| Defiance Daily Target 2X Short ASTS ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 245.3% | ||||||||
| Money Market Funds - 105.6% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 68,643 | $ | 68,643 | |||||
| U.S. Treasury Bills - 139.7% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 91,000 | 90,782 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $159,403) | 159,425 | |||||||
| TOTAL INVESTMENTS - 245.3% (Cost $159,403) | $ | 159,425 | ||||||
| Liabilities in Excess of Other Assets - (145.3)% | (94,444 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 64,981 | ||||||
| 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 ASTS ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 92.7% | ||||||||||||||||||
| 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. | Pay | OBFR + (25.00%) | Termination(a) | 09/08/2028 | $ | (25,243 | ) | $ | 9,478 | ||||||||
| AST SpaceMobile, Inc. | Clear Street LLC | Pay | OBFR + (2.50%) | Termination(b) | 03/07/2028 | (33,501 | ) | 5,581 | ||||||||||
| AST SpaceMobile, Inc. | Jane Street Execution Services, LLC | Pay | OBFR + (15.01%) | Termination(b) | 05/30/2033 | (23,592 | ) | 23,208 | ||||||||||
| AST SpaceMobile, Inc. | Marex Capital Markets, Inc. | Pay | OBFR + (2.00%) | Termination(c) | 02/05/2029 | (23,592 | ) | (216 | ) | |||||||||
| AST SpaceMobile, Inc. | Nomura Securities International, Inc. | Pay | OBFR + (7.50%) | Termination(d) | 03/31/2033 | (23,592 | ) | 22,169 | ||||||||||
| 60,220 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 60,220 | |||||||||||||||||
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 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. |