NPORT-EX 2 nasdaq.htm PART F

One+One Nasdaq-100 and Bitcoin ETF (Consolidated)
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
SHORT-TERM INVESTMENTS - 66.1%
        
Value
 
Money Market Funds - 66.1%
  
Shares
        
First American Government Obligations Fund - Class X, 4.23% (a)(b)
    
478,833
    
$
478,833
  
TOTAL SHORT-TERM INVESTMENTS (Cost $478,833)
      
478,833
  
                 
TOTAL INVESTMENTS - 66.1% (Cost $478,833)
      
478,833
  
Other Assets in Excess of Liabilities - 33.9% (c)
      
245,216
  
TOTAL NET ASSETS - 100.0%
          
$
724,049
  
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 $206,532 that is pledged as collateral for futures contracts.
One+One Nasdaq-100 and Bitcoin ETF (Consolidated)
  
Schedule of Futures Contracts
  
May 31, 2025 (Unaudited)
  
   
Description
  
Contracts Purchased
  
Expiration Date
  
Notional Value
    
Value / Unrealized
Appreciation
(Depreciation)
  
   CME Micro Bitcoin Futures Jun 25
    
63
  
06/27/2025
  
$
662,319
    
$
(30,962
)
   Nasdaq-100 Micro E-Mini Futures Jun 25
    
16
  
06/20/2025
    
684,056
      
62,809
  
Net Unrealized Appreciation (Depreciation)
    
$
31,847
  
One+One Nasdaq-100 and Bitcoin ETF (Consolidated)
Schedule of Reverse Repurchase Agreements
May 31, 2025 (Unaudited)
 

Counterparty
  
Interest Rate
  
Trade Date
  
Maturity Date
  
Net Closing Amount
    
Face Value
  
Fixed Income Clearing Corporation(a)
    
4.82%

5/27/2025
  
06/03/2025
  
$
(542,957
)
  
$
(542,594
)
                    
$
(542,957
)
  
$
(542,594
)
(a) All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. At May 31, 2025, the value pledged was $548,576.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
One+One Nasdaq-100 and Bitcoin 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
    
478,833
      
–
      
–
      
478,833
  
Total Investments
    
478,833
      
–
      
–
      
478,833
  
   
Other Financial Instruments:
                                
  Futures Contracts*
    
62,809
      
–
      
–
      
62,809
  
Total Other Financial Instruments
    
62,809
      
–
      
–
      
62,809
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Reverse Repurchase Agreements
    
–
      
(542,594
)
    
–
      
(542,594
)
  Futures Contracts*
    
(30,962
)
    
–
      
–
      
(30,962
)
Total Other Financial Instruments
    
(30,962
)
    
(542,594
)
    
–
      
(573,556
)
   
* 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.