Nicholas Crypto Income ETF
Consolidated Schedule of Investments
July 31, 2026 (Unaudited)
| COMMON STOCKS - 23.1% | Shares | Value | ||||||
| Financial Services - 19.7% | ||||||||
| BitMine Immersion Technologies, Inc.(a) | 134,779 | $ | 2,328,981 | |||||
| Cipher Digital, Inc.(a)(b) | 71 | 1,585 | ||||||
| Circle Internet Group, Inc. - Class A(a)(b) | 44,743 | 2,801,359 | ||||||
| Coinbase Global, Inc. - Class A(a)(b) | 49,170 | 7,191,604 | ||||||
| Galaxy Digital, Inc. - Class A(a)(b) | 88 | 1,849 | ||||||
| Hut 8 Corp.(a)(b) | 217,594 | 23,419,642 | ||||||
| IREN Ltd.(a)(b) | 51 | 1,877 | ||||||
| MARA Holdings, Inc.(a)(b) | 413,963 | 4,686,061 | ||||||
| Riot Platforms, Inc.(b) | 36 | 726 | ||||||
| Robinhood Markets, Inc. - Class A(a)(b) | 76,521 | 6,623,658 | ||||||
| Terawulf, Inc.(a)(b) | 516,195 | 9,116,004 | ||||||
| 56,173,346 | ||||||||
| Software & Tech Services - 2.4% | ||||||||
| Bullish(a)(b) | 159,378 | 3,472,847 | ||||||
| CoreWeave, Inc. - Class A(a)(b) | 30,184 | 2,166,306 | ||||||
| Strategy, Inc. - Class A(a)(b) | 13,084 | 1,220,475 | ||||||
| 6,859,628 | ||||||||
| Tech Hardware & Semiconductors - 0.0%(c) | ||||||||
| NVIDIA Corp.(a) | 53 | 10,640 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) | 49 | 19,808 | ||||||
| 30,448 | ||||||||
| Telecommunications - 1.0% | ||||||||
| Keel Infrastructure Corp.(b) | 685,800 | 2,722,626 | ||||||
| TOTAL COMMON STOCKS (Cost $51,066,344) | 65,786,048 | |||||||
| EXCHANGE TRADED FUNDS - 34.9% | Shares | Value | ||||||
| Fidelity Wise Origin Bitcoin Fund(b)(d) | 323,767 | 17,713,292 | ||||||
| iShares Ethereum Trust ETF(b)(d) | 1,296,781 | 18,245,709 | ||||||
| Nicholas Bitcoin and Treasuries AfterDark ETF(b) | 1,104,102 | 23,068,445 | ||||||
| Nicholas Bitcoin Tail ETF(b) | 834,574 | 20,225,901 | ||||||
| VanEck Bitcoin ETF(b)(d) | 1,130,863 | 20,106,744 | ||||||
| 99,360,091 | ||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $118,143,251) | 99,360,091 | |||||||
| PURCHASED OPTIONS - 8.0%(b)(e)(f)(g) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 6.2% | ||||||||||||
| Cipher Digital, Inc., Expiration: 8/14/2026; Exercise Price: $19.00 | $ | 23,476,176 | 10,518 | 4,627,920 | ||||||||
| Fidelity Wise Origin Bitcoin Fund, Expiration: 8/7/2026; Exercise Price: $56.50 | $ | 60,328,717 | 11,027 | $ | 248,107 | |||||||
| Galaxy Digital, Inc., Expiration: 8/14/2026; Exercise Price: $19.00 | 15,421,340 | 7,340 | 2,194,660 | |||||||||
| IREN Ltd., Expiration: 8/14/2026; Exercise Price: $31.00 | 15,540,640 | 4,223 | 2,977,215 | |||||||||
| iShares Ethereum Trust ETF, Expiration: 8/7/2026; Exercise Price: $15.50 | 4,432,050 | 3,150 | 12,600 | |||||||||
| iShares Ethereum Trust ETF, Expiration: 8/14/2026; Exercise Price: $15.50 | 13,812,519 | 9,817 | 107,987 | |||||||||
| NVIDIA Corp., Expiration: 8/14/2026; Exercise Price: $190.00 | 17,364,875 | 865 | 1,139,637 | |||||||||
| Riot Platforms, Inc., Expiration: 8/14/2026; Exercise Price: $20.50 | 21,043,361 | 10,433 | 1,695,363 | |||||||||
| Robinhood Markets, Inc., Expiration: 8/21/2026; Exercise Price: $30.00 | 4,501,120 | 520 | 2,970,500 | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/14/2026; Exercise Price: $385.00 | 23,972,025 | 593 | 1,614,443 | |||||||||
| 17,588,432 | ||||||||||||
| Put Options - 1.8% | ||||||||||||
| BitMine Immersion Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $16.50 | 2,327,616 | 1,347 | 58,594 | |||||||||
| Bullish, Expiration: 8/7/2026; Exercise Price: $20.00 | 3,471,147 | 1,593 | 35,843 | |||||||||
| Cipher Digital, Inc., Expiration: 8/7/2026; Exercise Price: $18.00 | 23,476,176 | 10,518 | 462,792 | |||||||||
| Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $56.00 | 2,798,667 | 447 | 65,262 | |||||||||
| Coinbase Global, Inc., Expiration: 8/7/2026; Exercise Price: $137.00 | 7,181,366 | 491 | 113,912 | |||||||||
| CoreWeave, Inc., Expiration: 8/7/2026; Exercise Price: $70.00 | 2,160,277 | 301 | 95,568 | |||||||||
| Galaxy Digital, Inc., Expiration: 8/7/2026; Exercise Price: $22.00 | 15,385,623 | 7,323 | 1,504,876 | |||||||||
| Galaxy Digital, Inc., Expiration: 8/7/2026; Exercise Price: $18.50 | 35,717 | 17 | 969 | |||||||||
| Hut 8 Corp., Expiration: 8/7/2026; Exercise Price: $92.00 | 23,409,525 | 2,175 | 553,537 | |||||||||
| IREN Ltd., Expiration: 8/7/2026; Exercise Price: $31.50 | 15,540,640 | 4,223 | 230,154 | |||||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $11.50 | 4,674,028 | 4,129 | 326,191 | |||||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $10.00 | 11,320 | 10 | 205 | |||||||||
| NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $187.50 | 17,364,875 | 865 | 60,117 | |||||||||
| Riot Platforms, Inc., Expiration: 8/7/2026; Exercise Price: $18.50 | 21,043,361 | 10,433 | 641,630 | |||||||||
| Robinhood Markets, Inc., Expiration: 8/7/2026; Exercise Price: $84.00 | 11,122,960 | 1,285 | 264,067 | |||||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $89.00 | 1,212,640 | 130 | 25,675 | |||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $392.50 | 23,972,025 | 593 | 349,870 | |||||||||
| Terawulf, Inc., Expiration: 8/7/2026; Exercise Price: $15.50 | 9,114,326 | 5,161 | 214,182 | |||||||||
| 5,003,444 | ||||||||||||
| TOTAL PURCHASED OPTIONS (Cost $20,570,974) | 22,591,876 | |||||||||||
| SHORT-TERM INVESTMENTS - 16.5% | ||||||||
| Money Market Funds - 16.5% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(h) | 47,088,332 | $ | 47,088,332 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $47,088,332) | 47,088,332 | |||||||
| TOTAL INVESTMENTS - 82.5% (Cost $236,868,901) | $ | 234,826,347 | ||||||
| Other Assets in Excess of Liabilities - 17.5% | 49,894,156 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 284,720,503 | ||||||
Percentages are stated as a percent of net assets.
| (a) | 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 $63,062,696. |
| (b) | Non-income producing security. |
| (c) | Does not round to 0.1% or (0.1)%, as applicable. |
| (d) | All or a portion of the investment is a holding of the Nicholas Crypto Income 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) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
Nicholas Crypto Income ETF
Consolidated Schedule of Written Options Contracts
July 31, 2026 (Unaudited)
| WRITTEN OPTIONS - (5.3)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (0.5)% | ||||||||||||
| Fidelity Wise Origin Bitcoin Fund, Expiration: 8/7/2026; Exercise Price: $55.00 | $ | (60,328,717 | ) | (11,027 | ) | $ | (964,862 | ) | ||||
| iShares Ethereum Trust ETF, Expiration: 8/7/2026; Exercise Price: $14.50 | (4,432,050 | ) | (3,150 | ) | (59,850 | ) | ||||||
| iShares Ethereum Trust ETF, Expiration: 8/14/2026; Exercise Price: $14.50 | (13,812,519 | ) | (9,817 | ) | (348,504 | ) | ||||||
| (1,373,216 | ) | |||||||||||
| Put Options - (4.8)% | ||||||||||||
| BitMine Immersion Technologies, Inc., Expiration: 8/7/2026; Exercise Price: $18.00 | (2,327,616 | ) | (1,347 | ) | (162,314 | ) | ||||||
| Bullish, Expiration: 8/7/2026; Exercise Price: $21.50 | (3,471,147 | ) | (1,593 | ) | (82,836 | ) | ||||||
| Cipher Digital, Inc., Expiration: 8/7/2026; Exercise Price: $19.50 | (23,476,176 | ) | (10,518 | ) | (820,404 | ) | ||||||
| Cipher Digital, Inc., Expiration: 8/14/2026; Exercise Price: $19.01 | (23,476,176 | ) | (10,518 | ) | (1,081,987 | ) | ||||||
| Circle Internet Group, Inc., Expiration: 8/7/2026; Exercise Price: $60.00 | (2,798,667 | ) | (447 | ) | (128,065 | ) | ||||||
| Coinbase Global, Inc., Expiration: 8/7/2026; Exercise Price: $143.00 | (7,181,366 | ) | (491 | ) | (208,675 | ) | ||||||
| CoreWeave, Inc., Expiration: 8/7/2026; Exercise Price: $75.00 | (2,160,277 | ) | (301 | ) | (176,085 | ) | ||||||
| Galaxy Digital, Inc., Expiration: 8/7/2026; Exercise Price: $23.50 | (15,385,623 | ) | (7,323 | ) | (2,303,084 | ) | ||||||
| Galaxy Digital, Inc., Expiration: 8/7/2026; Exercise Price: $20.00 | (35,717 | ) | (17 | ) | (1,726 | ) | ||||||
| Galaxy Digital, Inc., Expiration: 8/14/2026; Exercise Price: $19.01 | (15,421,340 | ) | (7,340 | ) | (710,952 | ) | ||||||
| Hut 8 Corp., Expiration: 8/7/2026; Exercise Price: $96.00 | (23,409,525 | ) | (2,175 | ) | (742,763 | ) | ||||||
| IREN Ltd., Expiration: 8/7/2026; Exercise Price: $33.00 | (15,540,640 | ) | (4,223 | ) | (418,077 | ) | ||||||
| IREN Ltd., Expiration: 8/14/2026; Exercise Price: $31.01 | (15,540,640 | ) | (4,223 | ) | (501,143 | ) | ||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $13.00 | (4,674,028 | ) | (4,129 | ) | (670,962 | ) | ||||||
| MARA Holdings, Inc., Expiration: 8/7/2026; Exercise Price: $11.00 | (11,320 | ) | (10 | ) | (545 | ) | ||||||
| NVIDIA Corp., Expiration: 8/7/2026; Exercise Price: $195.00 | (17,364,875 | ) | (865 | ) | (176,893 | ) | ||||||
| NVIDIA Corp., Expiration: 8/14/2026; Exercise Price: $190.01 | (17,364,875 | ) | (865 | ) | (181,901 | ) | ||||||
| Riot Platforms, Inc., Expiration: 8/7/2026; Exercise Price: $19.50 | (21,043,361 | ) | (10,433 | ) | (1,048,516 | ) | ||||||
| Riot Platforms, Inc., Expiration: 8/14/2026; Exercise Price: $20.51 | (21,043,361 | ) | (10,433 | ) | (2,014,404 | ) | ||||||
| Robinhood Markets, Inc., Expiration: 8/7/2026; Exercise Price: $88.00 | (11,122,960 | ) | (1,285 | ) | (514,000 | ) | ||||||
| Strategy, Inc., Expiration: 8/7/2026; Exercise Price: $93.00 | (1,212,640 | ) | (130 | ) | (47,125 | ) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/7/2026; Exercise Price: $407.50 | (23,972,025 | ) | (593 | ) | (724,942 | ) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 8/14/2026; Exercise Price: $385.01 | (23,972,025 | ) | (593 | ) | (423,366 | ) | ||||||
| Terawulf, Inc., Expiration: 8/7/2026; Exercise Price: $17.00 | $ | (9,114,326 | ) | (5,161 | ) | $ | (477,392 | ) | ||||
| (13,618,157 | ) | |||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $23,968,117) | $ | (14,991,373 | ) | |||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |