Defiance Daily Target 2X Long ORCL ETF

   Schedule of Investments

  July 31, 2026 (Unaudited)

SHORT-TERM INVESTMENTS - 72.1%        
Money Market Funds - 4.8%  Shares   Value 
First American Government Obligations Fund - Class X, 3.58%(a)   10,762,537   $10,762,537 
           
U.S. Treasury Bills - 67.3%   Principal
Amount		    Value 
U.S. Treasury Bill, 8/27/2026, 3.25%(b)   150,820,000    150,458,032 
           
TOTAL SHORT-TERM INVESTMENTS (Cost $161,184,415)        161,220,569 
           
TOTAL INVESTMENTS - 72.1% (Cost $161,184,415)       $161,220,569 
Other Assets in Excess of Liabilities - 27.9%        62,355,864 
TOTAL NET ASSETS - 100.0%       $223,576,433 

 

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 ORCL ETF    

   Schedule of Total Return Swaps Contracts    

  July 31, 2026 (Unaudited)    

 

TOTAL RETURN SWAPS - 1.6% 
Reference Entity  Counterparty  Pay/ Receive Reference Entity  Financing Rate  Payment
Frequency		  Maturity Date   Notional Value    Value /
Unrealized Appreciation (Depreciation)		 
Oracle Corp.  BMO Capital Markets Corp.  Receive  OBFR + 3.00%  Termination(a)  10/01/2026  $31,818,150   $1,076,090 
Oracle Corp.  Cantor Fitzgerald & Co.  Receive  OBFR + 4.00%  Termination(a)  09/08/2028   58,553,837    3,997,235 
Oracle Corp.  Clear Street LLC  Receive  OBFR + 1.25%  Termination(c)  01/04/2028   63,624,612    31,406 
Oracle Corp.  Marex Capital Markets, Inc.  Receive  OBFR + 3.00%  Termination(d)  02/02/2029   72,077,850    5,346,788 
Oracle Corp.  Morgan Stanley & Co., Inc.  Receive  OBFR + 4.50%  Termination(e)  01/22/2029   92,857,050    (8,691,810)
Oracle Corp.  National Bank of Canada Financial, Inc.  Receive  OBFR + 3.00%  Termination(f)  02/01/2027   59,350,590    2,638,665 
Oracle Corp.  Nomura Securities International, Inc.  Receive  OBFR + 4.00%  Termination(b)  03/31/2033   68,316,945    (868,017)
                        3,530,357 
                          
Net Unrealized Appreciation (Depreciation)        3,530,357 

 

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 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.
(f) 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.