NPORT-EX 2 stkd.htm BTGD ETF - 12/31/25 PART F

STKd 100% Bitcoin & 100% Gold ETF
  
Consolidated Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 37.7%
  
Shares
    
Value
 
Fidelity Wise Origin Bitcoin Fund (a)
    
66,150
    
$
5,042,615
  
iShares Bitcoin Trust ETF (a)
    
30,839
      
1,531,156
  
ProShares Bitcoin ETF
    
1,620,000
      
19,699,200
  
SPDR Gold MiniShares Trust (a)
    
83,301
      
7,111,407
  
TOTAL EXCHANGE TRADED FUNDS (Cost $32,224,341)
      
33,384,378
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 47.6%
                
First American Government Obligations Fund - Class X, 3.67% (b)(c)
    
42,163,488
      
42,163,488
  
TOTAL MONEY MARKET FUNDS (Cost $42,163,488)
      
42,163,488
  
                 
TOTAL INVESTMENTS - 85.3% (Cost $74,387,829)
      
75,547,866
  
Other Assets in Excess of Liabilities - 14.7%
      
13,032,364
  
TOTAL NET ASSETS - 100.0%
          
$
88,580,230
  
                 
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(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.
STKd 100% Bitcoin & 100% Gold ETF
  
Consolidated Schedule of Futures Contracts
  
December 31, 2025 (Unaudited)
  
   
The STKD Bitcoin & Gold Cayman Subsidiary had the following contracts outstanding with PhillipCapital, Inc. and ClearStreet LLC:
  
   
Description
  
Contracts Purchased
  
Expiration Date
  
Notional Value
    
Value / Unrealized
Appreciation
(Depreciation)
  
   CME Bitcoin
  
142
  
01/30/2026
  
$
62,398,350
    
$
88,975
  
   Gold
  
188
  
02/25/2026
    
81,612,680
      
1,999,663
  
Net Unrealized Appreciation (Depreciation)
      
$ –
  
$
–
    
$
2,088,638
  
Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
 
STKd 100% Bitcoin & 100% Gold ETF (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 December 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Exchange Traded Funds
  
$
33,384,378
    
$
–
    
$
–
    
$
33,384,378
  
  Money Market Funds
    
42,163,488
      
–
      
–
      
42,163,488
  
Total Investments
  
$
75,547,866
    
$
–
    
$
–
    
$
75,547,866
  
   
Other Financial Instruments:
                                
  Futures Contracts*
  
$
2,088,638
    
$
–
    
$
–
    
$
2,088,638
  
Total Other Financial Instruments
  
$
2,088,638
    
$
–
    
$
–
    
$
2,088,638
  
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025.
  
   
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.