Defiance Daily Target 2X Long QS ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 52.2% | ||||||||
| Money Market Funds - 4.8% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 356,976 | $ | 356,976 | |||||
| U.S. Treasury Bills - 47.4% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 3,510,000 | 3,501,576 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,857,710) | 3,858,552 | |||||||
| TOTAL INVESTMENTS - 52.2% (Cost $3,857,710) | $ | 3,858,552 | ||||||
| Other Assets in Excess of Liabilities - 47.8% | 3,538,233 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 7,396,785 | ||||||
| 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 QS ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (33.1)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| QuantumScape Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 30.00% | Termination(f) | 11/01/2028 | $ | 1,231,508 | $ | (93,666 | ) | ||||||||
| QuantumScape Corp. | Clear Street LLC | Receive | OBFR + 8.00% | Termination(c) | 01/04/2028 | 1,532,012 | (164,097 | ) | ||||||||||
| QuantumScape Corp. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(c) | 03/18/2033 | 2,035,800 | 38,328 | |||||||||||
| QuantumScape Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(d) | 10/19/2028 | 2,046,240 | 38,406 | |||||||||||
| QuantumScape Corp. | Morgan Stanley & Co., Inc. | Receive | OBFR + 14.00% | Termination(e) | 04/11/2031 | 4,123,800 | (1,678,960 | ) | ||||||||||
| QuantumScape Corp. | National Bank of Canada Financial, Inc. | Receive | OBFR + 29.00% | Termination(b) | 01/31/2033 | 1,931,400 | (205,702 | ) | ||||||||||
| QuantumScape Corp. | Nomura Securities International, Inc. | Receive | OBFR + 22.50% | Termination(a) | 03/31/2033 | 1,853,100 | (379,972 | ) | ||||||||||
| (2,445,663 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (2,445,663 | ) | ||||||||||||||||
OBFR - Overnight Bank Funding Rate was 3.63% as of July 31, 2026.
| (a) | 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. |
| (b) | 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. |
| (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 may periodically reset throughout the term on an ad-hoc basis. |