Defiance Daily Target 2X Long NOK ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 82.9% | ||||||||
| Money Market Funds - 2.2% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 491,790 | $ | 491,790 | |||||
| U.S. Treasury Bills - 80.7% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 18,450,000 | 18,405,720 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $18,893,087) | 18,897,510 | |||||||
| TOTAL INVESTMENTS - 82.9% (Cost $18,893,087) | $ | 18,897,510 | ||||||
| Other Assets in Excess of Liabilities - 17.1% | 3,886,249 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 22,783,759 | ||||||
| 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 NOK ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (4.3)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Nokia Oyj | Cantor Fitzgerald & Co. | Receive | OBFR + 6.00% | Termination(f) | 09/08/2028 | $ | 8,075,665 | $ | (493,456 | ) | ||||||||
| Nokia Oyj | Clear Street LLC | Receive | OBFR + 2.50% | Termination(a) | 02/22/2028 | 9,195,928 | (117,965 | ) | ||||||||||
| Nokia Oyj | Jane Street Execution Services, LLC | Receive | OBFR + 10.00% | Termination(a) | 07/22/2033 | 178,230 | (331 | ) | ||||||||||
| Nokia Oyj | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(e) | 01/19/2029 | 8,226,000 | 657,000 | |||||||||||
| Nokia Oyj | Morgan Stanley & Co., Inc. | Receive | OBFR + 12.00% | Termination(c) | 07/16/2031 | 690,070 | (104,879 | ) | ||||||||||
| Nokia Oyj | National Bank of Canada Financial, Inc. | Receive | OBFR + 14.00% | Termination(b) | 01/31/2033 | 9,688,400 | 222,600 | |||||||||||
| Nokia Oyj | Nomura Securities International, Inc. | Receive | OBFR + 17.50% | Termination(d) | 03/31/2033 | 9,424,099 | (1,136,000 | ) | ||||||||||
| (973,031 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (973,031 | ) | ||||||||||||||||
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 mark-to-market thresholds. |
| (c) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. |
| (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 notional thresholds. |
| (f) | 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. |