| Defiance Daily Target 2X Short SMCI ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 10.5% | ||||||||
| Money Market Funds - 10.4% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 290,293 | $ | 290,293 | |||||
| U.S. Treasury Bills - 0.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 3,000 | 2,993 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $293,286) | 293,286 | |||||||
| TOTAL INVESTMENTS - 10.5% (Cost $293,286) | $ | 293,286 | ||||||
| Other Assets in Excess of Liabilities - 89.5% | 2,504,933 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 2,798,219 | ||||||
| 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 SMCI ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 1.9% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/
Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Super Micro Computer, Inc. | Cantor Fitzgerald & Co. | Pay | OBFR + (22.01%) | Termination(a) | 09/18/2026 | $ | (507,650 | ) | $ | 15,911 | ||||||||
| Super Micro Computer, Inc. | Clear Street LLC | Pay | OBFR + (2.49%) | Termination(b) | 01/24/2028 | (1,216,656 | ) | 15,461 | ||||||||||
| Super Micro Computer, Inc. | Jane Street Execution Services, LLC | Pay | OBFR + (24.99%) | Termination(b) | 03/16/2033 | (1,286,520 | ) | 8,525 | ||||||||||
| Super Micro Computer, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (5.63%) | Termination(d) | 09/24/2026 | (1,292,200 | ) | 3,394 | ||||||||||
| Super Micro Computer, Inc. | Nomura Securities International, Inc. | Pay | OBFR + (10.00%) | Termination(c) | 03/31/2033 | (1,286,520 | ) | 8,522 | ||||||||||
| 51,813 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 51,813 | |||||||||||||||||
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 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 on termination. 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 monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds. |