Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

Defiance Daily 2X Space ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily 2X Space ETF

Ticker: SPCL (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily 2X Space ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/spcl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily 2X Space ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily 2X Space ETF	$9	1.29%*

The Fund commenced operations April 7, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (4/7/2026)
Defiance Daily 2X Space ETF - at NAV	7.67%
S&P 500® Total Return Index	9.00%

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

Visit https://www.defianceetfs.com/spcl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (April 7, 2026) through April 30, 2026, SPCL had a NAV total return of 7.67%. SPCL seeks to deliver twice the daily performance of an index of pure-play space industry companies. The fund's very short operating history limits the available performance data.

What factors influenced performance?

Given its very brief operating history of approximately three weeks, SPCL's performance to date primarily reflects initial market conditions at launch and early investor positioning. The fund's underlying space sector index is broadly influenced by commercial launch activity, satellite deployment trends, government space program spending, and investor sentiment toward commercial space exploration companies.

Defiance Daily 2X Space ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$1,077
Number of Holdings	22
Total Advisory Fee	$1,009
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.

Top Holdings	(% of Net Assets)
United States Treasury Bills	35.2
First American Government Obligations Fund - Class X, 3.56%	11.0
AST SpaceMobile, Inc. Swap; Maturity Date: 05/10/2027	2.7
AST SpaceMobile, Inc. Swap; Maturity Date: 04/08/2033	2.6
EchoStar Corp. Swap; Maturity Date: 04/07/2033	1.5
EchoStar Corp. Swap; Maturity Date: 05/10/2027	1.1
Globalstar Inc. Swap; Maturity Date: 05/10/2027	1.1
Globalstar, Inc. Swap; Maturity Date: 07/07/2033	-1.0
Hexcel Corp. Swap; Maturity Date: 05/10/2027	0.9
Hexcel Corp. Swap; Maturity Date: 04/07/2033	-0.9

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/spcl .

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Defiance 2X Daily Long Pure Drone and Aerial Automation ETF Tailored Shareholder Report

annual shareholder report April 30, 2026

Defiance 2X Daily Long Pure Drone and Aerial Automation ETF

Ticker: DRNL (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance 2X Daily Long Pure Drone and Aerial Automation ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/drnl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance 2X Daily Long Pure Drone and Aerial Automation ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance 2X Daily Long Pure Drone and Aerial Automation ETF	$24	1.86%*

The Fund commenced operations March 2, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance 2X Daily Long Pure Drone and Aerial Automation ETF	S&P 500® Total Return Index
3/2/2026	10000.0	10000.0
3/31/2026	5678.0	9497.0
4/30/2026	5758.0	10494.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (3/2/2026)
Defiance 2X Daily Long Pure Drone and Aerial Automation ETF - at NAV	-42.41%
S&P 500® Total Return Index	4.94%

Visit https://www.defianceetfs.com/drnl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (March 2, 2026) through April 30, 2026, DRNL had a NAV total return of -42.41%. DRNL seeks to deliver twice the daily performance of an index focused on drone and aerial automation companies. The fund's 2x leverage magnifies the daily movements of its underlying index.

What factors influenced performance?

Drone and aerial automation stocks were constrained by increasing development costs, fierce margin compression within the sector, and shareholder dilution. Regulatory developments limiting broader commercial drone operations, government procurement activity, and quarterly results from constituent companies shaped index performance that DRNL amplifies through its daily 2x leverage.

Defiance 2X Daily Long Pure Drone and Aerial Automation ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$115
Number of Holdings	13
Total Advisory Fee	$957
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	52.0
First American Government Obligations Fund - Class X, 3.56%	9.9
Unusual Machines, Inc. Swap; Maturity Date: 09/08/2028	2.7
Eve Holding, Inc. Swap; Maturity Date: 09/08/2028	2.3
Joby Aviation, Inc. Swap; Maturity Date: 09/08/2028	2.0
Ondas Holdings, Inc. Swap; Maturity Date: 09/08/2028	1.9
AeroVironment, Inc. Swap; Maturity Date: 09/08/2028	1.5
EHang Holdings, Ltd Swap; Maturity Date: 09/08/2028	-1.5
Archer Aviation, Inc. Swap: Maturity Date: 09/08/2028	1.4
Kratos Defense & Security Solutions, Inc. Swap; Maturity Date: 09/08/2028	-1.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/drnl .

Householding

Defiance Daily Target 2X Long AMAT ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long AMAT ETF

Ticker: AMA (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long AMAT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/ama. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long AMAT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long AMAT ETF	$0	0.00%*

The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (4/30/2026)
Defiance Daily Target 2X Long AMAT ETF - at NAV	0.00%
S&P 500® Total Return Index	0.00%

Visit https://www.defianceetfs.com/ama for more recent performance information.

How did the Fund perform last year and what influenced its performance?

With inception on April 30, 2026, AMA had a NAV total return of 0.00%. AMA seeks to deliver twice the daily performance of AMAT (Applied Materials, Inc.). Any fluctuations in AMAT's stock price are magnified in AMA due to its 2x daily leverage.

What factors influenced performance?

Due to the Fund’s launch late in the reporting period, there was minimal operating activity to analyze for the Defiance Daily Target 2X Long AMAT ETF. As a result, performance and portfolio activity for the period were limited and may not be representative of the Fund’s ongoing investment strategy or future results.

Defiance Daily Target 2X Long AMAT ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$1,000
Number of Holdings	3
Total Advisory Fee	$0
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Applied Materials, Inc. Swap; Maturity Date: 11/30/2028	0.0
Applied Materials, Inc. Swap; Maturity Date: 05/01/2033	0.0
Applied Materials, Inc. Swap; Maturity Date: 07/10/2028	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/ama .

Householding

Defiance Daily Target 2X Long ANET ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long ANET ETF

Ticker: ANEL (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long ANET ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/anel. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long ANET ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long ANET ETF	$106	1.44%*

The Fund commenced operations September 3, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long ANET ETF	S&P 500® Total Return Index
9/3/2025	10000.0	10000.0
9/30/2025	10921.0	10382.0
10/31/2025	12378.0	10625.0
11/30/2025	8232.0	10651.0
12/31/2025	8095.0	10658.0
1/31/2026	9155.0	10812.0
2/28/2026	7876.0	10730.0
3/31/2026	6353.0	10196.0
4/30/2026	12192.0	11266.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (9/3/2025)
Defiance Daily Target 2X Long ANET ETF - at NAV	21.80%
S&P 500® Total Return Index	12.66%

Visit https://www.defianceetfs.com/anel for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (September 3, 2025) through April 30, 2026, ANEL had a NAV total return of 21.80%. ANEL seeks to deliver twice the daily performance of ANET (Arista Networks, Inc.). Fluctuations in ANET's stock price are magnified in ANEL through its 2x daily leverage.

What factors influenced performance?

Arista Networks' performance was driven by strong demand for its data center networking solutions, particularly from hyperscale cloud customers building AI infrastructure. Revenue growth, margin trends, and competitive positioning in high-speed networking influenced investor sentiment. The broader AI infrastructure investment cycle and cloud capex spending trends by major technology companies provided significant tailwinds for ANET's stock.

Defiance Daily Target 2X Long ANET ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$6,336
Number of Holdings	6
Total Advisory Fee	$49,944
Portfolio Turnover	272%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Arista Networks, Inc. Swap; Maturity Date: 09/08/2028	16.3
Arista Networks, Inc. Swap; Maturity Date: 01/11/2028	13.3
Arista Networks, Inc. Swap; Maturity Date: 09/14/2028	12.7
United States Treasury Bills	12.0
Arista Networks, Inc. Swap; Maturity Date: 02/01/2027	8.6
First American Government Obligations Fund - Class X, 3.56%	7.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/anel .

Householding

Defiance Daily Target 2X Long AVAV ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long AVAV ETF

Ticker: AVXX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long AVAV ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/avxx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long AVAV ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long AVAV ETF	$40	1.30%*

The Fund commenced operations October 23, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long AVAV ETF	S&P 500® Total Return Index
10/23/2025	10000.0	10000.0
10/31/2025	10240.0	10152.0
11/30/2025	5664.0	10177.0
12/31/2025	3991.0	10184.0
1/31/2026	4798.0	10331.0
2/28/2026	3657.0	10253.0
3/31/2026	1741.0	9742.0
4/30/2026	1890.0	10764.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/23/2025)
Defiance Daily Target 2X Long AVAV ETF - at NAV	-81.10%
S&P 500® Total Return Index	7.64%

Visit https://www.defianceetfs.com/avxx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 23, 2025) through April 30, 2026, AVXX had a NAV total return of -81.10%. AVXX seeks to deliver twice the daily performance of AVAV (AeroVironment, Inc.). The fund's 2x leverage magnifies AVAV's daily stock movements in AVXX.

What factors influenced performance?

AeroVironment's stock performance was shaped by defense contract awards, demand for unmanned aerial systems (UAS) from the U.S. military and allied forces, and the growing role of drones in modern warfare. The company's product pipeline, including loitering munitions and tactical UAS platforms, and the broader defense spending environment influenced investor sentiment. Geopolitical developments affecting defense procurement drove episodic stock volatility.

Defiance Daily Target 2X Long AVAV ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$9,266
Number of Holdings	7
Total Advisory Fee	$37,629
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	18.0
First American Government Obligations Fund - Class X, 3.56%	4.7
AeroVironment, Inc., Swap; Maturity Date: 03/31/2033	3.3
AeroVironment, Inc., Swap; Maturity Date: 10/27/2028	3.0
AeroVironment, Inc., Swap; Maturity Date: 11/01/2028	2.7
AeroVironment, Inc., Swap; Maturity Date: 12/07/2027	0.1
AeroVironment, Inc., Swap; Maturity Date: 03/18/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/avxx .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 23, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long AVGO ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long AVGO ETF

Ticker: AVGX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long AVGO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/avgx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long AVGO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long AVGO ETF	$146	1.30%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long AVGO ETF	S&P 500® Total Return Index
8/21/2024	10000.0	10000.0
8/31/2024	9540.0	10052.0
9/30/2024	10286.0	10267.0
10/31/2024	9739.0	10174.0
11/30/2024	8718.0	10771.0
12/31/2024	16333.0	10514.0
1/31/2025	13930.0	10807.0
2/28/2025	10980.0	10666.0
3/31/2025	7466.0	10065.0
4/30/2025	9155.0	9997.0
5/31/2025	14166.0	10626.0
6/30/2025	18062.0	11167.0
7/31/2025	20105.0	11417.0
8/31/2025	20200.0	11649.0
9/30/2025	24156.0	12074.0
10/31/2025	29269.0	12356.0
11/30/2025	33754.0	12387.0
12/31/2025	24014.0	12394.0
1/31/2026	21510.0	12574.0
2/28/2026	19548.0	12478.0
3/31/2026	17924.0	11857.0
4/30/2026	31731.0	13101.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (8/21/2024)
Defiance Daily Target 2X Long AVGO ETF - at NAV	246.52%	98.00%
S&P 500® Total Return Index	31.05%	17.33%

Visit https://www.defianceetfs.com/avgx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, AVGX had a NAV total return of 246.52%. AVGX seeks to deliver twice the daily performance of AVGO (Broadcom Inc.). Fluctuations in AVGO's stock price are magnified in AVGX due to its leveraged structure.

What factors influenced performance?

Broadcom's performance was driven by strong demand for its custom AI accelerator chips and networking semiconductors, particularly from hyperscaler customers. The company's growing AI revenue, strategic acquisitions, and results from its VMware integration shaped investor sentiment. Broader semiconductor sector trends, interest rate movements, and macro conditions also contributed to stock volatility amplified through AVGX's 2x leverage.

Defiance Daily Target 2X Long AVGO ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$164,772
Number of Holdings	9
Total Advisory Fee	$1,902,746
Portfolio Turnover	34,201%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Broadcom, Inc. Swap; Maturity Date: 10/03/2028	24.8
United States Treasury Bills	12.7
Broadcom, Inc. Swap; Maturity Date: 09/08/2028	9.0
Broadcom, Inc. Swap; Maturity Date: 01/31/2033	7.6
Broadcom, Inc. Swap; Maturity Date: 03/31/2033	6.9
Broadcom, Inc. Swap; Maturity Date: 12/14/2027	5.2
Broadcom, Inc. Swap; Maturity Date: 09/16/2028	4.4
Broadcom, Inc. Swap; Maturity Date: 05/03/2027	3.6
First American Government Obligations Fund - Class X, 3.56%	1.4

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/avgx .

Householding

Defiance Daily Target 2X Long B ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long B ETF

Ticker: BU (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long B ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/bu. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long B ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long B ETF	$63	1.45%*

The Fund commenced operations November 18, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long B ETF	S&P 500® Total Return Index
11/18/2025	10000.0	10000.0
11/30/2025	11901.0	10354.0
12/31/2025	12907.0	10361.0
1/31/2026	13731.0	10511.0
2/28/2026	16680.0	10431.0
3/31/2026	10339.0	9911.0
4/30/2026	9396.0	10951.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/18/2025)
Defiance Daily Target 2X Long B ETF - at NAV	-6.15%
S&P 500® Total Return Index	9.51%

Visit https://www.defianceetfs.com/bu for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 18, 2025) through April 30, 2026, BU had a NAV total return of -6.15%. BU seeks to deliver twice the daily performance of B (Barrick Mining Corp.). The fund's 2x leverage magnifies B's daily stock movements in BU.

The Fund ceased trading on The Nasdaq Stock Market, LLC and was closed to Investors as of the close of regular trading on June 8, 2026. Liquidation ensued on June 12, 2026.

What factors influenced performance?

Barrick Mining’s stock performance was influenced by gold and copper price movements, production trends across its global mining operations, and progress on strategic growth initiatives. Investor sentiment was driven by operational performance, capital allocation decisions, and developments related to its planned North American asset IPO. Broader macroeconomic conditions, including inflation expectations, interest rate policy, and demand for precious metals contributed to stock volatility amplified through BU's 2x leverage.

Defiance Daily Target 2X Long B ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$563
Number of Holdings	7
Total Advisory Fee	$7,282
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
First American Government Obligations Fund - Class X, 3.56%	25.6
United States Treasury Bills	16.0
Barrick Mining Corp. Swap; Maturity Date: 01/11/2028	2.1
Barrick Mining Corp. Swap; Maturity Date: 12/01/2026	1.2
Barrick Mining Corp. Swap; Maturity Date: 01/11/2027	-1.0
Barrick Mining Corp. Swap; Maturity Date: 11/17/2028	1.0
Barrick Mining Corp. Swap; Maturity Date: 03/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/bu .

Householding

Defiance Daily Target 2X Long Copper Miners ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long Copper Miners ETF

Ticker: COPZ (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long Copper Miners ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/copz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long Copper Miners ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long Copper Miners ETF	$44	0.97%*

The Fund commenced operations February 17, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long Copper Miners ETF	S&P 500® Total Return Index
2/17/2026	10000.0	10000.0
2/28/2026	12614.0	10056.0
3/31/2026	7595.0	9556.0
4/30/2026	8017.0	10558.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (2/17/2026)
Defiance Daily Target 2X Long Copper Miners ETF - at NAV	-19.80%
S&P 500® Total Return Index	5.58%

Visit https://www.defianceetfs.com/copz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (February 17, 2026) through April 30, 2026, COPZ had a NAV total return of -19.80%. COPZ seeks to deliver twice the daily performance of an index of copper mining companies. The fund's 2x leverage magnifies the daily movements of its underlying index.

What factors influenced performance?

Copper mining stocks were influenced by global copper prices, which are sensitive to industrial demand trends—particularly from electric vehicle production, renewable energy infrastructure, and construction activity. Supply-side dynamics including mine production levels, labor disputes, and geopolitical risks in key copper-producing regions such as Chile and Peru affected stock performance. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.

Defiance Daily Target 2X Long Copper Miners ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$3,688
Number of Holdings	7
Total Advisory Fee	$4,734
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.4
First American Government Obligations Fund - Class X, 3.56%	11.3
Global X Copper Miners ETF Swap; Maturity Date: 09/08/2028	5.5
Global X Copper Miners ETF Swap; Maturity Date: 02/16/2029	5.0
Global X Copper Miners ETF Swap; Maturity Date: 03/28/2028	2.0
Global X Copper Miners ETF Swap; Maturity Date: 03/31/2033	0.3
Global X Copper Miners ETF Swap; Maturity Date: 01/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/copz .

Householding

Defiance Daily Target 2X Long CVNA ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long CVNA ETF

Ticker: CVNX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long CVNA ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/cvnx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long CVNA ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long CVNA ETF	$122	1.35%*

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

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long CVNA ETF	S&P 500® Total Return Index
5/28/2025	10000.0	10000.0
5/31/2025	10410.0	10040.0
6/30/2025	10667.0	10551.0
7/31/2025	13721.0	10788.0
8/31/2025	12127.0	11006.0
9/30/2025	12178.0	11408.0
10/31/2025	7498.0	11675.0
11/30/2025	10630.0	11704.0
12/31/2025	13045.0	11711.0
1/31/2026	11059.0	11881.0
2/28/2026	7321.0	11791.0
3/31/2026	6173.0	11203.0
4/30/2026	9456.0	12379.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (5/28/2025)
Defiance Daily Target 2X Long CVNA ETF - at NAV	-5.46%
S&P 500® Total Return Index	23.79%

Visit https://www.defianceetfs.com/cvnx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (May 28, 2025) through April 30, 2026, CVNX had a NAV total return of -5.46%. CVNX seeks to deliver twice the daily performance of CVNA (Carvana Co.). Fluctuations in CVNA's stock price are magnified in CVNX through its 2x daily leverage.

What factors influenced performance?

Carvana's stock performance was shaped by used car market conditions, the company's unit economics, and its progress managing debt obligations. Broader consumer spending trends, interest rates affecting auto financing, and competitive dynamics in online used car retail drove investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple of CVNA's cumulative return.

Defiance Daily Target 2X Long CVNA ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$4,065
Number of Holdings	7
Total Advisory Fee	$39,050
Portfolio Turnover	16,967%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Carvana Co. Swap; Maturity Date: 03/18/2033	12.4
Carvana Co. Swap; Maturity Date: 11/16/2027	10.0
United States Treasury Bills	9.3
Carvana Co. Swap; Maturity Date: 09/08/2028	7.6
Carvana Co. Swap; Maturity Date: 06/26/2026	7.5
Carvana Co. Swap; Maturity Date: 03/31/2033	7.0
First American Government Obligations Fund - Class X, 3.56%	4.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/cvnx .

Fund Changes

The Fund ceased trading on The Nasdaq Stock Market, LLC and was closed to Investors as of the close of regular trading on June 8, 2026. Liquidation ensued on June 12, 2026.

Householding

Defiance Daily Target 2X Long DKNG ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long DKNG ETF

Ticker: DKNX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long DKNG ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/dknx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long DKNG ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long DKNG ETF	$58	1.31%*

The Fund commenced operations July 30, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long DKNG ETF	S&P 500® Total Return Index
7/30/2025	10000.0	10000.0
7/31/2025	9672.0	9964.0
8/31/2025	10711.0	10166.0
9/30/2025	6284.0	10537.0
10/31/2025	4023.0	10784.0
11/30/2025	4537.0	10810.0
12/31/2025	4776.0	10817.0
1/31/2026	2913.0	10973.0
2/28/2026	2062.0	10890.0
3/31/2026	1637.0	10348.0
4/30/2026	1843.0	11434.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (7/30/2025)
Defiance Daily Target 2X Long DKNG ETF - at NAV	-81.57%
S&P 500® Total Return Index	14.34%

Visit https://www.defianceetfs.com/dknx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (July 30, 2025) through April 30, 2026, DKNX had a NAV total return of -81.57%. DKNX seeks to deliver twice the daily performance of DKNG (DraftKings Inc.). The fund's 2x leverage magnifies DKNG's daily stock movements in DKNX.

What factors influenced performance?

DraftKings' performance was shaped by sports betting handle growth, state-by-state regulatory expansion of legal sports wagering, and competitive dynamics within the online gambling industry. Quarterly results, user acquisition costs, and the company's path to profitability influenced investor sentiment. Broader market conditions and legislative developments in online gambling regulation added to stock volatility.

Defiance Daily Target 2X Long DKNG ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$5,085
Number of Holdings	8
Total Advisory Fee	$50,764
Portfolio Turnover	1,984%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.8
First American Government Obligations Fund - Class X, 3.56%	8.2
DraftKings, Inc. Swap; Maturity Date: 09/15/2026	3.0
DraftKings, Inc. Swap; Maturity Date: 01/23/2029	2.6
DraftKings, Inc. Swap; Maturity Date: 03/18/2033	1.8
DraftKings, Inc. Swap; Maturity Date: 09/04/2026	1.3
DraftKings, Inc. Swap; Maturity Date: 03/31/2033	0.9
DraftKings, Inc. Swap; Maturity Date: 01/25/2028	0.6

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/dknx .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC. on March 20, 2026, the Fund effected a 1:5 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long HIMS ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long HIMS ETF

Ticker: HIMZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long HIMS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/himz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long HIMS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long HIMS ETF	$77	1.32%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long HIMS ETF	S&P 500® Total Return Index
3/12/2025	10000.0	10000.0
3/31/2025	7083.0	10030.0
4/30/2025	7807.0	9962.0
5/31/2025	20250.0	10589.0
6/30/2025	10747.0	11127.0
7/31/2025	17681.0	11377.0
8/31/2025	6739.0	11608.0
9/30/2025	11293.0	12031.0
10/31/2025	6439.0	12313.0
11/30/2025	4656.0	12343.0
12/31/2025	2968.0	12351.0
1/31/2026	1951.0	12530.0
2/28/2026	498.0	12435.0
3/31/2026	841.0	11815.0
4/30/2026	1313.0	13055.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/12/2025)
Defiance Daily Target 2X Long HIMS ETF - at NAV	-83.18%	-83.18%
S&P 500® Total Return Index	31.05%	26.50%

Visit https://www.defianceetfs.com/himz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, HIMZ had a NAV total return of -83.18%. HIMZ seeks to deliver twice the daily performance of HIMS (Hims & Hers Health, Inc.). The fund's 2x leverage means that over periods longer than a day, compounding effects can lead to returns that deviate significantly from the expected multiple.

What factors influenced performance?

Hims & Hers Health's stock was shaped by regulatory developments around compounded GLP-1 medications, competitive pressures from traditional pharmaceutical companies, and the company's strategic pivots toward personalized treatment offerings. Revenue growth, subscriber metrics, and management's ability to adapt to the evolving telehealth and pharmaceutical regulatory landscape were key drivers of stock volatility.

Defiance Daily Target 2X Long HIMS ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$157,282
Number of Holdings	10
Total Advisory Fee	$1,596,613
Portfolio Turnover	33,431%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	14.4
Hims & Hers Health, Inc. Swap; Maturity Date: 09/08/2028	10.4
Hims & Hers Health, Inc. Swap; Maturity Date: 02/01/2027	10.2
Hims & Hers Health, Inc. Swap; Maturity Date: 01/11/2028	10.0
Hims & Hers Health, Inc. Swap; Maturity Date: 03/31/2033	9.6
Hims & Hers Health, Inc. Swap; Maturity Date: 10/01/2026	9.4
Hims & Hers Health, Inc. Swap; Maturity Date: 10/01/2026	8.3
Hims & Hers Health, Inc. Swap; Maturity Date: 03/18/2033	5.0
First American Government Obligations Fund - Class X, 3.56%	2.1
Hims & Hers Health, Inc. Swap; Maturity Date: 04/14/2031	1.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/himz .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC. on March 19, 2026, the Fund effected a 1:14 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long HOOD ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long HOOD ETF

Ticker: HOOX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long HOOD ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/hoox. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long HOOD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long HOOD ETF	$71	1.31%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long HOOD ETF	S&P 500® Total Return Index
3/18/2025	10000.0	10000.0
3/31/2025	10489.0	9998.0
4/30/2025	13126.0	9931.0
5/31/2025	22854.0	10556.0
6/30/2025	43781.0	11092.0
7/31/2025	51178.0	11341.0
8/31/2025	50213.0	11571.0
9/30/2025	90068.0	11994.0
10/31/2025	89561.0	12275.0
11/30/2025	63193.0	12305.0
12/31/2025	46912.0	12312.0
1/31/2026	35080.0	12491.0
2/28/2026	18528.0	12396.0
3/31/2026	14718.0	11778.0
4/30/2026	15177.0	13014.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/18/2025)
Defiance Daily Target 2X Long HOOD ETF - at NAV	15.62%	45.24%
S&P 500® Total Return Index	31.05%	26.58%

Visit https://www.defianceetfs.com/hoox for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, HOOX had a NAV total return of 15.62%. HOOX seeks to deliver twice the daily performance of HOOD (Robinhood Markets, Inc.). Any fluctuations in HOOD's stock price are magnified in HOOX through its 2x daily leverage.

What factors influenced performance?

Robinhood's stock performance was influenced by retail trading volumes sensitive to broader market volatility and investor engagement levels. The company's expansion into new products including credit cards, retirement accounts, and international markets, along with the regulatory environment for retail brokerage and cryptocurrency trading, shaped investor sentiment.

Defiance Daily Target 2X Long HOOD ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$14,835
Number of Holdings	8
Total Advisory Fee	$224,272
Portfolio Turnover	32,932%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.0
First American Government Obligations Fund - Class X, 3.56%	4.1
Robinhood Markets, Inc. Swap; Maturity Date: 02/02/2029	1.9
Robinhood Markets, Inc. Swap; Maturity Date: 10/01/2026	0.9
Robinhood Markets, Inc. Swap; Maturity Date: 03/18/2033	0.9
Robinhood Markets, Inc. Swap; Maturity Date: 09/08/2028	0.7
Robinhood Markets, Inc. Swap; Maturity Date: 03/31/2033	0.0
Robinhood Markets, Inc. Swap; Maturity Date: 11/16/2027	-0.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/hoox .

Fund Changes

After the close of trading on NYSE Arca, Inc. on March 19, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

After the close of trading on NYSE Arca, Inc. on December 8, 2025, the Fund effected a 4:1 forward split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long IONQ ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long IONQ ETF

Ticker: IONX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long IONQ ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/ionx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long IONQ ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long IONQ ETF	$66	1.37%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long IONQ ETF	S&P 500® Total Return Index
3/11/2025	10000.0	10000.0
3/31/2025	12534.0	10079.0
4/30/2025	17254.0	10011.0
5/31/2025	32317.0	10641.0
6/30/2025	34906.0	11182.0
7/31/2025	28235.0	11433.0
8/31/2025	30655.0	11665.0
9/30/2025	58617.0	12090.0
10/31/2025	52840.0	12373.0
11/30/2025	29358.0	12404.0
12/31/2025	22200.0	12411.0
1/31/2026	16525.0	12591.0
2/28/2026	13317.0	12496.0
3/31/2026	7105.0	11873.0
4/30/2026	15585.0	13119.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/11/25)
Defiance Daily Target 2X Long IONQ ETF - at NAV	-9.68%	47.74%
S&P 500® Total Return Index	31.05%	26.97%

Visit https://www.defianceetfs.com/ionx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, IONX had a NAV total return of -9.68%. IONX seeks to deliver twice the daily performance of IONQ (IonQ, Inc.). High volatility in IONQ's stock can exacerbate compounding effects, leading to greater divergence from the expected 2x multiple over time.

What factors influenced performance?

IONQ's stock was influenced by developments in the commercial quantum computing market, including new customer contracts, government initiatives, and technology milestones. Skepticism from industry peers regarding near-term quantum computing viability was balanced against strategic investments and insider confidence. Quarterly financial results and revenue growth relative to expectations drove episodic volatility amplified through IONX's leveraged structure.

Defiance Daily Target 2X Long IONQ ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$288,070
Number of Holdings	10
Total Advisory Fee	$1,885,789
Portfolio Turnover	33,055%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
IonQ, Inc. Swap; Maturity Date: 03/18/2033	14.0
IonQ, Inc. Swap; Maturity Date: 11/23/2027	13.0
United States Treasury Bills	9.9
IonQ, Inc. Swap; Maturity Date: 03/31/2033	8.2
First American Government Obligations Fund - Class X, 3.56%	8.1
IonQ, Inc. Swap; Maturity Date: 02/02/2029	8.0
IonQ, Inc. Swap; Maturity Date: 09/08/2028	7.9
IonQ, Inc. Swap; Maturity Date: 01/31/2033	7.9
IonQ, Inc. Swap; Maturity Date: 07/01/2027	6.0
IonQ, Inc. Swap; Maturity Date: 04/14/2031	1.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/ionx .

Fund Changes

After the close of trading on The Nasdaq Stock Market LLC. on March 19, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

After the close of trading on The Nasdaq Stock Market LLC.. on December 8, 2025, the Fund effected a 2:1 forward split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long IREN ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long IREN ETF

Ticker: IRE (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long IREN ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/ire. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long IREN ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long IREN ETF	$45	1.35%*

The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long IREN ETF	S&P 500® Total Return Index
10/20/2025	10000.0	10000.0
10/31/2025	10078.0	10158.0
11/30/2025	5431.0	10183.0
12/31/2025	2969.0	10189.0
1/31/2026	5277.0	10337.0
2/28/2026	2649.0	10258.0
3/31/2026	1640.0	9747.0
4/30/2026	2669.0	10770.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/20/2025)
Defiance Daily Target 2X Long IREN ETF - at NAV	-73.32%
S&P 500® Total Return Index	7.70%

Visit https://www.defianceetfs.com/ire for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 20, 2025) through April 30, 2026, IRE had a NAV total return of -73.32%. IRE seeks to deliver twice the daily performance of IREN (IREN Limited, formerly Iris Energy). The fund's 2x leverage magnifies IREN's daily stock movements in IRE.

What factors influenced performance?

IREN's stock performance was driven by Bitcoin mining economics including Bitcoin price levels, network difficulty, and the post-halving impact on mining profitability. The company's expansion into AI cloud computing services using its high-performance computing infrastructure provided an additional revenue driver. Energy costs, hash rate growth, and broader cryptocurrency market sentiment influenced stock volatility amplified through IRE's 2x leverage.

Defiance Daily Target 2X Long IREN ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$311,599
Number of Holdings	10
Total Advisory Fee	$1,617,103
Portfolio Turnover	80%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
IREN Limited Swap; Maturity Date: 11/23/2027	12.3
United States Treasury Bills	9.7
IREN Limited Swap; Maturity Date: 10/19/2028	9.4
IREN Limited Swap; Maturity Date: 11/01/2028	9.3
IREN Limited Swap; Maturity Date: 01/31/2033	8.2
IREN Limited Swap; Maturity Date: 03/18/2033	8.0
First American Government Obligations Fund - Class X, 3.56%	2.4
IREN Limited Swap; Maturity Date: 02/01/2028	2.2
IREN Limited Swap; Maturity Date: 03/31/2033	1.4
IREN Limited Swap; Maturity Date: 04/14/2031	-0.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/ire .

Fund Changes

After the close of trading on NYSE Arca, Inc. on March 20, 2026, the Fund effected a 1:4 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long KEEL ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long KEEL ETF

Ticker: KEEX (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long KEEL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/keex. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long KEEL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long KEEL ETF	$44	1.35%*

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

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long KEEL ETF	S&P 500® Total Return Index
12/29/2025	10000.0	10000.0
12/31/2025	9099.0	9914.0
1/31/2026	8341.0	10057.0
2/28/2026	6336.0	9981.0
3/31/2026	4463.0	9484.0
4/30/2026	9532.0	10479.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (12/29/2025)
Defiance Daily Target 2X Long KEEL ETF - at NAV	-4.71%
S&P 500® Total Return Index	4.79%

Visit https://www.defianceetfs.com/keex for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (December 29, 2025) through April 30, 2026, KEEX had a NAV total return of -4.71%. KEEX seeks to deliver twice the daily performance of KEEL (Keel Infrastructure Corp.). The fund's 2x leverage magnifies KEEL's daily stock movements in KEEX.

What factors influenced performance?

The underlying stock's performance was shaped by company-specific developments, financial results, and broader sector dynamics relevant to its business operations. The fund's 2x daily leverage reset means that performance over periods longer than one day will deviate from a simple 2x multiple of the underlying stock's cumulative return, particularly during periods of elevated volatility.

Defiance Daily Target 2X Long KEEL ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$3,811
Number of Holdings	7
Total Advisory Fee	$6,491
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Keel Infrastructure Corp. Swap; Maturity Date: 01/31/2033	7.5
Keel Infrastructure Corp. Swap; Maturity Date: 02/08/2028	7.3
Keel Infrastructure Corp. Swap; Maturity Date: 09/08/2028	6.9
United States Treasury Bills	6.3
Keel Infrastructure Corp. Swap; Maturity Date: 12/28/2028	1.5
First American Government Obligations Fund - Class X, 3.56%	1.5
Keel Infrastructure Corp. Swap; Maturity Date: 04/29/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/keex .

Fund Changes

After the close of trading on Cboe BZX Exchange, Inc. on March 20, 2026, the Fund effected a 1:2 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long LLY ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long LLY ETF

Ticker: LLYX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long LLY ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/llyx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long LLY ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long LLY ETF	$67	1.48%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long LLY ETF	S&P 500® Total Return Index
8/7/2024	10000.0	10000.0
8/31/2024	15121.0	10877.0
9/30/2024	12643.0	11109.0
10/31/2024	10871.0	11008.0
11/30/2024	9780.0	11655.0
12/31/2024	9062.0	11377.0
1/31/2025	9774.0	11694.0
2/28/2025	12447.0	11541.0
3/31/2025	9803.0	10891.0
4/30/2025	11117.0	10817.0
5/31/2025	7197.0	11498.0
6/30/2025	7909.0	12082.0
7/31/2025	6979.0	12354.0
8/31/2025	6534.0	12604.0
9/30/2025	6961.0	13064.0
10/31/2025	8696.0	13370.0
11/30/2025	13295.0	13403.0
12/31/2025	13085.0	13411.0
1/31/2026	11947.0	13605.0
2/28/2026	11925.0	13502.0
3/31/2026	8905.0	12830.0
4/30/2026	8955.0	14176.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (8/7/2024)
Defiance Daily Target 2X Long LLY ETF - at NAV	-19.45%	-6.19%
S&P 500® Total Return Index	31.05%	22.37%

Visit https://www.defianceetfs.com/llyx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, LLYX had a NAV total return of -19.45%. LLYX seeks to deliver twice the daily performance of LLY (Eli Lilly and Company). Any fluctuations in LLY's stock price are magnified in LLYX due to its 2x daily leverage.

What factors influenced performance?

Eli Lilly's stock performance was driven by continued momentum in its weight-loss and diabetes drug portfolio, including tirzepatide (Mounjaro/Zepbound). Financial results, pipeline developments, and competitive dynamics within the GLP-1 drug market influenced investor sentiment throughout the fiscal year. Broader healthcare sector trends and macroeconomic conditions also affected LLY's valuation.

Defiance Daily Target 2X Long LLY ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$66,670
Number of Holdings	8
Total Advisory Fee	$653,222
Portfolio Turnover	28,390%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	32.7
First American Government Obligations Fund - Class X, 3.56%	10.6
Eli Lilly & Co. Swap; Maturity Date: 09/08/2028	5.7
Eli Lilly & Co. Swap; Maturity Date: 10/16/2028	4.2
Eli Lilly & Co. Swap; Maturity Date: 10/14/2028	4.1
Eli Lilly & Co. Swap; Maturity Date: 03/31/2033	2.6
Eli Lilly & Co. Swap; Maturity Date: 10/29/2026	2.2
Eli Lilly & Co. Swap; Maturity Date: 10/01/2026	1.6

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/llyx .

Householding

Defiance Daily Target 2X Long LMND ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long LMND ETF

Ticker: LMNX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long LMND ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/lmnx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long LMND ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long LMND ETF	$65	1.42%*

The Fund commenced operations October 15, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long LMND ETF	S&P 500® Total Return Index
10/15/2025	10000.0	10000.0
10/31/2025	12537.0	10256.0
11/30/2025	18813.0	10281.0
12/31/2025	14840.0	10287.0
1/31/2026	20648.0	10436.0
2/28/2026	6617.0	10357.0
3/31/2026	9089.0	9841.0
4/30/2026	6868.0	10874.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/15/25)
Defiance Daily Target 2X Long LMND ETF - at NAV	-31.34%
S&P 500® Total Return Index	8.74%

Visit https://www.defianceetfs.com/lmnx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 15, 2025) through April 30, 2026, LMNX had a NAV total return of -31.34%. LMNX seeks to deliver twice the daily performance of LMND (Lemonade, Inc.). The fund's 2x daily leverage magnifies both gains and losses relative to LMND's daily stock movements.

What factors influenced performance?

Lemonade's stock performance was shaped by its growth in insurance premiums, loss ratio improvements, and the company's path toward profitability in its AI-driven insurance model. Competitive dynamics in the insurtech space, broader interest rate impacts on insurance pricing, and quarterly financial results relative to investor expectations drove stock volatility amplified through LMNX's leveraged structure.

Defiance Daily Target 2X Long LMND ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$5,768
Number of Holdings	8
Total Advisory Fee	$32,254
Portfolio Turnover	124%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	12.6
First American Government Obligations Fund - Class X, 3.56%	6.1
Lemonade, Inc. Swap; Maturity Date: 10/20/2028	3.0
Lemonade, Inc. Swap; Maturity Date: 09/08/2028	2.9
Lemonade, Inc. Swap; Maturity Date: 01/04/2028	2.8
Lemonade, Inc. Swap; Maturity Date: 03/31/2033	2.7
Lemonade, Inc. Swap; Maturity Date: 03/18/2033	0.0
Lemonade, Inc. Swap; Maturity Date: 01/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/lmnx .

Householding

Defiance Daily Target 2X Long LUNR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long LUNR ETF

Ticker: LUNL (Listed on Cboe BZX Exchange, Inc..)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long LUNR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/lunl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long LUNR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long LUNR ETF	$40	1.34%*

The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long LUNR ETF	S&P 500® Total Return Index
1/12/2026	10000.0	10000.0
1/31/2026	8759.0	9949.0
2/28/2026	5353.0	9873.0
3/31/2026	5865.0	9382.0
4/30/2026	9770.0	10366.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (1/12/2026)
Defiance Daily Target 2X Long LUNR ETF - at NAV	-2.31%
S&P 500® Total Return Index	3.66%

Visit https://www.defianceetfs.com/lunl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (January 12, 2026) through April 30, 2026, LUNL had a NAV total return of -2.31%. LUNL seeks to deliver twice the daily performance of LUNR (Intuitive Machines, Inc.). The fund's 2x leverage magnifies LUNR's daily stock movements in LUNL.

What factors influenced performance?

Intuitive Machines' stock was driven by NASA contract activity under the Commercial Lunar Payload Services (CLPS) program, mission outcomes, and the company's positioning in lunar logistics and infrastructure. Broader investor sentiment toward commercial space exploration and government spending on lunar programs influenced stock performance. Mission announcements and outcomes drove episodic volatility amplified through LUNL's 2x leverage.

Defiance Daily Target 2X Long LUNR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$45,524
Number of Holdings	8
Total Advisory Fee	$41,819
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Intuitive Machines, Inc. Swap; Maturity Date: 01/31/2033	6.0
Intuitive Machines, Inc. Swap; Maturity Date: 02/22/2028	4.8
Intuitive Machines, Inc. Swap; Maturity Date: 09/08/2028	4.7
First American Government Obligations Fund - Class X, 3.56%	4.2
Intuitive Machines, Inc. Swap; Maturity Date: 01/12/2029	2.3
United States Treasury Bills	1.7
Intuitive Machines, Inc. Swap; Maturity Date: 03/30/2033	0.0*
Intuitive Machines, Inc. Swap; Maturity Date: 04/29/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

*	Less than 0.05%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/lunl .

Householding

Defiance Daily Target 2X Long MP ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long MP ETF

Ticker: MPL (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long MP ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/mpl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long MP ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long MP ETF	$100	2.68%*

The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long MP ETF	S&P 500® Total Return Index
10/20/2025	10000.0	10000.0
10/31/2025	5600.0	10158.0
11/30/2025	4943.0	10183.0
12/31/2025	3154.0	10189.0
1/31/2026	3979.0	10337.0
2/28/2026	3796.0	10258.0
3/31/2026	2374.0	9747.0
4/30/2026	4167.0	10770.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/20/25)
Defiance Daily Target 2X Long MP ETF - at NAV	-58.35%
S&P 500® Total Return Index	7.70%

Visit https://www.defianceetfs.com/mpl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 20, 2025) through April 30, 2026, MPL had a NAV total return of -58.35%. MPL seeks to deliver twice the daily performance of MP (MP Materials Corp.). The fund's 2x daily leverage magnifies both gains and losses relative to MP's daily stock movements.

What factors influenced performance?

MP Materials' stock performance was influenced by rare earth element pricing dynamics, the company's progress expanding its processing and magnet manufacturing capabilities, and the strategic importance of domestic rare earth supply chains for defense and clean energy applications. U.S. government policy supporting critical minerals production and competitive dynamics with international rare earth producers shaped investor sentiment.

Defiance Daily Target 2X Long MP ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$5,665
Number of Holdings	7
Total Advisory Fee	$46,364
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	12.3
MP Materials Corp. Swap; Maturity Date: 03/31/2033	9.4
MP Materials Corp. Swap; Maturity Date: 11/01/2028	7.6
MP Materials Corp. Swap; Maturity Date: 10/25/2028	7.4
MP Materials Corp. Swap; Maturity Date: 11/23/2027	7.3
First American Government Obligations Fund - Class X, 3.56%	5.4
MP Materials Corp. Swap; Maturity Date: 03/18/2033	5.4

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/mpl .

Fund Changes

After the close of trading on NYSE Arca, Inc. on March 20, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long MRNA ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long MRNA ETF

Ticker: MRNX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long MRNA ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/mrnx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long MRNA ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long MRNA ETF	$33	1.34%*

The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long MRNA ETF	S&P 500® Total Return Index
2/3/2026	10000.0	10000.0
2/28/2026	15605.0	9954.0
3/31/2026	13138.0	9458.0
4/30/2026	10400.0	10451.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (2/3/2026)
Defiance Daily Target 2X Long MRNA ETF - at NAV	3.96%
S&P 500® Total Return Index	4.51%

Visit https://www.defianceetfs.com/mrnx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (February 3, 2026) through April 30, 2026, MRNX had a NAV total return of 3.96%. MRNX seeks to deliver twice the daily performance of MRNA (Moderna, Inc.). The fund's 2x leverage magnifies MRNA's daily stock movements in MRNX.

What factors influenced performance?

Moderna's stock performance was shaped by mRNA vaccine and therapeutic pipeline developments, including respiratory vaccine portfolio updates, oncology program progress, and revenue trends from its COVID-19 vaccine franchise. Competitive dynamics with Pfizer/BioNTech in respiratory vaccines and the broader pharmaceutical pipeline investor sentiment influenced stock movements. Clinical trial results and regulatory updates drove episodic volatility amplified through MRNX's leveraged structure.

Defiance Daily Target 2X Long MRNA ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$416
Number of Holdings	6
Total Advisory Fee	$3,046
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.6
Moderna, Inc. Swap; Maturity Date: 03/07/2028	6.4
First American Government Obligations Fund - Class X, 3.56%	4.3
Moderna, Inc. Swap; Maturity Date: 03/31/2033	4.0
Moderna, Inc. Swap; Maturity Date: 02/02/2029	0.3
Moderna, Inc. Swap; Maturity Date: 09/08/2028	0.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/mrnx .

Householding

Defiance Daily Target 2X Long MSTR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long MSTR ETF

Ticker: MSTX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long MSTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/mstx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long MSTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long MSTR ETF	$70	1.30%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long MSTR ETF	S&P 500® Total Return Index
8/14/2024	10000.0	10000.0
8/31/2024	9989.0	10364.0
9/30/2024	14501.0	10585.0
10/31/2024	25836.0	10489.0
11/30/2024	49589.0	11105.0
12/31/2024	24801.0	10840.0
1/31/2025	30698.0	11142.0
2/28/2025	16534.0	10997.0
3/31/2025	18206.0	10377.0
4/30/2025	27599.0	10307.0
5/31/2025	24769.0	10956.0
6/30/2025	28453.0	11513.0
7/31/2025	26483.0	11771.0
8/31/2025	17103.0	12010.0
9/30/2025	15083.0	12448.0
10/31/2025	9783.0	12739.0
11/30/2025	3906.0	12771.0
12/31/2025	2713.0	12778.0
1/31/2026	2454.0	12964.0
2/28/2026	1581.0	12865.0
3/31/2026	1376.0	12225.0
4/30/2026	2266.0	13507.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (8/14/2024)
Defiance Daily Target 2X Long MSTR ETF - at NAV	-91.79%	-58.04%
S&P 500® Total Return Index	31.05%	19.23%

Visit https://www.defianceetfs.com/mstx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, MSTX had a NAV total return of -91.79%. MSTX seeks to deliver twice the daily performance of MSTR (Strategy, Inc., formerly MicroStrategy). The fund's returns are closely tied to Bitcoin's price movements via MSTR's Bitcoin holdings.

What factors influenced performance?

Strategy's continued Bitcoin accumulation, fluctuations in Bitcoin's price, and broader cryptocurrency market sentiment were the primary performance drivers. The company's capital markets activity and regulatory developments in the digital asset space also influenced MSTR's stock. The daily leverage and volatility drag from compounding added meaningful deviation from a simple 2x multiple over the full year.

Defiance Daily Target 2X Long MSTR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$377,369
Number of Holdings	9
Total Advisory Fee	$8,912,516
Portfolio Turnover	3,157%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Strategy, Inc. Swap; Maturity Date: 10/05/2026	10.5
Strategy, Inc. Swap; Maturity Date: 11/08/2027	9.4
United States Treasury Bills	8.4
Strategy, Inc. Swap; Maturity Date: 09/22/2028	8.1
Strategy, Inc. Swap; Maturity Date: 03/18/2033	6.2
First American Government Obligations Fund - Class X, 3.56%	6.1
Strategy, Inc. Swap; Maturity Date: 10/01/2026	4.8
Strategy, Inc. Swap; Maturity Date: 01/31/2033	3.4
Dreyfus Government Cash Management - Class Institutional, 3.52%	0.0*

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/mstx .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:10 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long NOK ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long NOK ETF

Ticker: LNOK (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long NOK ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/lnok. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long NOK ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long NOK ETF	$183	1.30%*

The Fund commenced operations January 20, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long NOK ETF	S&P 500® Total Return Index
1/20/2026	10000.0	10000.0
1/31/2026	9912.0	10211.0
2/28/2026	14056.0	10134.0
3/31/2026	14721.0	9629.0
4/30/2026	35918.0	10640.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (1/20/2026)
Defiance Daily Target 2X Long NOK ETF - at NAV	259.08%
S&P 500® Total Return Index	6.40%

Visit https://www.defianceetfs.com/lnok for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (January 20, 2026) through April 30, 2026, LNOK had a NAV total return of 259.08%. LNOK seeks to deliver twice the daily performance of NOK (Nokia Corporation). The fund's 2x leverage magnifies NOK's daily stock movements in LNOK.

What factors influenced performance?

Nokia's stock performance was shaped by demand for its network infrastructure equipment, including 5G Radio Access Network (RAN) buildout activity, enterprise private networks, and government broadband initiatives. Competitive dynamics versus Ericsson and Huawei in global telecom equipment markets, quarterly financial results, and strategic restructuring progress influenced investor sentiment. The fund's compounding effects caused returns to deviate from a simple 2x multiple over the holding period.

Defiance Daily Target 2X Long NOK ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$26,572
Number of Holdings	6
Total Advisory Fee	$11,404
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	11.1
First American Government Obligations Fund - Class X, 3.56%	10.6
Nokia Oyj Swap; Maturity Date: 03/31/2033	9.9
Nokia Oyj Swap; Maturity Date: 02/22/2028	8.2
Nokia Oyj Swap; Maturity Date: 09/08/2028	7.6
Nokia Oyj Swap; Maturity Date: 01/19/2029	6.9

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/lnok .

Householding

Defiance Daily Target 2X Long NVO ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long NVO ETF

Ticker: NVOX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long NVO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/nvox. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long NVO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long NVO ETF	$82	1.30%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long NVO ETF	S&P 500® Total Return Index
12/2/2024	10000.0	10000.0
12/31/2024	5873.0	9737.0
1/31/2025	5483.0	10008.0
2/28/2025	6168.0	9877.0
3/31/2025	3601.0	9321.0
4/30/2025	3131.0	9257.0
5/31/2025	3517.0	9840.0
6/30/2025	3185.0	10341.0
7/31/2025	1322.0	10573.0
8/31/2025	1874.0	10787.0
9/30/2025	1770.0	11181.0
10/31/2025	1370.0	11442.0
11/30/2025	1321.0	11471.0
12/31/2025	1367.0	11478.0
1/31/2026	1803.0	11644.0
2/28/2026	642.0	11555.0
3/31/2026	638.0	10980.0
4/30/2026	817.0	12132.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (12/2/2024)
Defiance Daily Target 2X Long NVO ETF - at NAV	-73.92%	-83.11%
S&P 500® Total Return Index	31.05%	14.71%

Visit https://www.defianceetfs.com/nvox for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, NVOX had a NAV total return of -73.92%. NVOX seeks to deliver twice the daily performance of NVO (Novo Nordisk A/S). The fund's daily leverage reset means performance over multi-day periods will deviate from a simple 2x multiple, particularly in volatile markets.

What factors influenced performance?

Novo Nordisk's stock was influenced by competitive pressures in the GLP-1 weight-loss drug market, pipeline updates for next-generation obesity treatments, and clinical trial outcomes. Leadership transitions, U.S. pricing and regulatory dynamics for obesity drugs, and quarterly financial results affected investor confidence. Volatility drag from daily compounding further amplified these fluctuations on NVOX's returns.

Defiance Daily Target 2X Long NVO ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$45,208
Number of Holdings	9
Total Advisory Fee	$735,069
Portfolio Turnover	1,643%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	18.3
First American Government Obligations Fund - Class X, 3.56%	9.9
Novo Nordisk A/S Swap; Maturity Date: 10/06/2026	9.2
Novo Nordisk A/S Swap; Maturity Date: 03/31/2033	2.6
Novo Nordisk A/S Swap; Maturity Date: 09/28/2028	2.5
Novo Nordisk A/S Swap; Maturity Date: 08/25/2026	2.4
Novo Nordisk A/S Swap; Maturity Date: 01/31/2033	2.3
Novo Nordisk A/S Swap; Maturity Date: 12/31/2026	1.5
Novo Nordisk A/S Swap; Maturity Date: 09/24/2026	-0.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/nvox .

Fund Changes

After the close of trading on NYSE Arca, inc. on December 8, 2025, the Fund effected a 1:8 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long OKLO ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long OKLO ETF

Ticker: OKLL (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long OKLO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/okll. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long OKLO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long OKLO ETF	$97	1.45%*

The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long OKLO ETF	S&P 500® Total Return Index
6/23/2025	10000.0	10000.0
6/30/2025	10091.0	10300.0
7/31/2025	17352.0	10532.0
8/31/2025	14986.0	10745.0
9/30/2025	30078.0	11137.0
10/31/2025	36939.0	11398.0
11/30/2025	15290.0	11426.0
12/31/2025	8379.0	11433.0
1/31/2026	9356.0	11599.0
2/28/2026	5242.0	11511.0
3/31/2026	3019.0	10937.0
4/30/2026	5723.0	12085.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (6/23/2025)
Defiance Daily Target 2X Long OKLO ETF - at NAV	-42.78%
S&P 500® Total Return Index	20.85%

Visit https://www.defianceetfs.com/okll for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (June 23, 2025) through April 30, 2026, OKLL had a NAV total return of -42.78%. OKLL seeks to deliver twice the daily performance of OKLO (Oklo Inc.). Fluctuations in OKLO's stock price are magnified in OKLL due to its leveraged structure.

What factors influenced performance?

Oklo's stock performance was influenced by regulatory progress on its advanced fission reactor applications, partnerships with data center and AI infrastructure customers, and broader investor interest in nuclear energy as a clean power source. Government policy toward advanced nuclear technologies and the competitive landscape in next-generation nuclear power development drove stock volatility amplified through OKLL's 2x leverage.

Defiance Daily Target 2X Long OKLO ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$300,821
Number of Holdings	9
Total Advisory Fee	$1,404,461
Portfolio Turnover	55,886%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	7.6
Oklo, Inc. Swap; Maturity Date: 01/25/2028	7.3
Oklo, Inc. Swap; Maturity Date: 09/23/2026	6.8
Oklo, Inc. Swap; Maturity Date: 03/18/2033	6.8
Oklo, Inc. Swap; Maturity Date: 07/23/2026	5.9
Oklo, Inc. Swap; Maturity Date: 03/31/2033	5.6
Oklo, Inc. Swap; Maturity Date: 01/31/2033	5.5
Oklo, Inc. Swap; Maturity Date: 12/01/2026	4.3
First American Government Obligations Fund - Class X, 3.56%	4.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/okll .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 23, 2026, the Fund effected a 1:7 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long ONDS ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long ONDS ETF

Ticker: ONDL (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long ONDS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/ondl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long ONDS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long ONDS ETF	$42	1.32%*

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

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long ONDS ETF	S&P 500® Total Return Index
12/29/2025	10000.0	10000.0
12/31/2025	13161.0	9914.0
1/31/2026	12949.0	10057.0
2/28/2026	10515.0	9981.0
3/31/2026	7576.0	9484.0
4/30/2026	8668.0	10479.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (12/29/2025)
Defiance Daily Target 2X Long ONDS ETF - at NAV	-13.30%
S&P 500® Total Return Index	4.79%

Visit https://www.defianceetfs.com/ondl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (December 29, 2025) through April 30, 2026, ONDL had a NAV total return of -13.30%. ONDL seeks to deliver twice the daily performance of ONDS (Ondas Holdings, Inc.). The fund's 2x leverage magnifies ONDS's daily stock movements in ONDL.

What factors influenced performance?

Ondas Holdings' stock performance was driven by contract awards and deployment progress for its autonomous drone and industrial automation platforms, including its American Robotics and Ondas Networks subsidiaries. Defense and critical infrastructure sector demand for autonomous systems, partnership announcements, and quarterly revenue trends relative to expectations drove stock volatility amplified through ONDL's 2x leverage.

Defiance Daily Target 2X Long ONDS ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$51,846
Number of Holdings	8
Total Advisory Fee	$192,168
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	5.0
Ondas Holdings, Inc. Swap; Maturity Date: 09/08/2028	4.7
First American Government Obligations Fund - Class X, 3.56%	4.2
Ondas Holdings, Inc. Swap; Maturity Date: 01/31/2033	3.2
Ondas Holdings, Inc. Swap; Maturity Date: 02/08/2028	2.0
Ondas Holdings, Inc. Swap; Maturity Date: 12/28/2028	0.8
Ondas Holdings, Inc. Swap; Maturity Date: 03/30/2033	0.5
Ondas Holdings, Inc. Swap; Maturity Date: 04/14/2031	0.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/ondl .

Householding

Defiance Daily Target 2X Long ORCL ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long ORCL ETF

Ticker: ORCX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long ORCL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/orcx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long ORCL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long ORCL ETF	$60	1.30%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long ORCL ETF	S&P 500® Total Return Index
2/6/2025	10000.0	10000.0
2/28/2025	9125.0	9799.0
3/31/2025	6270.0	9247.0
4/30/2025	6126.0	9184.0
5/31/2025	8317.0	9762.0
6/30/2025	13995.0	10259.0
7/31/2025	18536.0	10489.0
8/31/2025	14335.0	10702.0
9/30/2025	19906.0	11092.0
10/31/2025	16820.0	11352.0
11/30/2025	9644.0	11380.0
12/31/2025	8616.0	11387.0
1/31/2026	6006.0	11552.0
2/28/2026	4492.0	11464.0
3/31/2026	4453.0	10893.0
4/30/2026	5182.0	12036.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (2/6/2025)
Defiance Daily Target 2X Long ORCL ETF - at NAV	-15.43%	-41.47%
S&P 500® Total Return Index	31.05%	16.30%

Visit https://www.defianceetfs.com/orcx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, ORCX had a NAV total return of -15.43%. ORCX seeks to deliver twice the daily performance of ORCL (Oracle Corporation). Fluctuations in Oracle's stock price are magnified in ORCX due to its leveraged structure.

What factors influenced performance?

Oracle's performance was driven by its cloud infrastructure growth, AI-related data center investments, and expansion of multi-cloud partnerships. The company's cloud revenue trajectory and involvement in government and enterprise AI workloads influenced investor sentiment. Broader cloud computing sector dynamics and interest rate sensitivity of tech valuations added to stock volatility.

Defiance Daily Target 2X Long ORCL ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$287,872
Number of Holdings	9
Total Advisory Fee	$2,020,937
Portfolio Turnover	1,829%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	33.1
Oracle Corp. Swap; Maturity Date: 01/23/2029	6.0
First American Government Obligations Fund - Class X, 3.56%	4.5
Oracle Corp. Swap; Maturity Date: 01/04/2028	3.8
Oracle Corp. Swap; Maturity Date: 09/08/2028	3.4
Oracle Corp. Swap; Maturity Date: 02/02/2029	2.7
Oracle Corp. Swap; Maturity Date: 02/01/2027	2.6
Oracle Corp. Swap; Maturity Date: 03/31/2033	2.2
Oracle Corp. Swap; Maturity Date: 10/01/2026	1.7

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/orcx .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC. on March 20, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long PL ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long PL ETF

Ticker: PLU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long PL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/plu. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long PL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long PL ETF	$66	1.42%*

The Fund commenced operations January 6, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long PL ETF	S&P 500® Total Return Index
1/6/2026	10000.0	10000.0
1/31/2026	12387.0	9997.0
2/28/2026	10650.0	9921.0
3/31/2026	12379.0	9427.0
4/30/2026	19686.0	10416.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (1/6/2026)
Defiance Daily Target 2X Long PL ETF - at NAV	96.85%
S&P 500® Total Return Index	4.16%

Visit https://www.defianceetfs.com/plu for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (January 6, 2026) through April 30, 2026, PLU had a NAV total return of 96.85%. PLU seeks to deliver twice the daily performance of PL (Planet Labs PBC). The fund's 2x leverage magnifies PL's daily stock movements in PLU.

What factors influenced performance?

Planet Labs' stock performance was influenced by growth in its satellite imagery subscription business, government and defense contract activity, and the competitive landscape in Earth observation data services. Quarterly revenue growth, customer retention metrics, and the company's path toward profitability drove investor sentiment. Broader interest in geospatial intelligence and satellite data applications contributed to stock movements amplified through PLU's 2x leverage.

Defiance Daily Target 2X Long PL ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$31,469
Number of Holdings	8
Total Advisory Fee	$28,579
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
Planet Labs PBC Swap; Maturity Date: 09/08/2028	5.5
Planet Labs PBC Swap; Maturity Date: 02/22/2028	5.3
Planet Labs PBC Swap; Maturity Date: 01/05/2029	5.1
First American Government Obligations Fund - Class X, 3.56%	4.0
Planet Labs PBC Swap; Maturity Date: 01/31/2033	2.7
United States Treasury Bills	2.6
Planet Labs PBC Swap; Maturity Date: 03/30/2033	0.2
Planet Labs PBC Swap; Maturity Date: 04/29/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/plu .

Householding

Defiance Daily Target 2X Long POET ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long POET ETF

Ticker: POEL (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long POET ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/poel. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long POET ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long POET ETF	$0	0.00%*

The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (4/30/2026)
Defiance Daily Target 2X Long POET ETF - at NAV	0.00%
S&P 500® Total Return Index	1.03%

Visit https://www.defianceetfs.com/poel for more recent performance information.

How did the Fund perform last year and what influenced its performance?

With inception on April 30, 2026, POEL had a NAV total return of 0.00%. POEL seeks to deliver twice the daily performance of POET (POET Technologies Inc.). Any fluctuations in POET's stock price are magnified in POEL due to its 2x daily leverage.

What factors influenced performance?

Due to the Fund’s launch late in the reporting period, there was minimal operating activity to analyze for the Defiance Daily Target 2X Long POET ETF. As a result, performance and portfolio activity for the period were limited and may not be representative of the Fund’s ongoing investment strategy or future results.

Defiance Daily Target 2X Long POET ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$1,000
Number of Holdings	3
Total Advisory Fee	$0
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
POET Technologies, Inc. Swap; Maturity Date: 05/01/2033	0.0
POET Technologies, Inc. Swap; Maturity Date: 07/10/2028	0.0
POET Technologies, Inc. Swap; Maturity Date: 11/30/2028	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/poel .

Householding

Defiance Daily Target 2X Long QS ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long QS ETF

Ticker: QSU (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long QS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/qsu. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long QS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long QS ETF	$39	1.32%*

The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long QS ETF	S&P 500® Total Return Index
10/20/2025	10000.0	10000.0
10/31/2025	12086.0	10158.0
11/30/2025	4808.0	10183.0
12/31/2025	3287.0	10189.0
1/31/2026	2226.0	10337.0
2/28/2026	1252.0	10258.0
3/31/2026	999.0	9747.0
4/30/2026	1241.0	10770.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (10/20/2025)
Defiance Daily Target 2X Long QS ETF - at NAV	-87.59%
S&P 500® Total Return Index	7.70%

Visit https://www.defianceetfs.com/qsu for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (October 20, 2025) through April 30, 2026, QSU had a NAV total return of -87.59%. QSU seeks to deliver twice the daily performance of QS (QuantumScape Corporation). The fund's 2x leverage magnifies QS's daily stock movements, which can be highly volatile given the early-stage nature of the underlying company.

What factors influenced performance?

QuantumScape's stock was driven by progress in its solid-state battery technology development, manufacturing scale-up milestones, and partnerships with automotive OEMs. Investor sentiment toward electric vehicle battery technology and the competitive landscape for next-generation energy storage solutions influenced stock performance. Quarterly updates on technical and commercial milestones relative to expectations drove episodic volatility amplified through QSU's leveraged structure.

Defiance Daily Target 2X Long QS ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$16,477
Number of Holdings	9
Total Advisory Fee	$95,087
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	19.2
First American Government Obligations Fund - Class X, 3.56%	7.8
QuantumScape Corp. Swap; Maturity Date: 11/01/2028	5.2
QuantumScape Corp. Swap; Maturity Date: 01/04/2028	4.1
QuantumScape Corp. Swap; Maturity Date: 03/18/2033	1.7
QuantumScape Corp. Swap; Maturity Date: 03/31/2033	1.6
QuantumScape Corp. Swap; Maturity Date: 10/19/2028	1.1
QuantumScape Corp. Swap; Maturity Date: 04/14/2031	0.8
QuantumScape Corp. Swap; Maturity Date: 01/31/2033	0.2

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/qsu .

Fund Changes

After the close of trading on NYSE Arca, Inc. on March 20, 2026, the Fund effected a 1:6 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long RKT ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long RKT ETF

Ticker: RKTL (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long RKT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/rktl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long RKT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long RKT ETF	$29	1.44%*

The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long RKT ETF	S&P 500® Total Return Index
1/12/2026	10000.0	10000.0
1/31/2026	5721.0	9949.0
2/28/2026	5578.0	9873.0
3/31/2026	3227.0	9382.0
4/30/2026	3256.0	10366.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (1/12/2026)
Defiance Daily Target 2X Long RKT ETF - at NAV	-67.44%
S&P 500® Total Return Index	3.66%

Visit https://www.defianceetfs.com/rktl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (January 12, 2026) through April 30, 2026, RKTL had a NAV total return of -67.44%. RKTL seeks to deliver twice the daily performance of RKT (Rocket Companies, Inc.). The fund's 2x leverage magnifies RKT's daily stock movements in RKTL.

What factors influenced performance?

Rocket Companies' stock performance was shaped by the mortgage origination environment, particularly sensitivity to interest rate movements that drive refinancing and purchase mortgage volumes. The Federal Reserve's rate trajectory, housing market activity, and the company's market share in digital mortgage origination influenced investor sentiment. Quarterly origination volumes and margin trends relative to expectations drove stock volatility amplified through RKTL's leveraged structure.

Defiance Daily Target 2X Long RKT ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$1,693
Number of Holdings	7
Total Advisory Fee	$7,593
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	19.5
First American Government Obligations Fund - Class X, 3.56%	3.4
Rocket Cos., Inc. Swap; Maturity Date: 03/31/2033	3.1
Rocket Cos., Inc. Swap; Maturity Date: 09/08/2028	1.3
Rocket Cos., Inc. Swap; Maturity Date: 01/12/2029	1.1
Rocket Cos., Inc. Swap; Maturity Date: 02/22/2028	1.0
Rocket Cos., Inc. Swap; Maturity Date: 01/31/2033	0.3

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/rktl .

Fund Changes

After the close of trading on Cboe BZX Exchange, Inc. on March 20, 2026, the Fund effected a 1:2 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long SMCI ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long SMCI ETF

Ticker: SMCX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long SMCI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/smcx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long SMCI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long SMCI ETF	$82	1.31%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long SMCI ETF	S&P 500® Total Return Index
8/21/2024	10000.0	10000.0
8/31/2024	4554.0	10052.0
9/30/2024	3882.0	10267.0
10/31/2024	1356.0	10174.0
11/30/2024	1265.0	10771.0
12/31/2024	982.0	10514.0
1/31/2025	796.0	10807.0
2/28/2025	1353.0	10666.0
3/31/2025	808.0	10065.0
4/30/2025	613.0	9997.0
5/31/2025	884.0	10626.0
6/30/2025	1235.0	11167.0
7/31/2025	1691.0	11417.0
8/31/2025	757.0	11649.0
9/30/2025	972.0	12074.0
10/31/2025	1056.0	12356.0
11/30/2025	414.0	12387.0
12/31/2025	298.0	12394.0
1/31/2026	280.0	12574.0
2/28/2026	321.0	12478.0
3/31/2026	112.0	11857.0
4/30/2026	150.0	13101.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (8/21/2024)
Defiance Daily Target 2X Long SMCI ETF - at NAV	-75.48%	-91.65%
S&P 500® Total Return Index	31.05%	17.33%

Visit https://www.defianceetfs.com/smcx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, SMCX had a NAV total return of -75.48%. SMCX seeks to deliver twice the daily performance of SMCI (Super Micro Computer, Inc.). The fund utilizes derivatives, including swap agreements to achieve its 2x leverage.

What factors influenced performance?

Super Micro Computer's stock was shaped by ongoing scrutiny of its accounting practices and corporate governance, competitive dynamics in the AI server market, and fluctuating demand for high-performance computing infrastructure. The resolution of its SEC filing delays and analyst sentiment toward the broader AI infrastructure buildout also influenced SMCI's stock, amplified through the fund's leveraged structure.

Defiance Daily Target 2X Long SMCI ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$100,973
Number of Holdings	11
Total Advisory Fee	$2,952,779
Portfolio Turnover	8,386%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
First American Government Obligations Fund - Class X, 3.56%	9.2
United States Treasury Bills	8.9
Super Micro Computer, Inc. Swap: Maturity Date: 03/18/2033	6.7
Super Micro Computer, Inc. Swap: Maturity Date: 10/06/2028	4.2
Super Micro Computer, Inc. Swap: Maturity Date: 12/14/2027	3.7
Super Micro Computer, Inc. Swap: Maturity Date: 09/08/2028	3.3
Super Micro Computer, Inc. Swap: Maturity Date: 01/31/2033	2.0
Super Micro Computer, Inc. Swap: Maturity Date: 09/18/2028	1.9
Super Micro Computer, Inc. Swap: Maturity Date: 10/01/2026	1.2
Super Micro Computer, Inc. Swap: Maturity Date: 03/31/2033	1.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/smcx .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:2 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long SOFI ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long SOFI ETF

Ticker: SOFX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long SOFI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/sofx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long SOFI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long SOFI ETF	$131	1.32%

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long SOFI ETF	S&P 500® Total Return Index
1/15/2025	10000.0	10000.0
1/31/2025	10019.0	10155.0
2/28/2025	8146.0	10023.0
3/31/2025	4909.0	9458.0
4/30/2025	5113.0	9394.0
5/31/2025	5629.0	9985.0
6/30/2025	10177.0	10493.0
7/31/2025	15175.0	10728.0
8/31/2025	18629.0	10946.0
9/30/2025	19398.0	11345.0
10/31/2025	22926.0	11611.0
11/30/2025	21319.0	11639.0
12/31/2025	15978.0	11647.0
1/31/2026	11658.0	11815.0
2/28/2026	6764.0	11726.0
3/31/2026	5242.0	11142.0
4/30/2026	5044.0	12311.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (1/15/2025)
Defiance Daily Target 2X Long SOFI ETF - at NAV	-1.36%	-41.23%
S&P 500® Total Return Index	31.05%	17.52%

Visit https://www.defianceetfs.com/sofx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, SOFX had a NAV total return of -1.36%. SOFX seeks to deliver twice the daily performance of SOFI (SoFi Technologies, Inc.). Any fluctuations in SOFI's stock price are magnified in SOFX through its 2x daily leverage.

What factors influenced performance?

SoFi's performance was shaped by the interest rate environment affecting its lending and banking segments, growth in its financial services and technology platform businesses, and management's forward guidance. Macroeconomic factors including Federal Reserve policy, consumer credit trends, and fintech sector sentiment drove stock volatility. SOFX's compounding effects over the holding period added additional deviation from the expected 2x multiple.

Defiance Daily Target 2X Long SOFI ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$59,828
Number of Holdings	10
Total Advisory Fee	$810,269
Portfolio Turnover	72,985%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	22.2
First American Government Obligations Fund - Class X, 3.56%	5.9
SoFi Technologies, Inc. Swap; Maturity Date: 04/14/2031	1.0
SoFi Technologies, Inc. Swap; Maturity Date: 02/02/2029	0.9
SoFi Technologies, Inc. Swap; Maturity Date: 09/08/2028	0.9
SoFi Technologies, Inc. Swap; Maturity Date: 03/31/2033	0.8
SoFi Technologies, Inc. Swap; Maturity Date: 10/01/2026	0.7
SoFi Technologies, Inc. Swap; Maturity Date: 01/31/2033	0.6
SoFi Technologies, Inc. Swap; Maturity Date: 03/18/2033	0.5
SoFi Technologies, Inc. Swap; Maturity Date: 03/07/2028	0.4

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/sofx .

Householding

Defiance Daily Target 2X Long SOUN ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long SOUN ETF

Ticker: SOUX (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long SOUN ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/soux. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long SOUN ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long SOUN ETF	$73	1.31%*

The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long SOUN ETF	S&P 500® Total Return Index
6/23/2025	10000.0	10000.0
6/30/2025	12598.0	10300.0
7/31/2025	10881.0	10532.0
8/31/2025	15268.0	10745.0
9/30/2025	21817.0	11137.0
10/31/2025	23812.0	11398.0
11/30/2025	10140.0	11426.0
12/31/2025	6537.0	11433.0
1/31/2026	4410.0	11599.0
2/28/2026	4189.0	11511.0
3/31/2026	2455.0	10937.0
4/30/2026	3086.0	12085.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (6/23/2025)
Defiance Daily Target 2X Long SOUN ETF - at NAV	-69.19%
S&P 500® Total Return Index	20.85%

Visit https://www.defianceetfs.com/soux for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (June 23, 2025) through April 30, 2026, SOUX had a NAV total return of -69.14%. SOUX seeks to deliver twice the daily performance of SOUN (SoundHound AI, Inc.). The fund's 2x daily leverage magnifies both gains and losses relative to SOUN's daily stock movements.

What factors influenced performance?

SoundHound AI's stock was driven by growth in its voice AI platform deployments across automotive, restaurant, and enterprise segments, revenue growth trends, and investor sentiment toward AI-powered software businesses. New customer announcements, quarterly financial results relative to expectations, and the broader AI sector landscape contributed to stock volatility amplified through SOUX's leveraged structure.

Defiance Daily Target 2X Long SOUN ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$16,976
Number of Holdings	10
Total Advisory Fee	$213,895
Portfolio Turnover	40,021%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	17.9
First American Government Obligations Fund - Class X, 3.56%	8.1
Soundhound AI, Inc. Swap; Maturity Date: 02/01/2027	4.4
Soundhound AI, Inc. Swap; Maturity Date: 01/31/2033	4.0
Soundhound AI, Inc. Swap; Maturity Date: 07/23/2026	3.8
Soundhound AI, Inc. Swap; Maturity Date: 09/08/2028	3.7
Soundhound AI, Inc. Swap; Maturity Date: 03/14/2028	3.0
Soundhound AI, Inc. Swap; Maturity Date: 03/31/2033	2.9
Soundhound AI, Inc. Swap; Maturity Date: 03/18/2033	2.4
Soundhound AI, Inc. Swap; Maturity Date: 04/14/2031	-0.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/soux .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:4 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long VST ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long VST ETF

Ticker: VSTL (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long VST ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/vstl. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long VST ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long VST ETF	$76	1.29%*

The Fund commenced operations July 21, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long VST ETF	S&P 500® Total Return Index
7/21/2025	10000.0	10000.0
7/31/2025	12138.0	10055.0
8/31/2025	9755.0	10259.0
9/30/2025	10183.0	10634.0
10/31/2025	9037.0	10883.0
11/30/2025	7935.0	10909.0
12/31/2025	6273.0	10916.0
1/31/2026	5710.0	11074.0
2/28/2026	6679.0	10990.0
3/31/2026	4743.0	10443.0
4/30/2026	5085.0	11539.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (7/21/2025)
Defiance Daily Target 2X Long VST ETF - at NAV	-49.15%
S&P 500® Total Return Index	15.39%

Visit https://www.defianceetfs.com/vstl for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (July 21, 2025) through April 30, 2026, VSTL had a NAV total return of -49.15%. VSTL seeks to deliver twice the daily performance of VST (Vistra Corp.). Fluctuations in VST's stock price are magnified in VSTL through its 2x daily leverage.

What factors influenced performance?

Vistra's performance was driven by power demand growth from data centers and AI infrastructure, natural gas and power pricing dynamics, and the company's nuclear power generation assets. Energy market conditions, regulatory developments in electricity markets, and Vistra's capacity payments and hedging strategies influenced investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.

Defiance Daily Target 2X Long VST ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$7,017
Number of Holdings	9
Total Advisory Fee	$57,417
Portfolio Turnover	1,600%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.9
First American Government Obligations Fund - Class X, 3.56%	8.5
Vistra Corp. Swap; Maturity Date: 01/23/2029	4.3
Vistra Corp. Swap; Maturity Date: 03/31/2033	2.8
Vistra Corp. Swap; Maturity Date: 02/01/2027	1.7
Vistra Corp. Swap; Maturity Date: 10/01/2026	-1.6
Vistra Corp. Swap; Maturity Date: 01/11/2028	1.0
Vistra Corp. Swap; Maturity Date: 09/08/2028	0.7
Vistra Corp. Swap; Maturity Date: 03/18/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/vstl .

Fund Changes

After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:3 reverse split of its issued and outstanding shares.

Householding

Defiance Daily Target 2X Long ZETA ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Long ZETA ETF

Ticker: ZETX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Long ZETA ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/zetx. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Long ZETA ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Long ZETA ETF	$30	1.31%*

The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Long ZETA ETF	S&P 500® Total Return Index
2/3/2026	10000.0	10000.0
2/28/2026	8529.0	9954.0
3/31/2026	7123.0	9458.0
4/30/2026	9159.0	10451.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (2/3/2026)
Defiance Daily Target 2X Long ZETA ETF - at NAV	-8.46%
S&P 500® Total Return Index	4.51%

Visit https://www.defianceetfs.com/zetx for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (February 3, 2026) through April 30, 2026, ZETX had a NAV total return of -8.46%. ZETX seeks to deliver twice the daily performance of ZETA (Zeta Global Holdings Corp.). The fund's 2x leverage magnifies ZETA's daily stock movements in ZETX.

What factors influenced performance?

Zeta Global's stock performance was shaped by growth in its AI-powered marketing technology platform, customer acquisition trends, and revenue performance relative to expectations. Broader digital advertising market conditions, competitive dynamics in marketing automation, and the company's enterprise customer expansion drove investor sentiment. Quarterly financial results and guidance updates drove stock volatility amplified through ZETX's 2x leverage.

Defiance Daily Target 2X Long ZETA ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$3,845
Number of Holdings	7
Total Advisory Fee	$4,757
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	4.7
First American Government Obligations Fund - Class X, 3.56%	3.5
Zeta Global Holdings Corp. Swap; Maturity Date: 03/07/2028	3.0
Zeta Global Holdings Corp. Swap; Maturity Date: 09/08/2028	2.9
Zeta Global Holdings Corp. Swap; Maturity Date: 02/02/2029	2.7
Zeta Global Holdings Corp. Swap; Maturity Date: 03/31/2033	2.3
Zeta Global Holdings Corp. Swap; Maturity Date: 01/31/2033	0.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/zetx .

Householding

Defiance Daily Target 2X Short AMD ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short AMD ETF

Ticker: DAMD (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short AMD ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/damd. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short AMD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short AMD ETF	$38	1.29%*

The Fund commenced operations November 13, 2025. Expenses for a full reporting period would be higher than the figures shown.

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short AMD ETF	S&P 500® Total Return Index
11/13/2025	10000.0	10000.0
11/30/2025	12384.0	10173.0
12/31/2025	12375.0	10180.0
1/31/2026	9492.0	10327.0
2/28/2026	11328.0	10249.0
3/31/2026	10132.0	9738.0
4/30/2026	2875.0	10760.0

Annual Performance

Returns for the Period ended April 30, 2026	Since Inception (11/13/2025)
Defiance Daily Target 2X Short AMD ETF - at NAV	-71.25%
S&P 500® Total Return Index	7.60%

Visit https://www.defianceetfs.com/damd for more recent performance information.

How did the Fund perform last year and what influenced its performance?

From inception (November 13, 2025) through April 30, 2026, DAMD had a NAV total return of -71.25%. DAMD seeks to deliver twice the daily inverse performance of AMD (Advanced Micro Devices, Inc.). As an inverse leveraged fund, it experiences losses when AMD's stock rises.

What factors influenced performance?

AMD's stock performance was shaped by competitive dynamics in the CPU and GPU markets against Intel and NVIDIA, adoption of its AI accelerator chips (Instinct MI series) by cloud and enterprise customers, and quarterly financial results. The broader semiconductor sector cycle, hyperscaler AI capex spending, and AMD's market share in data center GPUs influenced investor sentiment. These factors created headwinds for DAMD during periods of AMD stock appreciation.

Defiance Daily Target 2X Short AMD ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$27,029
Number of Holdings	6
Total Advisory Fee	$25,186
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	16.5
First American Government Obligations Fund - Class X, 3.56%	3.3
Advanced Micro Devices Inc. Swap; Maturity Date: 11/13/2028	-1.0
Advanced Micro Devices Inc. Swap; Maturity Date: 01/11/2028	-0.8
Advanced Micro Devices Inc. Swap; Maturity Date: 11/01/2028	-0.8
Advanced Micro Devices Inc. Swap; Maturity Date: 03/31/2033	0.0

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/damd.

Householding

Defiance Daily Target 2X Short MSTR ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short MSTR ETF

Ticker: SMST (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short MSTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/smst. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short MSTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short MSTR ETF	$141	1.37%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short MSTR ETF	S&P 500® Total Return Index
8/20/2024	10000.0	10000.0
8/31/2024	9648.0	10095.0
9/30/2024	6025.0	10311.0
10/31/2024	3032.0	10217.0
11/30/2024	610.0	10817.0
12/31/2024	834.0	10559.0
1/31/2025	508.0	10853.0
2/28/2025	751.0	10712.0
3/31/2025	410.0	10108.0
4/30/2025	151.0	10040.0
5/31/2025	150.0	10672.0
6/30/2025	120.0	11214.0
7/31/2025	111.0	11466.0
8/31/2025	145.0	11698.0
9/30/2025	147.0	12125.0
10/31/2025	184.0	12409.0
11/30/2025	373.0	12440.0
12/31/2025	465.0	12447.0
1/31/2026	423.0	12628.0
2/28/2026	349.0	12532.0
3/31/2026	329.0	11908.0
4/30/2026	160.0	13157.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (8/20/2024)
Defiance Daily Target 2X Short MSTR ETF - at NAV	6.30%	-91.29%
S&P 500® Total Return Index	31.05%	17.59%

Visit https://www.defianceetfs.com/smst for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, SMST had a NAV total return of 6.30%. SMST seeks to deliver twice the daily inverse performance of MSTR. As an inverse leveraged fund, it experiences losses when MSTR's stock rises and gains when it falls.

What factors influenced performance?

MSTR's strong correlation with Bitcoin prices was the primary driver of SMST's performance. Periods of Bitcoin appreciation contributed to losses for SMST due to its inverse exposure. Daily rebalancing and volatility drag caused the fund's returns to deviate from the expected -2x multiple over longer holding periods, a structural characteristic of leveraged inverse products.

Defiance Daily Target 2X Short MSTR ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$28,949
Number of Holdings	7
Total Advisory Fee	$435,011
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	21.3
Strategy, Inc. Swap; Maturity Date: 12/01/2027	3.0
Strategy, Inc. Swap; Maturity Date: 09/24/2026	2.7
First American Government Obligations Fund - Class X, 3.56%	1.2
Strategy, Inc. Swap; Maturity Date: 09/08/2028	0.6
Strategy, Inc. Swap; Maturity Date: 03/18/2033	0.4
Strategy, Inc. Swap; Maturity Date: 01/25/2028	0.0

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/smst .

Householding

Defiance Daily Target 2X Short SMCI ETF Tailored Shareholder Report

annual Shareholder Report April 30, 2026

Defiance Daily Target 2X Short SMCI ETF

Ticker: SMCZ (Listed on The Nasdaq Stock Market, LLC)

This annual shareholder report contains important information about the Defiance Daily Target 2X Short SMCI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.defianceetfs.com/smcz. You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Daily Target 2X Short SMCI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Daily Target 2X Short SMCI ETF	$93	1.54%*

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Cumulative Performance

(Initial Investment of $10,000)

Date	Defiance Daily Target 2X Short SMCI ETF	S&P 500® Total Return Index
3/31/2025	10000.0	10000.0
4/30/2025	8538.0	9932.0
5/31/2025	4278.0	10557.0
6/30/2025	2497.0	11094.0
7/31/2025	1569.0	11343.0
8/31/2025	2746.0	11573.0
9/30/2025	1994.0	11996.0
10/31/2025	1465.0	12276.0
11/30/2025	2979.0	12307.0
12/31/2025	3712.0	12314.0
1/31/2026	3366.0	12493.0
2/28/2026	2196.0	12398.0
3/31/2026	2902.0	11780.0
4/30/2026	1731.0	13016.0

Annual Performance

Returns for the Period ended April 30, 2026	1 Year	Since Inception (3/31/2025)
Defiance Daily Target 2X Short SMCI ETF - at NAV	-79.72%	-80.22%
S&P 500® Total Return Index	31.05%	27.58%

Visit https://www.defianceetfs.com/smcz for more recent performance information.

How did the Fund perform last year and what influenced its performance?

For the fiscal year ended April 30, 2026, SMCZ had a NAV total return of -79.72%. SMCZ seeks to deliver twice the daily inverse performance of SMCI (Super Micro Computer, Inc.). As an inverse leveraged fund, it gains when SMCI declines and loses when SMCI rises.

What factors influenced performance?

SMCI's stock volatility—driven by accounting-related uncertainties, AI server market dynamics, and corporate governance concerns—directly influenced SMCZ's performance. The daily rebalancing mechanism and compounding effects caused SMCZ's returns to diverge from the expected -2x multiple over longer holding periods. Periods where SMCI recovered from prior declines were particularly impactful given the asymmetric nature of leveraged inverse exposure.

Defiance Daily Target 2X Short SMCI ETF Tailored Shareholder Report

Key Fund Statistics

(as of April 30, 2026 )

Fund Size (Thousands)	$2,881
Number of Holdings	7
Total Advisory Fee	$115,622
Portfolio Turnover	0%

What did the Fund invest in?

(as of April 30, 2026 )

Security Type - Investments
(% of Net Assets)

Security Type - Other Financial Instruments
(% of Net Assets)

Top Holdings	(% of Net Assets)
United States Treasury Bills	39.1
First American Government Obligations Fund - Class X, 3.56%	8.7
Super Micro Computer, Inc. Swap; Maturity Date: 09/21/2026	8.4
Super Micro Computer, Inc. Swap; Maturity Date: 03/31/2033	2.7
Super Micro Computer, Inc. Swap; Maturity Date: 03/18/2033	2.0
Super Micro Computer, Inc. Swap; Maturity Date: 01/25/2028	1.5
Super Micro Computer, Inc. Swap; Maturity Date: 09/24/2026	1.1

Percentages for swap contracts are based on unrealized appreciation (depreciation).

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.defianceetfs.com/smcz .

Material Fund Changes

Effective December 8, 2025, the Fund executed a 1:8 reverse stock split on its issued and outstanding shares.

Householding

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Services that the Funds’ Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by Cohen to the Adviser and any entities that provide ongoing services to the Funds, for engagements directed related to the Funds’ operations and financial reporting, during the Funds’ last two fiscal years.

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, and David Norris.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

The Defiance ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a non-diversified 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 (the “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. The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

The DRNL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of BITA Pure Drone and Aerial Automation Index. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SPCL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of an actively-managed group of “pure space” securities (described below). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The AMA ETF’s primary investment objective is to seek daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Applied Materials, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The ANEL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Arista Networks, Inc. The Fund does not seek to achieve its stated investment

The AVXX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of AeroVironment Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The AVGX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Broadcom, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The BU ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Barrick Mining Corp.. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The COPZ ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Global X Copper Miners ETF. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The CVNX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Carvana Co. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The DKNX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of DraftKings, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The HIMZ ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Hims & Hers Health, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The HOOX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Robinhood Markets, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The IONX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of IonQ, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The IRE ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of IREN Ltd. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The KEEX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of BitFarms Ltd. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The LLYX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Eli Lilly & Co. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The LMNX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Lemonade, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The LUNL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Intuitive Machines, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The MPL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of MP Materials Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The MRNX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Moderna, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The MSTX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Strategy, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The LNOK ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Nokia Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The NVOX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of NOVO Nordisk AS - ADR. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The OKLL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Oklo, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The ONDL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Ondas Holdings, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The ORCX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Oracle Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The PLU ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Planet Labs PBC. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The POEL ETF’s primary investment objective is to seek daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Poet Technologies, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The QSU ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of QuantumScape Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The RKTL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Rocket Companies, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SMCX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Super Micro Computer, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SOFX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of SoFi Technologies, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SOUX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of SoundHound AI, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The VSTL ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Vistra Corp. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The ZETX ETF’s primary investment objective is to seek daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Zeta Global Holdings Corp. – Class A. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The DAMD ETF’s primary investment objective is to seek daily inverse leveraged investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Advanced Micro Devices, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SMST ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Strategy, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SMCZ ETF’s primary investment objective is to seek daily leveraged inverse investment results, before fees and expenses, of negative two times (-200%) the daily percentage change in the share price of Super Micro Computer, Inc. The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

The SPCL ETF defines “Pure Space Companies” as companies with at least 50% of their (i) annual revenue derived from, or (ii) operating activity engaged in, the development, deployment, or operation of space-related technologies and services. These companies participate in the “space economy,” which refers to economic activity related to the exploration, development, deployment, space logistics, and utilization of space-based systems and infrastructure. This includes commercial activities such as satellite communications, Earth observation, navigation services, launch services, in-orbit operations, and emerging space technologies that support scientific research, data processing, global connectivity, and next-generation applications.

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”).

Security Valuation - Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (“NASDAQ”)), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Swap contract terms are agreed among the counterparty and the Adviser. Total return swap contracts are valued using the closing price of the underlying reference asset, which may include individual stocks, baskets of securities, market indices, exchange-traded funds, or other instruments that the contract is tracking.

Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors. FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. In selecting the model prices, the 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 net asset value (“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 Valuation Designee in accordance with the Valuation Procedures (as defined below). In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

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 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 their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2026:

Derivative Instruments - As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

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.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

Each Fund may enter into total return swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by each Fund to the counterparty. The net amount of the excess, if any, of each Fund’s obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds’ custodian. Until a swap contract, or a portion of a swap contract, is settled in cash, reset, terminated, partially unwound or closed according to its terms, the changes in value are recorded as unrealized appreciation or depreciation. Upon such event, the related gain or loss is recorded as net realized gain or loss from swap contracts. A partial unwind or other contractual reduction is treated as a realized event when the related swap economics are extinguished or reduced, regardless of whether the related cash is received or paid on the same date. Certain Funds may receive or deliver cash from or to swap counterparties based on the mark-to-market value of outstanding swap contracts. Such transfers may represent either settlement of swap economics or collateral, variation margin, excess variation margin or similar mark-to-market transfers, depending on the applicable contractual terms and counterparty settlement mechanics. Amounts applied to settle or partially settle the related swap economics are reflected in net realized gain or loss from swap contracts and reduce the related unrealized appreciation or depreciation. Amounts not applied to settle or reduce the related swap value and that remain subject to return, recall or future application are reflected as cash, segregated cash, due from broker or due to broker, as applicable, and the related swap remains recorded at fair value with changes reflected as net change in unrealized appreciation or depreciation on swap contracts.

Amounts presented as due from broker or due to broker may include amounts receivable or payable for contractual swap resets, financing resets, partial unwinds, terminations or other settlement events, and cash collateral, variation margin, excess variation margin or similar mark-to-market transfers posted to or received from counterparties. The transfer or receipt of cash or collateral does not, by itself, reduce the notional amount, economic exposure or daily target leveraged exposure of a swap contract unless the swap contract is amended, reset, partially unwound, terminated or otherwise contractually modified to reduce such notional amount or exposure.

By virtue of each Fund’s investments in option contracts, equity ETFs and equity indices, each Fund is exposed to common stocks indirectly which subjects that Fund 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 each Fund invests.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

For the period ended April 30, 2026, each Fund’s monthly average notional amount is described below for any derivatives that they invested in:

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026:

The total return swap contracts are subject to master netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds through a single payment, in the event of default or termination. Amounts presented on the Schedules of Total Return Swap Contracts are gross settlement amounts.

Under the master netting agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master netting agreements with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of master netting agreements.

The following table presents the Funds’ gross derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds, as of April 30, 2026.

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

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of April 30, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

Securities Transactions and Investment Income - Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates.

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for AVGX ETF, DKNX ETF, LLYX ETF, MSTX ETF, NVOX ETF, ORCX ETF, SMCX ETF AND SOFX ETF are declared and paid monthly. Distributions to shareholders from net investment income, if any, for the remaining Funds are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

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.

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 each Fund, rounded to the nearest cent. The AMA ETF, ANEL ETF, AVXX ETF, AVGX ETF, CVNX ETF, DKNX ETF, HIMZ ETF, HOOX ETF, IONX ETF, IRE ETF, LMNX ETF, MPL ETF MRNX ETF, MSTX ETF, OKLL ETF, ORCX ETF, QSU ETF, SMCX ETF, SOFX ETF, SOUX ETF, VSTL ETF, SMST ETF, and SMCZ ETF Shares will not be priced on the days on which The NASDAQ or The New York Stock Exchange (”NYSE”) is closed for trading. The BU ETF, COPZ ETF, DAMD ETF, LLYX ETF, ZETX ETF, and NVOX ETF Shares will not be priced on the days on which the NYSE Arca, Inc. (“ARCA”) or NYSE is closed for trading. DRNL ETF, KEEX ETF, LNOK ETF, LUNL ETF, ONDL ETF, PLU ETF, POEL ETF, RKTL ETF, and SPCL ETF Shares will not be priced on the days on which the Cboe BZX Exchange, Inc. (“CBOE”) or NYSE is closed for trading.

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.

Illiquid Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

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 have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

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. These differences are primarily due to equalization or NOL lost. For the periods ended April 30, 2026, the following adjustments were made:

Compounding and Market Volatility Risk. Each Fund has a daily leveraged investment objective and a Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the respective Underlying Security’s performance, before a Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For each Fund aiming to replicate two times the daily performance of its Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased. The effect of compounding becomes more pronounced as an Underlying Security’s volatility and the holding period increase. The effect of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held and the volatility of the respective Underlying Security during a shareholder’s holding period of an investment in each Fund.

Daily Correlation/Tracking Risk. There is no guarantee that the Funds will achieve a high degree of leveraged correlation to the Target Portfolio and therefore achieve their daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, each Fund seeks to rebalance their portfolio daily to keep exposure consistent with their daily leveraged investment objective. The possibility of the Funds being materially over- or under-exposed to the Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Additionally, if securities within the Target Portfolio exhibit unexpected or heightened correlations, each Fund’s ability to achieve their daily investment objective may be adversely impacted as overlapping exposures may reduce potential diversification benefits and amplify the effects of market movements. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect each Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Target Portfolio experiences a significant increase or decline, each Fund may not meet

their investment objective, be able to rebalance their portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Each Fund may have difficulty achieving their daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Funds. The Funds may also be impacted by large movements of assets into and out of the Funds, potentially resulting in the Funds being over- or under-exposed to the Target Portfolio. The Funds may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact each Fund’s leveraged correlation to the Target Portfolio. Finally, during periods of high volatility, compounding effects and correlation shifts between securities in the Target Portfolio may cause each Fund’s returns to deviate materially from two times (2X) the daily performance of the Target Portfolio.

Leverage Risk. The Funds obtain investment exposure in excess of their net assets by utilizing leverage and may lose more money in market conditions that are adverse to their investment objective than a fund that does not utilize leverage. An investment in each Fund is exposed to the risk that a decline in the daily performance of the Target Portfolio will be magnified. This means that an investment in each Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Target Portfolio, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Funds could theoretically lose an amount greater than their net assets in the event the share price of the Target Portfolio declines more than 50%. Leverage will also have the effect of magnifying any differences in each Fund’s performances correlation with the Target Portfolio’s share price.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund’s NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund’s Prospectus titled “Additional Information About the Fund — Principal Investment Risks.”

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of each Fund as follows:

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by 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 Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, “Excluded Expenses”), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended April 30, 2026 are disclosed in the Statements of Operations.

The Adviser has entered into an agreement with Defiance ETFs, LLC ("Defiance") under which Defiance assumes the obligations of the Adviser to pay all or a portion of expenses of the Fund, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the "Unitary Expenses"). For assuming the payment obligations of the Fund, the Adviser has agreed to pay Defiance a corresponding share of the profits, if any, generated by the Fund's unitary fee less a contractual fee retained by the Adviser. Expenses incurred by the Fund and paid by Defiance include fees charged by Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser. Although Defiance has agreed to be responsible for all or a portion of the Unitary Expenses of the Fund, the Adviser retains the ultimate obligation to the Fund to pay such expenses.

Tidal serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds' custodian. Prior to April 1, 2026, Fund Services also served as the Funds' sub-administrator.

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.

The Board has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each Fund is authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

For the periods ended April 30, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:

For the periods ended April 30, 2026, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the periods ended April 30, 2026, there were no in-kind transactions associated with creations or redemptions for the Funds.

The tax character of distributions paid during the periods ended April 30, 2026 and April 30, 2025 were as follows:

As of the fiscal periods ended April 30, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the fiscal periods ended April 30, 2026, the Funds have elected to defer the following post-October and late-year losses, where applicable.

As of April 30, 2026, the table below presents long-term and short-term capital loss carryovers, where applicable, which do not expire.

During the periods ended April 30, 2026, the Shares of the below Funds were adjusted for a stock split or reverse stock split. The effect of these stock splits were to increase or decrease the number of Shares outstanding in the Funds while maintaining each Fund’s and shareholder’s aggregate NAV. Set forth below are details regarding the stock splits or reverse stock splits which have been retroactively applied to the financial statements.:

Shares of AMA ETF, ANEL ETF, AVXX ETF, AVGX ETF, BU ETF, CVNX ETF, DKNX ETF, HIMZ ETF, HOOX ETF, IONX ETF, LMNX ETF, MSTX ETF, OKLL ETF, ORCX ETF, SMCX ETF, SOFX ETF, SOUX ETF, VSTL ETF, SMST ETF, and SMCZ ETF are listed on the NASDAQ. Shares of COPZ ETF, IRE ETF, LLYX ETF, MPL ETF, MRNX ETF, NVOX ETF, QSU ETF, ZETX ETF, and DAMD ETF are listed on the ARCA. Shares of DRNL ETF, SPCL ETF, KEEX ETF, LUNL ETF, LNOK ETF, ONDL ETF, PLU ETF, POEL ETF, and RKTL ETF are listed on the CBOE. Market prices for the Shares may be different from their NAV. The Funds issue and redeem Shares on a continuous basis at NAV generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with 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.

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Effective June 8, 2026, the SPCL ETF’s name changed from “Defiance Pure Space Daily 2X Strategy ETF” to “Defiance Daily 2X Space ETF”. The change in the SPCL ETF’s name will have no effect on its investment objective or strategy. Between May 27-28, 2026, the Board determined to close and liquidate the BU ETF and the CVNX ETF at the recommendation of the Adviser. Each Fund ceased operations, liquidated its assets, and distributed the liquidation proceeds to shareholders on June 12, 2026. Management has determined that there are no additional subsequent events that would need to be recognized or disclosed in the Funds’ financial statements.

For the fiscal periods ended April 30, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal periods ended April 30, 2026, were as follows:

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 fiscal periods ended April 30, 2026, were as follows:

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long ORCL ETF and Defiance Daily Target 2X Long DKNG ETF ("Defiance ETFs") each a proposed new series (“Fund”) of the Trust.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on January 3, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

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. It is noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on January 3, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser 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, 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.

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 are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long SOUN ETF, (the “Defiance ETFs” each, a “Fund” and collectively the “Funds”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on February 5-6, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on February 5-6, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser 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.

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 Funds 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.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Defiance Daily Target 2X Long ANET ETF (together "Defiance ETFs" and each a “Fund”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on April 4, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on April 4, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser 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.

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.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Defiance Daily Target 2x Long OKLO ETF (the “Defiance ETFs”, each, a “Fund” and collectively the “Funds”)

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its 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 May 12-13, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

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 also considered Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs 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 respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Defiance Daily Target 2x Long AVGO ETF, Defiance Daily Target 2x Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2x Long NVO ETF, Defiance Daily Target 2x Long SMCI ETF and Defiance Daily Target 2x Short MSTR ETF (the “Defiance ETFs”, each a “Fund”),

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on August 27, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of the renewal of:

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services provided and the profits realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on June 30, 2025, meetings held on August 6 and August 7, 2025, and the meeting held on August 27, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Nature, Extent and Quality of Services Provided. The Trustees considered the nature, extent and quality of services provided under the Advisory Agreement. In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with each ETF. The Board also considered other services provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board considered the investment performance of each Fund against relevant benchmarks, such as the Fund’s stated investment objectives, a comparative peer group of similar funds and/or its respective securities benchmark index, as deemed appropriate by the Board. In doing so, the Board recognized that many of the Funds have specialized strategies that have specific targeted goals while others may have more generalized strategies but are significantly different from other funds in the same investment universe. In these circumstances, the Board considered that it was t difficult to fairly benchmark performance against peers and also took into account that certain Funds had a very limited universe of peers. In these circumstances the Board placed greater emphasis on other means of measuring performance. The Board considered that each Fund was relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

The Board reviewed each Fund’s performance on a case-by-case basis. The Board also took into account that each Fund’s track record was measured as of a specified date, and that track records can vary as of different measurement dates. Therefore, in reviewing a Fund that is currently underperforming or not meeting its investment goals, the Board also considered the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. A summary of each Fund’s performance track record as of May 30, 2025, is provided below:

For Defiance Daily Target 2X Long AVGO ETF, the Board noted that there was not yet a year of performance.

For Defiance Daily Target 2X Long LLY ETF, the Board noted that there was not yet a year of performance.

For Defiance Daily Target 2X Long MSTR ETF, the Board noted that there was not yet a year of performance.

For Defiance Daily Target 2X Long NVO ETF, the Board noted that there was not yet a year of performance.

For Defiance Daily Target 2X Long SMCI ETF, the Board noted that there was not yet a year of performance.

For Defiance Daily Target 2X Short MSTR ETF, the Board noted that there was not yet a year of performance.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory.

Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Trustees further took into account that many of the Funds had distinctive investment strategies and styles which resulted in the Funds being significantly different from many of the funds in the comparative universe, which made certain peer group analysis less relevant from an expense perspective. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a “unified fee.”

The Board noted the importance of the fact that the advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses (except as noted above) out of its own fees and resources.

The Board’s overall assessment with respect to each Fund was that, taking into account the considerations noted below, the total expense ratio to be paid by investors in the Fund, which is most representative of an investor’s net experience, was fair and reasonable.

For Defiance Daily Target 2X Long AVGO ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For Defiance Daily Target 2X Long LLY ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For Defiance Daily Target 2X Long MSTR ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For Defiance Daily Target 2X Long NVO ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For Defiance Daily Target 2X Long SMCI ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

For Defiance Daily Target 2X Short MSTR ETF, the Board noted that the Fund’s unitary fee and net expense ratio were above the peer group median but reasonable given the Fund’s distinctive investment strategy compared to its peers.

The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with each of the Funds, and concluded that many of the Funds were profitable to the Adviser, the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues of its overall investment advisory business. In considering profitability, the Board discuss and considered the methodology used by the Adviser in calculating profit margins but also considered other elements relevant to discussions of profitability, such as the entrepreneurial risk undertaken by the Adviser in launching and maintaining the Funds.

The Board discussed that as each Fund was relatively new, there were not yet any economies of scale to consider. The Board noted that the Adviser will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser provide to each Fund; and (c) agreed to approve renewal of the Advisory Agreement for a term of one year.

Defiance Daily Target 2x Long AVAV ETF, Defiance Daily Target 2x Long LMND ETF, Defiance Daily Target 2x Long ZETA ETF, Defiance Daily Target 2X Long IREN ETF, Defiance Daily Target 2X Long MP ETF, Defiance Daily Target 2X Long QS ETF and Defiance Daily Target 2X Long MRNA ETF (the “Defiance ETFs”, each, a “Fund”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on September 16, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and its 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 September 16, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

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 also considered the Adviser and Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs and each had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on October 20, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the initial approval 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 approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser, 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.

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 did note that the Adviser will not receive any additional compensation for serving as investment adviser to the Defiance Leveraged Long + Income SOL and the Defiance Leveraged Long + Income XRP Cayman Subsidiaries.

The Board also considered the Adviser and Defiance ETFs, LLC was acting as sponsor to the Defiance ETFs 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 respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve each Agreement for an initial term of two years.

Defiance Daily Target 2x Long LUNR ETF, Defiance Daily Target 2x Long NOK ETF, Defiance Daily Target 2x Long ONDS ETF, Defiance Daily Target 2x Long PL ETF, Defiance Daily Target 2x Long RKT ETF ("Defiance ETFs")

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on December 15, 2025, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

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. It was noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser, and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on December 15, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the initial approval 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 approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser 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.

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.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s, fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve each Agreement for an initial term of two years.

Defiance 2x Daily Long Pure Drone and Aerial Automation ETF and Defiance Daily Target 2x Long POET ETF (together the “Defiance ETFs”)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on January 14, 2026, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

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. It was noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser, and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on January 14, 2026. Among other things, the Adviser, provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s, oral presentations and any other information that the Board received at the meeting and deliberated on the initial approval 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 approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser 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.

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 also considered that the Adviser and Defiance ETFs, LLC were acting as sponsor to the Defiance ETFs, 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 respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve each Agreement for an initial term of two years.

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on March 12, 2026, the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) considered the approval of:

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. It was noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting. In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds including any fall-out benefits; (iii) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (iv) 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 (v) other financial benefits to the Adviser and their affiliates resulting from services rendered to the Funds. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on March 12, 2026. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser’s operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser’s oral presentations and any other information that the Board received at the meeting and deliberated on the initial approval 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 approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreements with respect to the Return Stacked ETFs. In considering the nature, extent and quality of the services to be provided by the Adviser the Board reviewed the Adviser’s compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser based on their experience, personnel, operations and resources.

Historical Performance. The Board noted that the New Fund had not yet commenced operations and that therefore there was no prior performance to review. The Board considered that the Return Stacked ETFs were relatively new and had not been in operation for a sufficient time period to establish a meaningful track record.

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 New Fund are new, it was difficult to estimate the profitability of each New 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 did note that the Adviser does not receive any additional compensation for serving as investment adviser.

The Board noted that because the New Fund are new, it also was difficult to estimate whether the New 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.

Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser’s fees are reasonable in light of the services that the Adviser, will provide to each Fund; and (c) agreed to approve each Agreement for an initial term of two years.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

For the year ended April 30, 2025, the Registrant’s PEO and PFO identified a similar material weakness in the design and operation of controls over financial reporting relating to the classification and disclosure of total return swap activity. Although the Registrant implemented enhancements to address this material weakness during the year ended April 30, 2026, management concluded that the material weakness had not been adequately remediated as of April 30, 2026.

The material weakness relates to the design of controls over classification and disclosure of total return swap activity and related balances including amounts due to and from brokers, swap receivables and payables, cash balances, and related realized and unrealized gains and losses.

During the year ended April 30, 2026, the volume and complexity of the Funds’ total return swap activity increased significantly, including an increase in the number of Funds, swap transactions, counterparties, brokers, and variations in swap terms. The enhancements implemented during the period were not sufficient to ensure that controls operated effectively in light of this increased volume and complexity.

This material weakness would have resulted in misstatements in the classification and disclosure of amounts reported in the Funds’ initial draft Schedules of Total Return Swap Contracts, Statements of Assets and Liabilities, and Statements of Operations. The misstatements were corrected in April 30, 2026’s financial statements prior to issuance.

Management is implementing further enhancements to the Registrant’s classification and disclosure controls and procedures and internal control over financial reporting to remediate the material weakness described above. These enhancements are expected to include additional experienced personnel, enhanced management oversight of total return swap reconciliations and classification procedures, and additional procedures performed by the fund accountant relating to the completeness, accuracy, classification and presentation of total return swap activity and related broker balances.

The material weakness will not be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	FYE 4/30/2026	FYE 4/30/2025
( a ) Audit Fees	$14,250	N/A
( b ) Audit-Related Fees	N/A	N/A
( c ) Tax Fees	$3,100	N/A
( d ) All Other Fees	N/A	N/A

	FYE 4/30/2026	FYE 4/30/2025
( a) Audit-Related Fees	N/A	N/A
( b) Tax Fees	$495,000	N/A
( c ) All Other Fees	N/A	N/A

Non-Audit Related Fees	FYE 4/30/2026	FYE 4/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

●	Defiance 2X Daily Long Pure Drone and Aerial Automation ETF	DRNL	Cboe BZX Exchange, Inc.
●	Defiance Daily 2X Space ETF (formerly Defiance Pure Space Daily 2X Strategy ETF)	SPCL	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long AMAT ETF	AMA	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long ANET ETF	ANEL	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long AVAV ETF	AVXX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long AVGO ETF	AVGX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long B ETF	BU	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long Copper Miners ETF	COPZ	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long CVNA ETF	CVNX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long DKNG ETF	DKNX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long HIMS ETF	HIMZ	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long HOOD ETF	HOOX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long IONQ ETF	IONX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long IREN ETF	IRE	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long KEEL ETF	KEEX	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long LLY ETF	LLYX	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long LMND ETF	LMNX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long LUNR ETF	LUNL	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long MP ETF	MPL	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long MRNA ETF	MRNX	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long MSTR ETF	MSTX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long NOK ETF	LNOK	Cboe BZX Exchange, Inc.

●	Defiance Daily Target 2X Long NVO ETF	NVOX	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long OKLO ETF	OKLL	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long ONDS ETF	ONDL	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long ORCL ETF	ORCX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long PL ETF	PLU	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long POET ETF	POEL	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long QS ETF	QSU	NYSE Arca, Inc.
●	Defiance Daily Target 2X Long RKT ETF	RKTL	Cboe BZX Exchange, Inc.
●	Defiance Daily Target 2X Long SMCI ETF	SMCX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long SOFI ETF	SOFX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long SOUN ETF	SOUX	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long VST ETF	VSTL	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Long ZETA ETF	ZETX	NYSE Arca, Inc.
●	Defiance Daily Target 2X Short AMD ETF	DAMD	NYSE Arca, Inc.
●	Defiance Daily Target 2X Short MSTR ETF	SMST	The Nasdaq Stock Market, LLC
●	Defiance Daily Target 2X Short SMCI ETF	SMCZ	The Nasdaq Stock Market, LLC

	Page
Schedules of Investments & Total Return Swap Contracts	1
Statements of Assets and Liabilities	76
Statements of Operations	84
Statements of Changes in Net Assets	92
Financial Highlights	105
Notes to the Financial Statements	110
Report of Independent Registered Public Accounting Firm	163
Additional Information (Unaudited)	163

Defiance 2X Daily Long Pure Drone and Aerial Automation ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 61.9%
Money Market Funds - 9.9%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	11,428	$ 11,428

U.S. Treasury Bills - 52.0%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 60,000	59,881

TOTAL SHORT-TERM INVESTMENTS (Cost $71,309)		71,309

TOTAL INVESTMENTS - 61.9% (Cost $71,309)		$ 71,309
Other Assets in Excess of Liabilities - 38.1%		43,869
TOTAL NET ASSETS - 100.0%		$ 115,178

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of April 30, 2026.
(b)	The rate shown is the annualized effective yield as of April 30, 2026.
(c)	All or a portion of the security has been pledged as collateral for total return swap contracts. The fair value of securities committed as collateral as of April 30, 2026 was $59,881.

Defiance 2X Daily Long Pure Drone and Aerial Automation ETF
Schedule of Total Return Swaps Contracts
April 30, 2026

TOTAL RETURN SWAPS - 8.2%
Reference Entity	Counterparty	Pay/ Receive Reference Entity	Financing Rate	Payment Frequency	Maturity Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
AeroVironment, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	$ 20,867	$ 1,784
AIRO Group Holdings, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	18,710	(1,017)
Archer Aviation, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	22,639	1,589
EHang Holdings Ltd.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	20,935	(1,761)
Eve Holding, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	24,351	2,674
Joby Aviation, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	23,756	2,256
Kratos Defense & Security Solutions, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	17,906	(1,357)
Ondas Holdings, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	25,221	2,169
Red Cat Holdings, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	18,834	(314)
Unusual Machines, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	21,900	3,139
Vertical Aerospace Ltd.	Cantor Fitzgerald & Co.	Receive	OBFR + 35.00%	Termination^(a)	09/08/2028	14,407	236
							9,398

Net Unrealized Appreciation (Depreciation)							$ 9,398


Defiance Daily 2X Space ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 46.2%
Money Market Funds - 11.0%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	118,713	$ 118,713

U.S. Treasury Bills - 35.2%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 380,000	379,246

TOTAL SHORT-TERM INVESTMENTS (Cost $497,960)		497,959

TOTAL INVESTMENTS - 46.2% (Cost $497,960)		$ 497,959
Other Assets in Excess of Liabilities - 53.8%		578,724
TOTAL NET ASSETS - 100.0%		$ 1,076,683

Percentages are stated as a percent of net assets.

Sector	%
Cash Equivalents	100.0%

Sector	%
Cash Equivalents	100.0%

Sector	%
Cash Equivalents	0.0%

Sector	%
Cash Equivalents	100.0%

Planet Labs PBC	Cantor Fitzgerald & Co.	Receive	OBFR + 17.00%	Termination^(a)	05/10/2027	$ 80,558	$ 4,715
Planet Labs PBC	Marex Capital Markets, Inc.	Receive	OBFR + 3.00%	Termination^(b)	04/07/2033	136,198	2,464
Rocket Lab Corp.	Cantor Fitzgerald & Co.	Receive	OBFR + 17.00%	Termination^(a)	05/10/2027	74,507	(2,198)
Rocket Lab Corp.	Marex Capital Markets, Inc.	Receive	OBFR + 3.00%	Termination^(b)	04/07/2033	140,680	(1,253)
Viasat, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 17.00%	Termination^(a)	05/10/2027	59,780	(468)
Viasat, Inc.	Marex Capital Markets, Inc.	Receive	OBFR + 3.00%	Termination^(b)	04/07/2033	156,470	80
							107,956

Net Unrealized Appreciation (Depreciation)							$107,956

(a)	Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term on an ad-hoc basis.
(b)	Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds.


Defiance Daily Target 2X Long AMAT ETF
Schedule of Total Return Swaps Contracts
April 30, 2026

TOTAL RETURN SWAPS - 0.0%
Reference Entity	Counterparty	Pay/ Receive Reference Entity	Financing Rate	Payment Frequency	Maturity Date	Notional Value	Value / Unrealized Appreciation (Depreciation)^(d)
Applied Materials, Inc.	Cantor Fitzgerald & Co.	Receive	OBFR + 5.00%	Termination^(a)	11/30/2028	$ 1,214,878	$ –
Applied Materials, Inc.	Clear Street LLC	Receive	OBFR + 2.00%	Termination^(b)	07/10/2028	390,284	–
Applied Materials, Inc.	Marex Capital Markets, Inc.	Receive	OBFR + 3.00%	Termination^(c)	05/01/2033	394,490	–
							–

Net Unrealized Appreciation (Depreciation)							$ –


Defiance Daily Target 2X Long ANET ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 19.2%
Money Market Funds - 7.2%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	454,556	$ 454,556

U.S. Treasury Bills - 12.0%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 760,000	758,490

TOTAL SHORT-TERM INVESTMENTS (Cost $1,213,049)		1,213,046

TOTAL INVESTMENTS - 19.2% (Cost $1,213,049)		$ 1,213,046
Other Assets in Excess of Liabilities - 80.8%		5,123,409
TOTAL NET ASSETS - 100.0%		$ 6,336,455

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long AVAV ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 22.7%
Money Market Funds - 4.7%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	434,638	$ 434,638

U.S. Treasury Bills - 18.0%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 1,670,000	1,666,683

TOTAL SHORT-TERM INVESTMENTS (Cost $2,101,329)		2,101,321

TOTAL INVESTMENTS - 22.7% (Cost $2,101,329)		$ 2,101,321
Other Assets in Excess of Liabilities - 77.3%		7,164,508
TOTAL NET ASSETS - 100.0%		$ 9,265,829

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long AVGO ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 14.1%
Money Market Funds - 1.4%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	2,298,654	$ 2,298,654

U.S. Treasury Bills - 12.7%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 20,991,000	20,949,310

TOTAL SHORT-TERM INVESTMENTS (Cost $23,248,004)		23,247,964

TOTAL INVESTMENTS - 14.1% (Cost $23,248,004)		$ 23,247,964
Other Assets in Excess of Liabilities - 85.9%		141,524,100
TOTAL NET ASSETS - 100.0%		$ 164,772,064

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long B ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 41.6%
Money Market Funds - 25.6%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	144,379	$ 144,379

U.S. Treasury Bills - 16.0%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 90,000	89,821

TOTAL SHORT-TERM INVESTMENTS (Cost $234,200)		234,200

TOTAL INVESTMENTS - 41.6% (Cost $234,200)		$ 234,200
Other Assets in Excess of Liabilities - 58.4%		328,925
TOTAL NET ASSETS - 100.0%		$ 563,125

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long Copper Miners ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 32.7%
Money Market Funds - 11.3%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	416,655	$ 416,655

U.S. Treasury Bills - 21.4%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 790,000	788,432

TOTAL SHORT-TERM INVESTMENTS (Cost $1,205,089)		1,205,087

TOTAL INVESTMENTS - 32.7% (Cost $1,205,089)		$ 1,205,087
Other Assets in Excess of Liabilities - 67.3%		2,482,564
TOTAL NET ASSETS - 100.0%		$ 3,687,651

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long CVNA ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 13.4%
Money Market Funds - 4.1%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	166,503	$ 166,503

U.S. Treasury Bills - 9.3%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 380,000	379,246

TOTAL SHORT-TERM INVESTMENTS (Cost $545,750)		545,749

TOTAL INVESTMENTS - 13.4% (Cost $545,750)		$ 545,749
Other Assets in Excess of Liabilities - 86.6%		3,519,344
TOTAL NET ASSETS - 100.0%		$ 4,065,093

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long DKNG ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 30.0%
Money Market Funds - 8.2%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	415,431	$ 415,431

U.S. Treasury Bills - 21.8%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 1,110,000	1,107,796

TOTAL SHORT-TERM INVESTMENTS (Cost $1,523,230)		1,523,227

TOTAL INVESTMENTS - 30.0% (Cost $1,523,230)		$ 1,523,227
Other Assets in Excess of Liabilities - 70.0%		3,562,106
TOTAL NET ASSETS - 100.0%		$ 5,085,333

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long HIMS ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 16.5%
Money Market Funds - 2.1%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	3,359,401	$ 3,359,401

U.S. Treasury Bills - 14.4%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 22,673,000	22,627,969

TOTAL SHORT-TERM INVESTMENTS (Cost $25,987,401)		25,987,370

TOTAL INVESTMENTS - 16.5% (Cost $25,987,401)		$ 25,987,370
Other Assets in Excess of Liabilities - 83.5%		131,294,187
TOTAL NET ASSETS - 100.0%		$ 157,281,557

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long HOOD ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 25.1%
Money Market Funds - 4.1%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	605,771	$ 605,771

U.S. Treasury Bills - 21.0%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 3,130,000	3,123,784

TOTAL SHORT-TERM INVESTMENTS (Cost $3,729,567)		3,729,555

TOTAL INVESTMENTS - 25.1% (Cost $3,729,567)		$ 3,729,555
Other Assets in Excess of Liabilities - 74.9%		11,105,124
TOTAL NET ASSETS - 100.0%		$ 14,834,679

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long IONQ ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 18.0%
Money Market Funds - 8.1%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	23,382,410	$ 23,382,410

U.S. Treasury Bills - 9.9%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 28,547,000	28,490,303

TOTAL SHORT-TERM INVESTMENTS (Cost $51,872,728)		51,872,713

TOTAL INVESTMENTS - 18.0% (Cost $51,872,728)		$ 51,872,713
Other Assets in Excess of Liabilities - 82.0%		236,197,350
TOTAL NET ASSETS - 100.0%		$ 288,070,063

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long IREN ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 12.1%
Money Market Funds - 2.4%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	7,343,031	$ 7,343,031

U.S. Treasury Bills - 9.7%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 30,520,000	30,459,384

TOTAL SHORT-TERM INVESTMENTS (Cost $37,802,464)		37,802,415

TOTAL INVESTMENTS - 12.1% (Cost $37,802,464)		$ 37,802,415
Other Assets in Excess of Liabilities - 87.9%		273,796,898
TOTAL NET ASSETS - 100.0%		$ 311,599,313

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long KEEL ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 7.8%
Money Market Funds - 1.5%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	57,269	$ 57,269

U.S. Treasury Bills - 6.3%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 240,000	239,523

TOTAL SHORT-TERM INVESTMENTS (Cost $296,793)		296,792

TOTAL INVESTMENTS - 7.8% (Cost $296,793)		$ 296,792
Other Assets in Excess of Liabilities - 92.2%		3,514,529
TOTAL NET ASSETS - 100.0%		$ 3,811,321

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long LLY ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 43.3%
Money Market Funds - 10.6%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	7,059,376	$ 7,059,376

U.S. Treasury Bills - 32.7%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 21,847,000	21,803,610

TOTAL SHORT-TERM INVESTMENTS (Cost $28,863,049)		28,862,986

TOTAL INVESTMENTS - 43.3% (Cost $28,863,049)		$ 28,862,986
Other Assets in Excess of Liabilities - 56.7%		37,807,385
TOTAL NET ASSETS - 100.0%		$ 66,670,371

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long LMND ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 18.7%
Money Market Funds - 6.1%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	350,929	$ 350,929

U.S. Treasury Bills - 12.6%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 730,000	728,550

TOTAL SHORT-TERM INVESTMENTS (Cost $1,079,481)		1,079,479

TOTAL INVESTMENTS - 18.7% (Cost $1,079,481)		$ 1,079,479
Other Assets in Excess of Liabilities - 81.3%		4,688,165
TOTAL NET ASSETS - 100.0%		$ 5,767,644

Percentages are stated as a percent of net assets.

Defiance Daily Target 2X Long LUNR ETF
Schedule of Investments
April 30, 2026
SHORT-TERM INVESTMENTS - 5.9%
Money Market Funds - 4.2%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	1,909,827	$ 1,909,827

U.S. Treasury Bills - 1.7%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 780,000	778,451

TOTAL SHORT-TERM INVESTMENTS (Cost $2,688,280)		2,688,278

TOTAL INVESTMENTS - 5.9% (Cost $2,688,280)		$ 2,688,278
Other Assets in Excess of Liabilities - 94.1%		42,835,850
TOTAL NET ASSETS - 100.0%		$ 45,524,128

Percentages are stated as a percent of net assets.

SHORT-TERM INVESTMENTS - 17.7%
Money Market Funds - 5.4%	Shares	Value
First American Government Obligations Fund - Class X, 3.56%^(a)	306,204	$ 306,204

U.S. Treasury Bills - 12.3%	Principal Amount	Value
U.S. Treasury Bill, 5/21/2026, 3.46%^(b)(c)	$ 695,000	693,620

TOTAL SHORT-TERM INVESTMENTS (Cost $999,825)		999,824

TOTAL INVESTMENTS - 17.7% (Cost $999,825)		$999,824
Other Assets in Excess of Liabilities - 82.3%		4,665,582
TOTAL NET ASSETS - 100.0%		$ 5,665,406

Percentages are stated as a percent of net assets.


Defiance Daily Target 2X Long MP ETF
Schedule of Total Return Swaps Contracts
April 30, 2026

TOTAL RETURN SWAPS – 37.1%
Reference Entity	Counterparty	Pay/ Receive Reference Entity	Financing Rate	Payment Frequency	Maturity Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
MP Materials Corp.	Jane Street Execution Services, LLC	Receive	OBFR + 7.00%	Termination^(a)	03/18/2033	$ 2,677,261	$ 304,329
MP Materials Corp.	Clear Street LLC	Receive	OBFR + 2.50%	Termination^(a)	11/23/2027	2,075,571	413,465
MP Materials Corp.	Marex Capital Markets, Inc.	Receive	OBFR + 3.50%	Termination^(b)	10/25/2028	1,960,728	419,767
MP Materials Corp.	Cantor Fitzgerald & Co.	Receive	OBFR + 8.00%	Termination^(c)	11/01/2028	2,332,797	429,179
MP Materials Corp.	Nomura Securities International, Inc.	Receive	OBFR + 10.00%	Termination^(d)	03/31/2033	2,284,324	534,070
							2,100,810

Net Unrealized Appreciation (Depreciation)							$ 2,100,810