Defiance Daily Target 2X Long STX ETF
Schedule of Investments
June 30, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 19.3% | ||||||||
| Money Market Funds - 6.9% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.57%(a) | 2,235,112 | $ | 2,235,112 | |||||
| U.S. Treasury Bills - 12.4% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 7/23/2026, 3.50%(b)(c) | $ | 4,023,000 | 4,014,142 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,249,397) | 6,249,254 | |||||||
| TOTAL INVESTMENTS - 19.3% (Cost $6,249,397) | $ | 6,249,254 | ||||||
| Other Assets in Excess of Liabilities - 80.7% | 26,209,909 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 32,459,163 | ||||||
| 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 $4,014,142. |
Defiance Daily Target 2X Long STX ETF
Schedule of Total Return Swaps Contracts
June 30, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 0.0% | |||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | ||||||||||
| Seagate Technology Holdings PLC | National Bank of Canada Financial, Inc. | Receive | OBFR + 5.50% | Termination(a) | 01/31/2033 | $ | 13,075,750 | $ | — | ||||||||
| Seagate Technology Holdings PLC | Clear Street LLC | Receive | OBFR + 2.00% | Termination(b) | 05/09/2028 | 15,287,530 | — | ||||||||||
| Seagate Technology Holdings PLC | Marex Capital Markets, Inc. | Receive | OBFR + 2.50% | Termination(c) | 04/21/2033 | 11,580,000 | — | ||||||||||
| Seagate Technology Holdings PLC | Cantor Fitzgerald & Co. | Receive | OBFR + 15.00% | Termination(d) | 11/30/2028 | 14,089,000 | — | ||||||||||
| Seagate Technology Holdings PLC | Nomura Securities
International, Inc. | Receive | OBFR + 5.25% | Termination(e) | 03/31/2033 | 10,904,500 | — | ||||||||||
| — | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | — | |||||||||||||||
| OBFR | Overnight Bank Funding Rate was 3.63% as of June 30, 2026. |
| PLC | Public Limited Company |
| (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 monthly. Equity reset of the swap is effective on termination. Both 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, but also may periodically reset throughout the term based on predetermined notional thresholds. |
| (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 on termination. Equity reset of the swap is effective on termination, but may periodically reset throughout the term on an ad-hoc basis. |