Volatility Premium Plus ETF (Consolidated)
Schedule of Investments
May 31, 2025 (Unaudited)
SHORT-TERM INVESTMENTS - 80.3%			Value
Money Market Funds - 80.3%	Shares
First American Government Obligations Fund - Class X, 4.23% (a)(b)		13,391,378	$	13,391,378
TOTAL SHORT-TERM INVESTMENTS (Cost $13,391,378)				13,391,378
TOTAL INVESTMENTS - 80.3% (Cost $13,391,378)				13,391,378
Other Assets in Excess of Liabilities - 19.7% (c)				3,294,637
TOTAL NET ASSETS - 100.0%			$	16,686,015
two				–	%
Percentages are stated as a percent of net assets.				–	%

(a)	The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
(b)	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.
(c)	Includes cash of $3,308,826 that is pledged as collateral for futures contracts.

Volatility Premium Plus ETF (Consolidated)
Schedule of Futures Contracts
May 31, 2025 (Unaudited)
Description	Contracts Sold		Expiration Date	Notional Value		Value / Unrealized Appreciation (Depreciation)
CBOE VIX Futures Dec 25		(95)	12/17/2025	$	2,048,457	$	(14,801	)
CBOE VIX Futures Nov 25		(257)	11/19/2025		5,569,627		(57,306	)
CBOE VIX Futures Oct 25		(257)	10/22/2025		5,578,082		71,439
CBOE VIX Futures Sep 25		(162)	09/17/2025		3,504,076		107,480
Net Unrealized Appreciation (Depreciation)						$	106,812

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)

Volatility Premium Plus 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, 2025:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Money Market Funds		13,391,378		–		–		13,391,378
Total Investments		13,391,378		–		–		13,391,378
Liabilities:
Other Financial Instruments:
Futures Contracts*		106,812		–		–		106,812
Total Other Financial Instruments		106,812		–		–		106,812
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.