| Defiance Daily Target 2X Long IREN ETF |
| Schedule of Investments |
| July 31, 2026 (Unaudited) |
| SHORT-TERM INVESTMENTS - 70.3% | ||||||||
| Money Market Funds - 4.7% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 9,322,749 | $ | 9,322,749 | |||||
| U.S. Treasury Bills - 65.6% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 131,230,000 | 130,915,048 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $140,206,338) | 140,237,797 | |||||||
| TOTAL INVESTMENTS - 70.3% (Cost $140,206,338) | $ | 140,237,797 | ||||||
| Other Assets in Excess of Liabilities - 29.7% | 59,325,257 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 199,563,054 | ||||||
| Percentages are stated as a percent of net assets. | |
| (a) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
| (b) | The rate shown is the annualized effective yield as of July 31, 2026. |
| Defiance Daily Target 2X Long IREN ETF | |||||||
| Schedule of Total Return Swaps Contracts | |||||||
| July 31, 2026 (Unaudited) | |||||||
| TOTAL RETURN SWAPS - 6.7% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| IREN Ltd. | BMO Capital Markets Corp. | Receive | OBFR + 20.00% | Termination(c) | 02/01/2028 | $ | 36,800,000 | $ | (1,480,000 | ) | ||||||||
| IREN Ltd. | Cantor Fitzgerald & Co. | Receive | OBFR + 27.50% | Termination(c) | 11/01/2028 | 46,602,489 | (2,825,092 | ) | ||||||||||
| IREN Ltd. | Clear Street LLC | Receive | OBFR + 7.00% | Termination(a) | 11/23/2027 | 59,416,581 | 792,968 | |||||||||||
| IREN Ltd. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(a) | 03/18/2033 | 57,408,000 | 951,815 | |||||||||||
| IREN Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 5.50% | Termination(b) | 10/19/2028 | 56,672,000 | 11,176,294 | |||||||||||
| IREN Ltd. | Morgan Stanley & Co., Inc. | Receive | OBFR + 25.00% | Termination(f) | 04/11/2031 | 63,958,400 | (7,499,218 | ) | ||||||||||
| IREN Ltd. | National Bank of Canada Financial, Inc. | Receive | OBFR + 24.00% | Termination(e) | 01/31/2033 | 58,696,000 | 11,498,667 | |||||||||||
| IREN Ltd. | Nomura Securities International, Inc. | Receive | OBFR + 21.00% | Termination(d) | 03/31/2033 | 18,400,000 | 744,644 | |||||||||||
| 13,360,078 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 13,360,078 | |||||||||||||||||
OBFR - Overnight Bank Funding Rate was 3.63% as of July 31, 2026.
| (a) | 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. |
| (b) | 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. |
| (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 on an ad-hoc basis. |
| (d) | 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. |
| (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 mark-to-market thresholds. |
| (f) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. |