NPORT-EX 2 xrpi.htm XRPI SOI


XRP ETF (Consolidated)
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
U.S. TREASURY BILLS - 166.4%
  
Par
    
Value
 
United States Treasury Bills(a)(b) - 3.87%, 12/18/2025
  
$
280,000,000
    
$
279,483,870
  
TOTAL U.S. TREASURY BILLS (Cost $279,488,960)
      
279,483,870
  
                 
TOTAL INVESTMENTS – 166.4% (Cost $279,488,960)
      
279,483,870
  
Money Market Deposit Account(c)(d) – 51.9%
      
87,169,714
  
Liabilities in Excess of Other Assets(e) - (118.3)%
      
(198,716,208
)
TOTAL NET ASSETS - 100.0%
          
$
167,937,376
  
                 
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 November 30, 2025.
(b)
All or a portion of the fund’s treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000.
(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 November 30, 2025 was 3.40%
(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 $71,878,490 that is pledged as collateral for future contracts.


 
XRP ETF (Consolidated)
Schedule of Futures Contracts
November 30, 2025 (Unaudited)

Description
  
Contracts Purchased
    
Expiration Date
    
Notional Value
    
Value / Unrealized Appreciation (Depreciation)
  
   CME XRP Futures Dec25
    
1,537
    
12/26/2025
    
$
167,955,675
    
$
6,006,829
  
Net Unrealized Appreciation (Depreciation)
          
$
–
    
$
–
    
$
6,006,829
  


 
XRP ETF (Consolidated)
Schedule of Reverse Repurchase Agreements
November 30, 2025 (Unaudited)

Counterparty
  
Interest Rate
  
Trade Date
  
Maturity Date
  
Net Closing Amount
    
Face Value
  
Fixed Income Clearing Corporation(a)
    
4.47%

11/24/2025
  
12/02/2025
  
$
(276,747,331
)
  
$
(276,507,000
)
                    
$
(276,747,331
)
  
$
(276,507,000
)
   
(a) All or a portion of the fund’s treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000.
  

 
Summary of Fair Value Disclosure as of November 30, 2025 (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 November 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  U.S. Treasury Bills
  
$
–
    
$
279,483,870
    
$
–
    
$
279,483,870
  
Total Investments
  
$
–
    
$
279,483,870
    
$
–
    
$
279,483,870
  
   
Other Financial Instruments:
                                
  Futures Contracts*
  
$
6,006,829
    
$
–
    
$
–
    
$
6,006,829
  
Total Other Financial Instruments
  
$
6,006,829
    
$
–
    
$
–
    
$
6,006,829
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Reverse Repurchase Agreements
  
$
–
    
$
(276,507,000
)
  
$
–
    
$
(276,507,000
)
Total Other Financial Instruments
  
$
–
    
$
(276,507,000
)
  
$
–
    
$
(276,507,000
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025.
  
   
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.