Defiance Daily Target 2X Short TSM ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 19.7% | ||||||||
| Money Market Funds - 1.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 24,513 | $ | 24,513 | |||||
| U.S. Treasury Bills - 18.2% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 308,000 | 307,261 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $331,700) | 331,774 | |||||||
| TOTAL INVESTMENTS - 19.7% (Cost $331,700) | $ | 331,774 | ||||||
| Other Assets in Excess of Liabilities - 80.3% | 1,356,103 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,687,877 | ||||||
| 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 TSM ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 9.5% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Cantor Fitzgerald & Co. | Pay | OBFR + (3.00%) | Termination(c) | 10/31/2028 | $ | (1,000,519 | ) | $ | 68,644 | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Clear Street LLC | Pay | OBFR + (1.25%) | Termination(b) | 01/11/2028 | (1,160,197 | ) | 54,023 | ||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Marex Capital Markets, Inc. | Pay | OBFR + (2.00%) | Termination(a) | 11/17/2028 | (404,250 | ) | 25,506 | ||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Nomura Securities International, Inc. | Pay | OBFR + (5.50%) | Termination(d) | 03/31/2033 | (808,500 | ) | 11,903 | ||||||||||
| 160,076 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 160,076 | |||||||||||||||||
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 based on predetermined notional thresholds. |
| (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 on an ad-hoc basis |
| (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. |