Defiance Oil Enhanced Options Income ETF
Schedule of Investments
May 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 3.2%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 3.2% | ||||||||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $145.00 | $ | 10,972,650 | 850 | $ | 61,625 | |||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $144.00 | 12,909,000 | 1,000 | 83,500 | |||||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $143.00 | 24,204,375 | 1,875 | 161,250 | |||||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $142.00 | 13,167,180 | 1,020 | 115,770 | |||||||||
| United States Oil Fund LP, Expiration: 6/18/2026; Exercise Price: $140.01 | 61,253,205 | 4,745 | 1,569,788 | |||||||||
| Total Call Options | 1,991,933 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $9,897,182) | 1,991,933 | |||||||||||
| SHORT-TERM INVESTMENTS - 106.2% | ||||||||||||
| Money Market Funds - 2.0% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.55%(e) | 1,223,455 | 1,223,455 | ||||||||||
| U.S. Treasury Bills - 104.2% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 6/11/2026, 3.34%(f)(g) | $ | 1,170,000 | 1,168,823 | |||||||||
| U.S. Treasury Bill, 7/9/2026, 3.59%(f)(g)(h) | 16,592,000 | 16,528,557 | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 3.63%(f)(g) | 15,101,000 | 15,001,103 | ||||||||||
| U.S. Treasury Bill, 9/3/2026, 3.64%(f)(g)(h) | 26,922,000 | 26,669,636 | ||||||||||
| U.S. Treasury Bill, 10/15/2026, 3.69%(f)(g) | 5,501,000 | 5,425,901 | ||||||||||
| 64,794,020 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $66,018,732) | 66,017,475 | |||||||||||
| TOTAL INVESTMENTS - 109.4% (Cost $75,915,914) | $ | 68,009,408 | ||||||||||
| Liabilities in Excess of Other Assets - (9.4)% | (5,857,452 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 62,151,956 | ||||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (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 $40,398,583. |
| (h) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
Defiance Oil Enhanced Options Income ETF
Schedule of Written Options Contracts
May 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (12.2)%(a)(b) | Notional
Amount | Contracts | Value | |||||||||
| Call Options - (1.4)% | ||||||||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $138.00 | $ | (10,972,650 | ) | (850 | ) | $ | (133,025 | ) | ||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $137.00 | (12,909,000 | ) | (1,000 | ) | (166,000 | ) | ||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $136.00 | (24,204,375 | ) | (1,875 | ) | (345,938 | ) | ||||||
| United States Oil Fund LP, Expiration: 6/5/2026; Exercise Price: $135.00 | (13,167,180 | ) | (1,020 | ) | (210,630 | ) | ||||||
| Total Call Options | (855,593 | ) | ||||||||||
| Put Options - (10.8)% | ||||||||||||
| United States Oil Fund LP, Expiration: 6/18/2026; Exercise Price: $140.01 | (61,253,205 | ) | (4,745 | ) | (6,719,774 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $11,229,715) | $ | (7,575,367 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |