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| Defiance Gold Enhanced Options Income ETF |
| Schedule of Investments |
| May 31, 2026 (Unaudited) |
| PURCHASED OPTIONS - 1.4%(a)(b)(c)(d) | |
Notional Amount | | |
Contracts | | |
Value | |
| Call Options - 1.4% | |
| | | |
| | | |
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| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $435.00 | |
$ | 13,764,960 | | |
| 330 | | |
$ | 20,130 | |
| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $424.00 | |
| 9,385,200 | | |
| 225 | | |
| 55,350 | |
| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $421.00 | |
| 9,385,200 | | |
| 225 | | |
| 77,625 | |
| SPDR Gold Shares, Expiration: 6/18/2026; Exercise Price: $430.01 | |
| 32,535,360 | | |
| 780 | | |
| 305,729 | |
| Total Call Options | |
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| 458,834 | |
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| TOTAL PURCHASED OPTIONS (Cost $2,189,116) | |
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| 458,834 | |
| U.S. Treasury Bills - 86.5% | |
Principal Amount | | |
Value | |
| U.S. Treasury Bill, 6/11/2026, 3.34%(f)(g) | |
$ | 5,634,000 | | |
| 5,628,333 | |
| U.S. Treasury Bill, 7/9/2026, 3.59%(f)(g) | |
| 7,981,000 | | |
| 7,950,483 | |
| U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g) | |
| 7,425,000 | | |
| 7,375,881 | |
| U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g) | |
| 5,640,000 | | |
| 5,587,131 | |
| U.S. Treasury Bill, 10/15/2026, 3.69%(f)(g) | |
| 1,362,000 | | |
| 1,343,406 | |
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| 27,885,234 | |
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| TOTAL SHORT-TERM INVESTMENTS (Cost $32,181,217) | |
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| 32,175,926 | |
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| TOTAL INVESTMENTS - 101.2% (Cost $34,370,333) | |
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$ | 32,634,760 | |
| Liabilities in Excess of Other Assets - (1.2)% | |
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| (393,025 | ) |
| TOTAL NET ASSETS - 100.0% | |
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$ | 32,241,735 | |
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| Percentages are stated as a percent of net assets. | |
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| (a) |
Exchange-traded. |
| (b) |
100 shares per contract. |
| (c) |
Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (d) |
Non-income producing security. |
| (e) |
The rate shown represents the 7-day annualized effective yield as of May 31, 2026. |
| (f) |
The rate shown is the annualized effective yield as of May 31, 2026. |
| (g) |
All or a portion of this security has been pledged as collateral for written options. As of May 31, 2026, the total value of securities pledged as collateral is $12,598,649. |
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| Defiance Gold Enhanced Options Income ETF |
| Schedule of Written Options Contracts |
| May 31, 2026 (Unaudited) |
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| WRITTEN OPTIONS - (5.0)%(a)(b) | |
| Notional Amount | | |
| Contracts | | |
| Value | |
| Call Options - (1.2)% | |
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| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $426.00 | |
$ | (13,764,960 | ) | |
| (330 | ) | |
$ | (62,040 | ) |
| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $415.00 | |
| (9,385,200 | ) | |
| (225 | ) | |
| (144,563 | ) |
| SPDR Gold Shares, Expiration: 6/5/2026; Exercise Price: $412.00 | |
| (9,385,200 | ) | |
| (225 | ) | |
| (189,000 | ) |
| Total Call Options | |
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| (395,603 | ) |
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| Put Options - (3.8)% | |
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| SPDR Gold Shares, Expiration: 6/18/2026; Exercise Price: $430.01 | |
| (32,535,360 | ) | |
| (780 | ) | |
| (1,226,386 | ) |
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| TOTAL WRITTEN OPTIONS (Premiums received $2,100,435) | |
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$ | (1,621,989 | ) |
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| Percentages are stated as a percent of net assets. | |
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