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Item 1. Financial Statements

2026-05-12 compared with 2025-11-10 · 265 added, 390 removed, 69 unchanged (90% of the section changed)

1 unchanged sentence

Index to Financial Statements

HASHDEX NASDAQ CRYPTO INDEX US ETF

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)

Hashdex Nasdaq Crypto Index US ETF

Documents Page

HASHDEX NASDAQ CME CRYPTO INDEX ETF

Statement of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025 F-1

Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025 F-2

Statements of Operations for the three months ended March 31, 2026 (Unaudited) and the period from February 14, 2025 through March 31, 2025 (Unaudited) F-4

Statements of Changes in Net Assets for three months ended March 31, 2026 (Unaudited) and the period from February 14, 2025 through March 31, 2025 (Unaudited) F-5

Notes to Financial Statements (Unaudited) F-6

Hashdex Nasdaq CME Crypto Index 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

2026 (Unaudited) December 31,

Investments in Crypto Assets, at fair value (cost $ 129,220,375 and $ 123,262,904 , respectively) $ 98,000,953 $ 121,199,193

Cash 102,236 114,907

Total Assets 98,103,189 121,314,100

Management fee payable, net of fees waived 21,195 26,623

Total Liabilities 21,195 26,623

$ 153,538,950

NET ASSETS $ 98,081,994 $ 121,287,477

NET ASSETS CONSIST OF:

Paid-in capital $ 129,604,181 $ 123,269,158

$ 113,154,222

Total distributable earnings (accumulated deficit) ( 31,522,187 ) ( 1,981,681 )

$ 153,538,950

NET ASSETS $ 98,081,994 $ 121,287,477

Net Asset Value (unlimited shares authorized):

2 unchanged sentences

Net Asset Value per Share $ 17.24 $ 22.71

* 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

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

Hashdex Nasdaq CME Crypto Index ETF

Schedule of Investments

September 30, 2025*

Percentage of

March 31, 2026

Assets Fair Value Percentage of

Net Assets Quantity

Crypto Assets

$ 111,972,694

Bitcoin $ 75,326,978 76.80 % 1,111

Ether 12,458,709 12.70 % 5,949

XRP 5,727,116 5.84 % 4,269,825

Solana 3,180,807 3.24 % 38,500

Cardano 639,497 0.65 % 2,655,720

Chainlink 368,034 0.38 % 41,988

Stellar 299,812 0.31 % 1,783,533

Total Crypto Assets (cost $ 129,220,375 ) $ 98,000,953 99.92 %

$ 153,386,798

Total Investments (cost $ 129,220,375 ) $ 98,000,953 99.92 %

$ 153,386,798

Other Assets in Excess of Liabilities 81,041 0.08 %

Total Net Assets $ 98,081,994 100.00 %

$ 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.

Hashdex Nasdaq Crypto Index US ETF

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

Hashdex Nasdaq CME Crypto Index ETF

Schedule of Investments

December 31, 2025

Assets Fair Value Percentage of

Net Assets Quantity

Crypto Assets

Bitcoin $ 91,431,050 75.38 % 1,046

Ethereum 16,846,808 13.89 % 5,677

XRP 7,252,279 5.98 % 3,971,893

Solana 4,012,751 3.31 % 32,410

Cardano 832,217 0.69 % 2,499,150

Chainlink 476,931 0.39 % 38,964

Stellar 347,157 0.29 % 1,741,009

Total Crypto Assets (cost $ 123,262,904 ) $ 121,199,193 99.93 %

Total Investments (cost $ 123,262,904 ) $ 121,199,193 99.93 %

Other Assets in Excess of Liabilities 88,284 0.07 %

Total Net Assets $ 121,287,477 100.00 %

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

Hashdex Nasdaq CME Crypto Index ETF

Statements of Operations

September 30,

2025 (initial seed

September 30,

INVESTMENT INCOME

three months ended

(Unaudited) For the

February 14, 2025^

INVESTMENT INCOME (LOSS)

Interest income $ - $ -

Total Income - -

Management fees 132,575 23,257

Total Expenses 132,575 23,307

Less waiver ( 66,287 ) ( 11,629 )

Net Expenses 66,288 11,678

Net Investment Loss ( 66,288 ) ( 11,678 )

REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net realized gain

Net change in unrealized appreciation

Net realized loss ( 318,507 ) ( 195,902 )

Net change in unrealized appreciation (depreciation) ( 29,155,711 ) ( 3,745,484 )

Net realized and change in unrealized gain (loss) ( 29,474,218 ) ( 3,941,386 )

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.

Hashdex Nasdaq Crypto Index US ETF

NET DECREASEIN NET ASSETS RESULTING FROM OPERATIONS $ ( 29,540,506 ) $ ( 3,953,064 )

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

Commencement of operations.

No Operations occurred prior to this date.

Hashdex Nasdaq CME Crypto Index ETF

Statements of Changes in Net Assets

September 30,

(initial seed

creation date)

through September 30,

three months ended

(Unaudited) For the

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss $ ( 66,288 ) $ ( 11,678 )

$ ( 169,230 )

Net realized gain

Net change in unrealized appreciation

Net increase in net assets resulting from operations

Net realized loss ( 318,507 ) ( 195,902 )

Net change in unrealized appreciation (depreciation) ( 29,155,711 ) ( 3,745,484 )

Net decrease in net assets resulting from operations ( 29,540,506 ) ( 3,953,064 )

CAPITAL SHARE TRANSACTIONS

1 unchanged sentence

Shares redeemed - ( 1,309,985 )

( 2,765,922 )

( 4,075,907 )

ETF transaction fees 4,866 -

Net increase in net assets from capital share transactions 6,335,023 92,683,706

Total increase in net assets

$ 153,538,950

Total increase (decrease) in net assets $ ( 23,205,483 ) $ 88,730,642

Beginning of Period $ 121,287,477 $ -

$ 125,608,529

End of Period $ 98,081,994 $ 88,730,642

$ 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.

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

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

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 accompanying notes are an integral part of these financial statements.

Commencement of operations.

No Operations occurred prior to this date.

Hashdex Nasdaq CME Crypto Index ETF

NOTES TO FINANCIAL STATEMENTS

Hashdex Nasdaq CME Crypto Index ETF (f/k/a Hashdex Nasdaq Crypto Index US ETF, prior to January 20, 2026) (the “Trust”) is a Delaware statutory trust organized on July 12, 2024.

The Trust operates pursuant to the Fifth Amended and Restated Trust Agreement, dated January 20, 2026 (the “Trust Agreement”).

The Trust issues shares of beneficial interest (“Shares”), representing fractional undivided beneficial interests in the Trust.

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

The principal office address of the Trust is 19 West 44th Street, Suite 200, New York, NY 10036 and the Trust’s telephone number is 800-927-9800.

The Trust commenced operations on February 14, 2025 .

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

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”).

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 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.

The Trust is designed to provide investors with price exposure to certain crypto assets.

Prior to January 20, 2026, such crypto assets were those included in the Nasdaq Crypto US Settlement Price™ Index (the “NCIUSS” or the “Former Index”).

Effective January 20, 2026 (the “Transition Date”), the reference index changed to the Nasdaq CME Crypto Settlement Price Index™ (the “NCIS” or the “New Index”), as detailed below.

References to the “Index” as used herein refer to the Former Index prior to the Transition Date and the New Index after the Transition Date.

The NCIUSS represents the daily closing value of the Nasdaq Crypto US™ Index (the “NCIUS”), and the NCIS represents the daily closing value of the Nasdaq CME Crypto™ Index (the “NCI”).

The NCIUSS and the NCIS apply substantially identical methodologies, reflect the same constituents, and are both designed to measure the performance of a material portion of the overall crypto asset market.

The Trust’s investment objective is to align the daily changes in the net asset value (“NAV”) of the Shares with the daily price changes of the Index, minus operational expenses and liabilities, by investing in the digital assets that are constituents of the Index or may be added as constituents of the Index in the future (the “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 individual Index Constituents’ prices.

The sponsor of the Trust is Hashdex Asset Management Ltd.

(the “Sponsor”).

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

Bancorp Fund Services, LLC (d/b/a U.S.

Bank Global Fund Services) (“Global Fund Services” or the “Administrator”) provides administrative services to the Trust.

Global Fund Services also serves as the Trust’s transfer agent (the “Transfer Agent”) and accounting agent (“Accounting Agent”).

Paralel Distributors LLC is the marketing agent of the Trust (the “Marketing Agent”).

Coinbase Custody Trust Company, LLC (“Coinbase Custody”), BitGo Trust Company, Inc.

(“BitGo”) and Fidelity Digital Asset Services, LLC (“Fidelity”) are the custodians for the Trust’s crypto asset holdings (the “Crypto Custodians”).

Bank National Association is the custodian for the Trust’s cash and cash equivalent holdings (the “Cash Custodian” and together with the Crypto Custodians, the “Custodians”).

The Trust is an exchange-traded fund.

The Trust does not purchase or sell digital assets other than in connection with the creation and redemption of blocks of 10,000 Shares called “Baskets” to certain broker-dealers that have entered into an agreement with the Sponsor (“Authorized Participants”), or to pay certain expenses.

An investment in the Trust is subject to the risks of an investment in the Index Constituents 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 the Exchange.

For purposes of making these calculations, a “Business Day” means any day other than a day when the Exchange is closed for regular trading.

The fiscal year end of the Trust is December 31st.

Significant Accounting Policies

The following is a summary of significant

accounting policies consistently followed by the Trust in the preparation of these financial statements.

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.

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 .

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.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose, and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but 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.

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.

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 statements, and the reported amounts of income and expenses during the reported period.

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 September 30, 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.

As of March 31, 2026 and December 31, 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.

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.

The Trust intermittently receives airdrops of new crypto assets at the custodial wallet addresses holding Trust assets.

The use of airdrops is generally to promote the launch and use of new crypto assets by providing a small amount of the new crypto assets to the private wallets or exchange accounts of holders of existing related crypto assets.

Airdropped crypto assets can have substantially different blockchain technology that has no relation to any existing crypto asset, and many airdrops may be without value.

In accordance with the Trust’s registration statement on Form S-1, the Sponsor causes the Trust to irrevocably abandon any incidental rights and IR virtual currency arising from airdrops, forks, or similar events.

Accordingly, the Trust does not recognize or record any airdropped crypto assets.

During the period ended March 31, 2026 and March 31, 2025, the Trust irrevocably abandoned all airdropped crypto assets received at its custodial addresses.

No value was recognized in connection with any such airdrops.

Federal Income Taxes

The Trust is not subject to 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.

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 September 30, 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, ongoing 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 fiscal period ended March 31, 2026 and March 31, 2025.

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.

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 the 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 Sponsor’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 Sponsor obtains relevant volume and level of activity information and based on initial analyses 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.

Eastern Time (“E.T.”) on the measurement date for GAAP purposes.

The Sponsor 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 Sponsor’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:

Crypto Assets

$ 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.

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

to investors.

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 as of March 31, 2026 and December 31, 2025 using the fair value hierarchy:

March 31, 2026

Level 1 Level 2 Level 3 Balance as of

March 31, 2026

Cryptocurrency $ 98,000,953 $ - $ - $ 98,000,953

Total $ 98,000,953 $ - $ - $ 98,000,953

December 31, 2025

Level 1 Level 2 Level 3 Balance as of

December 31, 2025

Cryptocurrency $ 121,199,193 $ - $ - $ 121,199,193

Total $ 121,199,193 $ - $ - $ 121,199,193

There were no transfers between Level 1 and other levels for the fiscal period ended March 31, 2026 and December 31, 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 assets 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

The Sponsor or its delegate shall calculate the Trust’s NAV each Business Day as of the earlier of the close of the Exchange or 4:00 p.m.

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 and 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 outstanding.

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, 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 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

$ 135,948,157

( 21,947,358 )

( 23,115,317 )

Realized Gain (Loss)

Change in Unrealized Gain (Loss)

Balance at September 30, 2025

$ 153,386,798

* 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 following represents the changes in fair value of crypto assets held by the Trust during the three months ended March 31, 2026 and the period from February 14, 2025* through December 31, 2025:

Beginning balance as of January 1, 2026 $ 121,199,193

Purchases 6,700,964

Sales ( 424,987 )

Realized Gain -

Realized Loss ( 318,507 )

Change in Unrealized Appreciation -

Change in Unrealized Depreciation ( 29,155,711 )

Ending balance as of March 31, 2026 $ 98,000,953

Beginning balance as of February 14, 2025* $ -

Purchases 148,384,775

Sales ( 25,459,678 )

Realized Gain 673,678

Realized Loss ( 335,871 )

Change in Unrealized Appreciation 6,208,241

Change in Unrealized Depreciation ( 8,271,952 )

Ending balance as of December 31, 2025 $ 121,199,193

* Commencement of operations.

No operations occurred prior to this date.

Trust Expenses and Other Agreements

The Trust pays the Sponsor a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 0.25 % per annum of the daily NAV of the Trust.

Prior to March 16, 2026, the Management Fee was 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.

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.

Prior to March 16, 2026, the Sponsor had agreed to temporarily reduce its Management Fee to 0.25 % per annum through December 31, 2026.

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 U.S.

Securities and Exchange Commission 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 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

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,

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.

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 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

Global Fund Services serves as the Administrator, Transfer Agent and Accounting Agent of the Trust pursuant to a Fund Servicing Agreement.

Bank N.A., an affiliate of Global Fund Services, serves as the Trust’s Cash Custodian pursuant to a Custody Agreement.

Coinbase Custody, BitGo and Fidelity are the Trust’s Crypto Custodians and keep custody of all of the Trust’s crypto assets, on behalf of the Trust.

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 agreement is three years, with provisions for automatic renewal and termination options available to both parties.

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.

The term of the agreement is three years, with provisions for automatic renewal and termination options available to both parties.

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.

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:

September 30,

(initial seed

creation date)

September 30,

The Trust creates and redeems Shares on a continuous basis but only in Baskets of 10,000 Shares.

Only Authorized Participants can place orders to receive Baskets in exchange for cash or in-kind for crypto assets.

The Sponsor and the Trust engage in crypto asset transactions for converting cash into Index Constituents to track the Index (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.

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

Capital share transactions in the Trust were as follows:

(Unaudited) For the

2025 (Unaudited)

1 unchanged sentence

Shares redeemed - ( 50,000 )

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

The Sponsor is considered to be a related

party to the Trust.

Net increase 350,000 4,250,000

Commencement of operations.

No operations occurred prior to this date

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

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.

The Sponsor provided the initial seed creation of 10,000 Shares, which occurred on January 21, 2025, at a per-Share price of $ 25.00 .

These initial seed Shares were subsequently redeemed on February 13, 2025, at $ 25.00 per Share, for a total redemption amount of $ 250,000 .

The Trust commenced operations on February 14, 2025, which is the date used as the inception date for purposes of these financial statements.

As of March 31, 2026, and December 31, 2025 the Trust has a liability to the Sponsor of $ 21,195 and $ 26,623 , respectively, for the March 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.

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.

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.

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.

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 Index Constituents 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 Trust Agreement 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 Trust Agreement.

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 Trust Agreement.

Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Trust Agreement.

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 Trust Agreement 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 Trust Agreement or the transactions contemplated thereby;

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

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.

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;

Concentration Risk

The majority 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.

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

In addition to bitcoin, the Fund holds investments in other crypto assets, including Ethereum, XRP, Solana, Cardano, Chainlink, and Stellar, which collectively represented approximately 23 % and 25 % of the Fund's net assets as of March 31, 2026 and December 31, 2025, respectively.

These crypto assets are subject to risks similar to those of bitcoin, including price volatility, regulatory uncertainty, and limited adoption.

A decline in the value of any of these assets, or adverse developments affecting the broader crypto asset market, could also have a material adverse effect on the Fund's net asset value.

Financial Highlights

March 31, 2026

(Unaudited) For the

Net asset value per share, beginning of period $ 22.71 $ 25.00

Net investment loss (1) $ ( 0.01 ) $ ( 0.01 )

Net realized and unrealized gain (loss) (2) $ ( 5.46 ) $ ( 4.11 )

Net Increase (Decrease) in Net Assets from Operations

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

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

Net decrease in net assets from operations $ ( 5.47 ) $ ( 4.12 )

Net asset value per share, end of period $ 17.24 $ 20.88

Total return at net asset value (3) ( 24.11 )% ( 16.48 )%

Total Return at Market Value (3)

Ratios to average net assets:

Gross Expense ratio

Net Expense ratio

Total expenses 0.50 % 0.50 %

Net expenses 0.25 % 0.25 %

Net investment loss ( 0.25 )% ( 0.25 )%

( 0.25 )% (5)

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

* Commencement of operations.

No operations occurred prior to this date.

(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.

(2) The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s Shares in relation to fluctuating market values for the Trust.

(3) Percentages are not annualized.

(4) Percentages are annualized.

(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.

(5) Includes activity for the period from January 1, 2026 through March 31, 2026 and February 14, 2025 (commencement of operations) through March 31, 2025.

Subsequent Events

In preparing these financial statements, management of the Trust has evaluated the financial statements for the period ended March 31, 2026 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Trust.

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