Six Months Ended June 30, 2025

For the period January 11, 2024 (commencement of operations) through June 30, 2024

Per Share Activity

Net Asset Value, beginning of period

$

81.56

$

40.00

Net investment income (loss)⁽¹⁾

(0.10

)

—

Net realized and change in unrealized gain (loss)

12.09

15.42

Net increase (decrease) in net assets resulting from operations

11.99

15.42

Net Asset Value, end of period

$

93.55

$

55.42

Market Value per Share, beginning of period

81.58

40.00

Market Value per Share, end of period

$

93.99

$

52.46

Total Return, at Net Asset Value⁽²⁾

14.70

 %

38.55

 %

Total Return, at Market Value⁽²⁾

15.21

 %

31.15

 %

Ratios to Average Net Assets

Net investment income (loss)⁽³⁾

(0.25

)%

0.00

 %

Expenses, gross⁽³⁾

0.25

 %

0.25

 %

Expenses, net of waivers⁽³⁾

0.25

 %

0.00

 %