| Defiance Daily Target 2X Short MSTR ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 11.0% | ||||||||
| Money Market Funds - 1.0% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 209,505 | $ | 209,505 | |||||
| U.S. Treasury Bills - 10.0% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 2,197,000 | 2,191,727 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,400,705) | 2,401,232 | |||||||
| TOTAL INVESTMENTS - 11.0% (Cost $2,400,705) | $ | 2,401,232 | ||||||
| Other Assets in Excess of Liabilities - 89.0% | 19,388,576 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 21,789,808 | ||||||
| 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 MSTR ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 32.0% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Strategy, Inc. | Clear Street LLC | Pay | OBFR + (2.49%) | Termination(a) | 01/24/2028 | $ | (8,244,553 | ) | $ | – | ||||||||
| Strategy, Inc. | Cantor Fitzgerald & Co. | Pay | OBFR + (10.00%) | Termination(b) | 09/08/2028 | (10,061,460 | ) | 6,486,520 | ||||||||||
| Strategy, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (8.63%) | Termination(c) | 09/24/2026 | (8,395,200 | ) | 483,300 | ||||||||||
| Strategy, Inc. | Jane Street Execution Services, LLC | Pay | OBFR + (12.99%) | Termination(a) | 03/16/2033 | (10,260,800 | ) | – | ||||||||||
| Strategy, Inc. | BMO Capital Markets Corp. | Pay | OBFR + (15.99%) | Termination(b) | 11/30/2027 | (6,576,240 | ) | – | ||||||||||
| 6,969,820 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 6,969,820 | |||||||||||||||||
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 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. |