What changed in this filing

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Item 1. Financial Statements

2024-08-08 compared with 2024-05-08 · 131 added, 56 removed, 257 unchanged (42% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2024 and December 31, 2023

At June 30, 2024 and December 31, 2023

Investment in bitcoin, at fair value (a)

$ 19,453,015,133 $ —

Cash 140,552 100,000

150,090 100,000

19,453,165,223 100,000

Sponsor’s fees payable

11 unchanged sentences

iShares ® Bitcoin Trust

Statement of Operations (Unaudited)

For the three months ended March 31, 2024

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2024

Three Months Ended

Six Months Ended

Sponsor’s fees

$ 11,510,364 $ 15,721,583

Sponsor’s fees waiver

( 1,616,120 ) ( 2,690,670 )

Total expenses

9,894,244 13,030,913

Net investment loss

( 9,894,244 ) ( 13,030,913 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Bitcoin sold to pay expenses

1,354,605 1,455,130

Bitcoin sold for the redemption of Shares

872,888 872,888

Net realized gain

2,227,493 2,328,018

Net change in unrealized appreciation/depreciation

( 2,102,796,450 ) 1,703,949,543

Net realized and unrealized gain

Net realized and unrealized gain (loss)

( 2,100,568,957 ) 1,706,277,561

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 2,110,463,201 ) $ 1,693,246,648

Net increase in net assets per Share (a)

Net increase in net assets per Share based on average shares outstanding during the period.

Net increase (decrease) in net assets per Share (a)

$ ( 4.25 ) $ 4.86

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

iShares ® Bitcoin Trust

Statement of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

Net investment loss

( 3,136,669 )

Net realized gain

13 unchanged sentences

$ 17,788,884,882

Net investment loss

( 9,894,244 )

Net realized gain

Net change in unrealized appreciation/depreciation

( 2,102,796,450 )

Net decrease in net assets resulting from operations

( 2,110,463,201 )

Capital Share Transactions:

Contributions for Shares issued

3,817,553,762

Distributions for Shares redeemed

( 46,353,487 )

Net increase in net assets from capital share transactions

3,771,200,275

Increase in net assets

1,660,737,074

Net Assets at June 30, 2024

$ 19,449,621,956

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 1,364,000 )

Net increase in Shares issued and outstanding

1 unchanged sentence

iShares ® Bitcoin Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

Statement of Cash Flows (Unaudited)

For the six months ended June 30, 2024

Six Months Ended

Cash Flows from Operating Activities

3 unchanged sentences

Purchases of bitcoin

( 17,792,752,818 )

Proceeds from bitcoin sold to pay expenses

Net realized (gain) loss

( 2,328,018 )

Net change in unrealized appreciation/depreciation

8 unchanged sentences

Payments on Shares redeemed

( 46,453,487 )

Net cash provided by financing activities

6 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2024

March 31, 2024

At June 30, 2024

June 30, 2024

306,979 $ 17,749,065,590 $ 19,453,015,133

8 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2024

June 30, 2024

1 - Organization

2 unchanged sentences

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

The Bank of New York Mellon serves as the “Trust Administrator”.

The Trust is governed by the provisions of the Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of October 17, 2023.

The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Second Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of December 28, 2023.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

On January 5, 2024, BlackRock Financial Management, Inc.

(the “Seed Capital Investor”) redeemed 4,000 shares of common stock for $ 100,000 ($ 25.00 per share) (the “Seed Shares”) for cash and the Seed Capital Investor purchased 400,000 Shares at a per-Share price of $ 25.00 (“Seed Creation Baskets”).

(the “Seed Capital Investor”) redeemed 4,000 Shares for $ 100,000 ($ 25.00 per share) (the “Seed Shares”) for cash and the Seed Capital Investor purchased 400,000 Shares at a per-Share price of $ 25.00 (“Seed Creation Baskets”).

Total proceeds to the Trust from the sale of the Seed Creation Baskets were $ 10,000,000 .

5 unchanged sentences

The Shares are intended to constitute a simple means for an investor to make an investment similar to an investment in bitcoin.

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

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

GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the SEC.

13 unchanged sentences

The Trust’s periodic financial statements are prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurement” (“ASC Topic 820” ) and utilize an exchange traded price from the Trust’s principal market for bitcoin as of 11:59 p.m.

ET on the Trust’s financial statement measurement date.

Eastern Time (“ET”) on the Trust’s financial statement measurement date.

The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with U.S.

11 unchanged sentences

The NAV for a normal trading day will be released after 4:00 p.m.

Eastern Time (“ET”).

Trading during the core trading session on NASDAQ typically closes at 4:00 p.m.

6 unchanged sentences

Any such correction could adversely affect the value of the Shares.

The Trust’s periodic financial statements do not utilize net asset value of the Trust to the extent the methodology used to calculate the Index is deemed not to be consistent with U.S.

The Trust’s periodic financial statements may not utilize net asset value of the Trust to the extent the methodology used to calculate the Index is deemed not to be consistent with U.S.

Gain or loss on sales of bitcoin is calculated on a trade date basis using the average cost method.

The following tables summarize activity in bitcoin for the three months ended March 31, 2024:

Three Months Ended March 31, 2024

The following tables summarize activity in bitcoin for the three months ended June 30, 2024:

Three Months Ended June 30, 2024

Beginning balance

3 unchanged sentences

Bitcoin sold for the redemption of shares

( 640 ) ( 36,148,475 ) ( 37,021,363 ) 872,888

Bitcoin sold to pay expenses

6 unchanged sentences

306,979 $ 17,749,065,590 $ 19,453,015,133 $ 2,227,493

The following tables summarize activity in bitcoin for the six months ended June 30, 2024:

Six Months Ended June 30, 2024

Beginning balance

— $ — $ — $ —

Bitcoin purchased

307,752 17,792,752,818 17,792,752,818 —

Bitcoin sold for the redemption of shares

( 640 ) ( 36,148,475 ) ( 37,021,363 ) 872,888

Bitcoin sold to pay expenses

( 133 ) ( 7,538,753 ) ( 8,993,883 ) 1,455,130

Net realized gain

— — 2,328,018 —

Net change in unrealized appreciation/depreciation

— — 1,703,949,543 —

Ending balance

306,979 $ 17,749,065,590 $ 19,453,015,133 $ 2,328,018

Calculation of Net Asset Value

1 unchanged sentence

ET, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the total assets held by the Trust.

The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Cash and Cash Equivalents

4 unchanged sentences

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”).

F ederal Income Taxes

Only registered broker-dealers that are eligible to settle securities transactions through the book entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash.

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

The Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Bitcoin Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Bitcoin Trading Counterparties and the Trust, or choosing to trade through Coinbase, Inc.

(the “Prime Execution Agent”) acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required.

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

5 unchanged sentences

In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

For the period ended March 31, 2024, the amount waived was $ 1,074,550 .

For the period ended June 30, 2024, the amount waived was $ 2,690,670 .

The Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust:

5 unchanged sentences

The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

As of March 31, 2024, BlackRock Financial Management, Inc., an affiliate of the Sponsor, owned 400,000 Shares of the Trust, or 0.09 %, of the Trust.

As of June 30, 2024, BlackRock Financial Management, Inc., an affiliate of the Sponsor, owned 400,000 Shares of the Trust, or 0.07 %, of the Trust.

5 - Indemnification

The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to ( 1 ) any offer or sale by the Trust of blocks of Baskets ( 2 ) acts performed or omitted pursuant to the provisions of the Trust Agreement, (A) by the Trustee, its directors, employees, delegees and agents or (B) by the Sponsor or ( 3 ) any filings with or submissions to the SEC in connection with or with respect to the Shares, except that the Sponsor shall not have any obligations to pay any indemnification amounts incurred as a result of and attributable to ( x ) the willful misconduct, gross negligence or bad faith of, or material breach of the terms of the Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.

The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to ( 1 ) any offer or sale by the Trust of Baskets, ( 2 ) acts performed or omitted pursuant to the provisions of the Trust Agreement (A) by the Trustee, its directors, employees, delegees and agents or (B) by the Sponsor or ( 3 ) any filings with or submissions to the SEC in connection with or with respect to the Shares, except that the Sponsor shall not have any obligations to pay any indemnification amounts incurred as a result of and attributable to ( x ) the willful misconduct, gross negligence or bad faith of, or material breach of the terms of the Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) ( 1 ) caused by the willful misconduct, gross negligence or bad faith of the Trustee or ( 2 ) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

4 unchanged sentences

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust, which cannot be predicted with any certainty.

7 - Concentration Risk

6 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2024.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 40.21 $ 25.00

Net investment loss (a)

Net realized and unrealized gain (b)

Net increase in net assets from operations

( 0.02 ) ( 0.04 )

Net realized and unrealized gain (loss) (b)

( 4.12 ) 11.11

Net increase (decrease) in net assets from operations

( 4.14 ) 11.07

Net asset value per Share, end of period

Total return, at net asset value (c)(d)(e)(f)

$ 36.07 $ 36.07

Total return, at net asset value (c)(d)

( 10.30 )% 37.20 % (e)(f)

Ratio to average net assets:

Net investment loss (g)

( 0.21 )% ( 0.21 )%

Total expenses (g)

0.25 % 0.25 %

Total expenses after fees waived (g)

0.21 % 0.21 %

Based on average Shares outstanding during the period.

2 unchanged sentences

Percentage is not annualized.

For the period January 10, 2024 ( Effective Date) to March 31, 2024.

For the period January 1, 2024 to March 31, 2024, the Trust’s total return was 60.84 %.

For the period January 10, 2024 ( Effective Date) to June 30, 2024.

For the period January 1, 2024 to June 30, 2024, the Trust’s total return was 44.28 %.

Percentage is annualized.

10 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2024, the value of the bitcoin held by the Trust is categorized as Level 1.

At June 30, 2024, the value of the bitcoin held by the Trust is categorized as Level 1.

Subsequent Event

On August 8, 2024, the Trust's name was changed from iShares Bitcoin Trust to iShares Bitcoin Trust ETF.

Other than the items noted above there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

8 unchanged sentences

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Bitcoin Trust (the “Trust”) is a Delaware statutory trust.

The iShares Bitcoin Trust ETF (the “Trust”) is a Delaware statutory trust.

The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among iShares Delaware Trust Sponsor LLC (the “Sponsor”), BlackRock Fund Advisors (the “Trustee”) and Wilmington Trust, National Association, a national association (the “Delaware Trustee”), as amended by Amendment No.

1 thereto, with effect from August 8, 2024.

The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets.

6 unchanged sentences

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

Shares of the Trust trade on NASDAQ under the ticker symbol IBIT.

The Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Bitcoin Trading Counterparty”), who are not registered broker‑dealers pursuant to written agreements between such Bitcoin Trading Counterparties and the Trust, or choosing to trade through Coinbase, Inc.

(the "Prime Execution Agent") acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Shares of the Trust trade on The Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol IBIT.

Valuation of Bitcoin ; The CF Benchmark Index

On each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

ET, the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S.

Eastern Time (“ET”), the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S.

Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

5 unchanged sentences

In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

For the period covered by this report, the Trust did not incur any Sponsor’s fee.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of bitcoin.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America.

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

3 unchanged sentences

Results of Operations

The Quarter Ended March 31, 2024

The Trust’s net asset value grew from $100,000 at December 31, 2023 to $17,788,884,882 at March 31, 2024.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at December 31, 2023 to 442,400,000 Shares at March 31, 2024, a consequence of 442,400,000 Shares (11,060 Baskets) being created and 4,000 Shares being redeemed during the quarter.

The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 60.89% from the Trust’s first bitcoin purchase of $43,878.41 on January 5, 2024 to $70,596.99 at March 31, 2024.

The 60.84% increase in the net asset value per Share for purposes of the Trust’s periodic financial statements (the “Financial Statement NAV”) from $25.00 at December 31, 2023 to $40.21 at March 31, 2024 is directly related to the 60.89% increase in the price of bitcoin.

The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $3,136,669 for the quarter, or 0.05% of the Trust’s average weighted assets of $6,969,771,909 during the quarter.

The NAV of $41.66 on March 13, 2024 was the highest during the quarter, compared with a low during the quarter of $22.36 on January 23, 2024.

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $3,803,709,849, resulting from an unrealized gain on investment in bitcoin of $3,806,745,993 and, a net realized gain of $100,525 from bitcoin sold to pay expenses, partially offset by a net investment loss of $3,136,669.

The Quarter Ended June 30, 2024

The Trust’s net asset value increased from $17,788,884,882 at March 31, 2024 to $19,449,621,956 at June 30, 2024, a 9.34% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 442,400,000 Shares at March 31, 2024 to 539,160,000 Shares at June 30, 2024, a consequence of 98,120,000 Shares (2,453 Baskets) being created and 1,360,000 Shares (34 Baskets) being redeemed during the quarter.

The increase in Trust’s net asset value was partially offset by a decrease in the price of bitcoin, which fell 10.24% from $70,596.99 at March 31, 2024 to $63,369.30 at June 30, 2024.

The 10.30% decrease in the net asset value per Share for purposes of the Trust’s periodic financial statements (the “Financial Statement NAV”) from $40.21 at March 31, 2024 to $36.07 at June 30, 2024 is directly related to the 10.24% decrease in the price of bitcoin.

The Financial Statement NAV decreased slightly more than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $9,894,244 for the quarter, or 0.05% of the Trust’s average weighted assets of $18,538,536,352 during the quarter.

The NAV of $40.90 on April 8, 2024 was the highest during the quarter, compared with a low during the quarter of $32.97 on May 1, 2024.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2024 was $2,110,463,201, resulting from an unrealized loss on investment in bitcoin of $2,102,796,450 and, a net investment loss of $9,894,244, partially offset by a net realized gain of $1,354,605 from bitcoin sold to pay expenses and a net realized gain of $872,888 from bitcoin sold for the redemption of Shares.

Other than the Sponsor’s fee of $9,894,244, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2024

The Trust’s net asset value grew from $100,000 at December 31, 2023 to $19,449,621,956 at June 30, 2024.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at December 31, 2023 to 539,160,000 Shares at June 30, 2024, a consequence of 540,520,000 Shares (13,513 Baskets) being created and 1,364,000 Shares (34 Baskets plus the original 4,000 seed Shares) being redeemed during the period.

The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 44.42% from the Trust’s first bitcoin purchase at $43,878.41 on January 5, 2024 to $63,369.30 at June 30, 2024.

The 44.28% increase in the Financial Statement NAV from $25.00 at December 31, 2023 to $36.07 at June 30, 2024 is directly related to the 44.42% increase in the price of bitcoin.

The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $13,030,913 for the period, or 0.10% of the Trust’s average weighted assets of $12,754,154,131 during the period.

The NAV of $41.66 on March 13, 2024 was the highest during the period, compared with a low during the period of $22.36 on January 23, 2024.

Net increase in net assets resulting from operations for the period ended June 30, 2024 was $1,693,246,648, resulting from an unrealized gain on investment in bitcoin of $1,703,949,543, a net realized gain of $1,455,130 from bitcoin sold to pay expenses and a net realized gain of $872,888 from bitcoin sold for the redemption of Shares, partially offset by a net investment loss of $13,030,913.

Other than the Sponsor’s fee of $13,030,913, the Trust had no expenses during the period.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

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