Defiance R2000 Enhanced Options & 0DTE Income ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
U.S. TREASURY SECURITIES - 47.1%
  
Par
    
Value
  
United States Treasury Note/Bond
  
3.00%, 07/15/2025 (a)
  
$
22,441,000
    
$
22,402,660
  
4.25%, 10/15/2025 (a)
    
7,991,000
      
7,989,440
  
3.88%, 01/15/2026 (a)
    
20,819,000
      
20,780,410
  
TOTAL U.S. TREASURY SECURITIES (Cost $51,085,266)
      
51,172,510
  
                 
SHORT-TERM INVESTMENTS - 43.3%
  
Shares
          
Money Market Funds - 3.5%
                
First American Government Obligations Fund - Class X, 4.25% (b)
    
3,788,098
      
3,788,098
  
                 
U.S. Treasury Bills - 39.8%
  
Par
          
4.18%, 06/12/2025 (a)(c)
  
$
14,534,000
      
14,516,917
  
4.12%, 08/14/2025 (a)(c)
    
14,580,000
      
14,455,172
  
4.20%, 11/06/2025 (a)(c)
    
14,485,000
      
14,222,116
  
             
43,194,205
  
TOTAL SHORT-TERM INVESTMENTS (Cost $46,985,766)
      
46,982,303
  
                 
TOTAL INVESTMENTS - 90.4% (Cost $98,071,032)
      
98,154,813
  
Other Assets in Excess of Liabilities - 9.6%
      
10,435,295
  
TOTAL NET ASSETS - 100.0%
          
$
108,590,108
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2025 is $94,364,614.
(b)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
(c)
The rate shown is the annualized effective yield as of May 31, 2025.
   
Defiance R2000 Enhanced Options & 0DTE Income ETF
  
Schedule of Written Options
  
May 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (1.0)% (a)(b)
  
Notional Amount
    
Contracts
    
Value
  
Put Options - (1.0)%
  
Russell 2000 Index, Expiration: 06/02/2025; Exercise Price: $2,080.00
  
$
(114,059,208
)
    
(552
)
  
$
(1,090,200
)
TOTAL WRITTEN OPTIONS (Premiums received $1,020,853)
                  
$
(1,090,200
)
   
Percentages are stated as a percent of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Defiance R2000 Enhanced Options & 0DTE Income ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  U.S. Treasury Securities
  
$
–
    
$
51,172,510
    
$
–
    
$
51,172,510
  
  Money Market Funds
    
3,788,098
      
–
      
–
      
3,788,098
  
  U.S. Treasury Bills
    
–
      
43,194,205
      
–
      
43,194,205
  
Total Investments
  
$
3,788,098
    
$
94,366,715
    
$
–
    
$
98,154,813
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(1,090,200
)
  
$
–
    
$
(1,090,200
)
Total Investments
  
$
–
    
$
(1,090,200
)
  
$
–
    
$
(1,090,200
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.