Nicholas Global Equity and Income ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 74.6%
    
Shares
    
Value
  
Freedom 100 Emerging Markets ETF (a)
      
66,511
    
$
2,679,728
  
Global X Defense Tech ETF (a)
      
41,549
      
2,547,785
  
Global X MSCI Argentina ETF (a)
      
28,213
      
2,333,497
  
iShares MSCI Germany ETF (a)
      
16,005
      
658,606
  
iShares MSCI India ETF (a)
      
63,960
      
3,366,855
  
iShares MSCI Spain ETF (a)
      
16,060
      
718,203
  
iShares MSCI Sweden ETF (a)
      
13,845
      
607,242
  
VanEck Israel ETF (a)
      
55,915
      
2,815,544
  
Vanguard Dividend Appreciation ETF (a)
      
27,222
      
5,609,365
  
Vanguard Information Technology ETF (a)
      
15,978
      
11,032,330
  
Vanguard Mid-Cap Growth ETF (a)
      
35,851
      
10,439,094
  
Vanguard S&P 500 ETF (a)
      
12,513
      
7,270,303
  
TOTAL EXCHANGE TRADED FUNDS (Cost $46,145,483)
      
50,078,552
  
                       
COMMON STOCKS - 24.8%
                  
Auto Manufacturers - 2.0%
          
Tesla, Inc. (a)(b)
      
4,428
      
1,365,020
  
                       
Commercial Services - 2.9%
          
Adyen NV - ADR (a)(b)
      
114,422
      
1,968,058
  
                       
Internet - 6.3%
          
Alphabet, Inc. - Class A (a)
      
7,074
      
1,357,501
  
Amazon.com, Inc. (a)(b)
      
5,867
      
1,373,523
  
Meta Platforms, Inc. - Class A (a)
      
1,946
      
1,505,114
  
               
4,236,138
  
                       
Semiconductors - 8.1%
          
NVIDIA Corp. (a)
      
20,983
      
3,732,246
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (a)
      
6,946
      
1,678,293
  
               
5,410,539
  
                       
Software - 5.5%
          
Microsoft Corp. (a)
      
3,054
      
1,629,309
  
Palantir Technologies, Inc. - Class A (a)(b)
      
13,103
      
2,074,860
  
               
3,704,169
  
TOTAL COMMON STOCKS (Cost $13,188,232)
      
16,683,924
  
                       
PURCHASED OPTIONS - 0.1%(b)(f)
  
Notional Amount
    
Contracts
          
Call Options - 0.1%(c)(d)
            
$
–
  
NASDAQ 100 Index, Expiration: 08/04/2025; Exercise Price: $23,500.00
  
$
58,045,300
      
25
      
74,750
  
Russell 2000 Index, Expiration: 08/04/2025; Exercise Price: $2,305.00
    
30,520,756
      
138
      
5,175
  
S&P 500 Index, Expiration: 08/04/2025; Exercise Price: $6,465.00
    
53,250,876
      
84
      
7,560
  
TOTAL PURCHASED OPTIONS (Cost $531,548)
      
87,485
  
                         
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.8%
    
Shares
          
First American Government Obligations Fund - Class X, 4.23%(a)(e)
      
535,583
      
535,583
  
TOTAL MONEY MARKET FUNDS (Cost $535,583)
      
535,583
  
                         
TOTAL INVESTMENTS - 100.3% (Cost $60,400,846)
      
67,385,544
  
Liabilities in Excess of Other Assets - (0.3)%
      
(212,606
)
TOTAL NET ASSETS - 100.0%
                  
$
67,172,938
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt

(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 July 31, 2025 is $46,636,770.
(b)
Non-income producing security.
(c)
100 shares per contract.
(d)
Exchange-traded.
(e)
(f)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
Held in connection with written option contracts. See Schedule of Written Options for further information.


   
Nicholas Global Equity and Income ETF
  
Schedule of Written Options
  
July 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (0.3)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.3)% (a)(b)
  
NASDAQ 100 Index, Expiration: 08/04/2025; Exercise Price: $23,400.00
  
$
(58,045,300
)
    
(25
)
  
$
(144,375
)
Russell 2000 Index, Expiration: 08/04/2025; Exercise Price: $2,275.00
    
(30,520,756
)
    
(138
)
    
(24,495
)
S&P 500 Index, Expiration: 08/04/2025; Exercise Price: $6,425.00
    
(53,250,876
)
    
(84
)
    
(30,660
)
TOTAL WRITTEN OPTIONS (Premiums received $884,129)
                  
$
(199,530
)
   
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 Global Equity and 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:
                        
  Exchange Traded Funds
  
$
50,078,552
    
$
–
    
$
–
    
$
50,078,552
  
  Common Stocks
    
16,683,924
      
–
      
–
      
16,683,924
  
  Purchased Options
    
–
      
87,485
      
–
      
87,485
  
  Money Market Funds
    
535,583
      
–
      
–
      
535,583
  
Total Investments
  
$
67,298,059
    
$
87,485
    
$
–
    
$
67,385,544
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(199,530
)
  
$
–
    
$
(199,530
)
Total Investments
  
$
–
    
$
(199,530
)
  
$
–
    
$
(199,530
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.