What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 148 added, 62 removed, 399 unchanged (34% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2025 and December 31, 2024

June 30, 2025 and December 31, 2024

Investments in Bitcoin, at value (cost $ 228,945,747 and $ 381,198,226 , respectively)

11 unchanged sentences

Schedule of Investments

March 31, 2025

June 30, 2025

% of Net Assets

13 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended June 30,

Six Months Ended June 30,

Total Expenses

6 unchanged sentences

Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

( 133,944,630

Net Realized and Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

3 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2025 and 2024

For the Three Months Ended June 30, 2025 and 2024

Total Shareholders'

Balance at March 31, 2025

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions

Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2025

Total Shareholders'

Balance at March 31, 2024

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions

Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco Galaxy Bitcoin ETF

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

Total Shareholders'

Balance at December 31, 2024

8 unchanged sentences

Net Change in Unrealized Gain (Loss) from Investments in Bitcoin

( 133,944,630

Net Income (Loss)

1 unchanged sentence

( 171,716,356

Balance at March 31, 2025

Balance at June 30, 2025

Total Shareholders'

10 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2024

Balance at June 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Cash Flows

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

For the Six Months Ended June 30, 2025 and 2024

Six Months Ended

Cash flows from operating activities:

26 unchanged sentences

Notes to Unaudited Financial Statement s

March 31, 2025

June 30, 2025

Note 1 – Organization

2 unchanged sentences

The Trust operates pursuant to its Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 5, 2024 (the “Trust Agreement”).

Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the “Trustee”).

CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the “Trustee”).

The Trust is managed and controlled by Invesco Capital Management LLC (the “Sponsor”).

23 unchanged sentences

The Trust’s NAV is an amount denominated in U.S.

This Quarterly Report (the “Report”) covers the three months ended March 31, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025 and 2024.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S.

20 unchanged sentences

The Trust defines cash as cash held by the Cash Custodian (as defined below).

There were no cash equivalents held by the Trust as of March 31, 2025 and December 31, 2024 .

There were no cash equivalents held by the Trust as of June 30, 2025 and December 31, 2024 .

Investment Valuations

14 unchanged sentences

These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in Section G of this Note 2), litigation and indemnification expenses, judgments, transactional expenses, taxes and other expenses not expected to be incurred in the ordinary course of the Trust’s business.

The only expenses of the Trust during the three months ended March 31, 2025 and 2024 were the Sponsor Fee.

The only expenses of the Trust during the three and six months ended June 30, 2025 and 2024 were the Sponsor Fee.

Federal Income Taxes

13 unchanged sentences

Note 4 – Service Providers and Related Party Agreements

Delaware Trust Company, a Delaware trust company, acts as the Trustee of the Trust as required to create a Delaware statutory trust in accordance with the Trust Agreement and the DSTA.

CSC Delaware Trust Company, a Delaware trust company, acts as the Trustee of the Trust as required to create a Delaware statutory trust in accordance with the Trust Agreement and the DSTA.

Under the Trust Agreement, the duties of the Trustee are limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) at the direction of the Sponsor, the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under the DSTA.

15 unchanged sentences

The Trust is not responsible for paying any costs associated with the transfer of bitcoin to or from the Trust in connection with paying the Sponsor Fee or in connection with creation and redemption transactions.

The Sponsor waived fees of $ 0 and $ 181,501 for the three months ended March 31, 2025 and 2024, respectively.

There were no waived Sponsor fees for the three and six months ended June 30, 2025, respectively.

The Sponsor waived fees of $ 271,217 and $ 452,718 for the three and six months ended June 30, 2024, respectively.

The Administrator

44 unchanged sentences

Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of March 31, 2025 , the investments in this Trust were valued based on Level 1 inputs.

As of June 30, 2025 , the investments in this Trust were valued based on Level 1 inputs.

The levels assigned to the investment valuations may not be an indication of the risk or liquidity associated with investing in those investments.

2 unchanged sentences

The Trust expects to purchase or sell bitcoin in connection with cash creation or redemption transactions, and may sell bitcoin to pay certain expenses, including the Sponsor Fee.

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three months ended March 31, 2025 and 2024 .

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and six months ended June 30, 2025.

Opening Balance as of 03/31/2025

2 unchanged sentences

Proceeds from bitcoin sold for Redemptions

( 246,403,149

Change in Unrealized Appreciation (Depreciation)

Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee

Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions

Ending Balance as of 06/30/2025

Opening Balance as of 12/31/2024

Purchases at Cost

Proceeds from Sales to Pay Sponsor Fee

Proceeds from bitcoin sold for Redemptions

( 313,763,953

Change in Unrealized Appreciation (Depreciation)

Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee

1 unchanged sentence

Ending Balance as of 06/30/2025

The following is a summary of the transactions in, and earnings from, investments in bitcoin for the three and six months ended June 30, 2024 .

Opening Balance as of 03/31/2024

1 unchanged sentence

Proceeds from bitcoin sold for Redemptions

Change in Unrealized Appreciation (Depreciation)

Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions

Ending Balance as of 06/30/2024

Opening Balance as of 12/31/2023

Purchases at Cost

Proceeds from bitcoin sold for Redemptions

( 211,207,347

4 unchanged sentences

The Trust will process all creations and redemptions of Shares in transactions with Authorized Participants.

When the Trust issues or redeems its Shares, it will do so only in Creation Baskets based on the quantity of bitcoin attributable to each Share of the Trust (net of accrued but unpaid Sponsor fees and any accrued but unpaid expenses or liabilities).

When the Trust issues or redeems its Shares, it will do so only in Creation Baskets based on the quantity of bitcoin attributable to each Share of the

Trust (net of accrued but unpaid Sponsor fees and any accrued but unpaid expenses or liabilities).

Creation and redemption transactions take place in cash, but in the future, pending regulatory approval, the Trust may permit or require creation and redemption transactions to take place in-kind.

13 unchanged sentences

Note 10 – Financial Highlights

The Trust is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2025 and the period January 10, 2024 to March 31, 2024.

The Trust is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2025, the three months ended June 30, 2024 and the period January 10, 2024 to June 30, 2024.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

1 unchanged sentence

Three Months Ended

March 31, 2025

For the Period January 10, 2024 (the effective date of the Trust's registration statement) to

March 31, 2024

Six Months Ended

For the Period January 10, 2024 (the effective date of the Trust's registration statement) to June

Net Asset Value

23 unchanged sentences

Not annualized for periods less than one year, if applicable.

(g) The net asset value total return from January 1, 2024 to March 31, 2024 was 183.36 %.

The market price total return from January 1, 2024 to March 31, 2024 was 183.92 %.

(g) The net asset value total return from January 1, 2024 to June 30, 2024 was 150.68 %.

The market price total return from January

1, 2024 to June 30, 2024 was 139.76 %.

M anagement’s Discussion and Analysis of Financial Condition and Results of Operations.

18 unchanged sentences

The Trust offers Shares only to certain eligible financial institutions (“Authorized Participants”) in one or more blocks of 5,000 Shares (“Creation Baskets”) based on the quantity of bitcoin attributable to each Share of the Trust.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of March 31, 2025, and its results of operations for the three months ended March 31, 2025 and the period January 11, 2024 to March 31, 2024.

The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of June 30, 2025, and its results of operations for the three and six months ended June 30, 2025, the three months ended June 30, 2024, and the period January 11, 2024 to June 30, 2024.

It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.

10 unchanged sentences

The Trust applies FASB ASC Topic 820, Fair Value Measurement , in the valuation of bitcoin held by the Trust and for financial statement purposes.

The fair market value price for bitcoin reflects the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date of bitcoin on its “principal market,”

generally, the most advantageous market.

The fair market value price for bitcoin reflects the price that would be received for bitcoin in a current

sale, which assumes an orderly transaction between market participants on the measurement date of bitcoin on its “principal market,” generally, the most advantageous market.

Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

26 unchanged sentences

LLC and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used in) operating activities was $224.7 million and $(298.5) million during the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025, $89.0 million was paid to purchase bitcoin and $313.8 million was received from sales of bitcoin for redemptions.

During the six months ended June 30, 2024, $509.7 million was paid to purchase bitcoin and $211.2 million was received from sales of bitcoin for redemptions.

Financing Activities

The Trust's net cash flow provided by (used in) financing activities was $(224.7) million and $298.4 million during the six months ended June 30, 2025 and 2024, respectively.

This included $89.0 million and $564.0 million from Shares purchased by Authorized Participants and $313.8 million and $265.6 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND THE PERIOD JANUARY 11, 2024 TO MARCH 31, 2024

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, THREE MONTHS ENDED JUNE 30, 2024 AND THE

PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Reference Rate (USD)”).

There can be no assurances that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels.

No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those set forth herein.

There can be no assurance that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels.

No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those

set forth herein.

COMPARISON OF MARKET, NAV AND LUKKA PRIME REFERENCE RATE (USD)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND THE PERIOD JANUARY 11, 2024 TO MARCH 31, 2024

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 , THREE MONTHS ENDED JUNE 30, 2024 AND THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,

2 unchanged sentences

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.

NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.

NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.

FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2024

Trust Share Price Performance

For the three months ended March 31, 2025, the Exchange market value of each Share decreased from $93.22 per Share to $82.25 per Share.

The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $78.78 per Share (-15.49%) on March 10, 2025 and a high of $106.08 per Share (+13.80%) on January 21, 2025.

For the three months ended June 30, 2025, the Exchange market value of each Share increased from $82.25 per Share to $107.46 per Share.

The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows:

Shares traded at a low of $76.59 per Share (-6.88%) on April 8, 2025 and a high of $111.03 per Share (+34.99%) on May 22, 2025.

The total return for the Trust on a market value basis was +30.65%.

Bitcoin performed negatively in the first quarter of 2025 leading to losses for the Trust.

While prices initially continued their year-end 2024 rally driven by the excitement from President Trump’s election, mounting economic concerns took the center stage for the rest of the quarter.

The nosedive in U.S.

financial markets eroded investor risk appetite which triggered a flight to safe havens and outflows from U.S.

Another headwind was the ByBit hack in late February.

Despite the negative price action, regulatory progress for digital assets continued to provide optimism and some downside protection.

Most notably, President Trump signed the “Strengthening American Leadership in Digital Financial Technology” executive order, which ordered the establishment of a strategic bitcoin reserve and digital assets stockpile, SAB 121 was repealed, and crypto-friendly policymakers were either nominated or appointed to the SEC and Commodity Futures Trading Commission, the two primary U.S.

regulators for the crypto space.

For the period January 11, 2024 (commencement of trading) to March 31, 2024, the Exchange market value of each Share increased from $46.30 per Share to $70.98 per Share.

The Share price low and high for the period ended March 31, 2024 and related change from the Share price on January 11, 2024 was as follows:

Bitcoin (BTC) bounced back in the second quarter of 2025, rallying over 30%.

The rebound was driven by strong investment demand with U.S.

spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence.

However, the inflows may have also been due to investors finding substitutes for gold as bitcoin is often described as “digital gold.” Regulatory progress also supported the rally, with the Digital Asset Market Clarity Act of 2025 (CLARITY Act), Guiding and Establishing National Innovation for U.S.

Stablecoins Act (GENIUS Act) and Anti-CDBC Surveillance State Act all making congressional progress, while Europe continued implementation of the Markets in Crypto Asset Regulation MiCA framework.

These regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.

For the three months ended June 30, 2024, the Exchange market value of each Share decreased from $70.98 per Share to $59.94 per Share.

The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows:

Shares traded at a low of $56.87 per Share (-19.88%) on May 1, 2024, and a high of $71.81 per Share (+1.17%) on April 8, 2024.

The total return for the Trust on a market value basis was -15.56%.

After hitting its all-time-high price in March 2024, bitcoin was range-bound for most of the period between April 1, 2024, and

June 30, 2024, waiting for a catalyst to break out of the $55,000 - $70,000 range.

Many market participants were focused on the April

bitcoin halving, where the reward for “mining” bitcoin is cut in half.

In past halvings, on average, prices for bitcoin moved higher

before and after the event, but as this digital asset class matures, price moves may not follow historical trends.

Gains leading into the

halving may have also been exaggerated by the launch of the spot bitcoin ETPs, possibly tempering any move after the event.

Trust Share Net Asset Performance

For the three months ended June 30, 2025, the NAV of each Share increased from $82.30 per Share to $107.50 per Share.

Rising prices for bitcoin during the three months ended June 30, 2025 contributed to an overall 30.70% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +30.62%.

Net income (loss) for the three months ended June 30, 2025 was $126.4 million, primarily resulting from net realized gain (loss) of $12.3 million, net change in unrealized gain (loss) of $114.4 million and net operating expenses of $0.3 million.

For the three months ended June 30, 2024, the NAV of each Share decreased from $70.84 per Share to $59.95 per Share.

Falling prices for bitcoin during the three months ended June 30, 2024 contributed to an overall 12.81% decrease in the level of the Benchmark.

The total return for the Trust on a NAV basis was -15.37%.

Net income (loss) for the three months ended June 30, 2024 was $(49.1) million, primarily resulting from net realized gain (loss) of $(3.1) million and net change in unrealized gain (loss) of $(46.0) million.

FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024

Trust Share Price Performance

For the six months ended June 30, 2025, the Exchange market value of each Share increased from $93.22 per Share to $107.46 per Share.

The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $76.59 per Share (-17.84%) on April 8, 2025 and a high of $111.03 per Share (+19.11%) on May 22, 2025.

The total return for the Trust on a market value basis was +15.27%.

Bitcoin (BTC) had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor confidence, triggering a downturn in U.S.

stock markets.

This led to sharp outflows from spot bitcoin ETPs, the largest since the launch in January 2024.

The ByBit hack also added pressure on digital assets, though bitcoin held up better than Ethereum.

Despite this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided support.

In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk appetite improved with most U.S.

tariffs stalled and emerging trade deal headlines provided optimism.

Congressional progress for three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CDBC Surveillance State Act) also provided a boost for the asset class overall.

For the period January 11, 2024 to June 30, 2024, the Exchange market value of each Share increased from $46.30 per Share to $59.94 per Share.

The Share price low and high for the period ended June 30, 2024 and related change from the Share price on January 11, 2024 was as follows:

Shares traded at a low of $39.11 per Share (-15.54%) on January 23, 2024, and a high of $73.57 per Share (+58.90%) on March 13, 2024.

The total return for the Trust on a market value basis was +29.46%.

Bitcoin saw extremely strong performance during the period January 11, 2024 through March 31, 2024, with its spot price increasing over 50%, leading to equivalent gains for the Trust.

The rally for bitcoin was driven by U.S.

spot bitcoin ETP demand following their historic launch on January 11, 2024, improving macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 halving event (halvings reduce the amount of coins rewarded to miners in half).

Prices did retreat in early March 2024 on heightened geopolitical risks and a broader equity market selloff, but managed to recover most of those losses to end the period.

During the period, the Trust saw net inflows of over $220 million.

More broadly, U.S.

spot bitcoin ETPs saw inflows of over $10 billion.

For the period January 11, 2024, through June 30, 2024, bitcoin’s spot price increased approximately 30%, leading to equivalent gains for the Trust.

The bitcoin rally was driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, improving macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 bitcoin halving event.

While in past halvings, on average, bitcoin rallied both before and after the event, the upward move before this recent halving may have been exaggerated by the launch of the spot bitcoin ETPs, leading to limited upside following the event.

Trust Share Net Asset Performance

For the three months ended March 31, 2025, the NAV of each Share decreased from $93.28 per Share to $82.30 per Share.

Falling price for bitcoin during the three months ended March 31, 2025 contributed to an overall 11.72% decrease in the level of the Benchmark.

For the six months ended June 30, 2025, the NAV of each Share increased from $93.28 per Share to $107.50 per Share.

Rising price for bitcoin during the six months ended June 30, 2025 contributed to an overall 15.38% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +15.24%.

Net income (loss) for the three months ended March 31, 2025 was $(73.4) million, primarily resulting from net realized gain (loss) of $60.9 million, net change in unrealized gain (loss) of $(133.9) million and net operating expenses of $0.4 million.

For the period January 11, 2024 (commencement of trading) to March 31, 2024, the NAV of each Share increased from $46.29 per Share to $70.84 per Share.

Rising price for bitcoin during the period ended March 31, 2024 contributed to an overall 53.04% increase in the level of the Benchmark.

Net income (loss) for the six months ended June 30, 2025 was $53.0 million, primarily resulting from net realized gain (loss) of $73.3 million, net change in unrealized gain (loss) of $(19.5) million and net operating expenses of $0.7 million.

For the period January 11, 2024 to June 30, 2024, the NAV of each Share increased from $46.29 per Share to $59.95 per Share.

Rising prices for bitcoin during the period ended June 30, 2024 contributed to an overall 33.79% increase in the level of the Benchmark.

The total return for the Trust on a NAV basis was +29.51%.

Net income (loss) for the three months ended March 31, 2024 was $185.8 million, primarily resulting from net realized gain (loss) of $37.0 million, net change in unrealized gain (loss) of $148.8 million.

Net income (loss) for the six months ended June 30, 2024 was $136.7 million, primarily resulting from net realized gain (loss) of $34.0 million and net change in unrealized gain (loss) of $102.8 million.

Critical Accounting Estimates

9 unchanged sentences

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s quarter ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

OTHER INFORMATION

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements