What changed in this filing

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Item 1. Financial Statements

2026-08-12 compared with 2026-05-12 · 315 added, 569 removed, 248 unchanged (78% of the section changed)

1 unchanged sentence

Index to Financial Statements

Documents Page

HASHDEX COMMODITIES TRUST

Combined Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Combined Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 202 5

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025

Combined Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025 F-1

Combined Schedule of Investments at June 30, 2026 (Unaudited) and December 31, 2025 F-2

Combined Statements of Operations (Unaudited) for the three months ended June 30, 2026 and 2025 and six months ended June 30, 2026 and 2025 F-4

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2026 and 2025 and six months ended June 30, 2026 and 2025 F-5

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 F-6

HASHDEX BITCOIN ETF

Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025

Notes to Financial Statements (Unaudited)

Statements of Assets and Liabilities at June 30, 2026 (Unaudited) and December 31, 2025 F-7

Schedule of Investments at June 30, 2026 (Unaudited) and December 31, 2025 F-8

Statements of Operations (Unaudited) for the three months ended June 30, 2026 and 2025 and six months ended June 30, 2026 and 2025 F-10

Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2026 and 2025 and six months ended June 30, 2026 and 2025 F-11

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 F-12

Notes to Financial Statements (Unaudited) F-13

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

COMBINED STATEMENTS OF ASSETS

AND LIABILITIES

March 31, 2026 (Unaudited)

December 31, 2025

(FORMERLY, TIDAL COMMODITIES TRUST I)

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

Investments (1) $ 13,234,771 $ 11,812,267

1 unchanged sentence

Interest receivable 126 165

Receivable for fund shares sold 1,330,556 —

Equity in trading accounts:

1 unchanged sentence

Total equity in trading accounts 30,712 35,778

Total assets 14,638,208 11,900,343

Management fee payable to Sponsor 2,311 2,566

Payable for investments purchased 1,331,203 —

Total liabilities 1,333,514 2,566

Shares issued and outstanding

( no par value, Unlimited amount authorized)

Net assets $ 13,304,694 $ 11,897,777

Shares issued and outstanding ( no par value, unlimited amount authorized) 200,000 120,000

Net asset value per share $ 66.52 $ 99.15

Market value per share

(1) Cost basis $ 15,271,152 $ 9,706,036

(2) Cost basis $ 42,043 $ 52,133

(1) Cost basis $ 9,706,036 $ 9,706,036

(2) Cost basis $ 50,674 $ 52,133

The accompanying notes are an integral part of these financial

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES

(FORMERLY, TIDAL COMMODITIES TRUST I)

COMBINED SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of Net Assets

Cryptocurrency

Bitcoin $ 13,234,771 99.47 % 226

Total Cryptocurrency (cost $ 15,271,152 ) $ 13,234,771 99.47 %

6 unchanged sentences

Total Net Assets $ 13,304,694 100.00 %

The accompanying notes are an integral part of these financial

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES

(FORMERLY, TIDAL COMMODITIES TRUST I)

COMBINED SCHEDULE OF INVESTMENTS

2 unchanged sentences

Cryptocurrency

Bitcoin $ 11,812,267 99.28 % 135

Total Cryptocurrency (cost $ 9,706,036 ) $ 11,812,267 99.28 %

6 unchanged sentences

Total Net Assets $ 11,897,777 100.00 %

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

1 unchanged sentence

COMBINED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INVESTMENT INCOME (LOSS)

Investment Income

Broker Interest income $ - $ 95 $ 8 $ 180

Interest income 411 227 878 325

Total income (loss) 411 322 886 505

Management fees 6,593 8,794 13,046 29,179

1 unchanged sentence

Total Expenses 6,618 8,842 13,071 29,227

Net Expenses 6,618 8,842 13,071 29,227

Net Investment Loss ( 6,207 ) ( 8,520 ) ( 12,185 ) ( 28,722 )

REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net Realized gain (loss) on cryptocurrency futures contracts

Net Realized gain (loss) on investments

Realized and unrealized gain (loss)

Realized gain (loss) on cryptocurrency futures contracts — ( 4,173 ) — ( 4,173 )

Realized gain (loss) on investments — 1,083,215 — 1,083,215

Net change in unrealized appreciation (depreciation) on investments ( 1,471,548 ) 2,915,393 ( 4,142,612 ) 1,202,547

( 2,671,064 )

( 1,712,846 )

Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts

Net realized and change in unrealized gain (loss)

( 2,671,064 )

( 1,712,846 )

Net realized and unrealized gain (loss) ( 1,471,548 ) 3,994,435 ( 4,142,612 ) 2,281,589

Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 1,477,755 ) $ 3,985,915 $ ( 4,154,797 ) $ 2,252,867

$ ( 2,677,042 )

$ ( 1,733,048 )

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

COMBINED STATEMENTS OF CHANGES IN

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

(FORMERLY, TIDAL COMMODITIES TRUST I)

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

Net investment gain (loss) $ ( 6,207 ) $ ( 8,520 ) $ ( 12,185 ) $ ( 28,722 )

Net realized gain (loss) — 1,079,042 — 1,079,042

Net change in unrealized appreciation (depreciation) ( 1,471,548 ) 2,915,393 ( 4,142,612 ) 1,202,547

( 2,671,064 )

( 1,712,846 )

Net increase (decrease) in net assets resulting from operations ( 1,477,755 ) 3,985,915 ( 4,154,797 ) 2,252,867

( 2,677,042 )

( 1,733,048 )

CAPITAL SHARE TRANSACTIONS

3 unchanged sentences

Total increase (decrease) in net assets 4,083,959 1,518,757 ) 1,406,917 ( 214,291 )

$ ( 2,677,042 )

$ ( 1,733,048 )

Beginning of Period 9,220,735 13,106,337 11,897,777 14,839,385

End of Period $ 13,304,694 $ 14,625,094 $ 13,304,694 $ 14,625,094

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

OF CASH FLOWS

Effective for the three month ended March 31,

2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance

under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

The Trust noted that as of and for the three month ended March 31, 2026, these criteria were met where substantially all investments were

highly liquid in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Trust

carried no debt, and the combined statements of changes in net assets is presented.

The table below concerns Statements of Cash Flows

for the three months ended March 31, 2025:

Three Months Ended March 31, 2025

(FORMERLY, TIDAL COMMODITIES TRUST I)

STATEMENTS OF CASH FLOWS

Effective for the six-month ended June 30, 2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

The Trust noted that as of and for the six-month ended June 30, 2026, these criteria were met where substantially all investments were highly liquid in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Trust carried no debt, and the combined statements of changes in net assets is presented.

Cash flows from operating activities

Net income (loss) $ 2,252,867

$ ( 1,733,048 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized appr.

(depr.) on investments

Adjustments to reconcile net income (loss) to net cash from operating activities:

Net change in unrealized appreciation (depreciation) —

Changes in operating assets and liabilities:

Investments 190,497

Due from broker 77,503

9 unchanged sentences

Cash and cash equivalents, end of period $ 74,496

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (Unaudited)

December 31, 2025

Investments (1) $ 13,234,771 $ 11,812,267

1 unchanged sentence

Interest receivable 126 165

Receivable for fund shares sold 1,330,556 —

Equity in trading accounts:

1 unchanged sentence

Total equity in trading accounts 30,712 35,778

Total assets 14,638,208 11,900,343

Management fee payable to Sponsor 2,311 2,566

Payable for investments purchased 1,331,203 —

Total liabilities 1,333,514 2,566

Shares issued and outstanding

( no par value, Unlimited amount authorized)

Net assets $ 13,304,694 $ 11,897,777

Shares issued and outstanding ( no par value, unlimited amount authorized) 200,000 120,000

Net asset value per share $ 66.52 $ 99.15

Market value per share

(1) Cost basis $ 15,271,152 $ 9,706,036

(2) Cost basis $ 42,043 $ 52,133

(1) Cost basis $ 9,706,036 $ 9,706,036

(2) Cost basis $ 50,674 $ 52,133

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

SCHEDULE OF INVESTMENTS

March 31, 2026

June 30, 2026

Percentage of Net Assets

Cryptocurrency

Bitcoin $ 13,234,771 99.47 % 226

Total Cryptocurrency (cost $ 15,271,152 ) $ 13,234,771 99.47 %

6 unchanged sentences

Total Net Assets $ 13,304,694 100.00 %

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

3 unchanged sentences

Cryptocurrency

Bitcoin $ 11,812,267 99.28 % 135

Total Cryptocurrency (cost $ 9,706,036 ) $ 11,812,267 99.28 %

6 unchanged sentences

Total Net Assets $ 11,897,777 100.00 %

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INVESTMENT INCOME (LOSS)

Investment Income

Broker Interest income $ - $ 95 $ 8 $ 180

Interest income 411 227 878 325

Total income (loss) 411 322 886 505

Management fees 6,593 8,794 13,046 29,179

1 unchanged sentence

Total Expenses 6,618 8,842 13,071 29,227

Net Expenses 6,618 8,842 13,071 29,227

Net Investment Loss ( 6,207 ) ( 8,520 ) ( 12,185 ) ( 28,722 )

REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net Realized gain (loss) on cryptocurrency futures contracts

Net Realized gain (loss) on investments

Realized and unrealized gain (loss)

Realized gain (loss) on cryptocurrency futures contracts — ( 4,173 ) — ( 4,173 )

Realized gain (loss) on investments — 1,083,215 — 1,083,215

Net change in unrealized appreciation (depreciation) on investments ( 1,471,548 ) 2,915,393 ( 4,142,612 ) 1,202,547

( 2,671,064 )

( 1,712,846 )

Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts

Net realized and change in unrealized gain (loss)

( 2,671,064 )

( 1,712,846 )

Net realized and unrealized gain (loss) ( 1,471,548 ) 3,994,435 ( 4,142,612 ) 2,281,589

Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 1,477,755 ) $ 3,985,915 $ ( 4,154,797 ) $ 2,252,867

$ ( 2,677,042 )

$ ( 1,733,048 )

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

Net investment gain (loss) $ ( 6,207 ) $ ( 8,520 ) $ ( 12,185 ) $ ( 28,722 )

Net realized gain (loss) — 1,079,042 — 1,079,042

Net change in unrealized appreciation (depreciation) ( 1,471,548 ) 2,915,393 ( 4,142,612 ) 1,202,547

( 2,671,064 )

( 1,712,846 )

Net increase (decrease) in net assets resulting from operations ( 1,477,755 ) 3,985,915 ( 4,154,797 ) 2,252,867

( 2,677,042 )

( 1,733,048 )

CAPITAL SHARE TRANSACTIONS

3 unchanged sentences

Total increase (decrease) in net assets 4,083,959 1,518,757 ) 1,406,917 ( 214,291 )

$ ( 2,677,042 )

$ ( 1,733,048 )

Beginning of Period 9,220,735 13,106,337 11,897,777 14,839,385

End of Period $ 13,304,694 $ 14,625,094 $ 13,304,694 $ 14,625,094

The accompanying notes are an integral

part of these financial statements.

OF CASH FLOWS

Effective for the three months ended March 31,

2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance

under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

The Trust noted that as of and for the three months ended March 31, 2026, these criteria were met where substantially all investments

were highly liquid in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the

Trust carried no debt, and the combined statements of changes in net assets is presented.

The table below concerns Statements of Cash Flows

for the three months ended March 31, 2025:

Three Months Ended March 31, 2025

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF CASH FLOWS

Effective for the six-month ended June 30, 2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

Cash flows from operating activities

Net income (loss) $ 2,252,867

$ ( 1,733,048 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized appr.

(depr.) on investments

Adjustments to reconcile net income (loss) to net cash from operating activities:

Net change in unrealized appreciation (depreciation) —

Changes in operating assets and liabilities:

Investments 190,497

Due from broker 77,503

9 unchanged sentences

Cash and cash equivalents, end of period $ 74,496

The accompanying notes are an integral

part of these financial statements.

The accompanying notes are an integral part of these financial statements.

HASHDEX COMMODITIES TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Note 1 - Organization and Significant Accounting Policies

These footnotes represent the footnotes to the

Financial Statements of Hashdex Bitcoin ETF (the “Fund”) and the Combined Financial Statements of Hashdex Commodities Trust

(f/k/a Tidal Commodities Trust I, prior to January 16, 2026) (the “Trust”).

The Combined Financial Statements as of March

31, 2026 and December 31, 2025 represent the assets and liabilities and schedule of investments, and Combined Financial Statements for

the three months ended March 31, 2026 and the three months ended March 31, 2025 represent the statement of operations, changes in net

assets for the Fund.

The Fund is a series of the Trust, a Delaware

statutory trust organized on February 10, 2023.

The Fund operates pursuant to the Second Amended and Restated Declaration of Trust and

Trust Agreement (the “Trust Agreement”), dated January 15, 2026.

The Fund is currently the Trust’s only publicly offered

The Fund is an exchange-traded fund (“ETF”) that issues units of beneficial interest (the “Shares”) representing

fractional undivided beneficial interests in its net assets that trade on NYSE Arca, Inc.

These footnotes represent the footnotes to the Financial Statements of Hashdex Bitcoin ETF (the “Fund”) and the Combined Financial Statements of Hashdex Commodities Trust (f/k/a Tidal Commodities Trust I, prior to January 16, 2026) (the “Trust”).

The Combined Financial Statements as of June 30, 2026 and December 31, 2025 Include the combined statements of assets and liabilities and schedules of investments.

The Combined Financial Statements for the three and six month periods ended June 30, 2026 and 2025 include the combined statements of operations and changes in net assets of the Fund.

The Fund is a series of the Trust, a Delaware statutory trust organized on February 10, 2023.

The Fund operates pursuant to the Second Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated January 15, 2026.

The Fund is currently the Trust’s only publicly offered series.

The Fund is an exchange-traded fund (“ETF”) that issues units of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on NYSE Arca, Inc.

(the “Exchange”).

The Shares are

listed for trading on the Exchange under the ticker symbol “DEFI”.

The Shares are listed for trading on the Exchange under the ticker symbol “DEFI”.

The Trust is registered with the U.S.

and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations

adopted thereunder, as amended, the “1933 Act”), as an ETF.

The Fund is managed and controlled by Hashdex Asset Management

(“Hashdex” or the “Sponsor”), a Cayman Islands investment manager (and an Exempt Reporting Advisor under

SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services

of funds and ETFs with investment strategies involving bitcoin and other crypto assets.

Prior to January 16, 2026 the Fund’s sponsor

was Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”).

On January 2, 2024, the initial Form S-1 for the

Fund was declared effective by the SEC.

The Fund is the successor and surviving entity from the merger (the “Merger”) of the

Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund.

The Predecessor Fund was a series of the Teucrium Commodity

Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC.

Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”), as an ETF.

The Fund is managed and controlled by Hashdex Asset Management Ltd.

(“Hashdex” or the “Sponsor”), a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets.

Prior to January 16, 2026 the Fund’s sponsor was Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”).

On January 2, 2024, the initial Form S-1 for the Fund was declared effective by the SEC.

The Fund is the successor and surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund.

The Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC.

The Merger closed on January 3, 2024.

In connection with

the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger.

On March 26, 2024, the Sponsor announced the renaming

of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.

The renaming of the Fund corresponds to its completion of

the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index

effective March 27, 2024.

The Fund’s investment objective is for changes in the Shares’ net asset value (the “NAV”)

to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price - Settlement (“NQBTCS” or the “Benchmark”),

less expenses from the Fund’s operations.

In connection with the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger.

On March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.

The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024.

The Fund’s investment objective is for changes in the Shares’ net asset value (the “NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price - Settlement (“NQBTCS” or the “Benchmark”), less expenses from the Fund’s operations.

The Benchmark is designed to track the price performance of bitcoin.

Because the Fund’s

investment objective is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price

During the years ended December 31, 2025 and 2024,

the Fund invested in bitcoin, bitcoin futures contracts (the “Bitcoin Futures Contracts”) listed on the Chicago Mercantile

Exchange Inc.

Because the Fund’s investment objective is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin.

During the years ended December 31, 2025 and 2024, the Fund invested in bitcoin, bitcoin futures contracts (the “Bitcoin Futures Contracts”) listed on the Chicago Mercantile Exchange Inc.

(the “CME”), and cash and cash equivalents.

Under normal market conditions, the Fund had a policy to maximize

its holdings of physical bitcoin such that it was expected that at least 95 % of the Fund’s assets would be invested in spot bitcoin

and up to 5 % of the Fund’s assets would be invested in CME-traded Bitcoin Futures Contracts and in cash and cash equivalents.

Effective after the close of trading on

January 15, 2026, Tidal withdrew as the sponsor of the Trust and simultaneously appointed Hashdex Asset Management Ltd.

sponsor of the Trust (the “Sponsor Replacement”).

Following the Sponsor Replacement, Tidal no longer has any involvement

in the operations, management or marketing of the Fund.

In connection with the change of the Trust’s sponsor, certain changes

were made to the Fund’s principal investment strategies and techniques.

Prior to the Sponsor Replacement, the Fund sought to

achieve its investment objective by primarily investing in bitcoin.

The Fund used Bitcoin Futures Contracts for the primary purpose

of acquiring physical bitcoin through CME’s Exchange for Physical Transactions (“EFP”) and to offset cash and

receivables for better tracking the Benchmark.

Upon the commencement of Hashdex Asset Management Ltd.’s service as the

Trust’s sponsor, the Fund no longer holds Bitcoin Futures Contracts.

The Fund attempts to achieve its investment objective by

primarily investing in bitcoin.

Under normal market conditions, the Fund had a policy to maximize its holdings of physical bitcoin such that it was expected that at least 95 % of the Fund’s assets would be invested in spot bitcoin and up to 5 % of the Fund’s assets would be invested in CME-traded Bitcoin Futures Contracts and in cash and cash equivalents.

Effective after the close of trading on January 15, 2026, Tidal withdrew as the sponsor of the Trust and simultaneously appointed Hashdex Asset Management Ltd.

as the sponsor of the Trust (the “Sponsor Replacement”).

Following the Sponsor Replacement, Tidal no longer has any involvement in the operations, management or marketing of the Fund.

In connection with the change of the Trust’s sponsor, certain changes were made to the Fund’s principal investment strategies and techniques.

Prior to the Sponsor Replacement, the Fund sought to achieve its investment objective by primarily investing in bitcoin.

The Fund used Bitcoin Futures Contracts for the primary purpose of acquiring physical bitcoin through CME’s Exchange for Physical Transactions (“EFP”) and to offset cash and receivables for better tracking the Benchmark.

Upon the commencement of Hashdex Asset Management Ltd.’s service as the Trust’s sponsor, the Fund no longer holds Bitcoin Futures Contracts.

The Fund attempts to achieve its investment objective by primarily investing in bitcoin.

The Fund’s assets consist of bitcoin and cash.

The Fund will not hold any assets other than

bitcoin and cash.

The Fund currently offers one class of Shares

that has no front-end sales load, no deferred sales charge, and no redemption fee.

The Fund may issue an Unlimited number of Shares of

beneficial interest, with a $ 0 .00 par value.

The Fund will not hold any assets other than bitcoin and cash.

The Fund currently offers one class of Shares that has no front-end sales load, no deferred sales charge, and no redemption fee.

The Fund may issue an unlimited number of Shares of beneficial interest, with a $ 0.00 par value.

All Shares of the Fund have equal rights and privileges.

Note 2 – Significant Accounting Policies

The Trust and Fund qualify as an investment company

solely for accounting purposes and not for any other purpose, and follow the accounting and reporting guidance under the Financial Accounting

Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment

Companies , but are not registered, and are not required to be registered, as an investment company under the Investment Company Act

of 1940, as amended.

Significant accounting policies of the Fund are

The financial statements have been prepared in

accordance with accounting principles generally accepted in the United States of America (“U.S.

The Trust and Fund qualify as an investment company solely for accounting purposes and not for any other purpose, and follow the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies , but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

Significant accounting policies of the Fund are as follows:

Basis of presentation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP” or “GAAP”).

Use of Estimates

The preparation of financial statements in conformity

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during

the reporting period.

The preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund enters

into contracts that contain a variety of representations which provide general indemnifications.

The Fund’s maximum exposure under

these arrangements cannot be known;

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications.

The Fund’s maximum exposure under these arrangements cannot be known;

however, the Fund expects any risk of loss to be remote.

Cash includes money market funds held.

market funds are valued at their net asset value.

federal income tax purposes, the

Fund will be classified as a publicly traded partnership.

A publicly traded partnership is generally taxable as a corporation for

federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of

its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial

business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of

futures, forwards, and options with respect to commodities, qualifying income also includes income and gains from commodities and

from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to

such assets, swaps and other notional principal contracts with respect to commodities.

The money market funds are valued at their net asset value.

federal income tax purposes, the Fund will be classified as a publicly traded partnership.

A publicly traded partnership is generally taxable as a corporation for U.S.

federal income tax purposes unless 90 % or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”).

Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

There is very limited authority on the U.S.

federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts.

an opinion received by the Sponsor from their independent legal counsel and a Commodity Futures Trading Commission

(“CFTC”) determination that treats bitcoin as a commodity under the Commodity Exchange Act of 1936, as amended (the

“CEA”), the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on

commodities for purposes of the qualifying income exception under section 7704 of the Code.

Accordingly, the Fund expects that at

least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed

as a partnership for U.S.

Based on an opinion received by the Sponsor from their independent legal counsel and a Commodity Futures Trading Commission (“CFTC”) determination that treats bitcoin as a commodity under the Commodity Exchange Act of 1936, as amended (the “CEA”), the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.

Accordingly, the Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S.

federal income tax purposes.

Therefore, the Fund does not record a provision for income taxes because the

shareholders report their share of the Fund’s income or loss on their income tax returns.

The Fund is required to determine whether a tax

position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related

appeals or litigation processes, based on the technical merits of the position.

Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

The Fund will file income tax returns in the U.S.

jurisdiction and may file income tax returns in various U.S.

federal jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

The Fund may be subject to potential examination

The Fund may be subject to potential examination by U.S.

federal, U.S.

state, or foreign jurisdictional authorities in the area of income taxes.

These potential examinations may include,

among other things, questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various

tax jurisdictions, and compliance with U.S.

These potential examinations may include, among other things, questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

federal, U.S.

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Calculation of Net Asset Value

The Fund’s NAV per Share is calculated by:

● taking the current market value of its total assets, including spot bitcoin and cash, pursuant to policies

established from time to time by the Sponsor or otherwise described herein,

The Fund’s NAV is calculated by:

● taking the current market value of its total assets, including spot bitcoin and cash, pursuant to policies established from time to time by the Sponsor or otherwise described herein,

● subtracting any liabilities, and

● dividing the above total by the number of Shares outstanding.

Bancorp Fund Services, LLC, doing business

Bank Global Fund Services (“Global Fund Services”) serves as the Fund’s administrator (the “Administrator”)

and calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of regular trading on the

Exchange or 4:00 p.m.

Bancorp Fund Services, LLC, doing business as U.S.

Bank Global Fund Services (“Global Fund Services”) serves as the Fund’s administrator (the “Administrator”) and calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of regular trading on the Exchange or 4:00 p.m.

The NAV for a particular trading day is released after 4:15 p.m.

Valuation of Bitcoin

In determining the value of the Fund’s holdings,

the Fund will value the bitcoin held by the Fund at fair value.

Fair value is the price that would be received to sell an asset or paid

to transfer a liability in an orderly transaction between market participants on the measurement date.

The Fund identifies and determines

the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin consistent with

the application of fair value measurement framework in FASB ASC 820-10 “Fair Value Measurement”.

The principal market is the

market with the greatest volume and level of activity that can be accessed.

The Sponsor’s valuation procedures provide for the designation

of the Sponsor to determine the valuation sources and policies to prepare the Trust’s financial statements in accordance with GAAP.

The Sponsor obtains relevant volume and level of activity information and based on initial analyses will select an exchange market as

the Trust’s principal market.

The NAV and NAV per Share will be calculated using the fair value of the bitcoin held by the Fund

based on the price provided by this exchange market, as of 4:00 p.m.

In determining the value of the Fund’s holdings, the Fund will value the bitcoin held by the Fund at fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

The Fund identifies and determines the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin consistent with the application of fair value measurement framework in FASB ASC 820-10 “Fair Value Measurement”.

The principal market is the market with the greatest volume and level of activity that can be accessed.

The Sponsor’s valuation procedures provide for the designation of the Sponsor to determine the valuation sources and policies to prepare the Trust’s financial statements in accordance with GAAP.

The Sponsor obtains relevant volume and level of activity information and based on initial analyses will select an exchange market as the Trust’s principal market.

The NAV and NAV per Share will be calculated using the fair value of the bitcoin held by the Fund based on the price provided by this exchange market, as of 4:00 p.m.

New York time on the measurement date for GAAP purposes.

will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed

in a manner that could change the Sponsor’s determination of the principal market.

The Sponsor will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Sponsor’s determination of the principal market.

Fair Value - Definition and Hierarchy

In accordance with GAAP, fair value is defined

as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly

transaction between market participants at the measurement date.

In determining fair value, the Fund uses

various valuation approaches.

In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that

maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be

used when available.

Observable inputs are those that market participants would use in pricing the asset or liability based on

market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s assumptions about the inputs

market participants would use in pricing the asset or liability developed based on the best information available in the

circumstances.

In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Fund uses various valuation approaches.

In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Valuation adjustments and block discounts are not applied to Level 1 financial instruments.

Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment.

Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable

inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including the type of financial

instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to

the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the

determination of fair value requires more judgment.

Those estimated values do not necessarily represent the amounts that may be ultimately

realized due to the occurrence of future circumstances that cannot be reasonably determined.

Because of the inherent uncertainty of valuation,

those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial

instruments existed.

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments

categorized in Level 3.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.

Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed.

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety

falls, is determined based on the lowest level input that is significant to the fair value measurement.

March 31, 2026

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

March 31, 2026

In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

June 30, 2026 (Unaudited)

Level 1 Level 2 Level 3 Balance as of

Cryptocurrency $ 13,234,771 — — $ 13,234,771

Money market funds 42,043 — — 42,043

Balance as of

Total $ 13,276,814 — — $ 13,276,814

December 31, 2025

Level 1 Level 2 Level 3 Balance as of

Cryptocurrency $ 11,812,267 — — $ 11,812,267

Money market funds 52,133 — — 52,133

For the three months

ended March 31, 2026, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

As of December

31, 2025, the Fund’s bitcoin holdings were transferred from Level 2 to Level 1 within the fair value hierarchy.

This change reflects the

use of a quoted price in an active market for identical assets (Level 1 input), as opposed to the FBSP methodology applied throughout

the year, which relied on observable inputs other than quoted prices in active markets for identical assets.

On December 31, 2025, the

FBSP pricing file was not available, and the Administrator used a quoted market price from Bloomberg as an alternative source.

The following represents

the changes in quantity and the fair value of bitcoin on March 31, 2026 (Unaudited) and December 31, 2025:

Schedule of investment in bitcoin

Total $ 11,864,400 — — $ 11,864,400

For the six months ended June 30, 2026, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

As of December 31, 2025, the Fund’s bitcoin holdings were transferred from Level 2 to Level 1 within the fair value hierarchy.

This change reflects the use of a quoted price in an active market for identical assets (Level 1 input), as opposed to the FBSP methodology applied throughout the year, which relied on observable inputs other than quoted prices in active markets for identical assets.

On December 31, 2025, the FBSP pricing file was not available, and the Administrator used a quoted market price from Bloomberg as an alternative source.

The following represents the changes in quantity and the fair value of bitcoin on June 30, 2026 (Unaudited) and December 31, 2025:

Six Months Ended June 30, 2026 (Unaudited)

Bitcoin Fair Value

Beginning balance as of January 1, 2026 134.87 $ 11,812,267

Bitcoin contributed

Bitcoin purchased 90.71 5,565,116

Bitcoin withdrawn — —

Net change in unrealized appreciation (depreciation) from investments in bitcoin — ( 4,142,612 )

( 2,671,064 )

Net realized gain on investments in bitcoin — —

Ending balance as of March 31, 2026

Ending balance as of June 30, 2026 225.58 $ 13,234,771

Year Ended December 31, 2025

Bitcoin Fair Value

Beginning balance as of January 1, 2025 157.85 $ 14,713,026

Bitcoin contributed

Bitcoin purchased 23.52 2,256,022

Bitcoin withdrawn ( 46.50 ) ( 4,732,281 )

( 4,732,281 )

Net change in unrealized appreciation (depreciation) from investments in bitcoin — ( 1,507,715 )

( 1,507,715 )

Net realized gain on investments in bitcoin — 1,083,215

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Organizational and Offering Costs

All organizational

and initial offering costs for the Trust and the Fund were borne directly by Tidal, in its role as the Trust’s former sponsor.

Trust and the Fund do not have an obligation to reimburse Tidal for organization and offering costs paid on their behalf.

All organizational and initial offering costs for the Trust and the Fund were borne directly by Tidal, in its role as the Trust’s former sponsor.

The Trust and the Fund do not have an obligation to reimburse Tidal for organization and offering costs paid on their behalf.

Revenue Recognition

Investment transactions are accounted for on a

trade-date basis.

Investment transactions are accounted for on a trade-date basis.

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized appreciation

or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair

market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or

depreciation between periods are reflected in the statements of operations.

Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements.

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per Share is the difference

between the NAV per unit at the beginning of each period and at the end of each period.

The weighted average number of units outstanding

was computed for purposes of disclosing net income (loss) per weighted average unit.

The weighted average units are equal to the number

of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the

units were outstanding during such period.

Prior to the Sponsor Replacement, the Fund

used Bitcoin Futures Contracts for the primary purpose of acquiring physical bitcoin through CME’s EFP Transactions (“EFP”)

and to offset cash and receivables for better tracking the Benchmark.

Following the Sponsor Replacement, the Fund acquires and disposes

of bitcoin without the use of Bitcoin Futures Contracts.

The remaining items of this Note 2 – Significant Accounting Policies relate

to the Funds previous use of Bitcoin Futures Contracts.

Prior to the Sponsor Replacement, the Fund used Bitcoin Futures Contracts for the primary purpose of acquiring physical bitcoin through CME’s EFP Transactions (“EFP”) and to offset cash and receivables for better tracking the Benchmark.

Following the Sponsor Replacement, the Fund acquires and disposes of bitcoin without the use of Bitcoin Futures Contracts.

The remaining items of this Note 2 – Significant Accounting Policies relate to the Funds previous use of Bitcoin Futures Contracts.

Derivative Investments

In the normal course of business, the

Fund utilized derivative contracts in connection with its proprietary trading activities.

Investments in derivative contracts are subject

to additional risks that can result in a loss of all or part of an investment.

The Fund’s derivative activities and exposure to

derivative contracts were classified by the following primary underlying risks:

interest rate, credit, commodity price, and equity price

In addition to its primary underlying risks, the Fund was also subject to additional counterparty risk due to the inability of

its counterparties to meet the terms of their contracts.

In the normal course of business, the Fund utilized derivative contracts in connection with its proprietary trading activities.

Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.

The Fund’s derivative activities and exposure to derivative contracts were classified by the following primary underlying risks:

interest rate, credit, commodity price, and equity price risks.

In addition to its primary underlying risks, the Fund was also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.

Futures Contracts

The Fund was subject

to cryptocurrency price risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for

the future purchase or sale of an asset at a specified price on a specified date.

The purchase and

sale of futures contracts requires margin deposits with a Futures Commission Merchant (the “FCM”).

Subsequent payments (variation

margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded

as unrealized gains or losses by the Fund.

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts

are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures

against default.

The CEA requires

an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other

equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

The Fund was subject to cryptocurrency price risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (the “FCM”).

Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund.

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The CEA requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements.

In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.

It is possible that the recovery amount could be less than the total of cash and other equity deposited.

The following table

discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of

these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (“ASU”) No.

2011-11, Balance

Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities , and subsequently clarified in FASB ASU 2013-01, Balance

Sheet (Topic 210):

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (“ASU”) No.

2011-11, Balance Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities , and subsequently clarified in FASB ASU 2013-01, Balance Sheet (Topic 210):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.

As of March 31, 2026 and December 31, 2025, there

were no derivative instruments included in the Combined Statements of Assets and Liabilities.

As of June 30, 2026 and December 31, 2025, there were no derivative instruments included in the Combined Statements of Assets and Liabilities.

Volume of Monthly Derivative Activities

The average notional market value categorized

by primary underlying risk for Bitcoin Futures Contracts held was $ 0 and $ 0 for the three months ended March 31, 2026 and March 31, 2025,

respectively.

On January 16, 2026, following the Sponsor Replacement, the Fund’s investment strategy was revised to eliminate investment

in Bitcoin Futures Contracts.

The average notional market value categorized by primary underlying risk for Bitcoin Futures Contracts held was $ 0 and $ 0 for the six months ended June 30, 2026 and June 30, 2025, respectively.

On January 16, 2026, following the Sponsor Replacement, the Fund’s investment strategy was revised to eliminate investment in Bitcoin Futures Contracts.

Brokerage Commissions

The Sponsor recognizes the expense for brokerage

commissions for futures contract trades on a per-trade basis.

The three moth ended March 31, 2025 and the three month ended March 31,

2026 there were no amounts included on the statements of operations as total brokerage commissions.

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements of operations as total brokerage commissions.

Three Months Ended June 30, 2026 $ —

Three Months Ended June 30, 2025 $ 148

Six Months Ended June 30, 2026 $ —

Six Months Ended June 30, 2025 $ 148

Due from/to Broker

The amount recorded

by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable

to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on

the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum

amount of funds that must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an

open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased

Futures contracts are customarily bought and sold on an initial margin that represents a very small percentage of the aggregate

purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets

may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum amount of funds that must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on an initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation.

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin.

In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on

which the contract is traded and may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such

as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of

margin as a matter of policy to further protect themselves.

Over the counter trading generally involves the extension of credit between

counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.

When a trader purchases

an option, there is no margin requirement;

In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract.

Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves.

Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure.

When a trader purchases an option, there is no margin requirement;

however, the option premium must be paid in full.

When a trader sells an option, on the other

hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest

and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling

of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than

those imposed in dealing in the futures markets directly.

Complicated margin requirements apply to spreads and conversions, which are

complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance”

margin requirements are computed each day by a trader’s clearing broker.

When the market value of a particular open futures contract

changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.

Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker.

When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

If the margin call is not met within a reasonable time, the broker may close out the trader’s position.

With respect to the Fund’s

trading, the Fund (and not its shareholders personally) is subject to margin calls.

With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.

Finally, many major U.S.

exchanges have passed certain

cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the

case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.

Note 3 - Sponsor Fee Allocation of Expenses and Related Party Transactions

The Fund pays the Sponsor a management fee

(the “Management Fee”), monthly in arrears, in an amount equal to 0.25 % per annum of the daily NAV of the Fund.

March 27, 2024 until February 10, 2025, the Management Fee was 0.90 % per annum of the daily NAV of the Fund.

Prior to March 27,

2024, the Management Fee was 0.94 % per annum of the daily NAV of the Fund.

The Management Fee is paid by the Fund to the Sponsor as

compensation for services performed under the Trust Agreement.

In addition to the Management Fee, the Fund pays all of its

respective brokerage commissions, including financing fees, bitcoin network fees and similar transaction fees and expenses charged

in connection with trading activities.

The Trust also pays all fees and commissions related to the sale and purchase of spot

bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin.

The Sponsor pays all other routine operational,

administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees

and expenses of the Fund’s administrator, custodians, marketing agent, transfer agent, licensors, accounting and audit fees

and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing

fees, and report preparation and mailing expenses.

The Fund pays all of its non-recurring and unusual fees and expenses, if any, as

determined by the Sponsor.

Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and

liabilities and litigation costs or indemnification or other unanticipated expenses.

Extraordinary fees and expenses also include

material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative and other

ordinary expenses are not deemed extraordinary expenses.

In the event the Trust’s cash balance is insufficient to pay all fees and

expenses, including the Management Fee, the Trust may need to sell crypto assets from time to time to pay for its fees and expenses,

and up to $ 250,000 per annum in ordinary legal fees and expenses.

The Sponsor may determine in its sole discretion to assume legal

fees and expenses of the Trust in excess of $ 250,000 per annum.

The Sponsor may determine in its sole discretion to assume any

non-recurring and unusual fees and expenses of the Trust, if applicable.

To the extent that the Sponsor does not voluntarily assume

such fees and expenses, they will be the responsibility of the Trust.

The Fund pays the Sponsor a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 0.25 % per annum of the daily NAV of the Fund.

From March 27, 2024 until February 10, 2025, the Management Fee was 0.90 % per annum of the daily NAV of the Fund.

Prior to March 27, 2024, the Management Fee was 0.94 % per annum of the daily NAV of the Fund.

The Management Fee is paid by the Fund to the Sponsor as compensation for services performed under the Trust Agreement.

In addition to the Management Fee, the Fund pays all of its respective brokerage commissions, including financing fees, bitcoin network fees and similar transaction fees and expenses charged in connection with trading activities.

The Trust also pays all fees and commissions related to the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin.

The Sponsor pays all other routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Fund’s administrator, custodians, marketing agent, transfer agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses.

The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor.

Nonrecurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.

Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.

In the event the Trust’s cash balance is insufficient to pay all fees and expenses, including the Management Fee, the Trust may need to sell crypto assets from time to time to pay for its fees and expenses, and up to $ 250,000 per annum in ordinary legal fees and expenses.

The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 250,000 per annum.

The Sponsor may determine in its sole discretion to assume any non-recurring and unusual fees and expenses of the Trust, if applicable.

To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

Administrator

Effective January 16, 2026, the Fund employs Global

Fund Services as the Fund’s administrator.

As the Administrator, Global Fund Services performs certain administrative and accounting

services and supports in preparing certain SEC and CFTC reports on behalf of the Fund.

Prior to January 16, 2026, the Fund employed Tidal

ETF Services LLC as the Fund’s administrator.

Effective January 16, 2026, the Fund employs Global Fund Services as the Fund’s administrator.

As the Administrator, Global Fund Services performs certain administrative and accounting services and supports in preparing certain SEC and CFTC reports on behalf of the Fund.

Prior to January 16, 2026, the Fund employed Tidal ETF Services LLC as the Fund’s administrator.

In turn, Tidal ETF Services LLC engaged Global Fund Services to act as sub-administrator.

Tidal ETF Services LLC is a wholly-owned subsidiary of Tidal.

While serving as the Fund’s administrator, Tidal ETF Services LLC

also assisted the Fund and Tidal with certain functions and duties relating to marketing, which included the following:

marketing and

sales strategy and marketing related services.

While serving as the Fund’s administrator, Tidal ETF Services LLC also assisted the Fund and Tidal with certain functions and duties relating to marketing, which included the following:

marketing and sales strategy and marketing related services.

Cash Custodian, Registrar, Transfer Agent

Bank, N.A., in its capacity as the Fund’s

cash custodian (the “Cash Custodian”), holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial

Bank, N.A., in its capacity as the Fund’s cash custodian (the “Cash Custodian”), holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement.

Global Fund Services, an entity affiliated with U.S.

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Bitcoin Custodian

The Fund’s bitcoin

investments are held by BitGo Trust Company, Inc.

The Fund’s bitcoin investments are held by BitGo Trust Company, Inc.

(the “Bitcoin Custodian”) on behalf of the Fund.

The Bitcoin Custodian will

keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology.

Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (the “Security Factors”)

to be safe, secure and confidential.

The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology.

The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (the “Security Factors”) to be safe, secure and confidential.

100 % of the private keys will be held in cold storage.

The Bitcoin Custodian will establish the bitcoin

accounts on the bitcoin network solely for the Fund.

The Bitcoin Custodian will follow valid instructions given by the Sponsor to use

the Fund’s Security Factors to effect transfers to and from the bitcoin accounts.

The Fund’s bitcoin will be held in segregated

wallets and will not be commingled with the assets of other customers.

The Bitcoin Custodian has insurance policies that cover, at least

partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including

theft, damage of key material, security breach or hack, and fraudulent transfer.

The Bitcoin Custodian will establish the bitcoin accounts on the bitcoin network solely for the Fund.

The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund’s Security Factors to effect transfers to and from the bitcoin accounts.

The Fund’s bitcoin will be held in segregated wallets and will not be commingled with the assets of other customers.

The Bitcoin Custodian has insurance policies that cover, at least partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.

Marketing Agent

Effective January 16, 2026,

the Fund employs Paralel Distributors LLC as the marketing agent for the Fund (the “Marketing Agent”).

The Marketing Agent

Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Cash Custodian in connection

with the receipt and processing of orders for the creation and redemption of baskets of 10,000 Shares (“Baskets”) and the

review and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business address is 1700

Broadway, Suite 1850, Denver CO 80290.

The Marketing Agent is a broker-dealer registered with the SEC and a member of the Financial Industry

Regulatory Authority (“FINRA”).

Prior to January 16, 2026, the Fund employed Foreside Fund Services, LLC, a wholly-owned subsidiary

of Foreside Financial Group, LLC (d/b/a ACA Group) as the marketing agent for the Fund (“Foreside”).

Foreside’s principal

business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

Foreside is a broker-dealer registered with the SEC and a member

D ig ital Asset

Prior to becoming the Fund’s

sponsor on January 16, 2026, Hashdex served as the Fund’s digital asset adviser.

As the digital asset adviser, Hashdex was responsible

for providing Tidal and Tidal ETF Services LLC with research and analysis regarding bitcoin and bitcoin markets for use in the operation

and marketing of the Fund.

Effective January 16, 2026, the Fund employs Paralel Distributors LLC as the marketing agent for the Fund (the “Marketing Agent”).

The Marketing Agent Agreement among the Marketing Agent, the Sponsor, and the Trust calls for the Marketing Agent to work with the Cash Custodian in connection with the receipt and processing of orders for the creation and redemption of baskets of 10,000 Shares (“Baskets”) and the review and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business address is 1700 Broadway, Suite 1850, Denver CO 80290.

The Marketing Agent is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”).

Prior to January 16, 2026, the Fund employed Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the marketing agent for the Fund (“Foreside”).

Foreside’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

Foreside is a broker-dealer registered with the SEC and a member of FINRA.

D ig ital Asset Adviser

Prior to becoming the Fund’s sponsor on January 16, 2026, Hashdex served as the Fund’s digital asset adviser.

As the digital asset adviser, Hashdex was responsible for providing Tidal and Tidal ETF Services LLC with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing of the Fund.

Hashdex had no role in maintaining, calculating or publishing the Benchmark.

Hashdex also had no responsibility

for the investment or management of the Fund’s portfolio or for the overall performance or operation of the Fund.

Hashdex also had no responsibility for the investment or management of the Fund’s portfolio or for the overall performance or operation of the Fund.

Note 4 - Transactions with Affiliates

The Trust has no directors, officers or employees and is managed by

The Trust has no directors, officers or employees and is managed by the Sponsor.

Note 5 - Financial Highlights

The following tables present per unit performance

data and other supplemental financial data for the three months ended March 31, 2026 and 2025.

This information has been derived from

information presented in the financial statements.

For the three months ended

March 31, 2026

For the three months ended

March 31, 2025

Per share operation performance

Net asset value per share, beginning of period

The following tables present per unit performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025.

This information has been derived from information presented in the financial statements.

Three Months Ended

(unaudited) Three Months Ended

(unaudited) Six Months Ended

Per Share Operating Performance

Net asset value at beginning of period $ 76.84 $ 93.62 $ 99.15 $ 106.00

Income (loss) from investment operations:

Investment income

Net Investment income ( 0.05 ) ( 0.07 ) ( 0.10 ) ( 0.21 )

Net realized and unrealized gain (loss) on investments and cryptocurrency futures contracts ( 10.27 ) 28.33 ( 32.53 ) 16.09

Total expenses

Net increase (decrease) in net asset value ( 10.32 ) 28.26 ( 32.63 ) 15.88

Net asset value at end of period $ 66.52 $ 121.88 $ 66.52 $ 121.88

Total Return (2) ( 13.43 )% 30.19 % ( 32.91 )% 14.98 %

Ratios to Average Net Assets (Annualized)

Total expenses 0.25 % 0.25 % 0.25 % 0.41 %

Net investment loss

Total expenses, net 0.25 % 0.25 % 0.25 % 0.41 %

Net investment income (loss) ( 0.23 )% ( 0.24 )% ( 0.23 )% ( 0.40 )%

(1) Based on average shares outstanding during the period

(2) Not Anualized

Note 6 -Segment Reporting

In accordance with the FASB ASU 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Fund has evaluated

its business activities and determined that it operates as a single reportable segment.

Effective as of January 16, 2026, the

Fund’s investment activities are managed by the Chief Financial Officer of Sponsor, which serves as the Fund’s Chief Operating

Decision Maker (the “CODM”).

Prior to January 16, 2026, the Fund’s investment activities were managed by Tidal, which

served as the Fund’s CODM.

In accordance with the FASB ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

Effective as of January 16, 2026, the Fund’s investment activities are managed by the Chief Financial Officer of Sponsor, which serves as the Fund’s Chief Operating Decision Maker (the “CODM”).

Prior to January 16, 2026, the Fund’s investment activities were managed by Tidal, which served as the Fund’s CODM.

The CODM is responsible for assessing the Fund’s financial performance and allocating resources.

In making these assessments, the CODM evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments.

As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures

are required.

The Fund primarily generates income through

dividends, interest, and realized/unrealized gains on its investment portfolio.

Expenses incurred, including management fees, fund operating

expenses, and transaction costs, are considered general fund-level expenses and are not allocated to specific segments or business lines.

Management of the Sponsor has determined

that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and the management of the Sponsor will

continue to evaluate its reporting requirements in accordance with applicable accounting standards.

As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required.

The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio.

Expenses incurred, including management fees, fund operating expenses, and transaction costs, are considered general fund-level expenses and are not allocated to specific segments or business lines.

Management of the Sponsor has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and the management of the Sponsor will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

Note 7 – Capital Share Transactions

The Trust creates and redeems Shares on a continuous

basis but only in Baskets of 10,000 Shares.

Only Authorized Participants can place orders to receive Baskets in exchange for cash or in-kind

for crypto assets.

The Sponsor and the Trust engage in crypto

asset transactions for converting cash into crypto assets and crypto assets into cash (in association with redemption orders).

Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of the assets represented by

the Baskets being created (or redeemed).

The amount of assets is equal to the combined NAV of the number of Shares included in the

Baskets being created (or redeemed) determined as of 4:00 p.m.

on the day the order to create or redeem Baskets is properly

Capital share transactions in the Trust were as

March 31, 2026

For the three months ended

The Trust creates and redeems Shares on a continuous basis but only in Baskets of 10,000 Shares.

Only Authorized Participants can place orders to receive Baskets in exchange for cash or in-kind for crypto assets.

The Sponsor and the Trust engage in crypto asset transactions for converting cash into crypto assets and crypto assets into cash (in association with redemption orders).

The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of the assets represented by the Baskets being created (or redeemed).

The amount of assets is equal to the combined NAV of the number of Shares included in the Baskets being created (or redeemed) determined as of 4:00 p.m.

on the day the order to create or redeem Baskets is properly received.

Capital share transactions in the Trust were as follows:

Three months ended

(Unaudited) Three months ended

(Unaudited) Six months ended

Shares issued 80,000 20,000 80,000 20,000

Shares redeemed — ( 40,000 ) — ( 40,000 )

Net increase 80,000 ( 20,000 ) 80,000 ( 20,000 )

Note 8 - Subsequent Events

In preparing these financial

statements, management of the Sponsor has evaluated the financial statements for the three months ended March 31, 2026 for subsequent

events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure

herein for the Fund.

In preparing these financial statements, management of the Sponsor has evaluated the financial statements for the three and six months ended June 30, 2026 for subsequent events through the date of this filing.

On August 3, 2026, the Sponsor announced that its officers had authorized a plan (the “Plan of Liquidation”) to (i) liquidate the Fund, the sole series of the Trust, (ii) terminate the continuous offering of the Fund’s Shares, and (iii) deregister the Fund’s Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended.

The Sponsor determined that the Fund’s aggregate net assets, in relation to the operating expenses of the Fund, made it unreasonable or imprudent to continue the business of the Fund over the long term.

On the same date, the Sponsor submitted written notice to the Exchange of its decision to liquidate the Fund and to terminate the offering, and filed a prospectus supplement and a Current Report on Form 8-K describing the Plan of Liquidation.

The Fund will no longer accept orders for the creation of Baskets after August 17, 2026, and trading in the Fund’s Shares on the Exchange will be suspended after the close of business on August 17, 2026.

Shareholders may sell their Shares on or before August 17, 2026 and may incur customary brokerage charges.

On or about August 18, 2026, the Fund will begin liquidating its portfolio;

as a result, the Fund’s cash holdings will increase and the Fund will no longer be managed in accordance with its investment objective.

The Fund is expected to distribute the liquidation proceeds in a single cash payment, pro rata to its remaining shareholders of record, on or about August 24, 2026.

Following completion of the liquidating distribution, the Fund will terminate and, because the Fund is the sole series of the Trust, the Trust will be dissolved.

In connection with the Plan of Liquidation, the Sponsor intends to file a post-effective amendment to terminate the offering of the Fund’s registered and unsold Shares, and the Exchange will file a Form 25 with the SEC to effect the withdrawal of the listing of the Fund’s Shares from the Exchange.

The delisting will become effective 10 days after the filing of the Form 25.

The distributions to shareholders will be treated as liquidating distributions for U.S.

federal income tax purposes.

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