Defiance Daily Target 2X Long OSCR ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 11.4% | ||||||||
| Money Market Funds - 0.2% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 21,693 | $ | 21,693 | |||||
| U.S. Treasury Bills - 11.2% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 1,170,000 | 1,167,192 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,188,605) | 1,188,885 | |||||||
| TOTAL INVESTMENTS - 11.4% (Cost $1,188,605) | $ | 1,188,885 | ||||||
| Other Assets in Excess of Liabilities - 88.6% | 9,248,394 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 10,437,279 | ||||||
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 OSCR ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 21.7% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Oscar Health, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 12.50% | Termination(e) | 09/08/2028 | $ | 3,244,913 | $ | 694,048 | |||||||||
| Oscar Health, Inc. | Clear Street LLC | Receive | OBFR + 8.00% | Termination(c) | 11/09/2027 | 3,564,294 | 806,278 | |||||||||||
| Oscar Health, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 13.00% | Termination(c) | 03/18/2033 | 4,167,870 | — | |||||||||||
| Oscar Health, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(b) | 09/28/2028 | 3,246,880 | — | |||||||||||
| Oscar Health, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 19.00% | Termination(d) | 01/31/2033 | 3,559,080 | — | |||||||||||
| Oscar Health, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 17.50% | Termination(a) | 03/31/2033 | 3,059,560 | 764,400 | |||||||||||
| 2,264,726 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 2,264,726 | |||||||||||||||||
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 based on predetermined mark-to-market thresholds. |
| (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 on an ad-hoc basis. |