Defiance Daily Target 2X Long PL ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 39.2% | ||||||||
| Money Market Funds - 2.4% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 194,603 | $ | 194,603 | |||||
| U.S. Treasury Bills - 36.8% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 3,040,000 | 3,032,704 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,226,578) | 3,227,307 | |||||||
| TOTAL INVESTMENTS - 39.2% (Cost $3,226,578) | $ | 3,227,307 | ||||||
| Other Assets in Excess of Liabilities - 60.8% | 5,013,583 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 8,240,890 | ||||||
| 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 PL ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - (23.7)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Planet Labs PBC | Cantor Fitzgerald & Co. | Receive | OBFR + 17.50% | Termination(a) | 09/08/2028 | $ | 1,857,598 | $ | (312,375 | ) | ||||||||
| Planet Labs PBC | Clear Street LLC | Receive | OBFR + 6.00% | Termination(b) | 02/22/2028 | 2,695,393 | (65,770 | ) | ||||||||||
| Planet Labs PBC | Jane Street Execution Services, LLC | Receive | OBFR + 15.00% | Termination(b) | 06/01/2033 | 3,123,200 | (270,431 | ) | ||||||||||
| Planet Labs PBC | Morgan Stanley & Co., Inc. | Receive | OBFR + 15.00% | Termination(d) | 07/16/2031 | 133,120 | (12,774 | ) | ||||||||||
| Planet Labs PBC | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(f) | 01/05/2029 | 2,918,400 | (216,395 | ) | ||||||||||
| Planet Labs PBC | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(c) | 01/31/2033 | 2,744,320 | (284,080 | ) | ||||||||||
| Planet Labs PBC | Nomura Securities International, Inc. | Receive | OBFR + 19.00% | Termination(e) | 03/30/2033 | 2,969,600 | (790,942 | ) | ||||||||||
| (1,952,767 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (1,952,767 | ) | ||||||||||||||||
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 on an ad-hoc basis. |
| (b) | 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. |
| (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. |
| (e) | 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. |
| (f) | 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. |