| Defiance Daily Target 2X Long VST ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 39.6% | ||||||||
| Money Market Funds - 14.3% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 1,107,305 | $ | 1,107,305 | |||||
| U.S. Treasury Bills - 25.3% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 1,970,000 | 1,965,272 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,072,105) | 3,072,577 | |||||||
| TOTAL INVESTMENTS - 39.6% (Cost $3,072,105) | $ | 3,072,577 | ||||||
| Other Assets in Excess of Liabilities - 60.4% | 4,688,025 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 7,760,602 | ||||||
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 VST ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 11.1% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Vistra Corp. | BMO Capital Markets Corp. | Receive | OBFR + 15.01% | Termination(d) | 01/28/2027 | 1,304,072 | 118,624 | |||||||||||
| Vistra Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 5.01% | Termination(d) | 09/07/2028 | 1,573,185 | 1,527 | |||||||||||
| Vistra Corp. | Clear Street LLC | Receive | OBFR + 1.25% | Termination(f) | 01/10/2028 | 1,802,139 | 49,716 | |||||||||||
| Vistra Corp. | Jane Street Execution Services, LLC | Receive | OBFR + 7.01% | Termination(f) | 03/16/2033 | 1,911,651 | 173,892 | |||||||||||
| Vistra Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 3.45% | Termination(e) | 10/01/2026 | 1,778,280 | 137,280 | |||||||||||
| Vistra Corp. | Morgan Stanley & Co., Inc. | Receive | OBFR + 5.00% | Termination(b) | 01/22/2029 | 3,304,637 | 66,876 | |||||||||||
| Vistra Corp. | National Bank of Canada Financial, Inc. | Receive | OBFR + 14.24% | Termination(a) | 01/28/2033 | $ | 1,896,832 | $ | 140,567 | |||||||||
| Vistra Corp. | Nomura Securities International, Inc. | Receive | OBFR + 5.45% | Termination(c) | 03/31/2033 | 1,926,470 | 175,240 | |||||||||||
| 863,722 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 863,722 | |||||||||||||||||
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 monthly. Equity reset of the swap is effective on termination. |
| (c) | 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. |
| (d) | 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. |
| (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 based on predetermined notional thresholds. |
| (f) | 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. |