Defiance Daily Target 2X Long SPCX ETF
Schedule of Investments
June 30, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 28.8% | ||||||||
| Money Market Funds - 9.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.57%(a) | 4,570,394 | $ | 4,570,394 | |||||
| U.S. Treasury Bills - 19.7% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 7/23/2026, 3.50%(b)(c) | $ | 9,980,000 | 9,958,026 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $14,528,773) | 14,528,420 | |||||||
| TOTAL INVESTMENTS - 28.8% (Cost $14,528,773) | $ | 14,528,420 | ||||||
| Other Assets in Excess of Liabilities - 71.2% | 35,861,530 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 50,389,950 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| (a) | The rate shown represents the 7-day annualized effective yield as of June 30, 2026. |
| (b) | The rate shown is the annualized effective yield as of June 30, 2026. |
| (c) | All or a portion of this security has been pledged as collateral for total return swap contracts. As of June 30, 2026, the total value of securities pledged as collateral is $9,957,146. |
Defiance Daily Target 2X Long SPCX ETF
Schedule of Total Return Swaps Contracts
June 30, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 20.1% | |||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | ||||||||||
| Space Exploration Technologies Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 4.00% | Termination(a) | 11/30/2029 | $ | 15,939,700 | $ | 1,658,839 | ||||||||
| Space Exploration Technologies Corp. | National Bank of Canada Financial, Inc.
| Receive | OBFR + 29.00% | Termination(b) | 01/31/2033 | 17,513,150 | 1,822,830 | ||||||||||
| Space Exploration Technologies Corp. | Nomura Securities International, Inc.
| Receive | OBFR + 7.00% | Termination(c) | 03/31/2033 | 18,794,600 | 1,828,781 | ||||||||||
| Space Exploration Technologies Corp. | Jane Street Execution Services, LLC
| Receive | OBFR + 15.00% | Termination(d) | 06/16/2033 | 14,095,950 | 1,373,924 | ||||||||||
| Space Exploration Technologies Corp. | BMO Capital Markets Corp. | Receive | OBFR + 6.00% | Termination(a) | 05/31/2028 | 5,552,950 | 528,450 | ||||||||||
| Space Exploration Technologies Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 5.00% | Termination(e) | 06/16/2033 | 12,814,500 | 1,334,939 | ||||||||||
| Space Exploration Technologies Corp. | Clear Street LLC
| Receive | OBFR + 1.75% | Termination(d) | 07/25/2028 | 16,045,634 | 1,580,809 | ||||||||||
| 10,128,572 | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | 10,128,572 | |||||||||||||||
OBFR - Overnight Bank Funding Rate was 3.63% as of June 30, 2026.
| (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 based on predetermined mark-to-market thresholds. |
| (b) | Financing reset of the swap is effective on termination. Equity reset of the swap is effective on termination, but may periodically reset throughout the term on an ad-hoc basis. |
| (c) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. Both may periodically reset throughout the term on an ad-hoc basis. |
| (d) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but may periodically reset throughout the term on an ad-hoc basis. |
| (e) | 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. |