Hashdex Nasdaq CME Crypto Index ETF 10-Q

Item 1. Financial Statements. Index to Financial Statements Documents Page HASHDEX NASDAQ CRYPTO INDEX US ETF Statement of Assets and Liabilities at September 30, 2025 (Unaudited) F-1 Schedule of Investments at September 30, 2025 (Unaudited) F-2 Statements of Operations for the three months ended September 30, 2025 and the period from January 21, 2025 through September 30, 2025 (Unaudited) F-3 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) F-4 Notes to Financial Statements (Unaudited) F-5 1 Hashdex Nasdaq Crypto Index US ETF Statement of Assets and Liabilities September 30, 2025* (Unaudited) ASSETS Investments in Crypto Assets, at fair value (cost $ 114,007,659 ) $ 153,386,798 Cash 194,158 Receivable for investments sold 1,828,970 Receivable for fund shares sold 1,853,724 Total Assets 157,263,650 LIABILITIES Payable for investments purchased 3,694,402 Management fee payable 30,298 Total Liabilities 3,724,700 NET ASSETS $ 153,538,950 NET ASSETS CONSIST OF: Paid-in capital $ 113,154,222 Total distributable earnings (accumulated deficit) 40,384,728 NET ASSETS $ 153,538,950 Net Asset Value (unlimited shares authorized): Total Fund (unlimited shares authorized): Shares Issued and Outstanding, no par value, unlimited amount authorized 4,970,000 Net Asset Value per Share $ 30.89 * 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. F- 1 Hashdex Nasdaq Crypto Index US ETF SCHEDULE OF INVESTMENTS September 30, 2025* (Unaudited) Description: Assets Fair Value Percentage of Net Assets Quantity Crypto Assets Bitcoin $ 111,972,694 72.93 % 978 Ether 22,359,447 14.56 % 5,374 XRP 10,455,149 6.81 % 3,647,484 Solana 6,276,129 4.09 % 30,067 Cardano 1,824,624 1.19 % 2,279,925 Stellar 498,755 0.32 % 1,358,265 Total Crypto Assets (cost $ $ 114,007,659 ) $ 153,386,798 99.90 % Total Investments (cost $ $ 114,007,659 ) $ 153,386,798 99.90 % Other Assets in Excess of Liabilities 152,152 0.10 % Total Net Assets $ 153,538,950 100.00 % * 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. F- 2 Hashdex Nasdaq Crypto Index US ETF Statements of Operations For the 3 (three) months ended September 30, 2025* (Unaudited) For the period January 21, 2025 (initial seed creation date) through September 30, 2025* (Unaudited) INVESTMENT INCOME Income: Interest income $ 6 $ 6 Total Income 6 6 Expenses: Management fees 180,309 338,372 Other - 50 Total Expenses 180,309 338,422 Less waiver ( 90,154 ) ( 169,186 ) Net Expenses 90,155 169,236 Net Investment Loss ( 90,149 ) ( 169,230 ) REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) Net realized gain 1,373,408 1,174,819 Net change in unrealized appreciation 15,176,119 39,379,139 Net realized and change in unrealized gain (loss) 16,549,527 40,553,958 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,459,378 $ 40,384,728 * 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. F- 3 Hashdex Nasdaq Crypto Index US ETF Statements of Changes in Net Assets For the 3 (three) months ended September 30, 2025* (Unaudited) For the period January 21, 2025 (initial seed creation date) through September 30, 2025* (Unaudited) INCREASE (DECREASE) IN NET ASSETS: OPERATIONS Net investment loss $ ( 90,149 ) $ ( 169,230 ) Net realized gain 1,373,408 1,174,819 Net change in unrealized appreciation 15,176,119 39,379,139 Net increase in net assets resulting from operations 16,459,378 40,384,728 CAPITAL SHARE TRANSACTIONS Shares issued 14,236,965 117,230,129 Shares redeemed ( 2,765,922 ) ( 4,075,907 ) Net increase in net assets from capital share transactions 11,471,043 113,154,222 Total increase in net assets $ 27,930,421 $ 153,538,950 NET ASSETS Beginning of Period $ 125,608,529 $ - End of Period $ 153,538,950 $ 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. F- 4 Hashdex Nasdaq Crypto Index US ETF NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Organization 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”). The Trust was formed and is managed and controlled by the Sponsor. The sponsor of the Trust is Hashdex Asset Management Ltd. (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 commenced operations on February 14, 2025. Shares can be purchased and sold by investors through their broker-dealer. 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. 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”). 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 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 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. F- 5 2. Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in U.S. Dollars. The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies . Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates. Cash 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 September 30, 2025, the Trust’s balance did not exceed the federally insured limits. Investment Transactions and Investment Income For financial statement purposes, the Trust records investment transactions on the trade date of the investment purchase or sale. Gains and losses realized on sales of investments are determined by the specific identification method. Investments made by the Trust intend to be limited to investments in Index Constituents and cash and cash equivalents. Interest income is recorded on an accrual basis. Federal Income Taxes The Trust is not subject to federal income taxes; 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 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. states. 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 September 30, 2025. F- 6 Valuation of Crypto Assets In determining the value of the Trust’s holdings, the Trust will value the Index Constituents held by the Trust at fair value. Fair value is the price that would be received 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’s valuation procedures provide for the designation of the Sponsor to determine the valuation sources and policies to prepare the Trust’s financial statements in accordance with GAAP. The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s 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 determine the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Trust’s own assumptions 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 September 30, 2025* using the fair value hierarchy: Level 1 Level 2 Level 3 Total Crypto Assets $ 153,386,798 $ - $ - $ 153,386,798 Total $ 153,386,798 $ - $ - $ 153,386,798 * No comparative schedule shown/provided as it is the Trust’s first fiscal year of operations. There were no transfers between Level 1 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. 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. Calculation of NAV and NAV per Share The Sponsor or its delegate shall calculate the Trust’s NAV each Business Day as of the earlier of the close of the Nasdaq or 4:00 p.m. New York time. As such, the NAV is calculated based on the value of the index price at 4:00 p.m. 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 Shares. 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. F- 7 3. Investment in Crypto Assets The following represents the changes in fair value of crypto assets held during the period from January 21, 2025, through September 30, 2025*: Crypto assets of the Index Constituents For the three months ended September 30, 2025* (Unaudited) For the period January 21, 2025^ through September 30, 2025* (Unaudited) Balance at July 1,2025 and January 21, 2025, respectively $ 125,567,730 $ - Purchases 33,216,900 $ 135,948,157 Sales ( 21,947,358 ) ( 23,115,317 ) Realized Gain (Loss) 1,373,407 1,174,819 Change in Unrealized Gain (Loss) 15,176,119 $ 39,379,139 Balance at September 30, 2025 153,386,798 $ 153,386,798 * No comparative schedule shown/provided as it is the Trust’s first fiscal year of operations ^ Initial seed creation date 4. Trust Expenses and Other Agreements Sponsor 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 to pay the Management fee. The Sponsor has agreed to temporarily reduce its Management Fee to 0.25 % per annum through December 31, 2025. After December 31, 2025, the standard 0.50 % annual Management 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. F- 8 Initial costs and expenses related to the initial offer and sale of Shares were borne by the Sponsor. 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 Agent U.S. 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. U.S. Bank N.A. (the “Cash Custodian”), an affiliate of the Administrator, serves as the Trust’s cash custodian pursuant to a Custody Agreement. Coinbase Custody Trust Company, LLC and BitGo Trust Company, 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 The Trust employs Paralel Distributors LLC as the marketing agent for the Trust. The marketing agent is not entitled to compensation or reimbursement of expenses from the Trust, with any such remuneration to be paid by the Sponsor, out of the management fee it receives for its services to the Trust. The term of the agreement is three years, with provisions for automatic renewal and termination options available to both parties. 5. Capital Share Transactions The Trust creates and redeems Shares on a continuous basis but only in baskets of 10,000 Shares. Only authorized participants, which are registered broker-dealers who have 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 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. New 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 September 30, 2025* (Unaudited) For the period January 21, 2025 (initial seed creation date) through September 30, 2025* (Unaudited) Shares issued 470,000 5,120,000 Shares redeemed ( 90,000 ) ( 150,000 ) Net increase 380,000 4,970,000 * No comparative statement shown/provided as it is the Trust’s first fiscal year of operations. F- 9 6. Related Parties The Sponsor is considered to be a related party to the Trust. 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. Subsequently, the initial capital of 10,000 shares and $ 250,000 was redeemed on February 13, 2025. 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 (NCI), a Fund managed by the Sponsor, holds 4,000,000 shares. The Sponsor arranged for the creation 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. 7. Indemnification The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets of the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates, and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. 8. Commitments and Contingent Liabilities In the normal course of business, the Trust may enter into contracts that contain a variety of 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 which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. F- 10 9. Concentration Risk 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 markets; 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. 10. Financial Highlights* For the 3 (three) months ended September 30, 2025* (Unaudited) For the period January 21, 2025 (initial seed creation date) through September 30, 2025* (Unaudited) Net Asset Value Per Share Performance (for a Share outstanding throughout the period presented), Beginning of Period $ 27.37 $ 25.00 Net investment loss (1) $ ( 0.02 ) $ ( 0.04 ) Net Realized and Unrealized Gain (Loss) $ 3.54 $ 5.93 Net Increase (Decrease) in Net Assets from Operations $ 3.52 $ 5.89 Net Asset Value Per Share Performance (for a Share outstanding throughout the period presented), End of Period $ 30.89 $ 30.89 Market Value Per Share, at September 30, 2025 (2) $ 30.88 $ 30.88 Total Return at Net Asset Value (3) 12.86 % 23.57 % Total Return at Market Value (3) 12.57 % 23.52 % Ratios to Average Net Assets: (4) Gross Expense ratio 0.50 % 0.50 % (5) Net Expense ratio 0.25 % 0.25 % (5) Net Investment Loss ( 0.25 )% ( 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. (3) Percentages are not annualized. (4) Percentages are annualized. (5) Includes activity for the period February 14, 2025 (effective date) through September 30, 2025. 11. Subsequent Events On October 7, 2025, the Trust, entered into a Master Infrastructure-as-a-Service Agreement (the “Coinbase Cloud MSA”) with Coinbase Cloud Pte. Ltd. (“Coinbase Cloud”). 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. F- 11