XRP ETF (Consolidated)

Schedule of Investments

May 31, 2026 (Unaudited)

U.S. TREASURY BILLS - 153.4%

Par

Value

United States Treasury Bills(a)(b) - 3.62%, 06/23/2026

$        160,000,000

$        159,645,165

TOTAL U.S. TREASURY BILLS (Cost $159,647,022)

159,645,165

TOTAL INVESTMENTS - 153.4% (Cost $159,647,022)

159,645,165

Money Market Deposit Account(c)(d) - 50.4%

52,461,420

Liabilities in Excess of Other Assets(e) - (103.8)%

(1.03873)

(108,067,971)

TOTAL NET ASSETS - 100.0%

$        104,038,614

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

(a)						The rate shown is the annualized yield as of May 31, 2026.
(b)						All or a portion of the fund’s treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of May 31, 2026, the value pledged was $159,645,165.
(c)						The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2026 was 3.15%.
(d)						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.
(e)						Includes cash of $52,515,851 that is pledged as collateral for futures contracts.

XRP ETF (Consolidated)

Schedule of Futures Contracts

May 31, 2026 (Unaudited)

Description

Contracts Purchased

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)

CME XRP Futures Jun26

1,570

06/26/2026

$        104,051,500

$        (2,553,767)

Net Unrealized Appreciation (Depreciation)

$        –

$        –

$        (2,553,767)

XRP ETF (Consolidated)

Schedule of Reverse Repurchase Agreements

May 31, 2026 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing Corporation(a)

4.22%

05/26/2026

06/02/2026

$        (158,129,614)

$        158,000,000

$        (158,129,614)

$        158,000,000

(a)As of May 31, 2026, the fair value of securities held as collateral for reverse repurchase agreements was $159,645,165 as noted on the Schedule of Investments.

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Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)

 

XRP ETF (Consolidated) (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 May 31, 2026:

Level 1

Level 2

Level 3

Total

Assets:

Investments:

U.S. Treasury Bills

$        –

$        159,645,165

$        –

$        159,645,165

Total Investments

$        –

$        159,645,165

$        –

$        159,645,165

Liabilities:

Other Financial Instruments:

Reverse Repurchase Agreements

$        –

$        (158,000,000)

$        –

$        (158,000,000)

Futures Contracts *

(2,553,767)

–

–

(2,553,767)

Total Other Financial Instruments

$        (2,553,767)

$        (158,000,000)

$        –

$        (160,553,767)

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2026.

						Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.