NPORT-EX 2 aiyy.htm AIYY ETF - 1/31/24 PART F

YieldMax AI Option Income Strategy ETF
  
Schedule of Investments
  
as of January 31, 2024 (Unaudited)
  
   
U.S. TREASURY OBLIGATIONS - 43.5%
    
Par
    
Value
  
United States Treasury Note/Bond, 0.75%, 11/15/2024(a)
    
$
8,081,000
    
$
7,825,928
  
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,826,149)
      
7,825,928
  
                       
OPTIONS PURCHASED - 3.9%(b)(c)
  
Notional Amount
    
Contracts
          
Call Options - 3.9%
            
$
–
  
C3.ai, Inc., Expiration: 02/16/2024; Exercise Price: $25.00(d)(e)
    
16,007,880
      
6,460
      
710,600
  
TOTAL OPTIONS PURCHASED (Cost $1,886,716)
      
710,600
  
                         
SHORT-TERM INVESTMENTS - 68.7%
    
Shares
          
Money Market Funds - 14.6%
                  
First American Government Obligations Fund - Class X, 5.25%(f)
      
2,627,923
      
2,627,923
  
                         
U.S. Treasury Bills - 54.1%
    
Par
          
5.09%, 06/13/2024(g)
      
9,907,000
      
9,722,028
  
TOTAL SHORT-TERM INVESTMENTS (Cost $12,352,603)
      
12,349,951
  
                         
TOTAL INVESTMENTS - 116.1% (Cost $22,065,468)
    
$
20,886,479
  
Liabilities in Excess of Other Assets - (16.1)%
      
(2,911,134
)
TOTAL NET ASSETS - 100.0%
                  
$
17,975,345
  
           
Percentages are stated as a percent of net assets.
          

(a)
This security was held in its entirety at the broker in connection with options as of January 31, 2024.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
Held in connection with written option contracts. See Schedule of Options Written for further information.
(e)
Non-income producing security.
(f)
The rate shown represents the annualized seven-day effective yield as of January 31, 2024.
(g)
The rate shown is the effective yield.
YieldMax AI Option Income Strategy ETF
  
Schedule of Options Written
  
as of January 31, 2024 (Unaudited)
  
   
OPTIONS WRITTEN - (5.2)% (a)(b)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.2)%
                  
C3.ai, Inc.
    
0
      
0
      
–
  
Expiration: 02/02/2024; Exercise Price: $26.50
  
$
(13,666,170
)
    
(5,515
)
  
$
(38,605
)
Expiration: 02/02/2024; Exercise Price: $27.00
    
(1,895,670
)
    
(765
)
    
(3,825
)
Expiration: 02/09/2024; Exercise Price: $26.50
    
(446,040
)
    
(180
)
    
(5,760
)
Total Call Options
                    
(48,190
)
                         
Put Options - (5.0)%
                        
C3 ai, Inc., Expiration: 02/16/2024; Exercise Price: $25.01(c)
    
(16,007,880
)
    
(6,460
)
    
(902,135
)
TOTAL OPTIONS WRITTEN (Premiums received $1,120,145)
                  
$
(950,325
)

Percentages are stated as a percent of net assets.
   
(a)
Exchange-traded.
(b)
100 shares per contract.
(c)
FLexible EXchange® Options

Summary of Fair Value Exposure at January 31, 2024 (Unaudited)

The Fund utilizes 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 Fund has 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 spreads, 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 following is a summary of the inputs used to value the Fund's investments as of January 31, 2024:

YieldMax AI Option Income Strategy ETF

  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  U.S. Treasury Obligations
  
$
–
    
$
7,825,928
    
$
–
    
$
7,825,928
  
  Options Purchased
    
710,600
      
–
      
–
      
710,600
  
  Money Market Funds
    
2,627,923
      
–
      
–
      
2,627,923
  
  U.S. Treasury Bills
    
–
      
9,722,028
      
–
      
9,722,028
  
Total Assets
  
$
3,338,523
    
$
17,547,956
    
$
–
    
$
20,886,479
  
   
Liabilities:
                        
  Options Written
    
(42,430
)
    
(907,895
)
    
–
      
(950,325
)
Total Liabilities
  
$
(42,430
)
  
$
(907,895
)
  
$
–
    
$
(950,325
)