BLOX – XFunds

Fund Summary

BLOX is an actively managed exchange-traded fund that provides exposure to blockchain technology to enhance income and provide portfolio diversification. The fund blends digital asset-related investments and traditional income-generating securities to capture growth potential in emerging technologies while maintaining a focus on risk-adjusted returns.

The Fund does not invest directly in bitcoin, ether or any other digital assets. The Fund does not invest directly in derivatives that track the performance of bitcoin, ether or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of bitcoin or ether. Investors seeking direct exposure to the price of bitcoin or ether should consider an investment other than the Fund. Although bitcoin and ether may each be referred to as a “cryptocurrency,” neither is yet widely accepted as a means of payment.

Fund Objective

BLOX is an actively managed exchange-traded fund (ETF) that seeks to give investors the opportunity to have exposure to both Bitcoin and Ether through direct or indirect ownership of U.S.-listed exchange-traded funds (“ETFs”) and/or exchange-traded products (“ETPs”). The Fund will invest in Crypto Industry Companies engaged in crypto asset mining, blockchain technology, crypto trading platforms, payment processing, DeFi, technology providers within the crypto industry and companies that invest directly in Crypto. The fund seeks to generate income primarily using options contracts on some or all of the individual holdings of the equity and crypto portfolio. BLOX portfolio managers will select options strategies that it believes will best provide the Fund with current income while also attempting to capture upside appreciation.

The Nicholas Crypto Income ETF’s (the “Fund”) primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to seek current income.

Fund Details

Fund Inception	6/16/2025
Ticker	BLOX
Primary Exchange	NYSE
CUSIP	88636V728
Expense Ratio*	1.03%
Distribution Rate	-%
Average Duration	-
Yield to Maturity	-%
30 Day SEC Yield* As of 08/31/2025	-0.84%

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.

The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12) and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.

Fund Data & Price

Name	Value
Net Assets	$75.63m
NAV	$22.92
Shares Outstanding	3,300,000
Premium/Discount Percentage	0.22%
Closing Price	$22.97
Median 30 Day Spread*	0.33%

Name
09/25/2025

As of 09/26/2025

*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Fund Details

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.

Fund Data & Price

Name	Value
Net Assets	$75.63m
NAV	$22.92
Shares Outstanding	3,300,000
Premium/Discount Percentage	0.22%
Closing Price	$22.97
Median 30 Day Spread*	0.33%

Name
09/25/2025

As of 09/26/2025

Performance

Name
8/31/2025

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	Since Inception (Cumulative)	1 Year	3 Year	5 Year	10 Year	Since Inception (Annualized)	Date
Nicholas Crypto Income ETF	BLOX MKT	-3.58	–	–	–	13.74	–	–	–	–	–	08/31/2025
Nicholas Crypto Income ETF	BLOX NAV	-3.28	–	–	–	13.12	–	–	–	–	–	08/31/2025
Nicholas Crypto Income ETF	S&P 500 TR	2.03	–	–	–	7.32	–	–	–	–	–	08/31/2025

Name
6/30/2025

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	Since Inception (Cumulative)	1 Year	3 Year	5 Year	10 Year	Since Inception (Annualized)	Date
Nicholas Crypto Income ETF	BLOX MKT	–	–	–	–	5.59	–	–	–	–	–	06/30/2025
Nicholas Crypto Income ETF	BLOX NAV	–	–	–	–	5.43	–	–	–	–	–	06/30/2025
Nicholas Crypto Income ETF	S&P 500 TR	–	–	–	–	2.88	–	–	–	–	–	06/30/2025

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (855) 563-6900.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Distribution Detail

EX Date	Record Date	Payable Date	Fund Total
09/19/2025	09/19/2025	09/22/2025	0.1638
09/12/2025	09/12/2025	09/15/2025	0.1527
09/05/2025	09/05/2025	09/08/2025	0.1481
08/29/2025	08/29/2025	09/02/2025	0.1371
08/22/2025	08/22/2025	08/25/2025	0.1474
08/15/2025	08/15/2025	08/18/2025	0.1582
08/08/2025	08/08/2025	08/11/2025	0.1477
08/01/2025	08/01/2025	08/04/2025	0.1559
07/18/2025	07/18/2025	07/21/2025	0.1533
07/11/2025	07/11/2025	07/14/2025	0.1472
07/03/2025	07/03/2025	07/07/2025	0.1437
07/25/2025	07/25/2025	07/28/2025	0.1622
09/26/2025	09/26/2025	09/29/2025	0.1641

Future Distribution Detail

Declaration Date	Ex/Record Date	Payable Date
10/02/2025	10/03/2025	10/06/2025
10/09/2025	10/10/2025	10/13/2025
10/16/2025	10/17/2025	10/20/2025
10/23/2025	10/24/2025	10/27/2025
10/30/2025	10/31/2025	11/03/2025
11/06/2025	11/07/2025	11/10/2025
11/13/2025	11/14/2025	11/17/2025
11/20/2025	11/21/2025	11/24/2025
11/26/2025	11/28/2025	12/01/2025
12/04/2025	12/05/2025	12/08/2025
12/11/2025	12/12/2025	12/15/2025
12/18/2025	12/19/2025	12/22/2025
12/24/2025	12/26/2025	12/29/2025

Top 10 Holdings

The Nicholas Crypto Income ETF, BLOX gives investors exposure to both Bitcoin and Ether through U.S.-listed ETFs and/or ETPs and combines the growth potential of the blockchain with the income stream of an options overlay.

Name
09/26/2025

Date	Account	StockTicker	Name	CUSIP	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits
09/26/2025	BLOX	GLXY	Galaxy Digital Inc	36317J209	159,025.00	32.12	5,107,087.88	6.15%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HOOD	Robinhood Markets Inc	770700102	38,355.00	122.65	4,704,240.75	5.66%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	IREN	IREN Ltd	Q4982L109	96,242.00	46.29	4,455,042.18	5.36%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	RIOT	Riot Platforms Inc	767292105	262,820.00	16.74	4,399,606.80	5.30%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HUT	HUT 8 CORP	44812J104	116,729.00	34.88	4,071,507.52	4.90%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	TSM	Taiwan Semiconductor Manufacturing Co Ltd	874039100	13,599.00	276.66	3,762,299.34	4.53%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	NVDA	NVIDIA Corp	67066G104	19,907.00	177.69	3,537,274.83	4.26%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	COIN	Coinbase Global Inc	19260Q107	11,296.00	306.69	3,464,370.24	4.17%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	Cash&Other	Cash & Other	Cash&Other	3,399,347.00	1.00	3,399,347.12	4.09%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MARA	MARA Holdings Inc	565788106	193,842.00	16.07	3,115,040.94	3.75%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CIFR	Cipher Mining Inc	17253J106	239,464.00	11.66	2,792,150.24	3.36%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MSTR	Strategy Inc	594972408	7,594.00	300.70	2,283,515.80	2.75%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HODL	VanEck Bitcoin ETF/US	92189K105	436,560.00	30.93	13,502,800.80	16.26%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	FBTC	Fidelity Wise Origin Bitcoin Fund	315948109	140,646.00	95.38	13,414,815.48	16.15%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	ETHA	iShares Ethereum Trust ETF	46438R105	289,674.00	29.58	8,568,556.92	10.32%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	BMNR	BitMine Immersion Technologies Inc	09175A206	30,877.00	49.57	1,530,572.89	1.84%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRWV	CoreWeave Inc	21873S108	12,000.00	126.66	1,519,920.00	1.83%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRCL	Circle Internet Group Inc	172573107	10,241.00	124.66	1,276,643.06	1.54%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CIFR 251010P00012500	CIFR US 10/10/25 P12.5	CIFR 251010P00012500	1,599.00	2.01	320,599.50	0.39%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HUT 251003P00034000	HUT US 10/03/25 P34	HUT 251003P00034000	1,167.00	1.85	215,311.50	0.26%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MBTXW 250930C00295000	MBTXW US 09/30/25 C295	MBTXW 250930C00295000	394.00	5.00	197,000.00	0.24%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	GLXY 251003P00031500	GLXY US 10/03/25 P31.5	GLXY 251003P00031500	1,275.00	1.55	197,625.00	0.24%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	IREN 251003P00046500	IREN US 10/03/25 P46.5	IREN 251003P00046500	523.00	3.60	188,280.00	0.23%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	RIOT 251003P00017000	RIOT US 10/03/25 P17	RIOT 251003P00017000	1,800.00	1.06	190,800.00	0.23%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MSTR 251003P00315000	MSTR US 10/03/25 P315	MSTR 251003P00315000	75.00	20.20	151,500.00	0.18%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MARA 251003P00016000	MARA US 10/03/25 P16	MARA 251003P00016000	1,938.00	0.77	148,257.00	0.18%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CIFR 251003P00012000	CIPHER M PUT OPT 10/25 12	CIFR 251003P00012000	795.00	1.33	105,735.00	0.13%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	COIN 251003P00305000	COIN US 10/03/25 P305	COIN 251003P00305000	112.00	9.73	108,920.00	0.13%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRCL 251003P00135000	CRCL US 10/03/25 P135	CRCL 251003P00135000	84.00	13.20	110,880.00	0.13%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRWV 251003P00130000	COREWEAV PUT OPT 10/25 130	CRWV 251003P00130000	120.00	8.38	100,500.00	0.12%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	RIOT 251010P00016500	RIOT US 10/10/25 P16.5	RIOT 251010P00016500	828.00	1.07	88,182.00	0.11%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	BMNR 251010P00053000	BMNR US 10/10/25 P53	BMNR 251010P00053000	110.00	6.78	74,525.00	0.09%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	GLXY 251003P00033000	GLXY US 10/03/25 P33	GLXY 251003P00033000	315.00	2.20	69,300.00	0.08%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	NVDA 251003P00175000	NVDA US 10/03/25 P175	NVDA 251003P00175000	199.00	2.51	49,849.50	0.06%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	IREN 251003P00040000	IREN US 10/03/25 P40	IREN 251003P00040000	439.00	0.88	38,412.50	0.05%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	FBTC 251003C00103500	FBTC US 10/03/25 C103.5	FBTC 251003C00103500	1,406.00	0.20	28,120.00	0.03%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	TSM 250926P00275000	TSM US 09/26/25 P275	TSM 250926P00275000	135.00	1.63	22,005.00	0.03%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	ETHA 251003C00036000	ETHA US 10/03/25 C36	ETHA 251003C00036000	2,896.00	0.10	27,512.00	0.03%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HOOD 250926P00119000	HOOD US 09/26/25 P119	HOOD 250926P00119000	383.00	0.44	16,660.50	0.02%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	BMNR 250926P00048500	BMNR US 09/26/25 P48.5	BMNR 250926P00048500	198.00	0.82	16,236.00	0.02%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRCL 250926P00134000	CRCL US 09/26/25 P134	CRCL 250926P00134000	18.00	10.00	18,000.00	0.02%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CIFR 251010P00015000	CIFR US 10/10/25 P15	CIFR 251010P00015000	-1,599.00	3.93	-627,607.50	-0.76%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MARA 251003P00018000	MARA US 10/03/25 P18	MARA 251003P00018000	-1,938.00	2.22	-430,236.00	-0.52%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HUT 251003P00037000	HUT US 10/03/25 P37	HUT 251003P00037000	-1,167.00	3.58	-417,202.50	-0.50%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	RIOT 251003P00018000	RIOT US 10/03/25 P18	RIOT 251003P00018000	-1,800.00	1.81	-325,800.00	-0.39%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	GLXY 251003P00033500	GLXY US 10/03/25 P33.5	GLXY 251003P00033500	-1,275.00	2.50	-318,750.00	-0.38%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	IREN 251003P00049500	IREN US 10/03/25 P49.5	IREN 251003P00049500	-523.00	5.48	-286,342.50	-0.34%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MSTR 251003P00332500	MSTR US 10/03/25 P332.5	MSTR 251003P00332500	-75.00	34.10	-255,750.00	-0.31%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	COIN 251003P00322500	COIN US 10/03/25 P322.5	COIN 251003P00322500	-112.00	20.78	-232,680.00	-0.28%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	RIOT 251010P00019000	RIOT US 10/10/25 P19	RIOT 251010P00019000	-828.00	2.78	-230,184.00	-0.28%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	NVDA 251003P00185000	NVDA US 10/03/25 P185	NVDA 251003P00185000	-199.00	8.20	-163,180.00	-0.20%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRCL 251003P00143000	CRCL US 10/03/25 P143	CRCL 251003P00143000	-84.00	19.88	-166,950.00	-0.20%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CIFR 251003P00013000	CIPHER M PUT OPT 10/25 13	CIFR 251003P00013000	-795.00	2.07	-164,565.00	-0.20%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	GLXY 251003P00036000	GLXY US 10/03/25 P36	GLXY 251003P00036000	-315.00	4.30	-135,450.00	-0.16%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRWV 251003P00134000	COREWEAV PUT OPT 10/25 134	CRWV 251003P00134000	-120.00	11.25	-135,000.00	-0.16%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	TSM 250926P00285000	TSM US 09/26/25 P285	TSM 250926P00285000	-135.00	8.83	-119,137.50	-0.14%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	BMNR 251010P00057000	BMNR US 10/10/25 P57	BMNR 251010P00057000	-110.00	10.03	-110,275.00	-0.13%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	FBTC 251003C00099500	FBTC US 10/03/25 C99.5	FBTC 251003C00099500	-1,406.00	0.63	-87,875.00	-0.11%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	HOOD 250926P00123000	HOOD US 09/26/25 P123	HOOD 250926P00123000	-383.00	1.67	-63,769.50	-0.08%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	BMNR 250926P00052000	BMNR US 09/26/25 P52	BMNR 250926P00052000	-198.00	2.94	-58,212.00	-0.07%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	IREN 251003P00042000	IREN US 10/03/25 P42	IREN 251003P00042000	-439.00	1.40	-61,240.50	-0.07%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	ETHA 251003C00034000	ETHA US 10/03/25 C34	ETHA 251003C00034000	-2,896.00	0.20	-56,472.00	-0.07%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	CRCL 250926P00139000	CRCL US 09/26/25 P139	CRCL 250926P00139000	-18.00	13.28	-23,895.00	-0.03%	83,057,575.00	3,650,000	146
09/26/2025	BLOX	MBTXW 250930C00275000	MBTXW US 09/30/25 C275	MBTXW 250930C00275000	-394.00	0.32	-12,608.00	-0.02%	83,057,575.00	3,650,000	146

Holdings are subject to change without notice.

BLOX will invest in Crypto Industry Companies engaged in crypto asset mining, blockchain technology, crypto trading platforms, payment processing, DeFi, technology providors within the crypto industry and companies that invest directly in Crypto.

Fund Documents

Purchase

The Fund (BLOX) is available through various channels including via phone (855) 563-6900, broker-dealers, investment advisers, and other financial services firms, including:

This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.