| Defiance Daily Target 2X Long MSTR ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 54.9% | ||||||||
| Money Market Funds - 7.8% | Shares | Value | ||||||
| Dreyfus Government Cash Management - Class Institutional, 3.55%(a) | 12 | $ | 12 | |||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 9,494,720 | 9,494,720 | ||||||
| 9,494,732 | ||||||||
| U.S. Treasury Bills - 47.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 57,140,000 | 57,002,864 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $66,483,898) | 66,497,596 | |||||||
| TOTAL INVESTMENTS - 54.9% (Cost $66,483,898) | $ | 66,497,596 | ||||||
| Other Assets in Excess of Liabilities - 45.1% | 54,694,050 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 121,191,646 | ||||||
| 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 MSTR ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 19.2% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Strategy, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 16.00% | Termination(b) | 10/01/2026 | $ | 43,655,040 | $ | — | |||||||||
| Strategy, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 14.00% | Termination(b) | 10/05/2026 | 37,820,749 | 4,404,680 | |||||||||||
| Strategy, Inc. | Clear Street LLC | Receive | OBFR + 17.00% | Termination(d) | 11/08/2027 | 37,872,520 | 4,453,919 | |||||||||||
| Strategy, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(d) | 03/18/2033 | 40,576,800 | 4,771,950 | |||||||||||
| Strategy, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 7.50% | Termination(a) | 09/22/2028 | 40,576,800 | 4,771,950 | |||||||||||
| Strategy, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 13.00% | Termination(c) | 01/31/2033 | 41,323,040 | 4,859,710 | |||||||||||
| 23,262,209 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 23,262,209 | |||||||||||||||||
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 monthly. 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 based on predetermined mark-to-market thresholds. |
| (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. |