Defiance Daily Target 2X Long LUNR ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 51.0% | ||||||||
| Money Market Funds - 5.8% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 780,212 | $ | 780,212 | |||||
| U.S. Treasury Bills - 45.2% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 6,150,000 | 6,135,240 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,913,978) | 6,915,452 | |||||||
| TOTAL INVESTMENTS - 51.0% (Cost $6,913,978) | $ | 6,915,452 | ||||||
| Other Assets in Excess of Liabilities - 49.0% | 6,650,643 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 13,566,095 | ||||||
| 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 LUNR ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (25.0)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Intuitive Machines, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 35.00% | Termination(b) | 09/07/2028 | $ | 3,746,116 | $ | (686,033 | ) | ||||||||
| Intuitive Machines, Inc. | Clear Street LLC | Receive | OBFR + 8.00% | Termination(f) | 02/21/2028 | 4,198,105 | (459,237 | ) | ||||||||||
| Intuitive Machines, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 12.99% | Termination(f) | 05/30/2033 | 4,837,280 | (510,329 | ) | ||||||||||
| Intuitive Machines, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(c) | 01/12/2029 | 4,442,400 | 329,063 | |||||||||||
| Intuitive Machines, Inc. | Morgan Stanley & Co., Inc. | Receive | OBFR + 24.00% | Termination(e) | 07/16/2031 | 456,580 | (12,039 | ) | ||||||||||
| Intuitive Machines, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(a) | 01/31/2033 | 4,824,940 | (651,943 | ) | ||||||||||
| Intuitive Machines, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 17.00% | Termination(d) | 03/30/2033 | 4,547,290 | (1,401,218 | ) | ||||||||||
| (3,391,736 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (3,391,736 | ) | ||||||||||||||||
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, 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, but also 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 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. |
| (f) | 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. |