| Defiance Daily Target 2X Long XOVR ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 38.6% | ||||||||
| Money Market Funds - 7.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 506,184 | $ | 506,184 | |||||
| U.S. Treasury Bills - 31.1% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 2,120,000 | 2,114,912 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,620,587) | 2,621,096 | |||||||
| TOTAL INVESTMENTS - 38.6% (Cost $2,620,587) | $ | 2,621,096 | ||||||
| Other Assets in Excess of Liabilities - 61.4% | 4,172,270 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 6,793,366 |
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 XOVR ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - (4.9)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| ERShares Private-Public Crossover ETF | Cantor Fitzgerald & Co. | Receive | OBFR + 19.99% | Termination(d) | 11/30/2028 | $ | 2,477,408 | $ | (30,344 | ) | ||||||||
| ERShares Private-Public Crossover ETF | Clear Street LLC | Receive | OBFR + 1.99% | Termination(a) | 07/17/2028 | 2,580,267 | (31,448 | ) | ||||||||||
| ERShares Private-Public Crossover ETF | Marex Capital Markets, Inc. | Receive | OBFR + 4.99% | Termination(e) | 05/04/2033 | 2,790,000 | (60,939 | ) | ||||||||||
| ERShares Private-Public Crossover ETF | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(b) | 01/28/2033 | 2,566,800 | (162,151 | ) | ||||||||||
| ERShares Private-Public Crossover ETF | Nomura Securities International, Inc. | Receive | OBFR + 35.00% | Termination(c) | 03/30/2033 | 3,134,100 | (50,050 | ) | ||||||||||
| (334,932 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (334,932 | ) | ||||||||||||||||
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 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 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 notional thresholds. |