent with its objectives.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $95973 |
| **Number of Holdings** | 14 |
| **Total Advisory Fee** | $608508 |
| **Portfolio Turnover** | 100% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuagexg.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuagg3g.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Marathon Digital Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $19.01** | -6.1 |
| **Marathon Digital Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $19.00** | 4.2 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $18.00** | 3.1 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $18.01** | -2.5 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $19.00** | -2.5 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $19.50** | -1.2 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $22.50** | 0.6 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $21.50** | 0.6 |
| **Marathon Digital Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $22.00** | 0.4 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MARO.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ META Option Income Strategy ETF**<br> Ticker: FBY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ META Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $110 | 1.06% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjixvtdu.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (7/27/2023)**<br>  |
| **YieldMax™ META Option Income ETF - at NAV** | 6.96% | 27.97% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/FBY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund not meet its performance target, returning **6.96%** versus **21.45%** for the benchmark after Meta's sharp gains forced short call spreads to be repurchased at losses. This reduced upside capture during rapid price appreciation. Even so, the fund maintained strong income generation aligned with its objective.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $154948 |
| **Number of Holdings** | 18 |
| **Total Advisory Fee** | $1631685 |
| **Portfolio Turnover** | 21% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuafggl.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafh1m.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 20.5 |
| **Meta Platforms, Inc., Expiration: 11/21/2025; Exercise Price: $740.01** | -14.2 |
| **Meta Platforms, Inc., Expiration: 11/21/2025; Exercise Price: $740.00** | 0.6 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $680.00** | -0.3 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $670.00** | -0.2 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $700.00** | 0.2 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $690.00** | 0.2 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $665.00** | -0.1 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $685.00** | -0.1 |
| **Meta Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $705.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/FBY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ MRNA Option Income Strategy ETF**<br> Ticker: MRNY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ MRNA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $76 | 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjixta0s.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (10/23/2023)**<br>  |
| **YieldMax™ MRNA Option Income Strategy ETF - at NAV** | -48.88% | -43.71% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 28.77% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/MRNY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–48.88%** versus **21.45%** for the benchmark as intraday moves raised the cost of repurchasing calls. These adjustments weighed modestly on total return. Despite this, the fund produced high distributions as intended.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $92474 |
| **Number of Holdings** | 18 |
| **Total Advisory Fee** | $788394 |
| **Portfolio Turnover** | 42% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuafou2.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafper.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Moderna, Inc., Expiration: 11/21/2025; Exercise Price: $25.00** | 13.2 |
| **U.S. Treasury Securities** | 10.5 |
| **Moderna, Inc., Expiration: 11/21/2025; Exercise Price: $25.01** | -4.9 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $26.50** | -1.8 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $26.00** | -1.2 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $29.00** | 0.9 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $30.00** | -0.8 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $29.50** | -0.6 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $33.00** | 0.6 |
| **Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $28.50** | 0.6 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MRNY.

#### How has the Fund changed?
Effective November 14, 2025, on November 28, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ MSFT Option Income Strategy ETF**<br> Ticker: MSFO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ MSFT Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $116 | 1.03% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qesjsoa1mjhnwoaz.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/24/2023)**<br>  |
| **YieldMax™ MSFT Option Income ETF - at NAV** | 25.53% | 24.40% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.36% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/MSFO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **25.53%** versus **21.45%** for the benchmark, exceeding internal upside-capture expectations. Option overlays effectively balanced income and participation. This reflects strong alignment with the strategy's goals.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $148991 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $1223441 |
| **Portfolio Turnover** | 16% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuafqaf.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuafqss.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 23.4 |
| **Microsoft Corporation, Expiration: 12/19/2025; Exercise Price: $515.00** | 4.0 |
| **Microsoft Corporation, Expiration: 12/19/2025; Exercise Price: $515.01** | -3.0 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $525.00** | -0.2 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $527.50** | -0.2 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $530.00** | -0.1 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $535.00** | 0.1 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $537.50** | 0.1 |
| **Microsoft Corporation, Expiration: 11/07/2025; Exercise Price: $540.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MSFO.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ MSTR Option Income Strategy ETF**<br> Ticker: MSTY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ MSTR Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $106 | 1.03% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuz70t.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (2/21/2024)**<br>  |
| **YieldMax™ MSTR Option Income Strategy ETF - at NAV** | 4.95% | 92.30% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.18% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/MSTY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **4.95%** versus **21.45%** for the benchmark amid large intraday moves requiring costly call repurchases. These dynamics reduced total return despite high income. Overall, the fund delivered its income objective while accepting limited upside.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $3030103 |
| **Number of Holdings** | 24 |
| **Total Advisory Fee** | $32010413 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafrr6.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuafsaz.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Strategy Inc., Expiration: 11/21/2025; Exercise Price: $330.01** | -10.1 |
| **Strategy Inc., Expiration: 01/16/2026; Exercise Price: $300.01** | -5.6 |
| **Strategy Inc., Expiration: 01/16/2026; Exercise Price: $300.00** | 2.5 |
| **Strategy Inc., Expiration: 12/19/2025; Exercise Price: $270.00** | 2.4 |
| **Strategy Inc., Expiration: 12/19/2025; Exercise Price: $270.01** | -2.3 |
| **U.S. Treasury Securities** | 0.5 |
| **Strategy Inc., Expiration: 11/07/2025; Exercise Price: $280.00** | -0.4 |
| **Strategy Inc., Expiration: 11/21/2025; Exercise Price: $330.00** | 0.4 |
| **Strategy Inc., Expiration: 11/07/2025; Exercise Price: $277.50** | -0.2 |
| **Strategy Inc., Expiration: 11/07/2025; Exercise Price: $282.50** | -0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/MSTY.

#### How has the Fund changed?
There were no material changes during the reporting period.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ NFLX Option Income Strategy ETF**<br> Ticker: NFLY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ NFLX Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $118 | 1.01% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuy03z.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/7/2023)**<br>  |
| **YieldMax™ NFLX Option Income Strategy ETF - at NAV** | 33.04% | 37.73% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.09% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/NFLY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **33.04%** versus **21.45%** for the benchmark as rapid appreciation capped upside through short-call exposure. This constrained performance relative to the underlying. Nevertheless, the fund generated meaningful income and performance aligned with its design.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $133012 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $1259877 |
| **Portfolio Turnover** | 33% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuaft5g.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaftoi.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Netflix, Inc., Expiration: 11/21/2025; Exercise Price: $1,260.01** | -12.7 |
| **U.S. Treasury Securities** | 4.7 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,115.00** | -0.5 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,130.00** | -0.5 |
| **Netflix, Inc., Expiration: 11/21/2025; Exercise Price: $1,260.00** | 0.4 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,140.00** | -0.3 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,145.00** | 0.2 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,160.00** | 0.2 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,170.00** | 0.1 |
| **Netflix, Inc., Expiration: 11/07/2025; Exercise Price: $1,175.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/NFLY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ NVDA Option Income Strategy ETF**<br> Ticker: NVDY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $129 | 1.09% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuwutk.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (5/10/2023)**<br>  |
| **YieldMax™ NVDA Option Income Strategy ETF - at NAV** | 36.93% | 76.49% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.25% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/NVDY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **36.93%** versus **21.45%** for the benchmark in a period of strong Nvidia performance. Results aligned with expectations for a call-writing strategy. The fund balanced income and partial upside effectively.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $1823696 |
| **Number of Holdings** | 18 |
| **Total Advisory Fee** | $15387704 |
| **Portfolio Turnover** | 16% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuafuif.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafv2e.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 20.6 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $165.00** | 11.5 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $205.01** | -2.1 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $205.00** | 1.7 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $210.00** | -0.4 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $165.01** | -0.3 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $215.00** | -0.1 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $212.50** | -0.1 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $217.50** | 0.1 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $220.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/NVDY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ PLTR Option Income Strategy ETF**<br> Ticker: PLTY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ PLTR Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $220 | 1.07% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiycnd9.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (10/7/2024)**<br>  |
| **YieldMax™ PLTR Option Income Strategy ETF - at NAV** | 211.94% | 186.90% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 20.25% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/PLTY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **211.94%** versus **21.45%** for the benchmark. The fund delivered substantial income and strong absolute returns.

YieldMax™ PLTR Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $675756 |
| **Number of Holdings** | 17 |
| **Total Advisory Fee** | $3480680 |
| **Portfolio Turnover** | 26% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuafxel.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuafxww.jpg)

---

| | |
|:---|:---|
| ^ | Less than -0.05% of net assets. |

---

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Palantir Technologies, Inc., Expiration: 11/21/2025; Exercise Price: $160.00** | 9.5 |
| **Palantir Technologies, Inc., Expiration: 11/21/2025; Exercise Price: $200.00** | 4.0 |
| **Palantir Technologies, Inc., Expiration: 11/21/2025; Exercise Price: $200.01** | -3.7 |
| **U.S. Treasury Securities** | 2.9 |
| **Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $210.00** | -1.8 |
| **Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $212.50** | -0.9 |
| **Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $225.00** | 0.8 |
| **Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $207.50** | -0.5 |
| **Palantir Technologies, Inc., Expiration: 11/21/2025; Exercise Price: $160.01** | -0.4 |
| **Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $227.50** | 0.4 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/PLTY.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ PYPL Option Income Strategy ETF**<br> Ticker: PYPY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ PYPL Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $123 | 1.31% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuq27o.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (9/25/2023)**<br>  |
| **YieldMax™ PYPL Option Income Strategy ETF - at NAV** | -12.88% | 10.86% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 25.95% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/PYPY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–12.88%** versus **21.45%** for the benchmark as February's sharp drop and intraday reversals required buying back calls before the stock recovered. This reduced option income and performance. Still, the fund maintained a meaningful distribution consistent with its goals.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $47510 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $542337 |
| **Portfolio Turnover** | 19% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuafyt7.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafzc4.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 10.2 |
| **PayPal Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $67.50** | 5.3 |
| **PayPal Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $67.51** | -2.5 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $70.00** | -0.9 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $73.00** | 0.3 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $69.00** | -0.2 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $72.00** | -0.2 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $71.00** | -0.2 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $75.00** | 0.1 |
| **PayPal Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $74.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/PYPY.

#### How has the Fund changed?
Effective November 26, 2025, on December 5, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 1, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ RBLX Option Income Strategy ETF**<br> Ticker: RBLY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ RBLX Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/RBLY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ RBLX Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Yieldmax™ RBLX Option Income Strategy ETF | $26 | 0.99% |

---

The Fund commenced operations on July 28, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes55d1mjhnxctp.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (07/28/2025)**<br>  |
| **YieldMax™ RBLX Option Income Strategy ETF - at NAV** | -2.18% |
| **S&P 500<sup>®</sup> TR** | 7.38% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/RBLY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–2.18%** versus **7.38%** for the benchmark. Option income helped cushion volatility-driven drawdowns. Despite this, the Fund achieved income objectives.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $29594 |
| **Number of Holdings** | 16 |
| **Total Advisory Fee** | $36531 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuagidb.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuagiuo.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net** <br> **assets)**<br>  |
| **Roblox Corporation, Expiration: 12/19/2025;**<br> **Exercise Price: $130.01** | -16.9 |
| **Roblox Corporation, Expiration: 12/19/2025;**<br> **Exercise Price: $130.00** | 3.1 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $117.00** | -0.6 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $125.00** | 0.2 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $131.00** | 0.1 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $124.00** | -0.1 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $118.00** | -0.1 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $126.00** | -0.1 |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $133.00** | 0.0\* |
| **Roblox Corporation, Expiration: 11/07/2025;**<br> **Exercise Price: $119.00** | -0.0^ |

---

\* Less than 0.05% of net assets.

---

| | |
|:---|:---|
| ^ | Less than -0.05% of net assets. |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/RBLY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Short COIN Option Income Strategy ETF** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Short COIN Option Income Strategy ETF**<br> Ticker: FIAT (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Short COIN Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $71 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuoac6.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (7/9/2024)**<br>  |
| **YieldMax™ Short COIN Option Income Strategy ETF - at NAV** | -63.59% | -50.33% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 18.35% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/FIAT for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target as a short strategy, losing **–63.59%** while the benchmark gained **21.45%**, unsuccessfully losing more than the benchmark's appreciation. This does not match expectations for a risk-managed short-exposure design. High distributions remained a key feature of the fund's profile.

**YieldMax™ Short COIN Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $43366 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $397188 |
| **Portfolio Turnover** | 42% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuafhz3.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuafikm.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 39.1 |
| **Coinbase Global, Inc., Expiration: 11/21/2025; Exercise Price: $300.02** | -14.0 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $345.00** | -1.8 |
| **Coinbase Global, Inc., Expiration: 11/21/2025; Exercise Price: $300.00** | 1.4 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $325.00** | 0.6 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $335.00** | -0.5 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $337.50** | -0.5 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $315.00** | 0.2 |
| **Coinbase Global, Inc., Expiration: 11/21/2025; Exercise Price: $510.00** | 0.2 |
| **Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $317.50** | 0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/FIAT.

#### How has the Fund changed?
Effective November 14, 2025, on December 1, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Short N100 Option Income Strategy ETF**<br> Ticker: YQQQ (Listed on The Nasdaq Stock Market LLC) <br>

This annual shareholder report contains important information about the YieldMax™ Short N100 Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $100 | 1.09% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiulthl.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/14/2024)**<br>  |
| **YieldMax™ Short N100 Option Income Strategy ETF - at NAV** | -15.67% | -15.32% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.08% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/YQQQ for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target as a short strategy, returning -**15.67%** while the benchmark gained **21.45%**, unsuccessfully losing more than the benchmark's appreciation. Results did not align with expectations for the fund's risk-managed design.

YieldMax™ Short N100 Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $14399 |
| **Number of Holdings** | 12 |
| **Total Advisory Fee** | $107179 |
| **Portfolio Turnover** | 31% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuagdnh.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuage4y.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 6.4 |
| **Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $605.02** | -4.8 |
| **Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $605.00** | 0.7 |
| **Invesco QQQ Trust Series 1, Expiration: 11/07/2025; Exercise Price: $622.00** | -0.4 |
| **Invesco QQQ Trust Series 1, Expiration: 11/07/2025; Exercise Price: $615.00** | -0.1 |
| **Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00** | 0.0\* |

---

\* Less than 0.05% of net assets.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YQQQ.

#### How has the Fund changed?
Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Short NVDA Option Income Strategy ETF** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Short NVDA Option Income Strategy ETF**<br> Ticker: DIPS (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Short NVDA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $83 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuknw7.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (7/23/2024)**<br>  |
| **YieldMax™ Short NVDA Option Income Strategy ETF - at NAV** | -40.99% | -42.26% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.54% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.yieldmaxetfs.com/our-etfs/DIPS for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target as a short strategy, losing **–40.99%** while the benchmark gained **21.45%**, losing materially more than the underlying advance. The strategy did not perform as intended under strong upward pressure.

**YieldMax™ Short NVDA Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $8010 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $109220 |
| **Portfolio Turnover** | 22% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuafdhl.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuafe07.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 41.3 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $175.02** | -14.6 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $197.50** | -1.3 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $175.00** | 0.8 |
| **NVIDIA Corporation, Expiration: 11/21/2025; Exercise Price: $250.00** | 0.3 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $185.00** | 0.2 |
| **NVIDIA Corporation, Expiration: 11/07/2025; Exercise Price: $182.50** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/DIPS.

#### How has the Fund changed?
Effective November 14, 2025, on December 1, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Funds will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Short TSLA Option Income Strategy ETF** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Short TSLA Option Income Strategy ETF**<br> Ticker: CRSH (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Short TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $79 | 1.04% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuj3d8.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (5/1/2024)**<br>  |
| **YieldMax™ Short TSLA Option Income Strategy ETF - at NAV** | -48.24% | -44.82% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 24.54% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/CRSH for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target as a short strategy, losing **–48.24%** while the benchmark gained **21.45%**, unsuccessfully losing more than the benchmark's appreciation. The fund did not behave as expected given the strong rally in the underlying.

**YieldMax™ Short TSLA Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $22280 |
| **Number of Holdings** | 12 |
| **Total Advisory Fee** | $253007 |
| **Portfolio Turnover** | 4% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuafc3a.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuafcnv.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 27.4 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $355.02** | -24.5 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $435.00** | -1.4 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $410.00** | 0.5 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $355.00** | 0.4 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $655.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/CRSH.

#### How has the Fund changed?
Effective November 14, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ SMCI Option Income Strategy ETF**<br> Ticker: SMCY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ SMCI Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $114 | 1.01% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiuhptg.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (9/11/2024)**<br>  |
| **YieldMax™ SMCI Option Income Strategy ETF - at NAV** | 25.00% | -7.46% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.64% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/SMCY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **25%** versus **21.45%** for the benchmark despite delisting concerns reducing exposure before the stock rallied. This materially limited upside capture. The fund still produced very high income consistent with its aim.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $301460 |
| **Number of Holdings** | 11 |
| **Total Advisory Fee** | $1781389 |
| **Portfolio Turnover** | 133% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuag08t.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuag0ra.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Super Micro Computer, Inc., Expiration: 11/21/2025; Exercise Price: $52.00** | 8.4 |
| **Super Micro Computer, Inc., Expiration: 11/21/2025; Exercise Price: $52.01** | -8.2 |
| **Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $54.00** | -2.9 |
| **Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $58.00** | 1.4 |
| **Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $55.00** | -1.1 |
| **Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $59.00** | 0.5 |
| **U.S. Treasury Securities** | 0.3 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/SMCY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ SNOW Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ SNOW Option Income Strategy ETF**<br> Ticker: SNOY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ SNOW Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $147 | 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiugd6p.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (6/10/2024)**<br>  |
| **YieldMax™ SNOW Option Income Strategy ETF - at NAV** | 93.18% | 58.56% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 20.68% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/SNOY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **93.18%** versus **21.45%** for the benchmark, with performance in line with expectations given the strategy's capped upside. The fund generated substantial income and performance.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $86075 |
| **Number of Holdings** | 15 |
| **Total Advisory Fee** | $612624 |
| **Portfolio Turnover** | 33% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuag1lo.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuag23q.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Snowflake, Inc., Expiration: 12/19/2025; Exercise Price: $230.00** | 18.4 |
| **U.S. Treasury Securities** | 12.1 |
| **Snowflake, Inc., Expiration: 12/19/2025; Exercise Price: $230.01** | -1.8 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $280.00** | -1.0 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $277.50** | -0.7 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $275.00** | -0.5 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $292.50** | 0.4 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $290.00** | 0.3 |
| **Snowflake, Inc., Expiration: 11/07/2025; Exercise Price: $285.00** | 0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/SNOY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ TSLA Option Income Strategy ETF**<br> Ticker: TSLY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ TSLA Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $140 | 1.07% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjitv7bv.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (11/22/2022)**<br>  |
| **YieldMax™ TSLA Option Income Strategy ETF - at NAV** | 62.26% | 18.41% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.73% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/TSLY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **62.26%** versus **21.45%** for the benchmark, outperforming internal upside-capture expectations. The call overlay balanced Tesla's volatility with income production. Overall, the strategy delivered on its objectives.

YieldMax™ TSLA Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $1286168 |
| **Number of Holdings** | 19 |
| **Total Advisory Fee** | $10835101 |
| **Portfolio Turnover** | 124% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuag4ge.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuag4xv.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 11.0 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $415.00** | 6.6 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $420.00** | 4.3 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $462.50** | -1.3 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $415.01** | -1.1 |
| **Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $420.01** | -0.9 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $460.00** | -0.8 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $487.50** | 0.5 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $485.00** | 0.3 |
| **Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $467.50** | -0.2 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/TSLY.

#### How has the Fund changed?
Effective November 14, 2025, on November 28, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ TSM Option Income Strategy ETF**<br> Ticker: TSMY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ TSM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $122 | 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjitzkfo.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/20/2024)**<br>  |
| **YieldMax™ TSM Option Income Strategy ETF - at NAV** | 44.11% | 41.62% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 19.76% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/TSMY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **44.11%** versus **21.45%** for the benchmark, aligning with expectations for an income-focused strategy. The fund provided substantial distributions while participating in a significant portion of TSM's gains. Results were consistent with the strategy's design.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $72708 |
| **Number of Holdings** | 11 |
| **Total Advisory Fee** | $502491 |
| **Portfolio Turnover** | 77% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes1349c91mjuag5rp.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes5bx1mz1mjuag6bh.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 12/19/2025; Exercise Price: $300.00** | 6.2 |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 12/19/2025; Exercise Price: $300.01** | -5.6 |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 11/07/2025; Exercise Price: $305.00** | -1.1 |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 11/07/2025; Exercise Price: $315.00** | 0.4 |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 11/07/2025; Exercise Price: $310.00** | -0.2 |
| **Taiwan Semiconductor Manufacturing Company Ltd., Expiration: 11/07/2025; Exercise Price: $320.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/TSMY.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Ultra Option Income Strategy ETF**<br> Ticker: ULTY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Ultra Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $138 | 1.24% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiu2lej.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (2/28/2024)**<br>  |
| **YieldMax™ Ultra Option Income Strategy ETF - at NAV** | 23.26% | 8.06% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 21.17% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/ULTY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **23.26%** versus **21.45%** for the benchmark while exceeding internal upside-capture expectations. The diversified option-income structure performed efficiently. Income generation remained a core driver of results.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $2481990 |
| **Number of Holdings** | 109 |
| **Total Advisory Fee** | $13609240 |
| **Portfolio Turnover** | 721% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuag75l.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuag7o5.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Rocket Lab Corp** | 7.6 |
| **NuScale Power Corp** | 7.3 |
| **Robinhood Markets Inc** | 7.1 |
| **Coinbase Global Inc** | 6.3 |
| **CoreWeave Inc** | 5.9 |
| **Rigetti Computing Inc** | 5.4 |
| **SoundHound AI Inc** | 4.6 |
| **Symbotic Inc** | 4.5 |
| **Palantir Technologies Inc** | 4.4 |
| **Quantum Computing Inc** | 3.9 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/ULTY.

#### How has the Fund changed?
Effective December 8, 2025, there were various updates to the Fund's Summary Prospectus, Prospectus, and SAI to reflect certain revisions to the Fund's principal investment strategies (including equity allocation and certain options strategies), to reflect additional risk disclosures, and to reflect changes in the Fund's portfolio management team.

Effective November 14, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:10.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

**YieldMax™ Ultra Short Option Income Strategy ETF** Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Ultra Short Option Income Strategy ETF**<br> Ticker: SLTY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Ultra Short Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.yieldmaxetfs.com/our-etfs/SLTY. You can also request this information by contacting us at (866) 864-3968 or by writing to the YieldMax™ Ultra Short Option Income Strategy ETF c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Yieldmax™ Ultra Short Option Income Strategy ETF | $23 | 1.25% |

---

The Fund commenced operations on August 20, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiudoxv.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **Since Inception (08/20/2025)**<br>  |
| **YieldMax™ Ultra Short Option Income Strategy ETF - at NAV** | -15.12% |
| **S&P 500<sup>®</sup> TR** | 7.19% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/SLTY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–15.12%** versus **7.19%** for the benchmark, influenced by a short track record and evolving stock-selection methodology. These factors created performance variability during the period. Nonetheless, the fund maintained strong income generation.

**YieldMax™ Ultra Short Option Income Strategy ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $20517 |
| **Number of Holdings** | 60 |
| **Total Advisory Fee** | $30995 |
| **Portfolio Turnover** | 0% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjxbi8w4.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuaglnc.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Reddit Inc** | -6.6 |
| **AST SpaceMobile Inc** | -6.4 |
| **Nebius Group NV** | -6.4 |
| **Bitdeer Technologies Group** | -6.1 |
| **Advanced Micro Devices Inc** | -5.4 |
| **Circle Internet Group Inc** | -5.0 |
| **IonQ Inc** | -4.3 |
| **Applied Digital Corp** | -4.0 |
| **Kratos Defense & Security Solutions Inc** | -4.0 |
| **Energy Fuels Inc/Canada** | -4.0 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/SLTY.

#### How has the Fund changed?
Effective September 11, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

YieldMax™ Universe Fund of Option Income ETFs Tailored Shareholder Report

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ Universe Fund of Option Income ETFs**<br> Ticker: YMAX (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ Universe Fund of Option Income ETFs (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $33 | 0.29% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiubwmw.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (1/16/2024)**<br>  |
| **YieldMax™ Universe Fund of Option Income ETF - at NAV** | 27.41% | 23.83% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 23.97% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/YMAX for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund met its performance target, returning **27.41%** versus **21.45%** for the benchmark, supported by strong execution across its income-oriented holdings. Internal upside-capture targets were exceeded. The fund demonstrated effective implementation of its diversified option-income approach.

**YieldMax™ Universe Fund of Option Income ETFs** Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $962096 |
| **Number of Holdings** | 38 |
| **Total Advisory Fee** | $2335642 |
| **Portfolio Turnover** | 76% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuagctp.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **Yieldmax Amzn Option Income ETF** | 3.0 |
| **YieldMax NVDA Option Income Strategy ETF** | 2.9 |
| **YieldMax SNOW Option Income Strategy ETF** | 2.9 |
| **YieldMaxTM PLTR Option Income Strategy ETF** | 2.9 |
| **YieldMax GOOGL Option Income Strategy ETF** | 2.9 |
| **Yieldmax Tsla Option Income ETF** | 2.8 |
| **YieldMax JPM Option Income Strategy ETF** | 2.8 |
| **YieldMax HOOD Option Income Strategy ETF** | 2.8 |
| **Yieldmax RDDT Option Income Strategy ETF** | 2.8 |
| **YieldMax DIS Option Income Strategy ETF** | 2.8 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/YMAX.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ XOM Option Income Strategy ETF**<br> Ticker: XOMO (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ XOM Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $115 | 1.17% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiu9d2t.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (8/30/2023)**<br>  |
| **YieldMax™ XOM Option Income ETF - at NAV** | -3.95% | -0.40% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 22.77% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/XOMO for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–3.95%** versus **21.45%** for the benchmark as intraday moves forced repurchasing short calls before prices retreated. This reduced net option income and hampered performance. Despite this, the fund maintained meaningful distributions.

YieldMax™ XOM Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $48895 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $494877 |
| **Portfolio Turnover** | 23% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qesdusmq61mjuag8ht.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qes1349c91mjuag91y.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 3.8 |
| **Exxon Mobil Corporation, Expiration: 12/19/2025; Exercise Price: $115.01** | -3.7 |
| **Exxon Mobil Corporation, Expiration: 12/19/2025; Exercise Price: $115.00** | 2.9 |
| **Exxon Mobil Corporation, Expiration: 11/07/2025; Exercise Price: $116.00** | -0.4 |
| **Exxon Mobil Corporation, Expiration: 11/07/2025; Exercise Price: $117.00** | -0.2 |
| **Exxon Mobil Corporation, Expiration: 11/07/2025; Exercise Price: $119.00** | 0.1 |
| **Exxon Mobil Corporation, Expiration: 11/07/2025; Exercise Price: $120.00** | 0.1 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/XOMO.

#### How has the Fund changed?
Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

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

**Annual Shareholder Report October 31, 2025**<br> **YieldMax™ XYZ Option Income Strategy ETF**<br> Ticker: XYZY (Listed on NYSE Arca, Inc.) <br>

This annual shareholder report contains important information about the YieldMax™ XYZ Option Income Strategy ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at 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.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class 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 | $131 | 1.36% |

---

#### Cumulative Performance
(Initial Investment of $10,000) ![line](qes33ley1mjiu6n84.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Average Annual Returns for the Periods Ended October 31, 2025:**<br>  | **1 Year**<br>  | **Since Inception (10/10/2023)**<br>  |
| **YieldMax™ XYZ Option Income Strategy ETF - at NAV** | -7.96% | 19.01% |
| **S&P 500<sup>®</sup> TR** | 21.45% | 26.19% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.yieldmaxetfs.com/our-etfs/XYZY for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
The Fund did not meet its performance target, returning **–7.96%** versus **21.45%** for the benchmark amid pronounced whipsawing in the underlying stock. Rapid swings up and down limited the strategy's ability to track moves effectively. Nonetheless, the fund continued to produce high income.

YieldMax™ XYZ Option Income Strategy ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $62412 |
| **Number of Holdings** | 13 |
| **Total Advisory Fee** | $700934 |
| **Portfolio Turnover** | 46% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

#### Security Type - Investments
(% of net assets)

![bar](qes5bx1mz1mjuag2yi.jpg)

#### Security Type - Other Financial Instruments
(% of net assets)

![bar](qesdusmq61mjuag3ix.jpg)

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

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of net assets)**<br>  |
| **U.S. Treasury Securities** | 16.4 |
| **Block, Inc., Expiration: 11/21/2025; Exercise Price: $75.00** | 7.8 |
| **Block, Inc., Expiration: 11/21/2025; Exercise Price: $75.01** | -6.4 |
| **Block, Inc., Expiration: 11/07/2025; Exercise Price: $80.00** | -2.6 |
| **Block, Inc., Expiration: 11/07/2025; Exercise Price: $81.00** | -0.9 |
| **Block, Inc., Expiration: 11/07/2025; Exercise Price: $85.00** | 0.9 |
| **Block, Inc., Expiration: 11/07/2025; Exercise Price: $84.00** | 0.5 |
| **Block, Inc., Expiration: 11/07/2025; Exercise Price: $86.00** | 0.4 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.yieldmaxetfs.com/our-etfs/XYZY.

#### How has the Fund changed?
Effective November 14, 2025, on November 28, 2025, the Fund will effect a reverse split of its issued and outstanding shares as follows: Reverse Split Ratio: 1:5.

Effective October 14, 2025, the Fund will seek to make distributions on a weekly basis.

#### 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.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

YieldMax ETFs

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 10/31/2025 | &nbsp;&nbsp;FYE 10/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$543250 | &nbsp;&nbsp;$425000 |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$271100 | &nbsp;&nbsp;$102000 |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**Services that the Fund's Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers**

The following table shows the amount of fees billed by Cohen to the Advisor and any entities that provide ongoing services to the Funds, for engagements directed related to the Funds' operations and financial reporting, during the Funds' last two fiscal years.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 10/31/2025 | &nbsp;&nbsp;FYE 10/31/2024 |
| &nbsp;&nbsp;(a) Audit-Related Fee | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;(b) Tax Fees | &nbsp;&nbsp;$315000 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;(c) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

The above "Tax Fees" were billed in connection with tax compliance services and agreed upon procedures.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 10/31/2025 | &nbsp;&nbsp;FYE 10/31/2024 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, and David Norris.

(b) Not applicable

**Item 6. Investments.**

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

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

(a) ![](yielmaxncsr001.jpg)

**Financial Statements**

**October 31, 2025**

---

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

---

**YieldMax ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedules of Investments, Securities Sold Short & Written Options Contracts: YieldMax ETFs](#yielmaxncsra001) | 1 |
| [Statements of Assets and Liabilities](#yielmaxncsra002) | 65 |
| [Statements of Operations](#yielmaxncsra003) | 72 |
| [Statements of Changes in Net Assets](#yielmaxncsra004) | 78 |
| [Financial Highlights](#yielmaxncsra005) | 93 |
| [Notes to the Financial Statements](#yielmaxncsra006) | 97 |
| [Report of Independent Registered Public Accounting Firm](#yielmaxncsra007) | 133 |
| [Other Non-Audited Information](#yielmaxncsra008) | 138 |

---

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax AAPL Option Income Strategy ETF**

&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 19.4%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $30129000 | $30125792 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $30,091,894)** |  |  | 30125792 |
| **PURCHASED OPTIONS - 7.6%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 7.6%** |  |  |  |
| Apple, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $282.50 | $153570160 | 5680 | 221520 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $292.50 | 2027775 | 75 | 825 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $255.00 | 155597935 | 5755 | 11567550 |
| **TOTAL PURCHASED OPTIONS (Cost $8,356,211)** |  |  | 11789895 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 60.3%** |  | **Principal** |  |
| 4.17%, 11/06/2025 <sup>(a)(f)</sup> |  | $8253000 | 8250390 |
| 3.99%, 02/19/2026 <sup>(f)</sup> |  | 15030000 | 14861567 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 24337000 | 23943234 |
| 4.04%, 07/09/2026 <sup>(f)</sup> |  | 23739000 | 23155670 |
| 3.83%, 08/06/2026 <sup>(f)</sup> |  | 24301000 | 23632621 |
| **TOTAL U.S. TREASURY BILLS (Cost $93,746,561)** |  |  | 93843482 |
| **MONEY MARKET FUNDS - 3.0%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(a)(g)</sup> |  | 4589865 | 4589865 |
| **TOTAL MONEY MARKET FUNDS (Cost $4,589,865)** |  |  | 4589865 |
| **TOTAL INVESTMENTS - 90.3% (Cost $136,784,531)** |  |  | $140349034 |
| Other Assets in Excess of Liabilities - 9.7% |  |  | 15013626 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $155362660 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $51,675,350.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax AAPL Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| Apple, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $275.00 | $(153570160) | (5680) | $(937200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $280.00 | (2027775) | (75) | (4800) |
| **Total Call Options** |  |  | (942000) |
| **Put Options - (1.3)%** |  |  |  |
| Apple, Inc., Expiration: 12/19/2025; Exercise Price: $255.01 <sup>(a)(b)</sup> | (155597935) | (5755) | (1989138) |
| **TOTAL WRITTEN OPTIONS (Premiums received $6,650,879)** |  |  | $(2931138) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax ABNB Option Income Strategy ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 19.7%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $6107000 | $6106350 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $6,102,212)** |  |  | 6106350 |
| **PURCHASED OPTIONS - 7.3%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 7.3%** |  |  |  |
| Airbnb, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $134.00 | $31268034 | 2471 | 605395 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $130.00 | 31268034 | 2471 | 1637037 |
| **TOTAL PURCHASED OPTIONS (Cost $2,093,532)** |  |  | 2242432 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 74.4%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(f)</sup> |  | $1867000 | 1866410 |
| 3.99%, 02/19/2026 <sup>(f)</sup> |  | 8135000 | 8043835 |
| 3.77%, 04/09/2026 <sup>(f)</sup> |  | 1879000 | 1848599 |
| 4.02%, 07/09/2026 <sup>(a)(f)</sup> |  | 8280000 | 8076538 |
| 3.83%, 08/06/2026 <sup>(f)</sup> |  | 3312000 | 3220906 |
| **TOTAL U.S. TREASURY BILLS (Cost $23,027,986)** |  |  | 23056288 |
| **MONEY MARKET FUNDS - 2.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(a)(g)</sup> |  | 659371 | 659371 |
| **TOTAL MONEY MARKET FUNDS (Cost $659,371)** |  |  | 659371 |
| **TOTAL INVESTMENTS - 103.5% (Cost $31,883,101)** |  |  | $32064441 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Liabilities in Excess of Other Assets - (3.5)% | (1076234 |
| **TOTAL NET ASSETS - 100.0%** | $30988207 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $1,975,321.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax ABNB Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (11.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (4.1)%** |  |  |  |
| Airbnb, Inc., Expiration: 11/07/2025; Exercise Price: $129.00 <sup>(a)(b)</sup> | $(31268034) | (2471) | $(1266388) |
| **Put Options - (7.2)%** |  |  |  |
| Airbnb, Inc., Expiration: 12/19/2025; Exercise Price: $130.01 <sup>(a)(b)</sup> | (31268034) | (2471) | (2220328) |
| **TOTAL WRITTEN OPTIONS (Premiums received $4,383,083)** |  |  | $(3486716) |

---

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. 3

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax AI Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 7.0%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 7.0%** |  |  |  |
| C3.ai, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.50 | $17580000 | 10000 | $260000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $19.50 | 46938600 | 26700 | 320400 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $20.00 | 20049990 | 11405 | 96943 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $17.50 | 84568590 | 48105 | 5267497 |
| **TOTAL PURCHASED OPTIONS (Cost $8,879,513)** |  |  | 5944840 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 94.9%** |  | **Principal** |  |
| 4.22%, 11/06/2025 <sup>(e)</sup> |  | $10669000 | 10665626 |
| 4.03%, 02/19/2026 <sup>(e)(f)</sup> |  | 16185000 | 16003623 |
| 3.76%, 04/09/2026 <sup>(e)(f)</sup> |  | 11008000 | 10829894 |
| 3.97%, 07/09/2026 <sup>(e)(f)</sup> |  | 27687000 | 27006656 |
| 3.76%, 08/06/2026 <sup>(e)</sup> |  | 16220000 | 15773882 |
| **TOTAL U.S. TREASURY BILLS (Cost $80,198,414)** |  |  | 80279681 |
| **MONEY MARKET FUNDS - 2.9%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(a)(g)</sup> |  | 2443372 | 2443372 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,443,372)** |  |  | 2443372 |
| **TOTAL INVESTMENTS - 104.8% (Cost $91,521,299)** |  |  | $88667893 |
| Liabilities in Excess of Other Assets - (4.8)% |  |  | (4098320) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $84569573 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of security has been pledged to the broker in connection with options as of October 31, 2025. The total value of securities segregated as collateral is $21,489,071.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax AI Option Income Strategy ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Written Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (8.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.6)%** |  |  |  |
| C3.ai, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $17.50 | $(17580000) | (10000) | $(615000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.00 | (66988590) | (38105) | (1562305) |
| **Total Call Options** |  |  | (2177305) |
| **Put Options - (5.5)%** |  |  |  |
| C3.ai, Inc., Expiration: 11/21/2025; Exercise Price: $17.51 <sup>(a)(b)</sup> | (84568590) | (48105) | (4682093) |
| **TOTAL WRITTEN OPTIONS (Premiums received $9,327,962)** |  |  | $(6859398) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax AMD Option Income Strategy ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 10.4%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $24192000 | $24189424 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $24,151,791)** |  |  | 24189424 |
| **PURCHASED OPTIONS - 7.0%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 7.0%** |  |  |  |
| Advanced Micro Devices, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $285.00 | $67743740 | 2645 | 777630 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $295.00 | 155208720 | 6060 | 1048380 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $305.00 | 7683600 | 300 | 32100 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $260.00 | 230636060 | 9005 | 14227900 |
| **TOTAL PURCHASED OPTIONS (Cost $20,107,555)** |  |  | 16086010 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 34.3%** |  | **Principal** |  |
| 4.20%, 11/06/2025 <sup>(a)(f)</sup> |  | $15614000 | 15609062 |
| 4.02%, 02/19/2026 <sup>(a)(f)</sup> |  | 25468000 | 25182593 |
| 3.77%, 04/09/2026 <sup>(f)</sup> |  | 5149000 | 5065691 |
| 3.99%, 07/09/2026 <sup>(a)(f)</sup> |  | 29475000 | 28750721 |
| 3.67%, 08/06/2026 <sup>(f)</sup> |  | 5204000 | 5060868 |
| **TOTAL U.S. TREASURY BILLS (Cost $79,582,003)** |  |  | 79668935 |
| **MONEY MARKET FUNDS - 2.9%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(a)(g)</sup> |  | 6659678 | 6659678 |
| **TOTAL MONEY MARKET FUNDS (Cost $6,659,678)** |  |  | 6659678 |
| **TOTAL INVESTMENTS - 54.6% (Cost $130,501,027)** |  |  | $126604047 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Other Assets in Excess of Liabilities - 45.4% | 105430674 |
| **TOTAL NET ASSETS - 100.0%** | $232034721 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $88,669,332.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax AMD Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.2)%** |  |  |  |
| Advanced Micro Devices, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $267.50 | $(67743740) | (2645) | $(1871338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $272.50 | (76836000) | (3000) | (1657500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $275.00 | (78372720) | (3060) | (1499400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $277.50 | (7683600) | (300) | (129750) |
| **Total Call Options** |  |  | (5157988) |
| **Put Options - (7.4)%** |  |  |  |
| Advanced Micro Devices, Inc., Expiration: 11/21/2025; Exercise Price: $260.01 <sup>(a)(b)</sup> | (230636060) | (9005) | (17226524) |
| **TOTAL WRITTEN OPTIONS (Premiums received $21,096,220)** |  |  | $(22384512) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax AMZN Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 20.7%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $64615000 | $64608120 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $64,524,966)** |  |  | 64608120 |
| **PURCHASED OPTIONS - 10.7%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 10.7%** |  |  |  |
| Amazon.com, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $260.00 | $311258390 | 12745 | 662740 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $220.00 | 311258390 | 12745 | 32722788 |
| **TOTAL PURCHASED OPTIONS (Cost $30,060,342)** |  |  | 33385528 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 69.4%** |  | **Principal** |  |
| 4.22%, 11/06/2025 <sup>(a)(f)</sup> |  | $18650000 | 18644102 |
| 4.00%, 02/19/2026 <sup>(a)(f)</sup> |  | 47745000 | 47209946 |
| 3.76%, 04/09/2026 <sup>(a)(f)</sup> |  | 29994000 | 29508705 |
| 4.00%, 07/09/2026 <sup>(a)(f)</sup> |  | 63185000 | 61632376 |
| 3.80%, 08/06/2026 <sup>(a)(f)</sup> |  | 60930000 | 59254171 |
| **TOTAL U.S. TREASURY BILLS (Cost $216,018,163)** |  |  | 216249300 |
| **MONEY MARKET FUNDS - 2.9%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 9058624 | 9058624 |
| **TOTAL MONEY MARKET FUNDS (Cost $9,058,624)** |  |  | 9058624 |
| **TOTAL INVESTMENTS - 103.7% (Cost $319,662,095)** |  |  | $323301572 |
| Liabilities in Excess of Other Assets - (3.7)% |  |  | (11662284) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $311639288 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $17,023,429.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax AMZN Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| Amazon.com, Inc., Expiration: 11/07/2025; Exercise Price: $252.50 <sup>(a)(b)</sup> | $(311258390) | (12745) | $(1899005) |
| **Put Options - (0.5)%** |  |  |  |
| Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.01 <sup>(a)(b)</sup> | (311258390) | (12745) | (1459584) |
| **TOTAL WRITTEN OPTIONS (Premiums received $11,954,503)** |  |  | $(3358589) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax BABA Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 18.4%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 18.4%** |  |  |  |
| Alibaba Group Holding Ltd. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $182.50 | $17043000 | 1000 | $75500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $185.00 | 17043000 | 1000 | 55000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $190.00 | 24797565 | 1455 | 43650 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $140.00 | 58883565 | 3455 | 10796875 |
| **TOTAL PURCHASED OPTIONS (Cost $5,244,789)** |  |  | 10971025 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 78.6%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(e)</sup> |  | $3281000 | 3279962 |
| 3.86%, 02/19/2026 <sup>(e)</sup> |  | 9334000 | 9229399 |
| 3.77%, 04/09/2026 <sup>(e)</sup> |  | 5178000 | 5094221 |
| 3.92%, 07/09/2026 <sup>(e)(f)</sup> |  | 17514000 | 17083634 |
| 3.76%, 08/06/2026 <sup>(e)</sup> |  | 12602000 | 12255393 |
| **TOTAL U.S. TREASURY BILLS (Cost $46,900,932)** |  |  | 46942609 |
| **MONEY MARKET FUNDS - 2.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 1402373 | 1402373 |
| **TOTAL MONEY MARKET FUNDS (Cost $1,402,373)** |  |  | 1402373 |
| **TOTAL INVESTMENTS - 99.3% (Cost $53,548,094)** |  |  | $59316007 |
| Other Assets in Excess of Liabilities - 0.7% |  |  | 392931 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $59708938 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

Percentages are stated as a percent of net assets.

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

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

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

&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) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $1,950,855.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax BABA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.0)%** |  |  |  |
| Alibaba Group Holding Ltd. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $175.00 | $(34086000) | (2000) | $(433000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $180.00 | (24797565) | (1455) | (154230) |
| **Total Call Options** |  |  | (587230) |
| **Put Options - (0.3)%** |  |  |  |
| Alibaba Group Holding Ltd., Expiration: 11/21/2025; Exercise Price: $140.01 <sup>(a)(b)</sup> | (58883565) | (3455) | (173489) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,502,906) |  |  | $(760719) |

---

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**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 13.3%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $14702000 | $14700434 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $14,676,772)** |  |  | 14700434 |
| **PURCHASED OPTIONS - 3.3%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 3.3%** |  |  |  |
| iShares Bitcoin Trust ETF <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $64.50 | $37380000 | 6000 | 324000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $65.00 | 37380000 | 6000 | 264000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $65.50 | 31586100 | 5070 | 182520 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $66.00 | 6230000 | 1000 | 29000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $65.00 | 112576100 | 18070 | 2791815 |
| **TOTAL PURCHASED OPTIONS (Cost $9,906,476)** |  |  | 3591335 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**U.S. TREASURY BILLS - 60.6%** |<br>**Principal** | |
| 4.17%, 11/06/2025 <sup>(a)(f)</sup> | $11069000 | 11065500 |
| 3.92%, 02/19/2026 <sup>(a)(f)</sup> | 13737000 | 13583056 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> | 10651000 | 10478670 |
| 3.93%, 07/09/2026 <sup>(a)(f)</sup> | 22721000 | 22162684 |
| 3.71%, 08/06/2026 <sup>(a)(f)</sup> | 9611000 | 9346658 |
| **TOTAL U.S. TREASURY BILLS (Cost $66,584,135)** |  | 66636568 |
| **MONEY MARKET FUNDS - 0.9%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 997823 | 997823 |
| **TOTAL MONEY MARKET FUNDS (Cost $997,823)** |  | 997823 |
| **TOTAL INVESTMENTS - 78.1% (Cost $92,165,206)** |  | $85926160 |
| Other Assets in Excess of Liabilities - 21.9% |  | 24135695 |
| **TOTAL NET ASSETS - 100.0%** |  | $110061855 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $81,337,002.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax Bitcoin Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (8.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.1)%** |  |  |  |
| iShares Bitcoin Trust ETF <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $62.00 | $(37380000) | (6000) | $(921000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $62.50 | (37380000) | (6000) | (759000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $63.00 | (37816100) | (6070) | (628245) |
| **Total Call Options** |  |  | (2308245) |
| **Put Options - (6.7)%** |  |  |  |
| iShares Bitcoin Trust ETF, Expiration: 11/21/2025; Exercise Price: $65.01 <sup>(a)(b)</sup> | (112576100) | (18070) | (7338258) |
| **TOTAL WRITTEN OPTIONS (Premiums received $8,671,180)** |  |  | $(9646503) |

---

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. 10

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax BRK.B Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 3.2%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $1042000 | $1041889 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $1,041,681)** |  |  | 1041889 |
| **PURCHASED OPTIONS - 1.0%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 1.0%** |  |  |  |
| Berkshire Hathaway, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $487.50 | $4775400 | 100 | 20600 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $492.50 | 9885078 | 207 | 25461 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $495.00 | 9550800 | 200 | 15200 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $497.50 | 9216522 | 193 | 14861 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $490.00 | 33427800 | 700 | 253750 |
| **TOTAL PURCHASED OPTIONS (Cost $1,196,682)** |  |  | 329872 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 94.3%** |  | **Principal** |  |
| 4.13%, 11/06/2025 <sup>(a)(f)</sup> |  | $544000 | 543828 |
| 3.96%, 02/19/2026 <sup>(a)(f)</sup> |  | 9310000 | 9205667 |
| 3.83%, 07/09/2026 <sup>(a)(f)</sup> |  | 13308000 | 12980987 |
| 3.86%, 08/06/2026 <sup>(f)</sup> |  | 8576000 | 8340124 |
| **TOTAL U.S. TREASURY BILLS (Cost $31,038,361)** |  |  | 31070606 |
| **MONEY MARKET FUNDS - 1.2%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 389780 | 389780 |
| **TOTAL MONEY MARKET FUNDS (Cost $389,780)** |  |  | 389780 |
| **TOTAL INVESTMENTS - 99.7% (Cost $33,666,504)** |  |  | $32832147 |
| Other Assets in Excess of Liabilities - 0.3% |  |  | 111771 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $32943918 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $12,984,367.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax BRK.B Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.7)%** |  |  |  |
| Berkshire Hathaway, Inc.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $480.00 | $(4775400) | (100) | $(46250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $482.50 | (9550800) | (200) | (72000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $485.00 | (19101600) | (400) | (105000) |
| **Total Call Options** |  |  | (223250) |
| **Put Options - (3.1)%** |  |  |  |
| Berkshire Hathaway, Inc., Expiration: 11/21/2025; Exercise Price: $490.01<sup>(a)(b)</sup> | (33427800) | (700) | (1018506) |
| **TOTAL WRITTEN OPTIONS (Premiums received $1,149,144)** |  |  | $(1241756) |

---

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**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 10.1%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 10.1%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $377.50 | $571362360 | 16620 | $4437540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $382.50 | 379017450 | 11025 | 2182950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $385.00 | 76662940 | 2230 | 390250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $390.00 | 240646000 | 7000 | 980000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $300.00 | 598349090 | 17405 | 87416612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $390.00 | 669339660 | 19470 | 32709600 |
| **TOTAL PURCHASED OPTIONS (Cost $167,446,570)** |  |  | 128116952 |
| **U.S. TREASURY SECURITIES - 0.1%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> |  | $1000000 | 999894 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $998,044)** |  |  | 999894 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 101.1%** |  |  |  |
| 4.19%, 11/06/2025 <sup>(e)(f)</sup> |  | 263337000 | 263253725 |
| 3.98%, 02/19/2026 <sup>(e)(f)</sup> |  | 311543000 | 308051694 |
| 3.77%, 04/09/2026 <sup>(e)(f)</sup> |  | 91126000 | 89651607 |
| 3.97%, 07/09/2026 <sup>(e)(f)</sup> |  | 436204000 | 425485303 |
| 3.78%, 08/06/2026 <sup>(e)(f)</sup> |  | 203524000 | 197926241 |
| **TOTAL U.S. TREASURY BILLS (Cost $1,283,064,573)** |  |  | 1284368570 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.1%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 1013080 | 1013080 |
| **TOTAL MONEY MARKET FUNDS (Cost $1,013,080)** |  | 1013080 |
| **TOTAL INVESTMENTS - 111.4% (Cost $1,452,522,267)** |  | $1414498496 |
| Liabilities in Excess of Other Assets - (11.4)% |  | (144310600) |
| **TOTAL NET ASSETS - 100.0%** |  | $1270187896 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $430,425,302.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax COIN Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (11.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.7)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $357.50 | $(571362360) | (16620) | $(11135400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $362.50 | (379017450) | (11025) | (6063750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $365.00 | (76662940) | (2230) | (1053675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $370.00 | (240646000) | (7000) | (2590000) |
| **Total Call Options** |  |  | (20842825) |
| **Put Options - (9.9)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $300.01 | (598349090) | (17405) | (8735993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $390.01 | (669339660) | (19470) | (117310924) |
| **Total Put Options** |  |  | (126046917) |
| **TOTAL WRITTEN OPTIONS (Premiums received $162,789,431)** |  |  | $(146889742) |

---

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. 13

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax CVNA Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 35.2%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $19068000 | $19065970 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $19,061,034)** |  |  | 19065970 |
| **PURCHASED OPTIONS - 10.8%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 10.8%** |  |  |  |
| Carvana Co. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $337.50 | $38807964 | 1266 | 158250 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $340.00 | 3341286 | 109 | 10791 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $350.00 | 12261600 | 400 | 13000 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $300.00 | 54410850 | 1775 | 5648938 |
| **TOTAL PURCHASED OPTIONS (Cost $5,519,230)** |  |  | 5830979 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 82.6%** |  | **Principal** |  |
| 4.17%, 11/06/2025 <sup>(a)(f)</sup> |  | $9191000 | 9188094 |
| 3.98%, 02/19/2026 <sup>(a)(f)</sup> |  | 13102000 | 12955172 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 11376000 | 11191939 |
| 3.85%, 07/09/2026 <sup>(a)(f)</sup> |  | 9323000 | 9093909 |
| 3.83%, 08/06/2026 <sup>(a)(f)</sup> |  | 2361000 | 2296063 |
| **TOTAL U.S. TREASURY BILLS (Cost $44,698,767)** |  |  | 44725177 |
| **MONEY MARKET FUNDS - 6.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 3413004 | 3413004 |
| **TOTAL MONEY MARKET FUNDS (Cost $3,413,004)** |  |  | 3413004 |
| **TOTAL INVESTMENTS - 134.9% (Cost $72,692,035)** |  |  | $73035130 |
| Liabilities in Excess of Other Assets - (34.9)% |  |  | (18897501) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $54137629 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $63,791,147.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax CVNA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.4)%** |  |  |  |
| Carvana Co. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $317.50 | $(25688052) | (838) | $(471375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $320.00 | (3341286) | (109) | (50685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $322.50 | (13119912) | (428) | (167990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $330.00 | (12261600) | (400) | (98400) |
| **Total Call Options** |  |  | (788450) |
| **Put Options - (8.4)%** |  |  |  |
| Carvana Co., Expiration: 12/19/2025; Exercise Price: $300.01 <sup>(a)(b)</sup> | (54410850) | (1775) | (4526250) |
| **TOTAL WRITTEN OPTIONS (Premiums received $5,904,898)** |  |  | $(5314700) |

---

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**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 9.3%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $3288000 | $3287650 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $3,282,927)** |  |  | 3287650 |
| **PURCHASED OPTIONS - 2.4%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 2.4%** |  |  |  |
| Walt Disney Co. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $115.00 | $7038750 | 625 | 43750 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $116.00 | 11262000 | 1000 | 47000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $117.00 | 16667760 | 1480 | 56980 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $120.00 | 34968510 | 3105 | 683100 |
| **TOTAL PURCHASED OPTIONS (Cost $858,597)** |  |  | 830830 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 92.8%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(a)(f)</sup> |  | $4223000 | 4221665 |
| 3.98%, 02/19/2026 <sup>(a)(f)</sup> |  | 11194000 | 11068554 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 1067000 | 1049736 |
| 3.98%, 07/09/2026 <sup>(a)(f)</sup> |  | 8332000 | 8127261 |
| 3.83%, 08/06/2026 <sup>(a)(f)</sup> |  | 8411000 | 8179662 |
| **TOTAL U.S. TREASURY BILLS (Cost $32,613,251)** |  |  | 32646878 |
| **MONEY MARKET FUNDS - 2.9%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 1036262 | 1036262 |
| **TOTAL MONEY MARKET FUNDS (Cost $1,036,262)** |  |  | 1036262 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 107.4% (Cost $37,791,037)** | $37801620 |
| Liabilities in Excess of Other Assets - (7.4)% | (2606312) |
| **TOTAL NET ASSETS - 100.0%** | $35195308 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $35,934,528.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax DIS Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.1)%** |  |  |  |
| Walt Disney Co. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $113.00 | $(18300750) | (1625) | $(231563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $114.00 | (16667760) | (1480) | (149480) |
| **Total Call Options** |  |  | (381043) |
| **Put Options - (8.0)%** |  |  |  |
| Walt Disney Co., Expiration: 11/21/2025; Exercise Price: $120.01 <sup>(a)(b)</sup> | (34968510) | (3105) | (2834954) |
| **TOTAL WRITTEN OPTIONS (Premiums received $3,256,818)** |  |  | $(3215997) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax DKNG Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 8.0%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 8.0%** |  |  |  |
| DraftKings, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $34.50 | $5077940 | 1660 | $78850 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $35.00 | 12343065 | 4035 | 177540 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $35.50 | 3059000 | 1000 | 41000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $36.00 | 8412250 | 2750 | 89375 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $31.00 | 28892255 | 9445 | 1926780 |
| **TOTAL PURCHASED OPTIONS (Cost $2,602,410)** |  |  | 2313545 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**U.S. TREASURY BILLS - 125.4%** |<br>**Principal** | |
| 4.24%, 11/06/2025 <sup>(e)(f)</sup> | $250000 | 249921 |
| 3.78%, 02/19/2026 <sup>(e)(f)</sup> | 8437000 | 8342451 |
| 3.74%, 04/09/2026 <sup>(e)</sup> | 892000 | 877567 |
| 3.65%, 07/09/2026 <sup>(e)(f)</sup> | 14076000 | 13730115 |
| 3.63%, 08/06/2026 <sup>(e)(f)</sup> | 13283000 | 12917662 |
| **TOTAL U.S. TREASURY BILLS** (Cost $36,120,405) |  | 36117716 |
| **MONEY MARKET FUNDS - 7.3%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 2093321 | 2093321 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,093,321)** |  | 2093321 |
| **TOTAL INVESTMENTS - 140.7% (Cost $40,816,136)** |  | $40524582 |
| Liabilities in Excess of Other Assets - (40.7)% |  | (11716368) |
| **TOTAL NET ASSETS - 100.0%** |  | $28808214 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) The rate shown is the annualized yield as of October 31, 2025.

(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $31,807,077.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax DKNG Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (10.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.1)%** |  |  |  |
| DraftKings, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $32.00 | $(17421005) | (5695) | $(589433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $32.50 | (3059000) | (1000) | (93500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $33.00 | (3823750) | (1250) | (98750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $33.50 | (4588500) | (1500) | (96750) |
| **Total Call Options** |  |  | (878433) |
| **Put Options - (7.8)%** |  |  |  |
| DraftKings, Inc., Expiration: 11/21/2025; Exercise Price: $31.01 <sup>(a)(b)</sup> | (28892255) | (9445) | (2253797) |
| **TOTAL WRITTEN OPTIONS (Premiums received $2,870,700)** |  |  | $(3132230) |

---

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. 17

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax Gold Miners Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 8.3%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 |  | $15470000 | $15468353 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $15,457,500)** |  |  | 15468353 |
| **PURCHASED OPTIONS - 2.4%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 2.4%** |  |  |  |
| VanEck Gold Miners ETF <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $76.50 | $75663000 | 10500 | 257250 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $77.00 | 35633670 | 4945 | 84065 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $77.50 | 53684700 | 7450 | 89400 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $78.50 | 21618000 | 3000 | 25500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $75.00 | 186599370 | 25895 | 4091410 |
| **TOTAL PURCHASED OPTIONS (Cost $13,981,904)** |  |  | 4547625 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 92.9%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(f)</sup> |  | $13864000 | 13859616 |
| 3.86%, 02/19/2026 <sup>(f)</sup> |  | 35414000 | 35017133 |
| 3.76%, 04/09/2026 <sup>(f)</sup> |  | 29099000 | 28628186 |
| 3.74%, 07/09/2026 <sup>(a)(f)</sup> |  | 49365000 | 48151970 |
| 3.68%, 08/06/2026 <sup>(a)(f)</sup> |  | 49352000 | 47994614 |
| **TOTAL U.S. TREASURY BILLS (Cost $173,601,822)** |  |  | 173651519 |
| **MONEY MARKET FUNDS - 1.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 2493016 | 2493016 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,493,016)** |  |  | 2493016 |
| **TOTAL INVESTMENTS - 104.9% (Cost $205,534,242)** |  |  | $196160513 |
| Liabilities in Excess of Other Assets - (4.9)% |  |  | (9185651) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $186974862 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $20,450,480.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax Gold Miners Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (7.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.9)%** |  |  |  |
| VanEck Gold Miners ETF <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $73.50 | $(75663000) | (10500) | $(855750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $74.00 | (35633670) | (4945) | (323897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $74.50 | (53684700) | (7450) | (391125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $75.00 | (21618000) | (3000) | (129000) |
| **Total Call Options** |  |  | (1699772) |
| **Put Options - (6.1)%** |  |  |  |
| VanEck Gold Miners ETF, Expiration: 11/21/2025; Exercise Price: $75.01 <sup>(a)(b)</sup> | (186599370) | (25895) | (11334656) |
| **TOTAL WRITTEN OPTIONS (Premiums received $11,140,576)** |  |  | $(13034428) |

---

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**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 22.1%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 22.1%** |  |  |  |
| Alphabet, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $300.00 | $43022070 | 1530 | $75735 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $305.00 | 78733200 | 2800 | 79800 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $307.50 | 71562855 | 2545 | 57263 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $220.00 | 193318125 | 6875 | 42556250 |
| **TOTAL PURCHASED OPTIONS (Cost $15,096,997)** |  |  | 42769048 |
| **U.S. TREASURY SECURITIES - 7.4%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> |  | $14387000 | 14385468 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $14,360,123)** |  |  | 14385468 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 70.8%** |  |  |  |
| 4.16%, 11/06/2025 <sup>(e)(f)</sup> |  | 20409000 | 20402546 |
| 3.90%, 02/19/2026 <sup>(e)(f)</sup> |  | 19440000 | 19222146 |
| 3.76%, 04/09/2026 <sup>(e)(f)</sup> |  | 26735000 | 26302435 |
| 3.91%, 07/09/2026 <sup>(e)(f)</sup> |  | 38138000 | 37200847 |
| 3.76%, 08/06/2026 <sup>(e)(f)</sup> |  | 35240000 | 34270753 |
| **TOTAL U.S. TREASURY BILLS (Cost $137,301,136)** |  |  | 137398727 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.1%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 135799 | 135799 |
| **TOTAL MONEY MARKET FUNDS (Cost $135,799)** |  | 135799 |
| **TOTAL INVESTMENTS - 100.4% (Cost $166,894,055)** |  | $194689042 |
| Liabilities in Excess of Other Assets - (0.4)% |  | (679513) |
| **TOTAL NET ASSETS - 100.0%** |  | $194009529 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $151,784,195.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax GOOGL Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.5)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.4)%** |  |  |  |
| Alphabet, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $290.00 | $(43022070) | (1530) | $(265455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $292.50 | (36554700) | (1300) | (161200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $295.00 | (42178500) | (1500) | (124500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $297.50 | (71562855) | (2545) | (169242) |
| **Total Call Options** |  |  | (720397) |
| **Put Options - (0.1)%** |  |  |  |
| Alphabet, Inc., Expiration: 11/21/2025; Exercise Price: $220.01 <sup>(a)(b)</sup> | (193318125) | (6875) | (189593) |
| **TOTAL WRITTEN OPTIONS (Premiums received $7,431,236)** |  |  | $(909990) |

---

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. 20

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax HOOD Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 12.0%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 12.0%** |  |  |  |
| Robinhood Markets, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $165.00 | $44034000 | 3000 | $577500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $170.00 | 75298140 | 5130 | 661770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $172.50 | 88068000 | 6000 | 630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $175.00 | 44034000 | 3000 | 256500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $145.00 | 251434140 | 17130 | 28007550 |
| **TOTAL PURCHASED OPTIONS (Cost $31,741,042)** |  |  | 30133320 |
| **U.S. TREASURY SECURITIES - 7.4%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> |  | $18376000 | 18374043 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $18,369,291)** |  |  | 18374043 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 52.2%** |  |  |  |
| 4.21%, 11/06/2025 <sup>(e)(f)</sup> |  | 37124000 | 37112260 |
| 4.04%, 02/19/2026 <sup>(e)(f)</sup> |  | 37259000 | 36841457 |
| 3.76%, 04/09/2026 <sup>(e)(f)</sup> |  | 5279000 | 5193587 |
| 4.04%, 07/09/2026 <sup>(e)(f)</sup> |  | 35496000 | 34623769 |
| 3.69%, 08/06/2026 <sup>(f)</sup> |  | 17477000 | 16996310 |
| **TOTAL U.S. TREASURY BILLS (Cost $130,636,891)** |  |  | 130767383 |
| **MONEY MARKET FUNDS - 1.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 3696660 | 3696660 |
| **TOTAL MONEY MARKET FUNDS (Cost $3,696,660)** |  |  | 3696660 |
| **TOTAL INVESTMENTS - 73.1% (Cost $184,443,884)** |  |  | $182971406 |
| Other Assets in Excess of Liabilities - 26.9% |  |  | 67494416 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $250465822 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $114,555,675.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax HOOD Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (11.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.5)%** |  |  |  |
| Robinhood Markets, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $150.00 | $(44034000) | (3000) | $(1800000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $157.50 | (75298140) | (5130) | (1833975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $160.00 | (132102000) | (9000) | (2569500) |
| **Total Call Options** |  |  | (6203475) |
| **Put Options - (9.4)%** |  |  |  |
| Robinhood Markets, Inc., Expiration: 12/19/2025; Exercise Price: $145.01 <sup>(a)(b)</sup> | (251434140) | (17130) | (23525902) |
| **TOTAL WRITTEN OPTIONS (Premiums received $36,380,708)** |  |  | $(29729377) |

---

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**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 17.3%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $15856000 | $15854312 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $15,846,438)** |  |  | 15854312 |
| **PURCHASED OPTIONS - 11.7%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 11.7%** |  |  |  |
| ARK Innovation ETF <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $91.00 | $13347000 | 1500 | 140250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $93.00 | 34034850 | 3825 | 225675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $94.00 | 44267550 | 4975 | 208950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $80.00 | 91649400 | 10300 | 10171250 |
| **TOTAL PURCHASED OPTIONS (Cost $5,541,443)** |  |  | 10746125 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 67.1%** |  | **Principal** |  |
| 4.20%, 11/06/2025 <sup>(f)</sup> |  | $9840000 | 9836888 |
| 4.00%, 02/19/2026 <sup>(f)</sup> |  | 7894000 | 7805536 |
| 3.76%, 04/09/2026 <sup>(a)(f)</sup> |  | 14695000 | 14457239 |
| 3.96%, 07/09/2026 <sup>(a)(f)</sup> |  | 14100000 | 13753525 |
| 3.82%, 08/06/2026 <sup>(a)(f)</sup> |  | 16094000 | 15651348 |
| **TOTAL U.S. TREASURY BILLS (Cost $61,451,758)** |  |  | 61504536 |
| **MONEY MARKET FUNDS - 5.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 4859426 | 4859426 |
| **TOTAL MONEY MARKET FUNDS (Cost $4,859,426)** |  |  | 4859426 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 101.4% (Cost $87,699,065)** | $92964399 |
| Liabilities in Excess of Other Assets - (1.4)% | (1280463) |
| **TOTAL NET ASSETS - 100.0%** | $91683936 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $22,463,552.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax Innovation Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.9)%** |  |  |  |
| ARK Innovation ETF <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $88.00 | $(13347000) | (1500) | $(366000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $89.00 | (34034850) | (3825) | (694237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $90.00 | (44267550) | (4975) | (664163) |
| **Total Call Options** |  |  | (1724400) |
| **Put Options - (1.1)%** |  |  |  |
| ARK Innovation ETF, Expiration: 11/21/2025; Exercise Price: $80.01 <sup>(a)(b)</sup> | (91649400) | (10300) | (1034141) |
| **TOTAL WRITTEN OPTIONS (Premiums received $6,316,234)** |  |  | $(2758541) |

---

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, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax JPM Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 14.6%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $8882000 | $8881054 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $8,870,045)** |  |  | 8881054 |
| **PURCHASED OPTIONS - 7.8%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 7.8%** |  |  |  |
| JPMorgan Chase & Co. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $320.00 | $23334000 | 750 | 72375 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $325.00 | 38112200 | 1225 | 51450 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $290.00 | 61446200 | 1975 | 4651125 |
| **Total Call Options** |  |  | 4774950 |
| **Put Options - 0.0% <sup>(f)</sup>** |  |  |  |
| JPMorgan Chase & Co., Expiration: 11/21/2025; Exercise Price: $290.01 <sup>(c)(d)(e)</sup> | 1555600 | 50 | 6860 |
| **TOTAL PURCHASED OPTIONS (Cost $3,911,505)** |  |  | 4781810 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 60.8%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(g)</sup> |  | $2713000 | 2712142 |
| 4.00%, 02/19/2026 <sup>(a)(g)</sup> |  | 7075000 | 6995714 |
| 3.77%, 04/09/2026 <sup>(a)(g)</sup> |  | 6797000 | 6687027 |
| 4.02%, 07/09/2026 <sup>(a)(g)</sup> |  | 11067000 | 10795054 |
| 3.83%, 08/06/2026 <sup>(a)(g)</sup> |  | 10133000 | 9854300 |
| **TOTAL U.S. TREASURY BILLS (Cost $37,002,317)** |  |  | 37044237 |
| **MONEY MARKET FUNDS - 1.6%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(h)</sup> |  | 985655 | 985655 |
| **TOTAL MONEY MARKET FUNDS (Cost $985,655)** |  |  | 985655 |
| **TOTAL INVESTMENTS - 84.8% (Cost $50,769,522)** |  |  | $51692756 |
| Other Assets in Excess of Liabilities - 15.2% |  |  | 9232607 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $60925363 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $39,188,782.

(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) Represents less than 0.05% of net assets.

(g) The rate shown is the annualized yield as of October 31, 2025.

(h) The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements. 24

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax JPM Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (1.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| JPMorgan Chase & Co. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $315.00 | $(23334000) | (750) | $(174750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $317.50 | (38112200) | (1225) | (186812) |
| **Total Call Options** |  |  | (361562) |
| **Put Options - (0.4)%** |  |  |  |
| JPMorgan Chase & Co., Expiration: 11/21/2025; Exercise Price: $290.01 <sup>(a)(b)</sup> | (63001800) | (2025) | (277839) |
| **TOTAL WRITTEN OPTIONS (Premiums received $2,391,799)** |  |  | $(639401) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Magnificent 7 Fund of Option Income ETFs**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 83.9%** | | **Shares** | **Value** |
| YieldMax AAPL Option Income Strategy ETF <sup>(a)</sup> |  | 4775439 | $65662286 |
| YieldMax GOOGL Option Income Strategy ETF <sup>(a)</sup> |  | 4744592 | 69081259 |
| YieldMax META Option Income Strategy ETF <sup>(a)</sup> |  | 4318341 | 58686254 |
| YieldMax MSFT Option Income Strategy ETF <sup>(a)</sup> |  | 3831457 | 65786117 |
| YieldMax NVDA Option Income Strategy ETF <sup>(a)</sup> |  | 4181589 | 69999800 |
| YieldMax TSLA Option Income Strategy ETF <sup>(a)</sup> |  | 1565891 <sup>(f)</sup> | 66628641 |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $384,936,102)** |  |  | 395844357 |
| **PURCHASED OPTIONS - 1.7%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 1.7%** |  |  |  |
| Amazon.com, Inc. <sup>(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $260.00 | $37609880 | 1540 | 80080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $262.50 | 36022450 | 1475 | 54575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $220.00 | 73632330 | 3015 | 7741012 |
| **TOTAL PURCHASED OPTIONS (Cost $3,919,956)** |  |  | 7875667 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 12.0%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(e)</sup> |  | 56837628 | 56837628 |
| **TOTAL MONEY MARKET FUNDS (Cost $56,837,628)** |  |  | 56837628 |
| **TOTAL INVESTMENTS - 97.6% (Cost $445,693,686)** |  |  | $460557652 |
| Other Assets in Excess of Liabilities - 2.4% |  |  | 11282250 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $471839902 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements. 25

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

(a) Affiliated security as defined by the Investment Company Act of 1940. See Note 7.

(b) Non-income producing security.

(c) Exchange-traded.

(d) 100 shares per contract.

(e) The rate shown represents the 7-day annualized yield as of October 31, 2025.

(f) The number of shares held has been retroactively adjusted to reflect reverse stock splits of affiliated issuers. These adjustments had no impact on the Fund's total cost, market value, or net assets. See Note 12.

**YieldMax Magnificent 7 Fund of Option Income ETFs**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (0.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.1)%** |  |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $250.00 | $(37609880) | (1540) | $(334950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $255.00 | (36022450) | (1475) | (157825) |
| **Total Call Options** |  |  | (492775) |
| **Put Options - (0.1)%** |  |  |  |
| Amazon.com, Inc., Expiration: 11/21/2025; Exercise Price: $220.01<sup>(a)(b)</sup> | (73632330) | (3015) | (345284) |
| **TOTAL WRITTEN OPTIONS (Premiums received $4,005,213)** |  |  | $(838059) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax MARA Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 8.8%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 8.8%** |  |  |  |
| MARA Holdings, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.00 | $48232800 | 26400 | $2943600 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $21.50 | 32164335 | 17605 | 554558 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $22.00 | 27405000 | 15000 | 420000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $22.50 | 36905400 | 20200 | 555500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $19.00 | 48241935 | 26405 | 4039965 |
| **TOTAL PURCHASED OPTIONS (Cost $8,341,747)** |  |  | 8513623 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**SHORT-TERM INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS - 96.7%** | **Principal** | |
| 4.20%, 11/06/2025 <sup>(e)(f)</sup> | $3394000 | 3392927 |
| 4.00%, 02/19/2026 <sup>(e)(f)</sup> | 46175000 | 45657540 |
| 3.93%, 07/09/2026 <sup>(e)(f)</sup> | 36949000 | 36041064 |
| 3.69%, 08/06/2026 <sup>(e)(f)</sup> | 7873000 | 7656459 |
| **TOTAL U.S. TREASURY BILLS (Cost $92,648,621)** |  | 92747990 |
| **MONEY MARKET FUNDS - 5.2%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 5024825 | 5024825 |
| **TOTAL MONEY MARKET FUNDS (Cost $5,024,825)** |  | 5024825 |
| **TOTAL INVESTMENTS - 110.7% (Cost $106,015,193)** |  | $106286438 |
| Liabilities in Excess of Other Assets - (10.7)% |  | (10313039) |
| **TOTAL NET ASSETS - 100.0%** |  | $95973399 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) The rate shown is the annualized yield as of October 31, 2025.

(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $25,323,066.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax MARA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (12.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.7)%** |  |  |  |
| MARA Holdings, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $19.00 | $(59569335) | (32605) | $(2363862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $19.50 | (36905400) | (20200) | (1181700) |
| **Total Call Options** |  |  | (3545562) |
| **Put Options - (8.6)%** |  |  |  |
| MARA Holdings, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.01 | (48232800) | (26400) | (2376000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $19.01 | (48241935) | (26405) | (5844961) |
| **Total Put Options** |  |  | (8220961) |
| **TOTAL WRITTEN OPTIONS (Premiums received $11,411,930)** |  |  | $(11766523) |

---

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. 27

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax META Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 20.5%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $31762000 | $31758618 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $31,719,504)** |  |  | 31758618 |
| **PURCHASED OPTIONS - 0.9%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.9%** |  |  |  |
| Meta Platforms, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $690.00 | $51868000 | 800 | 236800 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $700.00 | 73458055 | 1133 | 258891 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $705.00 | 22692250 | 350 | 74550 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $715.00 | 4343945 | 67 | 11859 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $740.00 | 152362250 | 2350 | 893000 |
| **TOTAL PURCHASED OPTIONS (Cost $11,940,265)** |  |  | 1475100 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 72.0%** |  | **Principal** |  |
| 4.20%, 11/06/2025 <sup>(f)</sup> |  | $13087000 | 13082862 |
| 4.00%, 02/19/2026 <sup>(a)(f)</sup> |  | 23607000 | 23342448 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 14043000 | 13815788 |
| 4.06%, 07/09/2026 <sup>(a)(f)</sup> |  | 29410000 | 28687318 |
| 3.83%, 08/06/2026 <sup>(a)(f)</sup> |  | 33504000 | 32582500 |
| **TOTAL U.S. TREASURY BILLS (Cost $111,382,129)** |  |  | 111510916 |
| **MONEY MARKET FUNDS - 1.6%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 2473809 | 2473809 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,473,809)** |  |  | 2473809 |
| **TOTAL INVESTMENTS - 95.0% (Cost $157,515,707)** |  |  | $147218443 |
| Other Assets in Excess of Liabilities - 5.0% |  |  | 7729533 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $154947976 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $120,455,437.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax META Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (14.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.7)%** |  |  |  |
| Meta Platforms, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $665.00 | $(16208750) | (250) | $(183125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $670.00 | (35659250) | (550) | (330000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $680.00 | (73458055) | (1133) | (470195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $685.00 | (22692250) | (350) | (117250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $695.00 | (4343945) | (67) | (17052) |
| **Total Call Options** |  |  | (1117622) |
| **Put Options - (14.2)%** |  |  |  |
| Meta Platforms, Inc., Expiration: 11/21/2025; Exercise Price: $740.01 <sup>(a)(b)</sup> | (152362250) | (2350) | (21949974) |
| **TOTAL WRITTEN OPTIONS (Premiums received $12,682,142)** |  |  | $(23067596) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax MRNA Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 15.6%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 15.6%** |  |  |  |
| Moderna, Inc. (a)(b)(c)(d) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $28.50 | $13580000 | 5000 | $575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $29.00 | 22624280 | 8330 | 841330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $31.00 | 10864000 | 4000 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $33.00 | 45764600 | 16850 | 581325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $25.00 | 92832880 | 34180 | 12219350 |
| **TOTAL PURCHASED OPTIONS (Cost $12,757,286)** |  |  | 14457005 |
| **U.S. TREASURY SECURITIES - 10.5%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 |  | $9718000 | 9716965 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $9,703,045)** |  |  | 9716965 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 80.7%** |  |  |  |
| 4.16%, 11/06/2025 <sup>(e)(f)</sup> |  | 25085000 | 25077068 |
| 3.99%, 02/19/2026 <sup>(f)</sup> |  | 19231000 | 19015488 |
| 3.77%, 04/09/2026 <sup>(f)</sup> |  | 5620000 | 5529070 |
| 3.99%, 07/09/2026 <sup>(e)(f)</sup> |  | 17064000 | 16644692 |
| 3.83%, 08/06/2026 <sup>(e)(f)</sup> |  | 8626000 | 8388749 |
| **TOTAL U.S. TREASURY BILLS (Cost $74,590,733)** |  |  | 74655067 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.4%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 1272956 | 1272956 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,272,956) |  | 1272956 |
| **TOTAL INVESTMENTS - 108.2%** (Cost $98,324,020) |  | $100101993 |
| Liabilities in Excess of Other Assets - (8.2)% |  | (7628166) |
| **TOTAL NET ASSETS - 100.0%** |  | $92473827 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $13,607,803.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax MRNA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (5.0)%** |  |  |  |
| Moderna, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $26.00 | $(13580000) | (5000) | $(1127500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $26.50 | (22624280) | (8330) | (1628515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $28.00 | (10864000) | (4000) | (536000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $29.50 | (18604600) | (6850) | (595950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $30.00 | (27160000) | (10000) | (770000) |
| **Total Call Options** |  |  | (4657965) |
| **Put Options - (4.9)%** |  |  |  |
| Moderna, Inc., Expiration: 11/21/2025; Exercise Price: $25.01 <sup>(a)(b)</sup> | (92832880) | (34180) | (4473407) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $14,663,463) |  |  | $(9131372) |
| 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. 30

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax MSFT Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 23.3%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $34795000 | $34791295 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $34,750,549) |  |  | 34791295 |
| **PURCHASED OPTIONS - 4.3%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 4.3%** |  |  |  |
| Microsoft Corp. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $535.00 | $51781000 | 1000 | 137500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $537.50 | 48674140 | 940 | 101990 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $540.00 | 48156330 | 930 | 77655 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $515.00 | 148611470 | 2870 | 6027000 |
| **TOTAL PURCHASED OPTIONS (Cost $7,339,477)** |  |  | 6344145 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 71.5%** |  | **Principal** |  |
| 4.18%, 11/06/2025 <sup>(a)(f)</sup> |  | $5007000 | 5005417 |
| 3.96%, 02/19/2026 <sup>(a)(f)</sup> |  | 15148000 | 14978244 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 26326000 | 25900053 |
| 4.01%, 07/09/2026 <sup>(a)(f)</sup> |  | 37093000 | 36181526 |
| 3.79%, 08/06/2026 <sup>(a)(f)</sup> |  | 25156000 | 24464105 |
| **TOTAL U.S. TREASURY BILLS (Cost $106,414,672)** |  |  | 106529345 |
| **MONEY MARKET FUNDS - 3.3%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 4889906 | 4889906 |
| **TOTAL MONEY MARKET FUNDS (Cost $4,889,906)** |  |  | 4889906 |
| **TOTAL INVESTMENTS - 102.4% (Cost $153,394,604)** |  |  | $152554691 |
| Liabilities in Excess of Other Assets - (2.4)% |  |  | (3563701) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $148990990 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $141,320,640.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax MSFT Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.5)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.5)%** |  |  |  |
| Microsoft Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $525.00 | $(54370050) | (1050) | $(370125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $527.50 | (46085090) | (890) | (232290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $530.00 | (48156330) | (930) | (206460) |
| **Total Call Options** |  |  | (808875) |
| **Put Options - (3.0)%** |  |  |  |
| Microsoft Corp., Expiration: 12/19/2025; Exercise Price: $515.01 <sup>(a)(b)</sup> | (148611470) | (2870) | (4420689) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $7,463,269) |  |  | $(5229564) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax MSTR Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 5.4%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 5.4%** |  |  |  |
| Strategy, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $300.00 | $720454132 | 26732 | $3207840 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $302.50 | 80853000 | 3000 | 292500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $330.00 | 1338117150 | 49650 | 11543625 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $270.00 | 759344425 | 28175 | 73818500 |
| &nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $300.00 | 928192440 | 34440 | 74907000 |
| **TOTAL PURCHASED OPTIONS** (Cost $353,513,077) |  |  | 163769465 |
| **U.S. TREASURY SECURITIES - 0.5%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> |  | $15296000 | 15294371 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $15,285,248) |  |  | 15294371 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 78.3%** |  |  |  |
| 4.22%, 11/06/2025 <sup>(e)(f)</sup> |  | 425364000 | 425229487 |
| 4.07%, 02/19/2026 <sup>(e)(f)</sup> |  | 435858000 | 430973557 |
| 3.76%, 04/09/2026 <sup>(e)(f)</sup> |  | 264012000 | 259740360 |
| 4.02%, 07/09/2026 <sup>(e)(f)</sup> |  | 610401000 | 595401818 |
| 3.82%, 08/06/2026 <sup>(e)(f)</sup> |  | 679654000 | 660960681 |
| **TOTAL U.S. TREASURY BILLS** (Cost $2,369,734,465) |  |  | 2372305903 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 81581696 | 81581696 |
| **TOTAL MONEY MARKET FUNDS** (Cost $81,581,696) |  | 81581696 |
| **TOTAL INVESTMENTS - 86.9%** (Cost $2,820,114,486) |  | $2632951435 |
| Other Assets in Excess of Liabilities - 13.1% |  | 397151626 |
| **TOTAL NET ASSETS - 100.0%** |  | $3030103061 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $1,782,447,179.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax MSTR Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (19.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.1)%** |  |  |  |
| Strategy, Inc.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $277.50 | $(269510000) | (10000) | $(5400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $280.00 | (772819925) | (28675) | (12903750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $282.50 | (336887500) | (12500) | (4750000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $285.00 | (309936500) | (11500) | (3622500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $287.50 | (312362090) | (11590) | (2909090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $290.00 | (134755000) | (5000) | (1102500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $297.50 | (107804000) | (4000) | (558000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $302.50 | (134755000) | (5000) | (487500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $305.00 | (67377500) | (2500) | (206250) |
| **Total Call Options** |  |  | (31939590) |
| **Put Options - (18.0)%** |  |  |  |
| Strategy, Inc.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $330.01 | (1338117150) | (49650) | (308150108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $270.01 | (759344425) | (28175) | (68887875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 01/16/2026; Exercise Price: $300.01 | (928192440) | (34440) | (169022552) |
| **Total Put Options** |  |  | (546060535) |
| **TOTAL WRITTEN OPTIONS (Premiums received $421,522,746)** |  |  | $(578000125) |
| 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, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax NFLX Option Income Strategy ETF** 

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 4.7%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $6204000 | $6203339 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $6,192,833) |  |  | 6203339 |
| **PURCHASED OPTIONS - 0.9%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.9%** |  |  |  |
| Netflix, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,145.00 | $40278960 | 360 | 309600 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,160.00 | 50348700 | 450 | 256500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,170.00 | 20139480 | 180 | 79200 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,175.00 | 22377200 | 200 | 77000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $1,260.00 | 133144340 | 1190 | 526575 |
| **TOTAL PURCHASED OPTIONS** (Cost $9,580,606) |  |  | 1248875 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 106.5%** |  | **Principal** |  |
| 4.21%, 11/06/2025 <sup>(a)(f)</sup> |  | $29513000 | 29503667 |
| 4.01%, 02/19/2026 <sup>(a)(f)</sup> |  | 36036000 | 35632163 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> |  | 18840000 | 18535174 |
| 4.01%, 07/09/2026 <sup>(a)(f)</sup> |  | 27944000 | 27257341 |
| 3.81%, 08/06/2026 <sup>(a)(f)</sup> |  | 31659000 | 30788246 |
| **TOTAL U.S. TREASURY BILLS** (Cost $141,592,013) |  |  | 141716591 |
| **TOTAL INVESTMENTS - 112.1%** (Cost $157,365,452) |  |  | $149168805 |
| Liabilities in Excess of Other Assets - (12.1)% |  |  | (16156924) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $133011881 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $137,751,604.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax NFLX Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (14.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.3)%** |  |  |  |
| Netflix, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,115.00 | $(40278960) | (360) | $(733500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,130.00 | (50348700) | (450) | (609750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $1,140.00 | (42516680) | (380) | (386650) |
| **Total Call Options** |  |  | (1729900) |
| **Put Options - (12.7)%** |  |  |  |
| Netflix, Inc., Expiration: 11/21/2025; Exercise Price: $1,260.01 <sup>(a)(b)</sup> | (133144340) | (1190) | (16918098) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $9,918,966) |  |  | $(18647998) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax NVDA Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 20.6%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $375442000 | $375402027 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $374,870,679) |  |  | 375402027 |
| **PURCHASED OPTIONS - 13.3%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 13.3%** |  |  |  |
| NVIDIA Corp. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $217.50 | $506225000 | 25000 | 1275000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $220.00 | 561707260 | 27740 | 998640 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $222.50 | 303735000 | 15000 | 382500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $225.00 | 455602500 | 22500 | 427500 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $165.00 | 1094458450 | 54050 | 209984250 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $205.00 | 732811310 | 36190 | 30490075 |
| **TOTAL PURCHASED OPTIONS** (Cost $131,609,300) |  |  | 243557965 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 61.5%** |  | **Principal** |  |
| 4.20%, 11/06/2025 <sup>(a)(f)</sup> |  | $244834000 | 244756576 |
| 4.01%, 02/19/2026 <sup>(a)(f)</sup> |  | 260417000 | 257498637 |
| 3.76%, 04/09/2026 <sup>(a)(f)</sup> |  | 95823000 | 94272611 |
| 4.02%, 07/09/2026 <sup>(a)(f)</sup> |  | 397835000 | 388059132 |
| 3.80%, 08/06/2026 <sup>(a)(f)</sup> |  | 141489000 | 137597462 |
| **TOTAL U.S. TREASURY BILLS** (Cost $1,120,885,772) |  |  | 1122184418 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 17346665 | 17346665 |
| **TOTAL MONEY MARKET FUNDS** (Cost $17,346,665) |  | 17346665 |
| **TOTAL INVESTMENTS - 96.4%** (Cost $1,644,712,416) |  | $1758491075 |
| Other Assets in Excess of Liabilities - 3.6% |  | 65204869 |
| **TOTAL NET ASSETS - 100.0%** |  | $1823695944 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $1,245,812,202.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax NVDA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (3.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| NVIDIA Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $210.00 | $(1067932260) | (52740) | $(8622990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $212.50 | (303735000) | (15000) | (1657500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $215.00 | (455602500) | (22500) | (1665000) |
| **Total Call Options** |  |  | (11945490) |
| **Put Options - (2.4)%** |  |  |  |
| NVIDIA Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $165.01 | (1094458450) | (54050) | (4644717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $205.01 | (732811310) | (36190) | (38707633) |
| **Total Put Options** |  |  | (43352350) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $109,913,863) |  |  | $(55297840) |
| 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. 36

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax PLTR Option Income Strategy ETF** 

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 14.8%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 14.8%** |  |  |  |
| Palantir Technologies, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $222.50 | $92356529 | 4607 | $1474240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $225.00 | 374878900 | 18700 | 5077050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $227.50 | 210493500 | 10500 | 2441250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $160.00 | 298700300 | 14900 | 63921000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $200.00 | 379028629 | 18907 | 26847940 |
| **TOTAL PURCHASED OPTIONS (Cost $59,944,094)** |  |  | 99761480 |
| **U.S. TREASURY SECURITIES - 2.9%** |  | **Principal** |  |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> |  | $19444000 | 19441930 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $19,431,984)** |  |  | 19441930 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 77.5%** |  |  |  |
| 4.18%, 11/06/2025 <sup>(f)</sup> |  | 134782000 | 134739378 |
| 3.96%, 02/19/2026 <sup>(e)(f)</sup> |  | 142641000 | 141042494 |
| 3.77%, 04/09/2026 <sup>(e)(f)</sup> |  | 89109000 | 87667241 |
| 3.72%, 07/09/2026 <sup>(f)</sup> |  | 56269000 | 54886320 |
| 3.77%, 08/06/2026 <sup>(e)(f)</sup> |  | 108321000 | 105341721 |
| **TOTAL U.S. TREASURY BILLS** (Cost $523,450,489) |  |  | 523677154 |
| **MONEY MARKET FUNDS - 1.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 7594217 | 7594217 |
| **TOTAL MONEY MARKET FUNDS** (Cost $7,594,217) |  |  | 7594217 |
| **TOTAL INVESTMENTS - 96.3%** (Cost $610,420,784) |  |  | $650474781 |
| Other Assets in Excess of Liabilities - 3.7% |  |  | 25281250 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $675756031 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $71,471,619.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax PLTR Option Income Strategy ETF**

**Schedule of Securities Sold Short**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS** - **(0.0)%<sup>(a)</sup>** | **Shares** | **Value** |
| **Software - (0.0)%<sup>(a)</sup>** |  |  |
| Palantir Technologies, Inc. - Class A | (100) | $(20047) |
| **TOTAL COMMON STOCKS** (Proceeds $20,166) |  | (20047) |
| **TOTAL SECURITIES SOLD SHORT - 0.0%** (Proceeds $20,166) |  | $(20047) |
| Percentages are stated as a percent of net assets. |  |  |

---

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

**YieldMax PLTR Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (7.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.2)%** |  |  |  |
| Palantir Technologies, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $207.50 | $(92356529) | (4607) | $(3478285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $210.00 | (374878900) | (18700) | (12342000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $212.50 | (210493500) | (10500) | (6063750) |
| **Total Call Options** |  |  | (21884035) |
| **Put Options - (4.2)%** |  |  |  |
| Palantir Technologies, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $160.01 | (298700300) | (14900) | (2860685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $200.01 | (379028629) | (18907) | (25335380) |
| **Total Put Options** |  |  | (28196065) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $71,545,447) |  |  | $(50080100) |
| 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, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax PYPL Option Income Strategy ETF** 

**Schedule of Investments**

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 10.2%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $4852000 | $4851483 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $4,842,552) |  |  | 4851483 |
| **PURCHASED OPTIONS - 5.8%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 5.8%** |  |  |  |
| PayPal Holdings, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $73.00 | $20510847 | 2961 | 121401 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $74.00 | 12184593 | 1759 | 51011 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $75.00 | 15585750 | 2250 | 54000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $67.50 | 48281190 | 6970 | 2526625 |
| **TOTAL PURCHASED OPTIONS** (Cost $2,911,832) |  |  | 2753037 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 83.1%** |  | **Principal** |  |
| 4.19%, 11/06/2025 <sup>(a)(f)</sup> |  | $4027000 | 4025727 |
| 4.00%, 02/19/2026 <sup>(a)(f)</sup> |  | 16212000 | 16030320 |
| 4.00%, 07/09/2026 <sup>(a)(f)</sup> |  | 9859000 | 9616738 |
| 3.84%, 08/06/2026 <sup>(a)(f)</sup> |  | 10066000 | 9789143 |
| **TOTAL U.S. TREASURY BILLS** (Cost $39,417,297) |  |  | 39461928 |
| **MONEY MARKET FUNDS - 3.5%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 1669423 | 1669423 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,669,423) |  |  | 1669423 |
| **TOTAL INVESTMENTS - 102.6%** (Cost $48,841,104) |  |  | $48735871 |
| Liabilities in Excess of Other Assets - (2.6)% |  |  | (1226305) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $47509566 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $44,313,411.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax PYPL Option Income Strategy ETF** 

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.5)%** |  |  |  |
| PayPal Holdings, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $69.00 | $(4717287) | (681) | $(110663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $70.00 | (25359747) | (3661) | (419184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $71.00 | (7335693) | (1059) | (86309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $72.00 | (10868463) | (1569) | (88649) |
| **Total Call Options** |  |  | (704805) |
| **Put Options - (2.5)%** |  |  |  |
| PayPal Holdings, Inc., Expiration: 11/21/2025; Exercise Price: $67.51 <sup>(a)(b)</sup> | (48281190) | (6970) | (1198540) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $4,018,420) |  |  | $(1903345) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax RBLX Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 3.5%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 3.5%** |  |  |  |
| Roblox Corp. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $125.00 | $14044420 | 1235 | $70395 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $128.00 | 1023480 | 90 | 4410 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $131.00 | 7960400 | 700 | 43750 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $133.00 | 6823200 | 600 | 10800 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $130.00 | 29851500 | 2625 | 905625 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,170,478) |  |  | 1034980 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 111.8%** |  | **Principal** |  |
| 3.75%, 02/19/2026 <sup>(e)(f)</sup> |  | $10779000 | 10658205 |
| 3.62%, 07/09/2026 <sup>(e)(f)</sup> |  | 11613000 | 11327637 |
| 3.61%, 08/06/2026 <sup>(e)(f)</sup> |  | 11415000 | 11101040 |
| **TOTAL U.S. TREASURY BILLS** (Cost $33,093,134) |  |  | 33086882 |
| **MONEY MARKET FUNDS - 0.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 23375 | 23375 |
| **TOTAL MONEY MARKET FUNDS** (Cost $23,375) |  |  | 23375 |
| **TOTAL INVESTMENTS - 115.4%** (Cost $36,286,987) |  |  | $34145237 |
| Liabilities in Excess of Other Assets - (15.4)% |  |  | (4551341) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $29593896 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $33,086,883.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax RBLX Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (17.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.0)%** |  |  |  |
| Roblox Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $117.00 | $(10610076) | (933) | $(174471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $118.00 | (2672420) | (235) | (35250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $119.00 | (761924) | (67) | (8878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $121.00 | (1023480) | (90) | (8460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $124.00 | (7960400) | (700) | (35700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $126.00 | (6823200) | (600) | (20700) |
| **Total Call Options** |  |  | (283459) |
| **Put Options - (16.9)%** |  |  |  |
| Roblox Corp., Expiration: 12/19/2025; Exercise Price: $130.01 <sup>(a)(b)</sup> | (29851500) | (2625) | (5001619) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $5,107,155) |  |  | $(5285078) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Short COIN Option Income Strategy ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 39.1%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $16965000 | $16963194 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $16,957,083) |  |  | 16963194 |
| **PURCHASED OPTIONS - 2.6%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.2%** |  |  |  |
| Coinbase Global, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $510.00 | $36612570 | 1065 | 82005 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $540.00 | 5500480 | 160 | 8400 |
| **Total Call Options** |  |  | 90405 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Put Options - 2.4%** | | | |
| Coinbase Global, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $315.00 | 12032300 | 350 | 85925 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $317.50 | 8422610 | 245 | 69213 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $325.00 | 21658140 | 630 | 270900 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $300.00 | 42113050 | 1225 | 603312 |
| **Total Put Options** |  |  | 1029350 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,179,959) |  |  | 1119755 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 64.0%** |  | **Principal** |  |
| 3.84%, 02/19/2026 <sup>(a)(f)</sup> |  | $7024000 | 6945285 |
| 3.83%, 07/09/2026 <sup>(a)(f)</sup> |  | 13993000 | 13649155 |
| 3.63%, 08/06/2026 <sup>(f)</sup> |  | 7393000 | 7189662 |
| **TOTAL U.S. TREASURY BILLS** (Cost $27,769,409) |  |  | 27784102 |
| **MONEY MARKET FUNDS - 8.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> |  | 3496090 | 3496090 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,496,090) |  |  | 3496090 |
| **TOTAL INVESTMENTS - 113.8%** (Cost $51,402,541) |  |  | $49363141 |
| Liabilities in Excess of Other Assets - (13.8)% |  |  | (5996781) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $43366360 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $25,703,634.

&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 Contracts for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax Short COIN Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (16.8)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (14.0)%** |  |  |  |
| Coinbase Global, Inc., Expiration: 11/21/2025; Exercise Price: $300.02 <sup>(a)(b)</sup> | $(42113050) | (1225) | $(6061571) |
| **Put Options - (2.8)%** |  |  |  |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $335.00 | (12032300) | (350) | (259875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $337.50 | (8422610) | (245) | (206413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $345.00 | (21658140) | (630) | (778050) |
| **Total Put Options** |  |  | (1244338) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $6,191,678) |  |  | $(7305909) |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

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**

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 6.4%** | | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> |  | $925000 | $924901 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $924,094) |  |  | 924901 |
| **PURCHASED OPTIONS - 0.7%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.0% <sup>(c)</sup>** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00 <sup>(b)(d)(e)(f)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $15160587 | 241 | 603 |
| **Put Options - 0.7%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $605.00 <sup>(b)(d)(e)(f)</sup> | 14531517 | 231 | 104758 |
| **TOTAL PURCHASED OPTIONS (Cost $309,958)** |  |  | 105361 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **U.S. TREASURY BILLS - 77.5%** |  | **Principal** |  |
| 4.18%, 11/06/2025 <sup>(a)(g)</sup> |  | $1461000 | 1460538 |
| 3.94%, 02/19/2026 <sup>(a)(g)</sup> |  | 3407000 | 3368819 |
| 3.77%, 04/09/2026 <sup>(a)(g)</sup> |  | 925000 | 910034 |
| 3.97%, 07/09/2026 <sup>(a)(g)</sup> |  | 3164000 | 3086252 |
| 3.84%, 08/06/2026 <sup>(a)(g)</sup> |  | 2389000 | 2323293 |
| **TOTAL U.S. TREASURY BILLS** (Cost $11,137,745) |  |  | 11148936 |
| **MONEY MARKET FUNDS - 18.8%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.03% <sup>(h)</sup> |  | 2713385 | 2713385 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,713,385) |  |  | 2713385 |
| **TOTAL INVESTMENTS - 103.4%** (Cost $15,085,182) |  |  | $14892583 |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (493594) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14398989 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $5,189,048.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax Short N100 Option Income Strategy ETF**

 **Schedule of Written Options**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (5.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (4.8)%** |  |  |  |
| Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $605.02<sup>(a)(b)</sup> | $(14531517) | (231) | $(699588) |
| **Put Options - (0.5)%** |  |  |  |
| Invesco QQQ Trust Series 1<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $615.00 | (5032560) | (80) | (15440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $622.00 | (9498957) | (151) | (51491) |
| **Total Put Options** |  |  | (66931) |
| **TOTAL WRITTEN OPTIONS (Premiums received $504,321)** |  |  | $(766519) |

---

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**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 41.3%** | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> | $3305000 | $3304648 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $3,301,839)** |  | 3304648 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 1.4%** | **Notional Amount** | **Contracts** | |
| **Call Options - 0.3%** |  |  |  |
| NVIDIA Corp., Expiration: 11/21/2025; Exercise Price: $250.00 <sup>(b)(c)(d)(e)</sup> | $8018604 | 396 | 24156 |
| **Put Options - 1.1%** |  |  |  |
| NVIDIA Corp. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $182.50 | 2024900 | 100 | 5300 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $185.00 | 5993704 | 296 | 18944 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $175.00 | 8018604 | 396 | 67320 |
| **Total Put Options** |  |  | 91564 |
| **TOTAL PURCHASED OPTIONS (Cost $476,814)** |  |  | 115720 |

---

**SHORT-TERM INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS - 72.8%** | **Principal** | |
| 4.16%, 11/06/2025 <sup>(f)</sup> | $1405000 | 1404556 |
| 4.01%, 02/19/2026 <sup>(a)(f)</sup> | 1013000 | 1001648 |
| 3.77%, 04/09/2026 <sup>(f)</sup> | 524000 | 515522 |
| 4.06%, 07/09/2026 <sup>(a)(f)</sup> | 1833000 | 1787958 |
| 3.83%, 08/06/2026 <sup>(a)(f)</sup> | 1151000 | 1119343 |
| **TOTAL U.S. TREASURY BILLS (Cost $5,822,066)** |  | 5829027 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.6%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 46979 | 46979 |
| **TOTAL MONEY MARKET FUNDS (Cost $46,979)** |  | 46979 |
| **TOTAL INVESTMENTS - 116.1% (Cost $9,647,698)** |  | $9296374 |
| Liabilities in Excess of Other Assets - (16.1)% |  | (1286269) |
| **TOTAL NET ASSETS - 100.0%** |  | $8010105 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $5,238,455.

(b) Non-income producing security.

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

(d) Exchange-traded.

(e) 100 shares per contract.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax Short NVDA Option Income Strategy ETF**

**Schedule of Written Options**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (15.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (14.6)%** |  |  |  |
| NVIDIA Corp., Expiration: 11/21/2025; Exercise Price: $175.02 <sup>(a)(b)</sup> | $(8018604) | (396) | $(1172920) |
| **Put Options - (1.3)%** |  |  |  |
| NVIDIA Corp., Expiration: 11/07/2025; Exercise Price: $197.50 <sup>(a)(b)</sup> | (8018604) | (396) | (99792) |
| **TOTAL WRITTEN OPTIONS (Premiums received $597,154)** |  |  | $(1272712) |
| Percentages are stated as a percent of net assets. |  |  |  |

---

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Short TSLA Option Income Strategy ETF**

 **Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 27.4%** | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> | $6115000 | $6114349 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $6,107,902)** |  | 6114349 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 1.0%** | **Notional Amount** | **Contracts** | |
| **Call Options - 0.1%** |  |  |  |
| Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $655.00 <sup>(b)(c)(d)(e)</sup> | $23878088 | 523 | 32688 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Put Options - 0.9%** | | | |
| Tesla, Inc. (b)(c)(d)(e) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $410.00 | 23878088 | 523 | 103554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $355.00 | 23878088 | 523 | 92832 |
| **Total Put Options** |  |  | 196386 |
| **TOTAL PURCHASED OPTIONS (Cost $2,036,810)** |  |  | 229074 |

---

**SHORT-TERM INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS - 83.8%** | **Principal** | |
| 4.20%, 11/06/2025 <sup>(a)(f)</sup> | $1528000 | 1527517 |
| 4.05%, 02/19/2026 <sup>(a)(f)</sup> | 3383000 | 3345088 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> | 5327000 | 5240811 |
| 4.07%, 07/09/2026 <sup>(a)(f)</sup> | 3954000 | 3856840 |
| 3.83%, 08/06/2026 <sup>(a)(f)</sup> | 4819000 | 4686457 |
| **TOTAL U.S. TREASURY BILLS (Cost $18,637,655)** |  | 18656713 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 8.6%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 1924769 | 1924769 |
| **TOTAL MONEY MARKET FUNDS (Cost $1,924,769)** |  | 1924769 |
| **TOTAL INVESTMENTS - 120.8% (Cost $28,707,136)** |  | $26924905 |
| Liabilities in Excess of Other Assets - (20.8)% |  | (4644857) |
| **TOTAL NET ASSETS - 100.0%** |  | $22280048 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $17,409,370.

(b) Non-income producing security.

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

(d) Exchange-traded.

(e) 100 shares per contract.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax Short TSLA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (25.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (24.5)%** |  |  |  |
| Tesla, Inc., Expiration: 11/21/2025; Exercise Price: $355.02 <sup>(a)(b)</sup> | $(23878088) | (523) | $(5454415) |
| **Put Options - (1.4)%** |  |  |  |
| Tesla, Inc., Expiration: 11/07/2025; Exercise Price: $435.00 <sup>(a)(b)</sup> | (23878088) | (523) | (313800) |
| **TOTAL WRITTEN OPTIONS (Premiums received $2,349,062)** |  |  | $(5768215) |
| 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. 46

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax SMCI Option Income Strategy ETF**

 **Schedule of Investments**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 10.3%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 10.3%** |  |  |  |
| Super Micro Computer, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $58.00 | $205948656 | 39636 | $4181598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $59.00 | 93528000 | 18000 | 1530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $52.00 | 299476656 | 57636 | 25215750 |
| **TOTAL PURCHASED OPTIONS (Cost $34,664,978)** |  |  | 30927348 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 0.3%** | **Principal** | |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> | $1000000 | 999893 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $998,524)** |  | 999893 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 75.6%** |  |  |
| 4.07%, 02/19/2026 <sup>(f)</sup> | 80680000 | 79775859 |
| 3.98%, 07/09/2026 <sup>(e)(f)</sup> | 95502000 | 93155261 |
| 3.80%, 08/06/2026 <sup>(e)(f)</sup> | 56569000 | 55013117 |
| **TOTAL U.S. TREASURY BILLS (Cost $227,624,165)** |  | 227944237 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 2162761 | 2162761 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,162,761)** |  | 2162761 |
| **TOTAL INVESTMENTS - 86.9% (Cost $265,450,428)** |  | $262034239 |
| Other Assets in Excess of Liabilities - 13.1% |  | 39425993 |
| **TOTAL NET ASSETS - 100.0%** |  | $301460232 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $32,154,938.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax SMCI Option Income Strategy ETF**

 **Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (12.2)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (4.0)%** |  |  |  |
| Super Micro Computer, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $54.00 | $(205948656) | (39636) | $(8878464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $55.00 | (93528000) | (18000) | (3348000) |
| **Total Call Options** |  |  | (12226464) |
| **Put Options - (8.2)%** |  |  |  |
| Super Micro Computer, Inc., Expiration: 11/21/2025; Exercise Price: $52.01 <sup>(a)(b)</sup> | (299476656) | (57636) | (24636468) |
| **TOTAL WRITTEN OPTIONS (Premiums received $36,502,253)** |  |  | $(36862932) |
| 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**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 19.2%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 19.2%** |  |  |  |
| Snowflake, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $285.00 | $14788544 | 538 | $186955 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $290.00 | 27488000 | 1000 | 255000 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $292.50 | 45355200 | 1650 | 303600 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $230.00 | 87631744 | 3188 | 15796540 |
| **TOTAL PURCHASED OPTIONS (Cost $8,611,536)** |  |  | 16542095 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 12.1%** | **Principal** | |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> | $10414000 | 10412891 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $10,404,050)** |  | 10412891 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 69.9%** |  |  |
| 4.18%, 11/06/2025 <sup>(f)</sup> | 23986000 | 23978415 |
| 3.96%, 02/19/2026 <sup>(e)(f)</sup> | 19815000 | 19592943 |
| 3.77%, 04/09/2026 <sup>(f)</sup> | 7667000 | 7542950 |
| 3.57%, 07/09/2026 <sup>(f)</sup> | 3843000 | 3748567 |
| 3.65%, 08/06/2026 <sup>(f)</sup> | 5444000 | 5294268 |
| **TOTAL U.S. TREASURY BILLS (Cost $60,141,487)** |  | 60157143 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.9%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 3350849 | 3350849 |
| **TOTAL MONEY MARKET FUNDS (Cost $3,350,849)** |  | 3350849 |
| **TOTAL INVESTMENTS - 105.1% (Cost $82,507,922)** |  | $90462978 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Liabilities in Excess of Other Assets - (5.1)% | (4387758 |
| **TOTAL NET ASSETS - 100.0%** | $86075220 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $3,974,044.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax SNOW Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.0)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.2)%** |  |  |  |
| Snowflake, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $275.00 | $(14788544) | (538) | $(390050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $277.50 | (27488000) | (1000) | (607500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $280.00 | (45355200) | (1650) | (853875) |
| **Total Call Options** |  |  | (1851425) |
| **Put Options - (1.8)%** |  |  |  |
| Snowflake, Inc., Expiration: 12/19/2025; Exercise Price: $230.01 <sup>(a)(b)</sup> | (87631744) | (3188) | (1580127) |
| **TOTAL WRITTEN OPTIONS (Premiums received $7,314,825)** |  |  | $(3431552) |
| 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. 49

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax TSLA Option Income Strategy ETF**

 **Schedule of Investments**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 12.0%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 12.0%** |  |  |  |
| Tesla, Inc. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $485.00 | $381227600 | 8350 | $4383750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $487.50 | 644114848 | 14108 | 6736570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $492.50 | 136968000 | 3000 | 1185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $495.00 | 136968000 | 3000 | 1080000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $415.00 | 758254848 | 16608 | 84576240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $420.00 | 541023600 | 11850 | 55843125 |
| **TOTAL PURCHASED OPTIONS (Cost $135,723,778)** |  |  | 153804685 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 11.0%** | **Principal** | |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(e)</sup> | $142096000 | 142080871 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $141,930,277)** |  | 142080871 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 73.7%** |  |  |
| 4.19%, 11/06/2025 <sup>(e)(f)</sup> | 191046000 | 190985586 |
| 3.94%, 02/19/2026 <sup>(e)(f)</sup> | 242350000 | 239634105 |
| 3.76%, 04/09/2026 <sup>(e)(f)</sup> | 195291000 | 192131246 |
| 3.80%, 07/09/2026 <sup>(e)(f)</sup> | 187131000 | 182532692 |
| 3.74%, 08/06/2026 <sup>(e)(f)</sup> | 147230000 | 143180561 |
| **TOTAL U.S. TREASURY BILLS (Cost $948,006,005)** |  | 948464190 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.0%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 25576452 | 25576452 |
| **TOTAL MONEY MARKET FUNDS (Cost $25,576,452)** |  | 25576452 |
| **TOTAL INVESTMENTS - 98.7% (Cost $1,251,236,512)** |  | $1269926198 |
| Other Assets in Excess of Liabilities - 1.3% |  | 16241829 |
| **TOTAL NET ASSETS - 100.0%** |  | $1286168027 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $746,879,800.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax TSLA Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (2.6)%** |  |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $460.00 | $(381227600) | (8350) | $(10896750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $462.50 | (644114848) | (14108) | (16894330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $467.50 | (136968000) | (3000) | (3022500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $470.00 | (136968000) | (3000) | (2752500) |
| **Total Call Options** |  |  | (33566080) |
| **Put Options - (2.0)%** |  |  |  |
| Tesla, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $415.01 | (758254848) | (16608) | (13846194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $420.01 | (541023600) | (11850) | (11364176) |
| **Total Put Options** |  |  | (25210370) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $133,751,175) |  |  | $(58776450) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax TSM Option Income Strategy ETF**

 **Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 6.6%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 6.6%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. <sup>(a)(b)(c)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $315.00 | $57682560 | 1920 | $280320 |
| &nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $320.00 | 15201758 | 506 | 40480 |
| &nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $300.00 | 72884318 | 2426 | 4475970 |
| **TOTAL PURCHASED OPTIONS** (Cost $5,238,218) |  |  | 4796770 |

---

**SHORT-TERM INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS - 71.6%** | **Principal** | |
| 4.18%, 11/06/2025 <sup>(e)(f)</sup> | $17805000 | 17799370 |
| 3.98%, 02/19/2026 <sup>(e)</sup> | 15482000 | 15308501 |
| 3.97%, 07/09/2026 <sup>(e)(f)</sup> | 11718000 | 11430057 |
| 3.83%, 08/06/2026 <sup>(e)</sup> | 7749000 | 7535870 |
| **TOTAL U.S. TREASURY BILLS** (Cost $52,027,726) |  | 52073798 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 12.7%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 9253519 | 9253519 |
| **TOTAL MONEY MARKET FUNDS** (Cost $9,253,519) |  | 9253519 |
| **TOTAL INVESTMENTS - 90.9%** (Cost $66,519,463) |  | $66124087 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Other Assets in Excess of Liabilities - 9.1% | 6584369 |
| **TOTAL NET ASSETS - 100.0%** | $72708456 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

(e) The rate shown is the annualized yield as of October 31, 2025.

(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $2,947,700.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax TSM Option Income Strategy ETF**

 **Schedule of Written Options**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (6.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.3)%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $305.00 | $(57682560) | (1920) | $(830400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $310.00 | (15201758) | (506) | (128271) |
| **Total Call Options** |  |  | (958671) |
| **Put Options - (5.6)%** |  |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 12/19/2025; Exercise Price: |  |  |  |
| $300.01 <sup>(a)(b)</sup> | (72884318) | (2426) | (4081008) |
| **TOTAL WRITTEN OPTIONS (Premiums received $6,537,688)** |  |  | $(5039679) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

**YieldMax Ultra Option Income Strategy ETF**

 **Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 87.1%** | **Shares** | **Value** |
| **Aerospace/Defense - 7.6%** |  |  |
| Rocket Lab Corp. <sup>(a)(b)</sup> | 3000400 | $188965192 |
| **Auto Manufacturers - 3.2%** |  |  |
| Lucid Group, Inc. <sup>(a)(b)</sup> | 4500000 | 79875000 |
| **Commercial Services - 2.2%** |  |  |
| Affirm Holdings, Inc. <sup>(a)(b)</sup> | 749900 | 53902812 |
| **Computers - 5.4%** |  |  |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | 3000000 | 132810000 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Diversified Financial Services - 15.3%** |  |  |
| BitMine Immersion Technologies, Inc. <sup>(a)(b)</sup> | 1956000.0 | 91247400 |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup> | 452500.0 | 155560450 |
| SoFi Technologies, Inc. <sup>(a)(b)</sup> | 1700000.0 | 50456000 |
| Upstart Holdings, Inc. <sup>(a)(b)</sup> | 1750000.0 | 83160000 |
|  |  | 380423850 |
| **Internet - 10.9%** |  |  |
| Hims & Hers Health, Inc. <sup>(a)(b)</sup> | 2100000.0 | 95466000 |
| Robinhood Markets, Inc. - Class A <sup>(a)(b)</sup> | 1200000.0 | 176136000 |
|  |  | 271602000 |
| **Investment Companies - 5.6%** |  |  |
| Cipher Mining, Inc. <sup>(a)(b)</sup> | 2500000.0 | 46625000 |
| IREN Ltd. <sup>(a)(b)</sup> | 1500000.0 | 91125000 |
|  |  | 137750000 |
| **Machinery-Construction & Mining - 7.3%** |  |  |
| NuScale Power Corp. <sup>(a)(b)</sup> | 4041800.0 | 181355566 |
| **Machinery-Diversified - 4.5%** |  |  |
| Symbotic, Inc. <sup>(a)(b)</sup> | 1365100.0 | 110504845 |
| **Mining - 3.1%** |  |  |
| MP Materials Corp. <sup>(a)(b)</sup> | 1200000.0 | 75708000 |
| **Software - 22.0%** |  |  |
| CoreWeave, Inc. - Class A <sup>(a)(b)</sup> | 1100000.0 | 147081000 |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup> | 550000.0 | 110258500 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | 5767400.0 | 96373254 |
| SoundHound AI, Inc. - Class A <sup>(a)(b)</sup> | 6456200.0 | 113758244 |
| Strategy, Inc. - Class A <sup>(a)(b)</sup> | 295000.0 | 79505450 |
|  |  | 546976448 |
| **TOTAL COMMON STOCKS (Cost $1,900,712,837)** |  | 2159873713 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 2.3%** | **Notional Amount** | **Contracts** | |
| **Call Options - 0.1% <sup>(a)(b)(c)(d)</sup>** |  |  |  |
| NuScale Power Corp., Expiration: 11/07/2025; Exercise Price: $55.00 | $112170513 | 24999 | 2187412 |
| Rigetti Computing, Inc., Expiration: 11/07/2025; Exercise Price: $54.00 | 49870155 | 11265 | 771653 |
| **Total Call Options** |  |  | 2959065 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Put Options - 2.2% <sup>(a)(b)(c)(d)</sup>** | | | |
| Affirm Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $63.00 | 28752000 | 4000 | 764000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $65.00 | 25150812 | 3499 | 848507 |
| BitMine Immersion Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $42.00 | 44597400 | 9560 | 501900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $43.00 | 46650000 | 10000 | 765000 |
| Cipher Mining, Inc., Expiration: 11/07/2025; Exercise Price: $18.00 | 46625000 | 25000 | 3762500 |
| Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $320.00 | 155560450 | 4525 | 1561125 |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $123.00 | 73540500 | 5500 | 1193500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $124.00 | 73540500 | 5500 | 1397000 |
| Galaxy Digital, Inc., Expiration: 11/07/2025; Exercise Price: $33.50 | 105030000 | 30000 | 3450000 |
| Hims & Hers Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $42.00 | 50006000 | 11000 | 1886500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $43.00 | 45460000 | 10000 | 2080000 |
| IREN Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $54.00 | 42525000 | 7000 | 1729000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $55.00 | 48600000 | 8000 | 2244000 |
| Lucid Group, Inc., Expiration: 11/07/2025; Exercise Price: $16.00 | 79875000 | 45000 | 2182500 |
| Lululemon Athletica, Inc., Expiration: 11/07/2025; Exercise Price: $160.00 | 102324000 | 6000 | 375000 |
| MP Materials Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $57.00 | 50472000 | 8000 | 620000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $59.00 | 25236000 | 4000 | 500000 |
| NuScale Power Corp., Expiration: 11/07/2025; Exercise Price: $40.00 | 181355566 | 40418 | 6648761 |
| Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $180.00 | 110258500 | 5500 | 1575750 |
| Quantum Computing, Inc., Expiration: 11/07/2025; Exercise Price: $14.00 | 96373254 | 57674 | 865110 |
| Rigetti Computing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $38.00 | 82939845 | 18735 | 1423860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $40.00 | 49870155 | 11265 | 1357432 |
| Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $135.00 | 176136000 | 12000 | 3450000 |
| Rocket Lab Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $56.00 | 94501490 | 15005 | 750250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $57.00 | 94463702 | 14999 | 959936 |
| SoFi Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $27.00 | 50456000 | 17000 | 374000 |
| SoundHound AI, Inc., Expiration: 11/07/2025; Exercise Price: $16.00 | 113758244 | 64562 | 5164960 |
| Strategy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $235.00 | 40426500 | 1500 | 225750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $245.00 | 39078950 | 1450 | 326250 |
| Symbotic, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $72.00 | 41697345 | 5151 | 296183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $74.00 | 68807500 | 8500 | 1083750 |
| Upstart Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $42.00 | 42768000 | 9000 | 1854000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $43.00 | 40392000 | 8500 | 2082500 |
| **Total Put Options** |  |  | 54299024 |
| **TOTAL PURCHASED OPTIONS (Cost $70,813,930)** |  |  | 57258089 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**MONEY MARKET FUNDS - 10.6%** |<br>**Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(e)</sup> | 264183791 | 264183791 |
| **TOTAL MONEY MARKET FUNDS (Cost $264,183,791)** |  | 264183791 |
| **TOTAL INVESTMENTS - 100.0% (Cost $2,235,710,558)** |  | $2481315593 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Other Assets in Excess of Liabilities - 0.0% <sup>(f)</sup> | 674665 |
| **TOTAL NET ASSETS - 100.0%** | $2481990258 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

(c) 100 shares per contract.

(d) Exchange-traded.

(e) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

**YieldMax Ultra Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.4)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.8)%** |  |  |  |
| Affirm Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $74.00 <sup>(a)(b)</sup> | $(53902812) | (7499) | $(3205822) |
| BitMine Immersion Technologies, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $48.50 | (44597400) | (9560) | (1424440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $50.00 | (46650000) | (10000) | (1045000) |
| Cipher Mining, Inc., Expiration: 11/07/2025; Exercise Price: $21.50 <sup>(a)(b)</sup> | (46625000) | (25000) | (1862500) |
| Coinbase Global, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $357.50 | (79928850) | (2325) | (1557750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $360.00 | (75631600) | (2200) | (1314500) |
| CoreWeave, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $143.00 | (73540500) | (5500) | (1496000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $144.00 | (73540500) | (5500) | (1399750) |
| Hims & Hers Health, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $48.00 | (34095000) | (7500) | (1788750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $48.50 | (45460000) | (10000) | (2215000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $49.50 | (15911000) | (3500) | (682500) |
| IREN Ltd. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $63.00 | (42525000) | (7000) | (3132500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $64.00 | (48600000) | (8000) | (3300000) |
| Lucid Group, Inc., Expiration: 11/07/2025; Exercise Price: $18.50 <sup>(a)(b)</sup> | (79875000) | (45000) | (3892500) |
| MP Materials Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $65.00 | (50472000) | (8000) | (1760000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $68.00 | (25236000) | (4000) | (510000) |
| NuScale Power Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $45.50 | (112170513) | (24999) | (8374665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $46.00 | (69185053) | (15419) | (4972628) |
| Palantir Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $207.50 <sup>(a)(b)</sup> | (110258500) | (5500) | (4152500) |
| Quantum Computing, Inc., Expiration: 11/07/2025; Exercise Price: $16.00 <sup>(a)(b)</sup> | (96373254) | (57674) | (7497620) |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $45.50 | (82939845) | (18735) | (4561973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $46.50 | (49870155) | (11265) | (2281163) |
| Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $155.00 <sup>(a)(b)</sup> | (176136000) | (12000) | (4950000) |
| Rocket Lab Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $64.00 | (94501490) | (15005) | (3458652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $66.00 <sup>(a)(b)</sup> | (94463702) | (14999) | (2309846) |
| SoFi Technologies, Inc., Expiration: 11/07/2025; Exercise Price: $32.00 <sup>(a)(b)</sup> | (50456000) | (17000) | (467500) |
| SoundHound AI, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.00 | (60898244) | (34562) | (4959647) |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $18.50 | (52860000) | (30000) | (3675000) |
| Strategy, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $275.00 | (39078950) | (1450) | (913500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $280.00 | (40426500) | (1500) | (675000) |
| Symbotic, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $80.00 | (41697345) | (5151) | (2343705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $84.00 | (68807500) | (8500) | (2337500) |
| Upstart Holdings, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $47.50 | (42768000) | (9000) | (3960000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $49.50 | (40392000) | (8500) | (3017500) |
| **Total Call Options** |  |  | (95495411) |
| **Put Options - (0.6)%** |  |  |  |
| BitMine Immersion Technologies, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $38.00 | (44597400) | (9560) | (167300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $39.00 | (46650000) | (10000) | (140000) |
| Coinbase Global, Inc., Expiration: 11/07/2025; Exercise Price: $300.00 <sup>(a)(b)</sup> | (79928850) | (2325) | (265050) |
| CoreWeave, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $110.00 | (73540500) | (5500) | (266750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $112.00 | (73540500) | (5500) | (299750) |
| Galaxy Digital, Inc., Expiration: 11/07/2025; Exercise Price: $35.00 <sup>(a)(b)</sup> | (105030000) | (30000) | (5550000) |
| Lucid Group, Inc., Expiration: 11/07/2025; Exercise Price: $14.50 <sup>(a)(b)</sup> | (44375000) | (25000) | (537500) |
| Lululemon Athletica, Inc., Expiration: 11/07/2025; Exercise Price: $167.50 <sup>(a)(b)</sup> | (102324000) | (6000) | (1341000) |
| NuScale Power Corp., Expiration: 11/07/2025; Exercise Price: $35.00 <sup>(a)(b)</sup> | (112170513) | (24999) | (1562438) |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $33.00 | (82939845) | (18735) | (533947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $36.00 | (49870155) | (11265) | (467497) |
| Robinhood Markets, Inc., Expiration: 11/07/2025; Exercise Price: $120.00 <sup>(a)(b)</sup> | (176136000) | (12000) | (834000) |
| Rocket Lab Corp., Expiration: 11/07/2025; Exercise Price: $51.00 <sup>(a)(b)</sup> | (94463702) | (14999) | (307480) |
| SoundHound AI, Inc., Expiration: 11/07/2025; Exercise Price: $13.00 <sup>(a)(b)</sup> | (60898244) | (34562) | (501149) |
| Strategy, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $205.00 | (40426500) | (1500) | (72750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $220.00 | (39078950) | (1450) | (131225) |
| Symbotic, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $65.00 | (41697345) | (5151) | (103020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $67.00 | (68807500) | (8500) | (637500) |
| Upstart Holdings, Inc., Expiration: 11/07/2025; Exercise Price: $30.00 <sup>(a)(b)</sup> | (42768000) | (9000) | (202500) |
| **Total Put Options** |  |  | (13920856) |
| **TOTAL WRITTEN OPTIONS (Premiums received $112,771,370)** |  |  | $(109416267) |

---

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. 56

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax Ultra Short Option Income Strategy ETF**

 **Schedule of Investments**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 2.7%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 2.7% <sup>(a)(b)(c)</sup>** |  |  |  |
| Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $290.00 <sup>(d)</sup> | $1101316 | 43 | $9675 |
| Applied Digital Corp., Expiration: 11/07/2025; Exercise Price: $37.00 <sup>(d)</sup> | 821442 | 237 | 32943 |
| AST SpaceMobile, Inc., Expiration: 11/07/2025; Exercise Price: $88.00 <sup>(d)</sup> | 1316100 | 164 | 26896 |
| Bitdeer Technologies Group Ltd., Expiration: 11/07/2025; Exercise Price: $25.00 <sup>(d)</sup> | 1258740 | 567 | 24098 |
| Carvana Co., Expiration: 11/07/2025; Exercise Price: $335.00 <sup>(d)</sup> | 735696 | 24 | 4008 |
| Centrus Energy Corp., Expiration: 11/21/2025; Exercise Price: $420.00 <sup>(d)</sup> | 587936 | 16 | 39680 |
| Charter Communications, Inc., Expiration: 11/07/2025; Exercise Price: $275.00 <sup>(d)</sup> | 561216 | 24 | 600 |
| Circle Internet Group, Inc., Expiration: 11/07/2025; Exercise Price: $138.00 <sup>(d)</sup> | 1015840 | 80 | 20960 |
| Credo Technology Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $177.50 <sup>(d)</sup> | 694194 | 37 | 56610 |
| Energy Fuels, Inc., Expiration: 11/07/2025; Exercise Price: $22.50 <sup>(d)</sup> | 812196 | 396 | 51480 |
| Enphase Energy, Inc., Expiration: 11/07/2025; Exercise Price: $34.50 <sup>(d)</sup> | 774954 | 254 | 2413 |
| IonQ, Inc., Expiration: 11/07/2025; Exercise Price: $68.00 <sup>(d)</sup> | 873320 | 140 | 36190 |
| Kratos Defense & Security Solutions, Inc., Expiration: 11/07/2025; Exercise Price:$98.00 <sup>(d)</sup> | 815400 | 90 | 24975 |
| Lemonade, Inc., Expiration: 11/07/2025; Exercise Price: $69.00 <sup>(d)</sup> | 793056 | 132 | 24750 |
| Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $30.00 <sup>(d)</sup> | 795788 | 293 | 22561 |
| Nebius Group NV, Expiration: 11/07/2025; Exercise Price: $136.00 <sup>(d)</sup> | 1308200 | 100 | 50000 |
| QUALCOMM, Inc., Expiration: 11/07/2025; Exercise Price: $200.00 <sup>(d)</sup> | 795960 | 44 | 5522 |
| Reddit, Inc., Expiration: 11/07/2025; Exercise Price: $252.50 <sup>(d)</sup> | 1358175 | 65 | 4225 |
| Riot Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $21.50 <sup>(d)</sup> | 810980 | 410 | 21730 |
| Sandisk Corp., Expiration: 11/07/2025; Exercise Price: $192.50 <sup>(d)</sup> | 677722 | 34 | 67320 |
| Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $57.00 <sup>(d)</sup> | 779400 | 150 | 19200 |
| **TOTAL PURCHASED OPTIONS (Cost $527,787)** |  |  | 545836 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**U.S. TREASURY BILLS - 63.9%** |<br>**Principal** | |
| 3.80%, 02/19/2026 <sup>(e)(f)</sup> | $4096000 | 4050098 |
| 3.68%, 07/09/2026 <sup>(e)(f)</sup> | 4653000 | 4538663 |
| 3.68%, 08/06/2026 <sup>(e)(f)</sup> | 4666000 | 4537666 |
| **TOTAL U.S. TREASURY BILLS (Cost $13,124,550)** |  | 13126427 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 32.4%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)(h)</sup> | 6643314 | 6643314 |
| **TOTAL MONEY MARKET FUNDS (Cost $6,643,314)** |  | 6643314 |
| **TOTAL INVESTMENTS - 99.0% (Cost $20,295,651)** |  | $20315577 |
| Other Assets in Excess of Liabilities - 1.0% |  | 201288 |
| **TOTAL NET ASSETS - 100.0%** |  | $20516865 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) 100 shares per contract.

(c) Exchange-traded.

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

(e) The rate shown is the annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

(f) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $13,126,427.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

(h) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

**YieldMax Ultra Short Option Income Strategy ETF**

**Schedule of Securities Sold Short**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - (91.1)%** | **Shares** | **Value** |
| **Aerospace/Defense - (4.0)%** |  |  |
| Kratos Defense & Security Solutions, Inc. | (9000) | $(815400) |
| **Biotechnology - (3.9)%** |  |  |
| Moderna, Inc. | (29300) | (795788) |
| **Computers - (7.1)%** |  |  |
| Sandisk Corp. | (3400) | (677722) |
| Super Micro Computer, Inc. | (15000) | (779400) |
|  |  | (1457122) |
| **Diversified Financial Services - (5.0)%** |  |  |
| Circle Internet Group, Inc. | (8000) | (1015840) |
| **Energy-Alternate Sources - (3.8)%** |  |  |
| Enphase Energy, Inc. | (25400) | (774954) |
| **Insurance - (3.9)%** |  |  |
| Lemonade, Inc. | (13200) | (793056) |
| **Internet - (6.6)%** |  |  |
| Reddit, Inc. - Class A | (6500) | (1358175) |
| **Investment Companies - (10.1)%** |  |  |
| Bitdeer Technologies Group Ltd. - Class A | (56700) | (1258740) |
| Riot Platforms, Inc. | (41000) | (810980) |
|  |  | (2069720) |
| **Media - (2.7)%** |  |  |
| Charter Communications, Inc. - Class A | (2400) | (561216) |
| **Mining - (6.8)%** |  |  |
| Centrus Energy Corp. - Class A | (1600) | (587936) |
| Energy Fuels, Inc. | (39600) | (812196) |
|  |  | (1400132) |
| **Retail - (3.6)%** |  |  |
| Carvana Co. | (2400) | (735696) |
| **Semiconductors - (9.2)%** |  |  |
| Advanced Micro Devices, Inc. | (4300) | (1101316) |
| QUALCOMM, Inc. | (4400) | (795960) |
|  |  | (1897276) |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Software - (10.6)%** | | |
| IonQ, Inc. | (14000) | (873320) |
| Nebius Group NV | (10000) | (1308200) |
|  |  | (2181520) |
| **Telecommunications - (13.8)%** |  |  |
| Applied Digital Corp. | (23700) | (821442) |
| AST SpaceMobile, Inc. | (16400) | (1316100) |
| Credo Technology Group Holding Ltd. | (3700) | (694194) |
|  |  | (2831736) |
| **TOTAL COMMON STOCKS (Proceeds $17,875,674)** |  | (18687631) |
| **TOTAL SECURITIES SOLD SHORT - (91.1)% (Proceeds $17,875,674)** |  | $(18687631) |

---

Percentages are stated as a percent of net assets.

**YieldMax Ultra Short Option Income Strategy ETF**

**Schedule of Written Options**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.2)%<sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.9)%** |  |  |  |
| Applied Digital Corp., Expiration: 11/07/2025; Exercise Price: $40.00 <sup>(a)(b)</sup> | $(821442) | (237) | $(15879) |
| AST SpaceMobile, Inc., Expiration: 11/07/2025; Exercise Price: $96.00 <sup>(a)(b)</sup> | (1316100) | (164) | (9348) |
| Bitdeer Technologies Group, Expiration: 11/07/2025; Exercise Price: $27.50 <sup>(a)(b)</sup> | (1258740) | (567) | (9923) |
| Centrus Energy Corp., Expiration: 11/21/2025; Exercise Price: $500.00 <sup>(a)(b)</sup> | (587936) | (16) | (16320) |
| Circle Internet Group, Inc., Expiration: 11/07/2025; Exercise Price: $152.50 <sup>(a)(b)</sup> | (1015840) | (80) | (10480) |
| Credo Technology Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $195.00 <sup>(a)(b)</sup> | (694194) | (37) | (25715) |
| Energy Fuels, Inc., Expiration: 11/07/2025; Exercise Price: $32.00 <sup>(a)(b)</sup> | (812196) | (396) | (14850) |
| Enphase Energy, Inc., Expiration: 11/07/2025; Exercise Price: $37.00 <sup>(a)(b)</sup> | (774954) | (254) | (1143) |
| IonQ, Inc., Expiration: 11/07/2025; Exercise Price: $80.00 <sup>(a)(b)</sup> | (873320) | (140) | (12110) |
| Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $35.00 <sup>(a)(b)</sup> | (795788) | (293) | (8204) |
| Nebius Group NV, Expiration: 11/07/2025; Exercise Price: $148.00 <sup>(a)(b)</sup> | (1308200) | (100) | (17750) |
| Reddit, Inc., Expiration: 11/07/2025; Exercise Price: $275.00 <sup>(a)(b)</sup> | (1358175) | (65) | (1007) |
| Riot Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $23.50 <sup>(a)(b)</sup> | (810980) | (410) | (9020) |
| Sandisk Corp., Expiration: 11/07/2025; Exercise Price: $225.00 <sup>(a)(b)</sup> | (677722) | (34) | (28220) |
| **Total Call Options** |  |  | (179969) |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Put Options - (3.3)%** | | | |
| Advanced Micro Devices, Inc., Expiration: 11/07/2025; Exercise Price: $250.00 <sup>(a)(b)</sup> | (1101316) | (43) | (37195) |
| Applied Digital Corp., Expiration: 11/07/2025; Exercise Price: $31.50 <sup>(a)(b)</sup> | (821442) | (237) | (20027) |
| AST SpaceMobile, Inc., Expiration: 11/07/2025; Exercise Price: $75.00 <sup>(a)(b)</sup> | (1316100) | (164) | (32226) |
| Bitdeer Technologies Group Ltd., Expiration: 11/07/2025; Exercise Price: $21.50 <sup>(a)(b)</sup> | (1258740) | (567) | (48195) |
| Carvana Co., Expiration: 11/07/2025; Exercise Price: $292.50 <sup>(a)(b)</sup> | (735696) | (24) | (11280) |
| Centrus Energy Corp., Expiration: 11/21/2025; Exercise Price: $360.00 <sup>(a)(b)</sup> | (587936) | (16) | (59520) |
| Charter Communications, Inc., Expiration: 11/07/2025; Exercise Price: $240.00 <sup>(a)(b)</sup> | (561216) | (24) | (25440) |
| Circle Internet Group, Inc., Expiration: 11/07/2025; Exercise Price: $121.00 <sup>(a)(b)</sup> | (1015840) | (80) | (24520) |
| Credo Technology Group Holding Ltd., Expiration: 11/07/2025; Exercise Price: $152.50 <sup>(a)(b)</sup> | (694194) | (37) | (555) |
| Energy Fuels, Inc., Expiration: 11/07/2025; Exercise Price: $19.00 <sup>(a)(b)</sup> | (812196) | (396) | (38610) |
| Enphase Energy, Inc., Expiration: 11/07/2025; Exercise Price: $30.50 <sup>(a)(b)</sup> | (774954) | (254) | (24765) |
| IonQ, Inc., Expiration: 11/07/2025; Exercise Price: $58.00 <sup>(a)(b)</sup> | (873320) | (140) | (35700) |
| Kratos Defense & Security Solutions, Inc., Expiration: 11/07/2025; Exercise Price: $86.00 <sup>(a)(b)</sup> | (815400) | (90) | (31950) |
| Lemonade, Inc., Expiration: 11/07/2025; Exercise Price: $59.00 <sup>(a)(b)</sup> | (793056) | (132) | (56100) |
| Moderna, Inc., Expiration: 11/07/2025; Exercise Price: $26.00 <sup>(a)(b)</sup> | (795788) | (293) | (30472) |
| Nebius Group NV, Expiration: 11/07/2025; Exercise Price: $116.00 <sup>(a)(b)</sup> | (1308200) | (100) | (14750) |
| QUALCOMM, Inc., Expiration: 11/07/2025; Exercise Price: $175.00 <sup>(a)(b)</sup> | (795960) | (44) | (15180) |
| Reddit, Inc., Expiration: 11/07/2025; Exercise Price: $222.50 <sup>(a)(b)</sup> | (1358175) | (65) | (109687) |
| Riot Platforms, Inc., Expiration: 11/07/2025; Exercise Price: $18.50 <sup>(a)(b)</sup> | (810980) | (410) | (20295) |
| Sandisk Corp., Expiration: 11/07/2025; Exercise Price: $167.50 <sup>(a)(b)</sup> | (677722) | (34) | (12410) |
| Super Micro Computer, Inc., Expiration: 11/07/2025; Exercise Price: $48.50 <sup>(a)(b)</sup> | (779400) | (150) | (24600) |
| **Total Put Options** |  |  | (673477) |
| **TOTAL WRITTEN OPTIONS (Premiums received $876,913)** |  |  | $(853446) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

**YieldMax Universe Fund of Option Income ETFs**

 **Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 98.8%** | **Shares** | **Value** |
| YieldMax AAPL Option Income Strategy ETF <sup>(a)</sup> | 1927711 | $26506026 |
| YieldMax ABNB Option Income Strategy ETF <sup>(a)</sup> | 538436 <sup>(d)</sup> | 26004305 |
| YieldMax AI Option Income Strategy ETF <sup>(a)</sup> | 1034049 <sup>(d)</sup> | 25334205 |
| YieldMax AMD Option Income Strategy ETF <sup>(a)</sup> | 542818 <sup>(d)</sup> | 26679515 |
| YieldMax AMZN Option Income Strategy ETF <sup>(a)</sup> | 1926068 | 28544328 |
| YieldMax BABA Option Income Strategy ETF <sup>(a)</sup> | 1626255 | 25434628 |
| YieldMax Bitcoin Option Income Strategy ETF <sup>(a)</sup> | 589602 <sup>(d)</sup> | 26001466 |
| YieldMax BRKB Option Income Strategy ETF <sup>(a)</sup> | 569346 | 25904218 |
| YieldMax COIN Option Income Strategy ETF <sup>(a)</sup> | 403014 <sup>(d)</sup> | 25551075 |
| YieldMax CRCL Option Income Strategy ETF <sup>(a)</sup> | 572400 | 24229921 |
| YieldMax CVNA Option Income Strategy ETF <sup>(a)</sup> | 763363 | 24412349 |
| YieldMax DIS Option Income Strategy ETF <sup>(a)</sup> | 2125857 | 26685245 |
| YieldMax DKNG Option Income Strategy ETF <sup>(a)</sup> | 734367 | 23490491 |
| YieldMax GME Option Income Strategy ETF <sup>(a)</sup> | 566250 | 24936574 |
| YieldMax Gold Miners Option Income Strategy ETF <sup>(a)</sup> | 1549333 | 24030155 |
| YieldMax GOOGL Option Income Strategy ETF <sup>(a)</sup> | 1915257 | 27886142 |
| YieldMax HIMS Option Income Strategy ETF <sup>(a)</sup> | 631917 | 23278053 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | |
|:---|:---|:---|
| YieldMax HOOD Option Income Strategy ETF <sup>(a)</sup> | 393157.0 | 26766129 |
| YieldMax Innovation Option Income Strategy ETF <sup>(a)</sup> | 587654.0 <sup>(d)</sup> | 26033090 |
| YieldMax JPM Option Income Strategy ETF <sup>(a)</sup> | 1625809.0 | 26825848 |
| YieldMax MARA Option Income Strategy ETF <sup>(a)</sup> | 1386308.0 | 22555231 |
| YieldMax META Option Income Strategy ETF <sup>(a)</sup> | 1743760.0 | 23697698 |
| YieldMax MRNA Option Income Strategy ETF <sup>(a)</sup> | 1548343.0 <sup>(d)</sup> | 25857331 |
| YieldMax MSFT Option Income Strategy ETF <sup>(a)</sup> | 1546639.0 | 26555792 |
| YieldMax MSTR Option Income Strategy ETF <sup>(a)</sup> | 433715.0 <sup>(d)</sup> | 23615760 |
| YieldMax NFLX Option Income Strategy ETF <sup>(a)</sup> | 1634774.0 | 24211003 |
| YieldMax NVDA Option Income Strategy ETF <sup>(a)</sup> | 1686443.0 | 28231056 |
| YieldMax PLTR Option Income Strategy ETF <sup>(a)</sup> | 430942.0 | 28071562 |
| YieldMax PYPL Option Income Strategy ETF <sup>(a)</sup> | 513704.0 <sup>(d)</sup> | 26019128 |
| YieldMax RBLX Option Income Strategy ETF <sup>(a)</sup> | 536379.0 | 22587349 |
| YieldMax RDDT Option Income Strategy ETF <sup>(a)</sup> | 637808.0 | 26745968 |
| YieldMax SMCI Option Income Strategy ETF <sup>(a)</sup> | 1641817.0 | 24446655 |
| YieldMax SNOW Option Income Strategy ETF <sup>(a)</sup> | 1767850.0 | 28144172 |
| YieldMax TSLA Option Income Strategy ETF <sup>(a)</sup> | 630729.0 <sup>(d)</sup> | 26837502 |
| YieldMax TSM Option Income Strategy ETF <sup>(a)</sup> | 1567539.0 | 26005472 |
| YieldMax XOM Option Income Strategy ETF <sup>(a)</sup> | 2288123.0 | 26656633 |
| YieldMax XYZ Option Income Strategy ETF <sup>(a)</sup> | 598195.0 <sup>(d)</sup> | 25671846 |
| **TOTAL EXCHANGE TRADED FUNDS (Cost $956,789,039)** |  | 950443921 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**MONEY MARKET FUNDS - 1.2%** |<br>**Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(b)</sup> | 11849676 | 11849676 |
| **TOTAL MONEY MARKET FUNDS (Cost $11,849,676)** |  | 11849676 |
| **TOTAL INVESTMENTS - 100.0% (Cost $968,638,715)** |  | $962293597 |
| Liabilities in Excess of Other Assets - (0.0) <sup>(c)</sup> |  | (197817) |
| **TOTAL NET ASSETS - 100.0%** |  | $962095780 |

---

Percentages are stated as a percent of net assets.

(a) Affiliated security as defined by the Investment Company Act of 1940. See Note 7.

(b) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

(d) The number of shares held has been retroactively adjusted to reflect reverse stock splits of affiliated issuers. These adjustments had no impact on the Fund's total cost, market value, or net assets. See Note 12.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax XOM Option Income Strategy ETF**

 **Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 3.8%** | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> | $1874000 | $1873800 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $1,870,489)** |  | 1873800 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 3.1%** | **Notional Amount** | **Contracts** | |
| **Call Options - 3.1%** |  |  |  |
| Exxon Mobil Corp. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $119.00 | $26874600 | 2350 | 51700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $120.00 | 22528920 | 1970 | 28565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 12/19/2025; Exercise Price: $115.00 | 49403520 | 4320 | 1436400 |
| **TOTAL PURCHASED OPTIONS (Cost $1,881,779)** |  |  | 1516665 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**U.S. TREASURY BILLS - 96.2%** |<br>**Principal** | |
| 4.21%, 11/06/2025 <sup>(a)(f)</sup> | $6550000 | 6547929 |
| 3.97%, 02/19/2026 <sup>(a)(f)</sup> | 11595000 | 11465061 |
| 3.77%, 04/09/2026 <sup>(a)(f)</sup> | 7762000 | 7636413 |
| 3.97%, 07/09/2026 <sup>(a)(f)</sup> | 13750000 | 13412126 |
| 3.78%, 08/06/2026 <sup>(a)(f)</sup> | 8171000 | 7946263 |
| **TOTAL U.S. TREASURY BILLS (Cost $46,965,001)** |  | 47007792 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.4%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 193688 | 193688 |
| **TOTAL MONEY MARKET FUNDS (Cost $193,688)** |  | 193688 |
| **TOTAL INVESTMENTS - 103.5% (Cost $50,910,957)** |  | $50591945 |
| Liabilities in Excess of Other Assets - (3.5)% |  | (1697288) |
| **TOTAL NET ASSETS - 100.0%** |  | $48894657 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $48,881,592.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

**YieldMax XOM Option Income Strategy ETF**

 **Schedule of Written Options**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.3)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.6)%** |  |  |  |
| Exxon Mobil Corp. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $116.00 | $(26874600) | (2350) | $(191525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $117.00 | (22528920) | (1970) | (104410) |
| **Total Call Options** |  |  | (295935) |
| **Put Options - (3.7)%** |  |  |  |
| Exxon Mobil Corp., Expiration: 12/19/2025; Exercise Price: $115.01 <sup>(a)(b)</sup> | (49403520) | (4320) | (1804102) |
| **TOTAL WRITTEN OPTIONS (Premiums received $2,418,207)** |  |  | $(2100037) |

---

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**

 **October 31, 2025**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY SECURITIES - 16.4%** | **Principal** | **Value** |
| United States Treasury Note/Bond, 3.88%, 01/15/2026 <sup>(a)</sup> | $10235000 | $10233910 |
| **TOTAL U.S. TREASURY SECURITIES (Cost $10,217,477)** |  | 10233910 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 9.6%** | **Notional Amount** | **Contracts** | |
| **Call Options - 9.6%** |  |  |  |
| Block, Inc. <sup>(b)(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $84.00 | $15188000 | 2000 | 310000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $85.00 | 30376000 | 4000 | 538000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $86.00 | 17542140 | 2310 | 259875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/21/2025; Exercise Price: $75.00 | 63106140 | 8310 | 4861350 |
| **TOTAL PURCHASED OPTIONS (Cost $6,126,270)** |  |  | 5969225 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS**<br>**U.S. TREASURY BILLS - 78.2%** |<br>**Principal** | |
| 4.23%, 11/06/2025 <sup>(a)(f)</sup> | $9190000 | 9187094 |
| 4.01%, 02/19/2026 <sup>(a)(f)</sup> | 16436000 | 16251810 |
| 3.86%, 07/09/2026 <sup>(a)(f)</sup> | 7326000 | 7145980 |
| 3.82%, 08/06/2026 <sup>(a)(f)</sup> | 16707000 | 16247488 |
| **TOTAL U.S. TREASURY BILLS (Cost $48,792,858)** |  | 48832372 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.7%** | **Shares** | |
| First American Government Obligations Fund - Class X, 4.03% <sup>(g)</sup> | 2289294 | 2289294 |
| **TOTAL MONEY MARKET FUNDS (Cost $2,289,294)** |  | 2289294 |
| **TOTAL INVESTMENTS - 107.9% (Cost $67,425,899)** |  | $67324801 |

---

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

---

| | |
|:---|:---|
| **Schedules of Investments, Securities** |  |
| **Sold Short & Written Options Contracts** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
| Liabilities in Excess of Other Assets - (7.9)% | (4912767 |
| **TOTAL NET ASSETS - 100.0%** | $62412034 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. The fair value of securities committed as collateral as of October 31, 2025 was $59,066,282.

(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 Contracts for further information.

(f) The rate shown is the annualized yield as of October 31, 2025.

(g) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**YieldMax XYZ Option Income Strategy ETF**

 **Schedule of Written Options**

 **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (9.9)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (3.5)%** |  |  |  |
| Block, Inc. <sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $80.00 | $(45564000) | (6000) | $(1620000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration: 11/07/2025; Exercise Price: $81.00 | (17542140) | (2310) | (541695) |
| **Total Call Options** |  |  | (2161695) |
| **Put Options - (6.4)%** |  |  |  |
| Block, Inc., Expiration: 11/21/2025; Exercise Price: $75.01 <sup>(a)(b)</sup> | (63106140) | (8310) | (4006712) |
| **TOTAL WRITTEN OPTIONS (Premiums received $7,420,755)** |  |  | $(6168407) |

---

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. 64

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL Option Income Strategy ETF** | **YieldMax ABNB Option Income Strategy ETF** | **YieldMax AI Option Income Strategy ETF** | **YieldMax AMD Option Income Strategy ETF** | **YieldMax AMZN Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $140349034 | $32064441 | $88667893 | $126604047 | $323301572 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 19710071 | 1958715 | 2364387 | 127732271 | 300445 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1356395 | 1017580 | 751979 | 6631419 | 12919798 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 345808 | 70094 |  | 277666 | 712475 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 12375 | 3339 | 7274 | 12164 | 18793 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  | 491660 |  |
| &nbsp;&nbsp;&nbsp;Receivable for ETF transaction fees | – | – | – | 98 | – |
| Total assets | 161773683 | 35114169 | 91791533 | 261749325 | 337253083 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 2931138 | 3486716 | 6859398 | 22384512 | 3358589 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3351322 | 610339 | 294221 | 7152372 | 22006098 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 128563 | 28907 | 68341 | 177720 | 249108 |
| Total liabilities | 6411023 | 4125962 | 7221960 | 29714604 | 25613795 |
| **NET ASSETS** | $155362660 | $30988207 | $84569573 | $232034721 | $311639288 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $155393415 | $35368366 | $157722944 | $237868127 | $312278647 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (30755) | (4380159) | (73153371) | (5833406) | (639359) |
| Total net assets | $155362660 | $30988207 | $84569573 | $232034721 | $311639288 |
| &nbsp;&nbsp;&nbsp;Net assets | $155362660 | $30988207 | $84569573 | $232034721 | $311639288 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 11275000 | 645000 <sup>(b)</sup> | 3437500 <sup>(c)</sup> | 4720000 <sup>(d)</sup> | 21000000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $13.78 | $48.04 | $24.60 | $49.16 | $14.84 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $136784531 | $31883101 | $91521299 | $130501027 | $319662095 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $6650879 | $4383083 | $9327962 | $21096220 | $11954503 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 12).

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

(d) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA Option Income Strategy ETF** | **YieldMax Bitcoin Option Income Strategy ETF** | **YieldMax BRK.B Option Income Strategy ETF** | **YieldMax COIN Option Income Strategy ETF** | **YieldMax CVNA Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $59316007 | $85926160 | $32832147 | $1414498496 | $73035130 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 911037 | 34699526 | 1313168 | 355871 | 259737 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 409759 | 575377 | 76462 | 31203007 | 5530989 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 10728 | 5355 | 2155 | 35191 | 6114 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 575 | 160183 | 11960 | 11478 | 218854 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for ETF transaction fees | – | 264 | – | 1049 | – |
| Total assets | 60648106 | 121366865 | 34235892 | 1446105092 | 79050824 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 760719 | 9646503 | 1241756 | 146889742 | 5314700 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 125082 | 235874 | 20401 | 22666292 | 19541013 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 53367 | 101853 | 29817 | 1118122 | 57482 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | – | 1320780 | – | 5243040 | – |
| Total liabilities | 939168 | 11305010 | 1291974 | 175917196 | 24913195 |
| **NET ASSETS** | $59708938 | $110061855 | $32943918 | $1270187896 | $54137629 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA Option Income Strategy ETF** | **YieldMax Bitcoin Option Income Strategy ETF** | **YieldMax BRK.B Option Income Strategy ETF** | **YieldMax COIN Option Income Strategy ETF** | **YieldMax CVNA Option Income Strategy ETF** |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| Paid-in capital | $60080873 | $109991582 | $33894918 | $1362951171 | $54484262 |
| Total distributable earnings (accumulated losses) | (371935) | 70273 | (951000) | (92763275) | (346633) |
| Total net assets | $59708938 | $110061855 | $32943918 | $1270187896 | $54137629 |
| &nbsp;&nbsp;&nbsp;Net assets | $59708938 | $110061855 | $32943918 | $1270187896 | $54137629 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 3825000 | 2500000 <sup>(b)</sup> | 725000 | 20055000 <sup>(c)</sup> | 1700000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $15.61 | $44.02 | $45.44 | $63.34 | $31.85 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $53548094 | $92165206 | $33666504 | $1452522267 | $72692035 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $3502906 | $8671180 | $1149144 | $162789431 | $5904898 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 12).

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax DIS Option Income Strategy ETF** | **YieldMax DKNG Option Income Strategy ETF** | **YieldMax Gold Miners Option Income Strategy ETF** | **YieldMax GOOGL Option Income Strategy ETF** | **YieldMax HOOD Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $37801620 | $40524582 | $196160513 | $194689042 | $182971406 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 425158 |  | 2914546 | 187457 | 98792218 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 315109 | 451968 | 1340977 | 17500 | 6977943 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 37738 |  | 177558 | 165002 | 210912 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 3480 | 2393 | 37924 | 10237 | 13708 |
| Total assets | 38583105 | 40978943 | 200631518 | 195069238 | 288966187 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 3215997 | 3132230 | 13034428 | 909990 | 29729377 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 139601 | 211812 | 461873 | 7662 | 8566854 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 32199 | 24268 | 160355 | 142057 | 204134 |
| &nbsp;&nbsp;&nbsp;Due to broker | – | 8802419 | – | – | – |
| Total liabilities | 3387797 | 12170729 | 13656656 | 1059709 | 38500365 |
| **NET ASSETS** | $35195308 | $28808214 | $186974862 | $194009529 | $250465822 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $35425539 | $38907609 | $197355780 | $192671322 | $249742313 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (230231) | (10099395) | (10380918) | 1338207 | 723509 |
| Total net assets | $35195308 | $28808214 | $186974862 | $194009529 | $250465822 |
| &nbsp;&nbsp;&nbsp;Net assets | $35195308 | $28808214 | $186974862 | $194009529 | $250465822 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 2800000 | 900000 | 12075000 | 13350000 | 3675000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $12.57 | $32.01 | $15.48 | $14.53 | $68.15 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $37791037 | $40816136 | $205534242 | $166894055 | $184443884 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $3256818 | $2870700 | $11140576 | $7431236 | $36380708 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; Unlimited shares authorized without par value.

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Innovation Option Income Strategy ETF** | **YieldMax JPM Option Income Strategy ETF** | **YieldMax Magnificent 7 Fund of Option Income ETFs** | **YieldMax MARA Option Income Strategy ETF** | **YieldMax META Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $92964399 | $51692756 | $64713295 | $106286438 | $147218443 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 7) |  |  | 395844357 |  |  |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 1207361 | 9915032 | 15285166 | 3347927 | 30343208 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 256532 | 277897 | 1725078 | 7603063 | 417435 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 181989 | 101944 |  |  | 364551 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 9377 | 4979 | 119532 | 11391 | 9143 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | – | – | – | 547 | – |
| Total assets | 94619658 | 61992608 | 477687428 | 117249366 | 178352780 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 2758541 | 639401 | 838059 | 11766523 | 23067596 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 100768 | 374896 | 4898799 | 9417237 | 191176 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 76413 | 52948 | 110668 | 92207 | 146032 |
| &nbsp;&nbsp;&nbsp;Payable for expenses and other liabilities | – | – | – | – | – |
| Total liabilities | 2935722 | 1067245 | 5847526 | 21275967 | 23404804 |
| **NET ASSETS** | $91683936 | $60925363 | $471839902 | $95973399 | $154947976 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $92036196 | $60959877 | $484264794 | $103159275 | $177048069 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (352260) | (34514) | (12424892) | (7185876) | (22100093) |
| Total net assets | $91683936 | $60925363 | $471839902 | $95973399 | $154947976 |
| &nbsp;&nbsp;&nbsp;Net assets | $91683936 | $60925363 | $471839902 | $95973399 | $154947976 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 2065000 <sup>(b)</sup> | 3700000 | 30700000 | 5925000 | 11450000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $44.40 | $16.47 | $15.37 | $16.20 | $13.53 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $87699065 | $50769522 | $60757584 | $106015193 | $157515707 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $– | $– | $384936102 | $– | $– |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $6316234 | $2391799 | $4005213 | $11411930 | $12682142 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $100101993 | $152554691 | $2632951435 | $149168805 | $1758491075 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 3081211 | 905835 | 1212393370 | 2219302 | 153019321 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1524864 | 954525 | 107865173 | 1151315 | 10928260 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 111539 | 399362 | 5249007 | 71207 | 4309166 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 7661 | 20679 | 59925 | 7836 | 46206 |
| &nbsp;&nbsp;&nbsp;Receivable for ETF transaction fees | 345 | – | 5547 | – | 5448 |
| Total assets | 104827613 | 154835092 | 3958524457 | 152618465 | 1926799476 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 9131372 | 5229564 | 578000125 | 18647998 | 55297840 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 1724562 |  | 27736350 |  | 27237762 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1415936 | 487435 | 319580508 | 748667 | 19051153 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 81916 | 127103 | 3104413 | 124238 | 1516777 |
| &nbsp;&nbsp;&nbsp;Payable to custodian | – | – | – | 85681 | – |
| Total liabilities | 12353786 | 5844102 | 928421396 | 19606584 | 103103532 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MRNA Option Income Strategy ETF** | **YieldMax MSFT Option Income Strategy ETF** | **YieldMax MSTR Option Income Strategy ETF** | **YieldMax NFLX Option Income Strategy ETF** | **YieldMax NVDA Option Income Strategy ETF** |
| **NET ASSETS** | $92473827 | $148990990 | $3030103061 | $133011881 | $1823695944 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $155728997 | $149848289 | $3890454879 | $150716287 | $1844405411 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (63255170) | (857299) | (860351818) | (17704406) | (20709467) |
| Total net assets | $92473827 | $148990990 | $3030103061 | $133011881 | $1823695944 |
| &nbsp;&nbsp;&nbsp;Net assets | $92473827 | $148990990 | $3030103061 | $133011881 | $1823695944 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 5520000 <sup>(b)</sup> | 8650000 | 55710000 <sup>(c)</sup> | 8975000 | 109050000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $16.75 | $17.22 | $54.39 | $14.82 | $16.72 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $98324020 | $153394604 | $2820114486 | $157365452 | $1644712416 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $14663463 | $7463269 | $421522746 | $9918966 | $109913863 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 12).

(c) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax PLTR Option Income Strategy ETF** | **YieldMax PYPL Option Income Strategy ETF** | **YieldMax RBLX Option Income Strategy ETF** | **YieldMax Short COIN Option Income Strategy ETF** | **YieldMax Short N100 Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $650474781 | $48735871 | $34145237 | $49363141 | $14892583 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 121046245 | 185524 | 215832 | 881423 | 44480 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 299078 | 558751 | 604156 | 1102093 | 258982 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 223170 | 38054 |  | 194717 | 10617 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 31953 | 4052 | 1831 | 7247 | 4294 |
| Total assets | 772075227 | 49522252 | 34967056 | 51548621 | 15210956 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (Note 2) | 20047 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 50080100 | 1903345 | 5285078 | 7305909 | 766519 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 45665564 | 64304 | 59439 | 841945 | 34257 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 553485 | 45037 | 28643 | 34407 | 11191 |
| Total liabilities | 96319196 | 2012686 | 5373160 | 8182261 | 811967 |
| **NET ASSETS** | $675756031 | $47509566 | $29593896 | $43366360 | $14398989 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $678158827 | $59714119 | $33676448 | $79769923 | $17038658 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (2402796) | (12204553) | (4082552) | (36403563) | (2639669) |
| Total net assets | $675756031 | $47509566 | $29593896 | $43366360 | $14398989 |
| &nbsp;&nbsp;&nbsp;Net assets | $675756031 | $47509566 | $29593896 | $43366360 | $14398989 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 10400000 | 940000 <sup>(b)</sup> | 700000 | 1795000 <sup>(c)</sup> | 1175000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $64.98 | $50.54 | $42.28 | $24.16 | $12.25 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $610420784 | $48841104 | $36286987 | $51402541 | $15085182 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short proceeds | $20166 | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Written options premium received | $71545447 | $4018420 | $5107155 | $6191678 | $504321 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Short NVDA Option Income Strategy ETF** | **YieldMax Short TSLA Option Income Strategy ETF** | **YieldMax SMCI Option Income Strategy ETF** | **YieldMax SNOW Option Income Strategy ETF** | **YieldMax TSLA Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $9296374 | $26924905 | $262034239 | $90462978 | $1269926198 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 59765 | 789557 | 77194198 |  | 77717634 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 42150 | 416375 | 11575191 | 910139 | 16268119 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 37933 | 70185 | 11478 | 119528 | 1630918 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 855 | 3766 | 14351 | 5116 | 119783 |
| &nbsp;&nbsp;&nbsp;Receivable for ETF transaction fees | – | – | 520 | 79 | 2430 |
| Total assets | 9437077 | 28204788 | 350829977 | 91497840 | 1365665082 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 1272712 | 5768215 | 36862932 | 3431552 | 58776450 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 146768 | 137131 | 9623474 | 1266629 | 7499352 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 7492 | 19394 | 285219 | 73065 | 1070705 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed |  |  | 2598120 | 394633 | 12150548 |
| &nbsp;&nbsp;&nbsp;Due to broker | – | – | – | 256741 | – |
| Total liabilities | 1426972 | 5924740 | 49369745 | 5422620 | 79497055 |
| **NET ASSETS** | $8010105 | $22280048 | $301460232 | $86075220 | $1286168027 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14722330 | $40613656 | $306008131 | $86506043 | $1295836517 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (6712225) | (18333608) | (4547899) | (430823) | (9668490) |
| Total net assets | $8010105 | $22280048 | $301460232 | $86075220 | $1286168027 |
| &nbsp;&nbsp;&nbsp;Net assets | $8010105 | $22280048 | $301460232 | $86075220 | $1286168027 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 155000 <sup>(b)</sup> | 787500 <sup>(c)</sup> | 20225000 | 5425000 | 30205000 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $51.68 | $28.29 | $14.91 | $15.87 | $42.58 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $9647698 | $28707136 | $265450428 | $82507922 | $1251236512 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $597154 | $2349062 | $36502253 | $7314825 | $133751175 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 2, 2025 (Note 12).

(d) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 12).

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax TSM Option Income Strategy ETF** | **YieldMax Ultra Option Income Strategy ETF** | **YieldMax Ultra Short Option Income Strategy ETF** | **YieldMax Universe Fund of Option Income ETFs** | **YieldMax XOM Option Income Strategy ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $66124087 | $2481315593 | $20315577 | $11849676 | $50591945 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 7) |  |  |  | 950443921 |  |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 7164689 | 72159364 | 18478810 | 1984 | 217003 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 4143925 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1120876 | 179217356 | 4546089 |  | 301642 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 18928 | 1640057 | 11106 | 46864 | 4089 |
| &nbsp;&nbsp;&nbsp;Interest receivable |  | 546628 |  |  | 21509 |
| &nbsp;&nbsp;&nbsp;Receivable for ETF transaction fees | 829 | 17894 | – | – | – |
| Total assets | 78573334 | 2734896892 | 43351582 | 962342445 | 51136188 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value (Note 2) |  |  | 18687631 |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 5039679 | 109416267 | 853446 |  | 2100037 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 766584 | 50952709 | 3277252 |  | 97901 |
| &nbsp;&nbsp;&nbsp;Payable to adviser, net (Note 4) | 58615 | 3066858 | 16388 | 246665 | 43593 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | – | 89470800 | – | – | – |
| Total liabilities | 5864878 | 252906634 | 22834717 | 246665 | 2241531 |
| **NET ASSETS** | $72708456 | $2481990258 | $20516865 | $962095780 | $48894657 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $73368202 | $2696627329 | $22659982 | $1044687614 | $51367431 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (659746) | (214637071) | (2143117) | (82591834) | (2472774) |
| Total net assets | $72708456 | $2481990258 | $20516865 | $962095780 | $48894657 |
| &nbsp;&nbsp;&nbsp;Net assets | $72708456 | $2481990258 | $20516865 | $962095780 | $48894657 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 4400000 | 50020000 <sup>(b)</sup> | 550000 | 79275000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $16.52 | $49.62 | $37.30 | $12.14 | $11.64 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $66519463 | $2235710558 | $20295651 | $11849676 | $50910957 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $– | $– | $– | $956789039 | $– |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short proceeds | $– | $– | $17875674 | $– | $– |
| &nbsp;&nbsp;&nbsp;Written options premium received | $6537688 | $112771370 | $876913 | $– | $2418207 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 12).

---

| | |
|:---|:---|
|  | **YieldMax XYZ Option Income Strategy ETF** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $67324801 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1085286 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for options contracts | 700919 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 117473 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 3929 |
| Total assets | 69232408 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Written option contracts, at value (Note 2) | 6168407 |

---

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **YieldMax ETFs** |

---

October 31, 2025

---

| | |
|:---|:---|
|  | **YieldMax XYZ Option Income Strategy ETF** |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 594734 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 57233 |
| Total liabilities | 6820374 |
| **NET ASSETS** | $62412034 |
| **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $77306035 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (14894001) |
| Total net assets | $62412034 |
| &nbsp;&nbsp;&nbsp;Net assets | $62412034 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 1455000 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $42.89 |
| **COST:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $67425899 |
| **PROCEEDS:** |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $7420755 |

---

(a) Unlimited shares authorized without par value.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 12).

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL<br> Option Income<br> Strategy ETF** | **YieldMax ABNB<br> Option Income<br> Strategy ETF** | **YieldMax AI Option<br> Income Strategy<br> ETF** | **YieldMax AMD<br> Option Income<br> Strategy ETF** | **YieldMax AMZN<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $128951 | $69239 | $106507 | $171918 | $207367 |
| &nbsp;&nbsp;&nbsp;Interest income | 5289443 | 1226501 | 3808529 | 6130874 | 11193474 |
| Total investment income | 5418394 | 1295740 | 3915036 | 6302792 | 11400841 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 1294591 | 319205 | 864345 | 1614740 | 2632839 |
| &nbsp;&nbsp;&nbsp;Interest expense | 64887 | 5149 | 2218 | 19833 | 271844 |
| Total expenses | 1359478 | 324354 | 866563 | 1634573 | 2904683 |
| **NET INVESTMENT INCOME** | 4058916 | 971386 | 3048473 | 4668219 | 8496158 |
| **REALIZED AND UNREALIZED GAIN<br> (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 24219171 | (4879970) | (30085013) | 139175257 | 31197894 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (19998205) | 7662 | (31142664) | (62356935) | 8790996 |
| Net realized gain (loss) | 4220966 | (4872308) | (61227677) | 76818322 | 39988890 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4336389 | (6103) | (2276720) | 5680073 | 5559068 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 3457637 | 569311 | 994773 | 4721436 | 6271151 |
| Net change in unrealized appreciation (depreciation) | 7794026 | 563208 | (1281947) | 10401509 | 11830219 |
| Net realized and unrealized gain (loss) | 12014992 | (4309100) | (62509624) | 87219831 | 51819109 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $16073908 | $(3337714) | $(59461151) | $91888050 | $60315267 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax BABA<br> Option Income<br> Strategy ETF** | **YieldMax Bitcoin<br> Option Income<br> Strategy ETF** | **YieldMax BRK.B<br> Option Income<br> Strategy ETF<sup>(a)</sup>** | **YieldMax COIN<br> Option Income<br> Strategy ETF** | **YieldMax CVNA<br> Option Income<br> Strategy ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $68949 | $138394 | $23333 | $782565 | $45651 |
| &nbsp;&nbsp;&nbsp;Interest income | 1614136 | 2917695 | 299008 | 50422057 | 1459008 |
| Total investment income | 1683085 | 3056089 | 322341 | 51204622 | 1504659 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 447064 | 1199442 | 82650 | 11559288 | 386922 |
| &nbsp;&nbsp;&nbsp;Interest expense | 36 | 37758 | 1299 | 578858 | 37413 |
| Total expenses | 447100 | 1237200 | 83949 | 12138146 | 424335 |
| **NET INVESTMENT INCOME** | 1235985 | 1818888 | 238392 | 39066476 | 1080324 |
| **REALIZED AND UNREALIZED GAIN <br> (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 16717733 | 8506657 | (481062) | 524209127 | 9727792 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (8154429) | 31969639 | 702401 | (370787951) | 7040248 |
| Net realized gain (loss) | 8563304 | 40476296 | 221339 | 153421176 | 16768040 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7174287 | (6091553) | (834357) | 16209955 | 343095 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 3688863 | (10013922) | (92612) | 82800279 | 590198 |
| Net change in unrealized appreciation (depreciation) | 10863150 | (16105475) | (926969) | 99010234 | 933293 |
| Net realized and unrealized gain (loss) | 19426454 | 24370821 | (705630) | 252431410 | 17701333 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $20662439 | $26189709 | $(467238) | $291497886 | $18781657 |

---

(a) Inception date of the Fund was June 4, 2025.

(b) Inception date of the Fund was January 29, 2025.

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax DIS<br> Option Income<br> Strategy ETF** | **YieldMax DKNG**<br> **Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax Gold<br> Miners Option<br> Income Strategy<br> ETF** | **YieldMax GOOGL<br> Option Income<br> Strategy ETF** | **YieldMax HOOD**<br> **Option Income**<br> **Strategy ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $44516 | $8095 | $138721 | $111781 | $65965 |
| &nbsp;&nbsp;&nbsp;Interest income | 1494977 | 150989 | 3080335 | 5030558 | 2391376 |
| Total investment income | 1539493 | 159084 | 3219056 | 5142339 | 2457341 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 362291 | 35041 | 823357 | 1218104 | 717398 |
| &nbsp;&nbsp;&nbsp;Interest expense | 80756 | 1332 | 7806 | 183425 | 817 |
| Total expenses | 443047 | 36373 | 831163 | 1401529 | 718215 |
| **NET INVESTMENT INCOME** | 1096446 | 122711 | 2387893 | 3740810 | 1739126 |
| **REALIZED AND UNREALIZED GAIN<br> (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2289468 | (3111571) | 46098253 | 45015547 | 85726175 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (755987) | (6435255) | (99980) | (18897239) | (6910326) |
| Net realized gain (loss) | 1533481 | (9546826) | 45998273 | 26118308 | 78815849 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (211275) | (291554) | (8833779) | 25914653 | (1472478) |
| &nbsp;&nbsp;&nbsp;Written option contracts | (167045) | (261530) | (2476655) | 3698685 | 6651331 |
| Net change in unrealized appreciation (depreciation) | (378320) | (553084) | (11310434) | 29613338 | 5178853 |
| Net realized and unrealized gain (loss) | 1155161 | (10099910) | 34687839 | 55731646 | 83994702 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $2251607 | $(9977199) | $37075732 | $59472456 | $85733828 |

---

(a) Inception date of the Fund was July 14, 2025.

(b) Inception date of the Fund was May 7, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax<br> Innovation Option<br> Income Strategy<br> ETF** | **YieldMax JPM<br> Option Income<br> Strategy ETF** | **YieldMax<br> Magnificent 7 Fund<br> of Option Income<br> ETFs** | **YieldMax MARA**<br> **Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax META<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | $101375 | $63901 | $256438 | $86861 | $145912 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities<sup>(b)</sup> |  |  | 87897509 |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 2667097 | 2030096 | – | 2469986 | 6916752 |
| Total investment income | 2768472 | 2093997 | 88153947 | 2556847 | 7062664 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 707289 | 522833 | 977093 | 608508 | 1631685 |
| &nbsp;&nbsp;&nbsp;Interest expense | 10159 | 25542 | 2 | 8295 | 122258 |
| Total expenses | 717448 | 548375 | 977095 | 616803 | 1753943 |
| **NET INVESTMENT INCOME** | 2051024 | 1545622 | 87176852 | 1940044 | 5308721 |
| **REALIZED AND UNREALIZED GAIN** |  |  |  |  |  |
| **(LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 28064264 | 9410361 | 82336 | (29674208) | 10342417 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  | (19899796) |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts | (5863215) | (2757857) | (3556189) | 22569504 | 17137200 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions on affiliated securities | – | – | 2378583 | – | – |
| Net realized gain (loss) | 22201049 | 6652504 | (20995066) | (7104704) | 27479617 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 6177484 | 1056091 | 3955712 | 271245 | (8469955) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  | 13553028 |  |  |
| &nbsp;&nbsp;&nbsp;Written option contracts | 2016859 | 1855227 | 3167154 | (354593) | (13551707) |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax<br> Innovation Option<br> Income Strategy<br> ETF** | **YieldMax JPM <br> Option Income <br> Strategy ETF** | **YieldMax <br> Magnificent 7 Fund <br> of Option Income <br> ETFs** | **YieldMax MARA**<br> **Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax META<br> Option Income<br> Strategy ETF** |
| Net change in unrealized appreciation (depreciation) | 8194343 | 2911318 | 20675894 | (83348) | (22021662) |
| Net realized and unrealized gain (loss) | 30395392 | 9563822 | (319172) | (7188052) | 5457955 |
| **NET INCREASE (DECREASE) IN** |  |  |  |  |  |
| **NET ASSETS RESULTING FROM OPERATIONS** | $32446416 | $11109444 | $86857680 | $(5248008) | $10766676 |

---

(a) Inception date of the Fund was December 9, 2024.

(b) Net return of capital distributions of $-, $-, $77,671,501, $-, $-.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax MRNA<br> Option Income<br> Strategy ETF** | **YieldMax MSFT<br> Option Income<br> Strategy ETF** | **YieldMax MSTR<br> Option Income<br> Strategy ETF** | **YieldMax NFLX<br> Option Income<br> Strategy ETF** | **YieldMax NVDA<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $91355 | $127143 | $1739513 | $118754 | $847578 |
| &nbsp;&nbsp;&nbsp;Interest income | 3459785 | 5117454 | 111327752 | 5253559 | 61735093 |
| Total investment income | 3551140 | 5244597 | 113067265 | 5372313 | 62582671 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 788394 | 1223441 | 32010413 | 1259877 | 15387704 |
| &nbsp;&nbsp;&nbsp;Interest expense | 7001 | 52143 | 1167795 | 22276 | 1560647 |
| Total expenses | 795395 | 1275584 | 33178208 | 1282153 | 16948351 |
| **NET INVESTMENT INCOME** | 2755745 | 3969013 | 79889057 | 4090160 | 45634320 |
| **REALIZED AND UNREALIZED GAIN** |  |  |  |  |  |
| **(LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (50215900) | 3464271 | (1131382812) | 18631899 | 280863637 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (1460159) | 11927454 | 632135497 | 19151241 | 79869619 |
| Net realized gain (loss) | (51676059) | 15391725 | (499247315) | 37783140 | 360733256 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1885188 | 2569914 | (151545130) | (8071120) | 112968842 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 5355506 | 3433815 | (159377125) | (9177758) | 45402937 |
| Net change in unrealized appreciation (depreciation) | 7240694 | 6003729 | (310922255) | (17248878) | 158371779 |
| Net realized and unrealized gain (loss) | (44435365) | 21395454 | (810169570) | 20534262 | 519105035 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(41679620) | $25364467 | $(730280513) | $24624422 | $564739355 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax PLTR<br> Option Income<br> Strategy ETF** | **YieldMax PYPL<br> Option Income<br> Strategy ETF** | **YieldMax RBLX**<br> **Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax Short <br> COIN Option <br> Income Strategy <br> ETF** | **YieldMax Short<br> N100 Option Income <br> Strategy ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $334015 | $72246 | $2788 | $83279 | $57079 |
| &nbsp;&nbsp;&nbsp;Interest income | 12710477 | 2278356 | 135246 | 1584306 | 400456 |
| Total investment income | 13044492 | 2350602 | 138034 | 1667585 | 457535 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 3480680 | 542337 | 36531 | 397188 | 107179 |
| &nbsp;&nbsp;&nbsp;Interest expense | 270279 | 173497 | – | 21361 | 10371 |
| Total expenses | 3750959 | 715834 | 36531 | 418549 | 117550 |
| **NET INVESTMENT INCOME** | 9293533 | 1634768 | 101503 | 1249036 | 339985 |
| **REALIZED AND UNREALIZED GAIN** |  |  |  |  |  |
| **(LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 180691374 | (5141739) | (2847727) | 5820389 | (1187425) |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax PLTR<br> Option Income<br> Strategy ETF** | **YieldMax PYPL<br> Option Income<br> Strategy ETF** | **YieldMax RBLX**<br> **Option Income**<br> **Strategy ETF<sup>(a)</sup>** | **YieldMax Short<br> COIN Option<br> Income Strategy<br> ETF** | **YieldMax Short<br> N100 Option Income<br> Strategy ETF** |
| &nbsp;&nbsp;&nbsp;Written option contracts | 71448144 | (7870859) | 1084654 | (31801770) | (951060) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (460) | – | – | – | – |
| Net realized gain (loss) | 252139058 | (13012598) | (1763073) | (25981381) | (2138485) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 40036162 | 812944 | (2141750) | (5419540) | (65800) |
| &nbsp;&nbsp;&nbsp;Written option contracts | 21475659 | 943201 | (177923) | (1739604) | (132236) |
| &nbsp;&nbsp;&nbsp;Securities sold short | 119 | – | – | – | – |
| Net change in unrealized appreciation (depreciation) | 61511940 | 1756145 | (2319673) | (7159144) | (198036) |
| Net realized and unrealized gain (loss) | 313650998 | (11256453) | (4082746) | (33140525) | (2336521) |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $322944531 | $(9621685) | $(3981243) | $(31891489) | $(1996536) |

---

(a) Inception date of the Fund was July 28, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax Short<br> NVDA Option<br> Income Strategy<br> ETF** | **YieldMax Short<br> TSLA Option<br> Income Strategy<br> ETF** | **YieldMax SMCI<br> Option Income<br> Strategy ETF** | **YieldMax SNOW<br> Option Income<br> Strategy ETF** | **YieldMax TSLA<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $32664 | $61758 | $197416 | $64705 | $803542 |
| &nbsp;&nbsp;&nbsp;Interest income | 406924 | 991635 | 6826990 | 2325011 | 44719142 |
| Total investment income | 439588 | 1053393 | 7024406 | 2389716 | 45522684 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 109220 | 253007 | 1781389 | 612624 | 10835101 |
| &nbsp;&nbsp;&nbsp;Interest expense | 5717 | 12269 | 41704 | 5128 | 836289 |
| Total expenses | 114937 | 265276 | 1823093 | 617752 | 11671390 |
| **NET INVESTMENT INCOME** | 324651 | 788117 | 5201313 | 1771964 | 33851294 |
| **REALIZED AND UNREALIZED GAIN** |  |  |  |  |  |
| **(LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (378729) | (6390836) | 112261407 | 11916721 | 515204728 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (4852176) | (5835227) | (47125077) | 5877211 | (142002196) |
| Net realized gain (loss) | (5230905) | (12226063) | 65136330 | 17793932 | 373202532 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 99827 | (1003694) | (2599573) | 8808062 | 70213525 |
| &nbsp;&nbsp;&nbsp;Written option contracts | 154441 | (2626999) | 105946 | 4381136 | 35616382 |
| Net change in unrealized appreciation (depreciation) | 254268 | (3630693) | (2493627) | 13189198 | 105829907 |
| Net realized and unrealized gain (loss) | (4976637) | (15856756) | 62642703 | 30983130 | 479032439 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(4651986) | $(15068639) | $67844016 | $32755094 | $512883733 |

---

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **YieldMax TSM<br> Option Income<br> Strategy ETF** | **YieldMax Ultra<br> Option Income<br> Strategy ETF** | **YieldMax Ultra**<br> **Short Option**<br> **Income Strategy**<br> **ETF<sup>(a)</sup>** | **YieldMax Universe<br> Fund of Option<br> Income ETFs** | **YieldMax XOM<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities | $91818 | $6144974 | $22003 | $605774 | $65613 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities<sup>(b)</sup> |  |  |  | 213643847 |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1826409 | 29235 | 66414 | 28391 | 2015682 |
| Total investment income | 1918227 | 6174209 | 88417 | 214278012 | 2081295 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 502491 | 13609240 | 30995 | 2335642 | 494877 |
| &nbsp;&nbsp;&nbsp;Interest expense | 6501 | 1331720 | 2743 | – | 90963 |
| Total expenses | 508992 | 14940960 | 33738 | 2335642 | 585840 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement by Adviser | – | (1097519) | (2500) | – | – |
| Net expenses | 508992 | 13843441 | 31238 | 2335642 | 585840 |
| **NET INVESTMENT INCOME/(LOSS)** | 1409235 | (7669232) | 57179 | 211942370 | 1495455 |
| **REALIZED AND UNREALIZED GAIN** |  |  |  |  |  |
| **(LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 16524102 | 225634266 | 547098 | (8475726) | (5478822) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  | (52440352) |  |
| &nbsp;&nbsp;&nbsp;Long-term capital gains on investments in affiliated securities |  |  |  | 2266405 |  |
| &nbsp;&nbsp;&nbsp;Written option contracts | 4008247 | (319300011) | 1137596 | (1168893) | 3520178 |
| &nbsp;&nbsp;&nbsp;Securities sold short |  |  | (3059280) |  |  |
| &nbsp;&nbsp;&nbsp;In-kind redemptions on affiliated securities | – | – | – | 6077602 | – |
| Net realized gain (loss) | 20532349 | (93665745) | (1374586) | (53740964) | (1958644) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 224235 | 238743435 | 19926 | (15206) | 183525 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities |  |  |  | 708546 |  |
| &nbsp;&nbsp;&nbsp;Written option contracts | 1523251 | 562677 | 23467 | (1364799) | (162976) |
| &nbsp;&nbsp;&nbsp;Securities sold short | – | – | (811957) | – | – |
| Net change in unrealized appreciation (depreciation) | 1747486 | 239306112 | (768564) | (671459) | 20549 |
| Net realized and unrealized gain (loss) | 22279835 | 145640367 | (2143150) | (54412423) | (1938095) |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $23689070 | $137971135 | $(2085971) | $157529947 | $(442640) |

---

(a) Inception date of the Fund was August 20, 2025.

(b) Net of return of capital distributions of $-, $-, $-, $276,629,335, $-.

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

---

| | |
|:---|:---|
| **Statements of Operations** | **YieldMax ETFs** |

---

For the Periods Ended October 31, 2025

---

| | |
|:---|:---|
|  | **YieldMax XYZ<br> Option Income<br> Strategy ETF** |
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend income | $79869 |
| &nbsp;&nbsp;&nbsp;Interest income | 2929598 |
| Total investment income | 3009467 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 700934 |
| &nbsp;&nbsp;&nbsp;Interest expense | 258987 |
| Total expenses | 959921 |
| **NET INVESTMENT INCOME** | 2049546 |
| **REALIZED AND UNREALIZED GAIN** |  |
| **(LOSS)** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 14212047 |
| &nbsp;&nbsp;&nbsp;Written option contracts | (26944209) |
| Net realized gain (loss) | (12732162) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (1351428) |
| &nbsp;&nbsp;&nbsp;Written option contracts | (704607) |
| Net change in unrealized appreciation (depreciation) | (2056035) |
| Net realized and unrealized gain (loss) | (14788197) |
| **NET INCREASE (DECREASE) IN NET** |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(12738651) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AAPL Option Income<br> Strategy ETF** | **YieldMax AAPL Option Income<br> Strategy ETF** | **YieldMax ABNB Option Income<br> Strategy ETF** | **YieldMax ABNB Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4058916 | $2539590 | $971386 | $106572 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 4220966 | 7735438 | (4872308) | 89477 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7794026 | 2121758 | 563208 | 514499 |
| Net increase (decrease) in net assets from operations | 16073908 | 12396786 | (3337714) | 710548 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (15034941) | (7952933) | (970138) | (782854) |
| &nbsp;&nbsp;&nbsp;From return of capital | (28724087) | (7942237) | (12986440) | (480389) |
| Total distributions to shareholders | (43759028) | (15895170) | (13956578) | (1263243) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 129199180 | 57645405 | 45930595 | 19731438 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (38649102) | (18076480) | (14403165) | (2439675) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 33570 | 15144 | 12067 | 3934 |
| Net increase (decrease) in net assets from capital transactions | 90583648 | 39584069 | 31539497 | 17295697 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 62898528 | 36085685 | 14245205 | 16743002 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 92464132 | 56378447 | 16743002 | – |
| End of the periods | $155362660 | $92464132 | $30988207 | $16743002 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8650000 | 3225000 | 3400000 | 1175000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2700000) | (975000) | (1200000) | (150000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | – | – | (2580000)<sup>(b)</sup> | – |
| Total increase (decrease) in shares outstanding | 5950000 | 2250000 | (380000) | 1025000 |

---

(a) Inception date of the Fund was June 24, 2024.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AI Option Income Strategy<br> ETF** | **YieldMax AI Option Income Strategy<br> ETF** | **YieldMax AMD Option Income<br> Strategy ETF** | **YieldMax AMD Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3048473 | $878479 | $4668219 | $3522687 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (61227677) | (11544721) | 76818322 | 4775836 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1281947) | 897105 | 10401509 | (15081804) |
| Net increase (decrease) in net assets from operations | (59461151) | (9769137) | 91888050 | (6783281) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (3049052) | (874595) | (80745177) | (9911652) |
| &nbsp;&nbsp;&nbsp;From return of capital | (64204751) | (13131653) | (38366621) | (43650526) |
| Total distributions to shareholders | (67253803) | (14006248) | (119111798) | (53562178) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 219495812 | 71703313 | 269706637 | 221236288 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (42535940) | (13672755) | (131748490) | (45374730) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 52407 | 17075 | 79617 | 53322 |
| Net increase (decrease) in net assets from capital transactions | 177012279 | 58047633 | 138037764 | 175914880 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 50297325 | 34272248 | 110814016 | 115569421 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 34272248 | – | 121220705 | 5651284 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AI Option Income Strategy<br> ETF** | **YieldMax AI Option Income Strategy<br> ETF** | **YieldMax AMD Option Income<br> Strategy ETF** | **YieldMax AMD Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| End of the periods | $84569573 | $34272248 | $232034721 | $121220705 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 39575000 | 5150000 | 28950000 | 11825000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9300000) | (1050000) | (15000000) | (2475000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (30937500)<sup>(b)</sup> | – | (18880000)<sup>(c)</sup> | – |
| Total increase (decrease) in shares outstanding | (662500) | 4100000 | (4930000) | 9350000 |

---

(a) Inception date of the Fund was November 27, 2023.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

(c) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax AMZN Option Income<br> Strategy ETF** | **YieldMax AMZN Option Income<br> Strategy ETF** | **YieldMax BABA Option Income<br> Strategy ETF** | **YieldMax BABA Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $8496158 | $3927612 | $1235985 | $72948 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 39988890 | 4655652 | 8563304 | 2800531 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 11830219 | 1684873 | 10863150 | (2353050) |
| Net increase (decrease) in net assets from operations | 60315267 | 10268137 | 20662439 | 520429 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (58900818) | (11939727) | (20203501) | (1351303) |
| &nbsp;&nbsp;&nbsp;From return of capital | (66473190) | (26751756) | (12746267) | – |
| Total distributions to shareholders | (125374008) | (38691483) | (32949768) | (1351303) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 284300035 | 183046380 | 123920828 | 23431765 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (86605868) | (9481770) | (72979758) | (1589377) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 74181 | 38506 | 39179 | 4504 |
| Net increase (decrease) in net assets from capital transactions | 197768348 | 173603116 | 50980249 | 21846892 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 132709607 | 145179770 | 38692920 | 21016018 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 178929681 | 33749911 | 21016018 | – |
| End of the periods | $311639288 | $178929681 | $59708938 | $21016018 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16375000 | 8425000 | 6750000 | 1075000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4975000) | (475000) | (3925000) | (75000) |
| Total increase (decrease) in shares outstanding | 11400000 | 7950000 | 2825000 | 1000000 |

---

(a) Inception date of the Fund was August 7, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax Bitcoin Option Income<br> Strategy ETF** | **YieldMax Bitcoin Option Income<br> Strategy ETF** | **YieldMax BRK.B<br> Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended**<br> **October 31, 2025<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1818888 | $196447 | $238392 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 40476296 | (10846767) | 221339 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (16105475) | 8891106 | (926969) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax Bitcoin Option Income<br> Strategy ETF** | **YieldMax Bitcoin Option Income<br> Strategy ETF** | **YieldMax BRK.B<br> Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended**<br> **October 31, 2025<sup>(b)</sup>** |
| Net increase (decrease) in net assets from operations | 26189709 | (1759214) | (467238) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (23672283) | (687940) | (483762) |
| &nbsp;&nbsp;&nbsp;From return of capital | (54152615) | (15428412) | (1357456) |
| Total distributions to shareholders | (77824898) | (16116352) | (1841218) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 215887225 | 111001130 | 43556438 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (102083305) | (45326800) | (8314188) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 63594 | 30766 | 10124 |
| Net increase (decrease) in net assets from capital transactions | 113867514 | 65705096 | 35252374 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 62232325 | 47829530 | 32943918 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | 47829530 | – | – |
| End of the periods | $110061855 | $47829530 | $32943918 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18100000 | 6900000 | 900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9350000) | (3150000) | (175000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (10000000)<sup>(c)</sup> | – | – |
| Total increase (decrease) in shares outstanding | (1250000) | 3750000 | 725000 |

---

(a) Inception date of the Fund was April 22, 2024.

(b) Inception date of the Fund was June 4, 2025.

(c) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 28, 2025 (Note 12).

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax COIN Option Income<br> Strategy ETF** | **YieldMax COIN Option Income<br> Strategy ETF** | **YieldMax CVNA<br> Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $39066476 | $18167917 | $1080324 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 153421176 | 101236234 | 16768040 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 99010234 | (121778731) | 933293 |
| Net increase (decrease) in net assets from operations | 291497886 | (2374580) | 18781657 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (252154941) | (130427868) | (19128290) |
| &nbsp;&nbsp;&nbsp;From return of capital | (925803792) | (274839752) | (14341853) |
| Total distributions to shareholders | (1177958733) | (405267620) | (33470143) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2442407610 | 1169856957 | 122909758 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (941670295) | (172263215) | (54083643) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 676816 | 268424 | – |
| Net increase (decrease) in net assets from capital transactions | 1501414131 | 997862166 | 68826115 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 614953284 | 590219966 | 54137629 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | 655234612 | 65014646 | – |

---

The accompanying notes are an integral part of these financial statements. 80

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax COIN Option Income<br> Strategy ETF** | **YieldMax COIN Option Income<br> Strategy ETF** | **YieldMax CVNA<br> Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** |
| End of the periods | $1270187896 | $655234612 | $54137629 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 249000000 | 58775000 | 3025000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (102025000) | (8500000) | (1325000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (180495000)<sup>(b)</sup> | – | – |
| Total increase (decrease) in shares outstanding | (33520000) | 50275000 | 1700000 |

---

(a) Inception date of the Fund was January 29, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax DIS Option Income Strategy<br> ETF** | **YieldMax DIS Option Income Strategy<br> ETF** | **YieldMax DKNG<br> Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1096446 | $538435 | $122711 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1533481 | (1777865) | (9546826) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (378320) | 497689 | (553084) |
| Net increase (decrease) in net assets from operations | 2251607 | (741741) | (9977199) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1095662) | (666805) | (122197) |
| &nbsp;&nbsp;&nbsp;From return of capital | (11379403) | (3706250) | (2144281) |
| Total distributions to shareholders | (12475065) | (4373055) | (2266478) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 38459393 | 27578670 | 43380043 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (15579940) | (3938118) | (2337045) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 10808 | 6303 | 8893 |
| Net increase (decrease) in net assets from capital transactions | 22890261 | 23646855 | 41051891 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 12666803 | 18532059 | 28808214 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | 22528505 | 3996446 | – |
| End of the periods | $35195308 | $22528505 | $28808214 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2500000 | 1450000 | 950000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1125000) | (225000) | (50000) |
| Total increase (decrease) in shares outstanding | 1375000 | 1225000 | 900000 |

---

(a) Inception date of the Fund was July 14, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Gold Miners Option Income<br> Strategy ETF** | **YieldMax Gold Miners Option Income<br> Strategy ETF** | **YieldMax GOOGL Option Income<br> Strategy ETF** | **YieldMax GOOGL Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2387893 | $329405 | $3740810 | $1540083 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 45998273 | (94669) | 26118308 | (6293239) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (11310434) | 42853 | 29613338 | 6338039 |

---

The accompanying notes are an integral part of these financial statements. 81

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Gold Miners Option Income<br> Strategy ETF** | **YieldMax Gold Miners Option Income<br> Strategy ETF** | **YieldMax GOOGL Option Income<br> Strategy ETF** | **YieldMax GOOGL Option Income<br> Strategy ETF** |
|  | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| Net increase (decrease) in net assets from operations | 37075732 | 277589 | 59472456 | 1584883 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (46772715) | (961525) | (56540890) | (1894535) |
| &nbsp;&nbsp;&nbsp;From return of capital | – | (2062505) | – | (11181438) |
| Total distributions to shareholders | (46772715) | (3024030) | (56540890) | (13075973) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 204088162 | 36420648 | 163426440 | 74778135 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (38881622) | (2264633) | (43341427) | (8685733) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 48594 | 7137 | 41353 | 16693 |
| Net increase (decrease) in net assets from capital transactions | 165255134 | 34163152 | 120126366 | 66109095 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 155558151 | 31416711 | 123057932 | 54618005 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 31416711 | – | 70951597 | 16333592 |
| End of the periods | $186974862 | $31416711 | $194009529 | $70951597 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 12675000 | 1950000 | 11900000 | 4375000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2425000) | (125000) | (3275000) | (525000) |
| Total increase (decrease) in shares outstanding | 10250000 | 1825000 | 8625000 | 3850000 |

---

(a) Inception date of the Fund was May 20, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax HOOD<br> Option Income<br> Strategy ETF** | **YieldMax Innovation Option Income<br> Strategy ETF** | **YieldMax Innovation Option Income<br> Strategy ETF** |
|  | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1739126 | $2051024 | $2813231 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 78815849 | 22201049 | (8676835) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5178853 | 8194343 | 18820293 |
| Net increase (decrease) in net assets from operations | 85733828 | 32446416 | 12956689 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (85010320) | (23903921) | (2803181) |
| &nbsp;&nbsp;&nbsp;From return of capital | – | (13919822) | (23765706) |
| Total distributions to shareholders | (85010320) | (37823743) | (26568887) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 372968958 | 77667283 | 28369395 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (123325403) | (35072962) | (27422377) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 98759 | 22548 | 11158 |
| Net increase (decrease) in net assets from capital transactions | 249742314 | 42616869 | 958176 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 250465822 | 37239542 | (12654022) |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | – | 54444394 | 67098416 |
| End of the periods | $250465822 | $91683936 | $54444394 |

---

The accompanying notes are an integral part of these financial statements. 82

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax HOOD<br> Option Income<br> Strategy ETF** | **YieldMax Innovation Option Income<br> Strategy ETF** | **YieldMax Innovation Option Income<br> Strategy ETF** |
|  | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5425000 | 8500000 | 2450000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1750000) | (3800000) | (2400000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | – | (8260000)<sup>(b)</sup> | – |
| Total increase (decrease) in shares outstanding | 3675000 | (3560000) | 50000 |

---

(a) Inception date of the Fund was May 7, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax JPM Option Income Strategy<br> ETF** | **YieldMax JPM Option Income Strategy<br> ETF** | **YieldMax Magnificent 7 Fund of<br> Option Income ETFs** | **YieldMax Magnificent 7 Fund of<br> Option Income ETFs** |
|  | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** | **Year ended<br> October 31, 2025** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1545622 | $597777 | $87176852 | $10364715 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6652504 | 817182 | (20995066) | 703694 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2911318 | (17107) | 20675894 | (2644773) |
| Net increase (decrease) in net assets from operations | 11109444 | 1397852 | 86857680 | 8423636 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (10821815) | (1423567) | (97057984) | (11300209) |
| &nbsp;&nbsp;&nbsp;From return of capital | (5654710) | (1980575) | (63741071) | (12967418) |
| Total distributions to shareholders | (16476525) | (3404142) | (160799055) | (24267627) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 61689630 | 29986308 | 396904483 | 219703880 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (21842053) | (4857290) | (33793995) | (21189100) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 16706 | 6969 | – | – |
| Net increase (decrease) in net assets from capital transactions | 39864283 | 25135987 | 363110488 | 198514780 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 34497202 | 23129697 | 289169113 | 182670789 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 26428161 | 3298464 | 182670789 | – |
| End of the periods | $60925363 | $26428161 | $471839902 | $182670789 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3525000 | 1525000 | 23050000 | 10900000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1275000) | (250000) | (2150000) | (1100000) |
| Total increase (decrease) in shares outstanding | 2250000 | 1275000 | 20900000 | 9800000 |

---

(a) Inception date of the Fund was January 29, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax MARA<br> Option Income<br> Strategy ETF** | **YieldMax META Option Income<br> Strategy ETF** | **YieldMax META Option Income<br> Strategy ETF** |
|  | **Period ended**<br> **October 31, 2025<sup>(a)</sup>** | **Year ended<br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1940044 | $5308721 | $2513383 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7104704) | 27479617 | 18322251 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (83348) | (22021662) | 1583662 |
| Net increase (decrease) in net assets from operations | (5248008) | 10766676 | 22419296 |

---

The accompanying notes are an integral part of these financial statements. 83

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **YieldMax META Option Income** | **YieldMax META Option Income** |
|  | **YieldMax MARA**<br>**Option Income**<br>**Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Period ended**<br>**October 31, 2025<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1937869) | (31014311) | (24199271) |
| &nbsp;&nbsp;&nbsp;From return of capital | (61879849) | (38646322) | (5732114) |
| Total distributions to shareholders | (63817718) | (69660633) | (29931385) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 270806478 | 151992875 | 137746925 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (105841933) | (66639815) | (14131075) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 74580 | 43727 | 30376 |
| Net increase (decrease) in net assets from capital transactions | 165039125 | 85396787 | 123646226 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 95973399 | 26502830 | 116134137 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | – | 128445146 | 12311009 |
| End of the periods | $95973399 | $154947976 | $128445146 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11125000 | 8600000 | 6750000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5200000) | (3800000) | (725000) |
| Total increase (decrease) in shares outstanding | 5925000 | 4800000 | 6025000 |

---

(a) Inception date of the Fund was December 9, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MRNA Option Income** | **YieldMax MRNA Option Income** | **YieldMax MSFT Option Income** | **YieldMax MSFT Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2755745 | $809578 | $3969013 | $2026375 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (51676059) | (18886706) | 15391725 | 3680515 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7240694 | 135842 | 6003729 | (4848130) |
| Net increase (decrease) in net assets from operations | (41679620) | (17941286) | 25364467 | 858760 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2756418) | (829150) | (21210197) | (6248686) |
| &nbsp;&nbsp;&nbsp;From return of capital | (63539082) | (9155627) | (16093723) | (8000692) |
| Total distributions to shareholders | (66295500) | (9984777) | (37303920) | (14249378) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 208406660 | 68569325 | 116609230 | 90153288 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (36847878) | (13269820) | (36558455) | (4466118) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 49051 | 16368 | 30634 | 18924 |
| Net increase (decrease) in net assets from capital transactions | 171607833 | 55315873 | 80081409 | 85706094 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 63632713 | 27389810 | 68141956 | 72315476 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the year | 28841114 | 1451304 | 80849034 | 8533558 |
| End of the year | $92473827 | $28841114 | $148990990 | $80849034 |

---

The accompanying notes are an integral part of these financial statements. 84

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MRNA Option Income** | **YieldMax MRNA Option Income** | **YieldMax MSFT Option Income** | **YieldMax MSFT Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 66450000 | 4600000 | 6450000 | 4175000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (15225000) | (700000) | (2150000) | (225000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (49680000)<sup>(a)</sup> | – | – | – |
| Total increase (decrease) in shares outstanding | 1545000 | 3900000 | 4300000 | 3950000 |

---

(a) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax MSTR Option Income** | **YieldMax MSTR Option Income** | **YieldMax NFLX Option Income** | **YieldMax NFLX Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $79889057 | $3758992 | $4090160 | $1597112 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (499247315) | 290278624 | 37783140 | 15463007 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (310922255) | (32718175) | (17248878) | 172796 |
| Net increase (decrease) in net assets from operations | (730280513) | 261319441 | 24624422 | 17232915 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (144116337) | (247274410) | (42195719) | (17515864) |
| &nbsp;&nbsp;&nbsp;From return of capital | (3054672201) | – | (14625321) | (551336) |
| Total distributions to shareholders | (3198788538) | (247274410) | (56821040) | (18067200) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7685899333 | 837555035 | 152795263 | 68005073 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1541640005) | (38707543) | (39090092) | (31784023) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 1845508 | 174753 | 38377 | 19958 |
| Net increase (decrease) in net assets from capital transactions | 6146104836 | 799022245 | 113743548 | 36241008 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2217035785 | 813067276 | 81546930 | 35406723 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 813067276 | – | 51464951 | 16058228 |
| End of the periods | $3030103061 | $813067276 | $133011881 | $51464951 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 340325000 | 29350000 | 8400000 | 3800000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (89750000) | (1375000) | (2325000) | (1800000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (222840000)<sup>(b)</sup> | – | – | – |
| Total increase (decrease) in shares outstanding | 27735000 | 27975000 | 6075000 | 2000000 |

---

(a) Inception date of the Fund was February 21, 2024.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax NVDA Option Income** | **YieldMax NVDA Option Income** | **YieldMax PLTR Option Income** | **YieldMax PLTR Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $45634320 | $20704734 | $9293533 | $6990 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 360733256 | 282183166 | 252139058 | (194179) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 158371779 | 25809389 | 61511940 | 7523 |
| Net increase (decrease) in net assets from operations | 564739355 | 328697289 | 322944531 | (179666) |

---

The accompanying notes are an integral part of these financial statements. 85

---

| | |
|:---|:---|
| **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** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (586067383) | (311324754) | (325167661) |  |
| &nbsp;&nbsp;&nbsp;From return of capital | (522761687) | (63150284) | (1982762) | – |
| Total distributions to shareholders | (1108829070) | (374475038) | (327150423) | – |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1817785615 | 1226812205 | 1183133912 | 6339543 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (695290400) | (95177880) | (509671195) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 502616 | 264398 | 338561 | 768 |
| Net increase (decrease) in net assets from capital transactions | 1122997831 | 1131898723 | 673801278 | 6340311 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 578908116 | 1086120974 | 669595386 | 6160645 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 1244787828 | 158666854 | 6160645 | – |
| End of the periods | $1823695944 | $1244787828 | $675756031 | $6160645 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 98450000 | 46225000 | 17850000 | 125000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (39425000) | (4000000) | (7575000) | – |
| Total increase (decrease) in shares outstanding | 59025000 | 42225000 | 10275000 | 125000 |

---

(a) Inception date of the Fund was October 7, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax PYPL Option Income** | **YieldMax PYPL Option Income** | |
|  | **Strategy ETF** | **Strategy ETF** | **YieldMax RBLX**<br>**Option Income**<br>**Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Period ended**<br>**October 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1634768 | $616471 | $101503 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (13012598) | 6896786 | (1763073) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1756145 | 377038 | (2319673) |
| Net increase (decrease) in net assets from operations | (9621685) | 7890295 | (3981243) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1632892) | (8716230) | (101309) |
| &nbsp;&nbsp;&nbsp;From return of capital | (21350073) | (697730) | (3659669) |
| Total distributions to shareholders | (22982965) | (9413960) | (3760978) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 54241653 | 54740170 | 38536713 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (19341850) | (9382330) | (1208295) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 14716 | 12824 | 7699 |
| Net increase (decrease) in net assets from capital transactions | 34914519 | 45370664 | 37336117 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2309869 | 43846999 | 29593896 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | 45199697 | 1352698 | – |
| End of the periods | $47509566 | $45199697 | $29593896 |

---

The accompanying notes are an integral part of these financial statements. 86

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax PYPL Option Income** | **YieldMax PYPL Option Income** | |
|  | **Strategy ETF** | **Strategy ETF** | **YieldMax RBLX**<br>**Option Income**<br>**Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Period ended**<br>**October 31, 2025<sup>(a)</sup>** |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3625000 | 3000000 | 725000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1475000) | (525000) | (25000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (3760000)<sup>(b)</sup> | – | – |
| Total increase (decrease) in shares outstanding | (1610000) | 2475000 | 700000 |

---

(a) Inception date of the Fund was July 28, 2025.

(b) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on December 5, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short COIN Option Income** | **YieldMax Short COIN Option Income** | **YieldMax Short N100 Option Income** | **YieldMax Short N100 Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1249036 | $187643 | $339985 | $31418 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (25981381) | (4038270) | (2138485) | 173656 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7159144) | 4005513 | (198036) | (256760) |
| Net increase (decrease) in net assets from operations | (31891489) | 154886 | (1996536) | (51686) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1249765) | (3417195) | (402030) | (189417) |
| &nbsp;&nbsp;&nbsp;From return of capital | (37739558) | (2261623) | (2335403) | – |
| Total distributions to shareholders | (38989323) | (5678818) | (2737433) | (189417) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 137455960 | 54838058 | 19470850 | 6291440 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (63285700) | (9289688) | (6394160) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 40148 | 12326 | 5173 | 758 |
| Net increase (decrease) in net assets from capital transactions | 74210408 | 45560696 | 13081863 | 6292198 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 3329596 | 40036764 | 8347894 | 6051095 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 40036764 | – | 6051095 | – |
| End of the periods | $43366360 | $40036764 | $14398989 | $6051095 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 26925000 | 2900000 | 1250000 | 325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11350000) | (525000) | (400000) |  |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (16155000)<sup>(c)</sup> | – | – | – |
| Total increase (decrease) in shares outstanding | (580000) | 2375000 | 850000 | 325000 |

---

(a) Inception date of the Fund was July 9, 2024.

(b) Inception date of the Fund was August 14, 2024.

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short NVDA Option Income** | **YieldMax Short NVDA Option Income** | **YieldMax Short TSLA Option Income** | **YieldMax Short TSLA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $324651 | $69738 | $788117 | $195942 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (5230905) | (137892) | (12226063) | (320760) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 254268 | (1281150) | (3630693) | (1570691) |

---

The accompanying notes are an integral part of these financial statements. 87

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax Short NVDA Option Income** | **YieldMax Short NVDA Option Income** | **YieldMax Short TSLA Option Income** | **YieldMax Short TSLA Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(b)</sup>** |
| Net increase (decrease) in net assets from operations | (4651986) | (1349304) | (15068639) | (1695509) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (325903) | (385033) | (788181) | (781280) |
| &nbsp;&nbsp;&nbsp;From return of capital | (5854150) | (442930) | (18669602) | (3752805) |
| Total distributions to shareholders | (6180053) | (827963) | (19457783) | (4534085) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 20263662 | 14309308 | 61629415 | 32236730 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12048998) | (1513690) | (27925010) | (2929515) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 6465 | 2664 | 17911 | 6533 |
| Net increase (decrease) in net assets from capital transactions | 8221129 | 12798282 | 33722316 | 29313748 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (2610910) | 10621015 | (804106) | 23084154 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 10621015 | – | 23084154 | – |
| End of the periods | $8010105 | $10621015 | $22280048 | $23084154 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2050000 | 800000 | 11075000 | 2275000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1200000) | (100000) | (5250000) | (225000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (1395000)<sup>(c)</sup> | – | (7087500)<sup>(c)</sup> | – |
| Total increase (decrease) in shares outstanding | (545000) | 700000 | (1262500) | 2050000 |

---

(a) Inception date of the Fund was July 23, 2024.

(b) Inception date of the Fund was May 1, 2024.

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on December 1, 2025 (Note 12).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax SMCI Option Income** | **YieldMax SMCI Option Income** | **YieldMax SNOW Option Income** | **YieldMax SNOW Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $5201313 | $22648 | $1771964 | $189989 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 65136330 | (2912304) | 17793932 | 531671 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2493627) | (1283242) | 13189198 | (1350869) |
| Net increase (decrease) in net assets from operations | 67844016 | (4172898) | 32755094 | (629209) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (68196370) | (22648) | (31618740) | (937968) |
| &nbsp;&nbsp;&nbsp;From return of capital | (125814125) | (1315877) | (11214140) | (1820930) |
| Total distributions to shareholders | (194010495) | (1338525) | (42832880) | (2758898) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 599073888 | 17104548 | 149215410 | 23005275 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (183199678) |  | (71862238) | (865825) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 156455 | 2921 | 44217 | 4274 |
| Net increase (decrease) in net assets from capital transactions | 416030665 | 17107469 | 77397389 | 22143724 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 289864186 | 11596046 | 67319603 | 18755617 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 11596046 | – | 18755617 | – |
| End of the periods | $301460232 | $11596046 | $86075220 | $18755617 |

---

The accompanying notes are an integral part of these financial statements. 88

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax SMCI Option Income** | **YieldMax SMCI Option Income** | **YieldMax SNOW Option Income** | **YieldMax SNOW Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(b)</sup>** |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 29325000 | 350000 | 8675000 | 1225000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (9450000) | – | (4425000) | (50000) |
| Total increase (decrease) in shares outstanding | 19875000 | 350000 | 4250000 | 1175000 |

---

(a) Inception date of the Fund was September 11, 2024.

(b) Inception date of the Fund was June 10, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YieldMax TSLA Option Income** | **YieldMax TSLA Option Income** | **YieldMax TSM Option Income** | **YieldMax TSM Option Income** |
|  | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $33851294 | $31821008 | $1409235 | $37259 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 373202532 | 33573917 | 20532349 | 253395 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 105829907 | (29302181) | 1747486 | (644853) |
| Net increase (decrease) in net assets from operations | 512883733 | 36092744 | 23689070 | (354199) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (378764883) | (31820428) | (23424762) | (569854) |
| &nbsp;&nbsp;&nbsp;From return of capital | (542652570) | (486932585) | (6458733) | (466466) |
| Total distributions to shareholders | (921417453) | (518753013) | (29883495) | (1036320) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1996041030 | 856132540 | 97856531 | 25624027 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1128545207) | (225731279) | (42213180) | (1006720) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 624917 | 216057 | 27916 | 4826 |
| Net increase (decrease) in net assets from capital transactions | 868120740 | 630617318 | 55671267 | 24622133 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 459587020 | 147957049 | 49476842 | 23231614 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 826581007 | 678623958 | 23231614 | – |
| End of the periods | $1286168027 | $826581007 | $72708456 | $23231614 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 203775000 | 69700000 | 5800000 | 1225000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (122025000) | (16900000) | (2575000) | (50000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (120820000)<sup>(c)</sup> | (44725000)<sup>(b)</sup> | – | – |
| Total increase (decrease) in shares outstanding | (39070000) | 8075000 | 3225000 | 1175000 |

---

(a) Inception date of the Fund was August 20, 2024.

(b) Share amounts for the Fund have been adjusted for a 1 for 2 reverse stock split effective on February 26, 2024.

(c) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 12).

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax Ultra Option Income** | **YieldMax Ultra Option Income** | |
|  | **Strategy ETF** | **Strategy ETF** | **YieldMax Ultra**<br>**Short Option**<br>**Income Strategy**<br>**ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Period ended**<br>**October 31, 2025<sup>(b)</sup>** |
| **OPERATIONS:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(7669232) | $(348207) | $57179 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (93665745) | (11958411) | (1374586) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 239306112 | 9654026 | (768564) |

---

The accompanying notes are an integral part of these financial statements. 89

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **YieldMax Ultra Option Income** | **YieldMax Ultra Option Income** | |
|  | **Strategy ETF** | **Strategy ETF** | **YieldMax Ultra**<br>**Short Option**<br>**Income Strategy**<br>**ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Period ended**<br>**October 31, 2025<sup>(b)</sup>** |
| Net increase (decrease) in net assets from operations | 137971135 | (2652592) | (2085971) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (346947338) | (3008277) | (57146) |
| &nbsp;&nbsp;&nbsp;From return of capital | (641667620) | (89997353) | (1852482) |
| Total distributions to shareholders | (988614958) | (93005630) | (1909628) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4158063942 | 344831008 | 24508312 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1031898730) | (43819140) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 1037993 | 77230 | 4152 |
| Net increase (decrease) in net assets from capital transactions | 3127203205 | 301089098 | 24512464 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2276559382 | 205430876 | 20516865 |
| **NET ASSETS:** |  |  |  |
| Beginning of the periods | 205430876 | – | – |
| End of the periods | $2481990258 | $205430876 | $20516865 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 676075000 | 24400000 | 550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (196650000) | (3625000) |  |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (450180000)<sup>(c)</sup> | – | – |
| Total increase (decrease) in shares outstanding | 29245000 | 20775000 | 550000 |

---

(a) Inception date of the Fund was February 28, 2024.

(b) Inception date of the Fund was August 20, 2025.

(c) Share amounts for the Fund have been adjusted for a 1 for 10 reverse stock split effective on November 28, 2025 (Note 12).

The accompanying notes are an integral part of these financial statements. 90

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Year ended**<br>**October 31, 2025** | **Period ended**<br>**October 31, 2024<sup>(a)</sup>** | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $211942370 | $27964054 | $1495455 | $735648 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (53740964) | (15077396) | (1958644) | 389916 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (671459) | (5673659) | 20549 | 750795 |
| Net increase (decrease) in net assets from operations | 157529947 | 7212999 | (442640) | 1876359 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (220883856) | (27963154) | (1494392) | (1792420) |
| &nbsp;&nbsp;&nbsp;From return of capital | (247024459) | (36079501) | (13448646) | (2567003) |
| Total distributions to shareholders | (467908315) | (64042655) | (14943038) | (4359423) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1080710542 | 443566538 | 59044625 | 35970935 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (153606587) | (41367053) | (27013925) | (7668120) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | – | 364 | 17212 | 8728 |
| Net increase (decrease) in net assets from capital transactions | 927103955 | 402199849 | 32047912 | 28311543 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 616725587 | 345370193 | 16662234 | 25828479 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the periods | 345370193 | – | 32232423 | 6403944 |
| End of the periods | $962095780 | $345370193 | $48894657 | $32232423 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70725000 | 22675000 | 4350000 | 2075000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11850000) | (2275000) | (2125000) | (450000) |
| Total increase (decrease) in shares outstanding | 58875000 | 20400000 | 2225000 | 1625000 |

---

(a) Inception date of the Fund was January 16, 2024.

The accompanying notes are an integral part of these financial statements. 91

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **YieldMax ETFs** |

---

---

| | | |
|:---|:---|:---|
|  | **YieldMax XYZ Option Income** | **YieldMax XYZ Option Income** |
|  | **Strategy ETF** | **Strategy ETF** |
|  | **Year ended**<br>**October 31, 2025** | **Year ended**<br>**October 31, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2049546 | $1154925 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (12732162) | 2873897 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2056035) | 3128873 |
| Net increase (decrease) in net assets from operations | (12738651) | 7157695 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2039524) | (6862639) |
| &nbsp;&nbsp;&nbsp;From return of capital | (43030424) | (9747016) |
| Total distributions to shareholders | (45069948) | (16609655) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 112034900 | 89037003 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (42118968) | (32886815) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 30831 | 24385 |
| Net increase (decrease) in net assets from capital transactions | 69946763 | 56174573 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 12138164 | 46722613 |
| **NET ASSETS:** |  |  |
| Beginning of the year | 50273870 | 3551257 |
| End of the year | $62412034 | $50273870 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8125000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3675000) | (1575000) |
| &nbsp;&nbsp;&nbsp;Reverse stock split | (5820000)<sup>(a)</sup> | – |
| Total increase (decrease) in shares outstanding | (1370000) | 2625000 |

---

(a) Share amounts for the Fund have been adjusted for a 1 for 5 reverse stock split effective on November 28, 2025 (Note 12).

The accompanying notes are an integral part of these financial statements. 92

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| For the periods<br>ended | Net asset<br>value,<br>beginning<br>of periods | Net<br>investment<br>income<br>(loss)<sup>(a)</sup> | Net realized<br>and<br>unrealized<br>gain (loss) on<br>investments<sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net realized<br>gains | Return of<br>capital | Total<br>distributions | ETF<br>transaction<br>fees per<br>share | Net asset<br>value, end<br>of periods | Total return<sup>(c)</sup> | Net assets,<br>end of<br>periods (in<br>thousands) | Ratio of expenses to<br>average net assets before<br>expense reimbursement /<br>recoupment<sup>(d)(e)</sup> | Ratio of expenses to<br>average net assets after<br>expense reimbursement /<br>recoupment<sup>(d)</sup> | Ratio of interest and tax<br>expense to average net<br>assets<sup>(d)(e)</sup> | Ratio of operational<br>expenses to average net<br>assets excluding interest<br>and tax expense <sup>(d)(e)</sup> | Ratio of net<br>investment<br>income<br>(loss) to<br>average net<br>assets<sup>(d)(e)</sup> | Portfolio<br>turnover<br>rate<sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $17.36 | 0.45 | 0.78 | 1.23 | (1.65) |  | (3.16) | (4.81) | 0.00<sup>(g)</sup> | $13.78 | 11.17% | $155363 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 3.10% | 20% |
| 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% | &nbsp;&nbsp;0.07% | 0.99% | 3.82% | 20% |
| 10/31/2023<sup>(h)</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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax ABNB Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(aaa)</sup> | $81.65 | 1.83 | (7.26) | (5.43) | (1.96) |  | (26.24) | (28.20) | 0.02 | $48.04 | -8.22% | $30988 | 1.01% | 1.01% | &nbsp;&nbsp;0.02% | 0.99% | 3.01% | 43% |
| 10/31/2024<sup>(i)</sup> | $100.00 | 0.95 | (9.05) | (8.10) | (6.40) |  | (3.90) | (10.30) | 0.05 | $81.65 | -7.19% | $16743 | 1.06% | 1.06% | &nbsp;&nbsp;0.07% | 0.99% | 3.22% | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AI Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(bbb)</sup> | $83.60 | 1.58 | (16.32) | (14.74) | (2.01) |  | (42.28) | (44.29) | 0.03 | $24.60 | -36.29% | $84570 | 0.99% | 0.99% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 3.48% | 53% |
| 10/31/2024<sup>(k)</sup> | $200.00 | 3.80 | (53.70) | (49.90) | (4.20) |  | (62.40) | (66.60) | 0.10 | $83.60 | -30.62% | $34272 | 1.67% | 1.67% | &nbsp;&nbsp;0.68% | 0.99% | 3.56% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMD Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(ccc)</sup> | $62.80 | 1.24 | 16.70 | 17.94 | (21.42) |  | (10.18) | (31.59) | 0.02 | $49.16 | 58.57% | $232035 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 2.86% | 46% |
| 10/31/2024 | $94.20 | 3.40 | 22.95 | 26.35 | (10.70) |  | (47.10) | (57.80) | 0.05 | $62.80 | 25.62% | $121221 | 1.23% | 1.23% | &nbsp;&nbsp;0.24% | 0.99% | 4.06% | 37% |
| 10/31/2023<sup>(l)</sup> | $100.00 | 0.50 | (6.30) | (5.80) |  |  |  |  | 0.00<sup>(g)</sup> | $94.20 | -5.80% | $5651 | 0.99% | 0.99% | –% | 0.99% | 4.39% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AMZN Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.64 | 0.53 | 3.69 | 4.22 | (3.77) |  | (4.25) | (8.01) | 0.00<sup>(g)</sup> | $14.84 | 28.81% | $311639 | 1.09% | 1.09% | &nbsp;&nbsp;0.10% | 0.99% | 3.19% | 24% |
| 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% | &nbsp;&nbsp;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% | &nbsp;&nbsp;0.07% | 0.99% | 4.10% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BABA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $21.02 | 0.47 | 5.87 | 6.34 | (7.21) |  | (4.55) | (11.76) | 0.01 | $15.61 | 42.90% | $59709 | 0.99% | 0.99% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 2.74% | 59% |
| 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 | 0.99% | 1.07% | &nbsp;&nbsp;0.08% | 0.99% | 3.05% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Bitcoin Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(yy)</sup> | $63.75 | 0.81 | 16.09 | 16.90 | (6.24) | (4.91) | (25.51) | (36.66) | 0.03 | $44.02 | 31.22% | $110062 | 1.02% | 1.02% | &nbsp;&nbsp;0.03% | 0.99% | 1.50% | 29% |
| 10/31/2024<sup>(o)</sup> | $100.00 | 0.35 | (9.40) | (9.05) | (1.15) |  | (26.10) | (27.25) | 0.05 | $63.75 | -7.26% | $47830 | 4.75% | 4.75% | &nbsp;&nbsp;3.76% | 0.99% | 0.91% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BRK.B Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BRK.B Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BRK.B Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BRK.B Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax BRK.B Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(p)</sup> | $50.00 | 0.55 | (1.89) | (1.34) | (0.85) |  | (2.39) | (3.24) | 0.02 | $45.44 | -2.77% | $32944 | 1.01% | 1.01% | &nbsp;&nbsp;0.02% | 0.99% | 2.86% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax COIN Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(bbb)</sup> | $122.30 | 3.01 | 41.64 | 44.65 | (22.16) | (0.03) | (81.47) | (103.66) | 0.05 | $63.34 | 39.94% | $1270188 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 3.35% | 31% |
| 10/31/2024 | $197.00 | 7.60 | 122.30 | 129.90 | (65.90) |  | (138.80) | (204.70) | 0.10 | $122.30 | 62.36% | $655235 | 1.22% | 1.22% | &nbsp;&nbsp;0.23% | 0.99% | 4.10% | 27% |
| 10/31/2023<sup>(q)</sup> | $200.00 | 1.80 | 7.20 | 9.00 | (12.10) |  |  | (12.10) | 0.10 | $197.00 | 4.69% | $65015 | 1.09% | 1.09% | &nbsp;&nbsp;0.10% | 0.99% | 4.28% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax CVNA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(r)</sup> | $50.00 | 0.85 | 5.81 | 6.66 | (14.18) |  | (10.63) | (24.81) |  | $31.85 | 20.50% | $54138 | 1.09% | 1.09% | &nbsp;&nbsp;0.10% | 0.99% | 2.76% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DIS Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $15.81 | 0.43 | 1.43 | 1.86 | (0.45) |  | (4.65) | (5.10) | 0.00<sup>(g)</sup> | $12.57 | 12.80% | $35195 | 1.21% | 1.21% | &nbsp;&nbsp;0.22% | 0.99% | 3.00% | 62% |
| 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% | &nbsp;&nbsp;0.32% | 0.99% | 3.87% | 20% |
| 10/31/2023<sup>(s)</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% | &nbsp;&nbsp;0.16% | 0.99% | 3.69% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DKNG Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DKNG Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DKNG Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DKNG Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax DKNG Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(t)</sup> | $50.00 | 0.41 | (12.10) | (11.69) | (0.34) |  | (5.99) | (6.33) | 0.03 | $32.01 | -26.06% | $28808 | 1.03% | 1.03% | &nbsp;&nbsp;0.04% | 0.99% | 3.47% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Gold Miners Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $17.21 | 0.45 | 5.64 | 6.09 | (7.83) |  |  | (7.83) | 0.01 | $15.48 | 47.42% | $186975 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 2.87% | 36% |
| 10/31/2024<sup>(u)</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% | &nbsp;&nbsp;0.09% | 0.99% | 3.75% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $15.02 | 0.41 | 4.84 | 5.25 | (5.74) |  |  | (5.74) | 0.00<sup>(g)</sup> | $14.53 | 47.95% | $194010 | 1.14% | 1.14% | &nbsp;&nbsp;0.15% | 0.99% | 3.04% | 30% |
| 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% | &nbsp;&nbsp;0.21% | 0.99% | 3.91% | 359% |
| 10/31/2023<sup>(v)</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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax HOOD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax HOOD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax HOOD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax HOOD Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax HOOD Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(w)</sup> | $50.00 | 0.79 | 49.76 | 50.55 | (32.45) |  |  | (32.45) | 0.05 | $68.15 | 122.37% | $250466 | 0.99% | 0.99% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 2.40% | –% |

---

The accompanying notes are an integral part of these financial statements. 93

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| For the periods<br>ended | Net asset<br>value,<br>beginning<br>of periods | Net<br>investment<br>income<br>(loss)<sup>(a)</sup> | Net realized<br>and<br>unrealized<br>gain (loss) on<br>investments<sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net realized<br>gains | Return of<br>capital | Total<br>distributions | ETF<br>transaction<br>fees per<br>share | Net asset<br>value, end<br>of periods | Total return<sup>(c)</sup> | Net assets,<br>end of<br>periods (in<br>thousands) | Ratio of expenses to average net assets before expense reimbursement /<br>recoupment<sup>(d)(e)</sup> | Ratio of expenses to average net assets after expense reimbursement /<br>recoupment<sup>(d)</sup> | Ratio of interest and tax expense to average net assets<sup>(d)(e)</sup> | Ratio of operational<br>expenses to average net assets excluding interest<br>and tax expense <sup>(d)(e)</sup> | Ratio of net investment income(loss) to average net assets<sup>(d)(e)</sup> | Portfolio<br>turnover<br>rate<sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Innovation Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(aaa)</sup> | $48.40 | 1.29 | 18.10 | 19.39 | (14.79) |  | (8.61) | (23.40) | 0.01 | $44.40 | 53.68% | $91684 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 2.87% | 115% |
| 10/31/2024 | $60.20 | 2.45 | 9.20 | 11.65 | (2.45) |  | (21.00) | (23.45) | 0.00<sup>(g)</sup> | $48.40 | 20.85% | $54444 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 4.22% | 64% |
| 10/31/2023<sup>(x)</sup> | $100.00 | 2.90 | (13.10) | (10.20) | (21.35) |  | (8.30) | (29.65) | 0.05 | $60.20 | -13.76% | $67098 | 1.19% | 1.19% | &nbsp;&nbsp;0.20% | 0.99% | 4.24% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax JPM Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.23 | 0.50 | 3.05 | 3.55 | (3.50) |  | (1.82) | (5.32) | 0.01 | $16.47 | 23.05% | $60925 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 2.93% | 32% |
| 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% | &nbsp;&nbsp;0.19% | 0.99% | 3.99% | 11% |
| 10/31/2023<sup>(y)</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% | &nbsp;&nbsp;0.06% | 0.99% | 4.04% | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Magnificent 7 Fund of Option Income ETFs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.64 | 4.19<sup>(vv)</sup> | 0.27 | 4.46 | (4.53) | (0.14) | (3.06) | (7.73) |  | $15.37 | 31.85% | $471840 | 0.29%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | 0.00%<sup>(j) (ww)</sup> | 0.29%<sup>(ww)</sup> | 25.87%<sup>(ww)</sup> | 32% |
| 10/31/2024<sup>(z)</sup> | $20.00 | 2.57<sup>(vv)</sup> | 1.49 | 4.06 | (2.52) |  | (2.90) | (5.42) |  | $18.64 | 22.44% | $182671 | 0.29%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | –%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | 17.41%<sup>(ww)</sup> | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MARA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(aa)</sup> | $50.00 | 0.59 | (14.86) | (14.27) | (0.59) |  | (18.96) | (19.55) | 0.02 | $16.20 | -28.01% | $95973 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 3.16% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax META Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax META Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax META Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax META Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax META Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $19.32 | 0.55 | 0.95 | 1.50 | (3.25) |  | (4.04) | (7.29) | 0.00<sup>(g)</sup> | $13.53 | 6.96% | $154948 | 1.06% | 1.06% | &nbsp;&nbsp;0.07% | 0.99% | 3.22% | 21% |
| 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% | &nbsp;&nbsp;0.07% | 0.99% | 4.04% | 16% |
| 10/31/2023<sup>(v)</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% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MRNA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(zz)</sup> | $72.60 | 0.86 | (31.12) | (30.26) | (1.06) |  | (24.55) | (25.61) | 0.02 | $16.75 | -48.88% | $92474 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 3.46% | 42% |
| 10/31/2024 | $193.50 | 5.80 | (35.00) | (29.20) | (7.60) |  | (84.20) | (91.80) | 0.10 | $72.60 | -36.73% | $28841 | 1.26% | 1.26% | &nbsp;&nbsp;0.27% | 0.99% | 4.02% | 27% |
| 10/31/2023<sup>(bb)</sup> | $200.00 |  | (6.50) | (6.50) |  |  |  |  |  | $193.50 | -3.25% | $1451 | 0.99% | 0.99% | –% | 0.99% | (0.78)% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.59 | 0.56 | 3.41 | 3.97 | (3.04) |  | (2.30) | (5.34) | 0.00<sup>(g)</sup> | $17.22 | 25.53% | $148991 | 1.03% | 1.03% | &nbsp;&nbsp;0.04% | 0.99% | 3.21% | 16% |
| 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% | &nbsp;&nbsp;0.08% | 0.99% | 4.02% | 21% |
| 10/31/2023<sup>(s)</sup> | $20.00 | 0.15 | 1.45 | 1.60 | (0.28) |  |  | (0.28) | 0.01 | $21.33 | 8.13% | $8534 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 4.01% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSTR Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(ccc)</sup> | $145.30 | 2.43 | 26.07 | 28.50 | (5.38) |  | (114.09) | (119.48) | 0.06 | $54.39 | 4.95% | $3030103 | 1.03% | 1.03% | &nbsp;&nbsp;0.04% | 0.99% | 2.47% | –% |
| 10/31/2024<sup>(cc)</sup> | $100.00 | 1.70 | 143.55 | 145.25 | (100.05) |  |  | (100.05) | 0.10 | $145.30 | 188.30% | $813067 | 0.99% | 0.99% | –% | 0.99% | 1.85% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NFLX Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $17.75 | 0.56 | 4.77 | 5.33 | (6.14) |  | (2.13) | (8.26) | 0.01 | $14.82 | 33.04% | $133012 | 1.01% | 1.01% | &nbsp;&nbsp;0.02% | 0.99% | 3.21% | 33% |
| 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% | &nbsp;&nbsp;0.06% | 0.99% | 4.08% | 51% |
| 10/31/2023<sup>(dd)</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%<sup>(ee)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $24.88 | 0.52 | 4.34 | 4.86 | (6.89) |  | (6.14) | (13.03) | 0.01 | $16.72 | 36.93% | $1823696 | 1.09% | 1.09% | &nbsp;&nbsp;0.10% | 0.99% | 2.94% | 16% |
| 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% | &nbsp;&nbsp;0.28% | 0.99% | 3.82% | 23% |
| 10/31/2023<sup>(ff)</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% | &nbsp;&nbsp;0.03% | 0.99% | 4.24% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PLTR Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $49.29 | 1.72 | 70.75 | 72.47 | (56.50) |  | (0.34) | (56.85) | 0.06 | $64.98 | 211.94% | $675756 | 1.07% | 1.07% | &nbsp;&nbsp;0.08% | 0.99% | 2.64% | 26% |
| 10/31/2024<sup>(gg)</sup> | $50.00 | 0.10 | (0.82) | (0.72) |  |  |  |  | 0.01 | $49.29 | -1.43% | $6161 | 1.44% | 1.44% | &nbsp;&nbsp;0.45% | 0.99% | 2.95% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax PYPL Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(ccc)</sup> | $88.65 | 2.01 | (10.98) | (8.97) | (2.07) |  | (27.09) | (29.16) | 0.02 | $50.54 | -12.88% | $47510 | 1.31% | 1.31% | &nbsp;&nbsp;0.32% | 0.99% | 2.98% | 19% |
| 10/31/2024 | $90.20 | 3.15 | 38.60 | 41.75 | (40.15) |  | (3.20) | (43.35) | 0.05 | $88.65 | 58.02% | $45200 | 1.45% | 1.45% | &nbsp;&nbsp;0.46% | 0.99% | 3.49% | 344% |
| 10/31/2023<sup>(hh)</sup> | $100.00 | 0.30 | (10.15) | (9.85) |  |  |  |  | 0.05 | $90.20 | -9.82% | $1353 | 1.16% | 1.16% | &nbsp;&nbsp;0.17% | 0.99% | 3.32% | 111% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax RBLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax RBLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax RBLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax RBLX Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax RBLX Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(ii)</sup> | $50.00 | 0.35 | (0.69) | (0.34) | (0.20) |  | (7.21) | (7.41) | 0.03 | $42.28 | -2.18% | $29594 | 0.99% | 0.99% | –% | 0.99% | 2.75% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short COIN Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(bbb)</sup> | $168.60 | 1.53 | (86.06) | (84.53) | (1.92) |  | (58.04) | (59.96) | 0.05 | $24.16 | -63.59% | $43366 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 3.11% | 42% |

---

The accompanying notes are an integral part of these financial statements. 94

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **CAPITAL TRANSACTIONS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| For the periods<br>ended | Net asset<br>value,<br>beginning<br>of periods | Net<br>investment<br>income<br>(loss)<sup>(a)</sup> | Net realized<br>and<br>unrealized<br>gain (loss) on<br>investments<sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net realized<br>gains | Return of<br>capital | Total<br>distributions | ETF<br>transaction<br>fees per<br>share | Net asset<br>value, end<br>of periods | Total return<sup>(c)</sup> | Net assets, end of periods (in thousands) | Ratio of expenses to average net assets before expense reimbursement/ recoupment<sup>(d)(e)</sup> | Ratio of expenses to average net assets after expense reimbursement/ recoupment<sup>(d)</sup> | Ratio of interest and tax expense to average net assets<sup>(d)(e)</sup> | Ratio of operational expenses to average net assets excluding interest<br>and tax expense <sup>(d)(e)</sup> | Ratio of net investment income(loss) to average net assets<sup>(d)(e)</sup> | Portfolio turnover rate<sup>(c)(f)</sup> |
| 10/31/2024<sup>(jj)</sup> | $200.00 | 2.10 | 18.60 | 20.70 | (1.70) |  | (50.50) | (52.20) | 0.10 | $168.60 | 9.61% | $40037 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 3.66% | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short N100 Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $18.62 | 0.47 | (2.95) | (2.48) | (0.57) |  | (3.33) | (3.91) | 0.01 | $12.25 | -15.67% | $14399 | 1.09% | 1.09% | &nbsp;&nbsp;0.10% | 0.99% | 3.14% | 31% |
| 10/31/2024<sup>(kk)</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% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short NVDA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(bbb)</sup> | $151.70 | 2.75 | (46.40) | (43.65) | (2.98) |  | (53.44) | (56.42) | 0.05 | $51.68 | -40.99% | $8010 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 2.94% | 22% |
| 10/31/2024<sup>(ll)</sup> | $200.00 | 1.80 | (31.20) | (29.40) | (8.80) |  | (10.20) | (19.00) | 0.10 | $151.70 | -15.83% | $10621 | 0.99% | 0.99% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 3.98% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(bbb)</sup> | $112.60 | 1.54 | (45.30) | (43.76) | (1.64) |  | (38.94) | (40.58) | 0.03 | $28.29 | -48.24% | $22280 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 3.08% | 4% |
| 10/31/2024<sup>(mm)</sup> | $200.00 | 2.80 | (40.00) | (37.20) | (8.70) |  | (41.60) | (50.30) | 0.10 | $112.60 | -20.88% | $23084 | 1.13% | 1.13% | &nbsp;&nbsp;0.14% | 0.99% | 3.88% | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $33.13 | 0.54 | 3.05 | 3.59 | (7.67) |  | (14.16) | (21.83) | 0.02 | $14.91 | 25.00% | $301460 | 1.01% | 1.01% | &nbsp;&nbsp;0.02% | 0.99% | 2.89% | 133% |
| 10/31/2024<sup>(nn)</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% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 3.34% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $15.96 | 0.47 | 10.78 | 11.25 | (8.38) |  | (2.97) | (11.35) | 0.01 | $15.87 | 93.18% | $86075 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 2.86% | 33% |
| 10/31/2024<sup>(oo)</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% | &nbsp;&nbsp;0.05% | 0.99% | 3.89% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(yy)</sup> | $59.65 | 1.48 | 23.63 | 25.11 | (17.35) |  | (24.86) | (42.22) | 0.03 | $42.58 | 62.26% | $1286168 | 1.07% | 1.07% | &nbsp;&nbsp;0.08% | 0.99% | 3.09% | 124% |
| 10/31/2024<sup>(xx)</sup> | $110.90 | 3.50 | 3.30 | 6.80 | (3.55) |  | (54.50) | (58.05) |  | $59.65 | 9.21% | $826581 | 1.04% | 1.04% | &nbsp;&nbsp;0.05% | 0.99% | 4.28% | 51% |
| 10/31/2023<sup>(x)</sup> | $200.00 | 6.00 | (15.90) | (9.90) | (6.70) |  | (72.60) | (79.30) | 0.10 | $110.90 | -7.26% | $678624 | 1.01% | 1.01% | &nbsp;&nbsp;0.02% | 0.99% | 4.50% | 168% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $19.77 | 0.46 | 5.39 | 5.85 | (7.14) |  | (1.97) | (9.11) | 0.01 | $16.52 | 44.11% | $72708 | 1.00% | 1.00% | &nbsp;&nbsp;0.01% | 0.99% | 2.78% | 77% |
| 10/31/2024<sup>(pp)</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% | &nbsp;&nbsp;0.00%<sup>(j)</sup> | 0.99% | 3.47% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(zz)</sup> | $98.90 | (0.41) | 14.52 | 14.11 | (22.11) | (0.16) | (41.18) | (63.45) | 0.06 | $49.62 | 23.26% | $2481990 | 1.36% | 1.24% | &nbsp;&nbsp;0.10% | 1.14% | (0.70)% | 721% |
| 10/31/2024<sup>(qq)</sup> | $200.00 | (0.30) | (16.10) | (16.40) | (2.70) |  | (82.10) | (84.80) | 0.10 | $98.90 | -7.63% | $205431 | 1.35% | 1.25% | &nbsp;&nbsp;0.11% | 1.14% | (0.38)% | 717% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(rr)</sup> | $50.00 | 0.18 | (7.51) | (7.33) | (0.16) |  | (5.22) | (5.38) | 0.01 | $37.30 | -15.12% | $20517 | 1.35% | 1.25% | &nbsp;&nbsp;0.11% | 1.14% | 2.29% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $16.93 | 3.69<sup>(vv)</sup> | (0.15) | 3.54 | (3.89) | (0.04) | (4.40) | (8.33) |  | $12.14 | 27.41% | $962096 | 0.29%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | &nbsp;&nbsp;–%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | 26.32%<sup>(ww)</sup> | 76% |
| 10/31/2024<sup>(ss)</sup> | $20.00 | 2.93<sup>(vv)</sup> | (0.07) | 2.86 | (2.59) |  | (3.34) | (5.93) | 0.00<sup>(g)</sup> | $16.93 | 15.11% | $345370 | 0.29%<sup>(ww)</sup> | 0.29%<sup>(ww)</sup> | &nbsp;&nbsp;0.00%<sup>(j) (ww)</sup> | 0.29%<sup>(ww)</sup> | 19.87%<sup>(ww)</sup> | 64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | $16.32 | 0.40 | (1.08) | (0.68) | (0.40) |  | (3.60) | (4.00) | 0.00<sup>(g)</sup> | $11.64 | -3.95% | $48895 | 1.17% | 1.17% | &nbsp;&nbsp;0.18% | 0.99% | 2.99% | 23% |
| 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% | &nbsp;&nbsp;0.26% | 0.99% | 3.77% | 6% |
| 10/31/2023<sup>(tt)</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% | &nbsp;&nbsp;0.13% | 0.99% | 4.28% | –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(yy)</sup> | $89.00 | 1.72 | (7.48) | (5.76) | (1.83) |  | (38.55) | (40.38) | 0.03 | $42.89 | -7.96% | $62412 | 1.36% | 1.36% | &nbsp;&nbsp;0.37% | 0.99% | 2.89% | 46% |
| 10/31/2024 | $88.80 | 3.75 | 54.30 | 58.05 | (23.95) |  | (34.00) | (57.95) | 0.10 | $89.00 | 75.00% | $50274 | 1.43% | 1.43% | &nbsp;&nbsp;0.44% | 0.99% | 3.73% | –% |
| 10/31/2023<sup>(uu)</sup> | $100.00 | 0.20 | (11.40) | (11.20) |  |  |  |  | 0.00<sup>(g)</sup> | $88.80 | -11.17% | $3551 | 1.99% | 1.99% | &nbsp;&nbsp;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) Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f) Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements. 95

---

| | |
|:---|:---|
| **Financial Highlights** | **YieldMax ETFs** |

---

For a share outstanding throughout the periods presented

(g) Amount represents less than $0.005 per share.

(h) Inception date of the Fund was April 17, 2023.

(i) Inception date of the Fund was June 24, 2024.

(j) Amount represents less than 0.005%.

(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.

(o) Inception date of the Fund was April 22, 2024.

(p) Inception date of the Fund was June 4, 2025.

(q) Inception date of the Fund was August 14, 2023.

(r) Inception date of the Fund was January 29, 2025.

(s) Inception date of the Fund was August 24, 2023.

(t) Inception date of the Fund was July 14, 2025.

(u) Inception date of the Fund was May 20, 2024.

(v) Inception date of the Fund was July 27, 2023.

(w) Inception date of the Fund was May 7, 2025.

(x) Inception date of the Fund was November 22, 2022.

(y) Inception date of the Fund was September 11, 2023.

(z) Inception date of the Fund was January 29, 2024.

(aa) Inception date of the Fund was December 9, 2024.

(bb) Inception date of the Fund was October 23, 2023.

(cc) Inception date of the Fund was February 21, 2024.

(dd) Inception date of the Fund was August 7, 2023.

(ee) Amount represents less than 0.5%.

(ff) Inception date of the Fund was May 10, 2023.

(gg) Inception date of the Fund was October 7, 2024.

(hh) Inception date of the Fund was September 25, 2023.

(ii) Inception date of the Fund was July 28, 2025.

(jj) Inception date of the Fund was July 9, 2024.

(kk) Inception date of the Fund was August 14, 2024.

(ll) Inception date of the Fund was July 23, 2024.

(mm) Inception date of the Fund was May 1, 2024.

(nn) Inception date of the Fund was September 11, 2024.

(oo) Inception date of the Fund was June 10, 2024.

(pp) Inception date of the Fund was August 20, 2024.

(qq) Inception date of the Fund was February 28, 2024.

(rr) Inception date of the Fund was August 20, 2025.

(ss) Inception date of the Fund was January 16, 2024.

(tt) Inception date of the Fund was August 30, 2023.

(uu) Inception date of the Fund was October 10, 2023.

(vv) 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.

(ww) These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments

(xx) 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.

(yy) After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(zz) After the year ended October 31, 2025, the Fund effected the following reverse stock split: November 28, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(aaa) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(bbb) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 1, 2025, 1 for 10. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

(ccc) After the year ended October 31, 2025, the Fund effected the following reverse stock split: December 5, 2025, 1 for 5. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements. 96

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

**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".

---

| | |
|:---|:---|
| &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 BRK.B Option Income Strategy ETF (the "BRKC ETF" | June 4, 2025 |
| &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 DKNG Option Income Strategy ETF (the "DRAY ETF") | July 14, 2025 |
| &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 HOOD Option Income Strategy ETF (the "HOOY ETF") | May 7, 2025 |
| &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 RBLX Option Income Strategy ETF (the "RBLY ETF") | July 28, 2025 |
| &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 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | |
|:---|:---|
| &nbsp;&nbsp;YieldMax Short TSLA Option Income Strategy ETF (the "CRSH ETF") | &nbsp;&nbsp;May 1, 2024 |
| &nbsp;&nbsp;YieldMax SMCI Option Income Strategy ETF (the "SMCY ETF") | &nbsp;&nbsp;September 11, 2024 |
| &nbsp;&nbsp;YieldMax SNOW Option Income Strategy ETF (the "SNOY ETF") | &nbsp;&nbsp;June 10, 2024 |
| &nbsp;&nbsp;YieldMax TSLA Option Income Strategy ETF (the "TSLY ETF") | &nbsp;&nbsp;November 22, 2022 |
| &nbsp;&nbsp;YieldMax TSM Option Income Strategy ETF (the "TSMY ETF") | &nbsp;&nbsp;August 20, 2024 |
| &nbsp;&nbsp;YieldMax Ultra Option Income Strategy ETF (the "ULTY ETF") | &nbsp;&nbsp;February 28, 2024 |
| &nbsp;&nbsp;YieldMax Ultra Short Option Income Strategy ETF (the "SLTY ETF") | &nbsp;&nbsp;August 20, 2025 |
| &nbsp;&nbsp;YieldMax Universe Fund of Option Income ETFs (the "YMAX ETF") | &nbsp;&nbsp;January 16, 2024 |
| &nbsp;&nbsp;YieldMax XOM Option Income Strategy ETF (the "XOMO ETF") | &nbsp;&nbsp;August 30, 2023 |
| &nbsp;&nbsp;YieldMax XYZ Option Income Strategy ETF (the "XYZY ETF") | &nbsp;&nbsp;October 10, 2023 |

---

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 ("The 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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

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.

A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The PLTY ETF and SLTY ETF may engage in short sales with respect to securities they own, as well as securities that they do not own. Short sales expose each Fund to the risk that they will be required to acquire, convert or exchange securities to replace the borrowed security (also known as "covering" the short position) at a time when the security sold short has appreciated in value, thus resulting in a loss to the Funds. Each Fund's investment performance may also suffer if the Funds are required to close out a short position earlier than they had intended. The Funds must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover their positions in a permissible manner. The Funds will be required to pledge their liquid assets to the broker to secure their performance on short sales. As a result, the assets pledged may not be available to meet each Fund's needs for immediate cash or other liquidity. In addition, the Funds may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with each Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Funds to lose money on a short sale even in instances where the price of the security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of the Funds.

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.

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 October 31, 2025:

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **APLY ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| U.S. Treasury Securities | $– | $30125792 | $– | $30125792 |
| Purchased Options |  | 11789895 |  | 11789895 |
| U.S. Treasury Bills |  | 93843482 |  | 93843482 |
| Money Market Funds | 4589865 | – | – | 4589865 |
| Total Investments | $4589865 | $135759169 | $– | $140349034 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(2931138) | $– | $(2931138) |
| Total Investments | $– | $(2931138) | $– | $(2931138) |
| **ABNY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $6106350 | $– | $6106350 |
| Purchased Options |  | 2242432 |  | 2242432 |
| U.S. Treasury Bills |  | 23056288 |  | 23056288 |
| Money Market Funds | 659371 | – | – | 659371 |
| Total Investments | $659371 | $31405070 | $– | $32064441 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(3486716) | $– | $(3486716) |
| Total Investments | $– | $(3486716) | $– | $(3486716) |
| **AIYY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $5944840 | $– | $5944840 |
| U.S. Treasury Bills |  | 80279681 |  | 80279681 |
| Money Market Funds | 2443372 | – | – | 2443372 |
| Total Investments | $2443372 | $86224521 | $– | $88667893 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(6859398) | $– | $(6859398) |
| Total Investments | $– | $(6859398) | $– | $(6859398) |
| **AMDY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $24189424 | $– | $24189424 |
| Purchased Options |  | 16086010 |  | 16086010 |
| U.S. Treasury Bills |  | 79668935 |  | 79668935 |
| Money Market Funds | 6659678 | – | – | 6659678 |
| Total Investments | $6659678 | $119944369 | $– | $126604047 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | | | | |
| Investments: |  |  |  |  |
| Written Options | $– | $(22384512) | $– | $(22384512) |
| Total Investments | $– | $(22384512) | $– | $(22384512) |
| **AMZY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $64608120 | $– | $64608120 |
| Purchased Options |  | 33385528 |  | 33385528 |
| U.S. Treasury Bills |  | 216249300 |  | 216249300 |
| Money Market Funds | 9058624 | – | – | 9058624 |
| Total Investments | $9058624 | $314242948 | $– | $323301572 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(3358589) | $– | $(3358589) |
| Total Investments | $– | $(3358589) | $– | $(3358589) |
| **BABO ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $10971025 | $– | $10971025 |
| U.S. Treasury Bills |  | 46942609 |  | 46942609 |
| Money Market Funds | 1402373 | – | – | 1402373 |
| Total Investments | $1402373 | $57913634 | $– | $59316007 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(760719) | $– | $(760719) |
| Total Investments | $– | $(760719) | $– | $(760719) |
| **YBIT ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $14700434 | $– | $14700434 |
| Purchased Options |  | 3591335 |  | 3591335 |
| U.S. Treasury Bills |  | 66636568 |  | 66636568 |
| Money Market Funds | 997823 | – | – | 997823 |
| Total Investments | $997823 | $84928337 | $– | $85926160 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(9646503) | $– | $(9646503) |
| Total Investments | $– | $(9646503) | $– | $(9646503) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BRKC ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| U.S. Treasury Securities | $– | $1041889 | $– | $1041889 |
| Purchased Options |  | 329872 |  | 329872 |
| U.S. Treasury Bills |  | 31070606 |  | 31070606 |
| Money Market Funds | 389780 | – | – | 389780 |
| Total Investments | $389780 | $32442367 | $– | $32832147 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(1241756) | $– | $(1241756) |
| Total Investments | $– | $(1241756) | $– | $(1241756) |
| **CONY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $128116952 | $– | $128116952 |
| U.S. Treasury Securities |  | 999894 |  | 999894 |
| U.S. Treasury Bills |  | 1284368570 |  | 1284368570 |
| Money Market Funds | 1013080 | – | – | 1013080 |
| Total Investments | $1013080 | $1413485416 | $– | $1414498496 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(146889742) | $– | $(146889742) |
| Total Investments | $– | $(146889742) | $– | $(146889742) |
| **CVNY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $19065970 | $– | $19065970 |
| Purchased Options |  | 5830979 |  | 5830979 |
| U.S. Treasury Bills |  | 44725177 |  | 44725177 |
| Money Market Funds | 3413004 | – | – | 3413004 |
| Total Investments | $3413004 | $69622126 | $– | $73035130 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(5314700) | $– | $(5314700) |
| Total Investments | $– | $(5314700) | $– | $(5314700) |
| **DISO ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $3287650 | $– | $3287650 |
| Purchased Options |  | 830830 |  | 830830 |
| U.S. Treasury Bills |  | 32646878 |  | 32646878 |
| Money Market Funds | 1036262 | – | – | 1036262 |
| Total Investments | $1036262 | $36765358 | $– | $37801620 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | | | | |
| Investments: |  |  |  |  |
| Written Options | $– | $(3215997) | $– | $(3215997) |
| Total Investments | $– | $(3215997) | $– | $(3215997) |
| **DRAY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $2313545 | $– | $2313545 |
| U.S. Treasury Bills |  | 36117716 |  | 36117716 |
| Money Market Funds | 2093321 | – | – | 2093321 |
| Total Investments | $2093321 | $38431261 | $– | $40524582 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(3132230) | $– | $(3132230) |
| Total Investments | $– | $(3132230) | $– | $(3132230) |
| **GDXY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $15468353 | $– | $15468353 |
| Purchased Options |  | 4547625 |  | 4547625 |
| U.S. Treasury Bills |  | 173651519 |  | 173651519 |
| Money Market Funds | 2493016 | – | – | 2493016 |
| Total Investments | $2493016 | $193667497 | $– | $196160513 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(13034428) | $– | $(13034428) |
| Total Investments | $– | $(13034428) | $– | $(13034428) |
| **GOOY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $42769048 | $– | $42769048 |
| U.S. Treasury Securities |  | 14385468 |  | 14385468 |
| U.S. Treasury Bills |  | 137398727 |  | 137398727 |
| Money Market Funds | 135799 | – | – | 135799 |
| Total Investments | $135799 | $194553243 | $– | $194689042 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(909990) | $– | $(909990) |
| Total Investments | $– | $(909990) | $– | $(909990) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HOOY ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| Purchased Options | $– | $30133320 | $– | $30133320 |
| U.S. Treasury Securities |  | 18374043 |  | 18374043 |
| U.S. Treasury Bills |  | 130767383 |  | 130767383 |
| Money Market Funds | 3696660 | – | – | 3696660 |
| Total Investments | $3696660 | $179274746 | $– | $182971406 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(29729377) | $– | $(29729377) |
| Total Investments | $– | $(29729377) | $– | $(29729377) |
| **OARK ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $15854312 | $– | $15854312 |
| Purchased Options |  | 10746125 |  | 10746125 |
| U.S. Treasury Bills |  | 61504536 |  | 61504536 |
| Money Market Funds | 4859426 | – | – | 4859426 |
| Total Investments | $4859426 | $88104973 | $– | $92964399 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(2758541) | $– | $(2758541) |
| Total Investments | $– | $(2758541) | $– | $(2758541) |
| **JPMO ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $8881054 | $– | $8881054 |
| Purchased Options |  | 4781810 |  | 4781810 |
| U.S. Treasury Bills |  | 37044237 |  | 37044237 |
| Money Market Funds | 985655 | – | – | 985655 |
| Total Investments | $985655 | $50707101 | $– | $51692756 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(639401) | $– | $(639401) |
| Total Investments | $– | $(639401) | $– | $(639401) |
| **YMAG ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Exchange Traded Funds | $395844357 | $– | $– | $395844357 |
| Purchased Options |  | 7875667 |  | 7875667 |
| Money Market Funds | 56837628 | – | – | 56837628 |
| Total Investments | $452681985 | $7875667 | $– | $460557652 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | | | | |
| Investments: |  |  |  |  |
| Written Options | $– | $(838059) | $– | $(838059) |
| Total Investments | $– | $(838059) | $– | $(838059) |
| **MARO ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $8513623 | $– | $8513623 |
| U.S. Treasury Bills |  | 92747990 |  | 92747990 |
| Money Market Funds | 5024825 | – | – | 5024825 |
| Total Investments | $5024825 | $101261613 | $– | $106286438 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(11766523) | $– | $(11766523) |
| Total Investments | $– | $(11766523) | $– | $(11766523) |
| **FBY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $31758618 | $– | $31758618 |
| Purchased Options |  | 1475100 |  | 1475100 |
| U.S. Treasury Bills |  | 111510916 |  | 111510916 |
| Money Market Funds | 2473809 | – | – | 2473809 |
| Total Investments | $2473809 | $144744634 | $– | $147218443 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(23067596) | $– | $(23067596) |
| Total Investments | $– | $(23067596) | $– | $(23067596) |
| **MRNY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $14457005 | $– | $14457005 |
| U.S. Treasury Securities |  | 9716965 |  | 9716965 |
| U.S. Treasury Bills |  | 74655067 |  | 74655067 |
| Money Market Funds | 1272956 | – | – | 1272956 |
| Total Investments | $1272956 | $98829037 | $– | $100101993 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(9131372) | $– | $(9131372) |
| Total Investments | $– | $(9131372) | $– | $(9131372) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MSFO ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| U.S. Treasury Securities | $– | $34791295 | $– | $34791295 |
| Purchased Options |  | 6344145 |  | 6344145 |
| U.S. Treasury Bills |  | 106529345 |  | 106529345 |
| Money Market Funds | 4889906 | – | – | 4889906 |
| Total Investments | $4889906 | $147664785 | $– | $152554691 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(5229564) | $– | $(5229564) |
| Total Investments | $– | $(5229564) | $– | $(5229564) |
| **MSTY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $163769465 | $– | $163769465 |
| U.S. Treasury Securities |  | 15294371 |  | 15294371 |
| U.S. Treasury Bills |  | 2372305903 |  | 2372305903 |
| Money Market Funds | 81581696 | – | – | 81581696 |
| Total Investments | $81581696 | $2551369739 | $– | $2632951435 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(578000125) | $– | $(578000125) |
| Total Investments | $– | $(578000125) | $– | $(578000125) |
| **NFLY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $6203339 | $– | $6203339 |
| Purchased Options |  | 1248875 |  | 1248875 |
| U.S. Treasury Bills | – | 141716591 | – | 141716591 |
| Total Investments | $– | $149168805 | $– | $149168805 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(18647998) | $– | $(18647998) |
| Total Investments | $– | $(18647998) | $– | $(18647998) |
| **NVDY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $375402027 | $– | $375402027 |
| Purchased Options |  | 243557965 |  | 243557965 |
| U.S. Treasury Bills |  | 1122184418 |  | 1122184418 |
| Money Market Funds | 17346665 | – | – | 17346665 |
| Total Investments | $17346665 | $1741144410 | $– | $1758491075 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | | | | |
| Investments: |  |  |  |  |
| Written Options | $– | $(55297840) | $– | $(55297840) |
| Total Investments | $– | $(55297840) | $– | $(55297840) |
| **PLTY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $99761480 | $– | $99761480 |
| U.S. Treasury Securities |  | 19441930 |  | 19441930 |
| U.S. Treasury Bills |  | 523677154 |  | 523677154 |
| Money Market Funds | 7594217 | – | – | 7594217 |
| Total Investments | $7594217 | $642880564 | $– | $650474781 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Common Stocks | $(20047) | $– | $– | $(20047) |
| Written Options | – | (50080100) | – | (50080100) |
| Total Investments | $(20047) | $(50080100) | $– | $(50100147) |
| **PYPY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $4851483 | $– | $4851483 |
| Purchased Options |  | 2753037 |  | 2753037 |
| U.S. Treasury Bills |  | 39461928 |  | 39461928 |
| Money Market Funds | 1669423 | – | – | 1669423 |
| Total Investments | $1669423 | $47066448 | $– | $48735871 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(1903345) | $– | $(1903345) |
| Total Investments | $– | $(1903345) | $– | $(1903345) |
| **RBLY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $1034980 | $– | $1034980 |
| U.S. Treasury Bills |  | 33086882 |  | 33086882 |
| Money Market Funds | 23375 | – | – | 23375 |
| Total Investments | $23375 | $34121862 | $– | $34145237 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(5285078) | $– | $(5285078) |
| Total Investments | $– | $(5285078) | $– | $(5285078) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FIAT ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| U.S. Treasury Securities | $– | $16963194 | $– | $16963194 |
| Purchased Options |  | 1119755 |  | 1119755 |
| U.S. Treasury Bills |  | 27784102 |  | 27784102 |
| Money Market Funds | 3496090 | – | – | 3496090 |
| Total Investments | $3496090 | $45867051 | $– | $49363141 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(7305909) | $– | $(7305909) |
| Total Investments | $– | $(7305909) | $– | $(7305909) |
| **YQQQ ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $924901 | $– | $924901 |
| Purchased Options |  | 105361 |  | 105361 |
| U.S. Treasury Bills |  | 11148936 |  | 11148936 |
| Money Market Funds | 2713385 | – | – | 2713385 |
| Total Investments | $2713385 | $12179198 | $– | $14892583 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(766519) | $– | $(766519) |
| Total Investments | $– | $(766519) | $– | $(766519) |
| **DIPS ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $3304648 | $– | $3304648 |
| Purchased Options |  | 115720 |  | 115720 |
| U.S. Treasury Bills |  | 5829027 |  | 5829027 |
| Money Market Funds | 46979 | – | – | 46979 |
| Total Investments | $46979 | $9249395 | $– | $9296374 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(1272712) | $– | $(1272712) |
| Total Investments | $– | $(1272712) | $– | $(1272712) |
| **CRSH ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $6114349 | $– | $6114349 |
| Purchased Options |  | 229074 |  | 229074 |
| U.S. Treasury Bills |  | 18656713 |  | 18656713 |
| Money Market Funds | 1924769 | – | – | 1924769 |
| Total Investments | $1924769 | $25000136 | $– | $26924905 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | | | | |
| Investments: |  |  |  |  |
| Written Options | $– | $(5768215) | $– | $(5768215) |
| Total Investments | $– | $(5768215) | $– | $(5768215) |
| **SMCY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $30927348 | $– | $30927348 |
| U.S. Treasury Securities |  | 999893 |  | 999893 |
| U.S. Treasury Bills |  | 227944237 |  | 227944237 |
| Money Market Funds | 2162761 | – | – | 2162761 |
| Total Investments | $2162761 | $259871478 | $– | $262034239 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(36862932) | $– | $(36862932) |
| Total Investments | $– | $(36862932) | $– | $(36862932) |
| **SNOY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $16542095 | $– | $16542095 |
| U.S. Treasury Securities |  | 10412891 |  | 10412891 |
| U.S. Treasury Bills |  | 60157143 |  | 60157143 |
| Money Market Funds | 3350849 | – | – | 3350849 |
| Total Investments | $3350849 | $87112129 | $– | $90462978 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(3431552) | $– | $(3431552) |
| Total Investments | $– | $(3431552) | $– | $(3431552) |
| **TSLY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $153804685 | $– | $153804685 |
| U.S. Treasury Securities |  | 142080871 |  | 142080871 |
| U.S. Treasury Bills |  | 948464190 |  | 948464190 |
| Money Market Funds | 25576452 | – | – | 25576452 |
| Total Investments | $25576452 | $1244349746 | $– | $1269926198 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(58776450) | $– | $(58776450) |
| Total Investments | $– | $(58776450) | $– | $(58776450) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TSMY ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| Purchased Options | $– | $4796770 | $– | $4796770 |
| U.S. Treasury Bills |  | 52073798 |  | 52073798 |
| Money Market Funds | 9253519 | – | – | 9253519 |
| Total Investments | $9253519 | $56870568 | $– | $66124087 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(5039679) | $– | $(5039679) |
| Total Investments | $– | $(5039679) | $– | $(5039679) |
| **ULTY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Common Stocks | $2159873713 | $– | $– | $2159873713 |
| Purchased Options |  | 57258089 |  | 57258089 |
| Money Market Funds | 264183791 | – | – | 264183791 |
| Total Investments | $2424057504 | $57258089 | $– | $2481315593 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(109416267) | $– | $(109416267) |
| Total Investments | $– | $(109416267) | $– | $(109416267) |
| **SLTY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Purchased Options | $– | $545836 | $– | $545836 |
| U.S. Treasury Bills |  | 13126427 |  | 13126427 |
| Money Market Funds | 6643314 | – | – | 6643314 |
| Total Investments | $6643314 | $13672263 | $– | $20315577 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Common Stocks | $(18687631) | $– | $– | $(18687631) |
| Written Options | – | (853446) | – | (853446) |
| Total Investments | $(18687631) | $(853446) | $– | $(19541077) |
| **YMAX ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
| Exchange Traded Funds | $950443921 | $– | $– | $950443921 |
| Money Market Funds | 11849676 | – | – | 11849676 |
| Total Investments | $962293597 | $– | $– | $962293597 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **XOMO ETF** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | |
| Investments: |  |  |  |  |
| U.S. Treasury Securities | $– | $1873800 | $– | $1873800 |
| Purchased Options |  | 1516665 |  | 1516665 |
| U.S. Treasury Bills |  | 47007792 |  | 47007792 |
| Money Market Funds | 193688 | – | – | 193688 |
| Total Investments | $193688 | $50398257 | $– | $50591945 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(2100037) | $– | $(2100037) |
| Total Investments | $– | $(2100037) | $– | $(2100037) |
| **XYZY ETF** |  |  |  |  |
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| U.S. Treasury Securities | $– | $10233910 | $– | $10233910 |
| Purchased Options |  | 5969225 |  | 5969225 |
| U.S. Treasury Bills |  | 48832372 |  | 48832372 |
| Money Market Funds | 2289294 | – | – | 2289294 |
| Total Investments | $2289294 | $65035507 | $– | $67324801 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| Written Options | $– | $(6168407) | $– | $(6168407) |
| Total Investments | $– | $(6168407) | $– | $(6168407) |

---

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** |

---

**October 31, 2025**

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.

FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"). FLEX Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American-style, exercisable any time prior to the expiration date, or European-style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the reference asset at the strike price. A Fund's portfolio may include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at a predetermined specified price (the "strike price") only on the FLEX Option's expiration date.

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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

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.

For the periods ended October 31, 2025, the Funds' monthly average notional amounts are described below:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Purchased Options** | **Written Options** |
| **APLY ETF** | $283347531 | $(271409864) |
| **ABNY ETF** | 67079287 | (64275609) |
| **AIYY ETF** | 172237675 | (178320030) |
| **AMDY ETF** | 335064691 | (337221891) |
| **AMZY ETF** | 541855373 | (547708123) |
| **BABO ETF** | 92970964 | (93098149) |
| **YBIT ETF** | 192985673 | (183308728) |
| **BRKC ETF** | 47390530 | (49402450) |
| **CONY ETF** | 2155996012 | (2329514583) |
| **CVNY ETF** | 104974242 | (107291617) |
| **DISO ETF** | 75314782 | (75314782) |
| **DRAY ETF** | 29321403 | (29321403) |
| **GDXY ETF** | 140539283 | (178363589) |
| **HOOY ETF** | 332294070 | (351640603) |
| **GOOY ETF** | 250990273 | (257251011) |
| **OARK ETF** | 156656050 | (145325653) |
| **JPMO ETF** | 113819431 | (109809931) |
| **YMAG ETF** | 167494070 | (167494070) |
| **MARO ETF** | 123052607 | (141708561) |
| **FBY ETF** | 326443260 | (329734668) |
| **MRNY ETF** | 160713630 | (160286580) |
| **MSFO ETF** | 251245698 | (251556907) |
| **MSTY ETF** | 4567514878 | (6130758600) |
| **NFLY ETF** | 256665515 | (257259070) |
| **NVDY ETF** | 3043651300 | (3164654192) |
| **PLTY ETF** | 743590300 | (756666951) |
| **PYPY ETF** | 107110339 | (107110339) |
| **RBLY ETF** | 33359706 | (33583615) |
| **FIAT ETF** | 121353735 | (80295200) |
| **YQQQ ETF** | 23622730 | (22386585) |
| **DIPS ETF** | 33393851 | (22114980) |
| **CRSH ETF** | 76651391 | (50989637) |
| **SMCY ETF** | 353768529 | (376056867) |
| **SNOY ETF** | 126833490 | (130189697) |
| **TSLY ETF** | 2127734469 | (2226367654) |
| **TSMY ETF** | 105445923 | (105445923) |
| **ULTY ETF** | 1147335930 | (1237103737) |
| **SLTY ETF** | 12973927 | (18043406) |
| **YMAX ETF** | 10858052 | (10858052) |
| **XOMO ETF** | 103163629 | (99059576) |
| **XYZY ETF** | 142409313 | (142409313) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

*Statements of Assets and Liabilities*

Fair Value of derivative instruments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund:** | **Instrument** | **Balance Sheet Location** | **Instrument** | **Balance Sheet Location** |
|  |  | Investments, at value |  | Written option contracts, at value |
| **APLY ETF** | Purchased Options | $11789895 | Written Options | $2931138 |
| **ABNY ETF** | Purchased Options | 2242432 | Written Options | 3486716 |
| **AIYY ETF** | Purchased Options | 5944840 | Written Options | 6859398 |
| **AMDY ETF** | Purchased Options | 16086010 | Written Options | 22384512 |
| **AMZY ETF** | Purchased Options | 33385528 | Written Options | 3358589 |
| **BABO ETF** | Purchased Options | 10971025 | Written Options | 760719 |
| **YBIT ETF** | Purchased Options | 3591335 | Written Options | 9646503 |
| **BRKC ETF** | Purchased Options | 329872 | Written Options | 1241756 |
| **CONY ETF** | Purchased Options | 128116952 | Written Options | 146889742 |
| **CVNY ETF** | Purchased Options | 5830979 | Written Options | 5314700 |
| **DISO ETF** | Purchased Options | 830830 | Written Options | 3215997 |
| **DRAY ETF** | Purchased Options | 2313545 | Written Options | 3132230 |
| **GDXY ETF** | Purchased Options | 4547625 | Written Options | 13034428 |
| **GOOY ETF** | Purchased Options | 42769048 | Written Options | 909990 |
| **HOOY ETF** | Purchased Options | 30133320 | Written Options | 29729377 |
| **OARK ETF** | Purchased Options | 10746125 | Written Options | 2758541 |
| **JPMO ETF** | Purchased Options | 4781810 | Written Options | 639401 |
| **YMAG ETF** | Purchased Options | 7875667 | Written Options | 838059 |
| **MARO ETF** | Purchased Options | 8513623 | Written Options | 11766523 |
| **FBY ETF** | Purchased Options | 1475100 | Written Options | 23067596 |
| **MRNY ETF** | Purchased Options | 14457005 | Written Options | 9131372 |
| **MSFO ETF** | Purchased Options | 6344145 | Written Options | 5229564 |
| **MSTY ETF** | Purchased Options | 163769465 | Written Options | 578000125 |
| **NFLY ETF** | Purchased Options | 1248875 | Written Options | 18647998 |
| **NVDY ETF** | Purchased Options | 243557965 | Written Options | 55297840 |
| **PLTY ETF** | Purchased Options | 99761480 | Written Options | 50080100 |
| **PYPY ETF** | Purchased Options | 2753037 | Written Options | 1903345 |
| **RBLY ETF** | Purchased Options | 1034980 | Written Options | 5285078 |
| **FIAT ETF** | Purchased Options | 1119755 | Written Options | 7305909 |
| **YQQQ ETF** | Purchased Options | 105361 | Written Options | 766519 |
| **DIPS ETF** | Purchased Options | 115720 | Written Options | 1272712 |
| **CRSH ETF** | Purchased Options | 229074 | Written Options | 5768215 |
| **SMCY ETF** | Purchased Options | 30927348 | Written Options | 36862932 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SNOY ETF** | Purchased Options | 16542095 | Written Options | 3431552 |
| **TSLY ETF** | Purchased Options | 153804685 | Written Options | 58776450 |
| **TSMY ETF** | Purchased Options | 4796770 | Written Options | 5039679 |
| **ULTY ETF** | Purchased Options | 57258089 | Written Options | 109416267 |
| **SLTY ETF** | Purchased Options | 545836 | Written Options | 853446 |
| **XOMO ETF** | Purchased Options | 1516665 | Written Options | 2100037 |
| **XYZY ETF** | Purchased Options | 5969225 | Written Options | 6168407 |

---

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the periods ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Change in Unrealized** | **Change in Unrealized** |
| **Fund:** | **Instrument:** | **Balance Sheet Location:** | **Instrument:** | **Balance Sheet Location:** |
|  |  | Net realized gain (loss)<br> from investments |  | Net change in unrealized <br> appreciation (depreciation) on <br> investments |
| **APLY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | $24253831 | Purchased Options | $4411556 |
| **ABNY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (4874083) | Purchased Options | (27076) |
| **AIYY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (30074436) | Purchased Options | (2244407) |
| **AMDY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 139306878 | Purchased Options | 5775362 |
| **AMZY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 31327506 | Purchased Options | 5770771 |
| **BABO ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 16755319 | Purchased Options | 7101339 |
| **YBIT ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 8542847 | Purchased Options | (5994276) |
| **BRKC ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (484316) | Purchased Options | (866810) |
| **CONY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 524497203 | Purchased Options | 17097134 |
| **CVNY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 9756061 | Purchased Options | 311749 |
| **DISO ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 2293140 | Purchased Options | (188441) |
| **DRAY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (3109629) | Purchased Options | (288865) |
| **GDXY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 46119768 | Purchased Options | (8838635) |
| **GOOY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 45050539 | Purchased Options | 25967706 |
| **HOOY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 85714379 | Purchased Options | (1607722) |
| **OARK ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 27953366 | Purchased Options | 6279537 |
| **JPMO ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 9426691 | Purchased Options | 1078132 |
| **YMAG ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 82334 | Purchased Options | 3955711 |
| **MARO ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (29660988) | Purchased Options | 171876 |
| **FBY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 10418878 | Purchased Options | (8388692) |
| **MRNY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (50199104) | Purchased Options | 1885507 |
| **MSFO ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 3476515 | Purchased Options | 2635122 |
| **MSTY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | (1131295667) | Purchased Options | (154124624) |
| **NFLY ETF** | &nbsp;&nbsp;&nbsp;Purchased Options | 18650840 | Purchased Options | (8077530) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NVDY ETF** | Purchased Options | 281551999 | Purchased Options | 113643130 |
| **PLTY ETF** | Purchased Options | 180882264 | Purchased Options | 39794785 |
| **PYPY ETF** | Purchased Options | (5113483) | Purchased Options | 804916 |
| **RBLY ETF** | Purchased Options | (2847252) | Purchased Options | (2135499) |
| **FIAT ETF** | Purchased Options | 5882976 | Purchased Options | (5465921) |
| **YQQQ ETF** | Purchased Options | (1183911) | Purchased Options | (81872) |
| **DIPS ETF** | Purchased Options | (367084) | Purchased Options | 85573 |
| **CRSH ETF** | Purchased Options | (6382020) | Purchased Options | (1011371) |
| **SMCY ETF** | Purchased Options | 112360030 | Purchased Options | (2931279) |
| **SNOY ETF** | Purchased Options | 13344895 | Purchased Options | 8822152 |
| **TSLY ETF** | Purchased Options | 515456358 | Purchased Options | 71865022 |
| **TSMY ETF** | Purchased Options | 16540291 | Purchased Options | 166970 |
| **ULTY ETF** | Purchased Options | (242861174) | Purchased Options | (13248682) |
| **SLTY ETF** | Purchased Options | 547132 | Purchased Options | 18048 |
| **YMAX ETF** | Purchased Options | (8480554) | Purchased Options | (15026) |
| **XOMO ETF** | Purchased Options | (5482123) | Purchased Options | 222619 |
| **XYZY ETF** | Purchased Options | 14274921 | Purchased Options | (1299955) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Change in Unrealized** | **Change in Unrealized** |
| **Fund:** | **Instrument:** | **Balance Sheet Location:** | **Instrument:** | **Balance Sheet Location:** |
|  |  | Net realized gain (loss)<br> from written option <br> contracts |  | Net change in unrealized <br> appreciation (depreciation) on <br> written options contracts |
| **APLY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $(19998205) | Written Options | $3457637 |
| **ABNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | 7662 | Written Options | 569311 |
| **AIYY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (31142664) | Written Options | 994773 |
| **AMDY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (62356935) | Written Options | 4721436 |
| **AMZY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | 8790996 | Written Options | 6271151 |
| **BABO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (8154429) | Written Options | 3688863 |
| **YBIT ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | 31969639 | Written Options | (10013922) |
| **BRKC ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | 702401 | Written Options | (92612) |
| **CONY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (370787951) | Written Options | 82800279 |
| **CVNY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | 7040248 | Written Options | 590198 |
| **DISO ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (755987) | Written Options | (167045) |
| **DRAY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (6435255) | Written Options | (261530) |
| **GDXY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (99980) | Written Options | (2476655) |
| **GOOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (18897239) | Written Options | 3698685 |
| **HOOY ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (6910326) | Written Options | 6651331 |
| **OARK ETF** | &nbsp;&nbsp;&nbsp;&nbsp;Written Options | (5863215) | Written Options | 2016859 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMO ETF** | Written Options | (2757857) | Written Options | 1855227 |
| **YMAG ETF** | Written Options | (3556189) | Written Options | 3167154 |
| **MARO ETF** | Written Options | 22569504 | Written Options | (354593) |
| **FBY ETF** | Written Options | 17137200 | Written Options | (13551707) |
| **MRNY ETF** | Written Options | (1460159) | Written Options | 5355506 |
| **MSFO ETF** | Written Options | 11927454 | Written Options | 3433815 |
| **MSTY ETF** | Written Options | 632135497 | Written Options | (159377125) |
| **NFLY ETF** | Written Options | 19151241 | Written Options | (9177758) |
| **NVDY ETF** | Written Options | 79869619 | Written Options | 45402937 |
| **PLTY ETF** | Written Options | 71448144 | Written Options | 21475659 |
| **PYPY ETF** | Written Options | (7870859) | Written Options | 943201 |
| **RBLY ETF** | Written Options | 1084654 | Written Options | (177923) |
| **FIAT ETF** | Written Options | (31801770) | Written Options | (1739604) |
| **YQQQ ETF** | Written Options | (951060) | Written Options | (132236) |
| **DIPS ETF** | Written Options | (4852176) | Written Options | 154441 |
| **CRSH ETF** | Written Options | (5835227) | Written Options | (2626999) |
| **SMCY ETF** | Written Options | (47125077) | Written Options | 105946 |
| **SNOY ETF** | Written Options | 5877211 | Written Options | 4381136 |
| **TSLY ETF** | Written Options | (142002196) | Written Options | 35616382 |
| **TSMY ETF** | Written Options | 4008247 | Written Options | 1523251 |
| **ULTY ETF** | Written Options | (319300011) | Written Options | 562677 |
| **SLTY ETF** | Written Options | 1137596 | Written Options | 23467 |
| **YMAX ETF** | Written Options | (1168893) | Written Options | (1364798) |
| **XOMO ETF** | Written Options | 3520178 | Written Options | (162976) |
| **XYZY ETF** | Written Options | (26944209) | Written Options | (704607) |

---

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.

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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

As of October 31, 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 weekly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. 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 net asset value ("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") and The NASDAQ 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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

K. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV. These differences are primarily due to adjustments for redemptions in-kind. For the periods ended October 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Paid-In Capital** | **Total Distributable<br> Earnings/(Accumulated<br> Losses)** |
| **YMAG ETF** | $(1996685) | $1996685 |
| **YMAX ETF** | (2999780) | 2999780 |

---

The YMAG ETF & YMAX ETF may realize net capital gains resulting from in-kind redemptions, in which shareholders exchange Fund shares for securities held by the Funds rather than for cash. Because such losses are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from accumulated gains to paid-in capital. During the periods ended October 31, 2025, the YMAG ETF and YMAX ETF realized $2,378,583and $6,077,602in net capital gains resulting from in-kind redemptions.

**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.

*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

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

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, SLTY 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 and SLTY ETF each pay an annual rate of 1.24% of their average daily net assets.

The Adviser has agreed to reduce the ULTY ETF and SLTY ETF's Investment Advisory Fee to 1.14% of its average daily net assets through at least February 28, 2026. This agreement may be terminated only by, or with the consent of, the Board, on behalf of the ULTY ETF and SLTY 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 periods ended October 31, 2025, are disclosed in the Statements of Operations.

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.

The Adviser has entered into an agreement with ZEGA, Lucania Investments LLC, and Level ETF Ventures LLC (each a "Supporter" and collectively the "Supporters"), with respect to the Funds, under which each Supporter assumes the obligation of the Adviser to pay all or a portion of expenses of the Funds, except the Excluded Expenses (such expenses of the Funds, except Excluded Expenses, the "Unitary Expenses"). For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Supporters all or a portion of the profits, if any, generated by each Fund's unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Supporters include fees charged by Tidal (defined below) which is an affiliate of the Adviser. Although the Supporters have agreed to be responsible for all of the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses.

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,

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

Tidal receives a fee based on each 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 their 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 Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer 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.

**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the periods ended October 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, securities sold short, U.S. government securities, options contracts, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund:** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**APLY ETF** | $- | $- |
| &nbsp;&nbsp;**ABNY ETF** |  |  |
| &nbsp;&nbsp;**AIYY ETF** |  |  |
| &nbsp;&nbsp;**AMDY ETF** | 17722 | 21000 |
| &nbsp;&nbsp;**AMZY ETF** |  |  |
| &nbsp;&nbsp;**BABO ETF** |  |  |
| &nbsp;&nbsp;**YBIT ETF** |  |  |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**BRKC ETF** | - | - |
| &nbsp;&nbsp;**CONY ETF** | - | - |
| &nbsp;&nbsp;**CVNY ETF** | - | - |
| &nbsp;&nbsp;**DISO ETF** | - | - |
| &nbsp;&nbsp;**DRAY ETF** | - | - |
| &nbsp;&nbsp;**GDXY ETF** | - | - |
| &nbsp;&nbsp;**GOOY ETF** |  | 3 |
| &nbsp;&nbsp;**HOOY ETF** |  |  |
| &nbsp;&nbsp;**OARK ETF** |  |  |
| &nbsp;&nbsp;**JPMO ETF** |  |  |
| &nbsp;&nbsp;**YMAG ETF** | 105673681 | 164796618 |
| &nbsp;&nbsp;**MARO ETF** |  |  |
| &nbsp;&nbsp;**FBY ETF** |  |  |
| &nbsp;&nbsp;**MRNY ETF** |  |  |
| &nbsp;&nbsp;**MSFO ETF** |  |  |
| &nbsp;&nbsp;**MSTY ETF** |  |  |
| &nbsp;&nbsp;**NFLY ETF** |  |  |
| &nbsp;&nbsp;**NVDY ETF** |  |  |
| &nbsp;&nbsp;**PLTY ETF** |  |  |
| &nbsp;&nbsp;**PYPY ETF** |  |  |
| &nbsp;&nbsp;**RBLY ETF** |  |  |
| &nbsp;&nbsp;**FIAT ETF** |  |  |
| &nbsp;&nbsp;**YQQQ ETF** |  |  |
| &nbsp;&nbsp;**DIPS ETF** |  |  |
| &nbsp;&nbsp;**CRSH ETF** |  |  |
| &nbsp;&nbsp;**SMCY ETF** |  |  |
| &nbsp;&nbsp;**SNOY ETF** | 24294843 | 22453583 |
| &nbsp;&nbsp;**TSLY ETF** |  |  |
| &nbsp;&nbsp;**TSMY ETF** |  |  |
| &nbsp;&nbsp;**ULTY ETF** | 8303197594 | 7036276901 |
| &nbsp;&nbsp;**SLTY ETF** |  |  |
| &nbsp;&nbsp;**YMAX ETF** | 619748681 | 583953890 |
| &nbsp;&nbsp;**XOMO ETF** |  |  |
| &nbsp;&nbsp;**XYZY ETF** |  |  |

---

For the periods ended October 31, 2025, the purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund:** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**APLY ETF** | $6781713 | $39010526 |
| &nbsp;&nbsp;**ABNY ETF** | 3123982 | 2107539 |
| &nbsp;&nbsp;**AIYY ETF** | 12849254 | 31488188 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**AMDY ETF** | 18993277 | 52276023 |
| &nbsp;&nbsp;**AMZY ETF** | 19853831 | 75565663 |
| &nbsp;&nbsp;**BABO ETF** | 2592638 | 7541274 |
| &nbsp;&nbsp;**YBIT ETF** | 6329728 | 18167581 |
| &nbsp;&nbsp;**BRKC ETF** |  |  |
| &nbsp;&nbsp;**CONY ETF** | 93626054 | 510635637 |
| &nbsp;&nbsp;**CVNY ETF** |  |  |
| &nbsp;&nbsp;**DISO ETF** | 4464907 | 9962169 |
| &nbsp;&nbsp;**DRAY ETF** |  |  |
| &nbsp;&nbsp;**GDXY ETF** | 3069137 | 3642398 |
| &nbsp;&nbsp;**GOOY ETF** | 9034260 | 34177414 |
| &nbsp;&nbsp;**HOOY ETF** |  |  |
| &nbsp;&nbsp;**OARK ETF** | 18254801 | 42871697 |
| &nbsp;&nbsp;**JPMO ETF** | 3875056 | 7667123 |
| &nbsp;&nbsp;**YMAG ETF** |  |  |
| &nbsp;&nbsp;**MARO ETF** | 1201076 | 1204269 |
| &nbsp;&nbsp;**FBY ETF** | 8520941 | 30556568 |
| &nbsp;&nbsp;**MRNY ETF** | 7350926 | 11820548 |
| &nbsp;&nbsp;**MSFO ETF** | 6067486 | 24231862 |
| &nbsp;&nbsp;**MSTY ETF** |  |  |
| &nbsp;&nbsp;**NFLY ETF** | 6302500 | 24638656 |
| &nbsp;&nbsp;**NVDY ETF** | 82034192 | 346023697 |
| &nbsp;&nbsp;**PLTY ETF** | 13389951 | 2682940 |
| &nbsp;&nbsp;**PYPY ETF** | 2769585 | 16759436 |
| &nbsp;&nbsp;**RBLY ETF** |  |  |
| &nbsp;&nbsp;**FIAT ETF** | 2879480 | 9365957 |
| &nbsp;&nbsp;**YQQQ ETF** | 480685 | 1087938 |
| &nbsp;&nbsp;**DIPS ETF** | 524824 | 1250631 |
| &nbsp;&nbsp;**CRSH ETF** | 203332 | 2884951 |
| &nbsp;&nbsp;**SMCY ETF** | 9088978 | 10367069 |
| &nbsp;&nbsp;**SNOY ETF** | 4458915 | 2512756 |
| &nbsp;&nbsp;**TSLY ETF** | 269875602 | 648809706 |
| &nbsp;&nbsp;**TSMY ETF** | 4202340 | 8202985 |
| &nbsp;&nbsp;**ULTY ETF** |  |  |
| &nbsp;&nbsp;**SLTY ETF** |  |  |
| &nbsp;&nbsp;**YMAX ETF** |  |  |
| &nbsp;&nbsp;**XOMO ETF** | 3452893 | 20191118 |
| &nbsp;&nbsp;**XYZY ETF** | 9372831 | 23649013 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

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**October 31, 2025**

For the periods ended October 31, 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):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund:** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;**YMAG ETF** | $389133140 | $32814523 |
| &nbsp;&nbsp;&nbsp;**YMAX ETF** | 1058289307 | 148756966 |

---

**NOTE 7 – AFFILIATED SECURITIES**

The YMAG ETF and YMAX ETF held affiliated securities of the following companies during the periods ended October 31, 2025. Transactions during the period in these securities of affiliated companies were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **YMAG ETF** | **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** | **Fair Value** |
| Security Name | Share Balance 10/31/2025 | Fair Value 10/31/2024 | Purchases | Sales | Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Fair Value 10/31/2025 | Dividend Income | Return of Capital |
| APLY ETF | 4775439 | $24709419 | $70173598 | ($29642853) | ($1175724) | $1597846 | $65662286 | $5553707 | $10601295 |
| AMZY ETF |  | 24893298 | 62889827 | (83821064) | (5219708) | 1257647 | $0 | 9507023 | 10729258 |
| GOOY ETF | 4744592 | 25966099 | 67098518 | (24353487) | (4144639) | 4514768 | $69081259 | 21842666 |  |
| FBY ETF | 4318341 | 26754275 | 68143962 | (28988675) | 511620 | (7734928) | $58686254 | 8957279 | 11161490 |
| MSFO ETF | 3831457 | 25575707 | 64284286 | (24922690) | (2410083) | 3258897 | $65786117 | 8170684 | 6199693 |
| NVDY ETF | 4181589 | 24891597 | 72645463 | (26891334) | (1133472) | 487546 | $69999800 | 17660049 | 15752449 |
| TSLY ETF | 1565891 | 27497969 | 89571165 | (56662538) | (3949207) | 10171252 | $66628641 | 16206101 | 23218316 |
|  |  |  |  |  | ($17521213) | $13553028 | $395844357 | $87897509 | $77671501 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **YMAX ETF** | **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** | **Fair Value** |
| Security Name | Share Balance 10/31/2025 | Fair Value 10/31/2024 | Purchases | Sales | Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Fair Value 10/31/2025 | Dividend Income | Return of Capital |
| APLY ETF | 1927711 | $13238896 | $43502487 | ($30760003) | ($990262) | $1514908 | $26506026 | $3151020 | $6019988 |
| ABNY ETF | 538436 | 13873570 | 40203235 | (24471277) | (271384) | (3329839) | 26004305 | 806423 | 10794926 |
| AIYY ETF | 1034049 | 12504131 | 74708227 | (55060707) | (10866682) | 4049236 | 25334205 | 836847 | 17621731 |
| AMDY ETF | 542818 | 13217460 | 48103526 | (39502973) | (3586677) | 8448179 | 26679515 | 13373980 | 6354738 |
| AMZY ETF | 1926068 | 13335947 | 38947363 | (22810677) | (904144) | (24161) | 28544328 | 6003028 | 6774787 |
| BABO ETF | 1626255 | 13850322 | 46327812 | (40006224) | 1853616 | 3409102 | 25434628 | 11275799 | 7113834 |
| YBIT ETF | 589602 |  | 59413446 | (34146984) | 1969786 | (1234782) | 26001466 | 2826020 | 14027166 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BRKC ETF | 569346 |  | 37002736 | (10677424) | 83657 | (504751) | 25904218 | 382877 | 1074369 |
| CONY ETF | 403014 | 12349812 | 54632160 | (41614615) | (2856461) | 3040179 | 25551075 | 5433517 | 19986241 |
| CRCO ETF | 572400 |  | 26882080 | (60393) | 1337 | (2593103) | 24229921 | 1126234 |  |
| CVNY ETF | 763363 |  | 45088078 | (21546281) | 1596086 | (725534) | 24412349 | 8430163 | 6320698 |
| DISO ETF | 2125857 | 13606224 | 40576885 | (28036613) | 94016 | 444733 | 26685245 | 821168 | 8528546 |
| DRAY ETF | 734367 |  | 35627692 | (2933245) | (128259) | (9075697) | 23490491 | 94451 | 1657401 |
| GMEY ETF | 566250 |  | 27100652 | (57821) | (1688) | (2104569) | 24936574 | 622657 |  |
| GDXY ETF | 1549333 | 13415824 | 49150123 | (39606837) | 10525 | 1060520 | 24030155 | 13997001 |  |
| GOOY ETF | 1915257 | 13911268 | 40464264 | (27064271) | (2101887) | 2676768 | 27886142 | 12290930 |  |
| HIYY ETF | 631917 |  | 26851888 | (54614) | (4463) | (3514758) | 23278053 | 869589 |  |
| HOOY ETF | 393157 |  | 38993241 | (14017389) | 449508 | 1340769 | 26766129 | 13254092 |  |
| OARK ETF | 587654 | 13207790 | 40113035 | (29628644) | 366909 | 1974000 | 26033090 | 9063720 | 5278019 |
| JPMO ETF | 1625809 | 14119642 | 40828212 | (28152842) | (454553) | 485389 | 26825848 | 5523232 | 2886049 |
| MARO ETF | 1386308 |  | 61095376 | (36459616) | (2815317) | 734788 | 22555231 | 642530 | 20517193 |
| FBY ETF | 1743760 | 14335950 | 42993674 | (30505632) | 504904 | (3631198) | 23697698 | 5180038 | 6454744 |
| MRNY ETF | 1548343 | 14471804 | 81809709 | (57798645) | (14656884) | 2031347 | 25857331 | 828951 | 19108406 |
| MSFO ETF | 1546639 | 13701802 | 39488631 | (27170455) | (957803) | 1493617 | 26555792 | 4662834 | 3538032 |
| MSTY ETF | 433715 | 13264143 | 55958674 | (41891379) | 424083 | (4139761) | 23615760 | 1145190 | 24273298 |
| NFLY ETF | 1634774 | 13963096 | 42876756 | (29333489) | (665370) | (2629990) | 24211003 | 9184056 | 3183256 |
| NVDY ETF | 1686443 | 13335799 | 42166303 | (26630173) | (1545430) | 904557 | 28231056 | 10123568 | 9030043 |
| PLTY ETF | 430942 |  | 55848043 | (27446887) | (944906) | 615312 | 28071562 | 23381044 | 142570 |
| PYPY ETF | 513704 | 13853259 | 42146170 | (23553763) | (1803209) | (4623329) | 26019128 | 791995 | 10355335 |
| RBLY ETF | 536379 |  | 32239982 | (5451629) | (55452) | (4145552) | 22587349 | 80118 | 2894168 |
| RDYY ETF | 637808 |  | 26601385 | (62443) | 3883 | 203143 | 26745968 | 1044257 |  |
| SMCY ETF | 1641817 |  | 66449663 | (45132727) | 1502631 | 1627088 | 24446655 | 9842114 | 18157522 |
| SNOY ETF | 1767850 | 13368930 | 43858986 | (30307909) | (1176174) | 2400339 | 28144172 | 13946507 | 4946549 |
| TSLY ETF | 630729 | 14733321 | 52261503 | (44202099) | 239353 | 3805424 | 26837502 | 8869604 | 12707390 |
| TSMY ETF | 1567539 | 12893361 | 41810569 | (28032017) | (2498621) | 1832180 | 26005472 | 12155685 | 3351596 |
| XOMO ETF | 2288123 | 13447517 | 46564425 | (32690646) | (1108084) | 443421 | 26656633 | 814917 | 7333771 |
| XYZY ETF | 598195 | 13134051 | 49351000 | (32460847) | (2802929) | (1549429) | 25671846 | 767691 | 16196969 |
|  |  |  |  |  | ($44096345) | $708546 | $950443921 | $213643847 | $276629335 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the periods ended October 31, 2025 and the prior fiscal periods ended October 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** |
|  | **Ordinary**<br> **Income**<br> **October 31,**<br> **2025** | **Return of**<br> **Capital October**<br> **31, 2025** | **Capital**<br> **Gains**<br> **October 31,**<br> **2025** | **Ordinary**<br> **Income**<br> **October 31,**<br> **2024** | **Return of**<br> **Capital**<br> **October 31,**<br> **2024** |
| **APLY ETF** | $15034941 | $28724087 | $— | $7952933 | $7942237 |
| **ABNY ETF** | 970138 | 12986440 |  | 782854 | 480389 |
| **AIYY ETF** | 3049052 | 64204751 |  | 874595 | 13131653 |
| **AMDY ETF** | 80745177 | 38366621 |  | 9911652 | 43650526 |
| **AMZY ETF** | 58900818 | 66473190 |  | 11939727 | 26751756 |
| **BABO ETF** | 20203501 | 12746267 |  | 1351303 |  |
| **YBIT ETF** | 13243337 | 54152615 | 10428946 | 687940 | 15428412 |
| **BRKC ETF** | 483762 | 1357456 |  | N/A | N/A |
| **CONY ETF** | 251790702 | 925803792 | 364239 | 130427868 | 274839752 |
| **CVNY ETF** | 19128290 | 14341853 |  | N/A | N/A |
| **DISO ETF** | 1095662 | 11379403 |  | 666805 | 3706250 |
| **DRAY ETF** | 122197 | 2144281 |  | N/A | N/A |
| **GDXY ETF** | 46772715 |  |  | 961525 | 2062505 |
| **GOOY ETF** | 56540890 |  |  | 1894535 | 11181438 |
| **HOOY ETF** | 85010320 |  |  | N/A | N/A |
| **OARK ETF** | 23903921 | 13919822 |  | 2803181 | 23765706 |
| **JPMO ETF** | 10821815 | 5654710 |  | 1423567 | 1980575 |
| **YMAG ETF** | 94150607 | 63741071 | 2907377 | 11300209 | 12967418 |
| **MARO ETF** | 1937869 | 61879849 |  | N/A | N/A |
| **FBY ETF** | 31014311 | 38646322 |  | 24199271 | 5732114 |
| **MRNY ETF** | 2756418 | 63539082 |  | 829150 | 9155627 |
| **MSFO ETF** | 21210197 | 16093723 |  | 6248686 | 8000692 |
| **MSTY ETF** | 144166337 | 3054672201 |  | 247274410 |  |
| **NFLY ETF** | 42195719 | 14625321 |  | 17515864 | 551336 |
| **NVDY ETF** | 586067383 | 522761687 |  | 311324754 | 63150284 |
| **PLTY ETF** | 325167661 | 1982762 |  |  |  |
| **PYPY ETF** | 1632892 | 21350073 |  | 8716230 | 697730 |
| **RBLY ETF** | 101309 | 3659669 |  | N/A | N/A |
| **FIAT ETF** | 1249765 | 37739558 |  | 3417195 | 2261623 |
| **YQQQ ETF** | 402030 | 2335403 |  | 189417 |  |
| **DIPS ETF** | 325903 | 5854150 |  | 385033 | 442930 |
| **CRSH ETF** | 788181 | 18669602 |  | 781280 | 3752805 |
| **SMCY ETF** | 68196370 | 125814125 |  | 22648 | 1315877 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SNOY ETF** | 31618446 | 11214140 | 294 | 937968 | 1820930 |
| **TSLY ETF** | 378764883 | 542652570 |  | 31820428 | 486932585 |
| **TSMY ETF** | 23424762 | 6458733 |  | 569854 | 466466 |
| **ULTY ETF** | 344498628 | 641667620 | 2448710 | 3008277 | 89997353 |
| **SLTY ETF** | 57146 | 1852482 |  | N/A | N/A |
| **YMAX ETF** | 218766279 | 247024459 | 2117577 | 27963154 | 36079501 |
| **XOMO ETF** | 1494392 | 13448646 |  | 1792420 | 2567003 |
| **XYZY ETF** | 2039524 | 43030424 |  | 6862639 | 9747016 |

---

As of the fiscal periods ended October 31, 2025, components of the distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **APLY ETF** | **ABNY ETF** | **AIYY ETF** | **AMDY ETF** | **AMZY ETF** | **BABO ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $130136605 | $27501594 | 82194995 | $109436123 | $308907885 | $50307461 |
| Gross tax unrealized appreciation | 7442863 | 1333258 | 3187413 | 741383 | 13003674 | 8677457 |
| Gross tax unrealized depreciation | (161573) | (257128) | (3573913) | (5957971) | (1968577) | (429630) |
| Net tax unrealized appreciation (depreciation) | 7281290 | 1076130 | (386500) | (5216588) | 11035097 | 8247827 |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (7312045) | (5456289) | (72766871) | (616818) | (11674456) | (8619762) |
| Total distributable earnings (accumulated losses) | $(30755) | $(4380159) | $(73153371) | $(5833406) | $(639359) | $(371935) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **YBIT ETF** | **BRKC ETF** | **CONY ETF** | **CVNY ETF** | **DISO ETF** | **DRAY ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $76209384 | $32525271 | $1291234660 | $66789503 | $34535253 | $38281647 |
| Gross tax unrealized appreciation | 212788 | 48575 | 70471090 | 1308906 | 184374 | 109321 |
| Gross tax unrealized depreciation | (142515) | (983454) | (94096997) | (377979) | (134004) | (998616) |
| Net tax unrealized appreciation (depreciation) | 70273 | (934879) | (23625907) | 930927 | 50370 | (889295) |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> |  | (16121) | (69137368) | (1277560) | (280601) | (9210100) |
| Total distributable earnings (accumulated losses) | $70273 | $(951000) | $(92763275) | $(346633) | $(230231) | $(10099395) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **GDXY ETF** | **GOOY ETF** | **HOOY ETF** | **OARK ETF** | **JPMO ETF** | **YMAG ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $194763362 | $159513411 | $148682500 | $81388387 | $48380364 | $467376499 |
| Gross tax unrealized appreciation | 795357 | 34933955 | 8830344 | 9237598 | 2760432 | 75946304 |
| Gross tax unrealized depreciation | (12432634) | (668314) | (4270814) | (420126) | (87442) | (83603208) |
| Net tax unrealized appreciation (depreciation) | (11637277) | 34265641 | 4559530 | 8817472 | 2672990 | (7656904) |
| Undistributed ordinary income (loss) | 1961361 | 1826659 | 4443310 |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings | 1961361 | 1826659 | 4443310 |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (705002) | (34754093) | (8279331) | (9169732) | (2707504) | (4767988) |
| Total distributable earnings (accumulated losses) | $(10380918) | $1338207 | $723509 | $(352260) | $(34514) | $(12424892) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MARO ETF** | **FBY ETF** | **MRNY ETF** | **MSFO ETF** | **MSTY ETF** | **NFLY ETF** |
| <br> Investments including written options, at cost<sup>(a)</sup> | $94617467 | $144910771 | $83695613 | $145941987 | $2426245229 | $147981090 |
| Gross tax unrealized appreciation | 487766 | 1508177 | 9414506 | 2399746 | 8561476 | 382307 |
| Gross tax unrealized depreciation | (585318) | (22268101) | (2139498) | (1016606) | (379.855.395) | (17842589) |
| Net tax unrealized appreciation (depreciation) | (97552) | (20759924) | 7275008 | 1383140 | (371293919) | (17460282) |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (7088324) | (1340169) | (70530178) | (2240439) | (489057899) | (244124) |
| Total distributable earnings (accumulated losses) | $(7185876) | $(22100093) | $(63255170) | $(857299) | $(860351818) | $(17704406) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NVDY ETF** | **PLTY ETF** | **PYPY ETF** | **RBLY ETF** | **FIAT ETF** | **YQQQ ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $1535534593 | $538868330 | $44832398 | $31180152 | $49090019 | $14606922 |
| Gross tax unrealized appreciation | 190211516 | 64155646 | 2352575 | 299376 | 555992 | 22434 |
| Gross tax unrealized depreciation | (22552874) | (2649342) | (352446) | (2619369) | (7588779) | (503291) |
| Net tax unrealized appreciation (depreciation) | 167658642 | 61506304 | 2000129 | (2319993) | (7032787) | (480857) |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (188368109) | (63909100) | (14204682) | (1762559) | (29370776) | (2158812) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total distributable earnings (accumulated losses) | $(20709467 | $(2402796 | $(12204553 | $(4082552 | $(36403563 | $(2639669 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DIPS ETF** | **CRSH ETF** | **SMCY ETF** | **SNOY ETF** | **TSLY ETF** | **TSMY ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $9088349 | $26495313 | $228948175 | $75199490 | $1117999819 | $60017174 |
| Gross tax unrealized appreciation | 29771 | 127611 | 1092503 | 12292307 | 103783270 | 1796207 |
| Gross tax unrealized depreciation | (1094457) | (5466233) | (4869371) | (460371) | (10633342) | (728974) |
| Net tax unrealized appreciation (depreciation) | (1064686) | (5338622) | (3776868) | 11831936 | 93149928 | 1067233 |
| Undistributed ordinary income (loss) |  |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (5647539) | (12994986) | (771031) | (12262759) | (102818418) | (1726979) |
| Total distributable earnings (accumulated losses) | $(6712225) | $(18333608) | $(4547899) | $(430823) | $(9668490) | $(659746) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ULTY ETF** | **SLTY ETF** | **YMAX ETF** | **XOMO ETF** | **XYZY ETF** |
| Investments including written options, at cost<sup>(a)</sup> | $2191375910 | $1796506 | $1044885430 | $48492750 | $60055861 |
| Gross tax unrealized appreciation | 413898480 | 809177 | 176849146 | 403583 | 1349727 |
| Gross tax unrealized depreciation | (233375064) | (1831184) | (259440980) | (404425) | (249194) |
| Net tax unrealized appreciation (depreciation) | 180523416 | (1022007) | (82591834) | (842) | 1100533 |
| Undistributed ordinary income (loss) |  |  |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |  |  |
| Total distributable earnings |  |  |  |  |  |
| Other accumulated gain (loss) <sup>(b)</sup> | (395160487) | (1121110) |  | (2471932) | (15994534) |
| Total distributable earnings (accumulated losses) | $(214637071) | $(2143117) | $(82591834) | $(2472774) | $(14894001) |

---

<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** | $(7312045) |
| **ABNY ETF** | (1300819) |
| **AIYY ETF** | (3114714) |
| **AMDY ETF** | (616818) |
| **AMZY ETF** | (11674456) |
| **BABO ETF** | (8619762) |
| **YBIT ETF** |  |
| **BRKC ETF** | (16121) |
| **CONY ETF** | (69137368) |
| **CVNY ETF** | (1277560) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | |
|:---|:---|
| **DISO ETF** | (146024) |
| **DRAY ETF** | (106618) |
| **GDXY ETF** | (705002) |
| **GOOY ETF** | (34754093) |
| **HOOY ETF** | (8279331) |
| **OARK ETF** | (9169732) |
| **JPMO ETF** | (2707504) |
| **YMAG ETF** | (4767988) |
| **MARO ETF** | (382359) |
| **FBY ETF** | (1340169) |
| **MRNY ETF** | (9301197) |
| **MSFO ETF** | (2240439) |
| **MSTY ETF** | (7615327) |
| **NFLY ETF** | (244124) |
| **NVDY ETF** | (188368109) |
| **PLTY ETF** | (63909100) |
| **PYPY ETF** | (2299012) |
| **RBLY ETF** | (297525) |
| **FIAT ETF** | (153943) |
| **YQQQ ETF** | (10436) |
| **DIPS ETF** | (20000) |
| **CRSH ETF** | (102105) |
| **SMCY ETF** | (771031) |
| **SNOY ETF** | (12262759) |
| **TSLY ETF** | (102818418) |
| **TSMY ETF** | (1726979) |
| **ULTY ETF** | (395160487) |
| **SLTY ETF** | (522617) |
| **YMAX ETF** |  |
| **XOMO ETF** | (356570) |
| **XYZY ETF** | (1273048) |

---

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 fiscal periods ended October 31, 2025, the Funds have not elected to defer late-year losses. As of the fiscal periods ended October 31, 2025, the following Funds had long-term and short-term capital loss carryovers, which do not expire.

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital <br> Loss Carryovers** | **Short-Term Capital <br> Loss Carryovers** |
| **APLY ETF** | $— | $— |
| **ABNY ETF** |  | (4155470) |
| **AIYY ETF** |  | (69652157) |
| **AMDY ETF** |  |  |
| **AMZY ETF** |  |  |
| **BABO ETF** |  |  |
| **YBIT ETF** |  |  |
| **BRKC ETF** |  |  |
| **CONY ETF** |  |  |
| **CVNY ETF** |  |  |
| **DISO ETF** | (1362) | (133215) |
| **DRAY ETF** |  | (9104082) |
| **GDXY ETF** |  |  |
| **GOOY ETF** |  |  |
| **HOOY ETF** |  |  |
| **OARK ETF** |  |  |
| **JPMO ETF** |  |  |
| **YMAG ETF** |  |  |
| **MARO ETF** |  | (6705965) |
| **FBY ETF** |  |  |
| **MRNY ETF** |  | (61228981) |
| **MSFO ETF** |  |  |
| **MSTY ETF** |  | (481442572) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **NFLY ETF** |  |  |
| **NVDY ETF** |  |  |
| **PLTY ETF** |  |  |
| **PYPY ETF** | (4512) | (11901158) |
| **RBLY ETF** |  | (1465034) |
| **FIAT ETF** |  | (29216833) |
| **YQQQ ETF** |  | (2148376) |
| **DIPS ETF** |  | (5627539) |
| **CRSH ETF** |  | (12892882) |
| **SMCY ETF** |  |  |
| **SNOY ETF** |  |  |
| **TSLY ETF** |  |  |
| **TSMY ETF** |  |  |
| **ULTY ETF** |  |  |
| **SLTY ETF** |  | (598493) |
| **YMAX ETF** |  |  |
| **XOMO ETF** |  | (2115362) |
| **XYZY ETF** | (10884) | (14710602) |

---

**NOTE 9 – SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE, 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.

**NOTE 10 – 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.

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **YieldMax ETFs** |

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**October 31, 2025**

**NOTE 11 – NEW ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09").

The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, and only applies to Funds within this report that launched after this date. Through evaluation, management has found no implications of these changes on the financial statements.

**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. Effective on the below dates, the Shares of the below Funds were adjusted for a reverse stock split. The effect of these reverse stock splits were to reduce the number of Shares outstanding in the Funds while maintaining each Fund's and shareholder's aggregate NAV. Set forth below are details regarding the reverse stock splits which have been retroactively applied to the financial statements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Rate** | **Net Asset**<br> **Value Before**<br> **Split** | **Net Asset Value**<br> **After Split** | **Shares**<br> **Outstanding**<br> **Before Split** | **Shares**<br> **Outstanding**<br> **After Split** |
| ABNY ETF | 12/01/2025 | 1 for 5 | $9.61 | $48.04 | 3225000 | 645000 |
| AIYY ETF | 12/01/2025 | 1 for 10 | $2.46 | $24.60 | 34375000 | 3437500 |
| AMDY ETF | 12/05/2025 | 1 for 5 | $9.83 | $49.16 | 23600000 | 4720000 |
| YBIT ETF | 11/28/2025 | 1 for 5 | $8.80 | $44.02 | 12500000 | 2500000 |
| CONY ETF | 12/01/2025 | 1 for 10 | $6.33 | $63.33 | 200550000 | 20055000 |
| OARK ETF | 12/01/2025 | 1 for 5 | $8.88 | $44.40 | 10325000 | 2065000 |
| MRNY ETF | 11/28/2025 | 1 for 10 | $1.68 | $16.75 | 55200000 | 5520000 |
| MSTY ETF | 12/05/2025 | 1 for 5 | $10.88 | $54.39 | 278550000 | 55710000 |
| PYPY ETF | 12/05/2025 | 1 for 5 | $10.11 | $50.54 | 4700000 | 940000 |
| FIAT ETF | 12/01/2025 | 1 for 10 | $2.42 | $24.16 | 17950000 | 1795000 |
| DIPS ETF | 12/01/2025 | 1 for 10 | $5.17 | $51.68 | 1550000 | 155000 |
| CRSH ETF | 12/02/2025 | 1 for 10 | $2.83 | $28.29 | 7875000 | 787500 |
| TSLY ETF | 11/28/2025 | 1 for 5 | $8.52 | $42.58 | 151025000 | 30205000 |
| ULTY ETF | 11/28/2025 | 1 for 10 | $4.96 | $49.62 | 500200000 | 50020000 |
| XYZY ETF | 11/28/2025 | 1 for 5 | $8.58 | $42.89 | 7275000 | 1455000 |

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Management has determined that there are no other subsequent events that would need to be recognized or disclosed in the Funds' financial statements

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| | |
|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | **YieldMax ETFs** |

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To the Shareholders of YieldMax ETFs and

Board of Trustees of Tidal Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, securities sold short and written option contracts (as applicable), of YieldMax ETFs comprising the funds listed below (the "Funds"), each a series of Tidal Trust II, as of October 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; Statements of Changes in<br> Net Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp; YieldMax AAPL Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from April 17, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax ABNB Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from June 24, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from June 24, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax AI Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from November 27, 2023 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from November 27, 2023 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax AMD Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from September 18, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax AMZN Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from July 24, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax BABA Option<br> Income Strategy Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 7, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 7, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Bitcoin Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from April 22, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from April 22, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax BRK.B Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from June 4, 2025 (commencement of operations) through October 31, 2025 |

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| | |
|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | **YieldMax ETFs** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; YieldMax COIN Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from August 14, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax CVNA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from January 29, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from January 29, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from January 29, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; YieldMax DIS Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from August 24, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax DKNG Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from July 14, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from July 14, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from July 14, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; YieldMax Gold Miners Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from May 20, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from May 20, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax GOOGL Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from July 27, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax HOOD Option<br> Income Strategy | &nbsp;&nbsp;For the period from May 7, 2025 (commencement of operations) to October 31, 2025 | &nbsp;&nbsp;For the period from May 7, 2025 (commencement of operations) to October 31, 2025 | &nbsp;&nbsp;For the period from May 7, 2025 (commencement of operations) to October 31, 2025 |
| &nbsp;&nbsp; YieldMax Innovation Option<br> Income Strategy | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from November 22, 2022 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax JPM Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from September 11, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax Magnificent 7<br> Fund of Option Income ETFs | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from January 29, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from January 29, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax MARA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from December 9, 2024 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from December 9, 2024 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from December 9, 2024 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; YieldMax META Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from July 27, 2023 (commencement of operations) through October 31, 2023 |

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|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | **YieldMax ETFs** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; YieldMax MRNA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from October 23, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax MSFT Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from August 24, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax MSTR Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from February 21, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from February 21, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax NFLX Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from August 7, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax NVDA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from May 10, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax PLTR Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from October 7, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from October 7, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax PYPL Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from September 25, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax RBLX Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from July 28, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from July 28, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from July 28, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; YieldMax Short COIN Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from July 9, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from July 9, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Short N100 Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 14, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 14, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Short NVDA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from July 23, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from July 23, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Short TSLA Option<br> Income Strategy  | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from May 1, 2024 (commencement of operations) through | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from May 1, 2024 (commencement of operations) through |

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|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | **YieldMax ETFs** |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;ETF |  | &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;October 31, 2024 |
| &nbsp;&nbsp; YieldMax SMCI Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from September 11, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from September 11, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax SNOW Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from June 10, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from June 10, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax TSLA Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from November 22, 2022 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax TSM Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 20, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from August 20, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Ultra Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from February 28, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from February 28, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax Ultra Short Option<br> Income Strategy ETF | &nbsp;&nbsp;For the period from August 20, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from August 20, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from August 20, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; YieldMax Universe Fund of<br> Option Income ETFS | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from January 16, 2024 (commencement of operations) through October 31, 2024 | &nbsp;&nbsp;For the year ended October 31, 2025 and for the period from January 16, 2024 (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; YieldMax XOM Option<br> Income Strategy ETF | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from August 30, 2023 (commencement of operations) through October 31, 2023 |
| &nbsp;&nbsp; YieldMax XYZ Option<br> Income Strategy ETF (Formerly<br> YieldMax SQ Option Income Strategy ETF) | &nbsp;&nbsp;For the year ended October 31, 2025 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended October 31, 2025 and 2024, and for the period from October 10, 2023 (commencement of operations) through October 31, 2023 |

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Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether

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|:---|:---|
| **Report of Independent Registered Public Accounting Firm** | **YieldMax ETFs** |

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due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

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| |
|:---|
| COHEN & COMPANY, LTD. |
| ![](yielmaxncsr002.jpg) |
| Philadelphia, Pennsylvania |
| December 30, 2025 |

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| | |
|:---|:---|
| **Other Non-Audited Information** | **YieldMax ETFs** |

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**October 31, 2025**

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the periods ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

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| | |
|:---|:---|
| YieldMax AAPL Option Income Strategy ETF | 0.00% |
| YieldMax ABNB Option Income Strategy ETF | 0.00% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 0.00% |
| YieldMax AMZN Option Income Strategy ETF | 0.00% |
| YieldMax BABA Option Income Strategy ETF | 0.00% |
| YieldMax Bitcoin Option Income Strategy ETF | 0.00% |
| YieldMax BRK.B Option Income Strategy ETF | 0.00% |
| YieldMax COIN Option Income Strategy ETF | 0.00% |
| YieldMax CVNA Option Income Strategy ETF | 0.00% |
| YieldMax DIS Option Income Strategy ETF | 0.00% |
| YieldMax DKNG Option Income Strategy ETF | 0.00% |
| YieldMax Gold Miners Option Income Strategy ETF | 0.00% |
| YieldMax GOOGL Option Income Strategy ETF | 0.00% |
| YieldMax HOOD Option Income Strategy ETF | 0.00% |
| YieldMax Innovation Option Income Strategy ETF | 0.00% |
| YieldMax JPM Option Income Strategy ETF | 0.00% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 0.00% |
| YieldMax MARA Option Income Strategy ETF | 0.00% |
| YieldMax META Option Income Strategy ETF | 0.00% |
| YieldMax MRNA Option Income Strategy ETF | 0.00% |
| YieldMax MSFT Option Income Strategy ETF | 0.00% |
| YieldMax MSTR Option Income Strategy ETF | 0.00% |
| YieldMax NFLX Option Income Strategy ETF | 0.00% |
| YieldMax NVDA Option Income Strategy ETF | 0.00% |
| YieldMax PLTR Option Income Strategy ETF | 0.00% |
| YieldMax PYPL Option Income Strategy ETF | 0.00% |
| YieldMax RBLX Option Income Strategy ETF | 0.00% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 0.00% |
| YieldMax Short NVDA Option Income Strategy ETF | 0.00% |
| YieldMax Short TSLA Option Income Strategy ETF | 0.00% |
| YieldMax SMCI Option Income Strategy ETF | 0.00% |
| YieldMax SNOW Option Income Strategy ETF | 0.00% |
| YieldMax TSLA Option Income Strategy ETF | 0.00% |
| YieldMax TSM Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Short Option Income Strategy ETF | 0.00% |
| YieldMax Universe Fund of Option Income ETFs | 0.00% |
| YieldMax XOM Option Income Strategy ETF | 0.00% |
| YieldMax XYZ Option Income Strategy ETF | 0.00% |

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|:---|:---|
| **Other Non-Audited Information** | **YieldMax ETFs** |

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**October 31, 2025**

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the periods ended October 31, 2025, was as follows:

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| | |
|:---|:---|
| YieldMax AAPL Option Income Strategy ETF | 0.00% |
| YieldMax ABNB Option Income Strategy ETF | 0.00% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 0.00% |
| YieldMax AMZN Option Income Strategy ETF | 0.00% |
| YieldMax BABA Option Income Strategy ETF | 0.00% |
| YieldMax Bitcoin Option Income Strategy ETF | 0.00% |
| YieldMax BRK.B Option Income Strategy ETF | 0.00% |
| YieldMax COIN Option Income Strategy ETF | 0.00% |
| YieldMax CVNA Option Income Strategy ETF | 0.00% |
| YieldMax DIS Option Income Strategy ETF | 0.00% |
| YieldMax DKNG Option Income Strategy ETF | 0.00% |
| YieldMax Gold Miners Option Income Strategy ETF | 0.00% |
| YieldMax GOOGL Option Income Strategy ETF | 0.00% |
| YieldMax HOOD Option Income Strategy ETF | 0.00% |
| YieldMax Innovation Option Income Strategy ETF | 0.00% |
| YieldMax JPM Option Income Strategy ETF | 0.00% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 0.00% |
| YieldMax MARA Option Income Strategy ETF | 0.00% |
| YieldMax META Option Income Strategy ETF | 0.00% |
| YieldMax MRNA Option Income Strategy ETF | 0.00% |
| YieldMax MSFT Option Income Strategy ETF | 0.00% |
| YieldMax MSTR Option Income Strategy ETF | 0.00% |
| YieldMax NFLX Option Income Strategy ETF | 0.00% |
| YieldMax NVDA Option Income Strategy ETF | 0.00% |
| YieldMax PLTR Option Income Strategy ETF | 0.00% |
| YieldMax PYPL Option Income Strategy ETF | 0.00% |
| YieldMax RBLX Option Income Strategy ETF | 0.00% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 0.00% |
| YieldMax Short NVDA Option Income Strategy ETF | 0.00% |
| YieldMax Short TSLA Option Income Strategy ETF | 0.00% |
| YieldMax SMCI Option Income Strategy ETF | 0.00% |
| YieldMax SNOW Option Income Strategy ETF | 0.00% |
| YieldMax TSLA Option Income Strategy ETF | 0.00% |
| YieldMax TSM Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Option Income Strategy ETF | 0.00% |
| YieldMax Ultra Short Option Income Strategy ETF | 0.00% |
| YieldMax Universe Fund of Option Income ETFs | 0.00% |
| YieldMax XOM Option Income Strategy ETF | 0.00% |
| YieldMax XYZ Option Income Strategy ETF | 0.00% |

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| | |
|:---|:---|
| **Other Non-Audited Information** | **YieldMax ETFs** |

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**October 31, 2025**

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the periods ended October 31, 2025, was as follows:

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| | |
|:---|:---|
| YieldMax AAPL Option Income Strategy ETF | 73.02% |
| YieldMax ABNB Option Income Strategy ETF | 0.00% |
| YieldMax AI Option Income Strategy ETF | 0.00% |
| YieldMax AMD Option Income Strategy ETF | 94.24% |
| YieldMax AMZN Option Income Strategy ETF | 85.70% |
| YieldMax BABA Option Income Strategy ETF | 84.93% |
| YieldMax Bitcoin Option Income Strategy ETF | 86.27% |
| YieldMax BRK.B Option Income Strategy ETF | 50.73% |
| YieldMax COIN Option Income Strategy ETF | 84.48% |
| YieldMax CVNA Option Income Strategy ETF | 94.36% |
| YieldMax DIS Option Income Strategy ETF | 0.00% |
| YieldMax DKNG Option Income Strategy ETF | 0.00% |
| YieldMax Gold Miners Option Income Strategy ETF | 94.90% |
| YieldMax GOOGL Option Income Strategy ETF | 93.39% |
| YieldMax HOOD Option Income Strategy ETF | 97.96% |
| YieldMax Innovation Option Income Strategy ETF | 91.42% |
| YieldMax JPM Option Income Strategy ETF | 85.78% |
| YieldMax Magnificent 7 Fund of Option Income ETFs | 7.41% |
| YieldMax MARA Option Income Strategy ETF | 0.00% |
| YieldMax META Option Income Strategy ETF | 82.91% |
| YieldMax MRNA Option Income Strategy ETF | 0.00% |
| YieldMax MSFT Option Income Strategy ETF | 81.23% |
| YieldMax MSTR Option Income Strategy ETF | 44.61% |
| YieldMax NFLX Option Income Strategy ETF | 90.31% |
| YieldMax NVDA Option Income Strategy ETF | 92.21% |
| YieldMax PLTR Option Income Strategy ETF | 97.14% |
| YieldMax PYPL Option Income Strategy ETF | 0.00% |
| YieldMax RBLX Option Income Strategy ETF | 0.00% |
| YieldMax Short COIN Option Income Strategy ETF | 0.00% |
| YieldMax Short N100 Option Income Strategy ETF | 0.00% |
| YieldMax Short NVDA Option Income Strategy ETF | 0.00% |
| YieldMax Short TSLA Option Income Strategy ETF | 0.00% |
| YieldMax SMCI Option Income Strategy ETF | 92.39% |
| YieldMax SNOW Option Income Strategy ETF | 94.40% |
| YieldMax TSLA Option Income Strategy ETF | 91.10% |
| YieldMax TSM Option Income Strategy ETF | 93.99% |
| YieldMax Ultra Option Income Strategy ETF | 100.00% |
| YieldMax Ultra Short Option Income Strategy ETF | 0.00% |
| YieldMax Universe Fund of Option Income ETFs | 3.13% |
| YieldMax XOM Option Income Strategy ETF | 0.00% |
| YieldMax XYZ Option Income Strategy ETF | 0.00% |

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&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.**

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on November 6-7, 2024, the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") considered the approval of:

- the Investment Advisory Agreement (the, an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of the YieldMax Ultra Short Option Income ETF ("YieldMax ETF" or "the Fund");

- a Sub-Advisory Agreement between the Adviser and ZEGA Financial, LLC ("ZEGA") with respect to the YieldMax™ ETF;

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 a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and the Sub-Adviser.

In its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to the Fund's shareholders by the Adviser and Sub-Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and Sub-Adviser from services to be provided to the Fund, including any fall-out benefits; (iv) comparative fee and expense data for the Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as the Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Adviser 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 meeting held on November 6 -7, 2024. Among other things, the Adviser and Sub-Adviser provided responses to a detailed series of questions, which included information about the Adviser's and Sub-Adviser's operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received at the meeting 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 such factor. The conclusions with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, the Trustee may have placed varying emphasis on particular factors in 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 to be Provided.** The Trustees considered the scope of services to be provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser; the Board reviewed the Adviser's and Sub-Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Adviser working with ETFs. The Board also considered other services to be provided to the Fund by the Adviser and Sub-Adviser, such as selecting broker-dealers for 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 to be provided to the Fund by the Adviser and Sub-Adviser based on their experience, personnel, operations and resources.

**Historical Performance.** The Board noted that the Fund had not yet commenced operations and that therefore there was no prior performance to review.

**Cost of Services Provided, Profitability and Economies of Scale**. The Board reviewed the proposed 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 proposed 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 Investment Company Act of 1940 Act, as amended (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 further noted that because the Fund is new, it was difficult to estimate the profitability of the Fund to the Adviser. The Board, however, considered collateral or "fall-out" benefits that the Adviser and its affiliates may derive as a result of their relationship with the Fund.

The Board noted that because the Fund is new, it also was difficult to estimate whether the Fund would experience economies of scale. 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 if the Fund achieved asset growth.

The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser, where applicable, for their services. The Board considered the of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser and the Sub-Adviser given the work performed by the firm. The Board also considered that the Fund had one or more sponsors, who had agreed to assume the payment of any fund expenses above the level of the unitary fee. 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 respective sponsor out of its profits. The Board concluded that the proposed fees for the Fund were reasonable in light of the services rendered.

The Board also considered that the sub-advisory fees paid to the Sub-Adviser is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and the Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from respective relationships with the respective Fund was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. The Board considered that, because these fees are 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 sub-advisory fee.

**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 Agreement are fair and reasonable; (b) that the Adviser and Sub-Adviser will provide to the Fund; and (c) agreed to approve the Agreement for an initial term of two years.

YieldMax AAPL Option Income Strategy ETF, YieldMax ABNB Option Income Strategy ETF, YieldMax AI Option Income Strategy ETF, YieldMax AMD Option Income Strategy ETF, YieldMax AMZN Option Income Strategy ETF, YieldMax BABA Option Income Strategy ETF, YieldMax Bitcoin Option Income Strategy ETF, YieldMax BRKB Option Income Strategy ETF, YieldMax COIN Option Income Strategy ETF, YieldMax CVNA Option Income Strategy ETF, YieldMax DIS Option Income Strategy ETF, YieldMax DKNG Option Income Strategy ETF, YieldMax Gold Miners Option Income Strategy ETF, YieldMax GOOGL Option Income Strategy ETF, YieldMax HOOD Option Income Strategy ETF, YieldMax Innovation Option Income Strategy ETF, YieldMax JPM Option Income Strategy ETF, YieldMax Magnificent 7 Fund of Option Income ETF, YieldMax MARA Option Income Strategy ETF, YieldMax META Option Income Strategy ETF, YieldMax MRNA Option Income Strategy ETF, YieldMax MSFT Option Income Strategy ETF, YieldMax MSTR Option Income Strategy ETF, YieldMax NFLX Option Income Strategy ETF, YieldMax NVDA Option Income Strategy ETF, YieldMax PLTR Option Income Strategy ETF, YieldMax PYPL Option Income Strategy ETF, YieldMax RBLX Option Income Strategy ETF, YieldMax Short COIN Option Income Strategy ETF, YieldMax Short N100 Option Income Strategy ETF, YieldMax Short NVDA Option Income Strategy ETF, YieldMax Short TSLA Option Income Strategy ETF, YieldMax SMCI Option Income Strategy ETF, YieldMax SNOW Option Income Strategy ETF, YieldMax TSLA Option Income Strategy ETF, YieldMax TSM Option Income Strategy ETF, YieldMax Ultra Option Income Strategy ETF, YieldMax Universe Fund of Option Income ETFs, YieldMax XOM Option Income Strategy ETF, and YieldMax XYZ Option Income Strategy ETF, (the "YieldMax ETFs" collectively, each a "Fund" and together, the "Funds,")

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on August 27, 2025, the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") considered the approval of the renewal of:

- the Investment Advisory Agreement (an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of each Fund;

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 a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

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 each Fund's shareholders by the Adviser; (ii) the costs of the services provided and the profits realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meeting held on June 30, 2025, meetings held on August 6 and August 7, 2025, and the meeting held on August 27, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser's 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 meeting 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 each 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 Agreements. In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with each ETF. The Board also considered other services provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each 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 each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund's stated investment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate by the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while others may have more generalized strategies but are significantly different from other funds in the same investment universe. In these circumstances, the Board considered that it was difficult to fairly benchmark performance against peers and also took into account that certain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring performance. The Board considered that each Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

The Board reviewed each Fund's performance on a case-by-case basis. The Board also took into account that each Fund's track record was measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of each Fund's performance track record as of May 30, 2025, is provided below:

For YieldMax AAPL Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax ABNB Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax AI Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax AMD Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax AMZN Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. but generally appeared to be meeting its stated investment objective Additionally the Board noted the limited operating history of the Fund.

For YieldMax BABA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Bitcoin Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax BRKB Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax COIN Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax CVNA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax DIS Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

YieldMax DKNG Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax Gold Miners Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax GOOGL Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax HOOD Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Innovation Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax JPM Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax Magnificent 7 Fund of Option Income ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MARA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax META Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MRNA Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MSFT Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax MSTR Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax NFLX Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax NVDA Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax PLTR Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax PYPL Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax RBLX Option Income Strategy ETF, the Board noted that the Fund had not yet begun operations.

For YieldMax Short COIN Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short N100 Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short NVDA Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Short TSLA Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax SMCI Option Income Strategy ETF, the Board noted that the Fund had generally appeared to be meeting its stated investment objective.

For YieldMax SNOW Option Income Strategy ETF, the Board noted that the Fund generally appeared to be meeting its stated investment objective.

For YieldMax TSLA Option Income Strategy ETF, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax TSM Option Income Strategy ETF, the Board noted that there was not yet a year of performance.

For YieldMax Ultra Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax Universe Fund of Option Income ETFs, the Board noted that the Fund had outperformed the peer group median for the one-year period. Additionally the Board noted the limited operating history of the Fund.

For YieldMax XOM Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period but generally appeared to be meeting its stated investment objective. Additionally the Board noted the limited operating history of the Fund.

For YieldMax XYZ Option Income Strategy ETF, the Board noted that the Fund had underperformed the peer group median for the one-year period. but generally appeared to be meeting its stated investment objective Additionally the Board noted the limited operating history of the Fund.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had distinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative universe, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a "unified fee."

The Board noted the importance of the fact that the advisory fee for each 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 Investment Company Act of 1940 Act, as amended (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's overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor's net experience, was fair and reasonable.

For YieldMax AAPL Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax ABNB Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax AI Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax AMD Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax AMZN Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax BABA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Bitcoin Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax BRKB Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax COIN Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax CVNA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax DIS Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax DKNG Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group media but reasonable given the Fund's distinctive investment strategy compared to its peers .

For YieldMax Gold Miners Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax GOOGL Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax HOOD Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Innovation Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax JPM Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Magnificent 7 Fund of Option Income ETF, the Board noted that the Fund's unitary fee and net expense ratio were below the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax MARA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax META Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax MRNA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax MSFT Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax MSTR Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax NFLX Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax NVDA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median. but reasonable given the Fund's distinctive investment strategy compared to its peers

For YieldMax PLTR Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax PYPL Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax RBLX Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Short COIN Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Short N100 Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Short NVDA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Short TSLA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax SMCI Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax SNOW Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax TSLA Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax TSM Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Ultra Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

For YieldMax Universe Fund of Option Income ETFs, the Board noted that the Fund's unitary fee and net expense ratio were below the peer group median.

For YieldMax XOM Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers .

For YieldMax XYZ Option Income Strategy ETF, the Board noted that the Fund's unitary fee and net expense ratio were above the peer group median but reasonable given the Fund's distinctive investment strategy compared to its peers.

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 each of the Funds, and concluded that many of the Funds 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 Funds from the revenues of its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the Adviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by the Adviser in launching and maintaining the Funds.

The Board discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

**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 each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's fees are reasonable in light of the services that the Adviser provide to each Fund; and (c) agreed to approve renewal of the Advisory Agreement for a term of one year.

**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.* Filed herewith.](ex99-coe.htm)

&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.* Filed herewith.](ex99-cert.htm)

&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.* Furnished herewith.](ex99-906cert.htm)

**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; Eric W. Falkeis, Principal Executive Officer |

---

Date <u>March 6, 2026 </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; Eric W. Falkeis, Principal Executive Officer |

---

Date <u>March 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp; Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>March 6, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

[Tidal Trust II N-CSR/A](yieldmax_ncsra-103125.htm)

**Exhibit 99.CODE ETH**

**TIDAL TRUST II**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Tidal Trust II (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

- Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

- Compliance with applicable laws and governmental rules and regulations;

- The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

- Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

- Act with honesty and integrity

- Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

Provide information to the Trust's employees and service providers (adviser, sub, administrator, administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete, objective, relevant, timely, and understandable

- Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

- Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

- Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

- Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

- Record (or participate in the recording of) entries in the Trust's books and records that are accurate

- Refrain from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust II N-CSR/A](yieldmax_ncsra-103125.htm)

**EX.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: | March 6, 2026 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis |
| | | Principal Executive Officer |

---

EX.99.CERT

**<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: | March 6, 2026 | /s/ Aaron J Perkovich |
| | | Aaron J Perkovich |
| | | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust II N-CSR/A](yieldmax_ncsra-103125.htm)

**EX.99.906CERT**

**<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 Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Tidal Trust II for the period ended October 31, 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 Tidal Trust II for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| Eric W. Falkeis | Eric W. Falkeis | Aaron J. Perkovich | Aaron J. Perkovich |
| Principal Executive Officer | Principal Executive Officer | Treasurer/Principal Financial Officer | Treasurer/Principal Financial Officer |
| Tidal Trust II | Tidal Trust II | Tidal Trust II | Tidal Trust II |
| Date: | March 6, 2026 | Date: | March 6, 2026 |

---

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.