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YieldMax ETFs - 10.31.23 Annual Report Web Ready Final (Confidential)

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16 views148 pages

YieldMax ETFs - 10.31.23 Annual Report Web Ready Final (Confidential)

Uploaded by

tc18imvu

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YieldMax Innovation Option Income Strategy ETF

Ticker: OARK
YieldMax TSLA Option Income Strategy ETF
Ticker: TSLY
YieldMax AAPL Option Income Strategy ETF
Ticker: APLY
YieldMax NVDA Option Income Strategy ETF
Ticker: NVDY
YieldMax AMZN Option Income Strategy ETF
Ticker: AMZY
YieldMax GOOGL Option Income Strategy ETF
Ticker: GOOY
YieldMax META Option Income Strategy ETF
Ticker: FBY
YieldMax NFLX Option Income Strategy ETF
Ticker: NFLY
YieldMax COIN Option Income Strategy ETF
Ticker: CONY
YieldMax DIS Option Income Strategy ETF
Ticker: DISO
YieldMax MSFT Option Income Strategy ETF
Ticker: MSFO
YieldMax XOM Option Income Strategy ETF
Ticker: XOMO
YieldMax JPM Option Income Strategy ETF
Ticker: JPMO
YieldMax AMD Option Income Strategy ETF
Ticker: AMDY
YieldMax PYPL Option Income Strategy ETF
Ticker: PYPY
YieldMax SQ Option Income Strategy ETF
Ticker: SQY
YieldMax MRNA Option Income Strategy ETF
Ticker: MRNY

Annual Report
October 31, 2023
TABLE OF CONTENTS

A Message to Our Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

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

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

SHAREHOLDER LETTER

Dear Shareholders,
When we developed the YieldMax™ Option Income Strategy ETFs (the “Funds”) in 2022, our goal was to construct a portfolio that
generates monthly income by selling/writing call options on a single equity - initially, TSLA – This strategy aims to harvest compelling
yields, while retaining capped participation in the price gains of the underlying equity (asset).
Each of the Fund’s primary investment objective is to seek current income. Each of the Fund’s secondary investment objective is to seek
exposure to the share price of the common stock of the underlying stock subject to a limit on potential investment gains. There are three main
steps in the process:
1) Utilizing Synthetic long exposure to the underlying, which allows the Funds to seek to participate in the changes, up or down, in
the price of the underlying’s stock.
2) Covered call writing (where the underlying call options are sold against the synthetic long portion of the strategy), which allows
the Funds to generate income.
3) Purchase of U.S. Treasuries, which are collateral for the options holdings, and which also generate income.
Each of the Funds will seek to provide monthly income in the form of distributions. Each of the Funds will seek to generate such income
in the following ways:
• Writing (selling) call option contracts on the underlying as described above. The income, in the form of option premiums
received from such option sales, will be primarily influenced by the volatility of the underlying stock, although other factors,
including interest rates, will also impact the level of income.
• Investing in short-term U.S. Treasury securities. The income generated by these securities will be influenced by interest rates at
the time of investment.

Performance Update
The YieldMax™ Option Income Strategy ETFs were launched across various dates in 2022 and 2023.
The table illustrates the YieldMax™ ETFs that were active through the year ending 10/31/2023. Returns are total returns of NAV price
including dividends reinvested. Also noted are the inception dates where the earliest ETF tickers are listed first.
Since on the ex-dividend date a security is reduced by the amount of the dividend, the total return is a more complete way to evaluate one’s
holdings. This is especially pertinent with a strategy targeting high current income.
Since reinvesting dividends builds one’s share count, it is an effective approach to potential compounding of dividends.

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

1
YieldMax ETFs

SHAREHOLDER LETTER (Continued)

Highlights From Across the YieldMax™ Complex:

YieldMax™ TSLA Option Income Strategy ETF

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

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

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

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

YieldMax™ NVDA Option Income Strategy ETF

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

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

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

YieldMax™ COIN Option Income Strategy ETF

One of the newer funds to the lineup was able to capture a combination of high option premium through covered call selling with some
upside appreciate capture.
Coinbase, the underlying, has been in a strong uptrend combined with very high implied volatility. This combination has proven productive
thus far for the fund in its mandate to generate high current income.

Expectations in Different Market Environments

Each of the Fund’s strategy performs best:

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

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

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

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

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

Looking Ahead

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

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

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

2
YieldMax ETFs

SHAREHOLDER LETTER (Continued)

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

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

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

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

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

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

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

This material must be preceded or accompanied by a prospectus.

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

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

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

Distributed by Foreside Fund Services, LLC

3
YieldMax Innovation Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$12,000

$11,000

$10,000

$9,000

$8,000
22

3
3

3
2

3
3
02

02
02
02

02
02
20
20

/2
/2

/2
0/
2/

31
31

/31
31
/31

30
30

30
28
/3
/2

7/
1/

9/
4/

6/
2/

10
12
11
11

YieldMax Innovation Option Income Strategy ETF - NAV

YieldMax Innovation Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

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

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

4
YieldMax TSLA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$13,000

$12,000

$11,000

$10,000

$9,000

$8,000

$7,000
22

3
3

3
2

3
3
02

02
02
02

02
02
20
20

/2
/2

/2
0/
2/

31
31

/31
31
/31

30
30

30
28
/3
/2

7/
1/

9/
4/

6/
2/

10
12
11
11

YieldMax TSLA Option Income Strategy ETF - NAV

YieldMax TSLA Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

5
YieldMax AAPL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$12,000

$11,500

$11,000

$10,500

$10,000
3

3
3

3
02
02

02
02

02
/2

/2
/2
/2

/2
17

/31
30

30
30
4/

8/
4/

10
YieldMax AAPL Option Income Strategy ETF - NAV
YieldMax AAPL Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

6
YieldMax NVDA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$14,000

$13,000

$12,000

$11,000

$10,000
3

3
02

02
02

02
/2

/2
/2

/2
31

/31
30

30
10

8/
5/

10
YieldMax NVDA Option Income Strategy ETF - NAV
YieldMax NVDA Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

7
YieldMax AMZN Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2

/2
/2

/2
/31
31

30
24

9/
7/

10
YieldMax AMZN Option Income ETF - NAV
YieldMax AMZN Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

8
YieldMax GOOGL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2
/2

/2
27

/31
31

30
7/

8/
7/

10
YieldMax GOOGL Option Income ETF - NAV
YieldMax GOOGL Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

9
YieldMax META Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2
/2

/2
27

/31
31

30
7/

8/
7/

10
YieldMax META Option Income ETF - NAV
YieldMax META Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

Total Returns for the Period Ended October 31, 2023: (7/27/2023) (10/31/2023)
YieldMax META Option Income Strategy ETF - NAV 2.17% $10,217
YieldMax META Option Income Strategy ETF - Market 1.74% 10,174
S&P 500® Total Return Index -7.20% 9,280

10
YieldMax NFLX Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$10,000

$9,500

$9,000

$8,500

$8,000
3

3
23

3
02

02
20

/2
/2

/2
7/

/31
30
8/

10
YieldMax NFLX Option Income Strategy ETF - NAV
YieldMax NFLX Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

11
YieldMax COIN Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2
/2

/2
31

/31
30
14
8/

10
YieldMax COIN Option Income Strategy ETF - NAV
YieldMax COIN Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

12
YieldMax DIS Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2

/2
/2

/2
31

/31
30
24

9/
8/

10
YieldMax DIS Option Income ETF - NAV
YieldMax DIS Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

13
YieldMax MSFT Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2

/2
/2

/2
31

/31
30
24

9/
8/

10
YieldMax MSFT Option Income ETF - NAV
YieldMax MSFT Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

Total Returns for the Period Ended October 31, 2023: (8/24/2023) (10/31/2023)
YieldMax MSFT Option Income Strategy ETF - NAV 8.13% $10,813
YieldMax MSFT Option Income Strategy ETF - Market 8.09% 10,809
S&P 500® Total Return Index -3.92% 9,608

14
YieldMax XOM Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02
02

02
/2

/2
/2

/2
31

/31
30

30
8/
8/

10
YieldMax XOM Option Income ETF - NAV
YieldMax XOM Option Income ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

15
YieldMax JPM Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$11,000

$10,500

$10,000

$9,500

$9,000
3

3
02

02
/2
/2

/2
11

/31
30
9/

10
YieldMax JPM Option Income Strategy ETF - NAV
YieldMax JPM Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

16
YieldMax AMD Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$10,000

$9,750

$9,500

$9,250

$9,000
3

3
02

02
/2
/2

/2
/31
30
18
9/

10
YieldMax AMD Option Income Strategy ETF - NAV
YieldMax AMD Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

17
YieldMax PYPL Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$10,000

$9,750

$9,500

$9,250

$9,000
3

3
02

02
/2
/2

/2
25

/31
30
9/

10
YieldMax PYPL Option Income Strategy ETF - NAV
YieldMax PYPL Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

18
YieldMax SQ Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$10,000

$9,500

$9,000

$8,500

$8,000

3
3

02
02

/2
/2

/31
/10

10
10

YieldMax SQ Option Income Strategy ETF - NAV

YieldMax SQ Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

19
YieldMax MRNA Option Income Strategy ETF

PERFORMANCE SUMMARY (Unaudited)

$10,000

$9,500

$9,000

$8,500

$8,000
23

3
02
20

/2
3/

/31
/2

10
10

YieldMax MRNA Option Income Strategy ETF - NAV

YieldMax MRNA Option Income Strategy ETF - Market
S&P 500® Total Return Index

Since Inception Ending Value

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

20
YieldMax ETFs

YIELDMAX INNOVATION OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 121.0%
Options Purchased 0.4
Cash & Cash Equivalents (1)
1.9
Options Written (23.3)
100.0%

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

YIELDMAX TSLA OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 91.2%
Options Purchased 13.0
Cash & Cash Equivalents (1)
2.4
Options Written (6.6)
100.0%

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

YIELDMAX AAPL OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 101.2%
Options Purchased 1.6
Cash & Cash Equivalents (1)
1.6
Options Written (4.4)
100.0%

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

YIELDMAX NVDA OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 97.5%
Options Purchased 0.7
Cash & Cash Equivalents(1) 12.9
Options Written (11.1)
100.0%

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

21
YieldMax ETFs

YIELDMAX AMZN OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 99.8%
Options Purchased 2.1
Cash & Cash Equivalents (1)
2.8
Options Written (4.7)
100.0%

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

YIELDMAX GOOGL OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 90.1%
Cash & Cash Equivalents(1) 11.2
Options Purchased 2.1
Options Written (3.4)
100.0%

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

YIELDMAX META OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 90.8%
Cash & Cash Equivalents(1) 7.4
Options Purchased 4.5
Options Written (2.7)
100.0%

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

YIELDMAX NFLX OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 102.7%
Options Purchased 1.4
Cash & Cash Equivalents(1) 3.4
Options Written (7.5)
100.0%

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

22
YieldMax ETFs

YIELDMAX COIN OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 87.5%
Options Purchased 8.9
Cash & Cash Equivalents (1)
10.8
Options Written (7.2)
100.0%

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

YIELDMAX DIS OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 88.5%
Options Purchased 9.4
Cash & Cash Equivalents (1)
3.6
Options Written (1.5)
100.0%

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

YIELDMAX MSFT OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 87.5%
Options Purchased 8.8
Cash & Cash Equivalents (1)
4.3
Options Written (0.6)
100.0%

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

YIELDMAX XOM OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 105.0%
Options Purchased 0.1
Cash & Cash Equivalents(1) 4.3
Options Written (9.4)
100.0%

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

23
YieldMax ETFs

YIELDMAX JPM OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 88.1%
Options Purchased 0.6
Cash & Cash Equivalents (1)
19.4
Options Written (8.1)
100.0%

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

YIELDMAX AMD OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 96.2%
Options Purchased 3.1
Cash & Cash Equivalents (1)
10.1
Options Written (9.4)
100.0%

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

YIELDMAX PYPL OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 58.4%
Cash & Cash Equivalents(1) 48.1
Options Purchased 2.9
Options Written (9.4)
100.0%

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

YIELDMAX SQ OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

United States Treasury Obligations 81.1%
Options Purchased 13.0
Cash & Cash Equivalents(1) 12.1
Options Written (6.2)
100.0%

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

24
YieldMax ETFs

YIELDMAX MRNA OPTION INCOME STRATEGY ETF PORTFOLIO ALLOCATION at October 31, 2023 (Unaudited)

Security Type % of Net Assets

Cash & Cash Equivalents(1) 99.1
Options Purchased 9.0
Options Written (8.1)
100.0%

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

25
YieldMax Innovation Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 121.0%

United States Treasury Notes — 121.0%

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

Notional
Contracts(1) Amount

Options Purchased — 0.4%

Call Options — 0.4%

ARK Innovation ETF
Expiration Date: 12/15/2023, Strike Price: $43.00(3)(5) 19,585 $68,704,180 293,775

Total Options Purchased

(Cost $8,201,145) 293,775

Money Market Funds — 0.2%

First American Government Obligations Fund, Class X, 5.276%(4) 100,679 100,679

Total Short-Term Investments

(Cost $100,679) 100,679

Total Investments in Securities — 121.6%

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

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
This security was held in its entirety at the broker in connection with options as of October 31, 2023.
(3)
Held in connection with a written option contract.
(4)
The rate shown is the annualized seven-day effective yield as of October 31, 2023.
(5)
Non-income producing security.

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

YieldMax Innovation Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 23.3%

Call Options Written — 0.3%

ARK Innovation ETF
Expiration: 11/3/2023, Strike Price: $36.50 9,790 $34,360,860 $88,155
Expiration: 11/3/2023, Strike Price: $37.00 9,795 34,343,320 146,850
235,005

Put Options Written — 23.0%

ARK Innovation ETF
Expiration: 12/15/2023, Strike Price: $43.01(2) 19,585 68,704,180 15,409,196

Total Options Written

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

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax TSLA Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 91.2%

United States Treasury Notes — 91.2%

0.750%, 12/31/2023(2) $312,186,000 $309,786,067
0.750%, 11/15/2024(2) 324,424,000 309,232,217
619,018,284

Total United States Treasury Obligations

(Cost $619,428,978) 619,018,284

Notional
Contracts(1) Amount

Options Purchased — 13.0%

Call Options — 13.0%

Tesla, Inc.
Expiration Date: 1/19/2024, Strike Price: $190.00(3)(5) 33,670 $676,228,280 88,215,400

Total Options Purchased

(Cost $84,235,766) 88,215,400

Money Market Funds — 1.1%

First American Government Obligations Fund, Class X, 5.276%(4) 7,414,388 7,414,388

Total Short-Term Investments

(Cost $7,414,388) 7,414,388

Total Investments in Securities — 105.3%

(Cost $711,079,133) 714,648,072
Liabilities in Excess of Other Assets — (5.3)% (36,024,114)
Total Net Assets — 100.0% $678,623,958

Percentages are stated as a percent of net assets.

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

YieldMax TSLA Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 6.6%

Call Options Written — 0.1%

Tesla, Inc.
Expiration: 11/3/2023, Strike Price: $207.50 330 $6,627,720 $57,420
Expiration: 11/3/2023, Strike Price: $220.00 33,340 669,600,560 766,820
824,240

Put Options Written — 6.5%

Tesla, Inc.
Expiration: 1/19/2024, Strike Price: $190.01(2) 33,670 676,228,280 43,889,956

Total Options Written

(Premiums Received $58,281,942) $44,714,196

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax AAPL Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 101.2%

United States Treasury Notes — 101.2%

0.750%, 12/31/2023(2) $28,785,000 $28,563,715
0.750%, 11/15/2024(2) 29,869,000 28,470,326
57,034,041

Total United States Treasury Obligations

(Cost $57,096,404) 57,034,041

Notional
Contracts(1) Amount

Options Purchased — 1.6%

Call Options — 1.6%

Apple, Inc.
Expiration Date: 11/17/2023, Strike Price: $175.00(3)(5) 3,260 $55,671,020 925,840

Total Options Purchased

(Cost $3,028,722) 925,840

Money Market Funds — 0.1%

First American Government Obligations Fund, Class X, 5.276%(4) 49,351 49,351

Total Short-Term Investments

(Cost $49,350) 49,351

Total Investments in Securities — 102.9%

(Cost $60,174,476) 58,009,232
Liabilities in Excess of Other Assets — (2.9)% (1,630,785)
Total Net Assets — 100.0% $56,378,447

Percentages are stated as a percent of net assets.

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

YieldMax AAPL Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 4.4%

Call Options Written — 0.5%

Apple, Inc.
Expiration: 11/3/2023, Strike Price: $177.50 3,260 $55,671,020 $257,540

Put Options Written — 3.9%

Apple, Inc.
Expiration: 11/17/2023, Strike Price: $175.01(2) 3,260 55,671,020 2,218,714

Total Options Written

(Premiums Received $2,009,958) $2,476,254

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax NVDA Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 97.5%

United States Treasury Notes — 97.5%

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

Notional
Contracts(1) Amount

Options Purchased — 0.7%

Call Options — 0.7%

NVIDIA Corp.
Expiration Date: 11/17/2023, Strike Price: $450.00(3)(5) 3,925 $160,061,500 1,055,825

Total Options Purchased

(Cost $12,066,660) 1,055,825

Money Market Funds — 1.0%

First American Government Obligations Fund, Class X, 5.276%(4) 1,641,400 1,641,400

Total Short-Term Investments

(Cost $1,641,400) 1,641,400

Total Investments in Securities — 99.2%

(Cost $168,496,628) 157,350,853
Other Assets in Excess of Liabilities — 0.8% 1,316,001
Total Net Assets — 100.0% $158,666,854

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
This security is pledged entirely to the broker in connection with options as of October 31, 2023.
(3)
Held in connection with a written option contract.
(4)
The rate shown is the annualized seven-day effective yield as of October 31, 2023.
(5)
Non-income producing security.

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

YieldMax NVDA Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 11.1%

Call Options Written — 0.3%

NVIDIA Corp.
Expiration: 11/3/2023, Strike Price: $430.00 1,965 $80,132,700 $151,305
Expiration: 11/3/2023, Strike Price: $425.00 1,960 79,928,800 288,120
439,425

Put Options Written — 10.8%

NVIDIA Corp.
Expiration: 11/17/2023, Strike Price: $450.01(2) 3,925 160,061,500 17,152,983

Total Options Written

(Premiums Received $12,951,697) $17,592,408

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax AMZN Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 99.8%

United States Treasury Notes — 99.8%

0.750%, 12/31/2023(2) $16,980,000 $16,849,466
0.750%, 11/15/2024(2) 17,659,000 16,832,083
33,681,549

Total United States Treasury Obligations

(Cost $33,715,069) 33,681,549

Notional
Contracts(1) Amount

Options Purchased — 2.1%

Call Options — 2.1%

Amazon.com, Inc.
Expiration Date: 11/17/2023, Strike Price $135.00(3)(5) 2,540 $33,804,860 718,820

Total Options Purchased

(Cost $2,368,325) 718,820

Money Market Funds — 0.3%

First American Government Obligations Fund, Class X, 5.276%(4) 91,101 91,101

Total Short-Term Investments

(Cost $91,101) 91,101

Total Investments in Securities — 102.2%

(Cost $36,174,495) 34,491,470
Liabilities in Excess of Other Assets — (2.2)% (741,559)
Total Net Assets — 100.0% $33,749,911

Percentages are stated as a percent of net assets.

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

YieldMax AMZN Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 4.7%

Call Options Written — 1.3%

Amazon.com, Inc.
Expiration: 11/03/2023, Strike Price: $133.00 2,540 $33,804,860 $449,580

Put Options Written — 3.4%

Amazon.com, Inc.
Expiration: 11/17/2023, Strike Price: $135.01(2) 2,540 33,804,860 1,125,866

Total Options Written

(Premiums Received $1,978,771) $1,575,446

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax GOOGL Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 90.1%

United States Treasury Notes — 90.1%

0.750%, 12/31/2023(2) $7,423,000 $7,365,936
0.750%, 11/15/2024(2) 7,720,000 7,358,496
14,724,432

Total United States Treasury Obligations

(Cost $14,742,980) 14,724,432

Notional
Contracts(1) Amount

Options Purchased — 2.1%

Call Options — 2.1%

Alphabet, Inc.
Expiration Date: 11/17/2023, Strike Price: $125.00(3)(5) 1,315 $16,316,520 344,530

Total Options Purchased

(Cost $1,838,813) 344,530

Money Market Funds — 8.9%

First American Government Obligations Fund, Class X, 5.276%(4) 1,449,347 1,449,347

Total Short-Term Investments

(Cost $1,449,347) 1,449,347

Total Investments in Securities — 101.1%

(Cost $18,031,140) 16,518,309
Liabilities in Excess of Other Assets — (1.1)% (184,717)
Total Net Assets — 100.0% $16,333,592

Percentages are stated as a percent of net assets.

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

YieldMax GOOGL Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 3.4%

Call Options Written — 0.8%

Alphabet, Inc.
Expiration: 11/3/2023, Strike Price: $125.00 1,315 $16,316,520 $124,925

Put Options Written — 2.6%

Alphabet, Inc.
Expiration: 11/17/2023, Strike Price: $125.01(2) 1,315 16,316,520 423,638

Total Options Written

(Premiums Received $426,250) $548,563

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax META Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 90.8%

United States Treasury Notes — 90.8%

0.750%, 12/31/2023(2) $5,638,000 $5,594,658
0.750%, 11/15/2024(2) 5,860,000 5,585,594
11,180,252

Total United States Treasury Obligations

(Cost $11,193,818) 11,180,252

Notional
Contracts(1) Amount

Options Purchased — 4.5%

Call Options — 4.5%

Meta Platforms, Inc.
Expiration Date: 11/17/2023, Strike Price: $295.00(3)(5) 410 $12,352,070 549,400

Total Options Purchased

(Cost $1,104,595) 549,400

Money Market Funds — 4.6%

First American Government Obligations Fund, Class X, 5.276%(4) 568,581 568,581

Total Short-Term Investments

(Cost $568,581) 568,581

Total Investments in Securities — 99.9%

(Cost $12,866,994) 12,298,233
Other Assets in Excess of Liabilities — 0.1% 12,776
Total Net Assets — 100.0% $12,311,009

Percentages are stated as a percent of net assets.

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

YieldMax META Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 2.7%

Call Options Written — 0.6%

Meta Platforms, Inc.
Expiration: 11/3/2023, Strike Price: $307.50 410 $12,352,070 $70,930

Put Options Written — 2.1%

Meta Platforms, Inc.

Expiration: 11/17/2023, Strike Price: $295.01(2) 410 12,352,070 260,847

Total Options Written

(Premiums Received $655,820) $331,777

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax NFLX Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 102.7%

United States Treasury Notes — 102.7%

0.750%, 12/31/2023(2) $8,310,000 $8,246,117
0.750%, 11/15/2024(2) 8,647,000 8,242,087
16,488,204

Total United States Treasury Obligations

(Cost $16,504,048) 16,488,204

Notional
Contracts(1) Amount

Options Purchased — 1.4%

Call Options — 1.4%

Netflix, Inc.
Expiration Date: 11/17/2023, Strike Price: $435.00(3)(5) 365 $15,026,685 135,780
Expiration Date: 1/19/2024, Strike Price: $405.00(3)(5) 25 1,029,225 91,375
227,155

Total Options Purchased

(Cost $759,955) 227,155

Money Market Funds — 0.5%

First American Government Obligations Fund, Class X, 5.276%(4) 82,737 82,737

Total Short-Term Investments

(Cost $82,737) 82,737

Total Investments in Securities — 104.6%

(Cost $17,346,740) 16,798,096
Liabilities in Excess of Other Assets — (4.6)% (739,868)
Total Net Assets — 100.0% $16,058,228

Percentages are stated as a percent of net assets.

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

YieldMax NFLX Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 7.5%

Call Options Written — 1.2%

Netflix, Inc.
Expiration: 11/3/2023, Strike Price: $412.50 365 $15,026,685 $195,275
Expiration: 11/3/2023, Strike Price: $425.00 25 1,029,225 2,975
198,250

Put Options Written — 6.3%

Netflix, Inc.
Expiration: 11/17/2023, Strike Price: $435.01(2) 365 15,026,685 946,976
Expiration: 1/19/2024, Strike Price: $405.01(2) 25 1,029,225 60,493
1,007,469

Total Options Written

(Premiums Received $1,904,765) $1,205,719

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax COIN Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 87.5%

United States Treasury Notes — 87.5%

0.750%, 12/31/2023(2) $28,681,000 $28,460,515
0.750%, 11/15/2024(2) 29,848,000 28,450,309
56,910,824

Total United States Treasury Obligations

(Cost $56,958,776) 56,910,824

Notional
Contracts(1) Amount

Options Purchased — 8.9%

Call Options — 8.9%

Coinbase Global, Inc.
Expiration Date: 11/17/2023, Strike Price: $75.00(3)(5) 8,445 $65,127,840 5,776,380

Total Options Purchased

(Cost $7,597,408) 5,776,380

Money Market Funds — 7.4%

First American Government Obligations Fund, Class X, 5.276%(4) 4,809,780 4,809,780

Total Short-Term Investments

(Cost $4,809,780) 4,809,780

Total Investments in Securities — 103.8%

(Cost $69,365,964) 67,496,984
Liabilities in Excess of Other Assets — (3.8)% (2,482,338)
Total Net Assets — 100.0% $65,014,646

Percentages are stated as a percent of net assets.

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

YieldMax COIN Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 7.2%

Call Options Written — 1.1%

Coinbase Global, Inc.
Expiration: 11/3/2023, Strike Price: $82.00 925 $7,133,600 $149,850
Expiration: 11/3/2023, Strike Price: $85.00 3,770 29,074,240 346,840
Expiration: 11/3/2023, Strike Price: $87.00 3,735 28,804,320 253,980
Expiration: 11/10/2023, Strike Price: $86.00 15 115,680 2,647
753,317

Put Options Written — 6.1%

Coinbase Global, Inc.
Expiration: 11/17/2023, Strike Price: $75.01(2) 8,445 65,127,840 3,936,289

Total Options Written

(Premiums Received $7,203,002) $4,689,606

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax DIS Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 88.5%

United States Treasury Notes — 88.5%

0.750%, 12/31/2023(2) $1,784,000 $1,770,285
0.750%, 11/15/2024(2) 1,855,000 1,768,136
3,538,421

Total United States Treasury Obligations

(Cost $3,542,129) 3,538,421

Notional
Contracts(1) Amount

Options Purchased — 9.4%

Call Options — 9.4%

The Walt Disney Co.
Expiration Date: 11/17/2023, Strike Price: $75.00(3)(5) 485 $3,957,115 373,450

Total Options Purchased

(Cost $476,346) 373,450

Money Market Funds — 0.5%

First American Government Obligations Fund, Class X, 5.276%(4) 22,045 22,045

Total Short-Term Investments

(Cost $22,045) 22,045

Total Investments in Securities — 98.4%

(Cost $4,040,519) 3,933,916
Other Assets in Excess of Liabilities — 1.6% 62,530
Total Net Assets — 100.0% $3,996,446

Percentages are stated as a percent of net assets.

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

YieldMax DIS Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 1.5%

Call Options Written — 0.4%

The Walt Disney Co.
Expiration: 11/3/2023, Strike Price: $83.00 485 $3,957,115 $16,975

Put Options Written — 1.1%

The Walt Disney Co.
Expiration: 11/17/2023, Strike Price: $75.01(2) 485 3,957,115 42,558

Total Options Written

(Premiums Received $98,172) $59,533

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax MSFT Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 87.5%

United States Treasury Notes — 87.5%

0.750%, 12/31/2023(2) $3,734,000 $3,705,295
0.750%, 11/15/2024(2) 3,946,000 3,761,221
7,466,516

Total United States Treasury Obligations

(Cost $7,474,622) 7,466,516

Notional
Contracts(1) Amount

Options Purchased — 8.8%

Call Options — 8.8%

Microsoft Corp.
Expiration Date: 11/17/2023, Strike Price: $310.00(3)(5) 255 $8,621,805 745,875

Total Options Purchased

(Cost $699,180) 745,875

Money Market Funds — 14.5%

First American Government Obligations Fund, Class X, 5.276%(4) 1,239,155 1,239,155

Total Short-Term Investments

(Cost $1,239,155) 1,239,155

Total Investments in Securities — 110.8%

(Cost $9,412,957) 9,451,546
Liabilities in Excess of Other Assets — (10.8)% (917,988)
Total Net Assets — 100.0% $8,533,558

Percentages are stated as a percent of net assets.

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

YieldMax MSFT Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 0.6%

Call Options Written — 0.3%

Microsoft Corp.
Expiration: 11/3/2023, Strike Price: $345.00 255 $8,621,805 $24,735

Put Options Written — 0.3%

Microsoft Corp.
Expiration: 11/17/2023, Strike Price: $310.01(2) 255 8,621,805 23,986

Total Options Written

(Premiums Received $248,325) $48,721

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax XOM Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 105.0%

United States Treasury Notes — 105.0%

0.750%, 12/31/2023(2) $3,391,000 $3,364,931
0.750%, 11/15/2024(2) 3,526,000 3,360,888
6,725,819

Total United States Treasury Obligations

(Cost $6,733,013) 6,725,819

Notional
Contracts(1) Amount

Options Purchased — 0.1%

Call Options — 0.1%

Exxon Mobil Corp.
Expiration Date: 11/17/2023, Strike Price: $115.00(3)(5) 595 $6,298,075 8,330

Total Options Purchased

(Cost $379,450) 8,330

Money Market Funds — 1.9%

First American Government Obligations Fund, Class X, 5.276%(4) 118,391 118,391

Total Short-Term Investments

(Cost $118,391) 118,391

Total Investments in Securities — 107.0%

(Cost $7,230,853) 6,852,540
Liabilities in Excess of Other Assets — (7.0)% (448,596)
Total Net Assets — 100.0% $6,403,944

Percentages are stated as a percent of net assets.

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

YieldMax XOM Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 9.4%

Call Options Written — 0.1%

Exxon Mobil Corp.
Expiration: 11/3/2023, Strike Price: $109.00 580 $6,139,300 $8,120
Expiration: 11/3/2023, Strike Price: $112.00 15 158,775 30
8,150

Put Options Written — 9.3%

Exxon Mobil Corp.
Expiration: 11/17/2023, Strike Price: $115.01(2) 595 6,298,075 595,157

Total Options Written

(Premiums Received $209,435) $603,307

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax JPM Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 88.1%

United States Treasury Notes — 88.1%

0.750%, 12/31/2023(2) $1,465,000 $1,453,738
0.750%, 11/15/2024(2) 1,525,000 1,453,589
2,907,327

Total United States Treasury Obligations

(Cost $2,909,555) 2,907,327

Notional
Contracts(1) Amount

Options Purchased — 0.6%

Call Options — 0.6%

JPMorgan Chase & Co.
Expiration Date: 12/15/2023, Strike Price: $150.00(3)(5) 238 $3,309,628 19,040

Total Options Purchased

(Cost $124,622) 19,040

Money Market Funds — 18.3%

First American Government Obligations Fund, Class X, 5.276%(4) 603,039 603,039

Total Short-Term Investments

(Cost $603,039) 603,039

Total Investments in Securities — 107.0%

(Cost $3,637,216) 3,529,406
Liabilities in Excess of Other Assets — (7.0)% (230,942)
Total Net Assets — 100.0% $3,298,464

Percentages are stated as a percent of net assets.

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

YieldMax JPM Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 8.1%

Call Options Written — 0.4%

JPMorgan Chase & Co.
Expiration: 11/3/2023, Strike Price: $140.00 35 $486,710 $2,870
Expiration: 11/3/2023, Strike Price: $141.00 200 2,781,200 9,400
Expiration: 11/3/2023, Strike Price: $145.00 3 41,718 9
12,279

Put Options Written — 7.7%

JPMorgan Chase & Co.
Expiration: 12/15/2023, Strike Price: $150.01(2) 238 3,309,628 254,263

Total Options Written

(Premiums Received $155,773) $266,542

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax AMD Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 96.2%

United States Treasury Notes — 96.2%

0.750%, 12/31/2023(2) $2,742,000 $2,720,921
0.750%, 11/15/2024(2) 2,852,000 2,718,450
5,439,371

Total United States Treasury Obligations

(Cost $5,443,253) 5,439,371

Notional
Contracts(1) Amount

Options Purchased — 3.1%

Call Options — 3.1%

Advanced Micro Devices, Inc.
Expiration Date: 12/15/2023, Strike Price: $110.00(3)(5) 575 $5,663,750 174,225

Total Options Purchased

(Cost $426,410) 174,225

Money Market Funds — 1.8%

First American Government Obligations Fund, Class X, 5.276%(4) 97,376 97,376

Total Short-Term Investments

(Cost $97,376) 97,376

Total Investments in Securities — 101.1%

(Cost $5,967,039) 5,710,972
Liabilities in Excess of Other Assets — (1.1)% (59,688)
Total Net Assets — 100.0% $5,651,284

Percentages are stated as a percent of net assets.

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

YieldMax AMD Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 9.4%

Call Options Written — 0.1%

Advanced Micro Devices, Inc.
Expiration: 11/3/2023, Strike Price: $107.00 575 $5,663,750 $47,725

Put Options Written — 9.3%

Advanced Micro Devices, Inc.
Expiration: 12/15/2023, Strike Price: $110.01(2) 575 5,663,750 790,259

Total Options Written

(Premiums Received $589,074) $837,984

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax PYPL Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 58.4%

United States Treasury Notes — 58.4%

0.750%, 12/31/2023(2) $397,000 $393,948
0.750%, 11/15/2024(2) 416,000 396,520
790,468

Total United States Treasury Obligations

(Cost $791,050) 790,468

Notional
Contracts(1) Amount

Options Purchased — 2.9%

Call Options — 2.9%

PayPal Holdings, Inc.
Expiration Date: 11/17/2023, Strike Price: $55.00(3)(5) 260 $1,346,800 39,520

Total Options Purchased

(Cost $125,220) 39,520

Money Market Funds — 34.2%

First American Government Obligations Fund, Class X, 5.276%(4) 462,110 462,110

Total Short-Term Investments

(Cost $462,110) 462,110

Total Investments in Securities — 95.5%

(Cost $1,378,380) 1,292,098
Other Assets in Excess of Liabilities — 4.5% 60,600
Total Net Assets — 100.0% $1,352,698

Percentages are stated as a percent of net assets.

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

YieldMax PYPL Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 9.4%

Call Options Written — 0.1%

PayPal Holdings, Inc.
Expiration: 11/3/2023, Strike Price: $58.00 130 $673,400 $5,590
Expiration: 11/3/2023, Strike Price: $60.00 130 673,400 2,860
8,450

Put Options Written — 9.3%

PayPal Holdings, Inc.
Expiration: 11/17/2023, Strike Price: $55.01(2) 260 1,346,800 119,508

Total Options Written

(Premiums Received $90,900) $127,958

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax SQ Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Principal
Amount Value

United States Treasury Obligations — 81.1%

United States Treasury Notes — 81.1%

0.750%, 12/31/2023(2) $1,452,000 $1,440,838
0.750%, 11/15/2024(2) 1,510,000 1,439,291
2,880,129

Total United States Treasury Obligations

(Cost $2,884,074) 2,880,129

Notional
Contracts(1) Amount

Options Purchased — 13.0%

Call Options — 13.0%

Block, Inc.
Expiration Date: 12/15/2023, Strike Price: $37.50(3)(5) 885 $3,562,125 461,970

Total Options Purchased

(Cost $447,757) 461,970

Money Market Funds — 25.0%

First American Government Obligations Fund, Class X, 5.276%(4) 887,613 887,613

Total Short-Term Investments

(Cost $887,613) 887,613

Total Investments in Securities — 119.1%

(Cost $4,219,444) 4,229,712
Liabilities in Excess of Other Assets — (19.1)% (678,455)
Total Net Assets — 100.0% $3,551,257

Percentages are stated as a percent of net assets.

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

YieldMax SQ Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 6.2%

Call Options Written — 0.3%

Block, Inc.
Expiration: 11/3/2023, Strike Price: $48.50 440 $1,771,000 $9,680
Expiration: 11/3/2023, Strike Price: $49.50 120 483,000 1,680
Expiration: 11/3/2023, Strike Price: $51.00 325 1,308,125 2,600
13,960

Put Options Written — 5.9%

Block, Inc.
Expiration: 12/15/2023, Strike Price: $37.50(2) 885 3,562,125 207,946

Total Options Written

(Premiums Received $290,050) $221,906

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax MRNA Option Income Strategy ETF

SCHEDULE OF INVESTMENTS at October 31, 2023

Notional
Contracts(1) Amount Value

Options Purchased — 9.0%

Call Options — 9.0%

Moderna, Inc.
Expiration Date: 12/15/2023, Strike Price: $75.00(2)(5) 190 $1,443,240 $131,100

Total Options Purchased

(Cost $185,478) 131,100

Money Market Funds — 3.5%

First American Government Obligations Fund, Class X, 5.276%(3) 50,000 50,000

Total Short-Term Investments

(Cost $50,000) 50,000

Total Investments in Securities — 12.5%

(Cost $235,478) 181,100
Other Assets in Excess of Liabilities — 87.5% 1,270,204
Total Net Assets — 100.0% $1,451,304

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
Held in connection with a written option contract.
(3)
The rate shown is the annualized seven-day effective yield as of October 31, 2023.
(5)
Non-income producing security.

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

YieldMax MRNA Option Income Strategy ETF

SCHEDULE OF OPTIONS WRITTEN at October 31, 2023

Notional
Contracts(1) Amount Value

Options Written — 8.1%

Call Options Written — 0.9%

Moderna, Inc.
Expiration: 11/3/2023, Strike Price: $84.00 190 $1,443,240 $13,490

Put Options Written — 7.2%

Moderna, Inc.
Expiration: 12/15/2023, Strike Price: $75.01(2) 190 1,443,240 104,689

Total Options Written

(Premiums Received $106,085) $118,179

Percentages are stated as a percent of net assets.

(1)
100 shares per contract.
(2)
FLexible EXchange® Options

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

YieldMax ETFs

STATEMENTS OF ASSETS AND LIABILITIES at October 31, 2023

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

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

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

Components of Net Assets:

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

Net Asset Value (unlimited shares authorized):

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

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

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

YieldMax ETFs

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

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

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

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

Components of Net Assets:

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

Net Asset Value (unlimited shares authorized):

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,749,911 $16,333,592 $12,311,009 $16,058,228
Shares of beneficial interest issued and outstanding . . . . . . . . . . . . 1,650,000 875,000 625,000 900,000
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.45 $18.67 $19.70 $17.84

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

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

YieldMax ETFs

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

YieldMax COIN YieldMax DIS YieldMax MSFT YieldMax XOM

Option Income Option Income Option Income Option Income
Strategy ETF Strategy ETF Strategy ETF Strategy ETF

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

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

Components of Net Assets:

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

Net Asset Value (unlimited shares authorized):

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $65,014,646 $3,996,446 $8,533,558 $6,403,944
Shares of beneficial interest issued and outstanding . . . . . . . . . . . . 3,300,000 200,000 400,000 350,000
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.70 $19.98 $21.33 $18.30

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

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

YieldMax ETFs

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

YieldMax JPM YieldMax AMD YieldMax PYPL YieldMax SQ YieldMax MRNA

Option Income Option Income Option Income Option Income Option Income
Strategy ETF Strategy ETF Strategy ETF Strategy ETF Strategy ETF

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

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

Components of Net Assets:

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

Net Asset Value (unlimited

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

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

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

YieldMax ETFs

STATEMENTS OF OPERATIONS For the Period Ended October 31, 2023

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

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

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

Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,917,734) (70,814,277) (1,516,405) (4,558,029)
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,765,288 (94,382,064) (1,365,630) 13,655,023
Change in net unrealized appreciation/depreciation on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,012,679) 3,568,939 (2,165,244) (11,145,775)
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,178,930) 13,567,746 (466,296) (4,640,711)
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . (13,344,055) (148,059,656) (5,513,575) (6,689,492)
Net increase (decrease) in net assets resulting
from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(12,222,731) $(139,375,799) $(4,840,585) $(5,258,788)
(1)
The Funds commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.
(2)
The Fund commenced operations on April 17, 2023. The information presented is from April 17, 2023 to October 31, 2023.
(3)
The Fund commenced operations on May 10, 2023. The information presented is from May 10, 2023 to October 31, 2023.

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

YieldMax ETFs

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

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

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

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

Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,791 439,372 (393,635) (186,630)
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,729,929 332,863 875,598 536,173
Change in net unrealized appreciation/depreciation on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,683,025) (1,512,831) (568,761) (548,644)
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,325 (122,313) 324,043 699,047
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . 695,020 (862,909) 237,245 499,946
Net increase (decrease) in net assets resulting
from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $924,601 $(738,746) $330,612 $589,591
(1)
The Fund commenced operations on July 24, 2023. The information presented is from July 24, 2023 to October 31, 2023.
(2)
The Funds commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.
(3)
The Fund commenced operations on August 7, 2023. The information presented is from August 7, 2023 to October 31, 2023.

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

YieldMax ETFs

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

YieldMax COIN YieldMax DIS YieldMax MSFT YieldMax XOM

Option Income Option Income Option Income Option Income
Strategy ETF(1) Strategy ETF(2) Strategy ETF(2) Strategy ETF(3)

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

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

Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,242 (369) (27,026) 158,931
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,620,760 118,943 226,521 50,163
Change in net unrealized appreciation/depreciation on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,868,980) (106,603) 38,589 (378,313)
Options written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,513,396 38,639 199,604 (393,873)
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . 3,334,418 50,610 437,688 (563,092)
Net increase (decrease) in net assets resulting
from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,567,129 $75,231 $490,276 $(526,635)
(1)
The Fund commenced operations on August 14, 2023. The information presented is from August 14, 2023 to October 31, 2023.
(2)
The Funds commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.
(3)
The Fund commenced operations on August 30, 2023. The information presented is from August 30, 2023 to October 31, 2023.

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

YieldMax ETFs

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

YieldMax JPM YieldMax AMD YieldMax PYPL YieldMax SQ YieldMax MRNA

Option Income Option Income Option Income Option Income Option Income
Strategy ETF(1) Strategy ETF(2) Strategy ETF(3) Strategy ETF(4) Strategy ETF(5)

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

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

Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . 46,177 137,763 (34,845) (248,078) —
Options Written . . . . . . . . . . . . . . . . . . . . (124,025) 64,575 28,720 (247,555) 17,993
Change in net unrealized appreciation/
depreciation on:
Investments . . . . . . . . . . . . . . . . . . . . . . . (107,810) (256,067) (86,282) 10,268 (54,378)
Options Written . . . . . . . . . . . . . . . . . . . . (110,769) (248,910) (37,058) 68,144 (12,094)
Net realized and unrealized gain (loss) (296,427) (302,639) (129,465) (417,221) (48,479)
Net increase (decrease) in net assets
resulting from operations . . . . . . . $(273,649) $(281,347) $(124,041) $(410,882) $(48,696)
(1)
The Fund commenced operations on September 11, 2023. The information presented is from September 11, 2023 to October 31, 2023.
(2)
The Fund commenced operations on September 18, 2023. The information presented is from September 18, 2023 to October 31, 2023.
(3)
The Fund commenced operations on September 25, 2023. The information presented is from September 25, 2023 to October 31, 2023.
(4)
The Fund commenced operations on October 10, 2023. The information presented is from October 10, 2023 to October 31, 2023.
(5)
The Fund commenced operations on October 23, 2023. The information presented is from October 23, 2023 to October 31, 2023.

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

YieldMax Innovation Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,098,416
(1)
The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax TSLA Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $678,623,958
(1)
The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax AAPL Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,378,447
(1)
The Fund commenced operations on April 17, 2023. The information presented is from April 17, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax NVDA Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158,666,854
(1)
The Fund commenced operations on May 10, 2023. The information presented is from May 10, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax AMZN Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,749,911
(1)
The Fund commenced operations on July 24, 2023. The information presented is from July 24, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax GOOGL Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,333,592
(1)
The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax META Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,311,009
(1)
The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax NFLX Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,058,228
(1)
The Fund commenced operations on August 7, 2023. The information presented is from August 7, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax COIN Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $65,014,646
(1)
The Fund commenced operations on August 14, 2023. The information presented is from August 14, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax DIS Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,996,446
(1)
The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax MSFT Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,533,558
(1)
The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

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

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

YieldMax XOM Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

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

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

Capital Share Transactions:

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

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,403,944
(1)
The Fund commenced operations on August 30, 2023. The information presented is from August 30, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 $7,022,822
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 805
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 $7,023,627

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

YieldMax JPM Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,778
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77,848)
Change in net unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (218,579)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (273,649)

Distributions to Shareholders:
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,548)
Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34,152)
Distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (56,700)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,628,813
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,298,464

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,298,464
(1)
The Fund commenced operations on September 11, 2023. The information presented is from September 11, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,000 $5,472,180
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (1,844,230)
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 863
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 $3,628,813

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

YieldMax AMD Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,292
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,338
Change in net unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (504,977)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (281,347)

Distributions to Shareholders:
Distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,932,631
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,651,284

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,651,284
(1)
The Funds commenced operations on September 18, 2023. The information presented is from September 18, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 $5,932,045
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 586
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 $5,932,631

The accompanying notes are an integral part of these financial statements. 81

YieldMax PYPL Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,424
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,125)
Change in net unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (123,340)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (124,041)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476,739
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,352,698

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,352,698
(1)
The Fund commenced operations on September 25, 2023. The information presented is from September 25, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 $3,448,135
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (1,971,880)
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 484
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 $1,476,739

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

YieldMax SQ Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,339
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (495,633)
Change in net unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,412
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (410,882)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962,139
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551,257

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,551,257
(1)
The Fund commenced operations on October 10, 2023. The information presented is from October 10, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 $3,961,947
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 192
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 $3,962,139

The accompanying notes are an integral part of these financial statements. 83

YieldMax MRNA Option Income Strategy ETF

STATEMENT OF CHANGES IN NET ASSETS

Period Ended
October 31, 2023(1)

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(217)
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,993
Change in net unrealized appreciation/depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,472)
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,696)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net change in outstanding shares(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451,304

Net Assets:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,451,304
(1)
The Fund commenced operations on October 23, 2023. The information presented is from October 23, 2023 to October 31, 2023.
(2)
Summary of share transactions is as follows:

Period Ended
October 31, 2023(2)
Shares Value
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 $1,500,000
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 $1,500,000

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

YieldMax Innovation Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.58
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.62)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.04)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.27)
From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.66)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.93)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.04
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.76)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67.1
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.19%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.24%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60%
(1)
The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker fees. The expense ratio excluding broker fees is 0.99% for the period ended October 31, 2023.

The accompanying notes are an integral part of these financial statements. 85

YieldMax TSLA Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.59)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.99)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.67)
From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.26)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.93)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.09
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.26)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $678.6
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168%
(1)
The Fund commenced operations on November 22, 2022. The information presented is from November 22, 2022 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker fees. The expense ratio excluding broker fees is 0.99% for the period ended October 31, 2023.

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

YieldMax AAPL Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.44
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.41)
From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.77)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.18)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.33
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.88%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56.4
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06%
Ratio of net investment income (loss) to average net assets(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.16%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42%
(1)
The Fund commenced operations on April 17, 2023. The information presented is from April 17, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker fees. The expense ratio excluding broker fees is 0.99% for the period ended October 31, 2023.

The accompanying notes are an integral part of these financial statements. 87

YieldMax NVDA Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.45

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.55)
From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.57)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.12)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.34
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.88%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158.7
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.24%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24%
(1)
The Fund commenced operations on May 10, 2023. The information presented is from May 10, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker fees. The expense ratio excluding broker fees is 0.99% for the period ended October 31, 2023.

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

YieldMax AMZN Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.23
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.31
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.54

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.10)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.10)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.45
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33.7
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.10%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%
(1)
The Fund commenced operations on July 24, 2023. The information presented is from July 24, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

The accompanying notes are an integral part of these financial statements. 89

YieldMax GOOGL Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.86)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.66)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.68)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.68)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.67
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.50)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.3
Ratio of expenses to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.68%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13%
(1)
The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.

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

YieldMax META Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.42

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.73)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.73)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.70
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.17%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.3
Ratio of expenses to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.99%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17%
(1)
The Fund commenced operations on July 27, 2023. The information presented is from July 27, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.

The accompanying notes are an integral part of these financial statements. 91

YieldMax NFLX Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.43)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.24)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.93)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.93)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17.84
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.99)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.1
Ratio of expenses to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.72%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0%(7)
(1)
The Fund commenced operations on August 7, 2023. The information presented is from August 7, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 1%.

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

YieldMax COIN Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.72
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.21)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.21)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.70
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.69%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $65.0
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.09%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.28%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9%
(1)
The Fund commenced operations on August 14, 2023. The information presented is from August 14, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

The accompanying notes are an integral part of these financial statements. 93

YieldMax DIS Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.14
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.26)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.26)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.98
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.22%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.0
Ratio of expenses to average net assets(6)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.69%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%
(1)
The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 0.01.
(8)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

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

YieldMax MSFT Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.45
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.60

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.28)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.28)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.33
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.13%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8.5
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.04%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.01%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9%
(1)
The Fund commenced operations on August 24, 2023. The information presented is from August 24, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

The accompanying notes are an integral part of these financial statements. 95

YieldMax XOM Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.14
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.55)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.41)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.29)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.29)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.30
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.08)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.4
Ratio of expenses to average net assets(6)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.12%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.28%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —%
(1)
The Fund commenced operations on August 30, 2023. The information presented is from August 30, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 0.01.
(8)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

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

YieldMax JPM Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.11
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.01)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.90)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.10)
From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.15)
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.25)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.85
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.58)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.3
Ratio of expenses to average net assets(6)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.04%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42%
(1)
The Fund commenced operations on September 11, 2023. The information presented is from September 11, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 0.01.
(8)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

The accompanying notes are an integral part of these financial statements. 97

YieldMax AMD Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.26)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.16)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.84
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.80)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.7
Ratio of expenses to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.39%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —%
(1)
The Fund commenced operations on September 18, 2023. The information presented is from September 18, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 0.01.

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

YieldMax PYPL Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.03)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.97)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.04
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9.82)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.4
Ratio of expenses to average net assets(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.16%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.32%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111%
(1)
The Fund commenced operations on September 25, 2023. The information presented is from September 25, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

The accompanying notes are an integral part of these financial statements. 99

YieldMax SQ Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.04
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.28)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.24)

Capital Share Transactions:

Variable fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17.76
Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.17)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.6
Ratio of expenses to average net assets(6)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.99%
Ratio of net investment income (loss) to average net assets(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.51%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —%
(1)
The Fund commenced operations on October 10, 2023. The information presented is from October 10, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to 0.01.
(8)
The ratio of expense to average net assets includes broker interest expense. The expense ratio excluding broker interest expense is 0.99% for the period ended
October 31, 2023.

100 The accompanying notes are an integral part of these financial statements.
YieldMax MRNA Option Income Strategy ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

Period Ended
October 31, 2023(1)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00(7)
Net realized and unrealized gain (loss)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.65)
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.65)

Less Distributions:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.35

Total return(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.25)%

Ratios / Supplemental Data:

Net assets, end of period (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.5
Ratio of expenses to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Ratio of net investment income (loss) to average net assets(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.78%
Portfolio turnover rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —%
(1)
The Fund commenced operations on October 23, 2023. The information presented is from October 23, 2023 to October 31, 2023.
(2)
Calculated using average shares outstanding method.
(3)
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period,
and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
(4)
Not annualized.
(5)
The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)
Annualized.
(7)
Does not round to (0.01).

The accompanying notes are an integral part of these financial statements. 101
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023

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 (f/k/a Toroso Investments, LLC) (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment
adviser to the Funds and ZEGA Financial, LLC (the “Sub-Adviser”) serves as sub-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” including FASB Accounting Standard Update (“ASU”) 2013-08.

Fund: Commencement Date:

YieldMax Innovation Option Income Strategy ETF (the “OARK ETF”) November 22, 2022
YieldMax TSLA Option Income Strategy ETF (the “TSLY ETF”) November 22, 2022
YieldMax AAPL Option Income Strategy ETF (the “APLY ETF”) April 17, 2023
YieldMax NVDA Option Income Strategy ETF (the “NVDY ETF”) May 10, 2023
YieldMax AMZN Option Income Strategy ETF (the “AMZY ETF”) July 24, 2023
YieldMax GOOGL Option Income Strategy ETF (the “GOOY ETF”) July 27, 2023
YieldMax META Option Income Strategy ETF (the “FBY ETF”) July 27, 2023
YieldMax NFLX Option Income Strategy ETF (the “NFLY ETF”) August 7, 2023
YieldMax COIN Option Income Strategy ETF (the “CONY ETF”) August 14, 2023
YieldMax DIS Option Income Strategy ETF (the “DISO ETF”) August 24, 2023
YieldMax MSFT Option Income Strategy ETF (the “MSFO ETF”) August 24, 2023
YieldMax XOM Option Income Strategy ETF (the “XOMO ETF”) August 30, 2023
YieldMax JPM Option Income Strategy ETF (the “JPMO ETF”) September 11, 2023
YieldMax AMD Option Income Strategy ETF (the “AMDY ETF”) September 18, 2023
YieldMax PYPL Option Income Strategy ETF (the “PYPY ETF”) September 25, 2023
YieldMax SQ Option Income Strategy ETF (the “SQY ETF”) October 10, 2023
YieldMax MRNA Option Income Strategy ETF (the “MRNY ETF”) October 23, 2023

The investment objective of each Fund is to seek current income.

The secondary objective of each Fund is to seek exposure to the share price of their underlying common stock, subject to a limit on
potential investment gains.

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, 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 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 (“Independent Pricing Agents”) each day that the Funds are open for business.

102
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Debt securities are valued by using an evaluated mean of the bid and asked 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 are valued at the last quoted sales price. If there is no such reported sale on the valuation date, both long and short
positions are valued at the mean between the most recent quoted bid and ask prices.

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 Fund’s option has 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. In selecting the model prices, the Sub-Adviser may provide
a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed,
or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by
the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s NAV. If either pricing vendor is not
available to provide a model price for that day, the value of a FLEX Option will be determined by the Pricing Committee 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 Fund will default to use the trade price for both
instances, rather than using the model price otherwise available for the in-kind transaction.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by
the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures,
as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the
facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing
and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no
single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.
The use of fair value pricing by a Fund may cause the net asset value (“NAV”) of its shares to differ significantly from the NAV
that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of its investments on a recurring basis. U.S.
GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices
for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing
the Fund’s 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.

103
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2023:

OARK ETF
Assets - Investments in Securities Level 1 Level 2 Level 3 Total
United States Treasury Obligations $ — $ 81,181,735 $ — $ 81,181,735
Options Purchased 293,775 — — 293,775
Short-Term Investments 100,679 — — 100,679
Total Investments in Securities $ 394,454 $ 81,181,735 $ — $ 81,576,189

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 235,005 $ — $ — $ 235,005
Put Options — 15,409,196 — 15,409,196
Total Options Written $ 235,005 $ 15,409,196 $ — $ 15,644,201

TSLY ETF
Assets - Investments in Securities Level 1 Level 2 Level 3 Total
United States Treasury Obligations $ — $ 619,018,284 $ — $ 619,018,284
Options Purchased 88,215,400 — — 88,215,400
Short-Term Investments 7,414,388 — — 7,414,388
Total Investments in Securities $ 95,629,788 $ 619,018,284 $ — $ 714,648,072

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 824,240 $ — $ — $ 824,240
Put Options — 43,889,956 — 43,889,956
Total Options Written $ 824,240 $ 43,889,956 $ — $ 44,714,196

APLY ETF
Assets - Investments in Securities Level 1 Level 2 Level 3 Total
United States Treasury Obligations $ — $ 57,034,041 $ — $ 57,034,041
Options Purchased 925,840 — — 925,840
Short-Term Investments 49,351 — — 49,351
Total Investments in Securities $ 975,191 $ 57,034,041 $ — $ 58,009,232

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 257,540 $ — $ — $ 257,540
Put Options — 2,218,714 — 2,218,714
Total Options Written $ 257,540 $ 2,218,714 $ — $ 2,476,254

NVDY ETF
Assets - Investments in Securities Level 1 Level 2 Level 3 Total
United States Treasury Obligations $ — $ 154,653,628 $ — $ 154,653,628
Options Purchased 1,055,825 — — 1,055,825
Short-Term Investments 1,641,400 — — 1,641,400
Total Investments in Securities $ 2,697,225 $ 154,653,628 $ — $ 157,350,853

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 439,425 $ — $ — $ 439,425
Put Options — 17,152,983 — 17,152,983
Total Options Written $ 439,425 $ 17,152,983 $ — $ 17,592,408

104
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

AMZY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 33,681,549 $ — $ 33,681,549
Options Purchased 718,820 — — 718,820
Short-Term Investments 91,101 — — 91,101
Total Investments in Securities $ 809,921 $ 33,681,549 $ — $ 34,491,470

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 449,580 $ — $ — $ 449,580
Put Options — 1,125,866 — 1,125,866
Total Options Written $ 449,580 $ 1,125,866 $ — $ 1,575,446

GOOY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 14,724,432 $ — $ 14,724,432
Options Purchased 344,530 — — 344,530
Short-Term Investments 1,449,347 — — 1,449,347
Total Investments in Securities $ 1,793,877 $ 14,724,432 $ — $ 16,518,309

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 124,925 $ — $ — $ 124,925
Put Options — 423,638 — 423,638
Total Options Written $ 124,925 $ 423,638 $ — $ 548,563

FBY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 11,180,252 $ — $ 11,180,252
Options Purchased 549,400 — — 549,400
Short-Term Investments 568,581 — — 568,581
Total Investments in Securities $ 1,117,981 $ 11,180,252 $ — $ 12,298,233

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 70,930 $ — $ — $ 70,930
Put Options — 260,847 — 260,847
Total Options Written $ 70,930 $ 260,847 $ — $ 331,777

NFLY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 16,488,204 $ — $ 16,488,204
Options Purchased 227,155 — — 227,155
Short-Term Investments 82,737 — — 82,737
Total Investments in Securities $ 309,892 $ 16,488,204 $ — $ 16,798,096

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 198,250 $ — $ — $ 198,250
Put Options — 1,007,469 — 1,007,469
Total Options Written $ 198,250 $ 1,007,469 $ — $ 1,205,719

105
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

CONY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 56,910,824 $ — $ 56,910,824
Options Purchased 5,776,380 — — 5,776,380
Short-Term Investments 4,809,780 — — 4,809,780
Total Investments in Securities $ 10,586,160 $ 56,910,824 $ — $ 67,496,984

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 753,317 $ — $ — $ 753,317
Put Options — 3,936,289 — 3,936,289
Total Options Written $ 753,317 $ 3,936,289 $ — $ 4,689,606

DISO ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 3,538,421 $ — $ 3,538,421
Options Purchased 373,450 — — 373,450
Short-Term Investments 22,045 — — 22,045
Total Investments in Securities $ 395,495 $ 3,538,421 $ — $ 3,933,916

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 16,975 $ — $ — $ 16,975
Put Options — 42,558 — 42,558
Total Options Written $ 16,975 $ 42,558 $ — $ 59,533

MSFO ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 7,466,516 $ — $ 7,466,516
Options Purchased 745,875 — — 745,875
Short-Term Investments 1,239,155 — — 1,239,155
Total Investments in Securities $ 1,985,030 $ 7,466,516 $ — $ 9,451,546

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 24,735 $ — $ — $ 24,735
Put Options — 23,986 — 23,986
Total Options Written $ 24,735 $ 23,986 $ — $ 48,721

XOMO ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 6,725,819 $ — $ 6,725,819
Options Purchased 8,330 — — 8,330
Short-Term Investments 118,391 — — 118,391
Total Investments in Securities $ 126,721 $ 6,725,819 $ — $ 6,852,540

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 8,150 $ — $ — $ 8,150
Put Options — 595,157 — 595,157
Total Options Written $ 8,150 $ 595,157 $ — $ 603,307

106
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

JPMO ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 2,907,327 $ — $ 2,907,327
Options Purchased 19,040 — — 19,040
Short-Term Investments 603,039 — — 603,039
Total Investments in Securities $ 622,079 $ 2,907,327 $ — $ 3,529,406

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 12,279 $ — $ — $ 12,279
Put Options — 254,263 — 254,263
Total Options Written $ 12,279 $ 254,263 $ — $ 266,542

AMDY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 5,439,371 $ — $ 5,439,371
Options Purchased 174,225 — — 174,225
Short-Term Investments 97,376 — — 97,376
Total Options Written $ 271,601 $ 5,439,371 $ — $ 5,710,972

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 47,725 $ — $ — $ 47,725
Put Options — 790,259 — 790,259
Total Options Written $ 47,725 $ 790,259 $ — $ 837,984

PYPY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 790,468 $ — $ 790,468
Options Purchased 39,520 — — 39,520
Short-Term Investments 462,110 — — 462,110
Total Investments in Securities $ 501,630 $ 790,468 $ — $ 1,292,098

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 8,450 $ — $ — $ 8,450
Put Options — 119,508 — 119,508
Total Options Written $ 8,450 $ 119,508 $ — $ 127,958

SQY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

United States Treasury Obligations $ — $ 2,880,129 $ — $ 2,880,129
Options Purchased 461,970 — — 461,970
Short-Term Investments 887,613 — — 887,613
Total Investments in Securities $ 1,349,583 $ 2,880,129 $ — $ 4,229,712

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 13,960 $ — $ — $ 13,960
Put Options — 207,946 — 207,946
Total Options Written $ 13,960 $ 207,946 $ — $ 221,906

107
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

MRNY ETF

Assets - Investments in Securities Level 1 Level 2 Level 3 Total

Options Purchased $ 131,100 $ — $ — $ 131,100
Short-Term Investments 50,000 — — 50,000
Total Investments in Securities $ 181,100 $ — $ — $ 181,100

Liabilities - Options Written Level 1 Level 2 Level 3 Total

Call Options $ 13,490 $ — $ — $ 13,490
Put Options — 104,689 — 104,689
Total Options Written $ 13,490 $ 104,689 $ — $ 118,179

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). The Funds may enter
into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, each Fund may
buy call options on underlying reference instruments that they intends to buy with the goal of limiting the risk of a substantial
increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes
sufficiently, a call option purchased by each Fund may expire without any value to the Funds, in which case such Funds 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, the Funds may enter into closing sale transactions
with respect to put options, exercise them or permit them to expire. Each Fund may buy a put option on an underlying reference
instrument owned by the Funds (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 the Funds, as the buyer of the put option, are able to sell the underlying reference instrument at the put exercise price,
regardless of any decline in the underlying instrument’s market price. The Funds may also seek to offset a decline in the value of
the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with
the intent of protecting unrealized appreciation of an instrument when the Sub-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.

If a put option was 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.

By virtue of the Funds’ investments in option contracts equity ETFs and equity indices, the Funds are 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.

The Funds have 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.

108
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

For the period ended October 31, 2023, the Funds’ monthly average quantity and notional value are described below:

OARK ETF

Average
Notional Amount
Options Purchased $26,972,864
Options Written (54,863,963)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $293,755 None $—
Options Written None — Options written 15,644,201

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(2,787,711) $(7,907,370)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 7,765,288 (10,178,930)

TSLY ETF
Average
Notional Amount
Options Purchased $200,629,265
Options Written (400,010,348)

109
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $88,215,400 None $—
Options Written None — Options written 44,714,196

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(69,769,563) $3,979,634
Realized and
Unrealized Gain (Loss)
Options Written on Options Written (94,382,064) 13,567,746

APLY ETF
Average
Notional Amount
Options Purchased $29,057,081
Options Written (53,781,755)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $925,840 None $—
Options Written None — Options written 2,476,254

110
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(1,459,840) $(2,102,882)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written (1,365,630) (466,296)

NVDY ETF

Average
Notional Amount
Options Purchased $76,609,663
Options Written (154,591,799)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $1,055,825 None $—
Options Written None — Options written 17,592,408

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(4,508,374) $(11,010,835)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 13,655,023 (4,640,711)

111
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

AMZY ETF

Average
Notional Amount
Options Purchased $21,200,433
Options Written (26,155,735)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:
Asset Derivatives as of Liability Derivatives as of
October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $718,820 None $—
Options Written None — Options written 1,575,446

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:
Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and Unrealized
Gain (Loss) on
Options Purchased Investments $247,392 $(1,649,506)
Realized and Unrealized
Gain (Loss) on Options
Options Written Written 1,729,929 403,325

GOOY ETF
Average
Notional Amount
Options Purchased $12,282,045
Options Written (24,564,090)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:
Asset Derivatives as of Liability Derivatives as of
October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $344,530 None $—
Options Written None — Options written 548,563

112
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $443,949 $(1,494,283)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 332,863 (122,313)

FBY ETF

Average
Notional Amount
Options Purchased $8,738,368
Options Written (17,476,735)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $549,400 None $—
Options Written None — Options written 331,777

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(389,740) $(555,195)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 875,598 324,043

113
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

NFLY ETF

Average
Notional Amount
Options Purchased $10,198,463
Options Written (20,396,927)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $227,155 None $—
Options Written None — Options written 1,205,719

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(185,436) $(532,800)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 536,173 699,047

CONY ETF

Average
Notional Amount
Options Purchased $32,804,493
Options Written (65,608,987)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $5,776,380 None $—
Options Written None — Options written 4,689,606

114
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $ 77,384 $(1,821,028)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 2,620,760 2,513,396

DISO ETF

Average
Notional Amount
Options Purchased $3,466,147
Options Written (6,932,293)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $373,450 None $—
Options Written None — Options written 59,533

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $ — $(102,896)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 118,943 38,639

115
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

MSFO ETF

Average
Notional Amount
Options Purchased $7,431,472
Options Written (13,652,568)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $745,875 None $—
Options Written None — Options written 48,721

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $ (25,540) $ 46,695
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 226,521 199,604

XOMO ETF

Average
Notional Amount
Options Purchased $5,118,525
Options Written (10,237,050)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $8,330 None $—
Options Written None — Options written 603,307

116
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $159,234 $(371,120)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 50,163 (393,873)

JPMO ETF

Average
Notional Amount
Options Purchased $3,902,624
Options Written (7,805,248)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $19,040 None $—
Options Written None — Options written 266,542

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $ 48,156 $(105,582)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written (124,025) (110,769)

117
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

AMDY ETF

Average
Notional Amount
Options Purchased $4,797,335
Options Written (9,594,670)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $174,225 None $—
Options Written None — Options written 837,984

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $137,930 $(252,185)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 64,575 (248,910)

PYPY ETF

Average
Notional Amount
Options Purchased $2,134,900
Options Written (4,269,800)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $39,520 None $—
Options Written None — Options written 127,958

118
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(32,010) $(85,700)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 28,720 (37,058)

SQY ETF

Average
Notional Amount
Options Purchased $3,562,125
Options Written (7,124,250)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $461,970 None $—
Options Written None — Options written 221,906

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $(247,802) $14,213
Realized and
Unrealized Gain (Loss)
Options Written on Options Written (247,555) 68,144

119
YieldMax ETFs

NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

MRNY ETF

Average
Notional Amount
Options Purchased $1,443,240
Options Written (2,886,480)

Statement of Assets & Liabilities

Fair value of derivative instruments as of October 31, 2023:

Asset Derivatives as of Liability Derivatives as of

October 31, 2023 October 31, 2023
Balance Sheet Balance Sheet
Derivative Instruments Location Fair Value Location Fair Value
Equity Contracts:
Investments in
Options Purchased securities, at value $131,100 None $—
Options Written None — Options written 118,179

Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2023:

Change in Unrealized
Appreciation/
Location of Gain Realized Gain Depreciation
(Loss) on Derivatives (Loss) on Derivatives on Derivatives
Derivative Instruments Recognized in Income Recognized in Income Recognized in Income
Equity Contracts:
Realized and
Unrealized Gain (Loss)
Options Purchased on Investments $ — $(54,378)
Realized and
Unrealized Gain (Loss)
Options Written on Options Written 18,012 (12,094)

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements
are required.

C. Federal Income Taxes. Each of the Funds has elected to be taxed as a “regulated investment company” and intends to distribute
substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as
dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2%
of its net realized capital gains (earned during the period ended October 31) plus undistributed amounts, if any, from prior years.
Tax expense is disclosed in the Statement of Operations, if applicable.

As of October 31, 2023, 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
its 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 Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

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 and premiums on debt
securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method.
Dividend income is recorded on the ex-dividend date. Debt income is recorded on an accrual basis. Other non-cash dividends are
recognized as investment income at the fair value of the property received.

E. Distributions to Shareholders. The Funds intend to pay out dividends and interest income, if any, monthly, and distribute any
net realized capital gains to its shareholders at least annually. Distributions are recorded on the ex-dividend date. If a Fund’s
distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be re-characterized
as a return of capital to shareholders.

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 period. Actual results could differ from those estimates.

G. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each
Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Funds, rounded to the
nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed
for trading.

H. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that
contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds
expect the risk of loss to be remote.

I. Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk
Management Program (the “Program”) that requires, among other things, that the Funds limit their 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 the Funds reasonably
expect 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 the Funds should be in a position where the value of illiquid
investments held by each Fund exceeds 15% of each Fund’s net assets, the Funds 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.

K. Recently Issued Accounting Pronouncements.

• In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820):
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03
clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes
new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December
15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating
the impact of these amendments on the financial statements.

L. 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 per share. For the
periods ended October 31, 2023, there were no reclassifications for any of the Funds.

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

M. Other Regulatory Matters. In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating
to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee information in Investment Company Advertisements.
The rule and form amendments will, among other things, require the funds to transmit concise and visually engaging shareholder reports
that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more
in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became
effective January 24, 2023.There is an 18-month transition period after the effective date of the amendment.

NOTE 3 – PRINCIPAL INVESTMENT RISKS

ARK Innovation ETF (“ARKK”), Tesla, Inc. (TSLA), Apple Inc. (APLY), Nvidia Corporation (NVDA), Amazon.com (AMZN),
Alphabet.com (GOOGL), Meta Platforms, Inc. (META), Netflix, Inc. (NFLX), Coinbase Global, Inc.(CONY), The Walt Disney Company
(“DIS”), Microsoft Corporation (“MSFT”), Exxon Mobile Corporation (“SQ”), JPMorgan Chase & Co. (“JPM”), Advanced Micro
Devices, Inc. (“XOM”), PayPal Holdings, Inc. (“PYPL”), Block, Inc. (“SQ”), and Moderna, Inc. (“MRNA”), together (the “Companies”).

The Funds invest in options contracts that are based on the value of each underlying stock OARK ETF(AARK), TSLY ETF (TSLA),
APLY ETF (AAPL), NVDY ETF (NVDA), AMZY ETF (AMZN), GOOY ETF (GOOGL), FBY ETF (META), NFLY ETF (NFLX),
CONY ETF (COIN), DISO ETF (DIS), MSO ETF (MSFT), XOMO ETF (XOM), JPMO ETF (JPM), AMDY ETF (AMD), PYPY ETF
(PYPL), SQY ETF (SQ) and MRNY ETF (MRNY). This subjects the Funds to certain of the same risks as if it owned shares of each
underlying stock, even though it does not. By virtue of the Funds’ investments in options contracts that are based on the value of each
underlying stock, the Fund may also be subject to the following risks:

ARKK Risk. The OARK ETF invests in options contracts that are based on the value of an ETF, specifically ARKK. This subjects the
OARK ETF to certain of the same risks as if it owned shares of ARKK, as well as the types of instruments in which ARKK invests, even
though it does not. The value of ARKK will fluctuate over time based on fluctuations in the values of the securities held by ARKK, which
may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and
demand for those securities. Brokerage, tax and other expenses may negatively impact the performance of ARKK and, in turn, the value
of the OARK ETF’s shares. Since ARKK is an ETF, it is also subject to the same structural risks as the OARK ETF, which is an ETF.
Indirect Investment in TSLA, AAPL, NVDA, AMZN, GOOGL, META, NFLX, COIN, DIS, MSFT, XOM, JPM, AMD, PYPL, SQ, and
MRNY Risk. The Companies are not affiliated with the Trust, the Funds, the Adviser, the Sub-Adviser, or their respective affiliates and is not
involved with this offering in any way and has 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 Companies 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.
As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Fund are
subject to the above principal risk, 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 the Fund, see the section in the Fund’s
Prospectus titled “Additional Information About the Fund — Principal Risks of Investing in The Fund.”

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as investment adviser to the Funds, and has overall responsibility for the general management and administration
of the Funds pursuant to an investment advisory agreement with the Trust, on behalf of the Funds (the “Advisory Agreement”). The
Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance. The Adviser is also responsible for trading
portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges
for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. For the
services it provides to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an
annual rate of 0.99% of each Fund’s average daily net assets.
Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds 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 Funds under any distribution plan adopted pursuant to Rule 12b-1 under 1940 Act,
as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the
Adviser (collectively, the “Excluded Expenses”).

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

The Sub-Adviser is responsible for the day-to-day management of each Fund’s portfolio, including determining the securities purchased
and sold by the Funds, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser,
which fee is calculated daily and paid monthly. The Sub-Adviser has agreed to assume a portion of the Adviser’s obligation to pay all expenses
incurred by the Fund, except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligations
for a portion of the Fund’s expenses, the Adviser has agreed to pay the Sub-Adviser a corresponding share of profits, if any, generated by the
Fund’s unitary fee. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal (defined below).
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 each
Fund’s related expenses and manages the Trust’s relationships with its various service providers.
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 each
Fund’s 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.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the period ended October 31, 2023, there were no purchases or sales or maturities of long-term securities except U.S.
government securities.

For the period ended October 31, 2023, the purchases or sales of long-term U.S. government securities were as follows:

Fund Purchases Sales

OARK ETF $49,531,524 $9,198,257
TSLY ETF 484,440,544 178,288,712
APLY ETF 34,405,657 6,171,718
NVDY ETF 85,708,848 8,999,167
AMZY ETF 16,991,745 244,395
GOOY ETF 8,002,856 687,851
FBY ETF 6,428,474 872,029
NFLY ETF 8,221,426 4,736
CONY ETF 29,689,512 1,319,591
DISO ETF 1,787,995 30,426
MSFO ETF 4,027,130 285,490
XOMO ETF 3,348,083 —
JPMO ETF 2,186,880 742,316
AMDY ETF 2,712,126 —
PYPY ETF 1,378,214 982,700
SQY ETF 1,438,581 —
MRNY ETF — —

For the period ended October 31, 2023, the Funds did not have any in-kind transactions associated with creations and redemptions
for the Funds.

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations.
The tax character of distributions paid during the period ended October 31, 2023 were as follows:

Distributions paid from:

Ordinary Income Return of Capital
OARK ETF $6,825,543 $2,654,837
TSLY ETF 8,692,542 93,438,948
APLY ETF 672,828 2,881,085
NVDY ETF 11,495,186 1,828,277
AMZY ETF 1,306,818 —
GOOY ETF 544,960 —
FBY ETF 403,095 —
NFLY ETF 439,752 —
CONY ETF 2,870,900 —
DISO ETF 52,860 —
MSFO ETF 111,920 —
XOMO ETF 93,048 —
JPMO ETF 22,548 34,152
AMDY ETF — —
PYPY ETF — —
SQY ETF — —
MRNY ETF — —

As of October 31, 2023, components of the distributable (accumulated) earnings (losses) on a tax basis were as follows:

OARK ETF TSLY ETF APLY ETF NVDY ETF AMZY ETF GOOY ETF
Cost of investments(1) . . . . . . . . . . . . . . . . . . . . . $84,708,993 $653,850,853 $58,205,830 $155,572,936 $34,196,739 $17,607,741
Gross tax unrealized appreciation . . . . . . . . . . . 271,269 17,547,380 — 939,483 591,064 55
Gross tax unrealized depreciation . . . . . . . . . . . (19,048,274) (1,464,357) (2,672,852) (16,753,974) (1,871,779) (1,638,050)
Net tax unrealized appreciation (depreciation) . (18,777,005) 16,083,023 (2,672,852) (15,814,491) (1,280,715) (1,637,995)
Undistributed ordinary income (loss) . . . . . . . . — — — — 1,150,923 354,344
Undistributed long-term capital gain (loss) . . . . — — — — — —
Total distributable earnings . . . . . . . . . . . . . . . . — — — — 1,150,923 354,344
Other accumulated gain (loss) . . . . . . . . . . . . . . (271,269) (164,151,364) (2,840,561) (939,483) (252,425) (55)
Total distributable (accumulated)
earnings (losses) . . . . . . . . . . . . . . . . . . . . . . . . $(19,048,274) $(148,068,341) $(5,513,413) $(16,753,974) $(382,217) $(1,283,706)

FBY ETF NFLY ETF CONY ETF DISO ETF MSFO ETF XOMO ETF
Cost of investments(1) . . . . . . . . . . . . . . . . . . . . . . . $12,214,786 $15,441,995 $62,167,896 $3,942,439 $9,165,966 $7,021,418
Gross tax unrealized appreciation . . . . . . . . . . . . . 331,238 816,025 2,718,885 38,639 251,054 19,800
Gross tax unrealized depreciation . . . . . . . . . . . . . (579,568) (665,642) (2,079,403) (106,695) (14,195) (791,985)
Net tax unrealized appreciation (depreciation) . . . (248,330) 150,383 639,482 (68,056) 236,859 (772,185)
Undistributed ordinary income (loss) . . . . . . . . . . 507,085 544,027 800,034 129,066 226,538 172,302
Undistributed long-term capital gain (loss) . . . . . . — — — — — —
Total distributable earnings . . . . . . . . . . . . . . . . . . 507,085 544,027 800,034 129,066 226,538 172,302
Other accumulated gain (loss) . . . . . . . . . . . . . . . . (331,238) (544,571) (743,287) (38,639) (85,041) (19,800)
Total distributable (accumulated) earnings (losses) . $(72,483) $149,839 $696,229 $22,371 $378,356 $(619,683)

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

JPMO ETF AMDY ETF PYPY ETF SQY ETF MRNY ETF
Cost of investments(1) . . . . . . . . . . . . . . . . . . . . . . . $3,481,761 $5,377,965 $1,288,081 $3,929,394 $129,393
Gross tax unrealized appreciation . . . . . . . . . . . . . 6,171 385 6,572 82,357 3,000
Gross tax unrealized depreciation . . . . . . . . . . . . . (225,068) (505,362) (130,513) (3,945) (69,472)
Net tax unrealized appreciation (depreciation) . . . (218,897) (504,977) (123,941) 78,412) (66,472)
Undistributed ordinary income (loss) . . . . . . . . . . — 224,015 6,472 6,063 17,776
Undistributed long-term capital gain (loss) . . . . . . — — — — —
Total distributable earnings . . . . . . . . . . . . . . . . . . — 224,015 6,472 6,063 17,776
Other accumulated gain (loss) . . . . . . . . . . . . . . . . (77,300) (385) (6,572) (495,357) —
Total distributable (accumulated) earnings (losses) . $(296,197) $(281,347) $(124,041) $(410,882) $(48,696)
(1)
The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales and a change in each Fund’s neutral
options strategy.

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 most recent fiscal period ended October 31, 2023, the Funds have not elected
to defer late year losses. As of the most recent fiscal period ended October 31, 2023, the following Funds had long-term and short-term
capital loss carryovers, which do not expire:

Long-Term Capital Short-Term Capital

Loss Carryovers Loss Carryovers
OARK ETF $— $—
TSLY ETF — 146,603,984
APLY ETF — 2,840,561
NVDY ETF — —
AMZY ETF — —
GOOY ETF — —
FBY ETF — —
NFLY ETF — —
CONY ETF — —
DISO ETF — —
MSFO ETF — —
XOMO ETF — —
JPMO ETF — 71,129
AMDY ETF — —
PYPY ETF — —
SQY ETF — 413,000
MRNY ETF — —

NOTE 7 – SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the shares may be different from their NAV. The
Funds issue and redeems 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.

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NOTES TO FINANCIAL STATEMENTS October 31, 2023 (Continued)

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 the 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 of up to a
maximum of 2% and for 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 Fund 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 8 – 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 rising inflation, uncertainty regarding central banks’
interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine,
significant conflict between Israel and Hamas in the Middle East, and the impact of COVID-19. The global recovery from COVID-19 may
last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine
and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial
institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may
continue to do so. The Middle East conflict has led to significant loss of life, damaged infrastructure and escalated tensions both in the
region and globally. 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 and Sub-Adviser will monitor
developments and seek to manage the Funds in a manner consistent with achieving the Funds’ investment objective, but there can be no
assurance that they will be successful in doing so.

NOTE 9 – SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure
through the date the financial statements were issued. The Funds have determined that there are no subsequent events that would need to
be recorded or disclosed in the Funds’ financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 and options written, of
YieldMax ETFs comprising the funds listed below (the “Funds”), each a series of Tidal Trust II, as of October 31, 2023, the related
statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods
indicated below (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, 2023, 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.

Statements of Statement of Changes Financial

Fund Name Operations in Net Assets Highlights
YieldMax Innovation Option Income Strategy For the period from November 22, 2022 (commencement of operations) through October 31, 2023
ETF, YieldMax TSLA Option
Income Strategy ETF
YieldMax AAPL Option Income Strategy ETF For the period from April 17, 2023 (commencement of operations) through October 31, 2023
YieldMax NVDA Option Income Strategy ETF For the period from May 10, 2023 (commencement of operations) through October 31, 2023
YieldMax AMZN Option Income Strategy ETF For the period from July 24, 2023 (commencement of operations) through October 31, 2023
YieldMax GOOGL Option Income Strategy For the period from July 27, 2023 (commencement of operations) through October 31, 2023
ETF, YieldMax META Option
Income Strategy ETF
YieldMax NFLX Option Income Strategy ETF For the period from August 7, 2023 (commencement of operations) through October 31, 2023
YieldMax COIN Option Income Strategy ETF For the period from August 14, 2023 (commencement of operations) through October 31, 2023
YieldMax DIS Option Income Strategy ETF, For the period from August 24, 2023 (commencement of operations) through October 31, 2023
YieldMax MSFT Option Income Strategy ETF
YieldMax XOM Option Income Strategy ETF For the period from August 30, 2023 (commencement of operations) through October 31, 2023
YieldMax JPM Option Income Strategy ETF For the period from September 11, 2023 (commencement of operations) through October 31, 2023
YieldMax AMD Option Income Strategy ETF For the period from September 18, 2023 (commencement of operations) through October 31, 2023
YieldMax PYPL Option Income Strategy ETF For the period from September 25, 2023 (commencement of operations) through October 31, 2023
YieldMax SQ Option Income Strategy ETF For the period from October 10, 2023 (commencement of operations) through October 31, 2023
YieldMax MRNA Option Income For the period from October 23, 2023 (commencement of operations) through October 31, 2023
Strategy ETF

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 due to error or fraud.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

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, 2023,
by correspondence with the custodian and brokers. 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 of Tidal Investment LLC’s investment companies since 2020.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania
December 29, 2023

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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases
and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other
funds. The actual examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period
indicated, which is from May 1, 2023 to October 31, 2023 for the OARK ETF, TSLY ETF, APLY ETF, and the from the commencement
of operations for the rest of the Funds (see below) to October 31, 2023. The hypothetical example is based on an investment of $1,000
invested at the beginning of the period and held for the entire period indicated, which is from May 1, 2023 to October 31, 2023.

Commencement of Operations:
NVDY ETF 5/10/2023
AMZY ETF 7/24/2023
GOOY ETF 7/27/2023
FBY ETF 7/27/2023
NFLY ETF 8/7/2023
CONY ETF 8/14/2023
DISO ETF 8/24/2023
MSFO ETF 8/24/2023
XOMO ETF 8/30/2023
JPMO ETF 9/11/2023
AMDY ETF 9/18/2023
PYPY ETF 9/25/2023
SQY ETF 10/10/2023
MRNY ETF 10/23/2023

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses. The examples include, but
are not limited to, unitary fees. However, the examples do not include portfolio trading commissions and related expenses. You may use
the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number
in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during
this period.

Hypothetical Example for Comparison Purposes

The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on
the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The
hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5%
hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the
expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage
commissions paid on purchases and sales of the Funds’ shares. Therefore, the second line of the following tables is useful in comparing
ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were
included, your costs would have been higher.

129
YieldMax ETFs

EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

OARK ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(1)
Actual $1,000.00 $981.90 $5.50
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.66 $5.60
(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.10%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most
recent six-month period).

TSLY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(2)
Actual $1,000.00 $1,098.00 $5.29
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.16 $5.09
(2)
Expenses are equal to the Fund’s annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most
recent six-month period).

APLY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(3)
Actual $1,000.00 $993.90 $5.28
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.91 $5.35
(3)
Expenses are equal to the Fund’s annualized expense ratio of 1.05%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most
recent six-month period).

NVDY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 10, 2023 –
May 10, 2023 October 31, 2023 October 31, 2023(4)
Actual $1,000.00 $1,218.80 $5.39
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(5)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.06 $5.19
(4)
Expenses are equal to the Fund’s annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 174/365 (to reflect the period
from May 10, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(5)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

130
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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

AMZY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value July 24, 2023 –
July 24, 2023 October 31, 2023 October 31, 2023(6)
Actual $1,000.00 $1,079.40 $2.99
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(7)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.86 $5.40
(6)
Expenses are equal to the Fund’s annualized expense ratio of 1.06%, multiplied by the average account value over the period, multiplied by 99/365 (to reflect the period
from July 24, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(7)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

GOOY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value July 27, 2023 –
July 27, 2023 October 31, 2023 October 31, 2023(8)
Actual $1,000.00 $965.00 $2.56
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(9)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.04
(8)
Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 96/365 (to reflect the period
from July 27, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(9)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

FBY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value July 27, 2023 –
July 27, 2023 October 31, 2023 October 31, 2023(10)
Actual $1,000.00 $1,021.70 $2.63
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(11)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.04
(10)
Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 96/365 (to reflect the period
from July 27, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(11)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

NFLY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value August 7, 2023 –
August 7, 2023 October 31, 2023 October 31, 2023(12)
Actual $1,000.00 $940.10 $2.24
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(13)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.04
(12)
Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 85/365 (to reflect the period
from August 7, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(13)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

CONY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value August 14, 2023 –
August 14, 2023 October 31, 2023 October 31, 2023(14)
Actual $1,000.00 $1,046.90 $2.38
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(15)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.71 $5.55
(14)
Expenses are equal to the Fund’s annualized expense ratio of 1.09%, multiplied by the average account value over the period, multiplied by 78/365 (to reflect the period
from August 14, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(15)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

DISO ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value August 24, 2023 –
August 24, 2023 October 31, 2023 October 31, 2023(16)
Actual $1,000.00 $1,012.20 $2.16
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(17)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.41 $5.85
(16)
Expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 68/365 (to reflect the period
from August 24, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(17)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

MSFO ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value August 24, 2023 –
August 24, 2023 October 31, 2023 October 31, 2023(18)
Actual $1,000.00 $1,081.30 $2.02
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(19)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.96 $5.30
(18)
Expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 68/365 (to reflect the period
from August 24, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(19)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

XOMO ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value August 30, 2023 –
August 30, 2023 October 31, 2023 October 31, 2023(20)
Actual $1,000.00 $929.20 $1.84
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(21)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.56 $5.70
(20)
Expenses are equal to the Fund’s annualized expense ratio of 1.12%, multiplied by the average account value over the period, multiplied by 62/365 (to reflect the period
from August 30, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(21)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

JPMO ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value September 11 –
September 11, 2023 October 31, 2023 October 31, 2023(22)
Actual $1,000.00 $954.20 $1.41
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(23)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.35
(22)
Expenses are equal to the Fund’s annualized expense ratio of 1.05%, multiplied by the average account value over the period, multiplied by 50/365 (to reflect the period
from September 11, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(23)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

AMDY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value September 18, 2023 –
September 18, 2023 October 31, 2023 October 31, 2023(24)
Actual $1,000.00 $942.00 $1.13
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(25)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.04
(24)
Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 43/365 (to reflect the period
from September 18, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(25)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

PYPY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value September 25, 2023 –
September 25, 2023 October 31, 2023 October 31, 2023(26)
Actual $1,000.00 $901.80 $1.09
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(27)
Hypothetical (5% annual return before expenses) $1,000.00 $1,019.36 $5.90
(26)
Expenses are equal to the Fund’s annualized expense ratio of 1.16%, multiplied by the average account value over the period, multiplied by 36/365 (to reflect the period
from September 25, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(27)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

SQY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value October 10, 2023 –
October 10, 2023 October 31, 2023 October 31, 2023(28)
Actual $1,000.00 $888.30 $1.08
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(29)
Hypothetical (5% annual return before expenses) $1,000.00 $1,015.21 $10.11
(28)
Expenses are equal to the Fund’s annualized expense ratio of 1.99%, multiplied by the average account value over the period, multiplied by 21/365 (to reflect the period
from October 10, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(29)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

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EXPENSE EXAMPLES For the Period Ended October 31, 2023 (Unaudited) (Continued)

MRNY ETF

Expenses Paid
Beginning Ending During the Period
Account Value Account Value October 23, 2023 –
October 23, 2023 October 31, 2023 October 31, 2023(30)
Actual $1,000.00 $967.50 $0.21
Expenses Paid
Beginning Ending During the Period
Account Value Account Value May 1, 2023 –
May 1, 2023 October 31, 2023 October 31, 2023(31)
Hypothetical (5% annual return before expenses) $1,000.00 $1,020.21 $5.04
(30)
Expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 8/365 (to reflect the period
from October 23, 2023 to October 31, 2023, the commencement of operations date to the end of the period).
(31)
The hypothetical expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the most recent six-month period).

135
YieldMax ETFs

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal Trust II (the “Trust”),
on behalf of its following series (the “Funds”):

YieldMax Innovation Option Income Strategy ETF

YieldMax TSLA Option Income Strategy ETF
YieldMax AAPL Option Income Strategy ETF
YieldMax NVDA Option Income Strategy ETF
YieldMax AMZN Option Income Strategy ETF
YieldMax GOOGL Option Income Strategy ETF
YieldMax META Option Income Strategy ETF
YieldMax NFLX Option Income Strategy ETF
YieldMax COIN Option Income Strategy ETF
YieldMax DIS Option Income Strategy ETF
YieldMax MSFT Option Income Strategy ETF
YieldMax XOM Option Income Strategy ETF
YieldMax JPM Option Income Strategy ETF
YieldMax AMD Option Income Strategy ETF
YieldMax PYPL Option Income Strategy ETF
YieldMax SQ Option Income Strategy ETF
YieldMax MRNA Option Income Strategy ETF

The Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote
effective liquidity risk management for the Fund and to protect the Funds shareholders from dilution of their interests. The Trust’s Board
of Trustees (the “Board”) has approved the designation of Tidal Investments LLC, each Fund’s investment adviser, as the program
administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a member
of its compliance team. The Program Administrator has also delegated certain responsibilities under the Program to the investment
sub-adviser of the Funds; however, the Program Administrator remains responsible for the overall administration and operation of the
Program. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness
of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.

On August 15, 2023, the Board reviewed the Program Administrator’s written annual report for the period July 1, 2022 through June
30, 2023 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions.
The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing
various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data
Services, Inc., a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s
assessment. The Report noted that no highly liquid investment minimum is required for the Funds because the Funds qualify as primarily
highly liquid funds (as defined under Rule 22e-4). The Report noted that there were no breaches of the restrictions on acquiring or holding
greater than 15% illiquid investments of the Fund during the review period. The Report confirmed that each Fund’s investment strategies
remained appropriate for an open-end fund and that the Funds were able to meet requests for redemptions without significant dilution of
remaining investors’ interests in the Funds. The Report noted that no material changes had been made to the Program during the review
period. The Program Administrator determined that the Program complies with the requirements of Rule 22e-4 and is reasonably designed
and operating effectively.

All of the Funds, with the exception of the YieldMax Innovation Option Income Strategy ETF, YieldMax TSLA Option Income
Strategy ETF, YieldMax AAPL Option Income Strategy ETF, and YieldMax NVDA Option Income Strategy ETF, commenced operations
after June 30, 2023 and were not a part of the Report but have adopted the Program upon commencement of operations.

136
YieldMax ETFs

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)

Javier Marquina Trustee Indefinite term; Founder and Chief Executive 36 Inmobiliaria Specturm
Born: 1973 since 2022 Officer of ARQ Consultants
Inc. (since 2019); Interim CEO
for the Americas of Acciona
Inmobiliaria (2020 to 2021); Head
of Investment Team for Latin
America for GLL Real Estate
Partners (2016 to 2020); Self-
employed real estate investment
advisor advising institutional and
private real estate investors in
cross border property acquisitions
and dispositions, as well as
consulting research and market
analysis (2015 to 2019).

Michelle McDonough Trustee Indefinite term; Chief Operating Officer, Trillium 36 Trillium Asset
Born: 1980 since 2022 Asset Management LLC. Management, LLC

Dave Norris Trustee Indefinite term; Chief Operating Officer, 36 None

Born: 1976 since 2022 RedRidge Diligence Services.

Interested Trustee and Executive Officer

Eric W. Falkeis(3) President, President Chief Executive Officer, Tidal 36 Independent Director,
c/o Tidal ETF Services, LLC Principal and Principal ETF Services LLC (since 2018); Muzinich BDC, Inc.
234 West Florida Street, Executive Executive Chief Operating Officer (and (since 2019); Trustee,
Suite 203 Officer, Officer since other positions), Rafferty Asset Professionally Managed
Milwaukee, Wisconsin 53204 Interested 2022, Indefinite Management, LLC (2013 to Portfolios (27 series)
Born: 1973 Trustee, term; Interested 2018) and Direxion Advisors, (since 2011); Interested
Chairman Trustee, LLC (2017 to 2018). President, Trustee, Direxion Fund,
Chairman, since Principal Executive Officer Direxion Shares ETF
2022, Indefinite (since 2018). Trust, and Direxion
term Insurance Trust (2014
to 2018); Trustee and
Chairman of Tidal ETF
Trust (since 2018).

137
YieldMax ETFs

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

Aaron J. Perkovich Treasurer, Indefinite term; Head of Fund Administration Not Not
c/o Tidal ETF Services, LLC Principal since 2023 (since 2023), Fund Administration Applicable Applicable
234 West Florida Street, Financial Manager (2022 to 2023), Tidal
Suite 203 Officer, and ETF Services LLC; Assistant
Milwaukee, Wisconsin 53204 Principal Director Investments, Mason
Born: 1973 Accounting Street Advisors, LLC (2021
Officer to 2022); Vice President, U.S.
Bancorp Fund Services, LLC
(2006 to 2021).

William H. Woolverton, Esq. Chief AML Chief Compliance Officer (since Not Not
c/o Tidal ETF Services, LLC Compliance Compliance 2023), Compliance Advisor (2022 Applicable Applicable
234 West Florida Street, Officer Officer since to 2023), Tidal Investments LLC;
Suite 203 and AML 2023, Indefinite Chief Compliance Officer, Tidal
Milwaukee, Wisconsin 53204 Compliance term; Chief ETF Services LLC (since 2022);
Born: 1951 Officer Compliance Senior Compliance Advisor,
Officer, Cipperman Compliance Services,
Indefinite term; LLC (since 2020); Operating
since 2022 Partner, Altamont Capital Partners
(private equity firm) (2021 to
present); Managing Director and
Head of Legal - US, Waystone
(global governance solutions)
(2016 to 2019).

Ally L. Mueller Vice Indefinite term; Head of ETF Launches and Client Not Not
c/o Tidal ETF Services, LLC President since 2023 Success (since 2023), Head Applicable Applicable
234 West Florida Street, of ETF Launches and Finance
Suite 203 Director (2019 to 2023), Tidal
Milwaukee, Wisconsin 53204 ETF Services LLC; Assistant
Born: 1979 Treasurer, Tidal ETF Trust
(since 2022).

Lissa M. Richter Secretary Indefinite term; ETF Regulatory Manager, Tidal Not Not
c/o Tidal ETF Services, LLC since 2022 ETF Services LLC (Since 2021); Applicable Applicable
234 West Florida Street, Senior Paralegal, Rafferty Asset
Suite 203 Management, LLC (2013 to
Milwaukee, Wisconsin 53204 2020); Senior Paralegal, Officer,
Born: 1979 U.S Bancorp Fund Services LLC,
(2005 to 2013).

Peter Chappy Assistant Indefinite term; Fund Administration Manager, Not Not
c/o Tidal ETF Services, LLC Treasurer since 2023 Tidal ETF Services LLC (since Applicable Applicable
234 West Florida Street, 2023); Product Owner, Allvue
Suite 203 Systems (2022 to 2023); Senior
Milwaukee, Wisconsin 53204 Business Consultant, Refinitiv
Born: 1975 (2015 to 2022); Assistant Vice
President, U.S. Bancorp Fund
Services, LLC (2008 to 2015).

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YieldMax ETFs

TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

Number of
Portfolios in Other
Term of Fund Directorships
Position Office and Principal Complex Held by Trustee
Name, Address Held with Length of Occupation(s) Overseen by During Past
and Year of Birth the Trust Time Served(1) During Past 5 Years Trustee(4) 5 Years
Melissa Breitzman Assistant Indefinite term; Fund Administration Manager, Not Not
c/o Tidal ETF Services, LLC Treasurer since 2023 Tidal ETF Services LLC (since Applicable Applicable
234 West Florida Street, 2023); Assistant Vice President,
Suite 203 U.S. Bancorp Fund Services, LLC
Milwaukee, Wisconsin 53204 (2005 to 2023).
Born: 1983

Charles Ragauss Vice Indefinite term; Portfolio Manager, Tidal Not Not
c/o Tidal ETF Services, LLC President since 2022 Investments LLC (Since 2020); Applicable Applicable
234 West Florida Street, Chief Operating Officer (and
Suite 203 other capacities) CSat Investment
Milwaukee, Wisconsin 53204 Advisory, L.P. (2016 to 2020).
Born: 1987

(1)
The Trustees have designated a mandatory retirement age of 76, such that each Trustee, serving as such on the date he or she reaches the age of 76, shall submit his or
her resignation not later than the last day of the calendar year in which his or her 76th birthday occurs.
(2)
All Independent Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
(3)
Mr. Falkeis is considered an “interested person” of the Trust due to his positions as President, Principal Executive Officer, Chairman of the Trust, and Chief Executive
Officer of Tidal ETF Services LLC, an affiliate of the Adviser.
(4)
The Trust, as of the date of this shareholder report, offered for sale to the public 36 of the 56 Funds registered with the SEC.

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BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on July 17, 2023, the Board of
Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

• the Investment Advisory Agreement (the “Advisory Agreement”) between Tidal investments LLC (f/k/a Toroso Investments,
LLC) or (the “Adviser”) and the Trust, on behalf of:

YieldMax MSTR Option Income Strategy ETF

YieldMax ABNB Option Income Strategy ETF

YieldMax AMD Option Income Strategy ETF

YieldMax MRNA Option Income Strategy ETF

YieldMax PYPL Option Income Strategy ETF

YieldMax DIS Option Income Strategy ETF

YieldMax JPM Option Income Strategy ETF

YieldMax MSFT Option Income Strategy ETF

YieldMax XOM Option Income Strategy ETF

(the “YieldMax ETFs”, each a “Fund” and collectively the “Funds”); and

• an Investment Sub-Advisory Agreement (a “Sub-Advisory Agreement) between the Adviser and ZEGA Financial, LLC
(“ZEGA” or the “Sub-Adviser”) with respect to the YieldMax ETFs (the Sub-Advisory Agreements together with the Advisory
Agreements, referred to as the “Agreements”).

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties
to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at
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 Sub-Advisers.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the
nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser and Sub-Adviser (with respect to the
YieldMax ETFs); (ii) the costs of the services to be provided and the profits to be realized by the Adviser and Sub-Adviser (with respect
to the YieldMax ETFs) 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 or Sub-Adviser (with respect to the YieldMax ETFs) 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 July 17, 2023. Among other things, each of the Adviser and Sub-Advisers 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 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.

140
YieldMax ETFs

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued)

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 (with respect to the YieldMax ETFs), 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 Funds by the Adviser and Sub-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 to be provided
to each Fund by the Adviser and Sub-Adviser (with respect to the YieldMax ETFs) based on their experience, personnel, operations
and resources.

Historical Performance. The Board noted that the Funds 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 each 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 each Fund is a “unified fee.”

The Board noted the importance of the fact that the proposed 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 further noted that because the Funds are new, it was difficult to estimate the
profitability of each 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 Funds.

The Board noted that because the Funds are 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 each Fund’s assets grow. The Board determined to evaluate economies
of scale on an ongoing basis if the Funds achieved asset growth.

The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser (with respect to the YieldMax ETFs) for its services
under the Sub-Advisory Agreement. The Board considered this fee in light of the services the Sub-Adviser provides as investment sub-
adviser to the Funds. The Board determined that the proposed fee reflected an appropriate allocation of the advisory fee paid to the Adviser
and Sub-Adviser given the work performed by each firm. The Board also considered that Validus NA, Inc. was acting as sponsor for
the Validus ETF and 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 sponsor out of its profits. The Board concluded that the
proposed sub-advisory fee for each Fund was reasonable in light of the services rendered.

The Board also considered that the sub-advisory fee paid to the Sub-Adviser (with respect to the YieldMax ETFs) 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 its relationship with the Fund was not a material factor in their deliberations with
respect to consideration of approval of the Sub-Advisory Agreement. The Board considered that, because the sub-advisory fee was 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 each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b)
concluded that each of the Adviser’s and Sub-Adviser’s fees are reasonable in light of the services that the Adviser and Sub-Adviser will
provide to each Fund; and (c) agreed to approve the Advisory Agreement and Sub-Advisory Agreement for an initial term of two years.

141
YieldMax ETFs

ADDITIONAL INFORMATION (Unaudited)

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited)

For the periods ended October 31, 2023, 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. The percentage of dividends declared from ordinary income
designated as qualified dividend income was as follows:

OARK ETF 0.00%

TSLY ETF 0.00%
APLY ETF 0.00%
NVDY ETF 0.00%
AMZY ETF 0.00%
GOOY ETF 0.00%
FBY ETF 0.00%
NFLY ETF 0.00%
CONY ETF 0.00%
DISO ETF 0.00%
MFSO ETF 0.00%
XOMO ETF 0.00%
JPMO ETF 0.00%
AMDY ETF 0.00%
PYPY ETF 0.00%
SQY ETF 0.00%
MRNY ETF 0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for
the periods ended October 31, 2023, was as follows:

OARK ETF 0.00%

142
YieldMax ETFs

ADDITIONAL INFORMATION (Unaudited) (Continued)

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal
Revenue Section 871(k)(2)(c) for the periods ended October 31, 2023, was as follows:

OARK ETF 83.13%

TSLY ETF 0.00%
APLY ETF 0.00%
NVDY ETF 86.57%
AMZY ETF 82.55%
GOOY ETF 77.53%
FBY ETF 76.91%
NFLY ETF 79.76%
CONY ETF 92.01%
DISO ETF 53.42%
MFSO ETF 53.15%
XOMO ETF 61.15%
JPMO ETF 0.00%
AMDY ETF 0.00%
PYPY ETF 0.00%
SQY ETF 0.00%
MRNY ETF 0.00%

INFORMATION ABOUT PROXY VOTING (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities
is available upon request without charge, by calling (866) 864-3968 or by accessing the Fund’s website at www.yieldmaxetfs.com.
Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-months ending June 30
is available upon request without charge by calling (866) 864-3968 or by accessing the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)

The Funds’ portfolio holdings are posted on the Funds’ website daily at www.yieldmaxetfs.com. The Funds file its complete schedule
of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT
is available without charge, upon request, by calling (866) 864-3968. Furthermore, you can obtain the Part F of Form N-PORT on the
SEC’s website at www.sec.gov.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited)

Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a
discount) to its daily NAV is available, without charge, on the Funds’ website at www.yieldmaxetfs.com.

INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without
charge, upon request, by calling (866) 864-3968. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Fund’s
website at www.yieldmaxetfs.com.

143
This page intentionally left blank.
Investment Adviser
Tidal Investments LLC
(f/k/a Toroso Investments, LLC)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Investment Sub-Adviser
ZEGA Financial, LLC
777 South Flagler Drive, West Tower, Suite 800
West Palm Beach, Florida 33401
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1835 Market Street, Suite 310
Philadelphia, PA 19103
Legal Counsel
Sullivan & Worcester LLP
1633 Broadway
New York, NY 10019
Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101

Fund Information
Fund Ticker CUSIP
YieldMax Innovation Option Income Strategy ETF OARK 88634T600
YieldMax TSLA Option Income Strategy ETF TSLY 88634T709
YieldMax AAPL Option Income Strategy ETF APLY 88634T857
YieldMax NVDA Option Income Strategy ETF NVDY 88634T774
YieldMax AMZN Option Income Strategy ETF AMZY 88634T840
YieldMax GOOGL Option Income Strategy ETF GOOY 88634T790
YieldMax META Option Income Strategy ETF FBY 88634T816
YieldMax NFLX Option Income Strategy ETF NFLY 88634T782
YieldMax COIN Option Income Strategy ETF CONY 88634T824
YieldMax DIS Option Income Strategy ETF DISO 88634T444
YieldMax MSFT Option Income Strategy ETF MSFO 88634T428
YieldMax XOM Option Income Strategy ETF XOMO 88634T410
YieldMax JPM Option Income Strategy ETF JPMO 88634T436
YieldMax AMD Option Income Strategy ETF AMDY 88634T477
YieldMax PYPL Option Income Strategy ETF PYPY 88634T451
YieldMax SQ Option Income Strategy ETF SQY 88634T766
YieldMax MRNA Option Income Strategy ETF MRNY 88634T469

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YieldMax ETFs - 10.31.23 Annual Report Web Ready Final (Confidential)

Uploaded by

YieldMax ETFs - 10.31.23 Annual Report Web Ready Final (Confidential)

Uploaded by

YieldMax Innovation Option Income Strategy ETF

A Message to Our Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

SHAREHOLDER LETTER (Continued)

Highlights From Across the YieldMax™ Complex:

YieldMax™ TSLA Option Income Strategy ETF

YieldMax™ NVDA Option Income Strategy ETF

YieldMax™ COIN Option Income Strategy ETF

Expectations in Different Market Environments

Each of the Fund’s strategy performs best:

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

SHAREHOLDER LETTER (Continued)

This material must be preceded or accompanied by a prospectus.

Distributed by Foreside Fund Services, LLC

PERFORMANCE SUMMARY (Unaudited)

YieldMax Innovation Option Income Strategy ETF - NAV

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

YieldMax TSLA Option Income Strategy ETF - NAV

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

YieldMax SQ Option Income Strategy ETF - NAV

Since Inception Ending Value

PERFORMANCE SUMMARY (Unaudited)

YieldMax MRNA Option Income Strategy ETF - NAV

Since Inception Ending Value

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

Security Type % of Net Assets

SCHEDULE OF INVESTMENTS at October 31, 2023

United States Treasury Obligations — 121.0%

United States Treasury Notes — 121.0%

Options Purchased — 0.4%

Call Options — 0.4%

Total Options Purchased

Short-Term Investments— 0.2%

Money Market Funds — 0.2%