Defiance Daily Target 2X Long RGTI ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 57.3% | ||||||||
| Money Market Funds - 1.3% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 537,840 | $ | 537,840 | |||||
| U.S. Treasury Bills - 56.0% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 24,130,000 | 24,072,088 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $24,604,649) | 24,609,928 | |||||||
| TOTAL INVESTMENTS - 57.3% (Cost $24,604,649) | $ | 24,609,928 | ||||||
| Other Assets in Excess of Liabilities - 42.7% | 18,310,077 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 42,920,005 | ||||||
| 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 RGTI ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 1.5% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Rigetti Computing, Inc. | Morgan Stanley & Co., Inc. | Receive | OBFR + 23.00% | Termination(a) | 04/11/2031 | $ | 11,063,000 | $ | (1,500,688 | ) | ||||||||
| Rigetti Computing, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 30.00% | Termination(b) | 07/01/2027 | 10,091,250 | (385,532 | ) | ||||||||||
| Rigetti Computing, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 5.50% | Termination(c) | 02/02/2029 | 11,287,250 | 1,306,150 | |||||||||||
| Rigetti Computing, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 20.00% | Termination(b) | 09/08/2028 | 11,116,357 | (527,586 | ) | ||||||||||
| Rigetti Computing, Inc. | Clear Street LLC | Receive | OBFR + 13.00% | Termination(c) | 03/06/2028 | 10,714,560 | (51,097 | ) | ||||||||||
| Rigetti Computing, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 22.50% | Termination(d) | 03/31/2033 | 9,194,250 | (710,879 | ) | ||||||||||
| Rigetti Computing, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 15.00% | Termination(e) | 03/18/2033 | 9,941,750 | 1,178,398 | |||||||||||
| Rigetti Computing, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(f) | 01/31/2033 | 12,184,250 | 1,327,801 | |||||||||||
| 636,567 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 636,567 | |||||||||||||||||
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. |
| (b) | 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. |
| (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. Both may periodically reset throughout the term on an ad-hoc basis. |
| (f) | 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. |