Defiance Daily Target 2X Short PLTR ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 13.1% | ||||||||
| Money Market Funds - 2.7% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 358,766 | $ | 358,766 | |||||
| U.S. Treasury Bills - 10.4% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 1,410,000 | 1,406,616 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,765,073) | 1,765,382 | |||||||
| TOTAL INVESTMENTS - 13.1% (Cost $1,765,073) | $ | 1,765,382 | ||||||
| Other Assets in Excess of Liabilities - 86.9% | 11,691,291 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 13,456,673 | ||||||
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 PLTR ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
TOTAL RETURN SWAPS - 56.5%
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Palantir Technologies, Inc. | BMO Capital Markets Corp. | Pay | OBFR + (4.99%) | Termination(a) | 02/28/2028 | $ | (4,282,488 | ) | $ | 1,053,642 | ||||||||
| Palantir Technologies, Inc. | Cantor Fitzgerald & Co. | Pay | OBFR + (2.99%) | Termination(a) | 09/18/2026 | (5,393,843 | ) | 2,302,530 | ||||||||||
| Palantir Technologies, Inc. | Clear Street LLC | Pay | OBFR + (1.24%) | Termination(b) | 01/03/2028 | (5,829,106 | ) | 1,841,829 | ||||||||||
| Palantir Technologies, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (4.04%) | Termination(c) | 10/02/2026 | (6,251,448 | ) | 394,334 | ||||||||||
| Palantir Technologies, Inc. | Nomura Securities International, Inc. | Pay | OBFR + (5.00%) | Termination(d) | 03/31/2033 | (5,143,908 | ) | 2,011,426 | ||||||||||
| 7,603,761 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 7,603,761 | |||||||||||||||||
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 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. 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 based on predetermined notional thresholds. |
| (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. |