| Defiance Daily Target 2X Long ANET ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 14.4% | ||||||||
| Money Market Funds - 2.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 397,138 | $ | 397,138 | |||||
| U.S. Treasury Bills - 12.3% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 2,270,000 | 2,264,552 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,661,146) | 2,661,690 | |||||||
| TOTAL INVESTMENTS - 14.4% (Cost $2,661,146) | $ | 2,661,690 | ||||||
| Other Assets in Excess of Liabilities - 85.6% | 15,823,114 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 18,484,804 | ||||||
| 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 ANET ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 16.8% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Arista Networks, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 5.99% | Termination(b) | 01/28/2027 | $ | 5,771,200 | $ | 752,328 | |||||||||
| Arista Networks, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 3.00% | Termination(b) | 09/07/2028 | 6,307,200 | 605,038 | |||||||||||
| Arista Networks, Inc. | Clear Street LLC | Receive | OBFR + 1.24% | Termination(c) | 01/10/2028 | 6,724,530 | 625,541 | |||||||||||
| Arista Networks, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(a) | 09/15/2028 | 6,131,900 | 238,041 | |||||||||||
| Arista Networks, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 7.50% | Termination(e) | 01/31/2033 | 5,951,550 | 236,245 | |||||||||||
| Arista Networks, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 5.24% | Termination(d) | 03/30/2033 | 6,041,725 | 642,288 | |||||||||||
| 3,099,481 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 3,099,481 | |||||||||||||||||
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, 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. Both 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. |
| (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 mark-to-market thresholds. |