NPORT-EX 2 def-long_bitf.htm BTFL ETF - 01/31/26 PART F

Defiance Daily Target 2X Long BITF ETF
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
U.S. TREASURY BILLS - 16.0%
Principal
    
Value
 
3.58%, 02/19/2026 (a)(b)
  
$
160,000
    
$
159,729
  
TOTAL U.S. TREASURY BILLS (Cost $159,715)
      
159,729
  
                 
MONEY MARKET FUNDS - 15.3%
Shares
          
First American Government Obligations Fund - Class X, 3.61% (c)
    
153,508
      
153,508
  
TOTAL MONEY MARKET FUNDS (Cost $153,508)
      
153,508
  
                 
TOTAL INVESTMENTS - 31.3% (Cost $313,223)
      
313,237
  
Other Assets in Excess of Liabilities - 68.7%
      
687,740
  
TOTAL NET ASSETS - 100.0%
          
$
1,000,977
  
                 
Percentages are stated as a percent of net assets.
          

(a)
The rate shown is the annualized yield as of January 31, 2026.
(b)
All or a portion of the security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of January 31, 2026 was $159,728.
(c)
The rate shown represents the 7-day annualized yield as of January 31, 2026.

Defiance Daily Target 2X Long BITF ETF
  
Schedule of Total Return Swap Contracts
  
January 31, 2026 (Unaudited)
  
   
Reference Entity
Counterparty
Pay/ Receive
Reference Entity
Financing Rate
Payment Frequency
Maturity Date
  
Notional Amount
    
Value/ Unrealized
Appreciation
(Depreciation)
  
Bitfarms Ltd.
Clear Street LLC
Receive
OBFR + 21.00%
Termination(a)
02/08/2028
  
$
796,297
    
$
(151,820
)
Bitfarms Ltd.
Marex Capital Markets Inc.
Receive
OBFR + 3.00%
Monthly(a)
12/29/2028
    
1,110,133
      
(56,232
)
Bitfarms Ltd.
National Bank of Canada Financial, Inc.
Receive
OBFR + 25.00%
Termination(b)
01/31/2033
    
93,600
      
(13,921
)
Net Unrealized Appreciation (Depreciation)
      
0
    
$
(221,973
)
   
There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026.
  
   
OBFR - Overnight Bank Funding Rate was 3.63% as of January 31, 2026.
  

(a)
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 based on predetermined notional thresholds.
  
(b)
Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also periodically throughout the term based on predetermined notional thresholds.
  
Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
Defiance Daily Target 2X Long BITF 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 January 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  U.S. Treasury Bills
  
$
–
    
$
159,729
    
$
–
    
$
159,729
  
  Money Market Funds
    
153,508
      
–
      
–
      
153,508
  
Total Investments
  
$
153,508
    
$
159,729
    
$
–
    
$
313,237
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Total Return Swaps*
  
$
–
    
$
(221,973
)
  
$
–
    
$
(221,973
)
Total Other Financial Instruments
  
$
–
    
$
(221,973
)
  
$
–
    
$
(221,973
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.