0002039461 2025-10-28 2025-12-31 0002039461 2025-12-31 0002039461 2026-03-23 0002039461 ltcc:CryptoCurrencyMember 2025-12-31 0002039461 ltcc:LitecoinMember 2025-12-31 0002039461 2025-10-27 0002039461 ltcc:CharlieLeeMember 2025-09-21 2025-09-22 0002039461 ltcc:CharlieLeeMember 2025-09-22 0002039461 2025-10-26 2025-10-27 0002039461 ltcc:LitecoinMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0002039461 ltcc:LitecoinMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0002039461 ltcc:LitecoinMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0002039461 us-gaap:FairValueInputsLevel1Member 2025-12-31 0002039461 us-gaap:FairValueInputsLevel2Member 2025-12-31 0002039461 us-gaap:FairValueInputsLevel3Member 2025-12-31 0002039461 ltcc:CommonStockIncludingSeedSharesMember 2025-10-28 2025-12-31 iso4217:USD shares iso4217:USD shares pure ltcc:Unit false --12-31 2025 FY false 0002039461

10-K true 2025-12-31 001-42917 Canary Litecoin ETF DE 33-6385092 37027 8 Cadillac Drive Suite 300 Brentwood TN (615) 200-0788 Canary Litecoin ETF Shares LTCC NASDAQ No No Yes Yes Non-accelerated Filer true true false false false false 0 470000 None true Item 1C. Cybersecurity. Overview The Sponsor has adopted an organizational wide cybersecurity program. The program is administered by the Head of IT of the Sponsor (the “Head of IT”). <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20251028__20251231_zfpYIAqTAwS1">The Sponsor’s objective, in the development and implementation of this comprehensive cybersecurity program, is to create <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20251028__20251231_zREBiBzHfBO6">effective administrative, technical, and physical safeguards for the protection of personal information of the organization and its clients. Program Details <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock_c20251028__20251231_zIvFN4gMp3G6">The Sponsor has designated the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20251028__20251231_zcfRoK6yrl82">Head of IT to implement and maintain the cybersecurity program. The Head of IT may delegate any of the Head of IT’s responsibilities to appropriate designees as long as the Head of IT remains primarily responsible for compliance oversight and administration. The Head of IT is responsible for: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.7pt"></td><td style="width: 17.85pt">1.</td><td>Initial implementation of the cybersecurity program;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.7pt"></td><td style="width: 17.85pt">2.</td><td>Ongoing employee education;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.65pt"></td><td style="width: 17.9pt">3.</td><td>Regular testing of the cybersecurity program’s safeguards;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">4.</td><td style="padding-right: 25.4pt">Evaluating the ability of each of our third party service providers to implement and maintain appropriate security measures for the personal information to which we have permitted them access, and requiring such third party service providers by contract to implement and maintain appropriate security measures.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.15pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">5.</td><td style="padding-right: 38.2pt">Reviewing the scope of the security measures in the cybersecurity program at least annually, or whenever there is a material change in our business practices that may implicate the security or integrity of records containing personal information.</td></tr></table> Identification of Risks and Cybersecurity Governance To combat internal risks to the security, confidentiality, and/or integrity of any electronic records containing personal information, and evaluating and improving, where necessary, the effectiveness of the current safeguards for limiting such risks, the Sponsor has identified the following risks that are present to its business as well as procedures to help mitigate those risks: Internal Threats <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">1.</td><td style="padding-right: 44.15pt">There must be communication to employees on the detailed provisions of the cybersecurity program at onboarding and annually.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">2.</td><td style="padding-right: 71.15pt">Access to records containing client’s personal information shall be limited to those persons who are reasonably required to know such information.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">3.</td><td style="text-align: justify; padding-right: 40.55pt">All security measures shall be reviewed at least annually, or whenever there is a material change in our business practices that may reasonably implicate the security or integrity of records containing personal information.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">4.</td><td style="text-align: justify; padding-right: 39pt">Terminated employees must return all records containing personal information, in any form, that may at the time of such termination be in the former employee’s possession.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">5.</td><td style="padding-right: 31.55pt">A terminated employee’s physical and electronic access to personal information must be immediately blocked. Such terminated employee shall be required to surrender all keys, IDs or access codes or badges, business cards, and the like, that permit access to the firm’s premises or information. Moreover, such terminated employee’s remote electronic access to personal information must be disabled; his/her voicemail access, e-mail access, internet access, and passwords must be invalidated.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.2pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">6.</td><td style="padding-right: 30.9pt">Current employees’ user IDs and passwords must be managed in accordance with the Sponsor’s password policy.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.2pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">7.</td><td>Employees are encouraged to report any suspicious or unauthorized use of customer information.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">8.</td><td style="padding-right: 22.25pt">Employees are prohibited from keeping open files containing personal information on their computer screen when they are not at their desks. Employees are responsible for locking computer screen when away from workspace.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">9.</td><td>Employees must not share login information with co-workers.</td></tr></table> External Threats <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">1.</td><td style="padding-right: 36.55pt">The Sponsor will maintain reasonably up-to-date firewall protection (if applicable) and operating system security patches, reasonably designed to maintain the integrity of the personal information, installed on systems processing personal information.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">2.</td><td style="text-align: justify; padding-right: 36.7pt">The Sponsor will maintain reasonably up-to-date versions of system security agent software which must include malware protection and reasonably up-to-date patches and virus definitions, installed on systems processing personal information.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0.15pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">3.</td><td style="padding-right: 43.8pt">To the extent technically feasible, personal information stored on portable devices, such as laptops or tablets, must be password protected, as must all records and files transmitted across public networks or wirelessly, to the extent technically feasible.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 102.55pt"></td><td style="width: 18pt">4.</td><td>All computer systems must be monitored for unauthorized use of or access to personal information.</td></tr></table> Risks Associated with Remote Client Access and Funds Transfer Requests Currently, the Sponsor does not provide its clients with online account access nor does process funds transfer requests. If the firm’s business changes to allow for remote client access and funds transfer requests, the Sponsor will update the cybersecurity program accordingly by identifying the potential risks involved and implementing the appropriate safeguards to protect the client’s personal information. Risks Associated with Vendors and Other Third Parties The Sponsor periodically conducts risk assessments with vendors and other third parties that have access to the Firm’s networks, customer data, and other sensitive information. Detection of Unauthorized Activity Employees who believe their terminal or computer systems have been subjected to unauthorized activity, or has otherwise been improperly accessed or used, are required to report the situation to the Head of IT immediately to determine the course of action. The Sponsor takes the issue of security seriously. Firm employees who use the technology and information resources of the firm must be aware that they can be disciplined if they violate this policy. Upon violation of this policy, an employee may be subject to discipline up to and including discharge. The specific discipline imposed will be determined by a case-by-case basis, taking into consideration the nature and severity of the violation of the cybersecurity program, prior violations of the policy committed by the individual, state and federal laws and all other relevant information. In a case where the accused person is not a firm employee, the matter shall be submitted to the Head of IT. The Head of IT may refer the information to law enforcement agencies and/or prosecutors for consideration as to whether criminal charges should be filed against the alleged violator(s). Updates to the Cybersecurity Program The Head of IT reviews the cybersecurity program on a periodic basis and updates the program based on changes in the firm’s business, effectiveness of the safeguards, and any additional risk factors that become present. The Head of IT will inform management of the results of the reviews and any recommendations for improved security arising out of the reviews. Furthermore, if an incident occurs that is determined to be in violation of the cybersecurity program, there shall be an immediate mandatory post-incident review of events and actions taken, if any, with a view to determining whether any changes in our security practices are required to improve the security of personal information for which the Firm is responsible. The Sponsor’s objective, in the development and implementation of this comprehensive cybersecurity program, is to create <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_904_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20251028__20251231_zREBiBzHfBO6">effective administrative, technical, and physical safeguards for the protection of personal information of the organization and its clients. true The Sponsor has designated the <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90D_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20251028__20251231_zcfRoK6yrl82">Head of IT to implement and maintain the cybersecurity program. true Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities, including the schedule of investment, of Canary Litecoin ETF (the “Trust”) as of December 31, 2025, the related statements of operations and changes in net assets for the period from September 22, 2025 (seeding date) through December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025, and the results of its operations and changes in net assets for the period September 22, 2025 (seeding date) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Milwaukee, Wisconsin

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1. Organization The Canary Litecoin ETF (the “Trust”) is a Delaware statutory trust, formed on September 24, 2024, pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Nasdaq Stock Market, LLC (the “Exchange”) under the symbol “LTCC.” The Trust operates pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”). CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). The Trust is managed and controlled by Canary Capital Group LLC (the “Sponsor”). The Trust is an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the Exchange. The Trust’s investment objective is to seek to provide exposure to the price of Litecoin (“LTC”) held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of LTC. In seeking to achieve its investment objective, the Trust holds LTC and establishes its net asset value (“NAV”) on each business day by reference to the CoinDesk Litecoin CCIXber 60m New York Rate (the “Pricing Benchmark”).The Pricing Benchmark is calculated by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average price of the LTC-USD CCIXber Reference Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major LTC trading platforms (“Constituent Platforms”). The Benchmark Provider publishes the Pricing Benchmark. The Trust is sponsored by the Sponsor. On September 22, 2025 (the “Seeding Date”), Charlie Lee (the "Seed Capital Investor") purchased <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20250921__20250922__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CharlieLeeMember_zqkBik67SOw1" title="Number of shares issued">40,000 Shares of the Trust at a per-Share price of $25 (the "Seed Shares"). The proceeds to the Trust from the sale of the Seed Shares were <span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20250921__20250922__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CharlieLeeMember_zxzAmP6TA65d" title="Proceeds from sale of shares">$1,000,000. Upon inception of the Trust on October 27, 2025, the Trust purchased $1,000,000 in LTC with the proceeds of the Seed Shares and issued the 40,000 Seed Shares to the Seed Capital Investor.

40000

1000000

40000

2. Significant Accounting Policies Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. 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’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. 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. The Trust follows the significant accounting policies described below. 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 statements. Actual results could differ from those estimates. Cash Generally, the Trust does not intend to hold any cash. Cash includes non-interest bearing, non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. Investment Transactions and Investment Income The Trust purchases LTC upon the creation of Shares and sells LTC upon the redemption of Shares. Transactions are recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized occurred. Income Taxes The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits. Digital Asset Trading Platform Valuation US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value. The Trust identifies and determines the LTC principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 – Fair Value Measurement. A principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. 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 net asset value (“NAV”) and NAV per Share will be calculated using the fair value of LTC based on the price provided by this exchange market, as of 4:00 p.m. ET 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. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zY1fOtI2KYxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.55pt 9pt 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value as of December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%"> </td> <td id="xdx_49F_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zNenagUZjF05" style="width: 19%; padding-right: 1.45pt; padding-left: 0.55pt; text-align: center">Level 1</td> <td id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zsyN1DjV2ROk" style="width: 19%; padding-right: 2.25pt; padding-left: 0.3pt; text-align: center">Level 2</td> <td id="xdx_496_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z10lgesregS3" style="width: 19%; padding-right: 2.3pt; text-align: center">Level 3</td> <td id="xdx_491_20251231_zYMIXMnXY4Za" style="width: 18%; padding-right: 1.25pt; padding-left: 0.1pt; text-align: center">Total</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 2.5pt">Investments:</td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_405_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--LitecoinMember_zk6uTniDK5G2" style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 22.5pt">LTC</td> <td style="border-bottom: black 1pt solid; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 1pt solid; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetFairValue_iI_zO4mxEDjKwGk" style="vertical-align: top; background-color: White"> <td style="padding-left: 2.5pt">Total Investments</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> </table> There were no transfers between levels for the period ended December 31, 2025. The following represents the changes in quantity of LTC and the respective fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; width: 74%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3.95pt; text-align: center"> LTC </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 2.35pt; text-align: center">Fair Value</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Beginning balance as of October 27, 2025</td> <td id="xdx_981_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20251028__20251231_z16tsJ1NH3G6" style="padding-top: 0.8pt; padding-right: 19.5pt; text-align: right" title="LTC, beginning balance">-</td> <td style="text-align: right">$</td> <td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_pip0_c20251028__20251231_zvpjmxfOhmC1" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, beginning balance"> -</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC purchased</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_z9bI0h5vbia9" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC purchased">58,941</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPurchase_pip0_c20251028__20251231_z8TvrQITiLYe" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC purchased">5,706,944</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC contributed in-kind for the creation of Shares</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_z7sQulLqJbZf" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC contributed in-kind for the creation of Shares">31,885</td> <td> </td> <td id="xdx_980_eus-gaap--CryptoAssetCustomerReceipt_pip0_c20251028__20251231_zwvwdhNeiOch" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC contributed in-kind for the creation of Shares">3,111,391</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC distributed in-kind for the redemption of Shares</td> <td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20251028__20251231_z4ipWj1ZKtHd" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC distributed in-kind for the redemption of Shares">-</td> <td> </td> <td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pip0_di_c20251028__20251231_zW0PjXfVnUcl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC distributed in-kind for the redemption of Shares">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC transferred to pay the Sponsor fee</td> <td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferred_iN_pdp0_di_c20251028__20251231_zYVCWSqeZQUk" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC transferred to pay the Sponsor fee">(79)</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPaymentForService_iN_pip0_di_c20251028__20251231_z0Z2at4AtJsl" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Fair value, LTC transferred to pay the Sponsor fee">(6,966)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Net change in unrealized appreciation (depreciation) in LTC</td> <td style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td> </td> <td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pip0_c20251028__20251231_zMVKrK1AKUdh" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net change in unrealized appreciation (depreciation) from investments in bitcoin">(1,842,648)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-top: 0.8pt; padding-left: 2.5pt">Net realized gain (loss) on investment in LTC transferred to pay Sponsor fee</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td style="padding-bottom: 1pt"> </td> <td id="xdx_98E_eus-gaap--RealizedInvestmentGainsLosses_pip0_c20251028__20251231_zCTn65NfJSgf" style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net realized gain on investments in bitcoin"> (2,610)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Ending balance as of December 31, 2025</td> <td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zviqEOH9lH4" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC, ending balance">90,747</td> <td style="text-align: right">$</td> <td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iE_pip0_c20251028__20251231_zCmWPgzipGRl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, ending balance"> 6,966,111</td></tr> </table> Calculation of NAV The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values LTC held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. 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 Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of LTC held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.

Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. 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’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. 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. The Trust follows the significant accounting policies described below.

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 statements. Actual results could differ from those estimates.

Cash Generally, the Trust does not intend to hold any cash. Cash includes non-interest bearing, non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

Investment Transactions and Investment Income The Trust purchases LTC upon the creation of Shares and sells LTC upon the redemption of Shares. Transactions are recorded on a trade-date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized occurred.

Income Taxes The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

Digital Asset Trading Platform Valuation US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value. The Trust identifies and determines the LTC principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 – Fair Value Measurement. A principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. 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 net asset value (“NAV”) and NAV per Share will be calculated using the fair value of LTC based on the price provided by this exchange market, as of 4:00 p.m. ET 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. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zY1fOtI2KYxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.55pt 9pt 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value as of December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%"> </td> <td id="xdx_49F_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zNenagUZjF05" style="width: 19%; padding-right: 1.45pt; padding-left: 0.55pt; text-align: center">Level 1</td> <td id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zsyN1DjV2ROk" style="width: 19%; padding-right: 2.25pt; padding-left: 0.3pt; text-align: center">Level 2</td> <td id="xdx_496_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z10lgesregS3" style="width: 19%; padding-right: 2.3pt; text-align: center">Level 3</td> <td id="xdx_491_20251231_zYMIXMnXY4Za" style="width: 18%; padding-right: 1.25pt; padding-left: 0.1pt; text-align: center">Total</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 2.5pt">Investments:</td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_405_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--LitecoinMember_zk6uTniDK5G2" style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 22.5pt">LTC</td> <td style="border-bottom: black 1pt solid; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 1pt solid; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetFairValue_iI_zO4mxEDjKwGk" style="vertical-align: top; background-color: White"> <td style="padding-left: 2.5pt">Total Investments</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> </table> There were no transfers between levels for the period ended December 31, 2025. The following represents the changes in quantity of LTC and the respective fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; width: 74%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3.95pt; text-align: center"> LTC </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 2.35pt; text-align: center">Fair Value</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Beginning balance as of October 27, 2025</td> <td id="xdx_981_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20251028__20251231_z16tsJ1NH3G6" style="padding-top: 0.8pt; padding-right: 19.5pt; text-align: right" title="LTC, beginning balance">-</td> <td style="text-align: right">$</td> <td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_pip0_c20251028__20251231_zvpjmxfOhmC1" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, beginning balance"> -</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC purchased</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_z9bI0h5vbia9" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC purchased">58,941</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPurchase_pip0_c20251028__20251231_z8TvrQITiLYe" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC purchased">5,706,944</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC contributed in-kind for the creation of Shares</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_z7sQulLqJbZf" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC contributed in-kind for the creation of Shares">31,885</td> <td> </td> <td id="xdx_980_eus-gaap--CryptoAssetCustomerReceipt_pip0_c20251028__20251231_zwvwdhNeiOch" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC contributed in-kind for the creation of Shares">3,111,391</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC distributed in-kind for the redemption of Shares</td> <td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20251028__20251231_z4ipWj1ZKtHd" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC distributed in-kind for the redemption of Shares">-</td> <td> </td> <td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pip0_di_c20251028__20251231_zW0PjXfVnUcl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC distributed in-kind for the redemption of Shares">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC transferred to pay the Sponsor fee</td> <td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferred_iN_pdp0_di_c20251028__20251231_zYVCWSqeZQUk" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC transferred to pay the Sponsor fee">(79)</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPaymentForService_iN_pip0_di_c20251028__20251231_z0Z2at4AtJsl" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Fair value, LTC transferred to pay the Sponsor fee">(6,966)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Net change in unrealized appreciation (depreciation) in LTC</td> <td style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td> </td> <td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pip0_c20251028__20251231_zMVKrK1AKUdh" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net change in unrealized appreciation (depreciation) from investments in bitcoin">(1,842,648)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-top: 0.8pt; padding-left: 2.5pt">Net realized gain (loss) on investment in LTC transferred to pay Sponsor fee</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td style="padding-bottom: 1pt"> </td> <td id="xdx_98E_eus-gaap--RealizedInvestmentGainsLosses_pip0_c20251028__20251231_zCTn65NfJSgf" style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net realized gain on investments in bitcoin"> (2,610)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Ending balance as of December 31, 2025</td> <td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zviqEOH9lH4" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC, ending balance">90,747</td> <td style="text-align: right">$</td> <td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iE_pip0_c20251028__20251231_zCmWPgzipGRl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, ending balance"> 6,966,111</td></tr> </table>

<p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zY1fOtI2KYxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.55pt 9pt 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value as of December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%"> </td> <td id="xdx_49F_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zNenagUZjF05" style="width: 19%; padding-right: 1.45pt; padding-left: 0.55pt; text-align: center">Level 1</td> <td id="xdx_490_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zsyN1DjV2ROk" style="width: 19%; padding-right: 2.25pt; padding-left: 0.3pt; text-align: center">Level 2</td> <td id="xdx_496_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z10lgesregS3" style="width: 19%; padding-right: 2.3pt; text-align: center">Level 3</td> <td id="xdx_491_20251231_zYMIXMnXY4Za" style="width: 18%; padding-right: 1.25pt; padding-left: 0.1pt; text-align: center">Total</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 2.5pt">Investments:</td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_405_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--LitecoinMember_zk6uTniDK5G2" style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 22.5pt">LTC</td> <td style="border-bottom: black 1pt solid; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 1pt solid; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; text-align: center">$ -</td> <td style="border-bottom: black 1pt solid; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> <tr id="xdx_40E_eus-gaap--CryptoAssetFairValue_iI_zO4mxEDjKwGk" style="vertical-align: top; background-color: White"> <td style="padding-left: 2.5pt">Total Investments</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.55pt; text-align: center">$ 6,966,111</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.3pt; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; text-align: center">$ -</td> <td style="border-bottom: black 2.25pt double; padding-left: 0.1pt; text-align: center">$ 6,966,111</td></tr> </table>

6966111

The following represents the changes in quantity of LTC and the respective fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; width: 74%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3.95pt; text-align: center"> LTC </td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 2.35pt; text-align: center">Fair Value</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Beginning balance as of October 27, 2025</td> <td id="xdx_981_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20251028__20251231_z16tsJ1NH3G6" style="padding-top: 0.8pt; padding-right: 19.5pt; text-align: right" title="LTC, beginning balance">-</td> <td style="text-align: right">$</td> <td id="xdx_988_eus-gaap--CryptoAssetFairValue_iS_pip0_c20251028__20251231_zvpjmxfOhmC1" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, beginning balance"> -</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC purchased</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_z9bI0h5vbia9" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC purchased">58,941</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPurchase_pip0_c20251028__20251231_z8TvrQITiLYe" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC purchased">5,706,944</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC contributed in-kind for the creation of Shares</td> <td id="xdx_987_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_z7sQulLqJbZf" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC contributed in-kind for the creation of Shares">31,885</td> <td> </td> <td id="xdx_980_eus-gaap--CryptoAssetCustomerReceipt_pip0_c20251028__20251231_zwvwdhNeiOch" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC contributed in-kind for the creation of Shares">3,111,391</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC distributed in-kind for the redemption of Shares</td> <td id="xdx_98D_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20251028__20251231_z4ipWj1ZKtHd" style="padding-top: 0.8pt; padding-right: 9.15pt; text-align: right" title="LTC distributed in-kind for the redemption of Shares">-</td> <td> </td> <td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pip0_di_c20251028__20251231_zW0PjXfVnUcl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, LTC distributed in-kind for the redemption of Shares">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">LTC transferred to pay the Sponsor fee</td> <td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsTransferred_iN_pdp0_di_c20251028__20251231_zYVCWSqeZQUk" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC transferred to pay the Sponsor fee">(79)</td> <td> </td> <td id="xdx_98D_eus-gaap--CryptoAssetPaymentForService_iN_pip0_di_c20251028__20251231_z0Z2at4AtJsl" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Fair value, LTC transferred to pay the Sponsor fee">(6,966)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Net change in unrealized appreciation (depreciation) in LTC</td> <td style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td> </td> <td id="xdx_981_eus-gaap--UnrealizedGainLossOnInvestments_pip0_c20251028__20251231_zMVKrK1AKUdh" style="padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net change in unrealized appreciation (depreciation) from investments in bitcoin">(1,842,648)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-top: 0.8pt; padding-left: 2.5pt">Net realized gain (loss) on investment in LTC transferred to pay Sponsor fee</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 5.7pt; text-align: right">-</td> <td style="padding-bottom: 1pt"> </td> <td id="xdx_98E_eus-gaap--RealizedInvestmentGainsLosses_pip0_c20251028__20251231_zCTn65NfJSgf" style="border-bottom: Black 1pt solid; padding-top: 0.8pt; padding-right: 4.1pt; text-align: right" title="Net realized gain on investments in bitcoin"> (2,610)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0.8pt; padding-left: 2.5pt">Ending balance as of December 31, 2025</td> <td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zviqEOH9lH4" style="padding-top: 0.8pt; padding-right: 5.7pt; text-align: right" title="LTC, ending balance">90,747</td> <td style="text-align: right">$</td> <td id="xdx_98C_eus-gaap--CryptoAssetFairValue_iE_pip0_c20251028__20251231_zCmWPgzipGRl" style="padding-top: 0.8pt; padding-right: 7.55pt; text-align: right" title="Fair value, ending balance"> 6,966,111</td></tr> </table>

58941

5706944

31885

3111391

6966

-1842648

-2610

90747

6966111

Calculation of NAV The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values LTC held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. 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 Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of LTC held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.

3. Trust Expenses and Other Agreements <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10.1pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 64.55pt"></td><td style="width: 17.9pt">(a)</td><td>Sponsor</td></tr></table> The Trust pays the Sponsor an annual unified fee of 0.95% of the Trust’s LTC Holdings (the “Sponsor Fee”). The Trust’s “LTC Holdings” is the quantity of the Trust’s LTC plus any cash or other assets held by the Trust represented in LTC as calculated using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in LTC as calculated using the Index Price. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s LTC Holdings. Except for periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in LTC and is payable monthly in LTC or cash. To the extent there are any on-chain transaction fees incurred in connection with the transfers of LTC to pay the Sponsor Fee, the Sponsor, and not the Trust, shall bear such fees. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees, and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. As partial consideration for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including: (i) the fees of the Trust’s third-party service providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer Agent, the Cash Custodian, the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will not be deemed to be a Sponsor-paid Expense. There is no cap on the amount of Sponsor-paid Expenses. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares. The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited to, brokerage and transaction costs associated with the sale or transfer of LTC, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust, the Trust’s assets, or the interests of Shareholders, any indemnification of the Custodians or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”). To the extent on-chain transaction fees are incurred in connection with transfers or sales of LTC to pay Extraordinary Expenses, the Trust will bear such fees, but to the extent there are any on-chain transaction fees incurred in connection with the transfers of LTC to pay the Sponsor Fee or any Sponsor-paid Expenses, the Sponsor, and not the Trust, shall bear such fees. To the extent it does not have cash readily available, the Sponsor will cause the transfer or sale of LTC in such quantity as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor or for payment of cash redemption proceeds to Authorized Participants (as defined below). The Trust will seek to transfer or sell LTC at such times and in the smallest amounts required to permit such payments as they become due. With respect to transfers or sales necessary to pay Trust expenses and liabilities that are denominated other than in LTC, the amount of LTC transferred or sold may vary from time to time depending on the actual sales price of LTC relative to the Trust’s expenses and liabilities (e.g., if the price of LTC falls, the amount of LTC needed to be transferred or sold to pay an expense or liability denominated in U.S. dollars will increase). To the extent the Trust must buy or sell LTC, the Trust may do so through a third-party digital asset broker or dealer. The Sponsor will select third party brokers or dealers that it believes have implemented adequate AML, KYC and other legal compliance policies and procedures. Under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of LTC incurred in connection with the fulfillment of a creation or redemption order. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 7.9pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 64.55pt"></td><td style="width: 17.9pt">(b)</td><td style="text-align: justify">Administrator, Custodians and Transfer Agent</td></tr></table> U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the “Administrator” and “Transfer Agent”) serves as administrator, transfer agent and accounting agent of the Trust pursuant to a Fund Servicing Agreement. Coinbase Custody Trust Company, LLC (the “Coinbase Custodian”) and BitGo Trust Company, Inc. (the “BitGo Custodian” and together with Coinbase Custodian, the “Custodians”) serve as the Trust’s Custodians. Under the Coinbase Custodial Services Agreement and the BitGo Custodial Services Agreement, the Custodians are responsible for safekeeping all the Trust’s LTC allocated to each of the Custodians. The Custodians were selected by the Sponsor. The Sponsor is responsible for opening accounts with the Custodians that will hold the Trust’s LTC (the “LTC Accounts”), as well as facilitating the transfer or sale of LTC required for the operation of the Trust. U.S. Bank, N.A., an affiliate of the Administrator and Transfer Agent serves as the cash custodian for the Trust (the “Cash Custodian”). The Cash Custodian is responsible for safekeeping all cash and other non-LTC assets of the Trust. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 7.75pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 64.55pt"></td><td style="width: 16.15pt">(c)</td><td style="text-align: justify">Marketing Agent</td></tr></table> Paralel Distributors LLC is the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials, including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust. The Marketing Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of FINRA. With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 3.55pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 66.6pt"></td><td style="width: 17.9pt">(d)</td><td>Principal Financial Officer</td></tr></table> Employees of PINE Advisors LLC (“PINE”) serve as officers of the Trust. In consideration for these services, the Sponsor pays PINE an annual fee. The Sponsor also reimburses PINE for certain out-of-pocket expenses. 0.0095

4. Capital Share Transactions The Trust is an exchange-traded product. The Trust issues Shares on a continuous basis and, when the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (a “Basket”) based on the quantity of LTC attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). Certain financial firms are authorized to purchase or redeem Shares of the Trust (“Authorized Participants”). The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders may be denominated and settled in an amount of LTC (“In-Kind Creation Order”) or in cash (“Cash Creation Order”). By placing an In-Kind Creation Order, an Authorized Participant agrees to facilitate the deposit of LTC with the Custodian, either directly or indirectly through an Authorized Participant Designee. By placing a Cash Creation Order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. An Authorized Participant may not withdraw a creation order without the prior consent of the Sponsor in its discretion. The manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. Redemption orders are denominated and settled either in-kind (“In-Kind Redemption Order”) or in cash (“Cash Redemption Order”). By placing a redemption order, an Authorized Participant agrees to facilitate the deposit of Shares with the Transfer Agent. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled or delayed until the required Shares have been received. An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor in its discretion. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust. Shareholders who decide to buy or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and charges. Only Authorized Participants may place orders to create and redeem baskets through the Transfer Agent. The Transfer Agent coordinates with the Trust's custodians to facilitate settlement of the Shares. Activity in the number and value of Shares created and redeemed for the period ended December 31, 2025 are as follows: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 74%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 12%; padding-left: 2.45pt">Number of Shares</td> <td style="width: 2%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 12%; padding-left: 8.45pt">Value of Shares</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt"> Creations(1)</td> <td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_fMQ_____zdZ0StireWRa" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; vertical-align: bottom; text-align: right" title="Creations, Number of Shares">370,000</td> <td> </td> <td style="vertical-align: bottom; text-align: right"> <p id="xdx_98C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_fMQ_____zquwOPbQwUmb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt" title="Creations, Value of Shares">$ 8,815,984 </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt">Redemptions </td> <td id="xdx_983_eus-gaap--StockRepurchasedDuringPeriodShares_msShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zE20dKbRtMxa" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Redemptions, Number of Shares">-</td> <td> </td> <td id="xdx_98E_eus-gaap--StockRepurchasedDuringPeriodValue_msSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zzgVao19DPAd" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Redemptions, Value of Shares">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt">Net change in Shares created and redeemed</td> <td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_z88bS3PidCxg" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Net change in Shares created and redeemed, Number of Shares">370,000</td> <td> </td> <td id="xdx_987_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_iT_mtSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zKHjYH0H6zg3" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Net change in Shares created and redeemed, Value of Shares">$ 8,815,984</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">See Note 1. Includes Seed Shares.</td> </tr></table>

10000

Activity in the number and value of Shares created and redeemed for the period ended December 31, 2025 are as follows: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 74%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 12%; padding-left: 2.45pt">Number of Shares</td> <td style="width: 2%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 12%; padding-left: 8.45pt">Value of Shares</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt"> Creations(1)</td> <td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_fMQ_____zdZ0StireWRa" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; vertical-align: bottom; text-align: right" title="Creations, Number of Shares">370,000</td> <td> </td> <td style="vertical-align: bottom; text-align: right"> <p id="xdx_98C_eus-gaap--StockIssuedDuringPeriodValueNewIssues_maSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_fMQ_____zquwOPbQwUmb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt" title="Creations, Value of Shares">$ 8,815,984 </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt">Redemptions </td> <td id="xdx_983_eus-gaap--StockRepurchasedDuringPeriodShares_msShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zE20dKbRtMxa" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Redemptions, Number of Shares">-</td> <td> </td> <td id="xdx_98E_eus-gaap--StockRepurchasedDuringPeriodValue_msSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zzgVao19DPAd" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Redemptions, Value of Shares">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt">Net change in Shares created and redeemed</td> <td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtShares_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_z88bS3PidCxg" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Net change in Shares created and redeemed, Number of Shares">370,000</td> <td> </td> <td id="xdx_987_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_iT_mtSharesValue_c20251028__20251231__us-gaap--StatementClassOfStockAxis__custom--CommonStockIncludingSeedSharesMember_zKHjYH0H6zg3" style="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.9pt; text-align: right" title="Net change in Shares created and redeemed, Value of Shares">$ 8,815,984</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">See Note 1. Includes Seed Shares.</td> </tr></table>

370000

8815984

370000

8815984

5. Financial Highlights The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the period from October 27, 2025 (the initial share purchase date) through December 31, 2025. As the Trust had not yet commenced operations before this period, no comparative period is presented. The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. For the period October 27, 2025 (initial share purchase date) through December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-left: 2.5pt"> </td> <td id="xdx_495_20251028__20251231_ziESgqdYREm4" style="text-align: right; padding-left: 5.4pt"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zHiVPwZrpnb" style="vertical-align: top"> <td style="width: 88%; padding-left: 2.5pt">Net Asset Value, Beginning of Period</td> <td style="text-align: right; width: 12%; padding-left: 5.4pt">$ 25.00</td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_zEJOhJPop1s5" style="vertical-align: top"> <td style="padding-top: 3.35pt; padding-left: 2.5pt">Net investment income (loss)(1)</td> <td style="padding-top: 2pt; padding-right: 1.75pt; text-align: right">(0.04)</td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zLhK0erBNZbj" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Realized and Unrealized Gain (Loss) on Investments(2)</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.9pt; padding-right: 1.75pt; text-align: right"> (6.15)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_z4cXpLgCdES3" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.9pt; padding-right: 1.75pt; text-align: right"> (6.19)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_z2bbvIziSRv8" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Asset Value, End of Period</td> <td style="border-bottom: black 1.5pt double; text-align: right; padding-top: 2.45pt; padding-left: 5.4pt"> $ 18.81</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_z3UQOXxfYDJ1" style="vertical-align: top"> <td style="padding-top: 3.8pt; padding-left: 2.5pt">Market Value Per Share, at December 31, 2025(3)</td> <td style="border-bottom: black 1.5pt double; text-align: right; padding-top: 2.45pt; padding-left: 5.4pt">$ 18.77</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_z66L8AgDVxdb" style="vertical-align: top"> <td style="padding-top: 3.3pt; padding-left: 2.5pt">Total Return at Net Asset Value(4)</td> <td style="padding-top: 1.9pt; padding-right: 1.75pt; text-align: right">-24.76%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zWBAVhu2NfE1" style="vertical-align: top"> <td style="padding-top: 3.35pt; padding-left: 2.5pt">Total Return at Market Value(3)(4)</td> <td style="padding-top: 1.55pt; padding-right: 1.75pt; text-align: right">-24.90%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_pid_zp0mHuQKLk5g" style="vertical-align: top"> <td style="padding-top: 9.05pt; padding-left: 2.5pt">Ratios to Average Net Assets:(5)</td> <td style="text-align: right"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_i01_pid_dp_uRatio_zVAVfAMljoWf" style="vertical-align: top"> <td style="padding-top: 1.35pt; padding-left: 2.5pt">Expense ratio (5)</td> <td style="padding-top: 1.35pt; padding-right: 1.75pt; text-align: right">0.95%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pid_dp_uRatio_zrUsUfKCkImg" style="vertical-align: top"> <td style="padding-top: 1.6pt; padding-left: 2.5pt">Net Investment Loss(5)</td> <td style="padding-top: 1.6pt; padding-right: 1.75pt; text-align: right">-0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F13_zxUXcw4BkiP7" style="text-align: justify">Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F18_z49zhib8Uvq" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(3)</td><td style="width: 5pt"></td><td id="xdx_F10_zqgKKNU3z2Ik" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Fund's net asset value is calculated.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(4)</td><td style="width: 5pt"></td><td id="xdx_F1C_z8keapgueXz4" style="text-align: justify">Not Annualized.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(5)</td><td style="width: 5pt"></td><td style="text-align: justify">Annualized.</td> </tr></table>

For the period October 27, 2025 (initial share purchase date) through December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-left: 2.5pt"> </td> <td id="xdx_495_20251028__20251231_ziESgqdYREm4" style="text-align: right; padding-left: 5.4pt"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zHiVPwZrpnb" style="vertical-align: top"> <td style="width: 88%; padding-left: 2.5pt">Net Asset Value, Beginning of Period</td> <td style="text-align: right; width: 12%; padding-left: 5.4pt">$ 25.00</td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_zEJOhJPop1s5" style="vertical-align: top"> <td style="padding-top: 3.35pt; padding-left: 2.5pt">Net investment income (loss)(1)</td> <td style="padding-top: 2pt; padding-right: 1.75pt; text-align: right">(0.04)</td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zLhK0erBNZbj" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Realized and Unrealized Gain (Loss) on Investments(2)</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.9pt; padding-right: 1.75pt; text-align: right"> (6.15)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_z4cXpLgCdES3" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td> <td style="border-bottom: Black 1pt solid; padding-top: 0.9pt; padding-right: 1.75pt; text-align: right"> (6.19)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_z2bbvIziSRv8" style="vertical-align: top"> <td style="padding-bottom: 1pt; padding-top: 0.9pt; padding-left: 2.5pt">Net Asset Value, End of Period</td> <td style="border-bottom: black 1.5pt double; text-align: right; padding-top: 2.45pt; padding-left: 5.4pt"> $ 18.81</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_z3UQOXxfYDJ1" style="vertical-align: top"> <td style="padding-top: 3.8pt; padding-left: 2.5pt">Market Value Per Share, at December 31, 2025(3)</td> <td style="border-bottom: black 1.5pt double; text-align: right; padding-top: 2.45pt; padding-left: 5.4pt">$ 18.77</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_z66L8AgDVxdb" style="vertical-align: top"> <td style="padding-top: 3.3pt; padding-left: 2.5pt">Total Return at Net Asset Value(4)</td> <td style="padding-top: 1.9pt; padding-right: 1.75pt; text-align: right">-24.76%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zWBAVhu2NfE1" style="vertical-align: top"> <td style="padding-top: 3.35pt; padding-left: 2.5pt">Total Return at Market Value(3)(4)</td> <td style="padding-top: 1.55pt; padding-right: 1.75pt; text-align: right">-24.90%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_pid_zp0mHuQKLk5g" style="vertical-align: top"> <td style="padding-top: 9.05pt; padding-left: 2.5pt">Ratios to Average Net Assets:(5)</td> <td style="text-align: right"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_i01_pid_dp_uRatio_zVAVfAMljoWf" style="vertical-align: top"> <td style="padding-top: 1.35pt; padding-left: 2.5pt">Expense ratio (5)</td> <td style="padding-top: 1.35pt; padding-right: 1.75pt; text-align: right">0.95%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_i01_pid_dp_uRatio_zrUsUfKCkImg" style="vertical-align: top"> <td style="padding-top: 1.6pt; padding-left: 2.5pt">Net Investment Loss(5)</td> <td style="padding-top: 1.6pt; padding-right: 1.75pt; text-align: right">-0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F13_zxUXcw4BkiP7" style="text-align: justify">Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(2)</td><td style="width: 5pt"></td><td id="xdx_F18_z49zhib8Uvq" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(3)</td><td style="width: 5pt"></td><td id="xdx_F10_zqgKKNU3z2Ik" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Fund's net asset value is calculated.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(4)</td><td style="width: 5pt"></td><td id="xdx_F1C_z8keapgueXz4" style="text-align: justify">Not Annualized.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 75pt; text-align: right">(5)</td><td style="width: 5pt"></td><td style="text-align: justify">Annualized.</td> </tr></table>

25.00

-0.04

-6.15

-6.19

18.81

18.77

-0.2476

-0.2490

0.0095

-0.0095

6. Related Parties The Sponsor is considered to be a related party to the Trust. The Trust's operations are supported by its Sponsor. As of December 31, 2025, the Sponsor did not own any Shares of the Trust.

7. 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. There were no commitments or contingencies required to be disclosed as of the date of the financial statements.

8. Subsequent Events The Sponsor has evaluated subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments or disclosures to the financial statements were required.

true Because the Trust does not have directors, officers, or employees, it has not adopted insider trading policies and procedures governing the purchase, sale and/or disposition of Trust securities by such persons. Cohen & Company, Ltd. 925 No Par Value Initial share purchase date of fund was 10/27/2025. Initial share purchase date of fund was 10/27/2025. Seeding date of fund was 9/22/2025. See Note 1. Includes Seed Shares. Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period. Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Fund's net asset value is calculated. Not Annualized. Annualized.