What changed in this filing

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Item 1. Financial Statements

2025-08-12 compared with 2025-05-19 · 107 added, 77 removed, 343 unchanged (35% of the section changed)

2 unchanged sentences

HASHDEX NASDAQ CRYPTO INDEX US ETF

Statement of Assets and Liabilities at March 31, 2025 (Unaudited)

Schedule of Investments at March 31, 2025 (Unaudited)

Statement of Operations for the period January 21, 2025 through March 31, 2025 (Unaudited)

Statement of Changes in Net Assets for the period January 21, 2025 through March 31, 2025 (Unaudited)

Statement of Assets and Liabilities at June 30, 2025 (Unaudited)

Schedule of Investments at June 30, 2025 (Unaudited)

Statements of Operations for the three months ended June 30, 2025 and the period from January 21, 2025 through June 30, 2025 (Unaudited)

Statements of Changes in Net Assets for three months ended June 30, 2025 and the period from January 21, 2025 through June 30, 2025 (Unaudited)

Notes to Financial Statements (Unaudited)

1 unchanged sentence

of Assets and Liabilities

March 31, 2025*

June 30, 2025*

Investments in Crypto Assets, at fair value (cost $ 101,364,710 )

Other receivable

$ 125,567,730

Management fee payable

Total Liabilities

$ 125,608,529

Shares Issued and Outstanding, no par value, unlimited amount authorized

6 unchanged sentences

SCHEDULE OF INVESTMENTS

March 31, 2025*

June 30, 2025*

Percentage of

Crypto Assets

$ 110,683,388

1,028.79474340

5,924.54598631

Total Crypto Assets (cost $ 101,364,710 )

2 unchanged sentences

Total Net Assets

$ 125,608,529

* No comparative statement shown/provided

2 unchanged sentences

Nasdaq Crypto Index US ETF

of Operations

For the period January 21,

2025 (initial seed creation date) through March 31,

Statements of Operations

For the 3 (three)

June 30, 2025*

For the period January 21, 2025 (initial seed creation date) through June 30,

INVESTMENT INCOME

5 unchanged sentences

Net realized loss

Net change in unrealized depreciation

( 3,745,484 )

Net realized and change in unrealized loss

( 3,941,386 )

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 3,953,064 )

Net change in unrealized appreciation

Net realized and change in unrealized gain (loss)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

* No comparative statement shown/provided

4 unchanged sentences

of Changes in Net Assets

For the period January 21,

2025 (initial seed creation

date) through March 31,

For the 3 (three)

months ended June 30,

For the period January 21, 2025 (initial seed creation date) through June 30, 2025*

INCREASE (DECREASE) IN NET ASSETS:

1 unchanged sentence

Net realized loss

Net change in unrealized depreciation

( 3,745,484 )

Net increase (decrease) in net assets resulting from operations

( 3,953,064 )

Net change in unrealized appreciation

Net increase in net assets resulting from operations

CAPITAL SHARE TRANSACTIONS

4 unchanged sentences

Total increase in net assets

$ 125,608,529

Beginning of Period

End of Period

$ 125,608,529

* No comparative statement shown/provided

47 unchanged sentences

The statement of assets and liabilities

and schedule of investments on March 31, 2025, and the statements of operations and changes in net assets for the period ended March 31,

2025, have been prepared on behalf of the Trust and are unaudited.

In the opinion of management of the Sponsor of the Trust, all adjustments

(which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the period

ended March 31, 2025, and for all interim periods presented have been made.

and schedule of investments at June 30, 2025, and the statements of operations and changes in net assets for the three months ended June

30, 2025 and the period from January 21, 2025 through June 30, 2025, have been prepared on behalf of the Trust and are unaudited.

opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly

the financial position as of June 30, 2025, and results of operations for the three months and the period from January, 21 2025 through

June 30, 2025, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative

18 unchanged sentences

Actual results could differ from those estimates.

Cash includes non-interest bearing non-restricted

cash with one institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.

At March 31, 2025,

the Trust’s balance did not exceed the federally insured limits.

Cash includes non-interest bearing

non-restricted cash with one institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.

At June 30, 2025, the Trust’s balance did not exceed the federally insured limits.

Investment Transactions and Investment Income

7 unchanged sentences

Federal Income Taxes

The Trust expects to be treated as a

partnership for U.S.

federal income tax purposes.

The Trust is not subject to federal income taxes;

each partner reports his/her allocable

share of income, gain, loss, deductions or credits on his/her own income tax return.

In accordance with GAAP, the Trust 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 tax related appeals or litigation processes, based on the technical merits of the position.

The Trust files an income

tax return in the U.S.

The Trust is not subject to federal

income taxes;

each partner reports his/her allocable share of income, gain, loss, deductions or credits on his/her own income tax return.

In accordance with GAAP, the Trust 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 tax related appeals or litigation processes, based on the technical merits

of the position.

The Trust files an income tax return in the U.S.

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

The tax benefit recognized is measured

as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

De-recognition

of a tax benefit previously recognized results in the Trust recording a tax liability that reduces net assets.

However, the Trust’s

conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited

to, on-going analysis of and changes to tax laws, regulations and interpretations thereof.

the Trust recognizes interest accrued related

to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense

or penalties have been recognized as of and for the period ended March 31, 2025.

The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being

realized upon ultimate settlement.

De-recognition of a tax benefit previously recognized results in the Trust recording a tax liability

that reduces net assets.

However, the Trust’s conclusions regarding this policy may be subject to review and adjustment at a later

date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof.

the Trust recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income

tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the period from January, 21 2025 through

June 30, 2025.

Valuation of Crypto Assets

33 unchanged sentences

about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following table summarizes the valuation

of investments at March 31, 2025* using the fair value hierarchy:

The following table summarizes the

valuation of investments at June 30, 2025* using the fair value hierarchy:

Crypto Assets

$ 125,567,730

* No comparative schedule shown/provided as it is the Trust’s

1 unchanged sentence

There were no transfers between Level

1 and other Levels for the period ended March 31, 2025.

1 and other Levels for the period ended June 30, 2025.

The cost basis of the investment of cryptocurrencies

20 unchanged sentences

to and reviewed by the CODM is presented within the Trust’s financial statements.

Investment in Crypto Assets

The following represents the changes

in quantity of Crypto Assets held and the respective fair value during the period from January 21, 2025, through June 30, 2025*:

Quantity of Bitcoin

Amount in US$

Balance at January 21, 2025

( 1,041,964 )

Realized Gain (Loss)

Change in Unrealized Gain (Loss)

Balance at June 30, 2025

$ 110,683,388

Quantity of Ether

Amount in US$

Balance at January 21, 2025

$ 12,641,913.29

( 125,994.74 )

Realized Gain (Loss)

( 52,824.48 )

Change in Unrealized Gain (Loss)

$ 2,421,247.68

Balance at June 30, 2025

$ 14,884,341.75

Trust Expenses and Other Agreements

33 unchanged sentences

to the initial offer and sale of Shares were borne by the Sponsor.

Unusual or extraordinary expenses

paid by Sponsor are not subject to any caps or limits.

The Trust may be required to indemnify the Sponsor, and the Trust and/or the Sponsor

may be required to indemnify the Trustee, marketing agent, administrator, custodians, and the transfer agent under certain unusual or

extraordinary circumstances.

Any indemnification paid by the Trust and/or Sponsor generally would cover losses incurred by an indemnified

party for (1) expenses incurred by a party when rendering services to the Trust or the Sponsor, (2) expenses arising from a breach of

obligations or non-compliance with laws, or (3) expenses arising out of the formation, operation or termination of the Trust.

Non-recurring, unusual or extraordinary

expenses of the Trust will be allocated as determined by the Sponsor using a pro rata allocation methodology that allocates such Trust

expenses to the Trust.

Unusual or extraordinary expenses paid by Sponsor are not subject to any caps or limits.

The Trust may be required

to indemnify the Sponsor, and the Trust and/or the Sponsor may be required to indemnify the Trustee, marketing agent, administrator, custodians,

and the transfer agent under certain unusual or extraordinary circumstances.

Any indemnification paid by the Trust and/or Sponsor generally

would cover losses incurred by an indemnified party for (1) expenses incurred by a party when rendering services to the Trust or the Sponsor,

(2) expenses arising from a breach of obligations or non-compliance with laws, or (3) expenses arising out of the formation, operation

or termination of the Trust.

Unless such expenses are specifically attributable to the Trust or arise out of the Trust’s operations,

any such expenses will be allocated by the Sponsor using a pro rata methodology that allocates certain Trust expenses to the Trust.

Administrator, Custodians and Transfer

33 unchanged sentences

Trust were as follows:

For the period January 21,

(initial seed creation

date) through March 31,

For the 3 (three) months

ended June 30,

For the period January 21, 2025 (initial seed creation date) through June 30, 2025* (Unaudited)

Shares issued

9 unchanged sentences

Subsequently, the initial capital of 10,000 shares and $ 250,000 was redeemed on February

As of March 31, 2025, the Trust has a

liability to the Sponsor of $ 11,629 for the February and March Management Fee.

As of June 30, 2025, the Trust has

a liability to the Sponsor of $ 24,634 for the June Management Fee.

The Hashdex Nasdaq Crypto Index Fund

48 unchanged sentences

Financial Highlights*

For the period January 21,

2025 (initial seed

creation date) through March 31,

For the 3 (three)

months ended June

For the period January 21, 2025 (initial seed creation date) through June 30, 2025*

Net Asset Value Per Share Performance (for a Share outstanding throughout the period presented), Beginning of Period

3 unchanged sentences

Net Asset Value Per Share Performance (for a Share outstanding throughout the period presented), End of Period

Market Value Per Share, at March 31, 2025 (2)

Market Value Per Share, at June 30, 2025 (2)

Total Return at Net Asset Value (3)

4 unchanged sentences

Net Investment Loss

( 0.25 )% (5)

* No comparative schedule shown/provided as it is the Trust’s

4 unchanged sentences

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

(3) Percentages are not annualized for the period ended March 31,

(3) Percentages are not annualized.

(4) Percentages are annualized.

(5) Includes activity for the period February 14, 2025 (effective

date) through March 31, 2025.

(5) Includes activity for the period February 14, 2025 (effective date)

through June 30, 2025.

Subsequent Events

2 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements