NPORT-EX 2 mstr.htm MST ETF - 12/31/25 PART F

Defiance Leveraged Long + Income MSTR ETF
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
PURCHASED OPTIONS - 15.1% (a)
  
Notional Amount
    
Contracts
    
Value
 
Call Options - 15.1%
              
Strategy, Inc. (b)(c)
              
Expiration: 01/02/2026; Exercise Price: $110.00 (d)
  
$
8,129,325
      
535
    
$
2,261,712
  
Expiration: 01/02/2026; Exercise Price: $172.50 (d)
    
17,930,100
      
1,180
      
1,770
  
TOTAL PURCHASED OPTIONS (Cost $2,984,929)
      
2,263,482
  
                         
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 37.7%
    
Shares
          
Dreyfus Government Cash Management - Institutional Class, 3.65% (e)(f)
      
5,650,537
      
5,650,537
  
First American Government Obligations Fund - Class X, 3.67% (e)
      
3,872
      
3,872
  
TOTAL MONEY MARKET FUNDS (Cost $5,654,409)
      
5,654,409
  
                         
U.S. TREASURY BILLS - 8.4%
    
Par
          
3.58%, 01/15/2026 (g)(h)
    
$
83,000
      
82,894
  
4.07%, 07/09/2026 (g)(h)
      
1,200,000
      
1,178,850
  
TOTAL U.S. TREASURY BILLS (Cost $1,258,228)
      
1,261,744
  
                         
TOTAL INVESTMENTS - 61.2% (Cost $9,897,566)
      
9,179,635
  
Other Assets in Excess of Liabilities - 38.8%
      
5,824,213
  
TOTAL NET ASSETS - 100.0%
                  
$
15,003,848
  
           
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(g)
The rate shown is the annualized yield as of December 31, 2025.
(h)
All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of December 31, 2025 is $1,256,600.
Defiance Leveraged Long + Income MSTR ETF
  
Schedule of Written Options
  
December 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (0.2)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.2)%
  
Strategy, Inc., Expiration: 01/02/2026; Exercise Price: $160.00 (a)(b)
  
$
(17,930,100
)
    
(1,180
)
  
$
(28,910
)
TOTAL WRITTEN OPTIONS (Premiums received $368,886)
                  
$
(28,910
)
   
Percentages are stated as a percent of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
Defiance Leveraged Long + Income MSTR ETF
  
Schedule of Total Return Swap Contracts
  
December 31, 2025 (Unaudited)
  
   
Reference Entity
Counterparty
Pay/ Receive
Reference Entity
Financing Rate
Payment
Frequency
Maturity
Date
Notional Amount
    
Value/ Unrealized
Appreciation
(Depreciation)
  
Strategy, Inc.
Cantor Fitzgerald & Co.
Receive
OBFR + 12.50%
Termination(a)
09/08/2028
  
$
9,018,233
    
$
-
  
Strategy, Inc.
Clear Street LLC
Receive
OBFR + 17.00%
Termination(b)
01/11/2028
    
8,805,220
      
(380,353
)
Strategy, Inc.
Marex Capital Markets, Inc.
Receive
OBFR + 12.50%
Monthly(c)
09/26/2026
    
8,934,964
      
-
Net Unrealized Appreciation (Depreciation)
              $
(380,353
 )

There are no upfront payments or receipts associated with total return swaps in the Fund as of December 31, 2025.
 
OBFR - Overnight Bank Funding Rate was 3.65% as of December 31, 2025.
 
(a)
Financing reset of the swap is effective on the last day of each month. Equity reset of the swap is effective on termination.
(b)
Financing reset of the swap is effective on the last day of each month. Equity reset of the swap is effective on termination but also periodically throughout the term.
(c)
Financing and equity reset of the swap is effective on the last day of each month and periodically throughout the month.
Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
 
Defiance Leveraged Long + Income MSTR ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Purchased Options
  
$
–
    
$
2,263,482
    
$
–
    
$
2,263,482
  
  Money Market Funds
    
5,654,409
      
–
      
–
      
5,654,409
  
  U.S. Treasury Bills
    
–
      
1,261,744
      
–
      
1,261,744
  
Total Investments
  
$
5,654,409
    
$
3,525,226
    
$
–
    
$
9,179,635
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(28,910
)
  
$
–
    
$
(28,910
)
Total Investments
  
$
–
    
$
(28,910
)
  
$
–
    
$
(28,910
)
                                 
Other Financial Instruments:
                                
  Total Return Swaps*
  
$
–
    
$
(380,353
)
  
$
–
    
$
(380,353
)
Total Other Financial Instruments
  
$
–
    
$
(380,353
)
  
$
–
    
$
(380,353
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.