| Defiance Daily Target 2X Long MRNA ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 26.0% | ||||||||
| Money Market Funds - 8.7% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 189,482 | $ | 189,482 | |||||
| U.S. Treasury Bills - 17.3% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 380,000 | 379,088 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $568,479) | 568,570 | |||||||
| TOTAL INVESTMENTS - 26.0% (Cost $568,479) | $ | 568,570 | ||||||
| Other Assets in Excess of Liabilities - 74.0% | 1,615,926 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 2,184,496 | ||||||
| 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 MRNA ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 11.5% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Moderna, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 2.99% | Termination(e) | 09/08/2028 | $ | 508,455 | $ | 39,158 | |||||||||
| Moderna, Inc. | Clear Street LLC | Receive | OBFR + 5.00% | Termination(c) | 03/07/2028 | 782,227 | 147,185 | |||||||||||
| Moderna, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 8.00% | Termination(c) | 06/01/2033 | 822,300 | (101,090 | ) | ||||||||||
| Moderna, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(d) | 02/02/2029 | 603,020 | 73,810 | |||||||||||
| Moderna, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR +18.00% | Termination(a) | 01/31/2033 | 822,300 | (14,916 | ) | ||||||||||
| Moderna, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 13.00% | Termination(b) | 03/31/2033 | 822,300 | 106,343 | |||||||||||
| 250,490 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 250,490 | |||||||||||||||||
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 mark-to-market thresholds. |
| (b) | 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. |
| (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 monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds. |
| (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 on an ad-hoc basis. |