# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-017278
**Filing Date:** 2025-11
**Character Count:** 352963
**Document Hash:** 06896661bcc601e7ba8c5e5fe9807817
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017278.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001999371-25-017278

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251463455

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421

## Series and Classes Contracts Data

### Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (Series ID: S000081659)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000244586 | Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF | QQQY            |

### Defiance R2000 Enhanced Options & 0DTE Income ETF (Series ID: S000081660)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000244587 | Defiance R2000 Enhanced Options & 0DTE Income ETF | IWMY            |

### Defiance S&P 500 Enhanced Options & 0DTE Income ETF (Series ID: S000081661)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000244588 | Defiance S&P 500 Enhanced Options & 0DTE Income ETF | WDTE            |

### Defiance Nasdaq 100 Income Target ETF (Series ID: S000084176)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000248449 | Defiance Nasdaq 100 Income Target ETF | QQQT            |

### Defiance S&P 500 Income Target ETF (Series ID: S000084178)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000248451 | Defiance S&P 500 Income Target ETF | SPYT            |

### Defiance Gold Enhanced Options Income ETF (Series ID: S000084816)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000249316 | Defiance Gold Enhanced Options Income ETF |  |

### Defiance Oil Enhanced Options Income ETF (Series ID: S000084817)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000249317 | Defiance Oil Enhanced Options Income ETF | USOY            |

### Defiance Large Cap ex-Mag 7 ETF (Series ID: S000088319)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000254517 | Defiance Large Cap ex-Mag 7 ETF |  |

### Defiance AI & Power Infrastructure ETF (Series ID: S000090210)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000257147 | Defiance AI & Power Infrastructure ETF |  |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **(811-23793)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Tidal Trust II</u>**

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis**

**Tidal Trust II**

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31</u>**

Date of reporting period:  **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

Defiance AI & Power Infrastructure ETF Tailored Shareholder Report

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance AI & Power Infrastructure ETF
Ticker: AIPO (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance AI & Power Infrastructure ETF (the "Fund") for the period July 24, 2025 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/aipo . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance AI & Power Infrastructure ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance AI & Power Infrastructure ETF | $7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund commenced operations on July 24, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs4ff8s.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/aipo for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
Since AIPO's launch on July 24, 2025, the fund performance is slightly positive. The Fund tracks the index of U.S.-listed companies deriving at least 50% of revenue from AI or power infrastructure. Given its thematic focus (intersection of AI and power infrastructure), the Fund benefits from continued investor interest in AI hardware, data-center infrastructure, electrification and grid modernization as secular themes.

#### What Factors Influenced Performance?
AI adoption and energy-transition initiatives accelerate, companies in distributed energy, grid equipment, data centers and AI hardware support the Fund as it is heavily weighted toward Industrials and Technology. With only a few months of live history, AIPO lacks deep performance under varying market cycles; investor sentiment toward thematic vehicles therefore plays an outsized role.

#### Positioning of the Fund
AIPO is positioned as a growth-thematic ETF, offering exposure to companies at the convergence of AI and critical power infrastructure, including data centers, power generation, grid equipment and AI hardware. It is suitable for investors seeking high growth potential via thematic exposure rather than current income.

With expected continued spending on AI infrastructure + the energy transition, we believe the Fund is well-positioned to capture thematic upside, provided those secular drivers remain intact. At the same time, if those drivers falter (e.g., slower corporate AI cap-ex, energy policy rollback, supply-chain disruption) we believe the Fund could underperform broader equities.

Investors should also be comfortable with higher thematic risk and potentially stronger drawdowns than a broad market equity fund.

**Defiance AI & Power Infrastructure ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $9548 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54  |
| **Total Advisory Fee** | $3871 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 %\* |

---

\* Amount is less than 0.05%.

#### What did the Fund invest in?
(as of August 31, 2025)

#### Sectors - Investments
(% of total net assets)

![bar](qes1cdjt1mgsgycso.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/aipo .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance Gold Enhanced Options Income ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance Gold Enhanced Options Income ETF
Ticker: GLDY (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance Gold Enhanced Options Income ETF (the "Fund") for the period April 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/gldy . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Gold Enhanced Options Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance Gold Enhanced Options Income ETF | $43  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund commenced operations on April 1, 2025. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs4ob3y.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/gldy for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the limited 5-month reporting period, the Fund generated slight positive total returns. This is expected as the reference underlying SPDR <sup>®</sup> Gold Trust (GLD) was positive during the period. The Fund's performance was positive and paid out high monthly dividends due to taking in weekly option premiums. The Fund can potentially generate returns by delivering both extrinsic time premiums and upside capture of the weekly moves of the underlying asset.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying asset plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the implied volatility on GLD was generally muted, with a rise in overall volatility in April due to tariffs fears. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. This higher volatility provided ample opportunities for the Fund to meet its goal of monthly income for investors. Since the Fund has downside risk, like any asset, taking in premiums helps offset negative weekly moves where an investor in the Fund would expect to lose less in that week compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell weekly put options.

With higher-than-average volatility expected around the geopolitical uncertainty and a Fed pivot, we believe the Fund is positioned to capture premiums for investors while having the ability to participate in market upside to its weekly cap.

In weeks the GLD is lower, we'd expect the Fund to lose less than GLD due to the premiums received from selling puts.

**Defiance Gold Enhanced Options Income ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $5598 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8  |
| **Total Advisory Fee** | $10933 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes1qvom1mgsgye0s.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/gldy .

#### Fund Changes
Effective June 6, 2025 , the Fund changed their distribution frequency from monthly to weekly.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance Large Cap ex-Mag 7 ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance Large Cap ex-Mag 7 ETF
Ticker: XMAG (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance Large Cap ex-Mag 7 ETF (the "Fund") for the period October 21, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/xmag . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Large Cap ex-Mag 7 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance Large Cap Ex-mag 7 ETF | $32  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund commenced operations on October 21, 2024. Expenses for a full reporting period would be higher than the figures shown.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1cdjt1mgs4slvt.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/xmag for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
XMAG launched on October 21, 2024 and has produced positive returns since that time. Its performance reflected the benefit of avoiding the "Magnificent 7" mega-cap tech stocks (i.e., Apple Inc., Microsoft Corporation, Alphabet Inc., Amazon.com, Inc., NVIDIA Corporation, Meta Platforms, Inc. and Tesla, Inc.), while emphasizing the other ~493 S&P 500 stocks. With its broader large-cap exposure (excluding the mega-tech group), XMAG captured market participation in sectors like Financials, Health Care, Industrials, etc., which helped in the period.

#### What Factors Influenced Performance?
Concentration shift: By excluding the top seven tech giants, XMAG tilts toward stocks that are often less overpriced and less dependent on ultra-growth expectations. The Fund's largest sector weights Technology, Financials, and Health Care reflect a diversified large-cap exposure outside the dominant tech leaders. Excluding the Mag 7 reduces concentration risk but also forgoes the outsized gains that group has delivered in past years; therefore investor sentiment toward these mega-caps matters a lot. The Fund's performance thus reflects market leadership shifts.

#### Positioning of the Fund
The Fund's placement can act as a core equity allocation alternative or a satellite layer for investors worried about over-concentration in the Mag 7. Given its structure, if the non-Mag 7 large cap universe continues to perform well (relative to the unified S&P 500 driven by mega-tech), we believe the Fund is well-positioned. But if the Mag 7 once again dominate returns, we believe XMAG may lag.

**Defiance Large Cap ex-Mag 7 ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $38994 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492  |
| **Total Advisory Fee** | $74397 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Sectors - Investments
(% of total net assets)

![bar](qes2gt8l1mgsgylfn.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/xmag .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance Nasdaq 100 Income Target ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance Nasdaq 100 Income Target ETF
Ticker: QQQT (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance Nasdaq 100 Income Target ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/qqqt . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Nasdaq 100 Income Target ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance Nasdaq 100 Income Target ETF | $108  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs4yer5.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/qqqt for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns. Since the underlying Nasdaq 100 Index (''NDX'') also was up over the reporting period, that was to be expected due to the exposure to the index. At the same time, the Fund paid out monthly dividends commensurate with the stated target of 20% per year in distributions. Since the Fund sells daily, near the money NDX call spreads, the Fund can potentially generate returns by delivering both extrinsic time premiums and upside capture of the daily moves of the underlying index. Unlike traditional covered calls which hard cap the upside, selling call spreads results in a soft cap where once the underlying index passes above the long leg in the spread, investors can rejoin upward participation in markets.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying index plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the CBOE Volatility Index (''VIX'') was in a relatively higher volatility regime. Volatility saw an April surge while overall markets saw unrest due to multiple factors, such a tariffs and geopolitical unrest. This higher volatility provided ample opportunities for the Fund to meet its goal of targeted monthly income for investors. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell daily option spreads.

With higher-than-average volatility expected around ongoing tariff announcements, geopolitical uncertainty, and a Fed pivot, we believe the Fund is positioned to continue to capture premiums for investors and while having the ability to participate in market upside beyond the soft cap.

On days the NDX is lower, we'd expect the Fund to lose less than the index due to the premiums received from selling the call spreads.

Defiance Nasdaq 100 Income Target ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $27916 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4  |
| **Total Advisory Fee** | $168796 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%  |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes1cdjt1mgsgyg4o.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/qqqt .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF
Ticker: QQQY (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/qqqy . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance Nasdaq 100 Enhanced Income Options & 0DTE Income ETF | $105  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes2gt8l1mgs51wai.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/qqqy for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly and weekly dividends. Since the Fund sells daily, in-the-money Nasdaq 100 Index (''NDX'') puts, the Fund can potentially generate returns by delivering both extrinsic time premiums and limited upside capture of the daily moves of the underlying index. During the reporting period, since the SPX performance was positive, this combined with extrinsic premiums captured, enabled the Fund to also produce positive total returns for investors.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying index plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the CBOE Volatility Index surged. Volatility saw an April surge while overall markets saw unrest due to multiple factors, such a tariffs and geopolitical unrest. This higher volatility provided ample opportunities for the Fund to meet its goal of targeted monthly income for investors. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell 0 DTE (options that expire same day) or 1 DTE (options that expire the next trading day). With higher-than-average volatility expected around tariffs, geopolitical uncertainty, and a Fed pivot, we believe the Fund is positioned to continue to capture premiums for investors and some limited upside daily.

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $186039 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8  |
| **Total Advisory Fee** | $1645395 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes2gt8l1mgsgyf4j.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/qqqy .

#### Fund Changes
Effective April 25, 2025, the Fund changed their distribution frequency from monthly to weekly.

Effective October 23, 2025, the Fund updated it's investment objective to the following, as well as outlining new principal investment strategies:

"The Fund's primary investment objective is to seek current income.

The Fund's secondary investment objective is to seek exposure to the performance of the Nasdaq 100 Index (the "Index")."

Under the Fund's new principal investment strategies, the Fund will seek to generate options premium by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target a distribution rate of approximately 30%. This approach is designed to generate options premium while more fully participating in the gains of the underlying index. This represents a shift from the Fund's current strategy, which seeks to income by selling a daily put option on the index, which caps the upside capture of index gains on a daily basis.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance Oil Enhanced Options Income ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance Oil Enhanced Options Income ETF
Ticker: USOY (Listed on The Nasdaq Stock Market, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance Oil Enhanced Options Income ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/usoy . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance Oil Enhanced Options Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance Oil Enhanced Options Income ETF | $116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs54qha.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/usoy for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated slightly positive total returns. Even though the reference underlying United States Oil Fund LP (''USO'') was only slightly positive on a total return basis, the Fund's performance was as positive and paid out high monthly and weekly dividends due to taking in weekly option premiums. The Fund can potentially generate returns by delivering both extrinsic time premiums and upside capture of the weekly moves of the underlying asset.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying asset plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the implied volatility on USO was generally muted, with a rise in overall volatility April due to tariffs and early summer due to the Israeli/Iranian military conflict. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. This higher volatility provided ample opportunities for the Fund to meet its goal of income for investors. Since the Fund has downside risk, like any asset, taking in premiums helps offset negative weekly moves where an investor in the Fund would expect to lose less in that week compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell weekly put options.

With higher-than-average volatility expected around the geopolitical uncertainty and a Fed pivot, we believe the Fund is positioned to capture premiums for investors while having the ability to participate in market upside to its weekly cap.

In weeks the USO is lower, we'd expect the Fund to lose less than USO due to the premiums received from selling puts.

**Defiance Oil Enhanced Options Income ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $57390 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9  |
| **Total Advisory Fee** | $283761 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes1qvom1mgsgyh5k.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/usoy .

#### Fund Changes
Effective June 6, 2025 , the Fund changed their distribution frequency from monthly to weekly.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Defiance R2000 Enhanced Options & 0DTE Income ETF Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance R2000 Enhanced Options & 0DTE Income ETF
Ticker: IWMY (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance R2000 Enhanced Options & 0DTE Income ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/iwmy . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance R2000 Enhanced Options & 0DTE Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance R2000 Enhanced Options & 0DTE Income ETF | $110  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes2gt8l1mgs58gdo.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/iwmy for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly and weekly dividends. Since the Fund sells daily, in-the-money Russell 2000 Index (''RUT'') puts, the Fund can potentially generate returns by delivering both extrinsic time premiums and limited upside capture of the daily moves of the underlying index. During the reporting period, since the RUT performance was positive, this, combined with extrinsic premiums captured, enabled the Fund to also produce positive total returns for investors.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying index plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the CBOE Russell 2000 Volatility Index was elevated and continually was higher relative to both the S&P 500<sup>®</sup> Index (''SPX'') and Nasdaq 100 Index (''NDX'') equivalents. Volatility saw an April surge while overall markets saw unrest due to multiple factors, such a tariffs and geopolitical unrest. This higher volatility provided ample opportunities for the Fund to meet its goal of targeted monthly income for investors. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell 0 DTE (options that expire same day) or 1 DTE (options that expire the next trading day).

With higher-than-average volatility expected around ongoing tariff announcements, geopolitical uncertainty, and a Fed pivot, we believe the Fund is positioned to continue to capture premiums for investors. We also expect the RUT to have a higher relative implied volatility level to its sister indexes NDX and SPX.

**Defiance R2000 Enhanced Options & 0DTE Income ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $141807 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8  |
| **Total Advisory Fee** | $1158296 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes2gt8l1mgsgyi71.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/iwmy .

#### Fund Changes
Effective April 25, 2025, the Fund changed their distribution frequency from monthly to weekly.

Effective October 23, 2025, the Fund updated it's investment objective to the following, as well as outlining new principal investment strategies:

"The Fund's primary investment objective is to seek current income.

The Fund's secondary investment objective is to seek exposure to the performance of the Russell 2000 Index (the "Index")."

Under the Fund's new principal investment strategies, the Fund will seek to generate options premium by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target a distribution rate of approximately 30%. This approach is designed to generate options premium while more fully participating in the gains of the underlying index. This represents a shift from the Fund's current strategy, which seeks to income by selling a daily put option on the index, which caps the upside capture of index gains on a daily basis.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Defiance S&P 500<sup>®</sup> Income Target ETF Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance S&P 500<sup>®</sup> Income Target ETF
Ticker: SPYT (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance S&P 500<sup>®</sup> Income Target ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/spyt . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance S&P 500<sup>®</sup> Income Target ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Defiance S&P 500<sup>®</sup> Income Target ETF | $94  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs5az7z.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/spyt for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns. Since the underlying S&P 500<sup>®</sup> Index (''SPX'') was also up over the reporting period, that was to be expected due to the exposure to the index. At the same time, the Fund paid out monthly dividends commensurate with the stated target of 20% per year in distributions. Since the Fund sells daily, near the money SPX call spreads, the Fund can potentially generate returns by delivering both extrinsic time premiums and upside capture of the daily moves of the underlying index. Unlike traditional covered calls which hard cap the upside, selling call spreads results in a soft cap where once the underlying index passes above the long leg in the spread, investors can rejoin upward participation in markets.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying index plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the CBOE Volatility Index (''VIX'') was in a relatively higher volatility regime. The VIX saw an April surge while overall markets saw unrest due to multiple factors, such a tariffs and geopolitical unrest. This higher volatility provided ample opportunities for the Fund to meet its goal of targeted monthly income for investors. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell daily option spreads.

With higher-than-average volatility expected around ongoing tariff announcements, geopolitical uncertainty, and a Fed pivot, we believe the Fund is positioned to continue to capture premiums for investors and while having the ability to participate in market upside beyond the soft cap.

On days the SPX is lower, we'd expect the Fund to lose less than the index due to the premiums received from selling the call spreads.

Defiance S&P 500<sup>®</sup> Income Target ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $111164 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4  |
| **Total Advisory Fee** | $782212 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Security Type - Investments &

#### Other Financial Instruments
(% of total net assets)

![bar](qes1qvom1mgsgykbv.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/spyt .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF** Tailored Shareholder Report

**annual shareholder report August 31, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF
Ticker: WDTE (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at www.defianceetfs.com/wdte . You can also request this information by contacting us at (833) 333-9383 or by writing to the Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF  | $108  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1qvom1mgs5ddal.jpg)

#### Annual Performance

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit www.defianceetfs.com/wdte for more recent performance information.

#### How did the Fund perform last year and what affected its performance?
During the reporting period, the Fund generated positive total returns while paying out substantial monthly and weekly dividends. Since the Fund sells daily, in-the-money S&P 500<sup>®</sup> Index (''SPX'') puts, the Fund can potentially generate returns by delivering both extrinsic time premiums and limited upside capture of the daily moves of the underlying index. During the reporting period, since the SPX performance was positive, this combined with extrinsic premiums captured, enabled the Fund to also produce positive total returns for investors.

#### What Factors In fl uenced Performance?
The implied volatility of the underlying index plays a large role in the amount of extrinsic premiums that can be paid by the Fund. During the reporting period, the CBOE Volatility Index surged. Volatility saw an April surge while overall markets saw unrest due to multiple factors, such a tariffs and geopolitical unrest. This higher volatility provided ample opportunities for the Fund to meet its goal of targeted monthly income for investors. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure. As a rule, the higher the implied volatility, the higher the option premiums available for sale and distribution. Since the Fund has downside risk, like any index, taking in premiums helps offset negative daily moves where an investor in the Fund would expect to lose less on that day compared with simply holding an instrument that had index exposure.

#### Positioning of the Fund
The Fund aims to generate high targeted current income for investors looking for alternative yield options in the marketplace with the ability to sell 0 DTE (options that expire same day) or 1 DTE (options that expire the next trading day). With higher-than-average volatility expected around tariffs, geopolitical uncertainty, and a Fed pivot, we believe the Fund is positioned to continue to capture premiums for investors and some limited upside daily.

Defiance S&P 500<sup>®</sup> Enhanced Options & 0DTE Income ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $73127 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8  |
| **Total Advisory Fee** | $757422 |
| **Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4% |

---

#### What did the Fund invest in?
(as of August 31, 2025)

#### Sectors - Investments
(% of total net assets)

![bar](qes1cdjt1mgsgyjb2.jpg)

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and other assets in excess of liabilities.

---

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

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.defianceetfs.com/wdte .

#### Fund Changes
Effective April 25, 2025, the Fund changed their distribution frequency from monthly to weekly.

Effective October 23, 2025, the Fund updated it's investment objective to the following, as well as outlining new principal investment strategies:

"The Fund's primary investment objective is to seek current income.

The Fund's secondary investment objective is to seek exposure to the performance of the S&P 500<sup>®</sup> Index (the "Index")."

Under the Fund's new principal investment strategies, the Fund will seek to generate options premium by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target a distribution rate of approximately 30%. This approach is designed to generate options premium while more fully participating in the gains of the underlying index. This represents a shift from the Fund's current strategy, which seeks to income by selling a daily put option on the index, which caps the upside capture of index gains on a daily basis.

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. David Norris is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $11500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

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

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $11500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance R2000 Enhanced Options & 0DTE Income ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $11500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance S&P 500 Income Target ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $12500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance Oil Enhanced Options Income ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $12500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance Nasdaq 100 Income Target ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | $12500 |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | $3000 |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance AI & Power Infrastructure ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | N/A |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance Gold Enhanced Options Income ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | N/A |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

Defiance Large Cap ex-Mag 7 ETF

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;(a) Audit Fees | $13000 | N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | N/A | N/A |
| &nbsp;&nbsp;(c) Tax Fees | $3000 | N/A |
| &nbsp;&nbsp;(d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | FYE 8/31/2025 | FYE 8/31/2024 |
| &nbsp;&nbsp;Audit-Related Fees | 0% | 0% |
| &nbsp;&nbsp;Tax Fees | 0% | 0% |
| &nbsp;&nbsp;All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last year.

<u>Non-Audit Related Fees</u> <u>FYE 8/31/2025</u> <u>FYE 8/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Javier Marquina, Michelle McDonough, and David Norris.

(b) Not applicable

**Item 6. Investments.**

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

![](defiancencsr001.jpg)

**Financial Statements**

**August 31, 2025**

**Tidal Trust II**

---

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

---

**Defiance ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments](#defiancencsra001) |  |
| &nbsp;&nbsp;&nbsp;[Defiance AI & Power Infrastructure ETF](#defiancencsra002) | 1 |
| [Schedules of Investments & Written Options Contracts](#defiancencsra003) |  |
| &nbsp;&nbsp;&nbsp;[Defiance Gold Enhanced Options Income ETF](#defiancencsra004) | 3 |
| [Schedule of Investments](#defiancencsra005) |  |
| &nbsp;&nbsp;&nbsp;[Defiance Large Cap ex-Mag 7 ETF](#defiancencsra006) | 4 |
| [Schedules of Investments & Written Options Contracts](#defiancencsra007) |  |
| &nbsp;&nbsp;&nbsp;[Defiance Nasdaq 100 Income Target ETF](#defiancencsra008) | 16 |
| &nbsp;&nbsp;&nbsp;[Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF](#defiancencsra009) | 17 |
| &nbsp;&nbsp;&nbsp;[Defiance Oil Enhanced Options Income ETF](#defiancencsra010) | 18 |
| &nbsp;&nbsp;&nbsp;[Defiance R2000 Enhanced Options & 0DTE Income ETF](#defiancencsra011) | 19 |
| &nbsp;&nbsp;&nbsp;[Defiance S&P 500 Income Target ETF](#defiancencsra012) | 20 |
| &nbsp;&nbsp;&nbsp;[Defiance S&P 500 Enhanced Options & 0DTE Income ETF](#defiancencsra013) | 21 |
| [Statements of Assets and Liabilities](#defiancencsra014) | 22 |
| [Statements of Operations](#defiancencsra015) | 24 |
| [Statements of Changes in Net Assets](#defiancencsra016) | 26 |
| [Financial Highlights](#defiancencsra017) | 29 |
| [Notes to the Financial Statements](#defiancencsra018) | 38 |
| [Report of Independent Registered Public Accounting Firm](#defiancencsra019) | 59 |
| [Other Non-Audited Information](#defiancencsra020) | 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. | 1827 | $690533 |
| **Electric - 15.5%** |  |  |
| AES Corp. | 2147 | 29070 |
| Constellation Energy Corp. | 994 | 306132 |
| Dominion Energy, Inc. | 3211 | 192339 |
| Evergy, Inc. | 817 | 58220 |
| Oklo, Inc.<sup>(a)</sup> | 2242 | 165101 |
| PG&E Corp. | 5396 | 82451 |
| Pinnacle West Capital Corp. | 342 | 30561 |
| Portland General Electric Co. | 418 | 17882 |
| Public Service Enterprise Group, Inc. | 1749 | 143995 |
| Talen Energy Corp. <sup>(a)</sup> | 138 | 52291 |
| TXNM Energy, Inc. | 323 | 18295 |
| Vistra Corp. | 1222 | 231092 |
| Xcel Energy, Inc. | 2053 | 148617 |
|  |  | 1476046 |
| **Electrical Components & Equipment - 11.7%** |  |  |
| American Superconductor Corp.<sup>(a)</sup> | 2584 | 128941 |
| Eaton Corp. PLC | 1995 | 696534 |
| EnerSys | 989 | 101521 |
| Generac Holdings, Inc.<sup>(a)</sup> | 1031 | 190993 |
|  |  | 1117989 |
| **Electronics - 6.1%** |  |  |
| Hubbell, Inc. | 627 | 270231 |
| Itron, Inc.<sup>(a)</sup> | 856 | 105236 |
| nVent Electric PLC | 2262 | 204462 |
|  |  | 579929 |
| **Energy - Alternate Sources - 3.0%** |  |  |
| Eos Energy Enterprises, Inc.<sup>(a)</sup> | 15999 | 110393 |
| Fluence Energy, Inc. <sup>(a)</sup> | 12331 | 91250 |
| Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 12616 | 82130 |
|  |  | 283773 |
| **Engineering & Construction - 5.0%** |  |  |
| Dycom Industries, Inc. <sup>(a)</sup> | 380 | 95939 |
| MasTec, Inc.<sup>(a)</sup> | 988 | 179510 |
| MYR Group, Inc.<sup>(a)</sup> | 304 | 56930 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 514 | 143164 |
|  |  | 475543 |
| **Machinery - Construction & Mining - 22.1%** |  |  |
| Argan, Inc. | 267 | 60935 |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 4275 | 226319 |
| BWX Technologies, Inc. | 1312 | 212596 |
| GE Vernova, Inc. | 1349 | 826897 |
| NANO Nuclear Energy, Inc.<sup>(a)</sup> | 2033 | 66154 |
| Net Power, Inc.<sup>(a)</sup> | 22515 | 57413 |
| NuScale Power Corp. <sup>(a)</sup> | 2908 | 100762 |
| Vertiv Holdings Co. - Class A | 4359 | 555990 |
|  |  | 2107066 |

---

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 | 118580 |
| **Mining - 6.9%** |  |  |
| Cameco Corp. | 5625 | 435319 |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 518 | 104496 |
| NexGen Energy Ltd.<sup>(a)</sup> | 15181 | 119626 |
|  |  | 659441 |
| **Semiconductors - 16.1%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1222 | 198734 |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 646 | 89348 |
| Astera Labs, Inc.<sup>(a)</sup> | 931 | 169628 |
| Broadcom, Inc. | 1280 | 380659 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 1672 | 110987 |
| Marvell Technology, Inc. | 1482 | 93166 |
| NVIDIA Corp. | 2280 | 397131 |
| Rambus, Inc.<sup>(a)</sup> | 1388 | 102393 |
|  |  | 1542046 |
| **Software - 1.3%** |  |  |
| Nebius Group NV<sup>(a)</sup> | 1748 | 119423 |
| **Telecommunications - 1.7%** |  |  |
| DigitalBridge Group, Inc. | 7942 | 90618 |
| Preformed Line Products Co. | 385 | 73562 |
|  |  | 164180 |
| **TOTAL COMMON STOCKS** (Cost $9,457,087) |  | 9334549 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.9%** |  |  |
| Digital Realty Trust, Inc. | 551 | 92370 |
| Equinix, Inc. | 117 | 91984 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $186,940) |  | 184354 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 26036 | 26036 |
| **TOTAL MONEY MARKET FUNDS** (Cost $26,036) |  | 26036 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $9,670,063) |  | 9544939 |
| Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 3404 |
| **TOTAL NET ASSETS - 100.0%** |  | $9548343 |
| Percentages are stated as a percent of net assets. |  |  |

---

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 |  |  |
| &nbsp;&nbsp;4.25%, 10/15/2025<sup>(a)</sup> | $150000 | $149998 |
| &nbsp;&nbsp;3.88%, 01/15/2026<sup>(a)</sup> | 150000 | 149875 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $299,976) |  | 299873 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 52.2%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(b)(c)</sup> | 2920709 | 2920709 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,920,709) |  | 2920709 |
| **U.S. TREASURY BILLS - 40.5%** | **Par** |  |
| 4.18%, 11/06/2025<sup>(a)(d)</sup> | 715000 | 709733 |
| 4.06%, 02/19/2026<sup>(a)(d)</sup> | 717000 | 703937 |
| 4.04%, 07/09/2026<sup>(a)(d)</sup> | 730000 | 706634 |
| 3.83%, 08/06/2026<sup>(a)(d)</sup> | 153000 | 147694 |
| **TOTAL U.S. TREASURY BILLS** (Cost $2,266,225) |  | 2267998 |
| **TOTAL INVESTMENTS - 98.1%** (Cost $5,486,910) |  | 5488580 |
| Other Assets in Excess of Liabilities - 1.9% |  | 109079 |
| **TOTAL NET ASSETS - 100.0%** |  | $5597659 |
| Percentages are stated as a percent of net assets. |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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<sup>(a)(b)</sup> | $(5725260) | (180) | $(34380) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $39,731) |  |  | $(34380) |

---

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 | $14178 |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 466 | 25471 |
|  |  | 39649 |
| **Aerospace & Defense - 3.1%** |  |  |
| Boeing Co.<sup>(a)</sup> | 792 | 185867 |
| GE Aerospace | 1115 | 306848 |
| General Dynamics Corp. | 260 | 84388 |
| HEICO Corp. - Class A | 79 | 19356 |
| Howmet Aerospace, Inc. | 414 | 72077 |
| L3Harris Technologies, Inc. | 191 | 53026 |
| Lockheed Martin Corp. | 245 | 111629 |
| Northrop Grumman Corp. | 150 | 88506 |
| RTX Corp. | 1400 | 222040 |
| TransDigm Group, Inc. | 55 | 76938 |
|  |  | 1220675 |
| **Agriculture - 1.1%** |  |  |
| Altria Group, Inc. | 1765 | 118626 |
| Archer-Daniels-Midland Co. | 465 | 29127 |
| Philip Morris International, Inc. | 1629 | 272255 |
|  |  | 420008 |
| **Airlines - 0.3%** |  |  |
| Delta Air Lines, Inc. | 678 | 41887 |
| Southwest Airlines Co. | 675 | 22207 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 338 | 35490 |
|  |  | 99584 |
| **Apparel - 0.3%** |  |  |
| Deckers Outdoor Corp. <sup>(a)</sup> | 149 | 17825 |
| NIKE, Inc. - Class B | 1207 | 93385 |
|  |  | 111210 |
| **Auto Manufacturers - 0.6%** |  |  |
| Cummins, Inc. | 138 | 54985 |
| Ford Motor Co. | 3960 | 46609 |
| General Motors Co. | 1093 | 64039 |
| PACCAR, Inc. | 540 | 53989 |
|  |  | 219622 |
| **Auto Parts & Equipment - 0.0%<sup>(b)</sup>** |  |  |
| Aptiv PLC<sup>(a)</sup> | 227 | 18053 |
| **Banks - 7.0%** |  |  |
| Bank of America Corp. | 7894 | 400542 |
| Bank of New York Mellon Corp. | 753 | 79517 |
| Citigroup, Inc. | 1966 | 189857 |
| Citizens Financial Group, Inc. | 436 | 22794 |
| Fifth Third Bancorp | 663 | 30345 |
| First Citizens BancShares, Inc. - Class A | 9 | 17855 |
| Goldman Sachs Group, Inc. | 320 | 238480 |
| Huntington Bancshares, Inc. | 1465 | 26092 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| JPMorgan Chase & Co. | 2903 | 875022 |
| KeyCorp | 1141.0 | 22090 |
| M&T Bank Corp. | 160.0 | 32266 |
| Morgan Stanley | 1298.0 | 195323 |
| Northern Trust Corp. | 198.0 | 25993 |
| PNC Financial Services Group, Inc. | 408.0 | 84636 |
| Regions Financial Corp. | 893.0 | 24459 |
| State Street Corp. | 291.0 | 33456 |
| Truist Financial Corp. | 1362.0 | 63769 |
| US Bancorp | 1601.0 | 78177 |
| Wells Fargo & Co. | 3425.0 | 281466 |
|  |  | 2722139 |
| **Beverages - 1.7%** |  |  |
| Coca-Cola Co. | 4485.0 | 309420 |
| Coca-Cola Europacific Partners PLC | 248.0 | 22037 |
| Constellation Brands, Inc. - Class A | 161.0 | 26073 |
| Keurig Dr Pepper, Inc. | 1341.0 | 39010 |
| Monster Beverage Corp. <sup>(a)</sup> | 724.0 | 45185 |
| PepsiCo, Inc. | 1442.0 | 214353 |
|  |  | 656078 |
| **Biotechnology - 1.7%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 126.0 | 56260 |
| Amgen, Inc. | 560.0 | 161118 |
| Biogen, Inc.<sup>(a)</sup> | 145.0 | 19172 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 177.0 | 10314 |
| Corteva, Inc. | 708.0 | 52526 |
| Gilead Sciences, Inc. | 1312.0 | 148217 |
| Illumina, Inc.<sup>(a)</sup> | 153.0 | 15294 |
| Incyte Corp.<sup>(a)</sup> | 179.0 | 15145 |
| Moderna, Inc.<sup>(a)</sup> | 363.0 | 8745 |
| Regeneron Pharmaceuticals, Inc. | 106.0 | 61554 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 266.0 | 104011 |
|  |  | 652356 |
| **Building Materials - 0.9%** |  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 103.0 | 14284 |
| Carrier Global Corp. | 866.0 | 56463 |
| Johnson Controls International PLC | 683.0 | 73006 |
| Lennox International, Inc. | 31.0 | 17294 |
| Martin Marietta Materials, Inc. | 61.0 | 37601 |
| Masco Corp. | 216.0 | 15852 |
| Trane Technologies PLC | 233.0 | 96835 |
| Vulcan Materials Co. | 133.0 | 38724 |
|  |  | 350059 |
| **Chemicals - 1.5%** |  |  |
| Air Products and Chemicals, Inc. | 230.0 | 67645 |
| CF Industries Holdings, Inc. | 166.0 | 14381 |
| Dow, Inc. | 682.0 | 16798 |
| DuPont de Nemours, Inc. | 436.0 | 33537 |
| Ecolab, Inc. | 262.0 | 72584 |
| International Flavors & Fragrances, Inc. | 261.0 | 17620 |
| Linde PLC | 488.0 | 233406 |
| LyondellBasell Industries NV - Class A | 291.0 | 16398 |
| PPG Industries, Inc. | 226.0 | 25138 |
| Sherwin-Williams Co. | 242.0 | 88531 |
|  |  | 586038 |

---

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 | 128309 |
| Block, Inc. - Class A<sup>(a)</sup> | 537 | 42767 |
| Booz Allen Hamilton Holding Corp. | 127 | 13807 |
| Cintas Corp. | 377 | 79181 |
| Corpay, Inc.<sup>(a)</sup> | 73 | 23774 |
| Equifax, Inc. | 126 | 31034 |
| Global Payments, Inc. | 244 | 21672 |
| Moody's Corp. | 184 | 93796 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 1017 | 71383 |
| Quanta Services, Inc. | 153 | 57828 |
| Rollins, Inc. | 378 | 21372 |
| S&P Global, Inc. | 323 | 177146 |
| Toast, Inc. - Class A<sup>(a)</sup> | 467 | 21062 |
| TransUnion | 200 | 17680 |
| United Rentals, Inc. | 73 | 69813 |
| Verisk Analytics, Inc. | 144 | 38609 |
|  |  | 909233 |
| **Computers - 2.4%** |  |  |
| Accenture PLC - Class A | 655 | 170280 |
| Cognizant Technology Solutions Corp. - Class A | 512 | 36992 |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 249 | 105501 |
| CyberArk Software Ltd. <sup>(a)</sup> | 48 | 21757 |
| Dell Technologies, Inc. - Class C | 326 | 39821 |
| Fortinet, Inc.<sup>(a)</sup> | 686 | 54036 |
| Gartner, Inc.<sup>(a)</sup> | 75 | 18839 |
| Hewlett Packard Enterprise Co. | 1301 | 29364 |
| HP, Inc. | 953 | 27199 |
| International Business Machines Corp. | 972 | 236672 |
| Leidos Holdings, Inc. | 130 | 23520 |
| NetApp, Inc. | 210 | 23686 |
| Okta, Inc. - Class A<sup>(a)</sup> | 155 | 14379 |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 311 | 24137 |
| Seagate Technology Holdings PLC | 221 | 36995 |
| Super Micro Computer, Inc.<sup>(a)</sup> | 529 | 21975 |
| Western Digital Corp. | 363 | 29163 |
| Zscaler, Inc.<sup>(a)</sup> | 110 | 30476 |
|  |  | 944792 |
| **Cosmetics & Personal Care - 1.3%** |  |  |
| Colgate-Palmolive Co. | 830 | 69778 |
| Estee Lauder Cos., Inc. - Class A | 228 | 20915 |
| Kenvue, Inc. | 2002 | 41461 |
| Procter & Gamble Co. | 2459 | 386161 |
|  |  | 518315 |
| **Distribution & Wholesale - 0.4%** |  |  |
| Copart, Inc.<sup>(a)</sup> | 907 | 44271 |
| Fastenal Co. | 1194 | 59294 |
| WW Grainger, Inc. | 45 | 45607 |
|  |  | 149172 |
| **Diversified Financial Services - 6.4%** |  |  |
| American Express Co. | 743 | 246141 |
| Ameriprise Financial, Inc. | 102 | 52511 |
| Apollo Global Management, Inc. | 455 | 61985 |
| Ares Management Corp. - Class A | 207 | 37094 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Blackrock, Inc. | 151.0 | 170198 |
| Capital One Financial Corp. | 662.0 | 150420 |
| Charles Schwab Corp. | 1793.0 | 171841 |
| CME Group, Inc. - Class A | 376.0 | 100208 |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 204.0 | 62126 |
| Interactive Brokers Group, Inc. - Class A | 442.0 | 27510 |
| Intercontinental Exchange, Inc. | 597.0 | 105430 |
| LPL Financial Holdings, Inc. | 82.0 | 29887 |
| Mastercard, Inc. - Class A | 858.0 | 510759 |
| Nasdaq, Inc. | 477.0 | 45191 |
| Raymond James Financial, Inc. | 181.0 | 30669 |
| Synchrony Financial | 378.0 | 28856 |
| T Rowe Price Group, Inc. | 218.0 | 23461 |
| Visa, Inc. - Class A | 1793.0 | 630742 |
|  |  | 2485029 |
| **Electric - 3.2%** |  |  |
| Alliant Energy Corp. | 273.0 | 17764 |
| Ameren Corp. | 270.0 | 26941 |
| American Electric Power Co., Inc. | 548.0 | 60839 |
| CenterPoint Energy, Inc. | 657.0 | 24775 |
| CMS Energy Corp. | 298.0 | 21328 |
| Consolidated Edison, Inc. | 375.0 | 36836 |
| Constellation Energy Corp. | 326.0 | 100402 |
| Dominion Energy, Inc. | 888.0 | 53191 |
| DTE Energy Co. | 217.0 | 29653 |
| Duke Energy Corp. | 810.0 | 99217 |
| Edison International | 377.0 | 21161 |
| Entergy Corp. | 448.0 | 39464 |
| Evergy, Inc. | 225.0 | 16034 |
| Eversource Energy | 364.0 | 23322 |
| Exelon Corp. | 1051.0 | 45908 |
| FirstEnergy Corp. | 576.0 | 25125 |
| NextEra Energy, Inc. | 2202.0 | 158654 |
| NRG Energy, Inc. | 198.0 | 28821 |
| PG&E Corp. | 2173.0 | 33203 |
| PPL Corp. | 737.0 | 26878 |
| Public Service Enterprise Group, Inc. | 520.0 | 42812 |
| Sempra | 679.0 | 56058 |
| Southern Co. | 1153.0 | 106422 |
| Vistra Corp. | 347.0 | 65621 |
| WEC Energy Group, Inc. | 330.0 | 35148 |
| Xcel Energy, Inc. | 584.0 | 42276 |
|  |  | 1237853 |
| **Electrical Components & Equipment - 0.7%** |  |  |
| AMETEK, Inc. | 239.0 | 44167 |
| Eaton Corp. PLC | 420.0 | 146639 |
| Emerson Electric Co. | 580.0 | 76560 |
|  |  | 267366 |
| **Electronics - 1.4%** |  |  |
| Amphenol Corp. - Class A | 1261.0 | 137272 |
| Fortive Corp. | 362.0 | 17325 |
| Garmin Ltd. | 175.0 | 42319 |
| Honeywell International, Inc. | 673.0 | 147724 |
| Hubbell, Inc. | 54.0 | 23273 |
| Jabil, Inc. | 106.0 | 21712 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 177.0 | 28927 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 21.0 | 27322 |
| TE Connectivity PLC | 308.0 | 63602 |
| Trimble, Inc.<sup>(a)</sup> | 235.0 | 18993 |
|  |  | 528469 |
| **Energy - Alternate Sources - 0.0%<sup>(b)</sup>** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 96.0 | 18738 |
| **Engineering & Construction - 0.1%** |  |  |
| EMCOR Group, Inc. | 43.0 | 26660 |
| Jacobs Solutions, Inc. | 110.0 | 16085 |
|  |  | 42745 |
| **Entertainment - 0.1%** |  |  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 180.0 | 29968 |
| **Environmental Control - 0.4%** |  |  |
| Republic Services, Inc. | 222.0 | 51941 |
| Veralto Corp. | 232.0 | 24636 |
| Waste Management, Inc. | 412.0 | 93273 |
|  |  | 169850 |
| **Food - 0.9%** |  |  |
| Conagra Brands, Inc. | 464.0 | 8876 |
| General Mills, Inc. | 538.0 | 26540 |
| Hershey Co. | 146.0 | 26827 |
| Hormel Foods Corp. | 404.0 | 10278 |
| J M Smucker Co. | 96.0 | 10609 |
| Kellanova | 307.0 | 24406 |
| Kraft Heinz Co. | 1192.0 | 33340 |
| Kroger Co. | 720.0 | 48845 |
| McCormick & Co., Inc. | 243.0 | 17100 |
| Mondelez International, Inc. - Class A | 1354.0 | 83190 |
| Sysco Corp. | 505.0 | 40637 |
| Tyson Foods, Inc. - Class A | 265.0 | 15047 |
|  |  | 345695 |
| **Forest Products & Paper - 0.1%** |  |  |
| International Paper Co. | 601.0 | 29858 |
| **Gas - 0.1%** |  |  |
| Atmos Energy Corp. | 165.0 | 27411 |
| NiSource, Inc. | 455.0 | 19233 |
|  |  | 46644 |
| **Hand & Machine Tools - 0.0%<sup>(b)</sup>** |  |  |
| Stanley Black & Decker, Inc. | 154.0 | 11441 |
| **Healthcare - Products - 4.1%** |  |  |
| Abbott Laboratories | 1816.0 | 240911 |
| Agilent Technologies, Inc. | 288.0 | 36190 |
| Align Technology, Inc. <sup>(a)</sup> | 72.0 | 10221 |
| Baxter International, Inc. | 507.0 | 12518 |
| Boston Scientific Corp. <sup>(a)</sup> | 1546.0 | 163103 |
| Cooper Cos., Inc.<sup>(a)</sup> | 184.0 | 12401 |
| Danaher Corp. | 692.0 | 142427 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 581.0 | 47259 |
| GE HealthCare Technologies, Inc. | 474.0 | 34948 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Hologic, Inc.<sup>(a)</sup> | 224.0 | 15035 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 82.0 | 53061 |
| Insulet Corp.<sup>(a)</sup> | 72.0 | 24471 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 376.0 | 177959 |
| Medtronic PLC | 1350.0 | 125293 |
| Natera, Inc.<sup>(a)</sup> | 131.0 | 22041 |
| ResMed, Inc. | 147.0 | 40353 |
| Revvity, Inc. | 108.0 | 9732 |
| STERIS PLC | 101.0 | 24751 |
| Stryker Corp. | 375.0 | 146779 |
| Thermo Fisher Scientific, Inc. | 394.0 | 194132 |
| Waters Corp.<sup>(a)</sup> | 59.0 | 17806 |
| West Pharmaceutical Services, Inc. | 73.0 | 18027 |
| Zimmer Biomet Holdings, Inc. | 204.0 | 21644 |
|  |  | 1591062 |
| **Healthcare - Services - 1.7%** |  |  |
| Centene Corp.<sup>(a)</sup> | 510.0 | 14810 |
| Cigna Group | 276.0 | 83040 |
| Elevance Health, Inc. | 234.0 | 74564 |
| HCA Healthcare, Inc. | 185.0 | 74733 |
| Humana, Inc. | 122.0 | 37047 |
| ICON PLC<sup>(a)</sup> | 79.0 | 14057 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 171.0 | 32629 |
| Labcorp Holdings, Inc. | 80.0 | 22239 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 42.0 | 7595 |
| Quest Diagnostics, Inc. | 113.0 | 20525 |
| UnitedHealth Group, Inc. | 950.0 | 294376 |
|  |  | 675615 |
| **Home Builders - 0.3%** |  |  |
| DR Horton, Inc. | 313.0 | 53047 |
| Lennar Corp. - Class A | 231.0 | 30756 |
| NVR, Inc.<sup>(a)</sup> | 3.0 | 24353 |
| PulteGroup, Inc. | 206.0 | 27196 |
|  |  | 135352 |
| **Household Products & Wares - 0.2%** |  |  |
| Avery Dennison Corp. | 77.0 | 13217 |
| Church & Dwight Co., Inc. | 237.0 | 22079 |
| Clorox Co. | 126.0 | 14893 |
| Kimberly-Clark Corp. | 333.0 | 43004 |
|  |  | 93193 |
| **Insurance - 4.6%** |  |  |
| Aflac, Inc. | 521.0 | 55674 |
| Allstate Corp. | 271.0 | 55135 |
| American International Group, Inc. | 611.0 | 49686 |
| Aon PLC - Class A | 216.0 | 79272 |
| Arthur J Gallagher & Co. | 262.0 | 79320 |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1403.0 | 705681 |
| Brown & Brown, Inc. | 249.0 | 24141 |
| Chubb Ltd. | 416.0 | 114429 |
| Cincinnati Financial Corp. | 151.0 | 23194 |
| CNA Financial Corp. | 256.0 | 12685 |
| Fidelity National Financial, Inc. | 252.0 | 15087 |
| Hartford Insurance Group, Inc. | 290.0 | 38370 |
| Loews Corp. | 185.0 | 17908 |
| Markel Group, Inc. <sup>(a)</sup> | 13.0 | 25468 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Marsh & McLennan Cos., Inc. | 518.0 | 106610 |
| MetLife, Inc. | 620.0 | 50443 |
| Principal Financial Group, Inc. | 223.0 | 17954 |
| Progressive Corp. | 612.0 | 151201 |
| Prudential Financial, Inc. | 369.0 | 40464 |
| Travelers Cos., Inc. | 234.0 | 63533 |
| W R Berkley Corp. | 326.0 | 23371 |
| Willis Towers Watson PLC | 101.0 | 33006 |
|  |  | 1782632 |
| **Internet - 4.2%** |  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 433.0 | 56519 |
| Booking Holdings, Inc. | 32.0 | 179170 |
| CDW Corp. | 133.0 | 21913 |
| Coupang, Inc. - Class A<sup>(a)</sup> | 1392.0 | 39783 |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 351.0 | 86083 |
| eBay, Inc. | 466.0 | 42224 |
| Expedia Group, Inc. - Class A | 123.0 | 26420 |
| Gen Digital, Inc. | 598.0 | 18060 |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 148.0 | 21950 |
| Grab Holdings, Ltd. - Class A - Class A<sup>(a)</sup> | 2551.0 | 12730 |
| Netflix, Inc.<sup>(a)</sup> | 445.0 | 537671 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 691.0 | 131649 |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 584.0 | 21392 |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 767.0 | 79791 |
| Snap, Inc. - Class A<sup>(a)</sup> | 1238.0 | 8839 |
| Spotify Technology SA<sup>(a)</sup> | 164.0 | 111828 |
| Uber Technologies, Inc.<sup>(a)</sup> | 2109.0 | 197719 |
| VeriSign, Inc. | 96.0 | 26244 |
|  |  | 1619985 |
| **Iron & Steel - 0.1%** |  |  |
| Nucor Corp. | 227.0 | 33762 |
| Steel Dynamics, Inc. | 148.0 | 19376 |
|  |  | 53138 |
| **Leisure Time - 0.3%** |  |  |
| Carnival Corp.<sup>(a)</sup> | 1127.0 | 35940 |
| Royal Caribbean Cruises Ltd. | 255.0 | 92621 |
|  |  | 128561 |
| **Lodging - 0.4%** |  |  |
| Hilton Worldwide Holdings, Inc. | 243.0 | 67082 |
| Las Vegas Sands Corp. | 382.0 | 22015 |
| Marriott International, Inc. - Class A | 235.0 | 62947 |
|  |  | 152044 |
| **Machinery - Construction & Mining - 1.1%** |  |  |
| Caterpillar, Inc. | 492.0 | 206168 |
| GE Vernova, Inc. | 294.0 | 180213 |
| Vertiv Holdings Co. - Class A | 388.0 | 49489 |
|  |  | 435870 |
| **Machinery - Diversified - 0.9%** |  |  |
| Deere & Co. | 261.0 | 124925 |
| Dover Corp. | 138.0 | 24683 |
| IDEX Corp. | 74.0 | 12173 |
| Ingersoll Rand, Inc. | 417.0 | 33122 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Otis Worldwide Corp. | 409 | 35329 |
| Rockwell Automation, Inc. | 114 | 39151 |
| Westinghouse Air Brake Technologies Corp. | 175 | 33863 |
| Xylem, Inc. | 250 | 35390 |
|  |  | 338636 |
| **Media - 1.2%** |  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 107 | 28417 |
| Comcast Corp. - Class A | 3912 | 132891 |
| FactSet Research Systems, Inc. | 37 | 13813 |
| Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 228 | 22777 |
| Walt Disney Co. | 1885 | 223146 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 2548 | 29659 |
|  |  | 450703 |
| **Mining - 0.5%** |  |  |
| Anglogold Ashanti PLC | 525 | 29747 |
| Freeport-McMoRan, Inc. | 1489 | 66112 |
| Newmont Corp. | 1161 | 86378 |
| Southern Copper Corp. | 119 | 11449 |
|  |  | 193686 |
| **Miscellaneous Manufacturing - 1.0%** |  |  |
| 3M Co. | 558 | 86786 |
| Axon Enterprise, Inc. <sup>(a)</sup> | 77 | 57541 |
| Carlisle Cos., Inc. | 42 | 16207 |
| Illinois Tool Works, Inc. | 304 | 80454 |
| Parker-Hannifin Corp. | 128 | 97197 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 46 | 24756 |
| Textron, Inc. | 174 | 13948 |
|  |  | 376889 |
| **Office - Business Equipment - 0.0%<sup>(b)</sup>** |  |  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 49 | 15537 |
| **Oil & Gas - 3.5%** |  |  |
| Chevron Corp. | 1832 | 294219 |
| ConocoPhillips | 1323 | 130937 |
| Coterra Energy, Inc. | 726 | 17743 |
| Devon Energy Corp. | 618 | 22310 |
| Diamondback Energy, Inc. | 192 | 28562 |
| EOG Resources, Inc. | 565 | 70523 |
| EQT Corp. | 590 | 30586 |
| Expand Energy Corp. | 218 | 21098 |
| Exxon Mobil Corp. | 4514 | 515905 |
| Marathon Petroleum Corp. | 312 | 56070 |
| Occidental Petroleum Corp. | 1024 | 48753 |
| Phillips 66 | 420 | 56104 |
| Texas Pacific Land Corp. | 23 | 21470 |
| Valero Energy Corp. | 323 | 49099 |
|  |  | 1363379 |
| **Oil & Gas Services - 0.3%** |  |  |
| Baker Hughes Co. | 1032 | 46853 |
| Halliburton Co. | 876 | 19911 |
| Schlumberger NV | 1402 | 51650 |
|  |  | 118414 |

---

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 | 2402 | 20729 |
| Ball Corp. | 301 | 15845 |
| Packaging Corp. of America | 84 | 18309 |
|  |  | 54883 |
| **Pharmaceuticals - 6.2%** |  |  |
| AbbVie, Inc. | 1851 | 389450 |
| Becton Dickinson & Co. | 300 | 57894 |
| Bristol-Myers Squibb Co. | 2181 | 102900 |
| Cardinal Health, Inc. | 248 | 36897 |
| Cencora, Inc. | 188 | 54823 |
| CVS Health Corp. | 1319 | 96485 |
| Dexcom, Inc.<sup>(a)</sup> | 381 | 28704 |
| Eli Lilly & Co. | 891 | 652729 |
| Johnson & Johnson | 2524 | 447177 |
| McKesson Corp. | 128 | 87890 |
| Merck & Co., Inc. | 2685 | 225862 |
| Pfizer, Inc. | 6106 | 151184 |
| Viatris, Inc. | 1172 | 12365 |
| Zoetis, Inc. | 457 | 71475 |
|  |  | 2415835 |
| **Pipelines - 0.7%** |  |  |
| Cheniere Energy, Inc. | 229 | 55377 |
| Kinder Morgan, Inc. | 2099 | 56631 |
| ONEOK, Inc. | 673 | 51404 |
| Targa Resources Corp. | 216 | 36236 |
| Williams Cos., Inc. | 1267 | 73334 |
|  |  | 272982 |
| **Private Equity - 0.6%** |  |  |
| Blackstone, Inc. | 761 | 130435 |
| KKR & Co., Inc. | 726 | 101270 |
|  |  | 231705 |
| **Real Estate - 0.2%** |  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 301 | 48798 |
| CoStar Group, Inc.<sup>(a)</sup> | 435 | 38928 |
|  |  | 87726 |
| **Retail - 6.5%** |  |  |
| AutoZone, Inc.<sup>(a)</sup> | 17 | 71375 |
| Best Buy Co., Inc. | 225 | 16569 |
| Burlington Stores, Inc.<sup>(a)</sup> | 63 | 18313 |
| Carvana Co.<sup>(a)</sup> | 124 | 46118 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1396 | 58827 |
| Costco Wholesale Corp. | 463 | 436757 |
| Darden Restaurants, Inc. | 119 | 24626 |
| Dollar General Corp. | 223 | 24253 |
| Dollar Tree, Inc.<sup>(a)</sup> | 216 | 23581 |
| Domino's Pizza, Inc. | 33 | 15124 |
| Genuine Parts Co. | 145 | 20203 |
| Home Depot, Inc. | 1047 | 425888 |
| Lowe's Cos., Inc. | 609 | 157159 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 101 | 20422 |
| McDonald's Corp. | 749 | 234841 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 55 | 5702 |
| Ross Stores, Inc. | 333 | 49004 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Starbucks Corp. | 1189 | 104858 |
| Target Corp. | 471.0 | 45207 |
| TJX Cos., Inc. | 1196.0 | 163386 |
| Tractor Supply Co. | 522.0 | 32239 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 44.0 | 21680 |
| Walmart, Inc. | 4573.0 | 443490 |
| Williams-Sonoma, Inc. | 120.0 | 22583 |
| Yum! Brands, Inc. | 290.0 | 42621 |
|  |  | 2524826 |
| **Semiconductors - 7.8%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1691.0 | 275007 |
| Analog Devices, Inc. | 519.0 | 130430 |
| Applied Materials, Inc. | 838.0 | 134717 |
| Broadcom, Inc. | 4840.0 | 1439368 |
| Entegris, Inc. | 148.0 | 12393 |
| GlobalFoundries, Inc. <sup>(a)</sup> | 107.0 | 3573 |
| Intel Corp. | 4552.0 | 110841 |
| KLA Corp. | 136.0 | 118592 |
| Lam Research Corp. | 1340.0 | 134201 |
| Marvell Technology, Inc. | 904.0 | 56830 |
| Microchip Technology, Inc. | 552.0 | 35880 |
| Micron Technology, Inc. | 1167.0 | 138885 |
| Monolithic Power Systems, Inc. | 46.0 | 38445 |
| ON Semiconductor Corp. <sup>(a)</sup> | 407.0 | 20183 |
| QUALCOMM, Inc. | 1152.0 | 185161 |
| Skyworks Solutions, Inc. | 155.0 | 11616 |
| Teradyne, Inc. | 158.0 | 18682 |
| Texas Instruments, Inc. | 951.0 | 192558 |
|  |  | 3057362 |
| **Software - 7.8%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 445.0 | 158731 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 147.0 | 11632 |
| AppLovin Corp. - Class A<sup>(a)</sup> | 225.0 | 107683 |
| Atlassian Corp. - Class A<sup>(a)</sup> | 168.0 | 29867 |
| Autodesk, Inc.<sup>(a)</sup> | 219.0 | 68919 |
| Broadridge Financial Solutions, Inc. | 119.0 | 30419 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 281.0 | 98471 |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 316.0 | 65952 |
| Datadog, Inc. - Class A<sup>(a)</sup> | 319.0 | 43601 |
| Docusign, Inc.<sup>(a)</sup> | 187.0 | 14335 |
| Duolingo, Inc.<sup>(a)</sup> | 36.0 | 10723 |
| Electronic Arts, Inc. | 241.0 | 41440 |
| Fair Isaac Corp.<sup>(a)</sup> | 23.0 | 34998 |
| Fidelity National Information Services, Inc. | 527.0 | 36790 |
| Fiserv, Inc.<sup>(a)</sup> | 570.0 | 78763 |
| Guidewire Software, Inc.<sup>(a)</sup> | 86.0 | 18664 |
| HubSpot, Inc.<sup>(a)</sup> | 50.0 | 24158 |
| Intuit, Inc. | 282.0 | 188094 |
| Jack Henry & Associates, Inc. | 75.0 | 12245 |
| MongoDB, Inc.<sup>(a)</sup> | 82.0 | 25880 |
| MSCI, Inc. | 80.0 | 45418 |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 264.0 | 17743 |
| Oracle Corp. | 1731.0 | 391431 |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 2211.0 | 346486 |
| Paychex, Inc. | 327.0 | 45602 |
| PTC, Inc.<sup>(a)</sup> | 121.0 | 25833 |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 603.0 | 75128 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Roper Technologies, Inc. | 109 | 57368 |
| Salesforce, Inc. | 980 | 251125 |
| ServiceNow, Inc.<sup>(a)</sup> | 219 | 200924 |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 329 | 78519 |
| SS&C Technologies Holdings, Inc. | 225 | 19948 |
| Strategy, Inc. - Class A<sup>(a)</sup> | 261 | 87281 |
| Synopsys, Inc.<sup>(a)</sup> | 160 | 96563 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 170 | 39656 |
| Twilio, Inc. - Class A<sup>(a)</sup> | 148 | 15630 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 43 | 24204 |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 152 | 40918 |
| Workday, Inc. - Class A<sup>(a)</sup> | 223 | 51473 |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 247 | 20111 |
|  |  | 3032726 |
| **Telecommunications - 2.9%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 1083 | 147884 |
| AT&T, Inc. | 7598 | 222545 |
| Cisco Systems, Inc. | 4223 | 291767 |
| Corning, Inc. | 809 | 54227 |
| Motorola Solutions, Inc. | 172 | 81263 |
| T-Mobile US, Inc. | 506 | 127507 |
| Ubiquiti, Inc. | 4 | 2113 |
| Verizon Communications, Inc. | 4477 | 198018 |
|  |  | 1125324 |
| **Transportation - 1.1%** |  |  |
| CSX Corp. | 1951 | 63427 |
| Expeditors International of Washington, Inc. | 139 | 16755 |
| FedEx Corp. | 229 | 52915 |
| JB Hunt Transport Services, Inc. | 84 | 12179 |
| Norfolk Southern Corp. | 234 | 65515 |
| Old Dominion Freight Line, Inc. | 184 | 27779 |
| Union Pacific Corp. | 632 | 141296 |
| United Parcel Service, Inc. - Class B | 748 | 65405 |
|  |  | 445271 |
| **Water - 0.1%** |  |  |
| American Water Works Co., Inc. | 199 | 28559 |
| **TOTAL COMMON STOCKS** (Cost $35,037,192) |  | 37632534 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.8%** |  |  |
| Alexandria Real Estate Equities, Inc. | 166 | 13685 |
| American Tower Corp. | 487 | 99275 |
| Annaly Capital Management, Inc. | 545 | 11549 |
| AvalonBay Communities, Inc. | 148 | 28986 |
| Camden Property Trust | 97 | 10862 |
| Crown Castle, Inc. | 452 | 44811 |
| Digital Realty Trust, Inc. | 347 | 58171 |
| Equinix, Inc. | 101 | 79405 |
| Equity LifeStyle Properties, Inc. | 177 | 10671 |
| Equity Residential | 373 | 24663 |
| Essex Property Trust, Inc. | 62 | 16753 |
| Extra Space Storage, Inc. | 219 | 31444 |
| Healthpeak Properties, Inc. | 679 | 12181 |
| Host Hotels & Resorts, Inc. | 682 | 11737 |
| Invitation Homes, Inc. | 598 | 18712 |
| Iron Mountain, Inc. | 293 | 27053 |
| Mid-America Apartment Communities, Inc. | 119 | 17353 |

---

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

---

| | |
|:---|:---|
| **Schedule of Investments** | **Defiance ETFs** |

---

August 31, 2025

---

| | | |
|:---|:---|:---|
| Prologis, Inc. | 964 | 109684 |
| Public Storage | 160 | 47134 |
| Realty Income Corp. | 942 | 55352 |
| Regency Centers Corp. | 171 | 12398 |
| SBA Communications Corp. | 108 | 22124 |
| Simon Property Group, Inc. | 335 | 60521 |
| Sun Communities, Inc. | 129 | 16366 |
| UDR, Inc. | 314 | 12425 |
| Ventas, Inc. | 467 | 31793 |
| VICI Properties, Inc. | 1100 | 37158 |
| Welltower, Inc. | 690 | 116113 |
| Weyerhaeuser Co. | 731 | 18911 |
| WP Carey, Inc. | 217 | 14561 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,075,218) |  | 1071851 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.5%** |  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 203039 | 203039 |
| **TOTAL MONEY MARKET FUNDS** (Cost $203,039) |  | 203039 |
| **TOTAL INVESTMENTS - 99.8%** (Cost $36,315,449) |  | 38907424 |
| Other Assets in Excess of Liabilities - 0.2% |  | 86782 |
| **TOTAL NET ASSETS - 100.0%** |  | $38994206 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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<sup>(a)(b)</sup> |  | 48955 | $27923932 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $24,025,820) |  |  | 27923932 |
| **PURCHASED OPTIONS - 0.4%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.4%** |  |  |  |
| Nasdaq 100 Stock Index, Expiration: 09/02/2025; Exercise Price: $23,462.25<sup>(c)(d)(e)(f)</sup> | $30440046 | 13 | 102882 |
| **TOTAL PURCHASED OPTIONS** (Cost $102,890) |  |  | 102882 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 1.4%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> |  | 383956 | 383956 |
| **TOTAL MONEY MARKET FUNDS** (Cost $383,956) |  |  | 383956 |
| **TOTAL INVESTMENTS - 101.8%** (Cost $24,512,666) |  |  | 28410770 |
| Liabilities in Excess of Other Assets - (1.8)% |  |  | (494643) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $27916127 |

---

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<sup>(a)(b)(c)</sup> | $(30440046) | (13) | $(130897) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $130,889) |  |  | $(130897) |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/2025 | $3871000 | $3870938 |
| &nbsp;&nbsp;&nbsp;3.88%, 01/15/2026<sup>(a)</sup> | 39349000 | 39316296 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $43,097,062) |  | 43187234 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 52.0%** |  |  |
| 4.19%, 11/06/2025<sup>(a)(b)</sup> | 14515000 | 14408073 |
| 3.99%, 02/19/2026<sup>(a)(b)</sup> | 23253000 | 22829355 |
| 4.05%, 07/09/2026<sup>(a)(b)</sup> | 36150000 | 34992929 |
| 3.84%, 08/06/2026<sup>(a)(b)</sup> | 25211000 | 24336642 |
| **TOTAL U.S. TREASURY BILLS** (Cost $96,496,266) |  | 96566999 |
| **MONEY MARKET FUNDS - 9.1%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 16995780 | 16995780 |
| **TOTAL MONEY MARKET FUNDS** (Cost $16,995,780) |  | 16995780 |
| **TOTAL INVESTMENTS - 84.3%** (Cost $156,589,108) |  | 156750013 |
| Other Assets in Excess of Liabilities - 15.7% |  | 29288552 |
| **TOTAL NET ASSETS - 100.0%** |  | $186038565 |

---

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<sup>(a)(b)</sup> | $(194347986) | (83) | $(978985) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,078,948) |  |  | $(978985) |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/2025<sup>(a)</sup> | $6848000 | $6847892 |
| &nbsp;&nbsp;&nbsp;3.88%, 01/15/2026<sup>(a)</sup> | 7966000 | 7959379 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $14,804,455) |  | 14807271 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 52.6%** |  |  |
| 4.19%, 11/06/2025<sup>(a)(b)</sup> | 5336000 | 5296692 |
| 4.01%, 02/19/2026<sup>(a)(b)</sup> | 10212000 | 10025948 |
| 4.02%, 07/09/2026<sup>(a)(b)</sup> | 9686000 | 9375975 |
| 3.83%, 08/06/2026<sup>(a)(b)</sup> | 5721000 | 5522586 |
| **TOTAL U.S. TREASURY BILLS** (Cost $30,203,209) |  | 30221201 |
| **MONEY MARKET FUNDS - 15.9%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 9113067 | 9113067 |
| **TOTAL MONEY MARKET FUNDS** (Cost $9,113,067) |  | 9113067 |
| **TOTAL INVESTMENTS - 94.3%** (Cost $54,120,731) |  | 54141539 |
| Other Assets in Excess of Liabilities - 5.7% |  | 3248528 |
| **TOTAL NET ASSETS - 100.0%** |  | $57390067 |

---

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 |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration: 09/03/2025; Exercise Price: $75.00<sup>(a)(b)</sup> | $(28439200) | (3800) | $(266000) |
| &nbsp;&nbsp;&nbsp;Expiration: 09/03/2025; Exercise Price: $76.00<sup>(a)(b)</sup> | (28813400) | (3850) | (529375) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $787,502) |  |  | $(795375) |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/2025<sup>(a)</sup> | $7991000 | $7990873 |
| &nbsp;&nbsp;&nbsp;3.88%, 01/15/2026<sup>(a)</sup> | 20819000 | 20801697 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $28,740,750) |  | 28792570 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 55.8%** |  |  |
| 4.20%, 11/06/2025<sup>(a)(b)</sup> | 14485000 | 14378294 |
| 3.98%, 02/19/2026<sup>(a)(b)</sup> | 19426000 | 19072079 |
| 4.03%, 07/09/2026<sup>(a)(b)</sup> | 27501000 | 26620761 |
| 3.85%, 08/06/2026<sup>(a)(b)</sup> | 19655000 | 18973333 |
| **TOTAL U.S. TREASURY BILLS** (Cost $78,991,972) |  | 79044467 |
| **MONEY MARKET FUNDS - 9.0%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 12791723 | 12791723 |
| **TOTAL MONEY MARKET FUNDS** (Cost $12,791,723) |  | 12791723 |
| **TOTAL INVESTMENTS - 85.1%** (Cost $120,524,445) |  | 120628760 |
| Other Assets in Excess of Liabilities - 14.9% |  | 21178142 |
| **TOTAL NET ASSETS - 100.0%** |  | $141806902 |

---

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<sup>(a)(b)</sup> | $(148847692) | (629) | $(918340) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $949,397) |  |  | $(918340) |

---

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<sup>(a)(b)</sup> |  | 171370 | $111102599 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $95,864,260) |  |  | 111102599 |
| **PURCHASED OPTIONS - 0.2%** | **Notional Amount** | **Contracts** |  |
| **Call Options - 0.2%** |  |  |  |
| S&P 500 Index, Expiration: 09/02/2025; Exercise Price: $6,473.18 **<sup>(c)</sup>**<sup>(d)(e)(f)</sup> | $124036992 | 192 | 223296 |
| **TOTAL PURCHASED OPTIONS** (Cost $223,416) |  |  | 223296 |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| **MONEY MARKET FUNDS - 0.1%** |  | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(g)</sup> |  | 57231 | 57231 |
| **TOTAL MONEY MARKET FUNDS** (Cost $57,231) |  |  | 57231 |
| **TOTAL INVESTMENTS - 100.2%** (Cost $96,144,907) |  |  | 111383126 |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (218987) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $111164139 |

---

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 $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<sup>(a)(b)(c)</sup> | $(124036992) | (192) | $(334848) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $334,728) |  |  | $(334848) |

---

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 |  |  |
| &nbsp;&nbsp;4.25%, 10/15/2025<sup>(a)</sup> | $4525000 | $4524928 |
| &nbsp;&nbsp;3.88%, 01/15/2026<sup>(a)</sup> | 13838000 | 13826499 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $18,316,757) |  | 18351427 |
| **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 54.8%** |  |  |
| 4.20%, 11/06/2025<sup>(a)(b)</sup> | 8893000 | 8827488 |
| 4.01%, 02/19/2026<sup>(a)(b)</sup> | 8923000 | 8760432 |
| 4.06%, 07/09/2026<sup>(a)(b)</sup> | 14306000 | 13848101 |
| 3.83%, 08/06/2026<sup>(a)(b)</sup> | 8951000 | 8640565 |
| **TOTAL U.S. TREASURY BILLS** (Cost $40,046,925) |  | 40076586 |
| **MONEY MARKET FUNDS - 5.0%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 3687566 | 3687566 |
| **TOTAL MONEY MARKET FUNDS** (Cost $3,687,566) |  | 3687566 |
| **TOTAL INVESTMENTS - 84.9%** (Cost $62,051,248) |  | 62115579 |
| Other Assets in Excess of Liabilities - 15.1% |  | 11011223 |
| **TOTAL NET ASSETS - 100.0%** |  | $73126802 |

---

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<sup>(a)(b)</sup> | $(76877094) | (119) | $(266560) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $281,156) |  |  | $(266560) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Defiance AI &**<br>**Power**<br>**Infrastructure ETF** | <br>**Defiance Gold**<br>**Enhanced Options**<br>**Income ETF** | <br>**Defiance Large**<br>**Cap ex-Mag 7 ETF** | <br>**Defiance Nasdaq**<br>**100 Income Target**<br>**ETF** | **Defiance Nasdaq**<br>**100 Enhanced**<br>**Options & 0DTE**<br>**Income ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $9544939 | $5488580 | $38907424 | $28410770 | $156750013 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1005090 |  | 541585 |  | 629590 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 2343 | 9027 | 47967 | 1765 | 54352 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 39731 |  | 130889 | 1078948 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  |  | 53 |  |  |
| &nbsp;&nbsp;&nbsp;Interest receivable |  | 3179 |  |  | 262794 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for option contracts |  | 96507 |  |  | 31253541 |
| &nbsp;&nbsp;&nbsp;Receivable for transaction fee |  |  |  |  | 126 |
| Total assets | 10552372 | 5637024 | 39497029 | 28543424 | 190029364 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options contracts, at value |  | 34380 |  | 130897 | 978985 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1000235 | 769 | 491924 | 102890 | 2860091 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 3794 | 4216 | 10899 | 19107 | 150268 |
| &nbsp;&nbsp;&nbsp;Interest payable |  |  |  | 74 | 1455 |
| &nbsp;&nbsp;&nbsp;Due to broker |  |  |  | 374329 |  |
| Total liabilities | 1004029 | 39365 | 502823 | 627297 | 3990799 |
| **NET ASSETS** | $9548343 | $5597659 | $38994206 | $27916127 | $186038565 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $9673360 | $5595989 | $36208687 | $27900571 | $185877660 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (125017) | 1670 | 2785519 | 15556 | 160905 |
| Total net assets | $9548343 | $5597659 | $38994206 | $27916127 | $186038565 |
| &nbsp;&nbsp;&nbsp;Net assets | $9548343 | $5597659 | $38994206 | $27916127 | $186038565 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 475000 | 325000 | 1800000 | 1550000 | 7383308 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $20.10 | $17.22 | $21.66 | $18.01 | $25.20 |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $9670063 | $5486910 | $36315449 | $24512666 | $156589108 |
| **PROCEEDS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $— | $39731 | $— | $130889 | $1078948 |

---

(a) Unlimited shares authorized without par value.

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Defiance Oil**<br>**Enhanced Options**<br>**Income ETF** | **Defiance R2000**<br>**Enhanced Options**<br>**& 0DTE Income**<br>**ETF** |<br>**Defiance S&P 500**<br>**Income Target ETF** | **Defiance S&P 500**<br>**Enhanced Options**<br>**& 0DTE Income**<br>**ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Note 2) | $54141539 | $120628760 | $111383126 | $62115579 |
| &nbsp;&nbsp;&nbsp;Deposit at broker for option contracts | 3265342 | 22133365 | 83167 | 11552175 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 787502 | 949397 | 334728 | 281156 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 150794 | 234207 |  | 142979 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 25809 | 59009 | 1356 | 14539 |
| Total assets | 58370986 | 144004738 | 111802377 | 74106428 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options contracts, at value | 795375 | 918340 | 334848 | 266560 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 139799 | 1165546 | 223416 | 651516 |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 45745 | 113950 | 79943 | 61550 |
| &nbsp;&nbsp;&nbsp;Interest payable |  |  | 31 |  |
| Total liabilities | 980919 | 2197836 | 638238 | 979626 |
| **NET ASSETS** | $57390067 | $141806902 | $111164139 | $73126802 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $57369259 | $141702587 | $111164139 | $73062471 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 20808 | 104315 | 0 | 64331 |
| Total net assets | $57390067 | $141806902 | $111164139 | $73126802 |
| &nbsp;&nbsp;&nbsp;Net assets | $57390067 | $141806902 | $111164139 | $73126802 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 6800000 | 6141648 | 6075000 | 2174979 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $8.44 | $23.09 | $18.30 | $33.62 |
| **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $54120731 | $120524445 | $96144907 | $62051248 |
| **PROCEEDS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options premium received | $787502 | $949397 | $334728 | $281156 |

---

(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 &**<br> **Power** <br> **Infrastructure<br> ETF<sup>(a)</sup>** | **Defiance Gold<br> Enhanced Options <br> Income ETF<sup>(b)</sup>** | **Defiance Large Cap**<br> **ex-Mag 7 ETF<sup>(c)</sup>**  | **Defiance Nasdaq 100**<br> **Income Target ETF**  | **Defiance Nasdaq 100**<br> **Enhanced Options**<br> **& 0DTE Income**<br> **ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $3799 | $26053 | $361456 | $117067 | $230738 |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  |  | (231) |  |  |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees |  |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income |  | 21517 |  |  | 7050020 |
| Total investment income | 3799 | 47570 | 361221 | 117067 | 7280758 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 3871 | 10933 | 74397 | 168796 | 1645395 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 261 |  | 29357 | 38770 |
| Total expenses | 3871 | 11194 | 74397 | 198153 | 1684165 |
| **NET INVESTMENT INCOME/(LOSS)** | (72) | 36376 | 286824 | (81086) | 5596593 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 179 |  | (73454) | 886144 | 180644 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions |  |  | 231066 |  |  |
| &nbsp;&nbsp;&nbsp;Written options contracts |  | 96000 |  | (1747412**)** | 9179631 |
| Net realized gain (loss) | 179 | 96000 | 157612 | (861268) | 9360275 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (125124) | 1670 | 2591975 | 3715333 | (640171) |
| &nbsp;&nbsp;&nbsp;Written options contracts |  | 5351 |  | (4067) | 239517 |
| Net change in unrealized appreciation (depreciation) | (125124) | 7021 | 2591975 | 3711266 | (400654**)** |
| Net realized and unrealized gain (loss) | (124945) | 103021 | 2749587 | 2849998 | 8959621 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(125017) | $139397 | $**3036411** | $**2768912** | $**14556214** |

---

(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** | &nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For the Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Defiance Oil**<br>**Enhanced Options**<br>**Income ETF** | **Defiance R2000**<br>**Enhanced Options**<br>**& 0DTE Income**<br>**ETF** | <br>**Defiance S&P 500**<br>**Income Target ETF** | **Defiance S&P 500**<br>**Enhanced Options**<br>**& 0DTE Income**<br>**ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $102328 | $227899 | $1178822 | $66814 |
| &nbsp;&nbsp;&nbsp;Interest income | 1093750 | 4904590 | 237 | 3316444 |
| Total investment income | 1196078 | 5132489 | 1179059 | 3383258 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 283761 | 1158296 | 782212 | 757422 |
| &nbsp;&nbsp;&nbsp;Interest expense | 34991 | 71164 | 37989 | 29151 |
| Total expenses | 318752 | 1229460 | 820201 | 786573 |
| **NET INVESTMENT INCOME** | 877326 | 3903029 | 358858 | 2596685 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (742944) | 41585 | 3057885 | 123037 |
| &nbsp;&nbsp;&nbsp;Written options contracts | 1899331 | 6948097 | (5892871) | 4185669 |
| Net realized gain (loss) | 1156387 | 6989682 | (2834986) | 4308706 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (16106) | (344542) | 12606550 | (350836) |
| &nbsp;&nbsp;&nbsp;Written options contracts | 11453 | 273034 | 15590 | 62305 |
| Net change in unrealized appreciation (depreciation) | (4653) | (71508) | 12622140 | (288531) |
| Net realized and unrealized gain (loss) | 1151734 | 6918174 | 9787154 | 4020175 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $2029060 | $10821203 | $10146012 | $6616860 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Defiance ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Defiance AI &<br> Power <br> Infrastructure<br> ETF**<br>**Period ended<br> August 31, 2025<sup>(a)</sup>** | **Defiance Gold<br> Enhanced Options<br> Income ETF**<br>**Period ended <br> August 31, 2025<sup>(b)</sup>** | **Defiance Large<br> Cap ex-Mag 7 ETF**<br>**Period ended <br> August 31, 2025<sup>(c)</sup>** |
| **OPERATIONS:** | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(72) | $36376 | $286824 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 179 | 96000 | 157612 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (125124) | 7021 | 2591975 |
| Net increase (decrease) in net assets from operations | (125017) | 139397 | 3036411 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings |  | (137727) | (22320) |
| &nbsp;&nbsp;&nbsp;From return of capital |  | (324956) |  |
| Total distributions to shareholders |  | (462683) | (22320) |
| **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 9673360 | 5920945 | 37517998 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (1537883) |
| Net increase (decrease) in net assets from capital transactions | 9673360 | 5920945 | 35980115 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 9548343 | 5597659 | 38994206 |
| **NET ASSETS:** |  |  |  |
| Beginning of the period |  |  |  |
| End of the period | $9548343 | $5597659 | $38994206 |
| **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 475000 | 325000 | 1875000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (75000) |
| Total increase (decrease) in shares outstanding | 475000 | 325000 | 1800000 |

---

(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 Income Target** | **Defiance Nasdaq 100 Enhanced** | **Defiance Nasdaq 100 Enhanced** |
|  | **ETF** | **ETF** | **Options & 0DTE Income ETF** | **Options & 0DTE Income ETF** |
|  | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(a)</sup>** | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(81086) | $(3883) | $5596593 | $8738005 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (861268) | (161381) | 9360275 | 26903147 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3711266 | 186830 | (400654) | 661522 |
| Net increase (decrease) in net assets from operations | 2768912 | 21566 | 14556214 | 36302674 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (2616172) | (158750) | (15154919) | (35543064) |
| &nbsp;&nbsp;&nbsp;From return of capital | (1347786) |  | (76104934) | (91578333) |
| Total distributions to shareholders | (3963958) | (158750) | (91259853) | (127121397) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16610987 | 12630098 | 130549133 | 415864110 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (79521483) | (113477715) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 4983 | 2289 | 42014 | 104868 |
| Net increase (decrease) in net assets from capital transactions | 16615970 | 12632387 | 51069664 | 302491263 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 15420924 | 12495203 | (25633975) | 211672540 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 12495203 |  | 211672540 |  |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **Defiance ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defiance Nasdaq 100 Income Target** <br> **ETF** | **Defiance Nasdaq 100 Income Target** <br> **ETF** | **Defiance Nasdaq 100 Enhanced** <br> **Options & 0DTE Income ETF**  | **Defiance Nasdaq 100 Enhanced** <br> **Options & 0DTE Income ETF**  |
|  | **Year ended**<br> **August 31, 2025** | **Period ended**<br> **August 31, 2024<sup>(a)</sup>** | **Year ended**<br> **August 31, 2025** | **Period ended**<br> **August 31, 2024<sup>(b)</sup>** |
| End of the period | $27916127 | $12495203 | $186038565 | $211672540 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 900000 | 650000 | 4525000 | 22825000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (2475000) | (5825025) |
| &nbsp;&nbsp;&nbsp;Reverse stock split (Note 9) |  |  |  | (11666667) |
| Total increase (decrease) in shares outstanding | 900000 | 650000 | 2050000 | 5333308 |

---

(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 Oil Enhanced Options Income** | **Defiance R2000 Enhanced Options &** | **Defiance R2000 Enhanced Options &** |
|  | **ETF** | **ETF** | **0DTE Income ETF** | **0DTE Income ETF** |
|  | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(a)</sup>** | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $877326 | $85746 | $3903029 | $3875765 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1156387 | (836664) | 6989682 | 7304987 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4653) | 17588 | (71508) | 206880 |
| Net increase (decrease) in net assets from operations | 2029060 | (733330) | 10821203 | 11387632 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (1189176) | (85746) | (11141547) | (10962973) |
| &nbsp;&nbsp;&nbsp;From return of capital | (21338379) | (821017) | (64913865) | (59894642) |
| Total distributions to shareholders | (22527555) | (906763) | (76055412) | (70857615) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70133013 | 14173722 | 106889570 | 253612778 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4795400) |  | (31198750) | (62882921) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 14985 | 2335 | 27618 | 62799 |
| Net increase (decrease) in net assets from capital transactions | 65352598 | 14176057 | 75718438 | 190792656 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 44854103 | 12535964 | 10484229 | 131322673 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 12535964 |  | 131322673 |  |
| End of the period | $57390067 | $12535964 | $141806902 | $131322673 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6525000 | 750000 | 3850000 | 13350000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (475000) |  | (975000) | (3400019) |
| &nbsp;&nbsp;&nbsp;Reverse stock split (Note 9) |  |  |  | (6683333) |
| Total increase (decrease) in shares outstanding | 6050000 | 750000 | 2875000 | 3266648 |

---

(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 Enhanced Options &** |
|  | **Defiance S&P 500 Income Target ETF** | **Defiance S&P 500 Income Target ETF** | **0DTE Income ETF** | **0DTE Income ETF** |
|  | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(a)</sup>** | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $358858 | $(14885) | $2596685 | $3936550 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2834986) | (598668) | 4308706 | 12351105 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12622140 | 2615959 | (288531) | 367458 |
| Net increase (decrease) in net assets from operations | 10146012 | 2002406 | 6616860 | 16655113 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings | (10131236) | (2017182) | (6952099) | (16255543) |
| &nbsp;&nbsp;&nbsp;From return of capital | (8246842) |  | (25273525) | (23707672) |
| Total distributions to shareholders | (18378078) | (2017182) | (32225624) | (39963215) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 94094355 | 65424875 | 32743857 | 157958078 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25417315) | (14750090) | (34511278) | (34198271) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 35855 | 23301 | 13451 | 37831 |
| Net increase (decrease) in net assets from capital transactions | 68712895 | 50698086 | (1753970) | 123797638 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 60480829 | 50683310 | (27362734) | 100489536 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 50683310 |  | 100489536 |  |
| End of the period | $111164139 | $50683310 | $73126802 | $100489536 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4900000 | 3275000 | 850000 | 8650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1350000) | (750000) | (850000) | (1625021) |
| &nbsp;&nbsp;&nbsp;Reverse stock split (Note 9) |  |  |  | (4850000) |
| Total increase (decrease) in shares outstanding | 3550000 | 2525000 |  | 2174979 |

---

(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** | **Defiance AI & Power Infrastructure ETF** |
|  | **Period ended** <br> **August 31,**<br> **2025**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.10 |
| Total from investment operations | 0.10 |
| Net asset value, end of period | $20.10 |
| **TOTAL RETURN<sup>(e)</sup>** | 0.51% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $9548 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.69% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.01)% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 0 %<sup>(h)</sup> |

---

(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** | **Defiance Gold Enhanced Options Income ETF** |
|  | **Period ended** <br> **August 31,**<br> **2025**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.24 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 2.66% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $5598 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.01% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.02% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.29% |
| Portfolio turnover rate<sup>(d)(f)</sup> | —% |

---

(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) 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.

(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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the period presented

---

| | |
|:---|:---|
| **Defiance Large Cap ex-Mag 7 ETF** | **Defiance Large Cap ex-Mag 7 ETF** |
|  | **Period ended** <br> **August 31,**<br> **2025**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)</sup> | 0.24 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 8.58% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $38994 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.35% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.35% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 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) 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.

(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** | **Defiance Nasdaq 100 Income Target ETF** | **Defiance Nasdaq 100 Income Target ETF** |
|  | **Year ended** <br> **August 31,**<br> **2025** | **Period ended** <br> **August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $19.22 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment loss<sup>(b)(c)</sup> | (0.07) | (0.01) |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 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 <sup>(e)</sup> | 0.01 |
| Net asset value, end of period | $18.01 | $19.22 |
| **TOTAL RETURN<sup>(f)</sup>** | 15.20% | -2.28% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $27916 | $12495 |
| Ratio of expenses to average net assets<sup>(g)(h)</sup> | 1.00% | 0.88% |
| Ratio of interest expense to average net assets<sup>(g)(h)</sup> | 0.15% | 0.03% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(g)(h)</sup> | 0.85% | 0.85% |
| Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | (0.41)% | (0.24)% |
| Portfolio turnover rate<sup>(f)(i)</sup> | 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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
| **Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF** | **Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF** | |
|  | **Year ended** <br> **August 31,**<br> **2025** | **Period ended** <br> **August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $39.69 | $60.00 <sup>(g)</sup> |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.98 | 1.86 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 8.21% | 15.89% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $186039 | $211673 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.01% | 1.00% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.02% | 0.01% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.37% | 4.04% |
| Portfolio turnover rate<sup>(d)(f)</sup> | —% | 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) 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.

(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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
| **Defiance Oil Enhanced Options Income ETF** | **Defiance Oil Enhanced Options Income ETF** | |
|  | **Year ended <br> August 31,**<br> **2025** | **Period ended** <br> **August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $16.71 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.33 | 0.23 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 9.11% | -3.43% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $57390 | $12536 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.11% | 1.22% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.12% | 0.23% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.06% | 4.03% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 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) 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.

(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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
| **Defiance R2000 Enhanced Options & 0DTE Income ETF** | **Defiance R2000 Enhanced Options & 0DTE Income ETF** | |
|  | **Year ended** <br> **August 31,**<br> **2025** | **Period ended <br> August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $40.20 | $60.00 <sup>(g)</sup> |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.93 | 1.61 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 9.19% | 17.97% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $141807 | $131323 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.05% | 1.02% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.06% | 0.03% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.34% | 4.07% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 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) 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.

(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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
| **Defiance S&P 500 Income Target ETF** | **Defiance S&P 500 Income Target ETF** | **Defiance S&P 500 Income Target ETF** |
|  | **Year ended<br> August 31,**<br> **2025** | **Period ended <br> August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $20.07 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>(b)(c)</sup> | 0.07 | (0.01) |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 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<sup>(e)</sup>** | 11.89% | 9.17% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $111164 | $50683 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.89% | 0.85% |
| Ratio of interest expense to average net assets<sup>(f)(g)</sup> | 0.04% | 0.00 %<sup>(h)</sup> |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(f)(g)</sup> | 0.85% | 0.85% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.39% | (0.13)% |
| Portfolio turnover rate<sup>(e)(i)</sup> | 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) 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) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

(g) 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.

(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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defiance ETFs** |

---

For a share outstanding throughout the periods presented

---

| | | |
|:---|:---|:---|
| **Defiance S&P 500 Enhanced Options & 0DTE Income ETF** | **Defiance S&P 500 Enhanced Options & 0DTE Income ETF** | **Defiance S&P 500 Enhanced Options & 0DTE Income ETF** |
|  | **Year ended <br> August 31,<br> 2025** | **Period ended <br> August 31,**<br> **2024**<sup>(a)</sup>** |
| **PER SHARE DATA:** | | |
| Net asset value, beginning of period | $46.20 | $60.00 <sup>(g)</sup> |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 1.27 | 1.93 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 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<sup>(d)</sup>** | 9.39% | 15.25% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $73127 | $100490 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 1.03% | 1.01% |
| Ratio of interest expense to average net assets<sup>(e)</sup> | 0.04% | 0.02% |
| Ratio of operational expenses to average net assets excluding interest expense<sup>(e)</sup> | 0.99% | 0.99% |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.39% | 3.99% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 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) 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.

(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** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;Common Stocks | $9334549 | $— | $— | $9334549 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 184354 |  |  | 184354 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 26036 |  |  | 26036 |
| Total Investments | $9544939 | $— | $— | $9544939 |

---

**GLDY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $299873 | $— | $299873 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 2267998 |  | 2267998 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2920709 |  |  | 2920709 |
| Total Investments | $2920709 | $2567871 | $— | $5488580 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(34380) | $— | $(34380) |
| Total Investments | $— | $(34380) | $— | $(34380) |

---

**XMAG ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;Common Stocks | $37632534 | $— | $— | $37632534 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 1071851 |  |  | 1071851 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 203039 |  |  | 203039 |
| Total Investments | $38907424 | $— | $— | $38907424 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

---

August 31, 2025

**QQQT ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $27923932 | $— | $— | $27923932 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 102882 |  | 102882 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 383956 |  |  | 383956 |
| Total Investments | $28307888 | $102882 | $— | $28410770 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(130897) | $— | $(130897) |
| Total Investments | $— | $(130897) | $— | $(130897) |

---

**QQQY ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $43187234 | $— | $43187234 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 96566999 |  | 96566999 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 16995780 |  |  | 16995780 |
| Total Investments | $16995780 | $139754233 | $— | $156750013 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(978985) | $— | $(978985) |
| Total Investments | $— | $(978985) | $— | $(978985) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **USOY ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $14807271 | $— | $14807271 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 30221201 |  | 30221201 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 9113067 |  |  | 9113067 |
| Total Investments | $9113067 | $45028472 | $— | $54141539 |
| **<u>Liabilities:</u>** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(795375) | $— | $(795375) |
| Total Investments | $— | $(795375) | $— | $(795375) |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

---

August 31, 2025

**IWMY ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $28792570 | $— | $28792570 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 79044467 |  | 79044467 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 12791723 |  |  | 12791723 |
| Total Investments | $12791723 | $107837037 | $— | $120628760 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(918340) | $— | $(918340) |
| Total Investments | $— | $(918340) | $— | $(918340) |

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**SPYT ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $111102599 | $— | $— | $111102599 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 223296 |  | 223296 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 57231 |  |  | 57231 |
| Total Investments | $111159830 | $223296 | $— | $111383126 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(334848) | $— | $(334848) |
| Total Investments | $— | $(334848) | $— | $(334848) |

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**WDTE ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> | <u>Investments:</u> |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $— | $18351427 | $— | $18351427 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  | 40076586 |  | 40076586 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3687566 |  |  | 3687566 |
| Total Investments | $3687566 | $58428013 | $— | $62115579 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> | <u>Other Financial Instruments:</u> |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(266560) | $— | $(266560) |
| Total Investments | $— | $(266560) | $— | $(266560) |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

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

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| | | | |
|:---|:---|:---|:---|
| | | **Average**<br>**Contracts** | **Average**<br>**Notional Amount** |
| **GLDY ETF** | Written Options | (102) | $(3154859) |
| **QQQT ETF** | Purchased Options | 14 | 29442779 |
|  | Written Options | (13) | (27636223) |
| **QQQY ETF** | Written Options | (100) | (210957162) |
| **USOY ETF** | Written Options | (3994) | (29379143) |
| **IWMY ETF** | Written Options | (637) | (139987506) |
| **SPYT ETF** | Purchased Options | 213 | 125971727 |
|  | Written Options | (197) | (117104070) |
| **WDTE ETF** | Written Options | (174) | (102664260) |

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*Statements of Assets & Liabilities*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund:** | **Purchased Options:** | **Balance Sheet Location** | **Written <br> Options:** | **Balance Sheet Location** |
|  |  | Investments, at value | Written options contracts, at value | Written options contracts, at value |
| **AIPO ETF** | Equity Risk | $— | Equity Risk | $— |
| **GLDY ETF** | Commodity Risk |  | Commodity Risk | 34380 |
| **XMAG ETF** | Equity Risk |  | Equity Risk |  |
| **QQQT ETF** | Equity Risk | 102882 | Equity Risk | 130897 |
| **QQQY ETF** | Equity Risk |  | Equity Risk | 978985 |
| **USOY ETF** | Commodity Risk |  | Commodity Risk | 795375 |
| **IWMY ETF** | Equity Risk |  | Equity Risk | 918340 |
| **SPYT ETF** | Equity Risk | 223296 | Equity Risk | 334848 |
| **WDTE ETF** | Equity Risk |  | Equity Risk | 266560 |

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

*Statements of Operations*

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Fund:** | **Purchased Options:** | **Location:** | **Purchased Options:** | **Location:** |
|  |  | Net realized gain (loss) from <br> Investments |  | Net change in unrealized <br> 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 | 971872 | Equity Risk | 4184 |
| **QQQY ETF** | Equity Risk |  | Equity Risk |  |
| **USOY ETF** | Commodity Risk |  | Commodity Risk |  |
| **IWMY ETF** | Equity Risk |  | Equity Risk |  |
| **SPYT ETF** | Equity Risk | 3358787 | Equity Risk | (10330) |
| **WDTE ETF** | Equity Risk |  | Equity Risk |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Change in Unrealized Appreciation (Depreciation)** |
| **Fund:** | **Written Options:** | **Location:** | **Written Options:** | **Location:** |
|  |  | Net realized gain (loss) from <br> Written options contracts |  | Net change in unrealized <br> appreciation (depreciation) on Written options contracts |
| **AIPO ETF** | Equity Risk | $— | Equity Risk | $— |
| **GLDY ETF** | Commodity Risk | 96000 | Commodity Risk | 5351 |
| **XMAG ETF** | Equity Risk |  | Equity Risk |  |
| **QQQT ETF** | Equity Risk | (1747412) | Equity Risk | (4067) |
| **QQQY ETF** | Equity Risk | 9179631 | Equity Risk | 239517 |
| **USOY ETF** | Commodity Risk | 1899331 | Commodity Risk | 11453 |
| **IWMY ETF** | Equity Risk | 6948097 | Equity Risk | 273034 |
| **SPYT ETF** | Equity Risk | (5892871) | Equity Risk | 15590 |
| **WDTE ETF** | Equity Risk | 4185669 | Equity Risk | 62305 |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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:

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| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Paid-In**<br>**Capital** | **Total Distributable**<br>**Earnings/(Accumulated**<br>**Losses)** |
| AIPO ETF | $0 | $0 |
| GLDY ETF | $0 | $0 |
| XMAG ETF | $228572 | $(228572) |
| QQQT ETF | $0 | $0 |
| QQQY ETF | $0 | $0 |
| USOY ETF | $0 | $0 |
| IWMY ETF | $0 | $0 |
| SPYT ETF | $0 | $0 |
| WDTE ETF | $0 | $0 |

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**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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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:

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| | |
|:---|:---|
| <br>**Fund** | **Investment Advisory**<br>**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% |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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.

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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 | $13794 | $9818 |
| GLDY ETF |  |  |
| XMAG ETF | 5141808 | 1688663 |
| QQQT ETF | 14236248 | 2456491 |
| QQQY ETF |  |  |
| USOY ETF | 29301026 | 28153895 |
| IWMY ETF |  |  |
| SPYT ETF | 76796707 | 28660396 |
| WDTE ETF |  |  |

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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:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| AIPO ETF | $— | $— |
| GLDY ETF |  |  |
| XMAG ETF |  |  |
| QQQT ETF |  |  |
| QQQY ETF |  | 136611663 |
| USOY ETF | 876777 | 865000 |
| IWMY ETF | 2220418 | 42900616 |
| SPYT ETF |  |  |
| WDTE ETF | 1740877 | 68689434 |

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

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| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases** | **Sales and**<br>**Maturities** |
| AIPO ETF | $9639872 | $— |
| GLDY ETF |  |  |
| XMAG ETF | 33926286 | 1401883 |
| QQQT ETF |  |  |
| QQQY ETF |  |  |
| USOY ETF |  |  |
| IWMY ETF |  |  |
| SPYT ETF |  |  |
| WDTE ETF |  |  |

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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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:

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| | | | |
|:---|:---|:---|:---|
| **August 31, 2025:**<br>&nbsp;&nbsp;**Fund** |<br>**Ordinary Income** |<br>**Return of Capital** |<br>**Long-Term Capital**<br> **Gain** |
| &nbsp;&nbsp;AIPO ETF | $— | $— | $— |
| &nbsp;&nbsp;GLDY ETF | 76916 | 324956 | 60811 |
| &nbsp;&nbsp;XMAG ETF | 22320 |  |  |
| &nbsp;&nbsp;QQQT ETF | 1073082 | 1347786 | 1543090 |
| &nbsp;&nbsp;QQQY ETF | 9507794 | 76104934 | 5647125 |
| &nbsp;&nbsp;USOY ETF | 877326 | 21338379 | 311850 |
| &nbsp;&nbsp;IWMY ETF | 6808869 | 64913865 | 4332678 |
| &nbsp;&nbsp;SPYT ETF | 4865713 | 8246842 | 5265523 |
| &nbsp;&nbsp;WDTE ETF | 4403958 | 25273525 | 2548141 |

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| | | | |
|:---|:---|:---|:---|
| **August 31, 2024:**<br>&nbsp;&nbsp;**Fund** |<br>**Ordinary Income** |<br>**Return of Capital** |<br>**Long-Term Capital**<br> **Gain** |
| &nbsp;&nbsp;QQQT ETF | $61560 | $— | $97190 |
| &nbsp;&nbsp;QQQY ETF | 19379532 | 91578333 | 16163532 |
| &nbsp;&nbsp;USOY ETF | 85746 | 821017 |  |
| &nbsp;&nbsp;IWMY ETF | 6682764 | 59894642 | 4280209 |
| &nbsp;&nbsp;SPYT ETF | 628744 |  | 1388438 |
| &nbsp;&nbsp;WDTE ETF | 8834263 | 23707672 | 7421280 |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AIPO<br> ETF** | **GLDY<br> ETF** | **XMAG<br> ETF** | **QQQT<br> ETF** | **QQQY<br> ETF** | **USOY<br> ETF** |
| Investments, at cost<sup>(a)</sup> | $9682712 | $5452530 | $36388461 | $24531934 | $155610123 | $53325356 |
| Gross tax unrealized appreciation | 242266 | 7124 | 4082674 | 3902575 | 263233 | 24006 |
| Gross tax unrealized depreciation | (380039) | (5454) | (1563711) | (154636) | (102328) | (3198) |
| Net tax unrealized appreciation (depreciation) | (137773) | 1670 | 2518963 | 3747939 | 160905 | 20808 |
| Undistributed ordinary income (loss) | 12756 |  | 264510 |  |  |  |
| Undistributed long-term capital gain (loss) |  |  | 2046 |  |  |  |
| Total distributable earnings (losses) | 12756 |  | 266556 |  |  |  |
| Other accumulated gain (loss) |  |  |  | (3732383)<sup>(b)</sup> |  |  |
| Total distributable earnings (losses) | $(125017) | $1670 | $2785519 | $15556 | $160905 | $20808 |

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| | |
|:---|:---|
| **Notes to the Financial Statements** | **Defiance ETFs** |

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August 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **IWMY**<br>**ETF** | **SPYT**<br>**ETF** | **WDTE**<br>**ETF** |
| Investments, at cost<sup>(a)</sup> | $119606105 | $96569762 | $61784688 |
| Gross tax unrealized appreciation | 138085 | 15238340 | 65629 |
| Gross tax unrealized depreciation | (33770) | (759823) | (1298) |
| Net tax unrealized appreciation (depreciation) | 104315 | 14478517 | 64331 |
| Undistributed ordinary income (loss) |  |  |  |
| Undistributed long-term capital gain (loss) |  |  |  |
| Total distributable earnings (losses) |  |  |  |
| Other accumulated gain (loss) |  | (14478517)<sup>(b)</sup> |  |
| Total distributable earnings (losses) | $104315 | $— | $64331 |

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<sup>(a)</sup> 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.

<sup>(b)</sup> 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Long-Term Capital**<br>**Loss Carryovers** | | **Short-Term Capital**<br>**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:

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp;**Fund:** | **Transaction**<br>**Fee** |
| &nbsp;&nbsp;**AIPO ETF** | $300 |
| &nbsp;&nbsp;**GLDY ETF** | $300 |
| &nbsp;&nbsp;**XMAG ETF** | $500 |
| &nbsp;&nbsp;**QQQT ETF** | $300 |
| &nbsp;&nbsp;**QQQY ETF** | $300 |
| &nbsp;&nbsp;**USOY ETF** | $300 |
| &nbsp;&nbsp;**IWMY ETF** | $300 |
| &nbsp;&nbsp;**SPYT ETF** | $300 |
| &nbsp;&nbsp;**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 | 17500000 | 5833333 |
| WDTE ETF | 8/1/2024 | 1 for 3 | $15.30 | $45.90 | 7275000 | 2425000 |
| IWMY ETF | 8/1/2024 | 1 for 3 | $13.67 | $41.01 | 10025000 | 3341667 |

---

**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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

---

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

![](defiancencsr002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 30, 2025

---

| | |
|:---|:---|
| **Other Non-Audited Information** | **Defiance ETFs** |

---

August 31, 2025

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

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 | 0.0% |
| Defiance Gold Enhanced Options Income ETF | 0.0% |
| Defiance Large Cap ex-Mag 7 ETF | 100.0% |
| Defiance Nasdaq 100 Income Target ETF | 9.84% |
| Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF | 0.0% |
| Defiance Oil Enhanced Options Income ETF | 0.0% |
| Defiance R2000 Enhanced Options & 0DTE Income ETF | 0.0% |
| Defiance S&P 500 Income Target ETF | 21.98% |
| Defiance S&P 500 Enhanced Options & 0DTE Income ETF | 0.0% |

---

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 | 0.0% |
| Defiance Gold Enhanced Options Income ETF | 0.0% |
| Defiance Large Cap ex-Mag 7 ETF | 100.0% |
| Defiance Nasdaq 100 Income Target ETF | 0.0% |
| Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF | 0.0% |
| Defiance Oil Enhanced Options Income ETF | 0.0% |
| Defiance R2000 Enhanced Options & 0DTE Income ETF | 0.0% |
| Defiance S&P 500 Income Target ETF | 0.0% |
| Defiance S&P 500 Enhanced Options & 0DTE Income ETF | 0.0% |

---

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 | 0.0% |
| Defiance Gold Enhanced Options Income ETF | 52.71% |
| Defiance Large Cap ex-Mag 7 ETF | 0.0% |
| Defiance Nasdaq 100 Income Target ETF | 100.0% |
| Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF | 41.14% |
| Defiance Oil Enhanced Options Income ETF | 0.0% |
| 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% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form."

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There have been no changes in or disagreements with the Funds' accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at meetings held on April 9, 2024 and January 3, 2025, the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") considered the approval of:

● the Investment Advisory Agreements (the "Advisory Agreements") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of the Defiance AI & Power Infrastructure ETF and the Defiance Gold Enhanced Options Income ETF, respectively (each a "Fund" and collectively, the "Funds").

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It is noted that in accordance with the SEC's temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund's shareholders by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from services to be provided to the Funds, including any fall-out benefits; (iii) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (iv) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Funds reflects these economies of scale for the benefit of the Funds; and (v) other financial benefits to the Adviser and its affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meetings held on April 9, 2024 and January 3, 2025. Among other things, the Adviser provided responses to a detailed series of questions, which included information about the Adviser's operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser's oral presentations and any other information that the Board received at the meetings and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

**Nature, Extent and Quality of Services to be Provided.** The Trustees considered the scope of services to be provided under the Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser; the Board reviewed the Adviser's compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser based on its experience, personnel, operations and resources.

**Historical Performance.** The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a "unified fee."

The Board noted the importance of the fact that the proposed advisory fee for each Fund is a "unified fee," meaning that the shareholders of each Fund pay no expenses except for interest charges, 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 each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"), litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Funds' other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or "fall-out" benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieve asset growth.

The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser given the work performed by each firm. The Board also considered that Defiance Group Holdings LLC was acting as sponsor to the Funds and that the sponsor had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

**Conclusion.** No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the services that the Adviser will provide to each Fund; and (c) agreed to approve the Agreements for an initial term of two years.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.*](ex99-coe.htm) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*](ex99-cert.htm) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*](ex99-906cert.htm) Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Tidal Trust II

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Principal Executive Officer |

---

Date <u>November 7, 2025 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Principal Executive Officer |

---

Date <u>November 7, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>November 7, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

[Tidal Trust II N-CSR](defiance-ncsr_083125.htm)

**Exhibit 99.CODE ETH**

**TIDAL TRUST II**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Tidal Trust II (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

● Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

● Act with honesty and integrity

● Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

● Provide information to the Trust's employees and service providers (adviser, sub, administrator, administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete, objective, relevant, timely, and understandable

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

● Record (or participate in the recording of) entries in the Trust's books and records that are accurate

● Refrain from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust II N-CSR](defiance-ncsr_083125.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust II;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust II N-CSR](defiance-ncsr_083125.htm)

**Exhibit 99.906 CERT**

**<u>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust II, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust II for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust II for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich<br>|
| Eric W. Falkeis | Aaron J. Perkovich |
| Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust II | Tidal Trust II |

---

Dated: <u>November 7, 2025</u> Dated: <u>November 7, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.