2x Ether ETF (Consolidated)
Schedule of Investments
November 30, 2024 (Unaudited)
SHORT-TERM INVESTMENTS - 38.0%			Value
Money Market Funds - 38.0%	Shares
First American Government Obligations Fund, Class X - 4.56% (a)(b)		275,541,448	$	275,541,448
TOTAL SHORT-TERM INVESTMENTS (Cost $275,541,448)				275,541,448
TOTAL INVESTMENTS - 38.0% (Cost $275,541,448)				275,541,448
Other Assets in Excess of Liabilities - 62.0% (c)				450,488,529
TOTAL NET ASSETS - 100.0%			$	726,029,977
two				–	%
Percentages are stated as a percent of net assets.				–	%

(a)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
(b) (c)	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. Includes cash of $401,325,339 that is pledged as collateral for futures contracts.

2x Ether ETF (Consolidated)
Schedule of Futures Contracts
November 30, 2024 (Unaudited)
Description	Contracts Purchased		Expiration Date	Notional Value		Value / Unrealized Appreciation (Depreciation)
Ether Dollar Reference Rate		7,972	12/27/2024	$	1,451,302,600	$	81,163,686
Net Unrealized Appreciation (Depreciation)						$	81,163,686

2x Ether ETF (Consolidated)

Schedule of Reverse Repurchase Agreements

November 30, 2024 (Unaudited)

Counterparty	Interest Rate		Trade Date	Maturity Date	Net Closing Amount		Face Value
FIXED INCOME CLEARING CORPORATION		4.98%	11/26/2024	12/03/2024	$	1,283,382,559	$	1,282,495,500
					$	1,283,382,559	$	1,282,495,500

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

2x Ether ETF (Consolidated) has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Money Market Funds	$	275,541,448	$	–	$	–	$	275,541,448
Total Investments	$	275,541,448	$	–	$	–	$	275,541,448
Other Financial Instruments:
Futures Contracts*		81,163,686		–		–		81,163,686
Total Other Financial Instruments	$	81,163,686	$	–	$	–	$	81,163,686
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements		–		1,282,495,500		–		1,282,495,500
Total Other Financial Instruments	$	–	$	1,282,495,500	$	–	$	1,282,495,500
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of November 30, 2024.
Refer to the Schedule of Investments for further disaggregation of investment categories.