NPORT-EX 2 llyx.htm LLYX PART F - 01.31.25

Defiance Daily Target 2X Long LLY ETF
  
Schedule of Investments
  
January 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 9.1%
  
Shares
    
Value
 
Pharmaceuticals - 9.1%
        
Eli Lilly & Co.
    
2,071
    
$
1,679,747
  
TOTAL COMMON STOCKS (Cost $1,589,247)
      
1,679,747
  
                 
SHORT-TERM INVESTMENTS - 4.4%
                
Money Market Funds - 4.4%
                
First American Government Obligations Fund - Class X, 4.32% (a)
    
824,897
      
824,897
  
TOTAL SHORT-TERM INVESTMENTS (Cost $824,897)
      
824,897
  
                 
TOTAL INVESTMENTS - 13.5% (Cost $2,414,144)
      
2,504,644
  
Other Assets in Excess of Liabilities - 86.5%
      
16,065,482
  
TOTAL NET ASSETS - 100.0%
          
$
18,570,126
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
The rate shown represents the 7-day annualized effective yield as of January 31, 2025.
Defiance Daily Target 2X Long LLY ETF
  
Schedule of Total Return Swap Contracts
  
January 31, 2025 (Unaudited)
  
   
Reference Entity
Counterparty
Pay/ Receive
Reference Entity
Financing Rate
Payment
Frequency
Maturity Date
Notional Amount
    
Value/ Unrealized Appreciation (Depreciation)
  
Eli Lilly & Co.
Cantor Fitzgerald & Co.
Receive
OBFR + 2.50%
Monthly
09/08/2025
  
$
7,403,560
    
$
(28,065
)
Eli Lilly & Co.
Marex Capital Markets, Inc.
Receive
OBFR + 2.00%
Monthly
11/10/2025
    
27,848,432
      
(136,516
)
Net Unrealized Appreciation (Depreciation)
    
$
(164,581
)
   
There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2025.
  
   
OBFR - Overnight Bank Funding Rate was 4.33% as of January 31, 2025.
  
   
Summary of Fair Value Disclosure as of January 31, 2025 (Unaudited)
 
Defiance Daily Target 2X Long LLY ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
1,679,747
    
$
–
    
$
–
    
$
1,679,747
  
  Money Market Funds
    
824,897
      
–
      
–
      
824,897
  
Total Investments
  
$
2,504,644
    
$
–
    
$
–
    
$
2,504,644
  
   
Liabilities:
                                
Other Financial Instruments:
                                
  Total Return Swaps*
  
$
(164,581
)
  
$
–
    
$
–
    
$
(164,581
)
Total Other Financial Instruments
  
$
(164,581
)
  
$
–
    
$
–
    
$
(164,581
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of January 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.