What changed in this filing

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Item 1. Financial Statements

2025-11-10 compared with 2025-08-12 · 222 added, 213 removed, 237 unchanged (65% of the section changed)

2 unchanged sentences

HASHDEX NASDAQ CRYPTO INDEX US ETF

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)

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

Schedule of Investments at September 30, 2025 (Unaudited)

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

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

Notes to Financial Statements (Unaudited)

Nasdaq Crypto Index US ETF

of Assets and Liabilities

June 30, 2025*

Hashdex Nasdaq Crypto Index US ETF

Statement of Assets and Liabilities

September 30, 2025*

Investments in Crypto Assets, at fair value (cost $ 114,007,659 )

$ 153,386,798

Receivable for investments sold

Receivable for fund shares sold

Payable for investments purchased

Management fee payable

1 unchanged sentence

$ 153,538,950

NET ASSETS CONSIST OF:

Paid-in capital

$ 113,154,222

Total distributable earnings (accumulated deficit)

$ 153,538,950

Net Asset Value (unlimited shares authorized):

Total Fund (unlimited shares authorized):

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

Net Asset Value per Share

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

first fiscal year of operations.

The accompanying notes are an integral

part of these financial statements.

Hashdex Nasdaq Crypto

* No comparative statement shown/provided as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral part

of these financial statements.

Hashdex Nasdaq Crypto Index US ETF

SCHEDULE OF INVESTMENTS

June 30, 2025*

September 30, 2025*

Percentage of

1 unchanged sentence

$ 111,972,694

1,028.79474340

5,924.54598631

Total Crypto Assets (cost $ $ 114,007,659 )

$ 153,386,798

Total Investments (cost $ $ 114,007,659 )

$ 153,386,798

Other Assets in Excess of Liabilities

1 unchanged sentence

$ 153,538,950

* No comparative statement shown/provided

as it is the Trust’s first fiscal year of operations.

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

Nasdaq Crypto Index US ETF

* No comparative statement shown/provided as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral part

of these financial statements.

Hashdex Nasdaq Crypto Index US ETF

Statements of Operations

For the 3 (three)

June 30, 2025*

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

September 30,

2025 (initial seed

September 30,

INVESTMENT INCOME

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REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net realized loss

Net realized gain

Net change in unrealized appreciation

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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

* No comparative statement shown/provided

as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral

part of these financial statements.

Nasdaq Crypto Index US ETF

of Changes in Net Assets

For the 3 (three)

months ended June 30,

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

* No comparative statement shown/provided as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral part

of these financial statements.

Hashdex Nasdaq Crypto Index US ETF

Statements of Changes in Net Assets

September 30,

(initial seed

creation date)

through September 30,

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

Net realized loss

$ ( 169,230 )

Net realized gain

Net change in unrealized appreciation

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( 2,765,922 )

( 4,075,907 )

Net increase in net assets from capital share transactions

2 unchanged sentences

Beginning of Period

$ 125,608,529

End of Period

1 unchanged sentence

$ 153,538,950

* No comparative statement shown/provided

as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral

part of these financial statements.

Nasdaq Crypto Index US ETF

TO FINANCIAL STATEMENTS (UNAUDITED)

Hashdex Nasdaq Crypto Index US

ETF (the “Trust”) is a Delaware statutory trust organized on July 12, 2024.

The Trust operates pursuant to the Trust Agreement

dated December 23, 2024.

* No comparative statement shown/provided as it is the Trust’s first fiscal year of operations.

The accompanying notes are an integral part

of these financial statements.

Hashdex Nasdaq Crypto Index US ETF

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Hashdex Nasdaq Crypto Index US ETF

(the “Trust”) is a Delaware statutory trust organized on July 12, 2024.

The Trust operates pursuant to the Third Amended and

Restated Trust Agreement dated September 18, 2025.

The Trust is registered with the U.S.

Securities and Exchange Commission (“SEC”) under the Securities

Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”).

was formed and is managed and controlled by the Sponsor.

The sponsor of the Trust is Hashdex Asset Management Ltd.

Securities and Exchange Commission (“SEC”)

under the Securities Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933

The Trust was formed and is managed and controlled by the Sponsor.

The sponsor of the Trust is Hashdex Asset Management

(the “Sponsor”).

CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”).

The Trust is designed to provide

investors with price exposure to certain crypto assets, namely, those included in the Nasdaq Crypto US Settlement Price™ Index (NCIUSS)

(the “Index”).

NCIUSS is a daily closing value of the Nasdaq Crypto US™ Index (NCIUS), which is designed to measure

the performance of a material portion of the overall crypto asset market.

The Trust issues shares representing units of fractional undivided

beneficial interests (“Shares”) that trade on The Nasdaq Stock Market, LLC (the “Exchange”) under the symbol “NCIQ”.

The Trust is designed to provide investors

with price exposure to certain crypto assets, namely, those included in the Nasdaq Crypto US Settlement Price™ Index (NCIUSS) (the

NCIUSS is a daily closing value of the Nasdaq Crypto US™ Index (NCIUS), which is designed to measure the performance

of a material portion of the overall crypto asset market.

The Trust issues shares representing units of fractional undivided beneficial

interests (“Shares”) that trade on The Nasdaq Stock Market, LLC (the “Exchange”) under the symbol “NCIQ”.

The Trust commenced operations on February 14, 2025.

Shares can be purchased and sold by investors through their broker-dealer.

its current investment objective, the Trust is limited to holding only two components:

bitcoin and ether.

Purchasing Shares of the Trust

is subject to the risks of crypto assets and crypto asset markets as well as the additional risks of investing in the Trust.

Shares of the Trust is subject to the risks of crypto assets and crypto asset markets as well as the additional risks of investing in

The Trust’s investment objective

is to align the daily changes in the Shares’ net asset value (“NAV”) with the daily price changes of the Index, minus

operational expenses and liabilities, by investing in the index constituents (“Index Constituents”), which are only bitcoin

and ether, in the same proportions of the Index.

Because the Trust’s investment objective is to track the price of the Index, changes

in the price of the Shares may vary from changes in the Index Constituents’ prices.

An investment in the Trust is

subject to the risks of an investment in bitcoin and in ether, both of which are subject to a high degree of price variability, as well

as to the risks of crypto asset markets more generally.

An investment in the Trust may be riskier than other exchange-traded products

that do not directly hold crypto assets, or financial instruments related to crypto, and may not be suitable for all investors.

the Index Constituents may experience pronounced and swift price changes.

Accordingly, there is a potential for change in the price of

Shares between the time an investor places an order to purchase or sell with its broker-dealer and the time of the actual purchase or

sale resulting from the price volatility of Index Constituents.

The Index will be reconstituted

and rebalanced quarterly, on the first Business Day in March, June, September, and December to align the weightings of the Index Constituents

operational expenses and liabilities, by investing in the index constituents (“Index Constituents”).

Because the Trust’s

investment objective is to track the price of the Index, changes in the price of the Shares may vary from changes in the Index Constituents’

An investment in the Trust is subject

to the risks of an investment in the Index Constituents of which are subject to a high degree of price variability, as well as to the

risks of crypto asset markets more generally.

An investment in the Trust may be riskier than other exchange-traded products that do not

directly hold crypto assets, or financial instruments related to crypto, and may not be suitable for all investors.

In addition, the Index

Constituents may experience pronounced and swift price changes.

Accordingly, there is a potential for change in the price of Shares between

the time an investor places an order to purchase or sell with its broker-dealer and the time of the actual purchase or sale resulting

from the price volatility of Index Constituents.

The Index will be reconstituted and

rebalanced quarterly, on the first Business Day in March, June, September, and December to align the weightings of the Index Constituents

with the index methodology published by Nasdaq.

The statement of assets and liabilities

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

of results for a full-year period.

The fiscal year of the Trust is

December 31st.

The statement of assets and

liabilities and schedule of investments at September 30, 2025, and the statements of operations and changes in net assets for the 3

months ended September 30, 2025 and for the period from January 21, 2025 through September 30, 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 3 months ended September

30, 2025 and for the period from January 21, 2025 through September 30,2025, and for all interim periods presented have been made.

In addition, interim period results are not necessarily indicative of results for a full-year period.

The fiscal year end of the Trust

is December 31st.

Significant Accounting Policies

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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.

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

Investment Transactions and Investment Income

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income taxes;

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

each shareholder 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

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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.

No interest expense or penalties have been recognized as of and for the period ended September 30, 2025.

Valuation of Crypto Assets

3 unchanged sentences

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

The Trust identifies and determines the

Trust’s principal market (or in the absence of a principal market, the most advantageous market) for crypto assets 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 Trust identifies and determines

the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for crypto assets 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 Trust’s valuation procedures

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an exchange market as the Trust’s principal market.

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

and ether 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.

The Trust 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 Trust’s determination of the principal market.

The NAV and NAV per Share will be calculated using the fair value of the Index

Constituents held by the Trust 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.

The Trust 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 Trust’s determination of the principal market.

The Trust utilizes various inputs to

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The following table summarizes the

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

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

Crypto Assets

3 unchanged sentences

$ 153,386,798

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

first fiscal year of operations.

* No comparative schedule shown/provided as it is the Trust’s first fiscal year of operations.

There were no transfers between Level 1

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

The cost basis of the investment of cryptocurrencies

recorded by the Trust for financial reporting purposes is the fair value of such cryptocurrency at the time of purchase.

The cost basis

recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

and other Levels for the period ended September 30, 2025.

The cost basis of the investment of

crypto assets recorded by the Trust for financial reporting purposes is the fair value of such crypto asset at the time of purchase.

cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares

to investors.

Calculation of NAV and NAV per Share

4 unchanged sentences

based on the value of the index price at 4:00 p.m.

The assets of the Trust consist of bitcoin, ether, cash and cash equivalents.

has the exclusive authority to determine the Trust’s NAV, which it has delegated to the Administrator.

The Trust’s NAV per Share is calculated

by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares.

The assets of the Trust consist of the crypto assets held by the Trust that follows

Nasdaq Crypto US Settlement Price Index (“NCIUSS”),, cash and cash equivalents.

The Sponsor has the exclusive authority to

determine the Trust’s NAV, which it has delegated to the Administrator.

The Trust’s NAV per Share is

calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of

Segment Reporting

The Chief Financial Officer of the Sponsor

acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating

resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment since the Trust has

a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information provided

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

The Chief Financial Officer of the

Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and

allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment since the

Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information

provided 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

in fair value of crypto assets held during the period from January 21, 2025, through September 30, 2025*:

assets of the Index Constituents

three months ended

September 30,

Balance at July 1,2025 and January 21, 2025, respectively

$ 125,567,730

Realized Gain (Loss)

Change in Unrealized Gain (Loss)

Balance at June 30, 2025

$ 135,948,157

Quantity of Ether

Amount in US$

Balance at January 21, 2025

( 21,947,358 )

1 unchanged sentence

Realized Gain (Loss)

( 52,824.48 )

Change in Unrealized Gain (Loss)

$ 2,421,247.68

Balance at June 30, 2025

Balance at September 30, 2025

$ 153,386,798

Trust Expenses and Other Agreements

The Trust pays the Sponsor a

Management Fee, monthly in arrears, in an amount equal to 0.50 % per annum of the daily NAV of the Trust.

The Management Fee is paid in

consideration of the Sponsor’s services related to the management of the Trust’s business and affairs.

The Management Fee

is paid directly by the Trust to the Sponsor.

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

first fiscal year of operations

Initial seed creation date

Expenses and Other Agreements

The Trust pays the Sponsor a Management

Fee, monthly in arrears, in an amount equal to 0.50 % per annum of the daily NAV of the Trust.

The Management Fee is paid in consideration

of the Sponsor’s services related to the management of the Trust’s business and affairs.

The Management Fee is paid directly

by the Trust to the Sponsor.

The Management Fee accrues daily and is payable monthly in cash.

The Trust intends to sell

its holdings in ether and bitcoin to pay the Management fee.

The Trust intends to sell its holdings to

pay the Management fee.

The Sponsor has agreed to temporarily

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Fee rate will apply.

In addition to the Trust’s

Management Fee, the Trust pays all of its respective brokerage commissions, including applicable exchange fees and give-up fees, and other

transaction related fees and expenses charged in connection with trading activities.

The Trust also pays all fees and commissions related

to any crypto transaction fees for on-chain transfers of assets.

The Sponsor pays all other routine operational, administrative and other

ordinary expenses of the Trust, including but not limited to, fees and expenses of the administrator, custodians, marketing agent, transfer

agent, trustees, 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 Trust 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 Trust.

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 fees and expenses.

In addition to the Trust’s Management

Fee, the Trust pays all of its respective brokerage commissions, including applicable exchange fees and give-up fees, and other transaction

related fees and expenses charged in connection with trading activities.

The Trust also pays all fees and commissions related to any crypto

transaction fees for on-chain transfers of assets.

The Sponsor pays all other routine operational, administrative and other ordinary expenses

of the Trust, including but not limited to, fees and expenses of the administrator, custodians, marketing agent, transfer agent, trustees,

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 Trust 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 Trust.

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 fees and expenses.

Initial costs and expenses related

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Administrator, Custodians and Transfer

Bancorp Fund Services, LLC,

doing business as U.S.

Bank Global Fund Services (the “Administrator”) serves as administrator, transfer agent and accounting

agent of the Trust pursuant to a Fund Servicing Agreement.

Bancorp Fund Services, LLC, doing

business as U.S.

Bank Global Fund Services (the “Administrator”) serves as administrator, transfer agent and accounting agent

of the Trust pursuant to a Fund Servicing Agreement.

(the “Cash Custodian”), an affiliate of the Administrator,

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Coinbase Custody Trust Company, LLC and BitGo Trust Company,

Inc (the “Custodians”) keeps custody of all of the Trust’s bitcoin and ether, on behalf of the Trust.

Inc (the “Custodians”) keeps custody of all of the Trust’s crypto assets, on behalf of the Trust.

In June 2025, the Fund entered into a custody services agreement with Fidelity Digital Asset Services, LLC to

provide custodial services for digital assets.

As of September 30, 2025, the Fund has not commenced using these custodial services.

Marketing Agent

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entered into written agreements with the Sponsor and/or the Trust, can place orders to receive baskets in exchange for cash.

The Sponsor and the Trust engage in crypto

asset transactions for converting cash into bitcoin and ether (in association with purchase orders) and bitcoin and ether 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 Index Constituents represented by the baskets being created (or redeemed).

The amount of Index Constituents 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.

New York time

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

The Sponsor and the Trust engage in

crypto asset transactions for converting cash into Index Constituents to track NCIUSS (in association with purchase orders) 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 Index Constituents represented by the baskets being created (or redeemed).

The amount of Index Constituents

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.

York time on the day the order to create or redeem baskets is properly received.

Only authorized participants may place

orders to create and redeem baskets through the transfer agent.

The transfer agent coordinates with the Trust’s custodians in order to

facilitate settlement of the Shares and the Index Constituents.

Capital share transactions in the

Trust were as follows:

For the 3 (three) months

ended June 30,

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

The transfer agent coordinates with the Trust’s custodians in order

to facilitate settlement of the Shares and the Index Constituents.

Capital share transactions in the Trust

were as follows:

September 30,

(initial seed

creation date)

September 30,

2025* (Unaudited)

Shares issued

Shares redeemed

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

first fiscal year of operations.

Related Parties

comparative statement shown/provided as it is the Trust’s first fiscal year of operations.

The Sponsor is considered to be a related

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The Trust’s operations are supported by its Sponsor.

The Sponsor provided the initial capital of $ 250,000 for the

initial sale of 10,000 shares to the Sponsor.

The Sponsor provided the initial capital of $ 250,000 for

the initial sale of 10,000 shares to the Sponsor.

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

As of June 30, 2025, the Trust has

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

As of September 30, 2025, the Trust

has a liability to the Sponsor of $ 30,298 for the September Management Fee.

The Hashdex Nasdaq Crypto Index Fund

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The Sponsor arranged for the creation

of the Trust and is responsible for the ongoing registration of the Shares for its public offering in the United States and the listing

of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing

of Shares on the Exchange.

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the indemnified party acted without willful misconduct, bad faith or gross negligence.

Commitments and Contingent Liabilities

and Contingent Liabilities

In the normal course of business, the

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However, the Sponsor believes the risk of loss under these arrangements to be remote.

Concentration Risk

Substantially all of the Trust’s

assets are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the price of bitcoin.

a decline in the price of bitcoin will have an adverse effect on the value of the Shares of the Trust.

Factors that may have

the effect of causing a decline in the price of bitcoin include negative perception of digital assets;

a lack of stability and standardized

regulation in the digital asset markets;

the closure or temporary shutdown of digital asset platforms due to fraud, business failure,

security breaches or government mandated regulation;

Concentration

The majority of all of the Trust’s assets are holdings of bitcoin,

which creates a concentration risk associated with fluctuations in the price of bitcoin.

Accordingly, a decline in the price of bitcoin

will have an adverse effect on the value of the Shares of the Trust.

Factors that may have the effect of causing a decline

in the price of bitcoin include negative perception of crypto assets;

a lack of stability and standardized regulation in the crypto asset

the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government

mandated regulation;

and a loss of investor confidence.

Financial Highlights*

For the 3 (three)

months ended June

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

September 30,

(initial seed

creation date)

September 30,

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

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

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

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

Total Return at Net Asset Value (3)

5 unchanged sentences

( 0.25 )% (5)

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

first fiscal year of operations.

(1) Net investment loss per share represents net investment loss

divided by the daily average shares of beneficial interest outstanding during the period.

(2) Market values are determined at the close of the applicable

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

comparative schedule shown/provided as it is the Trust’s first fiscal year of operations.

(1) Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.

(2) Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated.

(3) Percentages are not annualized.

(4) Percentages are annualized.

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

through June 30, 2025.

Subsequent Events

Sponsor has evaluated subsequent events through the date the financial statements were issued and has determined that there are no material

events that would require disclosure in the financial statements .

(5) Includes activity for the period February 14, 2025 (effective date) through September 30, 2025.

On October 7, 2025, the Trust, entered

into a Master Infrastructure-as-a-Service Agreement (the “Coinbase Cloud MSA”) with Coinbase Cloud Pte.

Under the Coinbase Cloud MSA, Coinbase Cloud will provide the infrastructure and related technical services necessary to

enable the Trust to participate in staking activities with respect to certain eligible crypto assets held by the Trust (the “Staking

Activities”).

The Trust will announce when it starts Staking Activities at a later date.

The Sponsor has evaluated subsequent

events through the date the financial statement were issued and has determined that there are no other material events that would require

disclosure in the financial statements.

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