| Defiance Daily Target 2X Short MU ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 28.3% | ||||||||
| Money Market Funds - 11.9% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 990,753 | $ | 990,753 | |||||
| U.S. Treasury Bills - 16.4% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 1,369,000 | 1,365,715 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,356,139) | 2,356,468 | |||||||
| TOTAL INVESTMENTS - 28.3% (Cost $2,356,139) | $ | 2,356,468 | ||||||
| Other Assets in Excess of Liabilities - 71.7% | 5,970,792 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 8,327,260 | ||||||
| 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 Short MU ETF |
| Schedule of Total Return Swaps Contracts |
| July 31, 2026 (Unaudited) |
| TOTAL RETURN SWAPS - 18.6% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing
Rate | Payment
Frequency | Maturity Date | Notional
Value | Value
/ Unrealized Appreciation (Depreciation) | |||||||||||
| Micron Technology, Inc. | Cantor
Fitzgerald & Co. | Pay | OBFR + (20.00%) | Termination(d) | 11/30/2028 | $ | (3,479,771 | ) | $ | — | ||||||||
| Micron Technology, Inc. | Clear Street LLC | Pay | OBFR + (2.01%) | Termination(a) | 07/24/2028 | (5,488,787 | ) | 644,557 | ||||||||||
| Micron Technology, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (2.01%) | Termination(b) | 06/08/2033 | (2,880,605 | ) | 329,946 | ||||||||||
| Micron Technology, Inc. | Nomura
Securities International, Inc. | Pay | OBFR + (5.00%) | Termination(c) | 03/30/2033 | (4,794,150 | ) | 575,711 | ||||||||||
| 1,550,214 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 1,550,214 | |||||||||||||||||
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 on termination. Equity reset of the swap is effective on termination, but 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. |