Nicholas Crypto Income ETF
Consolidated Schedule of Investments
July 31, 2025 (Unaudited)
 
COMMON STOCKS - 49.7%
  
Shares
  
Value  
Commercial Services - 4.3%
  
Block, Inc. - Class A (a)(b)
  
14,994
  
$ 1,158,436
           
Diversified Financial Services - 14.7%
  
BitMine Immersion Technologies, Inc. (a)(b)
  
10,360
  
   358,871
Circle Internet Group, Inc. (a)(b)
  
3,443
  
   631,859
Coinbase Global, Inc. - Class A (a)(b)
  
3,809
  
   1,438,888
Galaxy Digital, Inc. - Class A (a)(b)
  
53,217
  
   1,512,161
       
   3,941,779
Internet - 5.0%
  
Robinhood Markets, Inc. - Class A (a)(b)
  
12,879
  
   1,327,181
           
Investment Companies - 13.3%
  
Hut 8 Corp. (a)(b)
  
54,474
  
   1,156,483
MARA Holdings, Inc. (a)(b)
  
64,880
  
   1,043,270
Riot Platforms, Inc. (a)(b)
  
101,060
  
   1,355,215
       
   3,554,968
Semiconductors - 8.6%
  
NVIDIA Corp. (b)
  
6,692
  
   1,190,306
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (b)
  
4,562
  
   1,102,271
       
   2,292,577
Software - 3.8%
  
MicroStrategy, Inc. - Class A (a)(b)
  
2,547
  
   1,023,537
TOTAL COMMON STOCKS (Cost $13,135,617)
  
   13,298,478
           
EXCHANGE TRADED FUNDS - 18.1%
        
Fidelity Wise Origin Bitcoin Fund (a)(b)(c)(g)
  
55
  
   5,601
iShares Ethereum Trust ETF (a)(b)(c)(g)
  
12
  
   339
VanEck Bitcoin ETF/US (a)(b)(g)
  
145,986
  
   4,823,378
TOTAL EXCHANGE TRADED FUNDS (Cost $4,775,904)
  
  4,829,318
           
PURCHASED OPTIONS - 14.5%(a)(d)(e)
Notional Amount
  
Contracts
    
Call Options - 13.2%
      
$–
Fidelity Wise Origin Bitcoin Fund
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $50.00
$ 407,360
  
40
  
  211,000
Expiration: 08/01/2025; Exercise Price: $108.00
  4,786,480
  
470
  
  1,175
Expiration: 08/08/2025; Exercise Price: $50.00
  4,379,120
  
430
  
  2,283,300
iShares Ethereum Trust ETF
  
–
  
$–
Expiration: 08/08/2025; Exercise Price: $20.00
  3,135,143
  
1,109
  
  923,242
Expiration: 08/08/2025; Exercise Price: $32.00
  3,135,143
  
1,109
  
  19,408
MBTX, Expiration: 08/15/2025; Exercise Price: $310.00
4,446,498
  
161
  
  94,185
Total Call Options
        
3,532,310
         
Put Options - 1.3%
      
$–
BitMine Immersion Technologies, Inc., Expiration: 08/15/2025; Exercise Price: $35.00
  356,792
  
103
  
  42,230
Block, Inc.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $76.00
  958,024
  
124
  
  3,720
Expiration: 08/08/2025; Exercise Price: $75.00
  193,150
  
25
  
  7,387
Circle Internet Group, Inc., Expiration: 08/08/2025; Exercise Price: $180.00
  623,968
  
34
  
  18,530
Coinbase Global, Inc.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $380.00
  1,019,952
  
27
  
  35,842
Expiration: 08/08/2025; Exercise Price: $357.50
  415,536
  
11
  
  8,525
Galaxy Digital, Inc.
  
–
  
$–
Expiration: 08/08/2025; Exercise Price: $26.50
  804,145
  
283
  
  31,130
Expiration: 08/08/2025; Exercise Price: $29.50
  707,534
  
249
  
  68,475
Hut 8 Corp.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $19.50
  125,257
  
59
  
  384
Expiration: 08/08/2025; Exercise Price: $18.50
  1,029,655
  
485
  
  13,095
MARA Holdings, Inc.
  
–
  
$–
Expiration: 08/08/2025; Exercise Price: $16.00
  509,736
  
317
  
  18,228
Expiration: 08/08/2025; Exercise Price: $15.50
  532,248
  
331
  
  12,082
           
MicroStrategy, Inc.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $405.00
  522,418
  
13
  
  12,447
Expiration: 08/01/2025; Exercise Price: $392.50
  200,930
  
5
  
  2,300
Expiration: 08/01/2025; Exercise Price: $387.50
  281,302
  
7
  
  2,275
NVIDIA Corp.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $165.00
  1,031,646
  
58
  
  493
Expiration: 08/08/2025; Exercise Price: $172.50
  142,296
  
8
  
  1,452
Riot Platforms, Inc.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $13.00
  1,033,911
  
771
  
  28,913
Expiration: 08/01/2025; Exercise Price: $14.50
  147,510
  
110
  
  14,795
Expiration: 08/08/2025; Exercise Price: $12.50
  172,989
  
129
  
  5,160
Robinhood Markets, Inc.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $98.00
  226,710
  
22
  
  935
Expiration: 08/08/2025; Exercise Price: $99.00
  1,092,330
  
106
  
  20,299
Taiwan Semiconductor Manufacturing Co. Ltd.
  
–
  
$–
Expiration: 08/01/2025; Exercise Price: $227.50
  362,430
  
15
  
  75
Expiration: 08/08/2025; Exercise Price: $232.50
  724,860
  
30
  
  4,935
Total Put Options
        
353,707
TOTAL PURCHASED OPTIONS (Cost $4,011,619)
  
3,886,017
           
SHORT-TERM INVESTMENTS - 20.1%
Shares
  
  
Money Market Funds - 20.1%
      
 
First American Government Obligations Fund - Class X, 4.23%(b)(f)(g)
  
5,378,827
  
   5,378,827
TOTAL SHORT-TERM INVESTMENTS (Cost $5,378,827)
  
   5,378,827
           
TOTAL INVESTMENTS - 102.4% (Cost $27,301,967)
  
   27,392,640
Liabilities in Excess of Other Assets - (2.4)%
  
(630,944)
TOTAL NET ASSETS - 100.0%
    
 
  
$ 26,761,696
two
–%
Percentages are stated as a percent of net assets.
–%

ADR - American Depositary Receipt
 
 

(a)
  
Non-income producing security.
(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 July 31, 2025 is $18,090,663.
(c)
  
Held in connection with written option contracts. See Schedule of Written Options for further information.
(d)
  
Exchange-traded.
(e)
  
100 shares per contract.
(f)
(g)
  
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
The investment, or a portion of, is a holding of Nicholas Crypto Income Cayman Subsidiary, a wholly-owned subsidiary of the Nicholas Crypto Income ETF.


 
Nicholas Crypto Income ETF
Consolidated Schedule of Written Options
July 31, 2025 (Unaudited)
 
WRITTEN OPTIONS - (3.3)% (a)(b)
Notional Amount
  
Contracts
  
Value
Call Options - (0.5)%
Fidelity Wise Origin Bitcoin Fund, Expiration: 08/01/2025; Exercise Price: $103.00
$ (4,786,480)
  
(470)
  
$ (18,800)
iShares Ethereum Trust ETF, Expiration: 08/08/2025; Exercise Price: $30.00
  (3,135,143)
  
(1,109)
  
  (52,678)
MBTX, Expiration: 08/15/2025; Exercise Price: $290.00
  (4,446,498)
  
(161)
  
  (48,300)
Total Call Options
        
(119,778)
           
Put Options - (2.8)%
BitMine Immersion Technologies, Inc., Expiration: 08/15/2025; Exercise Price: $40.00
  (356,792)
  
(103)
  
  (80,340)
Block, Inc.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $79.00
  (958,024)
  
(124)
  
  (24,180)
Expiration: 08/08/2025; Exercise Price: $78.00
  (193,150)
  
(25)
  
  (11,000)
Circle Internet Group, Inc., Expiration: 08/08/2025; Exercise Price: $190.00
  (623,968)
  
(34)
  
  (37,400)
Coinbase Global, Inc.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $400.00
  (1,019,952)
  
(27)
  
  (72,158)
Expiration: 08/08/2025; Exercise Price: $375.00
  (415,536)
  
(11)
  
  (16,335)
Galaxy Digital, Inc.
    
–
  
$–
Expiration: 08/08/2025; Exercise Price: $31.00
  (707,534)
  
(249)
  
  (94,620)
Expiration: 08/08/2025; Exercise Price: $28.00
  (804,145)
  
(283)
  
  (52,355)
Hut 8 Corp.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $20.50
  (125,257)
  
(59)
  
  (797)
Expiration: 08/08/2025; Exercise Price: $20.00
  (1,029,655)
  
(485)
  
  (26,917)
MARA Holdings, Inc.
    
–
  
$–
Expiration: 08/08/2025; Exercise Price: $17.50
  (509,736)
  
(317)
  
  (50,878)
Expiration: 08/08/2025; Exercise Price: $16.50
  (532,248)
  
(331)
  
  (28,466)
MicroStrategy, Inc.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $420.00
  (522,418)
  
(13)
  
  (26,260)
Expiration: 08/01/2025; Exercise Price: $410.00
  (482,232)
  
(12)
  
  (15,330)
NVIDIA Corp.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $175.00
  (1,031,646)
  
(58)
  
  (4,031)
Expiration: 08/08/2025; Exercise Price: $180.00
  (142,296)
  
(8)
  
  (3,840)
Riot Platforms, Inc.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $15.50
  (147,510)
  
(110)
  
  (24,365)
Expiration: 08/01/2025; Exercise Price: $15.00
  (576,630)
  
(430)
  
  (77,185)
Expiration: 08/01/2025; Exercise Price: $13.50
  (457,281)
  
(341)
  
  (21,654)
Expiration: 08/08/2025; Exercise Price: $14.00
  (172,989)
  
(129)
  
  (15,286)
Robinhood Markets, Inc.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $103.00
  (226,710)
  
(22)
  
  (3,806)
Expiration: 08/08/2025; Exercise Price: $104.00
  (1,092,330)
  
(106)
  
  (43,195)
Taiwan Semiconductor Manufacturing Co. Ltd.
    
–
  
$–
Expiration: 08/01/2025; Exercise Price: $240.00
  (362,430)
  
(15)
  
  (1,935)
Expiration: 08/08/2025; Exercise Price: $245.00
  (724,860)
  
(30)
  
  (19,275)
Total Put Options
        
(751,608)
TOTAL WRITTEN OPTIONS (Premiums received $990,836)
        
$ (871,386)
 
Percentages are stated as a percent of net assets.
 

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











Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Nicholas Crypto Income 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 July 31, 2025:
 


 
Level 1
  
Level 2
  
Level 3
  
Total
Assets:
              
Investments:
              
  Common Stocks
$            13,298,478
  
$                            –
  
$                            –
  
$           13,298,478
  Exchange Traded Funds
   4,829,318
  
   –
  
   –
  
   4,829,318
  Purchased Options
   –
  
   3,886,017
  
   –
  
   3,886,017
  Money Market Funds
   5,378,827
  
   –
  
   –
  
   5,378,827
Total Investments
$         23,506,623
  
$            3,886,017
  
$                            –
  
$           27,392,640
               
Liabilities:
              
Investments:
              
  Written Options
$                            –
  
$             (871,386)
  
$                          –
  
$              (871,386)
Total Investments
$                            –
  
$               (871,386)
  
$                            –
  
$             (871,386)
 
 
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.