What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a $10,000 investment |
|---|---|---|
|
STKd
100% NVDA & 100% AMD ETF |
$191 |
1.29% |
The Fund commenced operations on March 5, 2025. Expenses for a full reporting period would be higher than the figures shown.
How did the Fund perform last year and what affected its performance?
During the period ended December 31, 2025, LAYS delivered returns that were driven primarily by continued strength in large-cap U.S. semiconductor equities. The Fund’s performance reflected its structure, which provided full, stacked exposure to both NVIDIA (NVDA) and Advanced Micro Devices (AMD), two companies that were at the center of the ongoing expansion in artificial intelligence, data center investment, and advanced computing.
Both NVDA and AMD experienced periods of elevated volatility throughout the year, largely tied to macroeconomic uncertainty, interest rate expectations, and valuation sensitivity within high-growth technology stocks. Despite these fluctuations, demand for AI-related hardware and infrastructure remained a key driver of earnings growth and investor sentiment across the semiconductor sector during the period.
LAYS performed as expected compared to a benchmark consisting of AMDL and NVDL (both 2x leveraged ETFs with swap exposure on AMD and NVDA, respectively).
What Factors Influenced Performance
Key factors influencing the Fund’s performance during the period included, (1) earnings growth and guidance from NVDA and AMD related to AI acceleration, data center demand, and enterprise adoption, (2) equity market volatility, particularly within growth and technology stocks, driven by monetary policy expectations and broader macroeconomic developments, (3) investor appetite for concentrated AI exposure, which supported valuation multiples for leading semiconductor companies during periods of market optimism, and (4) single-stock concentration risk, as the Fund maintained full exposure to two underlying equities rather than a diversified basket of issuers.
Cumulative Performance
(Initial Investment of $10,000)
Annual Performance
|
Returns
for the Period
Ended
December 31, 2025 |
Since
Inception
03/05/2025 |
|---|---|
|
STKd
100% NVDA & 100% AMD ETF - at NAV |
157.03% |
|
S&P
500® Total Return Index |
18.41% |
Key Fund Statistics
(as of December 31, 2025)
|
Fund
Size (Thousands) |
$4,562 |
|
Number
of Holdings |
4 |
|
Total
Advisory Fee |
$35,890 |
|
Portfolio
Turnover Rate |
0% |
What did the Fund invest in?
(as of December 31, 2025)
Security Type - Investments
(% of total net assets)
Security Type - Other Financial Instruments
(% of total net assets)
Percentages are based on total net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities. Percentages for swap contracts are based unrealized appreciation (depreciation).
|
Top
Holdings |
(%
of Net Assets) |
|---|---|
|
Advanced
Micro Devices, Inc. Swap |
|
|
NVIDIA
Corp. Swap |
|
|
First
American Government
Obligations
Fund - Class X, 3.67% |
|
|
United
States Treasury Bills |
| * | Percentages for swap contracts are based unrealized appreciation (depreciation). |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://quantifyfunds.com/singlestocketfpairs/lays/.
How has the Fund changed?
Effective September 19, 2025, the Fund updated its distribution frequency and now intends to pay out dividends and interest income, if any, quarterly.