Defiance Daily Target 2X Long OKLO ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 2.2%
  
Shares
    
Value
 
Electric - 2.2%
        
Oklo, Inc. (a)
    
13,002
    
$
995,824
  
TOTAL COMMON STOCKS (Cost $983,180)
      
995,824
  
                 
SHORT-TERM INVESTMENTS - 3.4%
                
Money Market Funds - 3.4%
                
First American Government Obligations Fund - Class X, 4.23%(b)
    
1,523,873
      
1,523,873
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,523,873)
      
1,523,873
  
                 
TOTAL INVESTMENTS - 5.6% (Cost $2,507,053)
      
2,519,697
  
Other Assets in Excess of Liabilities - 94.4%
      
42,588,411
  
TOTAL NET ASSETS - 100.0%
          
$
45,108,108
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.


Defiance Daily Target 2X Long OKLO ETF
  
Schedule of Total Return Swap Contracts
  
July 31, 2025 (Unaudited)
  
   
Reference Entity
Counterparty
Pay/ Receive Reference Entity
Financing Rate
Payment Frequency
Maturity Date
Notional Amount
    
Value/ Unrealized Appreciation
(Depreciation)
  
Oklo, Inc.
Clear Street LLC
Receive
OBFR + 2.50%
Termination (a)
08/25/2026
  
$
13,786,200
    
$
493,942
  
Oklo, Inc.
Marex Capital Markets, Inc.
Receive
OBFR + 5.50%
Monthly (b)
07/24/2026
    
75,418,173
      
–
  
Net Unrealized Appreciation (Depreciation)
     $ 493,942  

There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025.
 
(a) Financing reset of swap is effective on the last day of each month. Equity reset of swap is effective on termination but also periodically throughout the term.
(b) Financing and equity reset of swap is effective on the last day of each month and periodically throughout the month.
 
OBFR - Overnight Bank Funding Rate was 4.33% as of July 31, 2025.


Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Defiance Daily Target 2X Long OKLO 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 July 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Investments:
                        
  Common Stocks
  
$
995,824
    
$
–
    
$
–
    
$
995,824
  
  Money Market Funds
    
1,523,873
      
–
      
–
      
1,523,873
  
Total Investments
  
$
2,519,697
    
$
–
    
$
–
    
$
2,519,697
  
   
Other Financial Instruments:
                                
  Total Return Swaps*
  
$
–
    
$
493,942
    
$
–
    
$
493,942
  
Total Other Financial Instruments
  
$
–
    
$
493,942
    
$
–
    
$
493,942
  
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.