What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-13 · 47 added, 34 removed, 108 unchanged (43% of the section changed)

21 unchanged sentences

results to differ materially from the Trust's expectations include, but are not limited to:

● the special considerations discussed in this Quarterly

● the special considerations discussed in this Quarterly Report;

● general economic, market and business conditions;

● technology developments

regarding the use of Litecoin and other digital assets, including the systems used by the Sponsor and the Trust’s custodians in

their provision of services to the Trust;

● changes in laws or regulations,

including those concerning taxes, made by governmental authorities or regulatory bodies;

● other world economic and

political developments, including, without limitation, global pandemics and the societal and government responses thereto;

● any additional factors

discussed in this Quarterly Report, as well as those described from time to time in the Trust’s future reports filed with the SEC.

● technology developments regarding the use of Litecoin and other

digital assets, including the systems used by the Sponsor and the Trust’s custodians in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes,

made by governmental authorities or regulatory bodies;

● other world economic and political developments, including, without

limitation, global pandemics and the societal and government responses thereto;

● any additional factors discussed in this Quarterly Report, as

well as those described from time to time in the Trust’s future reports filed with the SEC.

All the forward-looking statements

61 unchanged sentences

implemented adequate AML, KYC and other legal compliance policies and procedures.

Results of Operations for the Three Months

Ended March 31, 2026 *

net asset value decreased from $6,960,107 at December 31, 2025, to $6,216,656 at March 31, 2026.

Results of Operations*

Three Months Ended June 30, 2026

net asset value decreased from $6,216,656 at March 31, 2026, to $5,301,668 at June 30, 2026.

The change in the Trust’s net assets

resulted from an increase in outstanding Shares, which rose from 370,000 at December 31, 2025, to 470,000 at March 31, 2026, as a result

of 150,000 Shares being created and 50,000 Shares being redeemed during the quarter, and a decrease in the value of LTC, which depreciated

-29.52% from $76.76 at December 31, 2025, to $54.10 at March 31, 2026.

resulted from an increase in outstanding Shares, which rose from 470,000 at March 31, 2026, to 520,000 at June 30, 2026, as a result of

90,000 Shares being created and 40,000 Shares being redeemed during the quarter, and a decrease in the value of LTC, which depreciated

-22.74% from $54.10 at March 31, 2026, to $41.80 at June 30, 2026.

The net asset

value per Share decreased -29.67% from $18.81 at December 31, 2025, to $13.23 at March 31, 2026.

value per Share decreased -22.92% from $13.23 at March 31, 2026, to $10.20 at June 30, 2026.

The net asset

value per Share of $20.59 at January 5, 2026 was the highest during the quarter, compared with a low of $12.55 at February 23, 2026.

in net assets from operations for the quarter ended March 31, 2026, was $(2,666,242), resulting from a decrease in unrealized gain on

value per Share of $14.44 at May 14, 2026, was the highest during the quarter, compared with a low of $9.72 at June 24, 2026.

in net assets from operations for the quarter ended June 30, 2026, was $(1,510,368), resulting from a decrease in unrealized gain on the

Trust’s LTC investment of $(1,290,399), realized losses on the disposition of LTC of $(205,773), and Sponsor Fees incurred of $14,196.

Ended June 30, 2026

net asset value decreased from $6,960,107 at December 31, 2025, to $5,301,668 at June 30, 2026.

The change in the Trust’s net assets

resulted from an increase in outstanding Shares, which rose from 370,000 at December 31, 2025, to 520,000 at June 30, 2026, as a result

of 240,000 Shares being created and 90,000 Shares being redeemed during the six-month period, and a decrease in the value of LTC, which

depreciated -45.54% from $76.76 at December 31, 2025, to $41.80 at June 30, 2026.

The net asset

value per Share decreased -45.80% from $18.81 at December 31, 2025, to $10.20 at June 30, 2026.

The net asset

value per Share of $20.59 at January 5, 2026, was the highest during the six-month period, compared with a low of $9.72 at June 24, 2026.

in net assets from operations for the six months ended June 30, 2026, was $(4,176,610), resulting from a decrease in unrealized gain on

the Trust’s LTC investment of $(3,408,514), realized losses on the disposition of LTC of $(737,420), and Sponsor Fees incurred of

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

* No comparative

prior-year periods have been presented as the initial share purchase date of the Trust was October 27, 2025.

Off-Balance Sheet Arrangements

31, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off balance sheet financing

arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in

the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing

services which are in the best interests of the Trust.

While the Trust’s exposure under such indemnification provisions cannot be

estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

June 30, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off balance

sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than

agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks

service providers undertake in performing services which are in the best interests of the Trust.

While the Trust’s exposure

under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a

material impact on the Trust’s financial position.

Critical Accounting Policies

10 unchanged sentences

Investment Company Considerations

The Trust follows

accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

The Trust uses fair value as its

method of accounting for LTC.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose.

The Trust is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940,

GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and

accompanying notes.

follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

The Trust uses fair value as its method of accounting for LTC.

The Trust qualifies as an investment company solely for accounting purposes

and not for any other purpose.

The Trust is not registered, and is not required to be registered, as an investment company under the Investment

Company Act of 1940, as amended.

GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial

statements and accompanying notes.

Actual results could differ from those estimates and these differences could be material.

4 unchanged sentences

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis