| Nicholas Defense and Rare Earth Income ETF | ||||||||
| Consolidated Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| COMMON STOCKS - 76.6% | Shares | Value | ||||||
| Industrial Products - 31.6%(a) | ||||||||
| AeroVironment, Inc.(b)(c) | 1,374 | $ | 205,234 | |||||
| Axon Enterprise, Inc.(b)(c) | 480 | 253,325 | ||||||
| BWX Technologies, Inc.(c) | 1,266 | 213,574 | ||||||
| Huntington Ingalls Industries, Inc.(c) | 608 | 198,482 | ||||||
| Kratos Defense & Security Solutions, Inc.(b)(c) | 3,071 | 143,109 | ||||||
| Lockheed Martin Corp.(c) | 403 | 234,844 | ||||||
| Northrop Grumman Corp.(c) | 359 | 194,750 | ||||||
| Ondas, Inc.(b)(c) | 26,511 | 198,568 | ||||||
| RTX Corp.(c) | 1,295 | 278,710 | ||||||
| 1,920,596 | ||||||||
| Materials - 12.2% | ||||||||
| Albemarle Corp.(c) | 777 | 91,406 | ||||||
| Alcoa Corp.(c) | 2,157 | 97,626 | ||||||
| American Resources Corp. - Class A(c) | 42,081 | 75,325 | ||||||
| Critical Metals Corp.(b)(c) | 12,636 | 69,372 | ||||||
| Energy Fuels, Inc.(b) | 5,984 | 68,457 | ||||||
| IperionX Ltd., ADR(b)(c) | 1,374 | 28,510 | ||||||
| MP Materials Corp.(b)(c) | 2,175 | 89,980 | ||||||
| Sociedad Quimica y Minera de Chile SA - Class B, ADR(c) | 1,824 | 122,317 | ||||||
| USA Rare Earth, Inc.(b)(c) | 6,624 | 99,029 | ||||||
| 742,022 | ||||||||
| Media - 6.4% | ||||||||
| Space Exploration Technologies Corp. - Class A(b) | 3,547 | 384,388 | ||||||
| Software & Tech Services - 26.4%(a) | ||||||||
| CACI International, Inc. - Class A(b)(c) | 438 | 218,015 | ||||||
| CrowdStrike Holdings, Inc. - Class A(b)(c) | 2,856 | 545,096 | ||||||
| Palantir Technologies, Inc. - Class A(b)(c) | 1,899 | 233,691 | ||||||
| Palo Alto Networks, Inc.(b)(c) | 1,824 | 605,258 | ||||||
| 1,602,060 | ||||||||
| TOTAL COMMON STOCKS (Cost $4,556,870) | 4,649,066 | |||||||
| EXCHANGE TRADED FUNDS - 24.9% | Shares | Value | ||||||
| abrdn Physical Platinum Shares ETF(b)(d) | 15,388 | 230,204 | ||||||
| Global X Lithium & Battery Tech ETF(c) | 2,744 | 189,940 | ||||||
| Global X Uranium ETF(c) | 3,683 | 143,895 | ||||||
| Invesco DB Base Metals Fund(c) | 17,276 | 434,664 | ||||||
| United States Copper Index Fund(b)(c) | 5,701 | 225,531 | ||||||
| VanEck Steel ETF(c) | 2,739 | $ | 288,910 | |||||
| 1,513,144 | ||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,572,717) | 1,513,144 | |||||||
| PURCHASED OPTIONS - 2.1%(b)(e)(f)(g) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 0.4% | ||||||||||||
| CrowdStrike Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $196.25 | $ | 534,408 | 28 | 10,920 | ||||||||
| Global X Lithium & Battery Tech ETF, Expiration: 8/21/2026; Exercise Price: $74.00 | 186,894 | 27 | 2,025 | |||||||||
| Global X Uranium ETF, Expiration: 8/21/2026; Exercise Price: $47.00 | 140,652 | 36 | 900 | |||||||||
| Palo Alto Networks, Inc., Expiration: 8/7/2026; Exercise Price: $350.00 | 597,294 | 18 | 6,165 | |||||||||
| United States Copper Index Fund, Expiration: 8/21/2026; Exercise Price: $42.00 | 225,492 | 57 | 2,280 | |||||||||
| VanEck Steel ETF, Expiration: 8/21/2026; Exercise Price: $111.00 | 284,796 | 27 | 297 | |||||||||
| 22,587 | ||||||||||||
| Put Options - 1.7% | ||||||||||||
| AeroVironment, Inc., Expiration: 8/7/2026; Exercise Price: $150.00 | 194,181 | 13 | 7,605 | |||||||||
| Albemarle Corp., Expiration: 8/7/2026; Exercise Price: $115.00 | 82,348 | 7 | 2,086 | |||||||||
| Alcoa Corp., Expiration: 8/7/2026; Exercise Price: $42.00 | 95,046 | 21 | 493 | |||||||||
| Axon Enterprise, Inc., Expiration: 8/7/2026; Exercise Price: $490.00 | 211,104 | 4 | 7,860 | |||||||||
| BWX Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $165.00 | 202,440 | 12 | 8,280 | |||||||||
| CACI International, Inc., Expiration: 8/21/2026; Exercise Price: $440.00 | 199,100 | 4 | 2,260 | |||||||||
| Critical Metals Corp., Expiration: 8/14/2026; Exercise Price: $5.50 | 69,174 | 126 | 4,410 | |||||||||
| Energy Fuels, Inc., Expiration: 8/7/2026; Exercise Price: $11.00 | 67,496 | 59 | 2,331 | |||||||||
| Huntington Ingalls Industries, Inc., Expiration: 8/21/2026; Exercise Price: $300.00 | 195,870 | 6 | 1,695 | |||||||||
| Kratos Defense & Security Solutions, Inc., Expiration: 8/14/2026; Exercise Price: $44.50 | 139,800 | 30 | 6,075 | |||||||||
| Lockheed Martin Corp., Expiration: 8/7/2026; Exercise Price: $550.00 | 233,096 | 4 | 380 | |||||||||
| MP Materials Corp., Expiration: 8/14/2026; Exercise Price: $38.50 | 86,877 | 21 | 2,751 | |||||||||
| Northrop Grumman Corp., Expiration: 8/21/2026; Exercise Price: $490.00 | 162,744 | 3 | 1,125 | |||||||||
| Ondas, Inc., Expiration: 8/7/2026; Exercise Price: $6.50 | 198,485 | 265 | 2,120 | |||||||||
| Palantir Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $121.00 | 221,508 | 18 | 10,620 | |||||||||
| RTX Corp., Expiration: 8/7/2026; Exercise Price: $202.50 | 258,264 | 12 | 264 | |||||||||
| Sociedad Quimica y Minera de Chile SA, Expiration: 8/21/2026; Exercise Price: $60.00 | 120,708 | 18 | 1,620 | |||||||||
| Space Exploration Technologies Corp., Expiration: 8/14/2026; Exercise Price: $109.00 | 379,295 | 35 | 39,550 | |||||||||
| USA Rare Earth, Inc., Expiration: 8/14/2026; Exercise Price: $13.50 | $ | 98,670 | 66 | $ | 3,762 | |||||||
| 105,287 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $166,970) | 127,874 |
| SHORT-TERM INVESTMENTS - 0.0%(h) | ||||||||
| Money Market Funds - 0.0%(h) | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(i) | 1,606 | 1,606 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,606) | 1,606 | |||||||
| TOTAL INVESTMENTS - 103.6% (Cost $6,298,163) | $ | 6,291,690 | ||||||
| Liabilities in Excess of Other Assets - (3.6)% | (216,474 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 6,075,216 |
Percentages are stated as a percent of net assets.
| ADR | American Depositary Receipt |
| (a) | 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. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security has been pledged as collateral for written options contracts. The fair value of securities committed as collateral as of July 31, 2026 is $1,555,541. |
| (d) | All or a portion of the investment is a holding of the Nicholas Defense and Rare Earth Income WEPN Cayman Subsidiary. |
| (e) | Exchange-traded. |
| (f) | 100 shares per contract. |
| (g) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (h) | Does not round to 0.1% or (0.1)%, as applicable. |
| (i) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
| Nicholas Defense and Rare Earth Income ETF | ||||||||||||
| Consolidated Schedule of Written Options Contracts | ||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||
| WRITTEN OPTIONS - (3.8)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (0.9)% | ||||||||||||
| CrowdStrike Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $190.00 | $ | (534,408 | ) | (28 | ) | $ | (18,760 | ) | ||||
| Global X Lithium & Battery Tech ETF, Expiration: 8/21/2026; Exercise Price: $72.00 | (186,894 | ) | (27 | ) | (3,578 | ) | ||||||
| Global X Uranium ETF, Expiration: 8/21/2026; Exercise Price: $45.00 | (140,652 | ) | (36 | ) | (1,170 | ) | ||||||
| Palo Alto Networks, Inc., Expiration: 8/7/2026; Exercise Price: $340.00 | (597,294 | ) | (18 | ) | (11,790 | ) | ||||||
| United States Copper Index Fund, Expiration: 8/21/2026; Exercise Price: $40.00 | (225,492 | ) | (57 | ) | (5,272 | ) | ||||||
| VanEck Steel ETF, Expiration: 8/21/2026; Exercise Price: $103.00 | (284,796 | ) | (27 | ) | (13,500 | ) | ||||||
| (54,070 | ) | |||||||||||
| Put Options - (2.9)% | ||||||||||||
| AeroVironment, Inc., Expiration: 8/7/2026; Exercise Price: $155.00 | (194,181 | ) | (13 | ) | (11,310 | ) | ||||||
| Albemarle Corp., Expiration: 8/7/2026; Exercise Price: $119.00 | (82,348 | ) | (7 | ) | (4,078 | ) | ||||||
| Alcoa Corp., Expiration: 8/7/2026; Exercise Price: $44.00 | (95,046 | ) | (21 | ) | (1,533 | ) | ||||||
| Axon Enterprise, Inc., Expiration: 8/7/2026; Exercise Price: $510.00 | (211,104 | ) | (4 | ) | (11,080 | ) | ||||||
| BWX Technologies, Inc., Expiration: 8/21/2026; Exercise Price: $185.00 | (202,440 | ) | (12 | ) | (22,920 | ) | ||||||
| CACI International, Inc., Expiration: 8/21/2026; Exercise Price: $470.00 | (199,100 | ) | (4 | ) | (5,120 | ) | ||||||
| Critical Metals Corp., Expiration: 8/14/2026; Exercise Price: $6.50 | (69,174 | ) | (126 | ) | (14,490 | ) | ||||||
| Energy Fuels, Inc., Expiration: 8/7/2026; Exercise Price: $12.00 | (67,496 | ) | (59 | ) | (5,280 | ) | ||||||
| Huntington Ingalls Industries, Inc., Expiration: 8/21/2026; Exercise Price: $310.00 | (195,870 | ) | (6 | ) | (2,505 | ) | ||||||
| Kratos Defense & Security Solutions, Inc., Expiration: 8/14/2026; Exercise Price: $46.50 | (139,800 | ) | (30 | ) | (10,950 | ) | ||||||
| Lockheed Martin Corp., Expiration: 8/7/2026; Exercise Price: $562.50 | (233,096 | ) | (4 | ) | (910 | ) | ||||||
| MP Materials Corp., Expiration: 8/14/2026; Exercise Price: $39.50 | (86,877 | ) | (21 | ) | (3,633 | ) | ||||||
| Northrop Grumman Corp., Expiration: 8/21/2026; Exercise Price: $530.00 | (162,744 | ) | (3 | ) | (2,415 | ) | ||||||
| Ondas, Inc., Expiration: 8/7/2026; Exercise Price: $7.00 | (198,485 | ) | (265 | ) | (5,433 | ) | ||||||
| Palantir Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $124.00 | (221,508 | ) | (18 | ) | (13,410 | ) | ||||||
| RTX Corp., Expiration: 8/7/2026; Exercise Price: $210.00 | (258,264 | ) | (12 | ) | (1,140 | ) | ||||||
| Sociedad Quimica y Minera de Chile SA, Expiration: 8/21/2026; Exercise Price: $67.50 | (120,708 | ) | (18 | ) | (6,930 | ) | ||||||
| Space Exploration Technologies Corp., Expiration: 8/14/2026; Exercise Price: $113.00 | (379,295 | ) | (35 | ) | (47,950 | ) | ||||||
| USA Rare Earth, Inc., Expiration: 8/14/2026; Exercise Price: $14.50 | $ | (98,670 | ) | (66 | ) | $ | (6,501 | ) | ||||
| (177,588 | ) | |||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $257,151) | $ | (231,658 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |