Defiance Daily Target 2X Short RKLB ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 42.2% | ||||||||
| Money Market Funds - 28.4% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 297,084 | $ | 297,084 | |||||
| U.S. Treasury Bills - 13.8% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 144,000 | 143,655 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $440,704) | 440,739 | |||||||
| TOTAL INVESTMENTS - 42.2% (Cost $440,704) | $ | 440,739 | ||||||
| Other Assets in Excess of Liabilities - 57.8% | 604,024 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,044,763 | ||||||
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 Short RKLB ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
TOTAL RETURN SWAPS - 46.2%
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Rocket Lab Corp. | Cantor Fitzgerald & Co. | Pay | OBFR + (30.01%) | Termination(c) | 10/31/2027 | (591,370 | ) | 109,832 | ||||||||||
| Rocket Lab Corp. | Clear Street LLC | Pay | OBFR + (1.26%) | Termination(a) | 01/10/2028 | $ | (449,714 | ) | $ | 120,614 | ||||||||
| Rocket Lab Corp. | Jane Street Execution Services, LLC | Pay | OBFR + (13.01%) | Termination(a) | 03/16/2033 | (402,690 | ) | 108,680 | ||||||||||
| Rocket Lab Corp. | Marex Capital Markets, Inc. | Pay | OBFR + (2.51%) | Termination(b) | 11/17/2028 | (272,790 | ) | 20,160 | ||||||||||
| Rocket Lab Corp. | Nomura Securities International, Inc. | Pay | OBFR + (25.00%) | Termination(d) | 03/31/2033 | (370,215 | ) | 123,793 | ||||||||||
| 483,079 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 483,079 | |||||||||||||||||
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. Both 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, but may periodically reset throughout the term on an ad-hoc basis. |
| (d) | 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. |