Defiance Daily Target 2X Long SOFI ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 50.2% | ||||||||
| Money Market Funds - 10.3% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 7,096,693 | $ | 7,096,693 | |||||
| U.S. Treasury Bills - 39.9% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 27,610,000 | 27,543,736 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,633,810) | 34,640,429 | |||||||
| TOTAL INVESTMENTS - 50.2% (Cost $34,633,810) | $ | 34,640,429 | ||||||
| Other Assets in Excess of Liabilities - 49.8% | 34,383,394 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 69,023,823 | ||||||
| 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 SOFI ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
| TOTAL RETURN SWAPS - 8.0% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| SoFi Technologies, Inc. | BMO Capital Markets Corp. | Receive | OBFR + 12.00% | Termination(e) | 10/1/2026 | $ | 12,033,518 | $ | 316,896 | |||||||||
| SoFi Technologies, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 9.00% | Termination(e) | 09/08/2028 | 12,532,343 | 664,648 | |||||||||||
| SoFi Technologies, Inc. | Clear Street LLC | Receive | OBFR + 1.25% | Termination(a) | 03/07/2028 | 15,746,424 | 468,375 | |||||||||||
| SoFi Technologies, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 7.00% | Termination(a) | 03/18/2033 | 20,498,408 | 1,035,265 | |||||||||||
| SoFi Technologies, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(c) | 02/02/2029 | 19,519,808 | 980,254 | |||||||||||
| SoFi Technologies, Inc. | Morgan Stanley & Co., Inc. | Receive | OBFR + 11.00% | Termination(f) | 04/11/2031 | 25,733,918 | 201,059 | |||||||||||
| SoFi Technologies, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 12.00% | Termination(b) | 01/31/2033 | 16,518,768 | 904,106 | |||||||||||
| SoFi Technologies, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 6.75% | Termination(d) | 03/31/2033 | 15,213,968 | 918,295 | |||||||||||
| 5,488,898 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 5,488,898 | |||||||||||||||||
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 mark-to-market thresholds. |
| (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 notional thresholds. |
| (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. |
| (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. |
| (f) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. |