| Defiance Daily Target 2X Short IONQ ETF |
| Schedule of Investments |
| July 31, 2026 (Unaudited) |
| SHORT-TERM INVESTMENTS - 6.0% | ||||||||
| Money Market Funds - 5.9% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 561,482 | $ | 561,482 | |||||
| U.S. Treasury Bills - 0.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 5,000 | 4,988 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $566,469) | 566,470 | |||||||
| TOTAL INVESTMENTS - 6.0% (Cost $566,469) | $ | 566,470 | ||||||
| Other Assets in Excess of Liabilities - 94.0% | 8,927,551 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 9,494,021 | ||||||
| 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 Short IONQ ETF | |||||||
| Schedule of Total Return Swaps Contracts | |||||||
| July 31, 2026 (Unaudited) | |||||||
| TOTAL RETURN SWAPS - (10.2)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| IonQ, Inc. | Cantor Fitzgerald & Co. | Pay | OBFR + (25.00%) | Termination(c) | 09/08/2028 | $ | (4,257,103 | ) | $ | (240,918 | ) | |||||||
| IonQ, Inc. | Clear Street LLC | Pay | OBFR + (5.00%) | Termination(d) | 11/16/2027 | (4,627,734 | ) | (197,864 | ) | |||||||||
| IonQ, Inc. | Jane Street Execution Services, LLC | Pay | OBFR + (13.00%) | Termination(d) | 03/18/2033 | (3,480,020 | ) | (175,381 | ) | |||||||||
| IonQ, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (4.00%) | Termination(b) | 09/24/2026 | (3,115,620 | ) | (177,849 | ) | |||||||||
| IonQ, Inc. | Nomura Securities International, Inc. | Pay | OBFR + (47.50%) | Termination(a) | 03/31/2033 | (3,480,020 | ) | (175,381 | ) | |||||||||
| (967,393 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (967,393 | ) | ||||||||||||||||
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, but also 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. Both may periodically reset throughout the term on an ad-hoc basis. |