Defiance S&P 500 Weekly Distribution ETF
Schedule of Investments
May 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 92.9%(a)(b)(c)(d) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 92.9% | ||||||||||||
| S&P 500 Index, Expiration: 6/1/2026; Exercise Price: $7,602.04 | $ | 68,220,540 | 90 | $ | 129,600 | |||||||
| S&P 500 Index, Expiration: 12/18/2026; Exercise Price: $600.00(e) | 68,220,540 | 90 | 62,559,900 | |||||||||
| 62,689,500 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $55,659,747) | 62,689,500 | |||||||||||
| SHORT-TERM INVESTMENTS - 6.5% | ||||||||
| Money Market Funds - 6.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.55%(f) | 4,357,973 | 4,357,973 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,357,973) | 4,357,973 | |||||||
| TOTAL INVESTMENTS - 99.4% (Cost $60,017,720) | $ | 67,047,473 | ||||||
| Other Assets in Excess of Liabilities - 0.6% | 409,528 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 67,457,001 | ||||||
| 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) | 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. |
| (f) | The rate shown represents the 7-day annualized effective yield as of May 31, 2026. |
Defiance S&P 500 Weekly Distribution ETF
Schedule of Written Options Contracts
May 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (0.3)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (0.3)% | ||||||||||||
| S&P 500 Index, Expiration: 6/1/2026; Exercise Price: $7,580.06 | $ | (68,220,540 | ) | (90 | ) | $ | (218,340 | ) | ||||
| TOTAL WRITTEN OPTIONS (Premiums received $218,266) | $ | (218,340 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |