Defiance Daily Target 2X Long SOUN ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 39.6% | ||||||||
| Money Market Funds - 5.0% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 443,820 | $ | 443,820 | |||||
| U.S. Treasury Bills - 34.6% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 3,060,000 | 3,052,656 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,495,743) | 3,496,476 | |||||||
| TOTAL INVESTMENTS - 39.6% (Cost $3,495,743) | $ | 3,496,476 | ||||||
| Other Assets in Excess of Liabilities - 60.4% | 5,338,282 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 8,834,758 | ||||||
| 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 SOUN ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (4.9)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| SoundHound AI, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 15.00% | Termination(b) | 01/26/2029 | $ | 2,022,900 | $ | 25,995 | |||||||||
| SoundHound AI, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 12.50% | Termination(b) | 09/08/2028 | 1,251,347 | (44,609 | ) | ||||||||||
| SoundHound AI, Inc. | Clear Street LLC | Receive | OBFR + 10.00% | Termination(a) | 03/13/2028 | 1,731,799 | (28,236 | ) | ||||||||||
| SoundHound AI, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(a) | 03/16/2033 | 2,458,130 | (230,958 | ) | ||||||||||
| SoundHound AI, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 5.50% | Termination(e) | 09/19/2028 | 2,108,720 | 132,477 | |||||||||||
| SoundHound AI, Inc. | Morgan Stanley & Co., Inc. | Receive | OBFR + 19.00% | Termination(d) | 04/11/2031 | 3,218,250 | (110,250 | ) | ||||||||||
| SoundHound AI, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 20.70% | Termination(c) | 01/31/2033 | 2,384,570 | (30,751 | ) | ||||||||||
| SoundHound AI, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 20.00% | Termination(f) | 03/31/2033 | 2,445,870 | (150,499 | ) | ||||||||||
| (436,831 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (436,831 | ) | ||||||||||||||||
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 mark-to-market thresholds. |
| (d) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. |
| (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. |
| (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. |