What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-13 · 119 added, 106 removed, 363 unchanged (38% of the section changed)

Financial Statements.

CANARY LITECOIN ETF

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

June 30, 2026

December 31, 2025

15 unchanged sentences

CANARY LITECOIN ETF

Schedule of Investment

March 31, 2026 (Unaudited)

Schedule of Investment (Unaudited)

June 30, 2026

Investments - 100.1 %

18 unchanged sentences

CANARY LITECOIN ETF

Statement of Operations

the Quarter Ended March 31, 2026 (Unaudited) *

Statements of Operations

the Three Months Ended June 30, 2026 (Unaudited) *

the Six Months Ended June 30, 2026 (Unaudited) *

Sponsor fees (Note 3)

6 unchanged sentences

$ ( 205,773 )

$ ( 737,420 )

Net change in unrealized appreciation (depreciation) of:

1 unchanged sentence

( 1,290,399 )

( 3,408,514 )

Net realized and unrealized gain (loss) on investments

( 1,496,172 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING

FROM OPERATIONS

( 4,145,934 )

* No comparative financial statements have been provided as the initial share purchase date of the Trust was October 27, 2025.

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 1,510,368 )

$ ( 4,176,610 )

No comparative financial statements have been presented as the initial share purchase date of the Trust was October 27, 2025.

See accompanying notes to financial statements.

CANARY LITECOIN ETF

Statement of Changes in Net Assets

the Quarter Ended March 31, 2026 (Unaudited) *

Statements of Changes in Net Assets

the Three Months Ended June 30, 2026 (Unaudited) *

the Six Months Ended June 30, 2026 (Unaudited) *

INCREASE (DECREASE) IN NET ASSETS:

3 unchanged sentences

( 1,290,399 )

( 3,408,514 )

Net increase (decrease) in net assets resulting from operations

( 1,510,368 )

( 4,176,610 )

CAPITAL SHARE TRANSACTIONS

Shares redeemed

( 1,259,920 )

Net increase (decrease) in net assets from capital share transactions

Total increase (decrease) in net assets

( 1,658,439 )

Beginning of Period

End of Period

* No comparative financial statements have been provided as the initial

share purchase date of the Trust was October 27, 2025.

No comparative financial statements have been presented as the initial share purchase date of the Trust was October 27, 2025.

See accompanying notes to financial statements.

Canary Litecoin ETF

NOTES TO THE FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

FINANCIAL STATEMENTS

June 30, 2026 (Unaudited)

The Canary Litecoin ETF (the

61 unchanged sentences

of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred.

Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S.

The Sponsor takes the position

that the Trust is properly treated as a grantor trust for U.S.

federal income tax purposes.

Assuming that

the Trust is a grantor trust, the Trust will not be subject to U.S.

Assuming that the Trust is a grantor trust,

the Trust will not be subject to U.S.

federal income tax.

Rather, if the Trust is a grantor trust,

each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata

portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of

If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

Rather, if the Trust is a grantor trust, each beneficial owner of Shares will

be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains,

losses and deductions will “flow through” to each beneficial owner of Shares.

If the Trust were not properly classified as

a grantor trust, the Trust might be classified as a partnership for U.S.

federal income tax purposes.

However, due to the uncertain treatment of digital assets, with respect to staking and including forks,

airdrops and similar occurrences for U.S.

federal income tax purposes, there can be no assurance in this regard.

If the Trust were

classified as a partnership for U.S.

federal income tax purposes, the tax consequences of owning Shares generally would not be

materially different from the tax consequences described herein, although there might be certain differences, including with respect

In addition, tax information reports provided to beneficial owners of Shares would be made in a different form.

Trust were not classified as either a grantor trust or a partnership for U.S.

federal income tax purposes, it would be classified as

a corporation for such purposes.

However, due to the uncertain treatment

of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S.

federal income tax purposes,

there can be no assurance in this regard.

If the Trust were classified as a partnership for U.S.

federal income tax purposes, the tax

consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might

be certain differences, including with respect to timing.

In addition, tax information reports provided to beneficial owners of Shares

would be made in a different form.

If the Trust were not classified as either a grantor trust or a partnership for U.S.

federal income

tax purposes, it would be classified as a corporation for such purposes.

In that event, the Trust would be subject to entity-level U.S.

federal income tax (currently at the

rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable

dividends to the extent of the Trust’s current and accumulated earnings and profits.

federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders

would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

Digital Asset Trading Platform Valuation

36 unchanged sentences

at the measurement date.

The following table presents information about the

Trust’s assets measured at fair value:

March 31, 2026 (Unaudited)

The following table presents

information about the Trust’s assets measured at fair value:

June 30, 2026 (Unaudited)

Investment in LTC

1 unchanged sentence

Investment in LTC

There were no transfers

between levels for the quarter ended March 31, 2026 or for the period ended December 31, 2025.

There were no transfers between levels for the six

months ended June 30, 2026 or for the period from October 27, 2025 (initial share purchase date) through December 31, 2025.

The following tables summarize activity in LTC for

the quarter ended March 31, 2026 and for the period from October 27, 2025 (initial share purchase date) to December 31, 2025:

the six months ended June 30, 2026 and for the period from October 27, 2025 (initial share purchase date) through December 31, 2025.

Beginning balance as of January 1, 2026

8 unchanged sentences

Net realized gain (loss) on investment in LTC sold for redemptions

Ending balance as of March 31, 2026 (Unaudited)

Ending balance as of June 30, 2026 (Unaudited)

Beginning balance as of October 27, 2025

LTC purchased

LTC sold for the redemption of Shares

LTC contributed in-kind for the creation of Shares

30 unchanged sentences

Trust Expenses and Other Agreements

The Trust pays the Sponsor

an annual unified fee of 0.95 % of the Trust’s LTC Holdings (the “Sponsor Fee”).

The Trust’s “LTC

Holdings” is the quantity of the Trust’s LTC plus any cash or other assets held by the Trust represented in LTC as

calculated using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in

LTC as calculated using the Index Price.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed

under the Trust Agreement.

The Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s

LTC Holdings.

Except for periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in

LTC and is payable monthly in LTC or cash.

To the extent there are any on-chain transaction fees incurred in connection with the

transfers of LTC to pay the Sponsor Fee, the Sponsor, and not the Trust, shall bear such fees.

The Sponsor may, at its sole

discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.

The Sponsor is under no

obligation to waive any portion of its fees, and any such waiver shall create no obligation to waive any such fees during any period

not covered by the waiver.

As partial consideration for

its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred

by the Trust in the ordinary course of its affairs, excluding taxes, but including:

(i) the fees of the Trust’s third-party service

providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer Agent, the Cash Custodian,

the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange

(including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv)

audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any

ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of

maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively,

the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will

not be deemed to be a Sponsor-paid Expense.

There is no cap on the amount of Sponsor-paid Expenses.

The Sponsor has also assumed all fees

and expenses related to the organization and offering of the Trust and the Shares.

The Trust pays the Sponsor an

annual unified fee of 0.95 % of the Trust’s LTC Holdings (the “Sponsor Fee”).

The Trust’s “LTC Holdings”

is the quantity of the Trust’s LTC plus any cash or other assets held by the Trust represented in LTC as calculated using the Index

Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in LTC as calculated using the

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

Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s LTC Holdings.

Except for periods

during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in LTC and is payable monthly in LTC or

To the extent there are any on-chain transaction fees incurred in connection with the transfers of LTC to pay the Sponsor Fee, the

Sponsor, and not the Trust, shall bear such fees.

The Sponsor may, at its sole discretion and from time to time, waive all or a portion

of the Sponsor Fee for stated periods of time.

The Sponsor is under no obligation to waive any portion of its fees, and any such waiver

shall create no obligation to waive any such fees during any period not covered by the waiver.

As partial consideration

for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses

incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including:

(i) the fees of the Trust’s

third-party service providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer

Agent, the Cash Custodian, the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or

trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and

expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the

registration of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the 1933 Act or the

1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees

(each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense

that qualifies as an Extraordinary Expense (as defined below) will not be deemed to be a Sponsor-paid Expense.

There is no cap on

the amount of Sponsor-paid Expenses.

The Sponsor has also assumed all fees and expenses related to the organization and offering of

the Trust and the Shares.

The Trust may incur certain

48 unchanged sentences

Paralel Distributors LLC is

the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials,

Paralel Distributors LLC is the

marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials,

including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority,

1 unchanged sentence

The Marketing Agent

is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of

With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials

regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis.

is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of FINRA.

With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials regarding

the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis.

(d) Principal Financial Officer

40 unchanged sentences

facilitate settlement of the Shares.

Share activity

for the quarter ended March 31, 2026 was as follows:

Quarter Ended March 31, 2026

(Unaudited) (a)

Share activity for the three

and six months ended June 30, 2026 were as follows:

Months Ended June 30, 2026

Number of Shares

Value of Shares

Number of Shares

Value of Shares

( 1,259,920 )

Net change in Shares created and redeemed

(a) No comparative periods have been presented as the initial share purchase date

of the Trust was October 27, 2025.

No comparative periods have been presented as the initial share purchase date of the Trust was October 27, 2025.

Financial Highlights

The following financial highlights relate to investment

performance and operations for a Share outstanding for the quarter ended March 31, 2026.

The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on

the change in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based

on the timing of capital transactions.

March 31, 2026

The following financial highlights

relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026 .

return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change

in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based on the timing

of capital transactions.

Ended June 30, 2026

(Unaudited) *

Ended June 30, 2026

(Unaudited) *

Net Asset Value, Beginning of Period

8 unchanged sentences

Expense Ratio (e)

Net Investment Loss (e)

Net Investment Income (Loss) (e)

No comparative financial highlights have been presented as the initial share purchase date of the Trust was October 27, 2025.

(a) Net investment loss per share represents net investment loss divided by the daily average

shares of beneficial interest outstanding during the period.

(b) Due to timing of capital share transactions, per share amounts may not compare with amounts

appearing elsewhere within these Financial Statements.

may be later than when the Trust’s net asset value is calculated.

(a) Net investment loss per share represents net investment loss divided by the daily

average shares of beneficial interest outstanding during the period.

(b) Due to timing of capital share transactions, per share amounts may not compare

with amounts appearing elsewhere within these Financial Statements.

which may be later than when the Trust’s net asset value is calculated.

(d) Not annualized.

4 unchanged sentences

The Trust's operations are supported by its Sponsor.

As of March 31, 2026, the Sponsor did not own any

As of June 30, 2026, the Sponsor did not own any

Shares of the Trust.

21 unchanged sentences

Subsequent Events

Sponsor has evaluated subsequent events through the date the financial statements were issued.

Based on this evaluation, no adjustments

or disclosures to the financial statements were required

The Sponsor has evaluated subsequent

events through the date the financial statements were issued.

Based on this evaluation, no adjustments or disclosures to the financial

statements were required

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