Defiance Daily Target 2X Long AMKR ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| SHORT-TERM INVESTMENTS - 35.2% | ||||||||
| Money Market Funds - 4.8% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 284,078 | $ | 284,078 | |||||
| U.S. Treasury Bills - 30.4% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 1,790,000 | 1,785,704 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,069,353) | 2,069,782 | |||||||
| TOTAL INVESTMENTS - 35.2% (Cost $2,069,353) | $ | 2,069,782 | ||||||
| Other Assets in Excess of Liabilities - 64.8% | 3,805,204 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 5,874,986 |
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 AMKR ETF
Schedule of Total Return Swaps Contracts
July 31, 2026 (Unaudited)
TOTAL RETURN SWAPS - (12.3)%
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Amkor Technology, Inc. | Cantor Fitzgerald & Co. | Receive | OBFR + 8.00% | Termination(b) | 06/01/2027 | $ | 1,933,360 | $ | (248,096 | ) | ||||||||
| Amkor Technology, Inc. | Clear Street LLC | Receive | OBFR + 2.00% | Termination(c) | 07/18/2028 | 1,814,420 | 142,307 | |||||||||||
| Amkor Technology, Inc. | Jane Street Execution Services, LLC | Receive | OBFR + 15.00% | Termination(c) | 06/14/2033 | 1,919,995 | (304,965 | ) | ||||||||||
| Amkor Technology, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 3.00% | Termination(d) | 05/05/2033 | 2,019,735 | 169,290 | |||||||||||
| Amkor Technology, Inc. | National Bank of Canada Financial, Inc. | Receive | OBFR + 25.00% | Termination(a) | 01/31/2033 | 1,895,060 | 158,840 | |||||||||||
| Amkor Technology, Inc. | Nomura Securities International, Inc. | Receive | OBFR + 7.50% | Termination(e) | 03/31/2033 | 2,144,410 | (639,001 | ) | ||||||||||
| (721,625 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (721,625 | ) | ||||||||||||||||
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 also may periodically reset throughout the term based on predetermined mark-to-market thresholds. |
| (b) | 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. |
| (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 monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds. |
| (e) | 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. |