CoinShares Bitcoin Mining ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
Shares
    
Value
 
Capital Markets - 1.5%
        
Galaxy Digital, Inc. - Class A (a)
    
121,692
    
$
2,665,055
  
                 
Financial Services - 1.4%
          
Block, Inc. (a)
    
39,127
      
2,657,897
  
                 
IT Services – 4.5%
          
Applied Digital Corp. (a)
    
807,835
      
8,134,898
  
                 
Semiconductors & Semiconductor Equipment - 5.2%
          
NVIDIA Corp.
    
50,123
      
7,918,933
  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
    
6,732
      
1,524,730
  
             
9,443,663
  
                 
Software – 86.0%(b)
          
Bit Digital, Inc. (a)
    
3,309,150
      
7,247,038
  
Bitdeer Technologies Group – Class A(a)
    
634,669
      
7,286,000
  
Bitfarms, Ltd. (a)
    
10,505,402
      
8,826,639
  
BitFuFu, Inc. - Class A (a)
    
235,704
      
761,324
  
Cipher Mining, Inc. (a)
    
4,176,455
      
19,963,455
  
Cleanspark, Inc. (a)
    
780,024
      
8,603,665
  
Core Scientific, Inc. (a)
    
1,578,735
      
26,949,007
  
Digi Power X, Inc. (a)
    
1,258,532
      
3,536,475
  
Gryphon Digital Mining, Inc. (a)
    
1,072,163
      
944,897
  
Hive Digital Technologies, Ltd. (a)
    
3,408,946
      
6,136,103
  
Hut 8 Corp. (a)
    
431,000
      
8,016,600
  
IREN, Ltd. (a)
    
1,831,900
      
26,690,783
  
MARA Holdings, Inc. (a)
    
553,159
      
8,673,533
  
Riot Platforms, Inc. (a)
    
1,296,947
      
14,655,501
  
Terawulf, Inc. (a)
    
1,950,515
      
8,543,256
  
             
156,834,276
  
                 
Technology Hardware, Storage & Peripherals - 0.7%
          
Canaan, Inc. - ADR (a)
    
2,230,359
      
1,379,031
  
TOTAL COMMON STOCKS (Cost $167,476,599)
      
181,114,820
  
                 
TOTAL INVESTMENTS - 99.3% (Cost $167,476,599)
      
181,114,820
  
Other Assets in Excess of Liabilities - 0.7%
      
1,339,908
  
TOTAL NET ASSETS - 100.0%
          
$
182,454,728
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
CoinShares Bitcoin Mining ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
181,114,820
    
$
–
    
$
–
    
$
181,114,820
  
Total Investments
  
$
181,114,820
    
$
–
    
$
–
    
$
181,114,820
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.