Defiance Daily Target 2X Long POET ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 40.6% | ||||||||
| Money Market Funds - 3.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 558,487 | $ | 558,487 | |||||
| U.S. Treasury Bills - 37.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 5,885,000 | 5,870,876 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,427,952) | 6,429,363 | |||||||
| TOTAL INVESTMENTS - 40.6% (Cost $6,427,952) | $ | 6,429,363 | ||||||
| Other Assets in Excess of Liabilities - 59.4% | 9,393,880 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 15,823,243 | ||||||
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 POET ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (16.8)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| POET Technologies, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 25.00% | Termination(a) | 05/01/2028 | $ | 4,089,150 | $ | (375,044 | ) | ||||||||
| POET Technologies, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 55.00% | Termination(a) | 11/30/2028 | 3,790,719 | (254,210 | ) | ||||||||||
| POET Technologies, Inc. | Clear Street LLC | Receive | OBFR + 12.00% | Termination(b) | 07/10/2028 | 4,118,452 | (313,338 | ) | ||||||||||
| POET Technologies, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 15.00% | Termination(b) | 06/10/2033 | 5,067,750 | (406,164 | ) | ||||||||||
| POET Technologies, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(e) | 05/01/2033 | 5,242,500 | 54,342 | |||||||||||
| POET Technologies, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 44.00% | Termination(c) | 01/31/2033 | 4,858,050 | (441,165 | ) | ||||||||||
| POET Technologies, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 30.00% | Termination(d) | 03/31/2033 | 4,333,800 | (928,280 | ) | ||||||||||
| (2,663,859 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (2,663,859 | ) | ||||||||||||||||
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 on an ad-hoc basis. |
| (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 mark-to-market 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, but also may periodically reset throughout the term based on predetermined notional thresholds. |