| Defiance Daily Target 2X Long LMND ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 28.9% | ||||||||
| Money Market Funds - 12.8% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 540,164 | $ | 540,164 | |||||
| U.S. Treasury Bills - 16.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 680,000 | 678,368 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,218,369) | 1,218,532 | |||||||
| TOTAL INVESTMENTS - 28.9% (Cost $1,218,369) | $ | 1,218,532 | ||||||
| Other Assets in Excess of Liabilities - 71.1% | 3,002,296 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 4,220,828 | ||||||
| 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 LMND ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - (21.0)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Lemonade, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 12.50% | Termination(c) | 09/08/2028 | $ | 1,208,668 | $ | (67,288 | ) | ||||||||
| Lemonade, Inc. | Clear Street LLC | Receive | OBFR + 5.00% | Termination(d) | 01/04/2028 | 1,199,924 | (74,378 | ) | ||||||||||
| Lemonade, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 9.00% | Termination(d) | 03/18/2033 | 1,613,554 | (274,562 | ) | ||||||||||
| Lemonade, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(a) | 10/20/2028 | 1,463,793 | (64,344 | ) | ||||||||||
| Lemonade, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(e) | 01/31/2033 | 1,497,610 | (282,544 | ) | ||||||||||
| Lemonade, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 11.00% | Termination(b) | 03/31/2033 | 1,439,638 | (123,928 | ) | ||||||||||
| (887,044 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (887,044 | ) | ||||||||||||||||
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 notional 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, 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. |
| (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. |