Defiance Daily Target 2X Long RKLB ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 93.7% | ||||||||
| Money Market Funds - 6.0% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 9,770,083 | $ | 9,770,083 | |||||
| U.S. Treasury Bills - 87.7% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 143,160,000 | 142,816,416 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $152,555,179) | 152,586,499 | |||||||
| TOTAL INVESTMENTS - 93.7% (Cost $152,555,179) | $ | 152,586,499 | ||||||
| Other Assets in Excess of Liabilities - 6.3% | 10,244,195 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 162,830,694 | ||||||
| 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 RKLB ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 13.8% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Rocket Lab Corp. | BMO Capital Markets Corp. | Receive | OBFR + 15.00% | Termination(a) | 10/01/2026 | $ | 32,475,000 | $ | 5,260,823 | |||||||||
| Rocket Lab Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 10.50% | Termination(a) | 09/21/2026 | 30,841,637 | (1,501,350 | ) | ||||||||||
| Rocket Lab Corp. | Clear Street LLC | Receive | OBFR + 1.25% | Termination(c) | 08/25/2026 | 38,070,508 | 7,837,493 | |||||||||||
| Rocket Lab Corp. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(c) | 03/18/2033 | 35,722,500 | 1,928,780 | |||||||||||
| Rocket Lab Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 6.00% | Termination(b) | 09/15/2028 | 39,619,500 | 3,568,853 | |||||||||||
| Rocket Lab Corp. | Morgan Stanley & Co., Inc. | Receive | OBFR + 12.00% | Termination(e) | 01/22/2029 | 72,256,875 | (1,619,675 | ) | ||||||||||
| Rocket Lab Corp. | National Bank of Canada Financial, Inc. | Receive | OBFR + 14.00% | Termination(d) | 01/31/2033 | 37,053,975 | (1,201,844 | ) | ||||||||||
| Rocket Lab Corp. | Nomura Securities International, Inc. | Receive | OBFR + 13.00% | Termination(f) | 03/31/2033 | 38,970,000 | 8,277,918 | |||||||||||
| 22,550,998 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 22,550,998 | |||||||||||||||||
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, but also may periodically reset throughout the term based on predetermined notional thresholds. |
| (c) | 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. |
| (d) | 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. |
| (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 on termination. Equity reset of the swap is effective on termination, but may periodically reset throughout the term on an ad-hoc basis. |