| Defiance Daily Target 2X Long LLY ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 31.5% | ||||||||
| Money Market Funds - 9.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 4,191,486 | $ | 4,191,486 | |||||
| U.S. Treasury Bills - 22.0% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 9,796,000 | 9,772,490 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $13,961,628) | 13,963,976 | |||||||
| TOTAL INVESTMENTS - 31.5% (Cost $13,961,628) | $ | 13,963,976 | ||||||
| Other Assets in Excess of Liabilities - 68.5% | 30,344,395 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 44,308,371 | ||||||
| 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 LLY ETF | |||||||
| Schedule of Total Return Swaps Contracts | |||||||
| July 31, 2026 (Unaudited) | |||||||
| TOTAL RETURN SWAPS - 15.5% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment
Frequency | Maturity
Date | Notional
Value | Value
/ Unrealized Appreciation (Depreciation) | |||||||||||
| Eli Lilly & Co. | BMO Capital Markets Corp. | Receive | OBFR + 3.00% | Termination(a) | 10/29/2026 | $ | 12,170,811 | $ | — | |||||||||
| Eli Lilly & Co. | Cantor Fitzgerald & Co. | Receive | OBFR + 5.00% | Termination(a) | 09/08/2028 | 9,358,451 | — | |||||||||||
| Eli Lilly & Co. | Clear Street LLC | Receive | OBFR + 1.25% | Termination(e) | 10/13/2026 | 10,411,937 | — | |||||||||||
| Eli Lilly & Co. | Marex Capital Markets, Inc. | Receive | OBFR + 2.00% | Termination(c) | 10/01/2026 | 10,684,212 | 3,445,485 | |||||||||||
| Eli Lilly & Co. | Morgan Stanley & Co., Inc. | Receive | OBFR + 2.50% | Termination(b) | 10/14/2028 | 25,734,016 | — | |||||||||||
| Eli Lilly & Co. | National Bank of Canada Financial, Inc. | Receive | OBFR + 3.99% | Termination(d) | 01/31/2033 | 10,889,854 | 1,001,538 | |||||||||||
| Eli Lilly & Co. | Nomura Securities International, Inc. | Receive | OBFR + 3.00% | Termination(f) | 03/31/2033 | 9,267,692 | 2,400,981 | |||||||||||
| 6,848,004 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 6,848,004 | |||||||||||||||||
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. |
| (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. |
| (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. Both may periodically reset throughout the term on an ad-hoc basis. |
| (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. |