Annual Shareholder Report

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance AI & Power Infrastructure ETF	$ 7	0.69 %

Returns for the Period Ended August 31, 2025:	Since Inception ( 7/24/25 )
Defiance AI And Power Infrastructure ETF - at NAV	0.51%
S&P 500^® Total Return Index	1.66%


Fund Size (Thousands)	$9,548
Number of Holdings	54
Total Advisory Fee	$3,871
Portfolio Turnover	0 %*

Top Ten Holdings	(% of net assets)
GE Vernova, Inc.	8.7
Eaton Corp. PLC	7.3
Quanta Services, Inc.	7.2
Vertiv Holdings Co. - Class A	5.8
Cameco Corp.	4.6
NVIDIA Corporation	4.2
Broadcom, Inc.	4.0
Constellation Energy Corp.	3.2
Hubbell, Inc.	2.8
Vistra Corp.	2.4

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Gold Enhanced Options Income ETF	$ 43	1.01 %

Returns for the Period Ended August 31, 2025:	Since Inception ( 4/1/25 )
Defiance Gold Enhanced Options Income ETF - at NAV	2.66%
S&P 500^® Total Return Index	15.73%


Fund Size (Thousands)	$5,598
Number of Holdings	8
Total Advisory Fee	$10,933
Portfolio Turnover	0 %

Top Holdings	(% of net assets)
First American Government Obligations Fund - Class X, 4.22%	52.2
United States Treasury Bills	40.5
United States Treasury Notes/Bonds	5.4
SPDR Gold Shares, Expiration: 09/03/2025; Exercise Price: $318.00	-0.6

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Large Cap Ex-mag 7 ETF	$ 32	0.35 %

Returns for the Period Ended August 31, 2025:	Since Inception ( 10/21/24 )
Defiance Large Cap Ex-mag 7 ETF - at NAV	8.58%
S&P 500^® Total Return Index	11.60%


Fund Size (Thousands)	$38,994
Number of Holdings	492
Total Advisory Fee	$74,397
Portfolio Turnover	7 %

Top Ten Holdings	(% of net assets)
Broadcom, Inc.	3.7
JPMorgan Chase & Co.	2.2
Berkshire Hathaway, Inc. - Class B	1.8
Eli Lilly & Co.	1.7
Visa, Inc. - Class A	1.6
Netflix, Inc.	1.4
Exxon Mobil Corp.	1.3
Mastercard, Inc. - Class A	1.3
Johnson & Johnson	1.1
Walmart, Inc.	1.1

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Nasdaq 100 Income Target ETF	$ 108	1.00 %

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception ( 6/20/24 )
Defiance Nasdaq 100 Income Target ETF - at NAV	15.20%	10.40%
S&P 500^® Total Return Index	15.88%	16.36%


Fund Size (Thousands)	$27,916
Number of Holdings	4
Total Advisory Fee	$168,796
Portfolio Turnover	12%

Top Holdings	(% of net assets)
Invesco QQQ Trust Series 1	100.0
First American Government Obligations Fund - Class X, 4.22%	1.4
Nasdaq 100 Stock Index, Expiration: 09/02/2025; Exercise Price: $23,415.42	-0.5
NASDAQ 100 Index, Expiration: 09/02/2025; Exercise Price: $23,462.25	0.4

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Nasdaq 100 Enhanced Income Options & 0DTE Income ETF	$ 105	1.01 %

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception (9/13/23)
Defiance Nasdaq 100 Enhanced Income Options & 0DTE Income ETF - at NAV	8.21%	12.17%
S&P 500^® Total Return Index	15.88%	22.30%


Fund Size (Thousands)	$186,039
Number of Holdings	8
Total Advisory Fee	$1,645,395
Portfolio Turnover	0 %

Top Holdings	(% of net assets)
United States Treasury Bills	52.0
United States Treasury Notes/Bonds	23.2
First American Government Obligations Fund - Class X, 4.22%	9.1
NASDAQ 100 Index, Expiration: 09/02/2025; Exercise Price: $23,480.00	-0.5

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance Oil Enhanced Options Income ETF	$ 116	1.11 %

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception ( 5/9/24 )
Defiance Oil Enhanced Options Income ETF - at NAV	9.11%	4.09%
S&P 500^® Total Return Index	15.88%	19.33%


Fund Size (Thousands)	$57,390
Number of Holdings	9
Total Advisory Fee	$283,761
Portfolio Turnover	658 %

Top Holdings	(% of net assets)
United States Treasury Bills	52.6
United States Treasury Notes/Bonds	25.8
First American Government Obligations Fund - Class X, 4.22%	15.9
United States Oil Fund LP, Expiration: 09/03/2025; Exercise Price: $76.00	-0.9
United States Oil Fund LP, Expiration: 09/03/2025; Exercise Price: $75.00	-0.5

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance R2000 Enhanced Options & 0DTE Income ETF	$ 110	1.05 %

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception ( 10/30/23 )
Defiance R2000 Enhanced Options & 0DTE Income ETF - at NAV	9.19%	14.76%
S&P 500^® Total Return Index	15.88%	28.72%


Fund Size (Thousands)	$141,807
Number of Holdings	8
Total Advisory Fee	$1,158,296
Portfolio Turnover	5 %

Top Holdings	(% of net assets)
United States Treasury Bills	55.8
United States Treasury Notes/Bonds	20.3
First American Government Obligations Fund - Class X, 4.22%	9.0
Russell 2000 Index, Expiration: 09/02/2025; Exercise Price: $2,375.00	-0.6

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance S&P 500^® Income Target ETF	$ 94	0.89 %

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception ( 3/4/24 )
Defiance S&P 500^® Income Target ETF - at NAV	11.89%	14.33%
S&P 500^® Total Return Index	15.88%	18.24%


Fund Size (Thousands)	$111,164
Number of Holdings	4
Total Advisory Fee	$782,212
Portfolio Turnover	31 %

Top Holdings	(% of net assets)
iShares Core S&P 500 ETF	99.9
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,460.26	-0.3
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,473.18	0.2
First American Government Obligations Fund - Class X, 4.22%	0.1

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defiance S&P 500^® Enhanced Options & 0DTE Income ETF	$ 108	1.03 %

Financial Statements

August 31, 2025

Tidal Trust II

• Defiance AI & Power Infrastructure ETF	\| AIPO	\| The Nasdaq Stock Market, LLC
• Defiance Gold Enhanced Options Income ETF	\| GLDY	\| The Nasdaq Stock Market, LLC
• Defiance Large Cap ex-Mag 7 ETF	\| XMAG	\| The Nasdaq Stock Market, LLC
• Defiance Nasdaq 100 Income Target ETF	\| QQQT	\| The Nasdaq Stock Market, LLC
• Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	\| QQQY	\| The Nasdaq Stock Market, LLC
• Defiance Oil Enhanced Options Income ETF	\| USOY	\| The Nasdaq Stock Market, LLC
• Defiance R2000 Enhanced Options & 0DTE Income ETF	\| IWMY	\| NYSE Arca, Inc.
• Defiance S&P 500 Income Target ETF	\| SPYT	\| NYSE Arca, Inc.
• Defiance S&P 500 Enhanced Options & 0DTE Income ETF	\| WDTE	\| NYSE Arca, Inc.

Defiance ETFs

Table of Contents

	Page
Schedule of Investments
Defiance AI & Power Infrastructure ETF	1
Schedules of Investments & Written Options Contracts
Defiance Gold Enhanced Options Income ETF	3
Schedule of Investments
Defiance Large Cap ex-Mag 7 ETF	4
Schedules of Investments & Written Options Contracts
Defiance Nasdaq 100 Income Target ETF	16
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	17
Defiance Oil Enhanced Options Income ETF	18
Defiance R2000 Enhanced Options & 0DTE Income ETF	19
Defiance S&P 500 Income Target ETF	20
Defiance S&P 500 Enhanced Options & 0DTE Income ETF	21
Statements of Assets and Liabilities	22
Statements of Operations	24
Statements of Changes in Net Assets	26
Financial Highlights	29
Notes to the Financial Statements	38
Report of Independent Registered Public Accounting Firm	59
Other Non-Audited Information	61

Schedule of Investments

Defiance ETFs

August 31, 2025

Defiance AI & Power Infrastructure ETF

Schedule of Investments

COMMON STOCKS - 97.8%	Shares		Value
Commercial Services - 7.2%
Quanta Services, Inc.		1,827	$	690,533

Electric - 15.5%
AES Corp.		2,147		29,070
Constellation Energy Corp.		994		306,132
Dominion Energy, Inc.		3,211		192,339
Evergy, Inc.		817		58,220
Oklo, Inc.^(a)		2,242		165,101
PG&E Corp.		5,396		82,451
Pinnacle West Capital Corp.		342		30,561
Portland General Electric Co.		418		17,882
Public Service Enterprise Group, Inc.		1,749		143,995
Talen Energy Corp. ^(a)		138		52,291
TXNM Energy, Inc.		323		18,295
Vistra Corp.		1,222		231,092
Xcel Energy, Inc.		2,053		148,617
				1,476,046
Electrical Components & Equipment - 11.7%
American Superconductor Corp.^(a)		2,584		128,941
Eaton Corp. PLC		1,995		696,534
EnerSys		989		101,521
Generac Holdings, Inc.^(a)		1,031		190,993
				1,117,989
Electronics - 6.1%
Hubbell, Inc.		627		270,231
Itron, Inc.^(a)		856		105,236
nVent Electric PLC		2,262		204,462
				579,929
Energy - Alternate Sources - 3.0%
Eos Energy Enterprises, Inc.^(a)		15,999		110,393
Fluence Energy, Inc. ^(a)		12,331		91,250
Shoals Technologies Group, Inc. - Class A^(a)		12,616		82,130
				283,773
Engineering & Construction - 5.0%
Dycom Industries, Inc. ^(a)		380		95,939
MasTec, Inc.^(a)		988		179,510
MYR Group, Inc.^(a)		304		56,930
Sterling Infrastructure, Inc.^(a)		514		143,164
				475,543
Machinery - Construction & Mining - 22.1%
Argan, Inc.		267		60,935
Bloom Energy Corp. - Class A^(a)		4,275		226,319
BWX Technologies, Inc.		1,312		212,596
GE Vernova, Inc.		1,349		826,897
NANO Nuclear Energy, Inc.^(a)		2,033		66,154
Net Power, Inc.^(a)		22,515		57,413
NuScale Power Corp. ^(a)		2,908		100,762
Vertiv Holdings Co. - Class A		4,359		555,990
				2,107,066

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Metal Fabricate & Hardware - 1.2%
Valmont Industries, Inc.	323		118,580

Mining - 6.9%
Cameco Corp.	5,625		435,319
Centrus Energy Corp. - Class A^(a)	518		104,496
NexGen Energy Ltd.^(a)	15,181		119,626
			659,441
Semiconductors - 16.1%
Advanced Micro Devices, Inc.^(a)	1,222		198,734
ARM Holdings PLC - ADR^(a)	646		89,348
Astera Labs, Inc.^(a)	931		169,628
Broadcom, Inc.	1,280		380,659
Lattice Semiconductor Corp.^(a)	1,672		110,987
Marvell Technology, Inc.	1,482		93,166
NVIDIA Corp.	2,280		397,131
Rambus, Inc.^(a)	1,388		102,393
			1,542,046
Software - 1.3%
Nebius Group NV^(a)	1,748		119,423

Telecommunications - 1.7%
DigitalBridge Group, Inc.	7,942		90,618
Preformed Line Products Co.	385		73,562
			164,180
TOTAL COMMON STOCKS (Cost $9,457,087)			9,334,549

REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.9%
Digital Realty Trust, Inc.	551		92,370
Equinix, Inc.	117		91,984
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $186,940)			184,354

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 0.3%
First American Government Obligations Fund - Class X, 4.22%^(b)	26,036		26,036
TOTAL MONEY MARKET FUNDS (Cost $26,036)			26,036

TOTAL INVESTMENTS - 100.0% (Cost $9,670,063)			9,544,939
Other Assets in Excess of Liabilities - 0.0%^(c)			3,404
TOTAL NET ASSETS - 100.0%		$	9,548,343

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(c)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance Gold Enhanced Options Income ETF

Schedule of Investments

U.S. TREASURY SECURITIES - 5.4%	Par		Value
United States Treasury Note/Bond
4.25%, 10/15/2025^(a)	$	150,000	$	149,998
3.88%, 01/15/2026^(a)		150,000		149,875
TOTAL U.S. TREASURY SECURITIES (Cost $299,976)				299,873

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 52.2%		Shares
First American Government Obligations Fund - Class X, 4.22%^(b)(c)		2,920,709		2,920,709
TOTAL MONEY MARKET FUNDS (Cost $2,920,709)				2,920,709

U.S. TREASURY BILLS - 40.5%		Par
4.18%, 11/06/2025^(a)(d)		715,000		709,733
4.06%, 02/19/2026^(a)(d)		717,000		703,937
4.04%, 07/09/2026^(a)(d)		730,000		706,634
3.83%, 08/06/2026^(a)(d)		153,000		147,694
TOTAL U.S. TREASURY BILLS (Cost $2,266,225)				2,267,998

TOTAL INVESTMENTS - 98.1% (Cost $5,486,910)				5,488,580
Other Assets in Excess of Liabilities - 1.9%				109,079
TOTAL NET ASSETS - 100.0%			$	5,597,659

Percentages are stated as a percent of net assets.

(a)	All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $1,698,703.

(b)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(c)	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.

(d)	The rate shown is the annualized effective yield as of August 31, 2025.

Defiance Gold Enhanced Options Income ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.6)%	Notional Amount			Contracts			Value
Put Options - (0.6)%
SPDR Gold Shares, Expiration: 09/03/2025; Exercise Price: $318.00^(a)(b)	$	(5,725,260	)		(180	)	$	(34,380	)
TOTAL WRITTEN OPTIONS (Premiums received $39,731)							$	(34,380	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.

(b)	100 shares per contract.

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Defiance Large Cap ex-Mag 7 ETF

Schedule of Investments

COMMON STOCKS - 96.5%	Shares		Value
Advertising - 0.1%
Omnicom Group, Inc.		181	$	14,178
Trade Desk, Inc. - Class A^(a)		466		25,471
				39,649
Aerospace & Defense - 3.1%
Boeing Co.^(a)		792		185,867
GE Aerospace		1,115		306,848
General Dynamics Corp.		260		84,388
HEICO Corp. - Class A		79		19,356
Howmet Aerospace, Inc.		414		72,077
L3Harris Technologies, Inc.		191		53,026
Lockheed Martin Corp.		245		111,629
Northrop Grumman Corp.		150		88,506
RTX Corp.		1,400		222,040
TransDigm Group, Inc.		55		76,938
				1,220,675
Agriculture - 1.1%
Altria Group, Inc.		1,765		118,626
Archer-Daniels-Midland Co.		465		29,127
Philip Morris International, Inc.		1,629		272,255
				420,008
Airlines - 0.3%
Delta Air Lines, Inc.		678		41,887
Southwest Airlines Co.		675		22,207
United Airlines Holdings, Inc.^(a)		338		35,490
				99,584
Apparel - 0.3%
Deckers Outdoor Corp. ^(a)		149		17,825
NIKE, Inc. - Class B		1,207		93,385
				111,210
Auto Manufacturers - 0.6%
Cummins, Inc.		138		54,985
Ford Motor Co.		3,960		46,609
General Motors Co.		1,093		64,039
PACCAR, Inc.		540		53,989
				219,622
Auto Parts & Equipment - 0.0%^(b)
Aptiv PLC^(a)		227		18,053

Banks - 7.0%
Bank of America Corp.		7,894		400,542
Bank of New York Mellon Corp.		753		79,517
Citigroup, Inc.		1,966		189,857
Citizens Financial Group, Inc.		436		22,794
Fifth Third Bancorp		663		30,345
First Citizens BancShares, Inc. - Class A		9		17,855
Goldman Sachs Group, Inc.		320		238,480
Huntington Bancshares, Inc.		1,465		26,092

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

JPMorgan Chase & Co.	2,903	875,022
KeyCorp	1,141	22,090
M&T Bank Corp.	160	32,266
Morgan Stanley	1,298	195,323
Northern Trust Corp.	198	25,993
PNC Financial Services Group, Inc.	408	84,636
Regions Financial Corp.	893	24,459
State Street Corp.	291	33,456
Truist Financial Corp.	1,362	63,769
US Bancorp	1,601	78,177
Wells Fargo & Co.	3,425	281,466
		2,722,139
Beverages - 1.7%
Coca-Cola Co.	4,485	309,420
Coca-Cola Europacific Partners PLC	248	22,037
Constellation Brands, Inc. - Class A	161	26,073
Keurig Dr Pepper, Inc.	1,341	39,010
Monster Beverage Corp. ^(a)	724	45,185
PepsiCo, Inc.	1,442	214,353
		656,078
Biotechnology - 1.7%
Alnylam Pharmaceuticals, Inc.^(a)	126	56,260
Amgen, Inc.	560	161,118
Biogen, Inc.^(a)	145	19,172
BioMarin Pharmaceutical, Inc.^(a)	177	10,314
Corteva, Inc.	708	52,526
Gilead Sciences, Inc.	1,312	148,217
Illumina, Inc.^(a)	153	15,294
Incyte Corp.^(a)	179	15,145
Moderna, Inc.^(a)	363	8,745
Regeneron Pharmaceuticals, Inc.	106	61,554
Vertex Pharmaceuticals, Inc.^(a)	266	104,011
		652,356
Building Materials - 0.9%
Builders FirstSource, Inc.^(a)	103	14,284
Carrier Global Corp.	866	56,463
Johnson Controls International PLC	683	73,006
Lennox International, Inc.	31	17,294
Martin Marietta Materials, Inc.	61	37,601
Masco Corp.	216	15,852
Trane Technologies PLC	233	96,835
Vulcan Materials Co.	133	38,724
		350,059
Chemicals - 1.5%
Air Products and Chemicals, Inc.	230	67,645
CF Industries Holdings, Inc.	166	14,381
Dow, Inc.	682	16,798
DuPont de Nemours, Inc.	436	33,537
Ecolab, Inc.	262	72,584
International Flavors & Fragrances, Inc.	261	17,620
Linde PLC	488	233,406
LyondellBasell Industries NV - Class A	291	16,398
PPG Industries, Inc.	226	25,138
Sherwin-Williams Co.	242	88,531
		586,038

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Commercial Services - 2.3%
Automatic Data Processing, Inc.	422	128,309
Block, Inc. - Class A^(a)	537	42,767
Booz Allen Hamilton Holding Corp.	127	13,807
Cintas Corp.	377	79,181
Corpay, Inc.^(a)	73	23,774
Equifax, Inc.	126	31,034
Global Payments, Inc.	244	21,672
Moody’s Corp.	184	93,796
PayPal Holdings, Inc. ^(a)	1,017	71,383
Quanta Services, Inc.	153	57,828
Rollins, Inc.	378	21,372
S&P Global, Inc.	323	177,146
Toast, Inc. - Class A^(a)	467	21,062
TransUnion	200	17,680
United Rentals, Inc.	73	69,813
Verisk Analytics, Inc.	144	38,609
		909,233
Computers - 2.4%
Accenture PLC - Class A	655	170,280
Cognizant Technology Solutions Corp. - Class A	512	36,992
Crowdstrike Holdings, Inc. - Class A^(a)	249	105,501
CyberArk Software Ltd. ^(a)	48	21,757
Dell Technologies, Inc. - Class C	326	39,821
Fortinet, Inc.^(a)	686	54,036
Gartner, Inc.^(a)	75	18,839
Hewlett Packard Enterprise Co.	1,301	29,364
HP, Inc.	953	27,199
International Business Machines Corp.	972	236,672
Leidos Holdings, Inc.	130	23,520
NetApp, Inc.	210	23,686
Okta, Inc. - Class A^(a)	155	14,379
Pure Storage, Inc. - Class A^(a)	311	24,137
Seagate Technology Holdings PLC	221	36,995
Super Micro Computer, Inc.^(a)	529	21,975
Western Digital Corp.	363	29,163
Zscaler, Inc.^(a)	110	30,476
		944,792
Cosmetics & Personal Care - 1.3%
Colgate-Palmolive Co.	830	69,778
Estee Lauder Cos., Inc. - Class A	228	20,915
Kenvue, Inc.	2,002	41,461
Procter & Gamble Co.	2,459	386,161
		518,315
Distribution & Wholesale - 0.4%
Copart, Inc.^(a)	907	44,271
Fastenal Co.	1,194	59,294
WW Grainger, Inc.	45	45,607
		149,172
Diversified Financial Services - 6.4%
American Express Co.	743	246,141
Ameriprise Financial, Inc.	102	52,511
Apollo Global Management, Inc.	455	61,985
Ares Management Corp. - Class A	207	37,094

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Blackrock, Inc.	151	170,198
Capital One Financial Corp.	662	150,420
Charles Schwab Corp.	1,793	171,841
CME Group, Inc. - Class A	376	100,208
Coinbase Global, Inc. - Class A^(a)	204	62,126
Interactive Brokers Group, Inc. - Class A	442	27,510
Intercontinental Exchange, Inc.	597	105,430
LPL Financial Holdings, Inc.	82	29,887
Mastercard, Inc. - Class A	858	510,759
Nasdaq, Inc.	477	45,191
Raymond James Financial, Inc.	181	30,669
Synchrony Financial	378	28,856
T Rowe Price Group, Inc.	218	23,461
Visa, Inc. - Class A	1,793	630,742
		2,485,029
Electric - 3.2%
Alliant Energy Corp.	273	17,764
Ameren Corp.	270	26,941
American Electric Power Co., Inc.	548	60,839
CenterPoint Energy, Inc.	657	24,775
CMS Energy Corp.	298	21,328
Consolidated Edison, Inc.	375	36,836
Constellation Energy Corp.	326	100,402
Dominion Energy, Inc.	888	53,191
DTE Energy Co.	217	29,653
Duke Energy Corp.	810	99,217
Edison International	377	21,161
Entergy Corp.	448	39,464
Evergy, Inc.	225	16,034
Eversource Energy	364	23,322
Exelon Corp.	1,051	45,908
FirstEnergy Corp.	576	25,125
NextEra Energy, Inc.	2,202	158,654
NRG Energy, Inc.	198	28,821
PG&E Corp.	2,173	33,203
PPL Corp.	737	26,878
Public Service Enterprise Group, Inc.	520	42,812
Sempra	679	56,058
Southern Co.	1,153	106,422
Vistra Corp.	347	65,621
WEC Energy Group, Inc.	330	35,148
Xcel Energy, Inc.	584	42,276
		1,237,853
Electrical Components & Equipment - 0.7%
AMETEK, Inc.	239	44,167
Eaton Corp. PLC	420	146,639
Emerson Electric Co.	580	76,560
		267,366
Electronics - 1.4%
Amphenol Corp. - Class A	1,261	137,272
Fortive Corp.	362	17,325
Garmin Ltd.	175	42,319
Honeywell International, Inc.	673	147,724
Hubbell, Inc.	54	23,273
Jabil, Inc.	106	21,712
Keysight Technologies, Inc.^(a)	177	28,927

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Mettler-Toledo International, Inc.^(a)	21	27,322
TE Connectivity PLC	308	63,602
Trimble, Inc.^(a)	235	18,993
		528,469
Energy - Alternate Sources - 0.0%^(b)
First Solar, Inc.^(a)	96	18,738

Engineering & Construction - 0.1%
EMCOR Group, Inc.	43	26,660
Jacobs Solutions, Inc.	110	16,085
		42,745
Entertainment - 0.1%
Live Nation Entertainment, Inc.^(a)	180	29,968

Environmental Control - 0.4%
Republic Services, Inc.	222	51,941
Veralto Corp.	232	24,636
Waste Management, Inc.	412	93,273
		169,850
Food - 0.9%
Conagra Brands, Inc.	464	8,876
General Mills, Inc.	538	26,540
Hershey Co.	146	26,827
Hormel Foods Corp.	404	10,278
J M Smucker Co.	96	10,609
Kellanova	307	24,406
Kraft Heinz Co.	1,192	33,340
Kroger Co.	720	48,845
McCormick & Co., Inc.	243	17,100
Mondelez International, Inc. - Class A	1,354	83,190
Sysco Corp.	505	40,637
Tyson Foods, Inc. - Class A	265	15,047
		345,695
Forest Products & Paper - 0.1%
International Paper Co.	601	29,858

Gas - 0.1%
Atmos Energy Corp.	165	27,411
NiSource, Inc.	455	19,233
		46,644
Hand & Machine Tools - 0.0%^(b)
Stanley Black & Decker, Inc.	154	11,441

Healthcare - Products - 4.1%
Abbott Laboratories	1,816	240,911
Agilent Technologies, Inc.	288	36,190
Align Technology, Inc. ^(a)	72	10,221
Baxter International, Inc.	507	12,518
Boston Scientific Corp. ^(a)	1,546	163,103
Cooper Cos., Inc.^(a)	184	12,401
Danaher Corp.	692	142,427
Edwards Lifesciences Corp.^(a)	581	47,259
GE HealthCare Technologies, Inc.	474	34,948

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Hologic, Inc.^(a)	224	15,035
IDEXX Laboratories, Inc.^(a)	82	53,061
Insulet Corp.^(a)	72	24,471
Intuitive Surgical, Inc.^(a)	376	177,959
Medtronic PLC	1,350	125,293
Natera, Inc.^(a)	131	22,041
ResMed, Inc.	147	40,353
Revvity, Inc.	108	9,732
STERIS PLC	101	24,751
Stryker Corp.	375	146,779
Thermo Fisher Scientific, Inc.	394	194,132
Waters Corp.^(a)	59	17,806
West Pharmaceutical Services, Inc.	73	18,027
Zimmer Biomet Holdings, Inc.	204	21,644
		1,591,062
Healthcare - Services - 1.7%
Centene Corp.^(a)	510	14,810
Cigna Group	276	83,040
Elevance Health, Inc.	234	74,564
HCA Healthcare, Inc.	185	74,733
Humana, Inc.	122	37,047
ICON PLC^(a)	79	14,057
IQVIA Holdings, Inc. ^(a)	171	32,629
Labcorp Holdings, Inc.	80	22,239
Molina Healthcare, Inc.^(a)	42	7,595
Quest Diagnostics, Inc.	113	20,525
UnitedHealth Group, Inc.	950	294,376
		675,615
Home Builders - 0.3%
DR Horton, Inc.	313	53,047
Lennar Corp. - Class A	231	30,756
NVR, Inc.^(a)	3	24,353
PulteGroup, Inc.	206	27,196
		135,352
Household Products & Wares - 0.2%
Avery Dennison Corp.	77	13,217
Church & Dwight Co., Inc.	237	22,079
Clorox Co.	126	14,893
Kimberly-Clark Corp.	333	43,004
		93,193
Insurance - 4.6%
Aflac, Inc.	521	55,674
Allstate Corp.	271	55,135
American International Group, Inc.	611	49,686
Aon PLC - Class A	216	79,272
Arthur J Gallagher & Co.	262	79,320
Berkshire Hathaway, Inc. - Class B^(a)	1,403	705,681
Brown & Brown, Inc.	249	24,141
Chubb Ltd.	416	114,429
Cincinnati Financial Corp.	151	23,194
CNA Financial Corp.	256	12,685
Fidelity National Financial, Inc.	252	15,087
Hartford Insurance Group, Inc.	290	38,370
Loews Corp.	185	17,908
Markel Group, Inc. ^(a)	13	25,468

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Marsh & McLennan Cos., Inc.	518	106,610
MetLife, Inc.	620	50,443
Principal Financial Group, Inc.	223	17,954
Progressive Corp.	612	151,201
Prudential Financial, Inc.	369	40,464
Travelers Cos., Inc.	234	63,533
W R Berkley Corp.	326	23,371
Willis Towers Watson PLC	101	33,006
		1,782,632
Internet - 4.2%
Airbnb, Inc. - Class A^(a)	433	56,519
Booking Holdings, Inc.	32	179,170
CDW Corp.	133	21,913
Coupang, Inc. - Class A^(a)	1,392	39,783
DoorDash, Inc. - Class A^(a)	351	86,083
eBay, Inc.	466	42,224
Expedia Group, Inc. - Class A	123	26,420
Gen Digital, Inc.	598	18,060
GoDaddy, Inc. - Class A^(a)	148	21,950
Grab Holdings, Ltd. - Class A - Class A^(a)	2,551	12,730
Netflix, Inc.^(a)	445	537,671
Palo Alto Networks, Inc.^(a)	691	131,649
Pinterest, Inc. - Class A^(a)	584	21,392
Robinhood Markets, Inc. - Class A^(a)	767	79,791
Snap, Inc. - Class A^(a)	1,238	8,839
Spotify Technology SA^(a)	164	111,828
Uber Technologies, Inc.^(a)	2,109	197,719
VeriSign, Inc.	96	26,244
		1,619,985
Iron & Steel - 0.1%
Nucor Corp.	227	33,762
Steel Dynamics, Inc.	148	19,376
		53,138
Leisure Time - 0.3%
Carnival Corp.^(a)	1,127	35,940
Royal Caribbean Cruises Ltd.	255	92,621
		128,561
Lodging - 0.4%
Hilton Worldwide Holdings, Inc.	243	67,082
Las Vegas Sands Corp.	382	22,015
Marriott International, Inc. - Class A	235	62,947
		152,044
Machinery - Construction & Mining - 1.1%
Caterpillar, Inc.	492	206,168
GE Vernova, Inc.	294	180,213
Vertiv Holdings Co. - Class A	388	49,489
		435,870
Machinery - Diversified - 0.9%
Deere & Co.	261	124,925
Dover Corp.	138	24,683
IDEX Corp.	74	12,173
Ingersoll Rand, Inc.	417	33,122

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Otis Worldwide Corp.	409	35,329
Rockwell Automation, Inc.	114	39,151
Westinghouse Air Brake Technologies Corp.	175	33,863
Xylem, Inc.	250	35,390
		338,636
Media - 1.2%
Charter Communications, Inc. - Class A^(a)	107	28,417
Comcast Corp. - Class A	3,912	132,891
FactSet Research Systems, Inc.	37	13,813
Liberty Media Corp.-Liberty Formula One - Class C^(a)	228	22,777
Walt Disney Co.	1,885	223,146
Warner Bros Discovery, Inc.^(a)	2,548	29,659
		450,703
Mining - 0.5%
Anglogold Ashanti PLC	525	29,747
Freeport-McMoRan, Inc.	1,489	66,112
Newmont Corp.	1,161	86,378
Southern Copper Corp.	119	11,449
		193,686
Miscellaneous Manufacturing - 1.0%
3M Co.	558	86,786
Axon Enterprise, Inc. ^(a)	77	57,541
Carlisle Cos., Inc.	42	16,207
Illinois Tool Works, Inc.	304	80,454
Parker-Hannifin Corp.	128	97,197
Teledyne Technologies, Inc.^(a)	46	24,756
Textron, Inc.	174	13,948
		376,889
Office - Business Equipment - 0.0%^(b)
Zebra Technologies Corp. - Class A^(a)	49	15,537

Oil & Gas - 3.5%
Chevron Corp.	1,832	294,219
ConocoPhillips	1,323	130,937
Coterra Energy, Inc.	726	17,743
Devon Energy Corp.	618	22,310
Diamondback Energy, Inc.	192	28,562
EOG Resources, Inc.	565	70,523
EQT Corp.	590	30,586
Expand Energy Corp.	218	21,098
Exxon Mobil Corp.	4,514	515,905
Marathon Petroleum Corp.	312	56,070
Occidental Petroleum Corp.	1,024	48,753
Phillips 66	420	56,104
Texas Pacific Land Corp.	23	21,470
Valero Energy Corp.	323	49,099
		1,363,379
Oil & Gas Services - 0.3%
Baker Hughes Co.	1,032	46,853
Halliburton Co.	876	19,911
Schlumberger NV	1,402	51,650
		118,414

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Packaging & Containers - 0.1%
Amcor PLC	2,402	20,729
Ball Corp.	301	15,845
Packaging Corp. of America	84	18,309
		54,883
Pharmaceuticals - 6.2%
AbbVie, Inc.	1,851	389,450
Becton Dickinson & Co.	300	57,894
Bristol-Myers Squibb Co.	2,181	102,900
Cardinal Health, Inc.	248	36,897
Cencora, Inc.	188	54,823
CVS Health Corp.	1,319	96,485
Dexcom, Inc.^(a)	381	28,704
Eli Lilly & Co.	891	652,729
Johnson & Johnson	2,524	447,177
McKesson Corp.	128	87,890
Merck & Co., Inc.	2,685	225,862
Pfizer, Inc.	6,106	151,184
Viatris, Inc.	1,172	12,365
Zoetis, Inc.	457	71,475
		2,415,835
Pipelines - 0.7%
Cheniere Energy, Inc.	229	55,377
Kinder Morgan, Inc.	2,099	56,631
ONEOK, Inc.	673	51,404
Targa Resources Corp.	216	36,236
Williams Cos., Inc.	1,267	73,334
		272,982
Private Equity - 0.6%
Blackstone, Inc.	761	130,435
KKR & Co., Inc.	726	101,270
		231,705
Real Estate - 0.2%
CBRE Group, Inc. - Class A^(a)	301	48,798
CoStar Group, Inc.^(a)	435	38,928
		87,726
Retail - 6.5%
AutoZone, Inc.^(a)	17	71,375
Best Buy Co., Inc.	225	16,569
Burlington Stores, Inc.^(a)	63	18,313
Carvana Co.^(a)	124	46,118
Chipotle Mexican Grill, Inc.^(a)	1,396	58,827
Costco Wholesale Corp.	463	436,757
Darden Restaurants, Inc.	119	24,626
Dollar General Corp.	223	24,253
Dollar Tree, Inc.^(a)	216	23,581
Domino’s Pizza, Inc.	33	15,124
Genuine Parts Co.	145	20,203
Home Depot, Inc.	1,047	425,888
Lowe’s Cos., Inc.	609	157,159
Lululemon Athletica, Inc.^(a)	101	20,422
McDonald’s Corp.	749	234,841
O’Reilly Automotive, Inc.^(a)	55	5,702
Ross Stores, Inc.	333	49,004

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Starbucks Corp.	1,189	104,858
Target Corp.	471	45,207
TJX Cos., Inc.	1,196	163,386
Tractor Supply Co.	522	32,239
Ulta Beauty, Inc.^(a)	44	21,680
Walmart, Inc.	4,573	443,490
Williams-Sonoma, Inc.	120	22,583
Yum! Brands, Inc.	290	42,621
		2,524,826
Semiconductors - 7.8%
Advanced Micro Devices, Inc.^(a)	1,691	275,007
Analog Devices, Inc.	519	130,430
Applied Materials, Inc.	838	134,717
Broadcom, Inc.	4,840	1,439,368
Entegris, Inc.	148	12,393
GlobalFoundries, Inc. ^(a)	107	3,573
Intel Corp.	4,552	110,841
KLA Corp.	136	118,592
Lam Research Corp.	1,340	134,201
Marvell Technology, Inc.	904	56,830
Microchip Technology, Inc.	552	35,880
Micron Technology, Inc.	1,167	138,885
Monolithic Power Systems, Inc.	46	38,445
ON Semiconductor Corp. ^(a)	407	20,183
QUALCOMM, Inc.	1,152	185,161
Skyworks Solutions, Inc.	155	11,616
Teradyne, Inc.	158	18,682
Texas Instruments, Inc.	951	192,558
		3,057,362
Software - 7.8%
Adobe, Inc.^(a)	445	158,731
Akamai Technologies, Inc.^(a)	147	11,632
AppLovin Corp. - Class A^(a)	225	107,683
Atlassian Corp. - Class A^(a)	168	29,867
Autodesk, Inc.^(a)	219	68,919
Broadridge Financial Solutions, Inc.	119	30,419
Cadence Design Systems, Inc.^(a)	281	98,471
Cloudflare, Inc. - Class A^(a)	316	65,952
Datadog, Inc. - Class A^(a)	319	43,601
Docusign, Inc.^(a)	187	14,335
Duolingo, Inc.^(a)	36	10,723
Electronic Arts, Inc.	241	41,440
Fair Isaac Corp.^(a)	23	34,998
Fidelity National Information Services, Inc.	527	36,790
Fiserv, Inc.^(a)	570	78,763
Guidewire Software, Inc.^(a)	86	18,664
HubSpot, Inc.^(a)	50	24,158
Intuit, Inc.	282	188,094
Jack Henry & Associates, Inc.	75	12,245
MongoDB, Inc.^(a)	82	25,880
MSCI, Inc.	80	45,418
Nutanix, Inc. - Class A^(a)	264	17,743
Oracle Corp.	1,731	391,431
Palantir Technologies, Inc. - Class A^(a)	2,211	346,486
Paychex, Inc.	327	45,602
PTC, Inc.^(a)	121	25,833
ROBLOX Corp. - Class A^(a)	603	75,128

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Roper Technologies, Inc.	109	57,368
Salesforce, Inc.	980	251,125
ServiceNow, Inc.^(a)	219	200,924
Snowflake, Inc. - Class A^(a)	329	78,519
SS&C Technologies Holdings, Inc.	225	19,948
Strategy, Inc. - Class A^(a)	261	87,281
Synopsys, Inc.^(a)	160	96,563
Take-Two Interactive Software, Inc.^(a)	170	39,656
Twilio, Inc. - Class A^(a)	148	15,630
Tyler Technologies, Inc.^(a)	43	24,204
Veeva Systems, Inc. - Class A^(a)	152	40,918
Workday, Inc. - Class A^(a)	223	51,473
Zoom Communications, Inc. - Class A^(a)	247	20,111
		3,032,726
Telecommunications - 2.9%
Arista Networks, Inc. ^(a)	1,083	147,884
AT&T, Inc.	7,598	222,545
Cisco Systems, Inc.	4,223	291,767
Corning, Inc.	809	54,227
Motorola Solutions, Inc.	172	81,263
T-Mobile US, Inc.	506	127,507
Ubiquiti, Inc.	4	2,113
Verizon Communications, Inc.	4,477	198,018
		1,125,324
Transportation - 1.1%
CSX Corp.	1,951	63,427
Expeditors International of Washington, Inc.	139	16,755
FedEx Corp.	229	52,915
JB Hunt Transport Services, Inc.	84	12,179
Norfolk Southern Corp.	234	65,515
Old Dominion Freight Line, Inc.	184	27,779
Union Pacific Corp.	632	141,296
United Parcel Service, Inc. - Class B	748	65,405
		445,271
Water - 0.1%
American Water Works Co., Inc.	199	28,559
TOTAL COMMON STOCKS (Cost $35,037,192)		37,632,534

REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.8%
Alexandria Real Estate Equities, Inc.	166	13,685
American Tower Corp.	487	99,275
Annaly Capital Management, Inc.	545	11,549
AvalonBay Communities, Inc.	148	28,986
Camden Property Trust	97	10,862
Crown Castle, Inc.	452	44,811
Digital Realty Trust, Inc.	347	58,171
Equinix, Inc.	101	79,405
Equity LifeStyle Properties, Inc.	177	10,671
Equity Residential	373	24,663
Essex Property Trust, Inc.	62	16,753
Extra Space Storage, Inc.	219	31,444
Healthpeak Properties, Inc.	679	12,181
Host Hotels & Resorts, Inc.	682	11,737
Invitation Homes, Inc.	598	18,712
Iron Mountain, Inc.	293	27,053
Mid-America Apartment Communities, Inc.	119	17,353

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

Defiance ETFs

August 31, 2025

Prologis, Inc.	964		109,684
Public Storage	160		47,134
Realty Income Corp.	942		55,352
Regency Centers Corp.	171		12,398
SBA Communications Corp.	108		22,124
Simon Property Group, Inc.	335		60,521
Sun Communities, Inc.	129		16,366
UDR, Inc.	314		12,425
Ventas, Inc.	467		31,793
VICI Properties, Inc.	1,100		37,158
Welltower, Inc.	690		116,113
Weyerhaeuser Co.	731		18,911
WP Carey, Inc.	217		14,561
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $1,075,218)			1,071,851

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 0.5%
First American Government Obligations Fund - Class X, 4.22%^(c)	203,039		203,039
TOTAL MONEY MARKET FUNDS (Cost $203,039)			203,039

TOTAL INVESTMENTS - 99.8% (Cost $36,315,449)			38,907,424
Other Assets in Excess of Liabilities - 0.2%			86,782
TOTAL NET ASSETS - 100.0%		$	38,994,206

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.

(b)	Represents less than 0.05% of net assets.

(c)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance Nasdaq 100 Income Target ETF

Schedule of Investments

EXCHANGE TRADED FUNDS - 100.0%			Shares		Value
Invesco QQQ Trust Series 1^(a)(b)				48,955	$	27,923,932
TOTAL EXCHANGE TRADED FUNDS (Cost $24,025,820)						27,923,932

PURCHASED OPTIONS - 0.4%	Notional Amount		Contracts
Call Options - 0.4%
Nasdaq 100 Stock Index, Expiration: 09/02/2025; Exercise Price: $23,462.25^(c)(d)(e)(f)	$	30,440,046		13		102,882
TOTAL PURCHASED OPTIONS (Cost $102,890)						102,882

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 1.4%			Shares
First American Government Obligations Fund - Class X, 4.22%^(g)				383,956		383,956
TOTAL MONEY MARKET FUNDS (Cost $383,956)						383,956

TOTAL INVESTMENTS - 101.8% (Cost $24,512,666)						28,410,770
Liabilities in Excess of Other Assets - (1.8)%						(494,643	)
TOTAL NET ASSETS - 100.0%					$	27,916,127

Percentages are stated as a percent of net assets.

(a)

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.

(b)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $5,863,712.

(c)

Non-income producing security.

(d)

Exchange-traded.

(e)

100 shares per contract.

(f)

FLexible EXchange® Options.

(g)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance Nasdaq 100 Income Target ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.5)%	Notional Amount			Contracts			Value
Call Options - (0.5)%
Nasdaq 100 Stock Index, Expiration: 09/02/2025; Exercise Price: $23,415.42^(a)(b)(c)	$	(30,440,046	)		(13	)	$	(130,897	)
TOTAL WRITTEN OPTIONS (Premiums received $130,889)							$	(130,897	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.
(c)	FLexible EXchange® Options.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

Schedule of Investments

U.S. TREASURY SECURITIES - 23.2%	Par		Value
United States Treasury Note/Bond
4.25%, 10/15/2025	$	3,871,000	$	3,870,938
3.88%, 01/15/2026^(a)		39,349,000		39,316,296
TOTAL U.S. TREASURY SECURITIES (Cost $43,097,062)				43,187,234

SHORT-TERM INVESTMENTS

U.S. TREASURY BILLS - 52.0%
4.19%, 11/06/2025^(a)(b)		14,515,000		14,408,073
3.99%, 02/19/2026^(a)(b)		23,253,000		22,829,355
4.05%, 07/09/2026^(a)(b)		36,150,000		34,992,929
3.84%, 08/06/2026^(a)(b)		25,211,000		24,336,642
TOTAL U.S. TREASURY BILLS (Cost $96,496,266)				96,566,999

MONEY MARKET FUNDS - 9.1%		Shares
First American Government Obligations Fund - Class X, 4.22%^(c)		16,995,780		16,995,780
TOTAL MONEY MARKET FUNDS (Cost $16,995,780)				16,995,780

TOTAL INVESTMENTS - 84.3% (Cost $156,589,108)				156,750,013
Other Assets in Excess of Liabilities - 15.7%				29,288,552
TOTAL NET ASSETS - 100.0%			$	186,038,565

Percentages are stated as a percent of net assets.

(a)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $119,286,216.

(b)

The rate shown is the annualized effective yield as of August 31, 2025.

(c)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.5)%	Notional Amount			Contracts			Value
Put Options - (0.5)%
Nasdaq 100 Stock Index, Expiration: 09/02/2025; Exercise Price: $23,480.00^(a)(b)	$	(194,347,986	)		(83	)	$	(978,985	)
TOTAL WRITTEN OPTIONS (Premiums received $1,078,948)							$	(978,985	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance Oil Enhanced Options Income ETF

Schedule of Investments

U.S. TREASURY SECURITIES - 25.8%	Par		Value
United States Treasury Note/Bond
4.25%, 10/15/2025^(a)	$	6,848,000	$	6,847,892
3.88%, 01/15/2026^(a)		7,966,000		7,959,379
TOTAL U.S. TREASURY SECURITIES (Cost $14,804,455)				14,807,271

SHORT-TERM INVESTMENTS

U.S. TREASURY BILLS - 52.6%
4.19%, 11/06/2025^(a)(b)		5,336,000		5,296,692
4.01%, 02/19/2026^(a)(b)		10,212,000		10,025,948
4.02%, 07/09/2026^(a)(b)		9,686,000		9,375,975
3.83%, 08/06/2026^(a)(b)		5,721,000		5,522,586
TOTAL U.S. TREASURY BILLS (Cost $30,203,209)				30,221,201

MONEY MARKET FUNDS - 15.9%		Shares
First American Government Obligations Fund - Class X, 4.22%^(c)		9,113,067		9,113,067
TOTAL MONEY MARKET FUNDS (Cost $9,113,067)				9,113,067

TOTAL INVESTMENTS - 94.3% (Cost $54,120,731)				54,141,539
Other Assets in Excess of Liabilities - 5.7%				3,248,528
TOTAL NET ASSETS - 100.0%			$	57,390,067

Percentages are stated as a percent of net assets.

(a)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $10,839,205.

(b)

The rate shown is the annualized effective yield as of August 31, 2025.

(c)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance Oil Enhanced Options Income ETF

Schedule of Written Options

WRITTEN OPTIONS - (1.4)%	Notional Amount			Contracts			Value
Put Options - (1.4)%
United States Oil Fund LP
Expiration: 09/03/2025; Exercise Price: $75.00^(a)(b)	$	(28,439,200	)		(3,800	)	$	(266,000	)
Expiration: 09/03/2025; Exercise Price: $76.00^(a)(b)		(28,813,400	)		(3,850	)		(529,375	)
TOTAL WRITTEN OPTIONS (Premiums received $787,502)							$	(795,375	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance R2000 Enhanced Options & 0DTE Income ETF

Schedule of Investments

U.S. TREASURY SECURITIES - 20.3%	Par		Value
United States Treasury Note/Bond
4.25%, 10/15/2025^(a)	$	7,991,000	$	7,990,873
3.88%, 01/15/2026^(a)		20,819,000		20,801,697
TOTAL U.S. TREASURY SECURITIES (Cost $28,740,750)				28,792,570

SHORT-TERM INVESTMENTS

U.S. TREASURY BILLS - 55.8%
4.20%, 11/06/2025^(a)(b)		14,485,000		14,378,294
3.98%, 02/19/2026^(a)(b)		19,426,000		19,072,079
4.03%, 07/09/2026^(a)(b)		27,501,000		26,620,761
3.85%, 08/06/2026^(a)(b)		19,655,000		18,973,333
TOTAL U.S. TREASURY BILLS (Cost $78,991,972)				79,044,467

MONEY MARKET FUNDS - 9.0%		Shares
First American Government Obligations Fund - Class X, 4.22%^(c)		12,791,723		12,791,723
TOTAL MONEY MARKET FUNDS (Cost $12,791,723)				12,791,723

TOTAL INVESTMENTS - 85.1% (Cost $120,524,445)				120,628,760
Other Assets in Excess of Liabilities - 14.9%				21,178,142
TOTAL NET ASSETS - 100.0%			$	141,806,902

Percentages are stated as a percent of net assets.

(a)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $93,233,459.

(b)

The rate shown is the annualized effective yield as of August 31, 2025.

(c)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance R2000 Enhanced Options & 0DTE Income ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.6)%	Notional Amount			Contracts			Value
Put Options - (0.6)%
Russell 2000 Index, Expiration: 09/02/2025; Exercise Price: $2,375.00^(a)(b)	$	(148,847,692	)		(629	)	$	(918,340	)
TOTAL WRITTEN OPTIONS (Premiums received $949,397)							$	(918,340	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance S&P 500 Income Target ETF

Schedule of Investments

EXCHANGE TRADED FUNDS - 99.9%			Shares		Value
iShares Core S&P 500 ETF^(a)(b)				171,370	$	111,102,599
TOTAL EXCHANGE TRADED FUNDS (Cost $95,864,260)						111,102,599

PURCHASED OPTIONS - 0.2%	Notional Amount		Contracts
Call Options - 0.2%
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,473.18 ^(c)^(d)(e)(f)	$	124,036,992		192		223,296
TOTAL PURCHASED OPTIONS (Cost $223,416)						223,296

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS - 0.1%				Shares
First American Government Obligations Fund - Class X, 4.22%^(g)				57,231		57,231
TOTAL MONEY MARKET FUNDS (Cost $57,231)						57,231

TOTAL INVESTMENTS - 100.2% (Cost $96,144,907)						111,383,126
Liabilities in Excess of Other Assets - (0.2)%						(218,987	)
TOTAL NET ASSETS - 100.0%					$	111,164,139

Percentages are stated as a percent of net assets.

(a)

(b)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $52,429,638.

(c)

Non-income producing security.

(d)

Exchange-traded.

(e)

100 shares per contract.

(f)

FLexible EXchange® Options.

(g)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance S&P 500 Income Target ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.3)%	Notional Amount			Contracts			Value
Call Options - (0.3)%
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,460.26^(a)(b)(c)	$	(124,036,992	)		(192	)	$	(334,848	)
TOTAL WRITTEN OPTIONS (Premiums received $334,728)							$	(334,848	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.
(c)	FLexible EXchange® Options.

The accompanying notes are an integral part of these financial statements.

Schedules of Investments & Written Options Contracts

Defiance ETFs

August 31, 2025

Defiance S&P 500 Enhanced Options & 0DTE Income ETF

Schedule of Investments

U.S. TREASURY SECURITIES - 25.1%	Par		Value
United States Treasury Note/Bond
4.25%, 10/15/2025^(a)	$	4,525,000	$	4,524,928
3.88%, 01/15/2026^(a)		13,838,000		13,826,499
TOTAL U.S. TREASURY SECURITIES (Cost $18,316,757)				18,351,427

SHORT-TERM INVESTMENTS

U.S. TREASURY BILLS - 54.8%
4.20%, 11/06/2025^(a)(b)		8,893,000		8,827,488
4.01%, 02/19/2026^(a)(b)		8,923,000		8,760,432
4.06%, 07/09/2026^(a)(b)		14,306,000		13,848,101
3.83%, 08/06/2026^(a)(b)		8,951,000		8,640,565
TOTAL U.S. TREASURY BILLS (Cost $40,046,925)				40,076,586

MONEY MARKET FUNDS - 5.0%		Shares
First American Government Obligations Fund - Class X, 4.22%^(c)		3,687,566		3,687,566
TOTAL MONEY MARKET FUNDS (Cost $3,687,566)				3,687,566

TOTAL INVESTMENTS - 84.9% (Cost $62,051,248)				62,115,579
Other Assets in Excess of Liabilities - 15.1%				11,011,223
TOTAL NET ASSETS - 100.0%			$	73,126,802

Percentages are stated as a percent of net assets.

(a)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $58,425,618.

(b)

The rate shown is the annualized effective yield as of August 31, 2025.

(c)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

Defiance S&P 500 Enhanced Options & 0DTE Income ETF

Schedule of Written Options

WRITTEN OPTIONS - (0.4)%	Notional Amount			Contracts			Value
Put Options - (0.4)%
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,475.00^(a)(b)	$	(76,877,094	)		(119	)	$	(266,560	)
TOTAL WRITTEN OPTIONS (Premiums received $281,156)							$	(266,560	)

Percentages are stated as a percent of net assets.

(a)	Exchange-traded.
(b)	100 shares per contract.

The accompanying notes are an integral part of these financial statements.

Statements of Assets and Liabilities

Defiance ETFs

August 31, 2025


										Defiance Nasdaq
	Defiance AI &			Defiance Gold				Defiance Nasdaq		100 Enhanced
	Power			Enhanced Options		Defiance Large		100 Income Target		Options & 0DTE
	Infrastructure ETF			Income ETF		Cap ex-Mag 7 ETF		ETF		Income ETF
ASSETS:
Investments, at value (Note 2)	$	9,544,939		$	5,488,580	$	38,907,424	$	28,410,770	$	156,750,013
Receivable for fund shares sold		1,005,090			—		541,585		—		629,590
Dividends receivable		2,343			9,027		47,967		1,765		54,352
Receivable for investments sold		—			39,731		—		130,889		1,078,948
Dividend tax reclaims receivable		—			—		53		—		—
Interest receivable		—			3,179		—		—		262,794
Deposit at broker for option contracts		—			96,507		—		—		31,253,541
Receivable for transaction fee		—			—		—		—		126
Total assets		10,552,372			5,637,024		39,497,029		28,543,424		190,029,364

LIABILITIES:
Written options contracts, at value		—			34,380		—		130,897		978,985
Payable for investments purchased		1,000,235			769		491,924		102,890		2,860,091
Payable to adviser (Note 4)		3,794			4,216		10,899		19,107		150,268
Interest payable		—			—		—		74		1,455
Due to broker		—			—		—		374,329		—
Total liabilities		1,004,029			39,365		502,823		627,297		3,990,799
NET ASSETS	$	9,548,343		$	5,597,659	$	38,994,206	$	27,916,127	$	186,038,565

NET ASSETS CONSISTS OF:
Paid-in capital	$	9,673,360		$	5,595,989	$	36,208,687	$	27,900,571	$	185,877,660
Total distributable earnings/(accumulated losses)		(125,017	)		1,670		2,785,519		15,556		160,905
Total net assets	$	9,548,343		$	5,597,659	$	38,994,206	$	27,916,127	$	186,038,565

Net assets	$	9,548,343		$	5,597,659	$	38,994,206	$	27,916,127	$	186,038,565
Shares issued and outstanding^(a)		475,000			325,000		1,800,000		1,550,000		7,383,308
Net asset value per share	$	20.10		$	17.22	$	21.66	$	18.01	$	25.20

COST:
Investments, at cost	$	9,670,063		$	5,486,910	$	36,315,449	$	24,512,666	$	156,589,108

PROCEEDS:
Written options premium received	$	—		$	39,731	$	—	$	130,889	$	1,078,948

(a)

Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

Statements of Assets and Liabilities

Defiance ETFs

August 31, 2025

			Defiance R2000				Defiance S&P 500
	Defiance Oil		Enhanced Options				Enhanced Options
	Enhanced Options		& 0DTE Income		Defiance S&P 500		& 0DTE Income
	Income ETF		ETF		Income Target ETF		ETF
ASSETS:
Investments, at value (Note 2)	$	54,141,539	$	120,628,760	$	111,383,126	$	62,115,579
Deposit at broker for option contracts		3,265,342		22,133,365		83,167		11,552,175
Receivable for investments sold		787,502		949,397		334,728		281,156
Interest receivable		150,794		234,207		—		142,979
Dividends receivable		25,809		59,009		1,356		14,539
Total assets		58,370,986		144,004,738		111,802,377		74,106,428

LIABILITIES:
Written options contracts, at value		795,375		918,340		334,848		266,560
Payable for investments purchased		139,799		1,165,546		223,416		651,516
Payable to adviser (Note 4)		45,745		113,950		79,943		61,550
Interest payable		—		—		31		—
Total liabilities		980,919		2,197,836		638,238		979,626
NET ASSETS	$	57,390,067	$	141,806,902	$	111,164,139	$	73,126,802

NET ASSETS CONSISTS OF:
Paid-in capital	$	57,369,259	$	141,702,587	$	111,164,139	$	73,062,471
Total distributable earnings/(accumulated losses)		20,808		104,315		0		64,331
Total net assets	$	57,390,067	$	141,806,902	$	111,164,139	$	73,126,802

Net assets	$	57,390,067	$	141,806,902	$	111,164,139	$	73,126,802
Shares issued and outstanding^(a)		6,800,000		6,141,648		6,075,000		2,174,979
Net asset value per share	$	8.44	$	23.09	$	18.30	$	33.62

COST:
Investments, at cost	$	54,120,731	$	120,524,445	$	96,144,907	$	62,051,248

PROCEEDS:
Written options premium received	$	787,502	$	949,397	$	334,728	$	281,156

(a)

Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

Statements of Operations

Defiance ETFs

For the Year/Periods Ended August 31, 2025

	Defiance AI & Power Infrastructure ETF^(a)			Defiance Gold Enhanced Options Income ETF^(b)		Defiance Large Cap ex-Mag 7 ETF^(c)			Defiance Nasdaq 100 Income Target ETF			Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF
INVESTMENT INCOME:
Dividend income	$	3,799		$	26,053	$	361,456		$	117,067		$	230,738
Less: Dividend withholding taxes		—			—		(231	)		—			—
Less: Issuance fees		—			—		(4	)		—			—
Interest income		—			21,517		—			—			7,050,020
Total investment income		3,799			47,570		361,221			117,067			7,280,758

EXPENSES:
Investment advisory fee (Note 4)		3,871			10,933		74,397			168,796			1,645,395
Interest expense		—			261		—			29,357			38,770
Total expenses		3,871			11,194		74,397			198,153			1,684,165
NET INVESTMENT INCOME/(LOSS)		(72	)		36,376		286,824			(81,086	)		5,596,593

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		179			—		(73,454	)		886,144			180,644
In-kind redemptions		—			—		231,066			—			—
Written options contracts		—			96,000		—			(1,747,412	)		9,179,631
Net realized gain (loss)		179			96,000		157,612			(861,268	)		9,360,275
Net change in unrealized appreciation (depreciation) on:
Investments		(125,124	)		1,670		2,591,975			3,715,333			(640,171	)
Written options contracts		—			5,351		—			(4,067	)		239,517
Net change in unrealized appreciation (depreciation)		(125,124	)		7,021		2,591,975			3,711,266			(400,654	)
Net realized and unrealized gain (loss)		(124,945	)		103,021		2,749,587			2,849,998			8,959,621
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(125,017	)	$	139,397	$	3,036,411		$	2,768,912		$	14,556,214

(a)

Inception date of the Fund was July 24, 2025.

(b)

Inception date of the Fund was April 1, 2025.

(c)

Inception date of the Fund was October 21, 2024.

The accompanying notes are an integral part of these financial statements.

Statements of Operations

Defiance ETFs

For the Year Ended August 31, 2025

				Defiance R2000						Defiance S&P 500
	Defiance Oil			Enhanced Options						Enhanced Options
	Enhanced Options			& 0DTE Income			Defiance S&P 500			& 0DTE Income
	Income ETF			ETF			Income Target ETF			ETF
INVESTMENT INCOME:
Dividend income	$	102,328		$	227,899		$	1,178,822		$	66,814
Interest income		1,093,750			4,904,590			237			3,316,444
Total investment income		1,196,078			5,132,489			1,179,059			3,383,258

EXPENSES:
Investment advisory fee (Note 4)		283,761			1,158,296			782,212			757,422
Interest expense		34,991			71,164			37,989			29,151
Total expenses		318,752			1,229,460			820,201			786,573
NET INVESTMENT INCOME		877,326			3,903,029			358,858			2,596,685

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(742,944	)		41,585			3,057,885			123,037
Written options contracts		1,899,331			6,948,097			(5,892,871	)		4,185,669
Net realized gain (loss)		1,156,387			6,989,682			(2,834,986	)		4,308,706
Net change in unrealized appreciation (depreciation) on:
Investments		(16,106	)		(344,542	)		12,606,550			(350,836	)
Written options contracts		11,453			273,034			15,590			62,305
Net change in unrealized appreciation (depreciation)		(4,653	)		(71,508	)		12,622,140			(288,531	)
Net realized and unrealized gain (loss)		1,151,734			6,918,174			9,787,154			4,020,175
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS	$	2,029,060		$	10,821,203		$	10,146,012		$	6,616,860

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

Defiance ETFs

	Defiance AI & Power Infrastructure ETF			Defiance Gold Enhanced Options Income ETF			Defiance Large Cap ex-Mag 7 ETF
	Period ended August 31, 2025^(a)			Period ended August 31, 2025^(b)			Period ended August 31, 2025^(c)
OPERATIONS:
Net investment income (loss)	$	(72	)	$	36,376		$	286,824
Net realized gain (loss)		179			96,000			157,612
Net change in unrealized appreciation (depreciation)		(125,124	)		7,021			2,591,975
Net increase (decrease) in net assets from operations		(125,017	)		139,397			3,036,411

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		—			(137,727	)		(22,320	)
From return of capital		—			(324,956	)		—
Total distributions to shareholders		—			(462,683	)		(22,320	)

CAPITAL TRANSACTIONS:
Shares sold		9,673,360			5,920,945			37,517,998
Shares redeemed		—			—			(1,537,883	)
Net increase (decrease) in net assets from capital transactions		9,673,360			5,920,945			35,980,115

NET INCREASE (DECREASE) IN NET ASSETS		9,548,343			5,597,659			38,994,206

NET ASSETS:
Beginning of the period		—			—			—
End of the period	$	9,548,343		$	5,597,659		$	38,994,206

SHARES TRANSACTIONS
Shares sold		475,000			325,000			1,875,000
Shares redeemed		—			—			(75,000	)
Total increase (decrease) in shares outstanding		475,000			325,000			1,800,000

(a)

Inception date of the Fund was July 24, 2025.

(b)

Inception date of the Fund was April 1, 2025.

(c)

Inception date of the Fund was October 21, 2024.

	Defiance Nasdaq 100 Income Target						Defiance Nasdaq 100 Enhanced
	ETF						Options & 0DTE Income ETF
	Year ended			Period ended			Year ended			Period ended
	August 31, 2025			August 31, 2024^(a)			August 31, 2025			August 31, 2024^(b)
OPERATIONS:
Net investment income (loss)	$	(81,086	)	$	(3,883	)	$	5,596,593		$	8,738,005
Net realized gain (loss)		(861,268	)		(161,381	)		9,360,275			26,903,147
Net change in unrealized appreciation (depreciation)		3,711,266			186,830			(400,654	)		661,522
Net increase (decrease) in net assets from operations		2,768,912			21,566			14,556,214			36,302,674

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(2,616,172	)		(158,750	)		(15,154,919	)		(35,543,064	)
From return of capital		(1,347,786	)		—			(76,104,934	)		(91,578,333	)
Total distributions to shareholders		(3,963,958	)		(158,750	)		(91,259,853	)		(127,121,397	)

CAPITAL TRANSACTIONS:
Shares sold		16,610,987			12,630,098			130,549,133			415,864,110
Shares redeemed		—			—			(79,521,483	)		(113,477,715	)
ETF transaction fees (Note 8)		4,983			2,289			42,014			104,868
Net increase (decrease) in net assets from capital transactions		16,615,970			12,632,387			51,069,664			302,491,263

NET INCREASE (DECREASE) IN NET ASSETS		15,420,924			12,495,203			(25,633,975	)		211,672,540

NET ASSETS:
Beginning of the period		12,495,203			—			211,672,540			—

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

Defiance ETFs

	Defiance Nasdaq 100 Income Target ETF				Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF
	Year ended August 31, 2025		Period ended August 31, 2024^(a)		Year ended August 31, 2025			Period ended August 31, 2024^(b)
End of the period	$	27,916,127	$	12,495,203	$	186,038,565		$	211,672,540

SHARES TRANSACTIONS
Shares sold		900,000		650,000		4,525,000			22,825,000
Shares redeemed		—		—		(2,475,000	)		(5,825,025	)
Reverse stock split (Note 9)		—		—		—			(11,666,667	)
Total increase (decrease) in shares outstanding		900,000		650,000		2,050,000			5,333,308

(a)	Inception date of the Fund was June 20, 2024.
(b)	Inception date of the Fund was September 13, 2023.

	Defiance Oil Enhanced Options Income						Defiance R2000 Enhanced Options &
	ETF						0DTE Income ETF
	Year ended			Period ended			Year ended			Period ended
	August 31, 2025			August 31, 2024^(a)			August 31, 2025			August 31, 2024^(b)
OPERATIONS:
Net investment income (loss)	$	877,326		$	85,746		$	3,903,029		$	3,875,765
Net realized gain (loss)		1,156,387			(836,664	)		6,989,682			7,304,987
Net change in unrealized appreciation (depreciation)		(4,653	)		17,588			(71,508	)		206,880
Net increase (decrease) in net assets from operations		2,029,060			(733,330	)		10,821,203			11,387,632

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(1,189,176	)		(85,746	)		(11,141,547	)		(10,962,973	)
From return of capital		(21,338,379	)		(821,017	)		(64,913,865	)		(59,894,642	)
Total distributions to shareholders		(22,527,555	)		(906,763	)		(76,055,412	)		(70,857,615	)

CAPITAL TRANSACTIONS:
Shares sold		70,133,013			14,173,722			106,889,570			253,612,778
Shares redeemed		(4,795,400	)		—			(31,198,750	)		(62,882,921	)
ETF transaction fees (Note 8)		14,985			2,335			27,618			62,799
Net increase (decrease) in net assets from capital transactions		65,352,598			14,176,057			75,718,438			190,792,656

NET INCREASE (DECREASE) IN NET ASSETS		44,854,103			12,535,964			10,484,229			131,322,673

NET ASSETS:
Beginning of the period		12,535,964			—			131,322,673			—
End of the period	$	57,390,067		$	12,535,964		$	141,806,902		$	131,322,673

SHARES TRANSACTIONS
Shares sold		6,525,000			750,000			3,850,000			13,350,000
Shares redeemed		(475,000	)		—			(975,000	)		(3,400,019	)
Reverse stock split (Note 9)		—			—			—			(6,683,333	)
Total increase (decrease) in shares outstanding		6,050,000			750,000			2,875,000			3,266,648

(a)

Inception date of the Fund was May 9, 2024.

(b)

Inception date of the Fund was October 30, 2023.

The accompanying notes are an integral part of these financial statements.

Statements of Changes in Net Assets

Defiance ETFs

							Defiance S&P 500 Enhanced Options &
	Defiance S&P 500 Income Target ETF						0DTE Income ETF
	Year ended			Period ended			Year ended			Period ended
	August 31, 2025			August 31, 2024^(a)			August 31, 2025			August 31, 2024^(b)
OPERATIONS:
Net investment income (loss)	$	358,858		$	(14,885	)	$	2,596,685		$	3,936,550
Net realized gain (loss)		(2,834,986	)		(598,668	)		4,308,706			12,351,105
Net change in unrealized appreciation (depreciation)		12,622,140			2,615,959			(288,531	)		367,458
Net increase (decrease) in net assets from operations		10,146,012			2,002,406			6,616,860			16,655,113

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(10,131,236	)		(2,017,182	)		(6,952,099	)		(16,255,543	)
From return of capital		(8,246,842	)		—			(25,273,525	)		(23,707,672	)
Total distributions to shareholders		(18,378,078	)		(2,017,182	)		(32,225,624	)		(39,963,215	)

CAPITAL TRANSACTIONS:
Shares sold		94,094,355			65,424,875			32,743,857			157,958,078
Shares redeemed		(25,417,315	)		(14,750,090	)		(34,511,278	)		(34,198,271	)
ETF transaction fees (Note 8)		35,855			23,301			13,451			37,831
Net increase (decrease) in net assets from capital transactions		68,712,895			50,698,086			(1,753,970	)		123,797,638

NET INCREASE (DECREASE) IN NET ASSETS		60,480,829			50,683,310			(27,362,734	)		100,489,536

NET ASSETS:
Beginning of the period		50,683,310			—			100,489,536			—
End of the period	$	111,164,139		$	50,683,310		$	73,126,802		$	100,489,536

SHARES TRANSACTIONS
Shares sold		4,900,000			3,275,000			850,000			8,650,000
Shares redeemed		(1,350,000	)		(750,000	)		(850,000	)		(1,625,021	)
Reverse stock split (Note 9)		—			—			—			(4,850,000	)
Total increase (decrease) in shares outstanding		3,550,000			2,525,000			—			2,174,979

(a)

Inception date of the Fund was March 4, 2024.

(b)

Inception date of the Fund was September 18, 2023.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the period presented

Defiance AI & Power Infrastructure ETF

	Period ended August 31, 2025^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	20.00

INVESTMENT OPERATIONS:
Net investment income (loss)^(b)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments^(d)		0.10
Total from investment operations		0.10

Net asset value, end of period	$	20.10

TOTAL RETURN^(e)		0.51	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	9,548
Ratio of expenses to average net assets^(f)		0.69	%
Ratio of net investment income (loss) to average net assets^(f)		(0.01	)%
Portfolio turnover rate^(e)(g)		0	%^(h)

(a)	Inception date of the Fund was July 24, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Amount represents less than $0.005 per share.

(d)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the period.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

(h)	Amount represents less than 0.5%.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the period presented

Defiance Gold Enhanced Options Income ETF

	Period ended August 31, 2025^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	20.00

INVESTMENT OPERATIONS:
Net investment income^(b)		0.24
Net realized and unrealized gain (loss) on investments^(c)		0.20
Total from investment operations		0.44

LESS DISTRIBUTIONS FROM:
Net investment income		(0.54	)
Net realized gains		(0.42	)
Return of capital		(2.26	)
Total distributions		(3.22	)
Net asset value, end of period	$	17.22

TOTAL RETURN^(d)		2.66	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	5,598
Ratio of expenses to average net assets^(e)		1.01	%
Ratio of interest expense to average net assets^(e)		0.02	%
Ratio of operational expenses to average net assets excluding interest expense^(e)		0.99	%
Ratio of net investment income (loss) to average net assets^(e)		3.29	%
Portfolio turnover rate^(d)(f)		—	%

(a)	Inception date of the Fund was April 1, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the period presented

Defiance Large Cap ex-Mag 7 ETF

	Period ended August 31, 2025^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	20.00

INVESTMENT OPERATIONS:
Net investment income^(b)		0.24
Net realized and unrealized gain (loss) on investments^(c)		1.47
Total from investment operations		1.71

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)
Total distributions		(0.05	)
Net asset value, end of period	$	21.66

TOTAL RETURN^(d)		8.58	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	38,994
Ratio of expenses to average net assets^(e)		0.35	%
Ratio of net investment income (loss) to average net assets^(e)		1.35	%
Portfolio turnover rate^(d)(f)		7	%

(a)	Inception date of the Fund was October 21, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance Nasdaq 100 Income Target ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	19.22		$	20.00

INVESTMENT OPERATIONS:
Net investment loss^(b)(c)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss) on investments^(d)		2.60			(0.46	)
Total from investment operations		2.53			(0.47	)

LESS DISTRIBUTIONS FROM:
Net investment income		(1.01	)		(0.12	)
Net realized gains		(1.46	)		(0.20	)
Return of capital		(1.27	)		—
Total distributions		(3.74	)		(0.32	)

ETF transaction fees per share		0.00	^(e)		0.01
Net asset value, end of period	$	18.01		$	19.22

TOTAL RETURN^(f)		15.20	%		-2.28	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	27,916		$	12,495
Ratio of expenses to average net assets^(g)(h)		1.00	%		0.88	%
Ratio of interest expense to average net assets^(g)(h)		0.15	%		0.03	%
Ratio of operational expenses to average net assets excluding interest expense^(g)(h)		0.85	%		0.85	%
Ratio of net investment income (loss) to average net assets^(g)(h)		(0.41	)%		(0.24	)%
Portfolio turnover rate^(f)(i)		12	%		10	%

(a)	Inception date of the Fund was June 20, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the periods.

(e)	Amount represents less than $0.005 per share.

(f)	Not annualized for periods less than one year.

(g)	Annualized for periods less than one year.

(h)

These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

(i)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	39.69		$	60.00	^(g)

INVESTMENT OPERATIONS:
Net investment income^(b)		0.98			1.86
Net realized and unrealized gain (loss) on investments^(c)		0.85			5.53
Total from investment operations		1.83			7.39

LESS DISTRIBUTIONS FROM:
Net investment income		(1.70	)		(4.23	)
Net realized gains		(1.01	)		(3.52	)
Return of capital		(13.62	)		(19.97	)
Total distributions		(16.33	)		(27.72	)

ETF transaction fees per share		0.01			0.02
Net asset value, end of period	$	25.20		$	39.69

TOTAL RETURN^(d)		8.21	%		15.89	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	186,039		$	211,673
Ratio of expenses to average net assets^(e)		1.01	%		1.00	%
Ratio of interest expense to average net assets^(e)		0.02	%		0.01	%
Ratio of operational expenses to average net assets excluding interest expense^(e)		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets^(e)		3.37	%		4.04	%
Portfolio turnover rate^(d)(f)		—	%		9	%

(a)	Inception date of the Fund was September 13, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

(g)	During the period ended August 31, 2024, the Fund effected the following reverse stock split: August 1, 2024, 1 for 3. All historical per share information has been retroactively adjusted to reflect this reverse stock split. See Note 9 in the Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance Oil Enhanced Options Income ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	16.71		$	20.00

INVESTMENT OPERATIONS:
Net investment income^(b)		0.33			0.23
Net realized and unrealized gain (loss) on investments^(c)		0.87			(0.81	)
Total from investment operations		1.20			(0.58	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.26	)
Net realized gains		(0.13	)		—
Return of capital		(8.98	)		(2.46	)
Total distributions		(9.48	)		(2.72	)

ETF transaction fees per share		0.01			0.01
Net asset value, end of period	$	8.44		$	16.71

TOTAL RETURN^(d)		9.11	%		-3.43	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	57,390		$	12,536
Ratio of expenses to average net assets^(e)		1.11	%		1.22	%
Ratio of interest expense to average net assets^(e)		0.12	%		0.23	%
Ratio of operational expenses to average net assets excluding interest expense^(e)		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets^(e)		3.06	%		4.03	%
Portfolio turnover rate^(d)(f)		658	%		272	%

(a)	Inception date of the Fund was May 9, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance R2000 Enhanced Options & 0DTE Income ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	40.20		$	60.00	^(g)

INVESTMENT OPERATIONS:
Net investment income^(b)		0.93			1.61
Net realized and unrealized gain (loss) on investments^(c)		1.02			7.39
Total from investment operations		1.95			9.00

LESS DISTRIBUTIONS FROM:
Net investment income		(1.70	)		(2.72	)
Net realized gains		(1.09	)		(1.74	)
Return of capital		(16.28	)		(24.37	)
Total distributions		(19.07	)		(28.83	)

ETF transaction fees per share		0.01			0.03
Net asset value, end of period	$	23.09		$	40.20

TOTAL RETURN^(d)		9.19	%		17.97	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	141,807		$	131,323
Ratio of expenses to average net assets^(e)		1.05	%		1.02	%
Ratio of interest expense to average net assets^(e)		0.06	%		0.03	%
Ratio of operational expenses to average net assets excluding interest expense^(e)		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets^(e)		3.34	%		4.07	%
Portfolio turnover rate^(d)(f)		5	%		—	%

(a)	Inception date of the Fund was October 30, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

(g)	During the period ended August 31, 2024, the Fund effected the following reverse stock split: August 1, 2024, 1 for 3. All historical per share information has been retroactively adjusted to reflect this reverse stock split. See Note 9 in the Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance S&P 500 Income Target ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	20.07		$	20.00

INVESTMENT OPERATIONS:
Net investment income (loss)^(b)(c)		0.07			(0.01	)
Net realized and unrealized gain (loss) on investments^(d)		1.97			1.72
Total from investment operations		2.04			1.71

LESS DISTRIBUTIONS FROM:
Net investment income		(1.02	)		(0.52	)
Net realized gains		(1.09	)		(1.14	)
Return of capital		(1.71	)		—
Total distributions		(3.82	)		(1.66	)

ETF transaction fees per share		0.01			0.02
Net asset value, end of period	$	18.30		$	20.07

TOTAL RETURN^(e)		11.89	%		9.17	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	111,164		$	50,683
Ratio of expenses to average net assets^(f)(g)		0.89	%		0.85	%
Ratio of interest expense to average net assets^(f)(g)		0.04	%		0.00	%^(h)
Ratio of operational expenses to average net assets excluding interest expense^(f)(g)		0.85	%		0.85	%
Ratio of net investment income (loss) to average net assets^(f)(g)		0.39	%		(0.13	)%
Portfolio turnover rate^(e)(i)		31	%		85	%

(a)	Inception date of the Fund was March 4, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)

(h)	Amount represents less than 0.005%.

(i)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

Financial Highlights

Defiance ETFs

For a share outstanding throughout the periods presented

Defiance S&P 500 Enhanced Options & 0DTE Income ETF

	Year ended August 31, 2025			Period ended August 31, 2024^(a)
PER SHARE DATA:

Net asset value, beginning of period	$	46.20		$	60.00	^(g)

INVESTMENT OPERATIONS:
Net investment income^(b)		1.27			1.93
Net realized and unrealized gain (loss) on investments^(c)		1.76			5.32
Total from investment operations		3.03			7.25

LESS DISTRIBUTIONS FROM:
Net investment income		(2.13	)		(4.66	)
Net realized gains		(1.24	)		(3.91	)
Return of capital		(12.25	)		(12.50	)
Total distributions		(15.62	)		(21.07	)

ETF transaction fees per share		0.01			0.02
Net asset value, end of period	$	33.62		$	46.20

TOTAL RETURN^(d)		9.39	%		15.25	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	73,127		$	100,490
Ratio of expenses to average net assets^(e)		1.03	%		1.01	%
Ratio of interest expense to average net assets^(e)		0.04	%		0.02	%
Ratio of operational expenses to average net assets excluding interest expense^(e)		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets^(e)		3.39	%		3.99	%
Portfolio turnover rate^(d)(f)		4	%		12	%

(a)	Inception date of the Fund was September 18, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

(g)	During the period ended August 31, 2024, the Fund effected the following reverse stock split: August 1, 2024, 1 for 3. All historical per share information has been retroactively adjusted to reflect this reverse stock split. See Note 9 in the Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

NOTE 1 – ORGANIZATION

The Defiance ETFs (defined below) (each a “Fund”, and collectively the “Funds”) are each a non-diversified series of Tidal Trust II (the “Trust”), with the exception of the Defiance Large Cap ex-Mag 7 ETF, which is a diversified series of the Trust. The Trust was organized as a Delaware statutory trust on January 13, 2022. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

Fund:	Commencement Date:
Defiance AI & Power Infrastructure ETF (the “AIPO ETF”)	July 24, 2025
Defiance Gold Enhanced Options Income ETF (the “GLDY ETF”)	April 1, 2025
Defiance Large Cap ex-Mag 7 ETF (the “XMAG ETF”)	October 21, 2024
Defiance Nasdaq 100 Income Target ETF (the “QQQT ETF”)	June 20, 2024
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (the “QQQY ETF”)	September 13, 2023
Defiance Oil Enhanced Options Income ETF (the “USOY ETF”)	May 9, 2024
Defiance R2000 Enhanced Options & 0DTE Income ETF (the “IWMY ETF”)	October 30, 2023
Defiance S&P 500 Income Target ETF (the “SPYT ETF”)	March 4, 2024
Defiance S&P 500 Enhanced Options & 0DTE Income ETF (the “WDTE ETF”)	September 18, 2023

Effective January 1, 2025, the Adviser acquired the trading team previously employed by ZEGA Financial, LLC (“ZEGA”), the former sub-adviser to each Fund, except the XMAG ETF. In connection with this transaction, ZEGA ceased operations as a registered investment adviser and resigned as sub -adviser. The Adviser has assumed full management responsibilities for the Funds. Jay Pestrichelli, a key member of each Fund’s portfolio management team previously employed by ZEGA, continues to serve as a portfolio manager for the Funds, now as an employee of the Adviser. There are no other portfolio manager changes for the Funds. This transaction did not result in any changes to each Fund’s investment objectives, principal investment strategies, or fees. The Funds continue to be managed in accordance with their stated policies and objectives, ensuring continuity for each Fund’s shareholders.

The primary investment objective of each Fund, except the AIPO ETF and XMAG ETF, is to seek current income.

The primary investment objective of the AIPO ETF is to seek to track the performance, before fees and expenses, of the MarketVector US Listed AI and Power Infrastructure Index.

GLDY ETF’s secondary investment objective is to seek exposure to the performance of SPDR Gold Shares subject to a limit on potential investment gains.

The primary investment objective of the XMAG ETF is to seek to track the performance, before fees and expenses, of the BITA US 500 ex-Magnificent 7 Index.

QQQT ETF’s secondary investment objective is to seek exposure to the performance of the Nasdaq 100 Index.

QQQY ETF’s secondary investment objective is to seek exposure to the performance of the Nasdaq 100 Index.

USOY ETF’s secondary investment objective is to seek exposure to the performance of United States Oil Fund, LP (“USO”) subject to a limit on potential investment gains.

IWMY ETF’s secondary investment objective is to seek exposure to the performance of the Russell 2000 Index.

SPYT ETF’s secondary investment objective is to seek exposure to the performance of the S&P 500 Index.

WDTE ETF’s secondary investment objective is to seek exposure to the performance of the S&P 500 Index.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

A. Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the “NASDAQ”)), including securities traded over-the -counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker- dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors. FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same- day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model -based FLEX Options prices will additionally be provided by a backup third -party pricing provider. In selecting the model prices, the Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s net asset value (“NAV”). If either pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Valuation Procedures (as defined below) . In instances where in the same trading day a particular FLEX Option is both represented in an all-cash basket (either a creation unit or redemption unit), as well as in an in-kind basket (either a creation unit or redemption unit), for valuation purposes that trading day the Funds will default to use the trade price for both instances, rather than using the model price otherwise available for the in-kind transaction.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

As described above, the Funds utilize various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2025:

AIPO ETF

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	9,334,549	$	—	$	—	$	9,334,549
Real Estate Investment Trusts		184,354		—		—		184,354
Money Market Funds		26,036		—		—		26,036
Total Investments	$	9,544,939	$	—	$	—	$	9,544,939

GLDY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Securities	$	—	$	299,873		$	—	$	299,873
U.S. Treasury Bills		—		2,267,998			—		2,267,998
Money Market Funds		2,920,709		—			—		2,920,709
Total Investments	$	2,920,709	$	2,567,871		$	—	$	5,488,580

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(34,380	)	$	—	$	(34,380	)
Total Investments	$	—	$	(34,380	)	$	—	$	(34,380	)

XMAG ETF

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	37,632,534	$	—	$	—	$	37,632,534
Real Estate Investment Trusts - Common		1,071,851		—		—		1,071,851
Money Market Funds		203,039		—		—		203,039
Total Investments	$	38,907,424	$	—	$	—	$	38,907,424

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

QQQT ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Exchange Traded Funds	$	27,923,932	$	—		$	—	$	27,923,932
Purchased Options		—		102,882			—		102,882
Money Market Funds		383,956		—			—		383,956
Total Investments	$	28,307,888	$	102,882		$	—	$	28,410,770

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(130,897	)	$	—	$	(130,897	)
Total Investments	$	—	$	(130,897	)	$	—	$	(130,897	)

QQQY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Securities	$	—	$	43,187,234		$	—	$	43,187,234
U.S. Treasury Bills		—		96,566,999			—		96,566,999
Money Market Funds		16,995,780		—			—		16,995,780
Total Investments	$	16,995,780	$	139,754,233		$	—	$	156,750,013

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(978,985	)	$	—	$	(978,985	)
Total Investments	$	—	$	(978,985	)	$	—	$	(978,985	)

USOY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Securities	$	—	$	14,807,271		$	—	$	14,807,271
U.S. Treasury Bills		—		30,221,201			—		30,221,201
Money Market Funds		9,113,067		—			—		9,113,067
Total Investments	$	9,113,067	$	45,028,472		$	—	$	54,141,539

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(795,375	)	$	—	$	(795,375	)
Total Investments	$	—	$	(795,375	)	$	—	$	(795,375	)

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

IWMY ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Securities	$	—	$	28,792,570		$	—	$	28,792,570
U.S. Treasury Bills		—		79,044,467			—		79,044,467
Money Market Funds		12,791,723		—			—		12,791,723
Total Investments	$	12,791,723	$	107,837,037		$	—	$	120,628,760

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(918,340	)	$	—	$	(918,340	)
Total Investments	$	—	$	(918,340	)	$	—	$	(918,340	)

SPYT ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Exchange Traded Funds	$	111,102,599	$	—		$	—	$	111,102,599
Purchased Options		—		223,296			—		223,296
Money Market Funds		57,231		—			—		57,231
Total Investments	$	111,159,830	$	223,296		$	—	$	111,383,126

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(334,848	)	$	—	$	(334,848	)
Total Investments	$	—	$	(334,848	)	$	—	$	(334,848	)

WDTE ETF

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Securities	$	—	$	18,351,427		$	—	$	18,351,427
U.S. Treasury Bills		—		40,076,586			—		40,076,586
Money Market Funds		3,687,566		—			—		3,687,566
Total Investments	$	3,687,566	$	58,428,013		$	—	$	62,115,579

Liabilities:
Other Financial Instruments:
Written Options	$	—	$	(266,560	)	$	—	$	(266,560	)
Total Investments	$	—	$	(266,560	)	$	—	$	(266,560	)

Refer to the Schedule of Investments for further disaggregation of investment categories.

B. Derivative Instruments. As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period for American style options, and only on the option expiration date for European style options. Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period for American style options, and only on the option expiration date for European style options. Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them, or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Advisers deem it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option is not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option.

By virtue of each Fund’s investments in option contracts, equity ETFs and equity indices, the Funds are exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

For the periods ended August 31, 2025, each Funds’ monthly average quantity and notional value are described below:

		Average			Average
		Contracts			Notional Amount
GLDY ETF	Written Options		(102	)	$	(3,154,859	)

QQQT ETF	Purchased Options		14			29,442,779

	Written Options		(13	)		(27,636,223	)

QQQY ETF	Written Options		(100	)		(210,957,162	)

USOY ETF	Written Options		(3,994	)		(29,379,143	)

IWMY ETF	Written Options		(637	)		(139,987,506	)

SPYT ETF	Purchased Options		213			125,971,727

	Written Options		(197	)		(117,104,070	)

WDTE ETF	Written Options		(174	)		(102,664,260	)

Statements of Assets & Liabilities

Fair value of derivative instruments as of August 31, 2025:

Asset Derivatives

Liability Derivatives

Fund:

Purchased Options:

Balance Sheet Location

Written
Options:

Balance Sheet Location

Investments, at value

Written options contracts, at value

AIPO ETF

Equity Risk

—

Equity Risk

—

GLDY ETF

Commodity Risk

—

Commodity Risk

34,380

XMAG ETF

Equity Risk

—

Equity Risk

—

QQQT ETF

Equity Risk

102,882

Equity Risk

130,897

QQQY ETF

Equity Risk

—

Equity Risk

978,985

USOY ETF

Commodity Risk

—

Commodity Risk

795,375

IWMY ETF

Equity Risk

—

Equity Risk

918,340

SPYT ETF

Equity Risk

223,296

Equity Risk

334,848

WDTE ETF

Equity Risk

—

Equity Risk

266,560

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

Statements of Operations

The effect of derivative instruments on the Statements of Operations for the year/periods ended August 31, 2025:

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Fund:

Purchased Options:

Location:

Purchased Options:

Location:

Net realized gain (loss) from
Investments

Net change in unrealized
appreciation (depreciation) on Investments

AIPO ETF

Equity Risk

—

Equity Risk

—

GLDY ETF

Commodity Risk

—

Commodity Risk

—

XMAG ETF

Equity Risk

—

Equity Risk

—

QQQT ETF

Equity Risk

971,872

Equity Risk

4,184

QQQY ETF

Equity Risk

—

Equity Risk

—

USOY ETF

Commodity Risk

—

Commodity Risk

—

IWMY ETF

Equity Risk

—

Equity Risk

—

SPYT ETF

Equity Risk

3,358,787

Equity Risk

(10,330

)

WDTE ETF

Equity Risk

—

Equity Risk

—

Realized Gain (Loss)

Change in Unrealized Appreciation (Depreciation)

Fund:

Written Options:

Location:

Written Options:

Location:

Net realized gain (loss) from
Written options contracts

Net change in unrealized
appreciation (depreciation) on Written options contracts

AIPO ETF

Equity Risk

—

Equity Risk

—

GLDY ETF

Commodity Risk

96,000

Commodity Risk

5,351

XMAG ETF

Equity Risk

—

Equity Risk

—

QQQT ETF

Equity Risk

(1,747,412

)

Equity Risk

(4,067

)

QQQY ETF

Equity Risk

9,179,631

Equity Risk

239,517

USOY ETF

Commodity Risk

1,899,331

Commodity Risk

11,453

IWMY ETF

Equity Risk

6,948,097

Equity Risk

273,034

SPYT ETF

Equity Risk

(5,892,871

)

Equity Risk

15,590

WDTE ETF

Equity Risk

4,185,669

Equity Risk

62,305

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting agreements are required.

C. Federal Income Taxes. Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, each Fund intends to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds’ fiscal year) . The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

As of August 31, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

D. Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest income is recorded on an accrual basis. Other non -cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

E. Return of Capital Distributions. During the period ended August 31, 2025, the following funds received the following in distributions from portfolio companies that were classified as return of capital for tax purposes: GLDY ETF $324,956, QQQT ETF $1,347,786, QQQY ETF $76,104,934, USOY ETF 21,338,379, IWMY ETF $ 64,913,865, SPYT ETF $8,246,842, WDTE ETF $25,273,525. These amounts are excluded from dividend income in the Statements of Operations and have been recorded as a reduction of the cost basis of the related investments.

F. Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the GLDY ETF, QQQY ETF, IWMY ETF, USOY ETF and WDTE ETF are declared and paid weekly. Distributions to shareholders from net investment income, if any, for the QQQT ETF and SPYT ETF are declared and paid monthly. Prior to June 16, 2025, income distributions from net investment income for GLDY ETF and USOY ETF were declared and paid monthly. Distributions to shareholders from net investment income, if any, for the AIPO ETF and XMAG ETF are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

G. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting periods. Actual results could differ from those estimates.

H. Share Valuation. The net asset value (“NAV”) per Share is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. AIPO ETF, GLDY ETF, XMAG ETF, QQQT ETF, QQQY ETF and USOY ETF Shares will not be priced on the days on which NASDAQ is closed for trading. IWMY ETF, SPYT ETF, and WDTE ETF Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

I. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

J. Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

K. Derivatives Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. The Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Funds implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

L. Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These reclassifications are primarily due to redemptions in-kind. For the year/periods ended August 31, 2025, the following adjustments were made:

			Total Distributable
	Paid-In		Earnings/(Accumulated
Fund	Capital		Losses)
AIPO ETF	$	0	$	0
GLDY ETF	$	0	$	0
XMAG ETF	$	228,572	$	(228,572	)
QQQT ETF	$	0	$	0
QQQY ETF	$	0	$	0
USOY ETF	$	0	$	0
IWMY ETF	$	0	$	0
SPYT ETF	$	0	$	0
WDTE ETF	$	0	$	0

NOTE 3 – PRINCIPAL INVESTMENT RISKS

Artificial Intelligence Risk (AIPO ETF Only). Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Concentration Risk (XMAG ETF Only). To the extent that the Fund concentrates in an industry, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that industry will negatively impact the Fund to a greater extent than if its assets were invested in a wider variety of industries.

Counterparty Risk (GLDY ETF, QQQY ETF, QQQT ETF, USOY ETF, IWMY ETF, WDTE ETF & SPYT ETF Only). The Funds are subject to counterparty risk by virtue of their investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, each Fund’s counterparty is a clearing house rather than a bank or broker. Since the Funds are not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Funds will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Funds will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Funds with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of each Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Funds might not be fully protected in the event of the clearing member’s bankruptcy, as the Funds would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Funds are also subject to the risk that a limited number of clearing members are willing to transact on each Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Funds could lose some or all the benefits of a transaction entered into by the Funds with the clearing member. If the Funds cannot find a clearing member to transact with on each Fund’s behalf, the Funds may be unable to effectively implement its investment strategy.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

Derivatives Risk (GLDY ETF, QQQY ETF, QQQT ETF, USOY ETF, IWMY ETF, WDTE ETF & SPYT ETF Only). Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs and exchange-traded products (“ETPs”)), interest rates or indices. Each Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Funds use derivatives, there may be an imperfect correlation between the value of the Indices and the derivative, which may prevent the Funds from achieving their investment objectives. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Funds to losses in excess of those amounts initially invested. In addition, each Fund’s investments in derivatives are subject to the following risk:

● Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Funds in particular, the value of the options contracts in which they invest are substantially influenced by the value of the Indices. The Funds may experience substantial downside from specific option positions and certain option positions held by the Funds may expire worthless. The options held by the Funds are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of the options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Funds will be determined based on market quotations or other recognized pricing methods.

●

(GLDY ETF and USOY ETF Only). Additionally, each Fund’s practice of rolling may cause each Fund to experience losses if the expiring contracts do not generate proceeds enough to cover the costs of entering into new options contracts. Further, if an option is exercised, the seller (writer) of a put option is obligated to purchase the underlying asset at the strike price, which can result in significant financial and regulatory obligations for each Fund if the market value of the asset has fallen substantially. Furthermore, when each Fund seeks to trade out of puts, especially near expiration, there is an added risk that each Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact each Fund’s liquidity and market exposure, particularly in volatile market conditions.

Equity Market Risk (AIPO ETF & XMAG ETF). Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Exchange-Traded Fund (“ETF”) Risks.

●

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

●

Cash Redemption Risk (GLDY ETF, QQQT ETF, QQQY ETF, USOY ETF, IWMY ETF, SPYT ETF and WDTE ETF Only). Each Fund’s investment strategy may require them to redeem Shares for cash or to otherwise include cash as part of their redemption proceeds. For example, the Funds may not be able to redeem in-kind certain securities held by the Funds (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Funds may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Funds to recognize a capital gain that they might not have recognized if they had made a redemption in-kind. As a result, the Funds may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Funds in connection with cash redemptions that may not have occurred if the Funds had made a redemption in- kind. These costs could decrease the value of the Funds to the extent they are not offset by a transaction fee payable by an AP.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

●

Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions or other charges imposed by brokers and bid-ask spreads, which is the cost of the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares, which varies over time for Shares based on trading volume and market liquidity, and the spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

●

Management Risk (QQQY ETF, IWMY ETF and WDTE ETF Only). The Funds are subject to management risk because they are actively managed portfolios. In managing each Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Funds will meet their investment objectives.

●

Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate each Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Funds may trade on foreign exchanges that are closed when the Funds’ primary listing exchange is open, the Funds are likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.

●

Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (“NYSE Arca”) and the NASDAQ (each of NYSE Arca and NASDAQ, an “Exchange”), and may be traded on U.S. exchanges other than the applicable Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of each Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for each Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid-ask spreads and differences between the market price of Shares and the underlying value of those Shares.

GLD Risk (GLDY ETF Only). The Fund invests in options contracts that are based on the value of GLD. This subjects the Fund to certain of the same risks as if it owned shares of GLD, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of GLD, the Fund may also be subject to the following risks:

● GLD Trading Risk. An investment in GLD is subject to substantial risks, in particular, risks associated with investing in the gold market. GLD is subject to market fluctuations influenced by large-scale gold sales, especially during economic crises, which can adversely impact gold prices and, in turn, the investment value of the shares. Historical instances, such as the 2008 financial crisis, demonstrated this volatility, where substantial gold sales led to a marked decrease in its market price. Moreover, large disposals of gold by the official sector – encompassing central banks and other government entities – could result in a supply surplus, potentially diminishing gold’s market value. The valuation of the gold held by GLD is closely tied to the LBMA Gold Price PM. This benchmark is established through a bidding process by various market participants and any inaccuracies in its calculation or modifications to the benchmark process could significantly impact the Trust’s gold valuation and the investment value in shares.

GLD faces significant custodial and safeguarding risks regarding its gold holdings. There is an inherent danger of these gold bars being lost, damaged, stolen, or becoming inaccessible due to factors such as natural disasters or terrorism. GLD does not insure its gold, and the insurance held by its custodian might not fully cover potential losses. The custodian’s liability is restricted to direct losses from negligence, fraud, or willful default, limited to the gold’s market value at the time of the incident, a constraint that also applies to any subcustodians. Additionally, legal and practical difficulties in foreign jurisdictions could complicate the enforcement of rights or claims. The custodian, not specifically regulated for gold bullion custody, relies on industry best practices and internal controls, which presents a security risk for GLD’s gold. Furthermore, gold in GLD’s unallocated accounts isn’t segregated from the custodian’s assets, thus in the event of the custodian’s insolvency, GLD would be an unsecured creditor, potentially leading to delays and extra costs in recovering allocated gold. These challenges in dealing with subcustodians and the potential complications in legal actions due to the lack of direct contractual arrangements and the intricacies of foreign legal systems highlight the significant custodial risks in investing in GLD shares.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

● Indirect Investments in GLD. GLD is not affiliated with the Trust, the Fund, the Adviser, or its respective affiliates and is not involved with the offering of the Fund in any way and has no obligation to consider your Shares in taking any corporate action that might affect the value of Shares. GLD is not a registered investment company subject to the 1940 Act. Accordingly, investors in GLD (including the Fund via its indirect investments) do not have the protections expressly provided by that statute, including: provisions preventing GLD insiders from managing GLD to their benefit and to the detriment of shareholders; provisions preventing GLD from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing GLD earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in GLD’s character without the consent of shareholders. Investors in the Fund will not have voting rights and will not be able to influence management of GLD but will be exposed to the performance of GLD. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying ETP but will be subject to declines in the performance of the Underlying ETP. Although the Fund invests in GLD only indirectly, the Fund’s investments are subject to loss as a result of these risks.

● Gold Performance Risk. Price movements in gold may fluctuate quickly and dramatically, have a historically low correlation with the returns of the stock and bond markets, and may not correlate to the price movements in other asset classes. The price of gold bullion can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Physical gold bullion has sales commission, storage, insurance and auditing expenses. Additional factors that impact the price of gold include, but are not limited to, overall market movements, changes in interest rates, changes in the global supply and demand for gold, the quantity of gold imports and exports, factors that impact gold production, such as drought, floods and weather conditions, technological advances in the processing and mining of gold and an increase in the hedging of precious metals, such as gold. Investments in gold generally may be speculative and subject to greater price volatility than investments in other types of assets. The price of metals, such as gold, is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s Share price may be more volatile than other types of investments.

GLD is not an investment company subject to the 1940 Act. Accordingly, investors in the Underlying ETP do not have the protections expressly provided by that statute, including: provisions preventing Underlying ETP insiders from managing the Underlying ETP to their benefit and to the detriment of shareholders; provisions preventing the Underlying ETP from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying ETP earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in the Underlying ETP’s character without the consent of shareholders. Although the Fund invests in the Underlying ETP only indirectly, the Fund’s investments are subject to loss as a result of these risks.

Referenced Indices Risk (QQQY ETF, QQQT ETF, IWMY ETF, WDTE ETF & SPYT ETF Only). The Funds invest in options contracts that are based on the value of the Indices (or in ETFs that track the Indices’ performance) . This subjects the Funds to certain of the same risks as if it owned shares of companies that comprised the Indices or an ETF that tracks the Indices, even though it does not. By virtue of each Fund’s investments in options contracts that are based on the value of the Indices, the Funds may also be subject to the following risks:

● Indirect Investment Risk. The Indices are not affiliated with the Trust, the Funds, the Adviser, the Sub-Adviser, or their respective affiliates and are not involved with this offering in any way. Investors in the Funds will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Indices but will be subject to declines in the performance of the Indices.

● Indices Trading Risk. The trading price of the Indices may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

● Nasdaq 100 Index Risks (QQQY ETF & QQQT ETF Only). The Index’s major risks stem from its high concentration in the technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the tech industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the Index. It’s also vulnerable to geopolitical risks due to many constituent companies having substantial international operations. Since many of these tech companies often trade at high valuations, a shift in investor sentiment could lead to significant price declines.

● Russell 2000 Index Risks (IWMY ETF Only). The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

● S&P 500 Index Risks (WDTE ETF & SPYT ETF Only). The Index, which includes a broad swath of large U.S. companies, is primarily exposed to overall economic and market conditions. Recession, inflation, and changes in interest rates can significantly impact the Index’s performance. Furthermore, despite its diverse representation, a downturn in a major sector such as technology or financials could notably affect the Index. Geopolitical risks and unexpected global events, like pandemics, can introduce volatility and uncertainty.

Sector and Industry Risk (AIPO ETF Only) . To the extent the Fund invests more heavily in particular sectors or industries of the economy, its performance will be especially sensitive to developments that significantly affect those sectors and industries. The Fund may invest a significant portion of its assets in the following sectors and industries and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors and industries:

● Electrical Equipment Industry Risk. The electrical equipment industry can be significantly affected by general economic trends, including employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material adverse impact on the Fund’s portfolio securities and the performance of the Fund.

● Industrials Sector Risk. Companies operating in the industrials sector or issuers in industrials-related industries may be significantly affected by, among other things, worldwide economic growth, changes in supply and demand for specific products and services, product obsolescence, rapid technological developments, international, political and economic developments, environmental issues, tax and governmental regulatory policies, claims for environmental damage or product liability and general economic conditions. Any factors adversely affecting companies in the industrials sector could have a significant adverse impact on the Fund’s performance.

USO Risk (USOY ETF Only). The Fund invests in options contracts that are based on the value of USO. This subjects the Fund to certain of the same risks as if it owned shares of USO, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of USO, the Fund may also be subject to the following risks:

● Investments in USO are subject to unique risks, primarily stemming from the volatile nature of the oil market and the regulatory frameworks governing futures markets. The accountability levels, position limits, and daily price fluctuation limits set by NYMEX and ICE futures, while intended to regulate trading activities, can lead to a significant tracking error for USO. These regulatory measures limit USO’s ability to fully invest in the Benchmark Oil Futures Contract and other oil futures contracts, thus potentially causing substantial divergence between the movements of USO’s share prices and the actual prices of these futures contracts. The oil market’s inherent volatility is further compounded by these trading constraints. Accountability levels serve as thresholds for increased exchange scrutiny, and position limits establish fixed ceilings on the number of futures contracts that can be held. The Commodity Futures Trading Commission’s (CFTC) Position Limits Rule, which includes the Benchmark Oil Futures Contract, imposes additional federal position limits. USO’s trading activities, not qualifying for exemptions from these limits, face further challenges in navigating the unpredictable oil market, impacting its investment strategy and ability to achieve its objectives.

● USO’s investment strategy is heavily influenced by the dynamic and often unpredictable oil market, alongside its commitment to invest substantially in Oil Futures Contracts and Other Oil-Related Investments. When faced with regulatory limits such as accountability levels and position limits, USO may have to adjust its strategy, seeking alternatives like other exchanges or different investment vehicles, which could introduce additional market risks. Exceeding accountability levels may necessitate a reduction in holdings, potentially creating a tracking error between USO’s share prices and the Benchmark Oil Futures Contract price. Furthermore, USO’s Futures Commission Merchants (FCMs) have historically imposed their own limits on USO’s holdings, which restricts its ability to respond effectively to oil market movements. These FCM -imposed constraints, alongside the fluctuating nature of the oil market and regulatory limitations, underscore the significant risks associated with investing in USO, affecting its capacity to meet investment objectives in a highly volatile and regulated market environment.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

● USO is not a registered investment company subject to the 1940 Act. Accordingly, investors in USO (including the Fund via its indirect investments) do not have the protections expressly provided by that statute, including: provisions preventing USO insiders from managing USO to their benefit and to the detriment of shareholders; provisions preventing USO from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing USO earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in USO’s character without the consent of shareholders. Although the Fund invests in USO only indirectly, the Fund’s investments are subject to loss as a result of these risks.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund’s NAV, trading price, yield, total return and/or ability to meet their objective. For more information about the risks of investing in the Funds, see the section in each Fund’s Prospectus titled “Additional Information About the Fund — Principal Investment Risks.”

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of the Funds as follows:

	Investment Advisory
Fund	Fee
AIPO ETF		0.69	%
GLDY ETF		0.99	%
XMAG ETF		0.35	%
QQQT ETF		0.85	%
QQQY ETF		0.99	%
USOY ETF		0.99	%
IWMY ETF		0.99	%
SPYT ETF		0.85	%
WDTE ETF		0.99	%

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (collectively, “Excluded Expenses”), and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended August 31, 2025 are disclosed in the Statements of Operations.

Effective January 1, 2025, the Adviser assumed full management responsibilities for each of the Funds following the resignation of ZEGA as sub-adviser and its cessation of operations as a registered investment adviser, excluding the XMAG ETF, which was not sub-advised by ZEGA. As a result, there is no sub-advisory agreement currently in effect for the Fund, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

All of the Funds except for AIPO ETF and XMAG ETF are part of an ETF Platform Support Agreement between ZEGA, Defiance ETFs LLC, the Adviser and Tidal ETF Services LLC (“Tidal” or the “Administrator”). AIPO ETF and XMAG ETF are part of an ETF Platform Support Agreement between Defiance ETFs LLC, the Adviser and the Administrator. Each of the ETF Platform Support Agreements outlines and governs the parties’ creation, launch, marketing, promotion, development, and ongoing operation of certain ETFs.

The Administrator, Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian.

Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b- 1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

NOTE 5 – SEGMENT REPORTING

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund’s investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker (“CODM”). The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

NOTE 6 – PURCHASES AND SALES OF SECURITIES

For the year/periods ended August 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, options contracts, and in-kind transactions were as follows:

Fund	Purchases		Sales
AIPO ETF	$	13,794	$	9,818
GLDY ETF		—		—
XMAG ETF		5,141,808		1,688,663
QQQT ETF		14,236,248		2,456,491
QQQY ETF		—		—
USOY ETF		29,301,026		28,153,895
IWMY ETF		—		—
SPYT ETF		76,796,707		28,660,396
WDTE ETF		—		—

For the year/periods ended August 31, 2025, the purchases and sales of long-term U.S. government securities for the Funds were as follows:

Fund	Purchases		Sales
AIPO ETF	$	—	$	—
GLDY ETF		—		—
XMAG ETF		—		—
QQQT ETF		—		—
QQQY ETF		—		136,611,663
USOY ETF		876,777		865,000
IWMY ETF		2,220,418		42,900,616
SPYT ETF		—		—
WDTE ETF		1,740,877		68,689,434

For the year/periods ended August 31, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:

			Sales and
Fund	Purchases		Maturities
AIPO ETF	$	9,639,872	$	—
GLDY ETF		—		—
XMAG ETF		33,926,286		1,401,883
QQQT ETF		—		—
QQQY ETF		—		—
USOY ETF		—		—
IWMY ETF		—		—
SPYT ETF		—		—
WDTE ETF		—		—

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year/periods ended August 31, 2025 and the prior fiscal periods ended August 31, 2024 were as follows:

August 31, 2025:

Fund	Ordinary Income		Return of Capital		Long-Term Capital Gain
AIPO ETF	$	—	$	—	$	—
GLDY ETF		76,916		324,956		60,811
XMAG ETF		22,320		—		—
QQQT ETF		1,073,082		1,347,786		1,543,090
QQQY ETF		9,507,794		76,104,934		5,647,125
USOY ETF		877,326		21,338,379		311,850
IWMY ETF		6,808,869		64,913,865		4,332,678
SPYT ETF		4,865,713		8,246,842		5,265,523
WDTE ETF		4,403,958		25,273,525		2,548,141

August 31, 2024:

Fund	Ordinary Income		Return of Capital		Long-Term Capital Gain
QQQT ETF	$	61,560	$	—	$	97,190
QQQY ETF		19,379,532		91,578,333		16,163,532
USOY ETF		85,746		821,017		—
IWMY ETF		6,682,764		59,894,642		4,280,209
SPYT ETF		628,744		—		1,388,438
WDTE ETF		8,834,263		23,707,672		7,421,280

As of August 31, 2025, components of the distributable earnings (losses) on a tax basis were as follows:

	AIPO ETF			GLDY ETF			XMAG ETF			QQQT ETF			QQQY ETF			USOY ETF
Investments, at cost^(a)	$	9,682,712		$	5,452,530		$	36,388,461		$	24,531,934		$	155,610,123		$	53,325,356
Gross tax unrealized appreciation		242,266			7,124			4,082,674			3,902,575			263,233			24,006
Gross tax unrealized depreciation		(380,039	)		(5,454	)		(1,563,711	)		(154,636	)		(102,328	)		(3,198	)
Net tax unrealized appreciation (depreciation)		(137,773	)		1,670			2,518,963			3,747,939			160,905			20,808
Undistributed ordinary income (loss)		12,756			—			264,510			—			—			—
Undistributed long-term capital gain (loss)		—			—			2,046			—			—			—
Total distributable earnings (losses)		12,756			—			266,556			—			—			—
Other accumulated gain (loss)		—			—			—			(3,732,383	)^(b)		—			—
Total distributable earnings (losses)	$	(125,017	)	$	1,670		$	2,785,519		$	15,556		$	160,905		$	20,808

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

	IWMY			SPYT			WDTE
	ETF			ETF			ETF
Investments, at cost^(a)	$	119,606,105		$	96,569,762		$	61,784,688
Gross tax unrealized appreciation		138,085			15,238,340			65,629
Gross tax unrealized depreciation		(33,770	)		(759,823	)		(1,298	)
Net tax unrealized appreciation (depreciation)		104,315			14,478,517			64,331
Undistributed ordinary income (loss)		—			—			—
Undistributed long-term capital gain (loss)		—			—			—
Total distributable earnings (losses)		—			—			—
Other accumulated gain (loss)		—			(14,478,517	)^(b)		—
Total distributable earnings (losses)	$	104,315		$	—		$	64,331

^(a)

The difference between book and tax-basis unrealized appreciation was attributable primarily to the treatment of wash sales, PFIC adjustments, and mark-to-market treatment of options and straddle adjustments.

^(b)

The accumulated loss was attributable to the utilization of straddle options trading strategies.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the fiscal periods ended August 31, 2025, the Funds have not elected to defer any post-October losses or late-year losses.

During the fiscal periods ended August 31, 2025, USOY ETF utilized $855,980 of short-term capital loss carryover and the Funds had long-term and short-term capital loss carryovers, which will be carried forward indefinitely to offset future realized capital gains as follows:

		Long-Term Capital		Short-Term Capital
		Loss Carryovers		Loss Carryovers
AIPO ETF	$	—	$	—
GLDY ETF		—		—
XMAG ETF		—		—
QQQT ETF		—		—
QQQY ETF		—		—
USOY ETF		—		—
IWMY ETF		—		—
SPYT ETF		—		—
WDTE ETF		—		—

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

NOTE 8 – SHARES TRANSACTIONS

Shares of the AIPO ETF, GLDY ETF, XMAG ETF, QQQT ETF, QQQY ETF, and USOY ETF are listed and traded on the NASDAQ and Shares of the IWMY ETF, SPYT ETF, and WDTE ETF are listed and traded on the NYSE Arca. Market prices for the Shares may be different from their NAV. The Funds issue and redeem Shares on a continuous basis at NAV generally in large blocks of Shares, called “Creation Units”. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds are stated below:

	Transaction
Fund:	Fee
AIPO ETF	$	300
GLDY ETF	$	300
XMAG ETF	$	500
QQQT ETF	$	300
QQQY ETF	$	300
USOY ETF	$	300
IWMY ETF	$	300
SPYT ETF	$	300
WDTE ETF	$	300

The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

Notes to the Financial Statements

Defiance ETFs

August 31, 2025

NOTE 9 – REVERSE STOCK SPLIT

During the period ended August 31, 2024, the Shares of the QQQY ETF, WDTE ETF, and the IWMY ETF were adjusted to reflect one reverse stock split. The effect of this reverse stock split was to reduce the number of Shares outstanding in each Fund while maintaining the Funds’ and each shareholder’s aggregate NAV. All historical per Share information has been retroactively adjusted to reflect this reverse stock split. Set forth below are details regarding the reverse stock split effected on August 1, 2024:

	Date	Rate	Net Asset Value Before Split		Net Asset Value After Split		Shares Outstanding Before Split		Shares Outstanding After Split
QQQY ETF	8/1/2024	1 for 3	$	13.21	$	39.63		17,500,000		5,833,333
WDTE ETF	8/1/2024	1 for 3	$	15.30	$	45.90		7,275,000		2,425,000
IWMY ETF	8/1/2024	1 for 3	$	13.67	$	41.01		10,025,000		3,341,667

NOTE 10 – RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Funds’ investment objectives, but there can be no assurance that they will be successful in doing so.

NOTE 11 – SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds’ financial statements.

Report of Independent Registered Public	Defiance ETFs
Accounting Firm

To the Shareholders of Defiance ETFs and

Board of Trustees of Tidal Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options (as applicable), of Defiance ETFs (the “Funds”), each a series of Tidal Trust II, as of August 31, 2025, the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Defiance AI & Power Infrastructure ETF	For the period from July 24, 2025 (commencement of operations) through August 31, 2025
Defiance Gold Enhanced Options Income ETF	For the period from April 1, 2025 (commencement of operations) through August 31, 2025
Defiance Large Cap ex-Mag 7 ETF	For the period from October 21, 2024 (commencement of operations) through August 31, 2025
Defiance Nasdaq 100 Income Target ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from June 20, 2024 (commencement of operations) through August 31, 2024
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from September 13, 2023 (commencement of operations) through August 31, 2024
Defiance Oil Enhanced Options Income ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from May 9, 2024 (commencement of operations) through August 31, 2024
Defiance R2000 Enhanced Options & 0DTE Income ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from October 30, 2023 (commencement of operations) through August 31, 2024
Defiance S&P 500 Income Target ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from March 4, 2024 (commencement of operations) through August 31, 2024
Defiance S&P 500 Enhanced Options & 0DTE Income ETF	For the year ended August 31, 2025	For the year ended August 31, 2025 and for the period from September 18, 2023 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Report of Independent Registered Public	Defiance ETFs
Accounting Firm

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Tidal Investments LLC investment companies since 2020.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 30, 2025

Other Non-Audited Information

Defiance ETFs

August 31, 2025

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For the fiscal periods ended August 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

Defiance AI & Power Infrastructure ETF	0.00	%
Defiance Gold Enhanced Options Income ETF	0.00	%
Defiance Large Cap ex-Mag 7 ETF	100.00	%
Defiance Nasdaq 100 Income Target ETF	9.84	%
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	0.00	%
Defiance Oil Enhanced Options Income ETF	0.00	%
Defiance R2000 Enhanced Options & 0DTE Income ETF	0.00	%
Defiance S&P 500 Income Target ETF	21.98	%
Defiance S&P 500 Enhanced Options & 0DTE Income ETF	0.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal periods ended August 31, 2025, were as follows:

Defiance AI & Power Infrastructure ETF	0.00	%
Defiance Gold Enhanced Options Income ETF	0.00	%
Defiance Large Cap ex-Mag 7 ETF	100.00	%
Defiance Nasdaq 100 Income Target ETF	0.00	%
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	0.00	%
Defiance Oil Enhanced Options Income ETF	0.00	%
Defiance R2000 Enhanced Options & 0DTE Income ETF	0.00	%
Defiance S&P 500 Income Target ETF	0.00	%
Defiance S&P 500 Enhanced Options & 0DTE Income ETF	0.00	%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the fiscal periods ended August 31, 2025, were as follows:

Defiance AI & Power Infrastructure ETF	0.00	%
Defiance Gold Enhanced Options Income ETF	52.71	%
Defiance Large Cap ex-Mag 7 ETF	0.00	%
Defiance Nasdaq 100 Income Target ETF	100.00	%
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF	41.14	%
Defiance Oil Enhanced Options Income ETF	0.00	%
Defiance R2000 Enhanced Options & 0DTE Income ETF	42.68	%
Defiance S&P 500 Income Target ETF	92.62	%
Defiance S&P 500 Enhanced Options & 0DTE Income ETF	41.04	%

Date	Defiance AI and Power Infrastructure ETF - $10,051	S&P 500^® Total Return Index - $10,166
7/24/2025	10000	10000
7/31/2025	10278	9964
8/31/2025	10051	10166

Date	Defiance Gold Enhanced Options Income ETF - $10,266	S&P 500^® Total Return Index - $11,529
4/1/2025	10000	10000
4/30/2025	10051	9895
5/31/2025	9858	10517
6/30/2025	9980	11052
7/31/2025	9951	11300
8/31/2025	10266	11529

Date	Defiance Large Cap ex-Mag 7 ETF - $10,858	S&P 500^® Total Return Index - $11,160
10/21/2024	10000	10000
10/31/2024	9751	9747
11/30/2024	10357	10320
12/31/2024	9809	10074
1/31/2025	10271	10354
2/28/2025	10286	10219
3/31/2025	9845	9643
4/30/2025	9781	9578
5/31/2025	10195	10181
6/30/2025	10614	10699
7/31/2025	10632	10939
8/31/2025	10858	11160

Sector	%
Consumer, Non-cyclical	21.2%
Financial	21.0%
Information Technology	13.8%
Industrial	9.2%
Consumer, Cyclical	9.2%
Cash & Cash Equivalents	6.4%
Communications	5.8%
Technology	5.5%
Energy	4.5%
Utilities	3.4%

Date	Defiance Nasdaq 100 Income Target ETF - $11,258	S&P 500^® Total Return Index - $11,989
6/20/2024	10000	10000
6/30/2024	9933	9979
7/31/2024	9658	10101
8/31/2024	9772	10346
9/30/2024	9999	10567
10/31/2024	9895	10471
11/30/2024	10389	11086
12/31/2024	10402	10821
1/31/2025	10614	11123
2/28/2025	10309	10978
3/31/2025	9531	10359
4/30/2025	9595	10289
5/31/2025	10416	10936
6/30/2025	10955	11493
7/31/2025	11149	11750
8/31/2025	11258	11989

Sector	%
Consumer, Non-cyclical	46.1%
Financial	15.5%
Technology	14.1%
Consumer, Cyclical	7.2%
Industrial	6.9%
Communications	4.2%
Energy	3.0%
Utilities	1.7%
Basic Materials	1.0%
Cash & Cash Equivalents	0.3%

Sector	%
Money Market Funds	52.2%
U.S. Treasury Bills	40.5%
U.S. Treasury Securities	5.4%
Cash & Cash Equivalents	1.9%
Written Options	-0.6%

Sector	%
Exchange Traded Funds	100.0%
Purchased Options	0.4%
Written Options	-0.5%
Cash & Cash Equivalents	-0.4%

Date	Defiance Nasdaq 100 Enhanced Income Options & 0DTE Income ETF - $12,536	S&P 500^® Total Return Index - $14,859
9/13/2023	10000	10000
9/30/2023	9813	9605
10/31/2023	9728	9403
11/30/2023	10315	10262
12/31/2023	10770	10728
1/31/2024	10842	10909
2/29/2024	11107	11491
3/31/2024	11188	11861
4/30/2024	10757	11376
5/31/2024	11307	11940
6/30/2024	11804	12369
7/31/2024	11575	12519
8/31/2024	11598	12823
9/30/2024	11746	13097
10/31/2024	11599	12978
11/30/2024	12053	13740
12/31/2024	11644	13413
1/31/2025	11700	13786
2/28/2025	11493	13606
3/31/2025	10960	12840
4/30/2025	10688	12752
5/31/2025	11529	13555
6/30/2025	12167	14244
7/31/2025	12597	14564
8/31/2025	12536	14859

Sector	%
U.S. Treasury Bills	52.0%
Cash & Cash Equivalents	24.8%
U.S. Treasury Securities	23.2%
Written Options	-0.5%

Date	Defiance Oil Enhanced Options Income ETF - $10,537	S&P 500^® Total Return Index - $12,610
5/9/2024	10000	10000
5/31/2024	9951	10133
6/30/2024	10287	10497
7/31/2024	10058	10625
8/31/2024	9657	10882
9/30/2024	9376	11115
10/31/2024	9722	11014
11/30/2024	10083	11660
12/31/2024	10659	11383
1/31/2025	10985	11699
2/28/2025	10849	11547
3/31/2025	10925	10896
4/30/2025	9479	10822
5/31/2025	9892	11504
6/30/2025	10126	12089
7/31/2025	10727	12360
8/31/2025	10537	12610

Sector	%
U.S. Treasury Bills	52.6%
U.S. Treasury Securities	25.8%
Cash & Cash Equivalents	21.6%
Written Options	-1.4%

Date	Defiance R2000 Enhanced Options & 0DTE Income ETF - $12,882	S&P 500^® Total Return Index - $15,906
10/30/2023	10000	10000
10/31/2023	10080	10065
11/30/2023	10489	10985
12/31/2023	11037	11484
1/31/2024	10746	11677
2/29/2024	10923	12300
3/31/2024	11347	12696
4/30/2024	10915	12177
5/31/2024	11411	12781
6/30/2024	11478	13240
7/31/2024	12041	13401
8/31/2024	11797	13726
9/30/2024	12048	14019
10/31/2024	11753	13892
11/30/2024	12291	14707
12/31/2024	11752	14357
1/31/2025	12246	14757
2/28/2025	11920	14564
3/31/2025	11393	13744
4/30/2025	11124	13650
5/31/2025	11654	14510
6/30/2025	12295	15247
7/31/2025	12434	15590
8/31/2025	12882	15906

Sector	%
U.S. Treasury Bills	55.8%
Cash & Cash Equivalents	23.9%
U.S. Treasury Securities	20.3%
Written Options	-0.6%

Date	Defiance S&P 500^® Income Target ETF - $12,213	S&P 500^® Total Return Index - $12,843
3/4/2024	10000	10000
3/31/2024	10174	10251
4/30/2024	9840	9832
5/31/2024	10290	10320
6/30/2024	10603	10690
7/31/2024	10681	10820
8/31/2024	10915	11083
9/30/2024	11106	11319
10/31/2024	11017	11217
11/30/2024	11573	11875
12/31/2024	11300	11592
1/31/2025	11535	11915
2/28/2025	11388	11759
3/31/2025	10744	11097
4/30/2025	10612	11022
5/31/2025	11212	11715
6/30/2025	11718	12311
7/31/2025	11959	12587
8/31/2025	12213	12843

Sector	%
Exchange Traded Funds	99.9%
Written Options	-0.3%
Purchased Options	0.2%
Cash & Cash Equivalents	-0.1%

Date	Defiance S&P 500^® Enhanced Options & 0DTE Income ETF - $12,607	S&P 500^® Total Return Index - $14,901
9/18/2023	10000	10000
9/30/2023	9787	9632
10/31/2023	9719	9430
11/30/2023	10223	10291
12/31/2023	10564	10758
1/31/2024	10646	10939
2/29/2024	10870	11523
3/31/2024	11057	11894
4/30/2024	10742	11408
5/31/2024	11109	11974
6/30/2024	11504	12403
7/31/2024	11462	12554
8/31/2024	11525	12859
9/30/2024	11747	13134
10/31/2024	11615	13014
11/30/2024	12032	13778
12/31/2024	11641	13450
1/31/2025	11958	13824
2/28/2025	11845	13644
3/31/2025	11355	12875
4/30/2025	11110	12788
5/31/2025	11655	13593
6/30/2025	12162	14284
7/31/2025	12555	14605
8/31/2025	12607	14901

Average Annual Returns for the Periods Ended August 31, 2025:	1 Year	Since Inception ( 9/18/25 )
Defiance S&P 500^® Enhanced Options & 0DTE Income ETF - at NAV	9.39%	12.58%
S&P 500^® Total Return Index	15.88%	22.65%


Fund Size (Thousands)	$73,127
Number of Holdings	8
Total Advisory Fee	$757,422
Portfolio Turnover	4 %

Sector	%
U.S. Treasury Bills	54.8%
U.S. Treasury Securities	25.1%
Cash & Cash Equivalents	20.1%
Written Options	-0.4%

Top Holdings	(% of net assets)
United States Treasury Bills	54.8
United States Treasury Notes/Bonds	25.1
First American Government Obligations Fund - Class X, 4.22%	5.0
S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,475.00	-0.4