Defiance Daily Target 2X Long KEEL ETF
Schedule of Investments
July 31, 2026 (Unaudited)
 
SHORT-TERM INVESTMENTS - 42.3%          
Money Market Funds - 10.3%  Shares   Value 
First American Government Obligations Fund - Class X, 3.58%(a)   490,006   $490,006 
           
U.S. Treasury Bills - 32.0%  Principal
Amount		   Value 
U.S. Treasury Bill, 8/27/2026, 3.25%(b)   1,520,000    1,516,352 
           
TOTAL SHORT-TERM INVESTMENTS (Cost $2,005,994)        2,006,358 
           
TOTAL INVESTMENTS - 42.3% (Cost $2,005,994)       $2,006,358 
Other Assets in Excess of Liabilities - 57.7%        2,731,727 
TOTAL NET ASSETS - 100.0%       $4,738,085 
           
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 KEEL ETF
 Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)

 

TOTAL RETURN SWAPS - 31.9%    
Reference Entity  Counterparty  Pay/ Receive
Reference Entity		  Financing
Rate		  Payment
Frequency		  Maturity
Date		   Notional
Value		   Value /
Unrealized
Appreciation
(Depreciation)		 
Keel Infrastructure Corp.  Cantor Fitzgerald
& Co.		  Receive  OBFR + 20.00%  Termination(d)  09/08/2028  $1,493,002   $537,054 
Keel Infrastructure Corp.  Clear Street LLC  Receive  OBFR + 21.00%  Termination(c)  02/08/2028   1,478,376    523,913 
Keel Infrastructure Corp.  Jane Street
Execution
Services, LLC		  Receive  OBFR + 13.00%  Termination(c)  06/01/2033   1,568,150    (31,616)
Keel Infrastructure Corp.  Marex Capital
Markets, Inc.		  Receive  OBFR + 3.00%  Termination(b)  04/29/2033   1,647,550    258,185 
Keel Infrastructure Corp.  National Bank of
Canada
Financial, Inc.		  Receive  OBFR + 25.00%  Termination(e)  01/31/2033   1,627,700    600,537 
Keel Infrastructure Corp.  Nomura
Securities
International, Inc.		  Receive  OBFR + 27.50%  Termination(a)  03/31/2033   1,627,700    (374,839)
                        1,513,234 
                          
Net Unrealized Appreciation (Depreciation)                       1,513,234 
                          

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.