Defiance Daily 2X Space ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 62.0% | ||||||||
| Money Market Funds - 9.0% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 1,337,272 | $ | 1,337,272 | |||||
| U.S. Treasury Bills - 53.0% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 7,910,000 | 7,891,016 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,226,392) | 9,228,288 | |||||||
| TOTAL INVESTMENTS - 62.0% (Cost $9,226,392) | $ | 9,228,288 | ||||||
| Other Assets in Excess of Liabilities - 38.0% | 5,648,021 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 14,876,309 | ||||||
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 2X Space ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
TOTAL RETURN SWAPS - (7.8)%
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| AST SpaceMobile, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 17.00% | Termination(a) | 05/10/2027 | $ | 3,495,981 | $ | 95,064 | |||||||||
| Planet Labs PBC | Cantor Fitzgerald & Co. | Receive | OBFR + 17.00% | Termination(a) | 05/10/2027 | 3,758,408 | (69,338 | ) | ||||||||||
| Rocket Lab Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 17.00% | Termination(a) | 05/10/2027 | 3,609,466 | (117,370 | ) | ||||||||||
| Space Exploration Technologies Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 4.00% | Termination(a) | 05/10/2027 | 2,209,881 | (209,424 | ) | ||||||||||
| Space Exploration Technologies Corp. | Clear Street LLC | Receive | OBFR + 3.50% | Termination(c) | 07/25/2028 | 1,317,454 | (108,683 | ) | ||||||||||
| AST SpaceMobile, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(b) | 04/07/2033 | 3,922,170 | 102,976 | |||||||||||
| Planet Labs PBC | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(b) | 04/07/2033 | 3,686,400 | (94,356 | ) | ||||||||||
| Rocket Lab Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(b) | 04/07/2033 | 3,832,050 | (142,395 | ) | ||||||||||
| Space Exploration Technologies Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(b) | 07/28/2033 | 1,625,550 | (76,950 | ) | ||||||||||
| Space Exploration Technologies Corp. | National Bank of Canada Financial, Inc. | Receive | OBFR + 29.00% | Termination(e) | 01/31/2033 | 1,192,070 | (75,790 | ) | ||||||||||
| Space Exploration Technologies Corp. | Nomura Securities International, Inc. | Receive | OBFR + 7.00% | Termination(d) | 03/31/2033 | 1,083,700 | (462,300 | ) | ||||||||||
| (1,158,566 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (1,158,566 | ) | ||||||||||||||||
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, 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 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 based on predetermined mark-to-market thresholds. |