| Defiance Daily Target 2X Long IONQ ETF |
| Schedule of Investments |
| July 31, 2026 (Unaudited) |
| SHORT-TERM INVESTMENTS - 75.2% | ||||||||
| Money Market Funds - 5.9% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 8,093,449 | $ | 8,093,449 | |||||
| U.S. Treasury Bills - 69.3% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 95,080,000 | 94,851,808 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $102,924,455) | 102,945,257 | |||||||
| TOTAL INVESTMENTS - 75.2% (Cost $102,924,455) | $ | 102,945,257 | ||||||
| Other Assets in Excess of Liabilities - 24.8% | 33,969,568 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 136,914,825 | ||||||
| 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 IONQ ETF |
| Schedule of Total Return Swaps Contracts |
| July 31, 2026 (Unaudited) |
| TOTAL RETURN SWAPS - (7.8)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| IonQ, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 13.00% | Termination(d) | 07/01/2027 | $ | 30,609,600 | $ | (5,541,341 | ) | ||||||||
| IonQ, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 18.00% | Termination(d) | 09/08/2028 | 33,170,166 | 1,872,710 | |||||||||||
| IonQ, Inc. | Clear Street LLC | Receive | OBFR + 3.50% | Termination(c) | 11/23/2027 | 31,342,700 | 1,451,343 | |||||||||||
| IonQ, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(c) | 03/18/2033 | 33,087,520 | 1,507,001 | |||||||||||
| IonQ, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 5.50% | Termination(b) | 02/02/2029 | 33,524,800 | 1,993,864 | |||||||||||
| IonQ, Inc. | Morgan Stanley & Co., Inc. | Receive | OBFR + 18.00% | Termination(f) | 04/14/2031 | 46,388,120 | (9,416,684 | ) | ||||||||||
| IonQ, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 12.00% | Termination(e) | 01/31/2033 | 31,994,320 | 2,219,019 | |||||||||||
| IonQ, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 15.00% | Termination(a) | 03/31/2033 | 33,087,520 | (4,787,733 | ) | ||||||||||
| (10,701,821 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (10,701,821 | ) | ||||||||||||||||
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 notional 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 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 mark-to-market thresholds. |
| (f) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. |