Defiance Daily Target 2X Long RKT ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 41.2% | ||||||||
| Money Market Funds - 5.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 55,809 | $ | 55,809 | |||||
| U.S. Treasury Bills - 36.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 400,000 | 399,040 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $454,753) | 454,849 | |||||||
| TOTAL INVESTMENTS - 41.2% (Cost $454,753) | $ | 454,849 | ||||||
| Other Assets in Excess of Liabilities - 58.8% | 648,365 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,103,214 | ||||||
| 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 RKT ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (10.5)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Rocket Cos., Inc. | Clear Street LLC | Receive | OBFR + 2.00% | Termination(c) | 02/22/2028 | $ | 415,457 | $ | (17,502 | ) | ||||||||
| Rocket Cos., Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 10.00% | Termination(e) | 09/08/2028 | 277,286 | (11,947 | ) | ||||||||||
| Rocket Cos., Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 8.00% | Termination(c) | 06/01/2033 | 361,200 | (35,689 | ) | ||||||||||
| Rocket Cos., Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(d) | 01/12/2029 | 448,920 | 1,085 | |||||||||||
| Rocket Cos., Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.0% | Termination(a) | 01/31/2033 | 332,820 | (31,122 | ) | ||||||||||
| Rocket Cos., Inc. | Nomura Securities International, Inc. | Receive | OBFR + 9.00% | Termination(b) | 03/31/2033 | 366,360 | (21,061 | ) | ||||||||||
| (116,236 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (116,236 | ) | ||||||||||||||||
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 may periodically reset throughout the term on an ad-hoc basis. |