0002054247 us-gaap:SubsequentEventMember 2026-05-14 0002054247 tdot:TrustStakingMember us-gaap:SubsequentEventMember 2026-05-14 0002054247 tdot:SeedCapitalInvestorMember us-gaap:SubsequentEventMember 2025-04-17 2026-04-17 0002054247 2025-04-01 2026-03-31 0002054247 2025-01-03 2025-03-31 0002054247 2025-03-31 0002054247 2026-03-31 0002054247 2025-01-02 0002054247 2025-12-31 0002054247 tdot:SponsorMember 2026-03-31 0002054247 2025-03-31 2025-03-31 0002054247 2026-03-31 2026-03-31 0002054247 tdot:InvestmentInDOTMember 2025-01-03 2025-03-31 0002054247 tdot:InvestmentInDOTMember 2025-04-01 2026-03-31 0002054247 2026-03-06 2026-03-06 0002054247 2024-04-01 2025-03-31 0002054247 us-gaap:FairValueInputsLevel1Member 2025-03-31 0002054247 us-gaap:FairValueInputsLevel1Member 2026-03-31 0002054247 tdot:SeedCapitalInvestorMember 2026-03-05 2026-03-05 0002054247 tdot:SeedCapitalInvestorMember 2026-03-05 0002054247 2026-03-04 2026-03-04 0002054247 tdot:SeedCapitalInvestorMember 2025-04-01 2026-03-31 0002054247 tdot:SubscriptionAgreementMember 2025-04-01 2026-03-31 0002054247 tdot:InvestmentInDOTMember tdot:PercentageOfNetAssetsMember 2025-03-31 0002054247 tdot:InvestmentInDOTMember tdot:FairValueMember 2025-03-31 0002054247 tdot:PercentageOfNetAssetsMember 2025-03-31 0002054247 tdot:FairValueMember 2025-03-31 0002054247 tdot:CostMember 2025-03-31 0002054247 tdot:InvestmentInDOTMember tdot:QuantityOfDOTMember 2025-03-31 0002054247 tdot:InvestmentInDOTMember tdot:CostMember 2025-03-31 0002054247 tdot:InvestmentInDOTMember tdot:PercentageOfNetAssetsMember 2026-03-31 0002054247 tdot:InvestmentInDOTMember tdot:FairValueMember 2026-03-31 0002054247 tdot:PercentageOfNetAssetsMember 2026-03-31 0002054247 tdot:FairValueMember 2026-03-31 0002054247 tdot:CostMember 2026-03-31 0002054247 tdot:InvestmentInDOTMember tdot:QuantityOfDOTMember 2026-03-31 0002054247 tdot:InvestmentInDOTMember tdot:CostMember 2026-03-31 0002054247 2026-06-22 0002054247 2025-09-30 0002054247 us-gaap:FairValueInputsLevel2Member 2026-03-31 0002054247 us-gaap:FairValueInputsLevel3Member 2026-03-31 0002054247 us-gaap:FairValueInputsLevel2Member 2025-03-31 0002054247 us-gaap:FairValueInputsLevel3Member 2025-03-31 iso4217:USD shares shares iso4217:USD pure utr:g tdot:Segment Unlimited Unlimited http://fasb.org/srt/2026#ChiefFinancialOfficerMember 1 FY false 0002054247 10-K true 2026-03-31 --03-31 2026 false 001-43181 21Shares Polkadot ETF DE 33-6490872 158 W. 27th Street New York NY 10001 (646) 370-6016 Shares of Beneficial Interest of 21Shares Polkadot ETF TDOT NASDAQ No No Yes Yes Non-accelerated Filer true true false false false false 0 750000 None. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold;">Cybersecurity</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust, through the Sponsor, has established procedures to manage significant cybersecurity risks. The Trust’s operations depend on the systems of the Sponsor and other third-party providers. The Sponsor manages the Trust’s day-to-day operations and has implemented a cybersecurity program that applies to the Trust and its operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold;">Cybersecurity Program Overview</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor has developed a cybersecurity program to manage cyber risks relevant to the Trust. This program includes risk assessments, security measures, and continuous monitoring of systems and networks. The Sponsor proactively identifies significant risks from new and evolving cybersecurity threats.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust relies on the Sponsor to engage external experts, such as cybersecurity assessors, consultants, and compliance professionals, to review the cybersecurity measures and risk management processes. These third parties are engaged on an as-needed basis, with some hired on an ongoing basis as managed service providers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust relies on the Sponsor’s risk management program, which includes cyber risk assessments. These processes have been integrated into the Sponsor’s overall risk management system. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust engages various third parties to support its operations. The Trust relies on the Sponsor’s expertise in risk management, legal, information technology, and compliance when managing risks from cybersecurity threats associated with these entities. Prior to engaging a key service provider, the Sponsor conducts a due diligence process. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor has adopted a cybersecurity strategy focused around a Zero Trust Network model throughout the entire operational environment, operating on the premise that no entity, system or service provider within the Sponsor’s IT security perimeter can be inherently trusted. The Sponsor actively monitors its cybersecurity risks and has appointed an internal Cybersecurity Lead and partners with an outside service provider responsible for system monitoring and alerting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Sponsor enforces stringent security requirements for storage devices and applications, including encryption at rest, full user activity tracking, and secure sharing of client data. The Sponsor’s email environment is further fortified with dual factor authentication and other security measures. The Sponsor requires both two-factor and at rest encryption on all systems. The Sponsor requires through its compliance and cybersecurity policy that all system breaches detected by an employee are immediately escalated to the Chief Compliance Officer and Head of Legal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor also has several archival systems in place to monitor compliance. The Sponsor relies on a trusted firewall to manage and safeguard the Sponsor’s network. Furthermore, the Sponsor conducts regular reviews on third parties to ensure they have policies in place that are designed to prevent information security lapses or breaches.</p> The Trust relies on the Sponsor’s risk management program, which includes cyber risk assessments. These processes have been integrated into the Sponsor’s overall risk management system. true true true The Sponsor does not have a board of directors, but rather, the board of directors (the “Board”) of 21co Holdings Limited provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board relies upon the Parent Company’s Risk Committee for cybersecurity risk governance. The Parent Company’s Risk Committee receives periodic updates regarding the overall state of the Sponsor’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Trust. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Sponsor’s management, including the Sponsor’s CCO, is responsible for assessing and managing material risks from cybersecurity threats. The Sponsor’s CCO approves all changes to the cybersecurity policy. The Sponsor relies on its full-service compliance partner to stay updated on all SEC rules and regulations and to recommend changes in the compliance policies when necessary. Management of the Sponsor is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Trust, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Sponsor. The Head of Legal and CCO would receive notifications of a cybersecurity incident that impacts a service provider of the Trust. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust has an Incident Response Plan and Business Continuity/Disaster Recovery Plan, which it relies on the Sponsor’s plans. The CCO of the Sponsor is responsible for determining whether a cybersecurity incident is material to the Trust. Pursuant to the Sponsor’s policies and procedures, an internal team at the Sponsor is tasked with investigating all reported and suspected security breaches. The Sponsor is required to provide the required notifications without unreasonable delay after the discovery of a breach.</p> The Sponsor’s management, including the Sponsor’s CCO, is responsible for assessing and managing material risks from cybersecurity threats. Management of the Sponsor is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Trust, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Sponsor. true <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The potential impact of risks from cybersecurity threats on the Trust is assessed on an ongoing basis, and how such risks could materially affect the Trust’s business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Trust has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trust believes have materially affected, or are reasonably likely to materially affect, the Trust, including its business strategy, operational results, and financial condition. </p> false false false false false false false <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: bold;">Insider Trading Policy</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: bold;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust does not have an insider trading policy as it does not have any directors, officers, or employees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor has adopted an insider trading policy applicable to the Sponsor’s directors, officers and employees, which is included as an exhibit to this annual report on Form 10-K.</p> 925 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Opinion on the Financial Statements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying statements of assets and liabilities, including the schedules of investment, of 21Shares Polkadot ETF (the “Trust”) as of March 31, 2026 and March 31, 2025, the related statements of operations and changes in net assets for the year ended March 31, 2026, and for the period from January 3, 2025 (commencement of operations) through March 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 March 31, 2026 and 2025, and the results of its operations and changes in its net assets for the year ended March 31, 2026, and for the period from January 3, 2025 (commencement of operations) through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.</p> COHEN & COMPANY, LTD. Towson, Maryland 54493663 53295535 10016332 28283575 10016332 28283575 57595 133212 16234 39563 73829 172775 9942503 28110800 53546076 52631796 -43603573 -24520996 9942503 28110800 650000 600000 15.3 46.85 7899315.4366 54493663 10016332 1.0074 7899315.4366 54493663 10016332 1.0074 -73829 -0.0074 9942503 1 6954886 53295535 28283575 1.0061 6954886 53295535 28283575 1.0061 -172775 -0.0061 28110800 1 0.924 -1441809 -716839 1441809 716839 420647 174074 116275 103601 536922 277675 2881 536922 274794 904887 442045 -666541 145932 -19465371 -25011960 -1484 48919 -19987464 -24963041 -19082577 -24520996 28110800 914280 52631796 904887 442045 -115634 -666541 -19465371 -25011960 28814 48919 9942503 28110800 50000 600000 50000 600000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">1.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Organization</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 21Shares Polkadot ETF (the “Trust”) is a Delaware statutory trust, formed on October 29, 2024 pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust was initially registered with the name of Jura Pentium Trust 3. The Trust changed its name from Jura Pentium Trust 3 to 21Shares Polkadot Trust on December 19, 2024. The Trust changed its name from 21Shares Polkadot Trust to 21Shares Polkadot ETF on September 16, 2025. The Trust operates pursuant to an Amended and Restated Trust Agreement (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 21Shares US LLC (the “Sponsor”). The Sponsor is a limited liability company formed in the state of Delaware on June 16, 2021, and is a wholly owned subsidiary of 21co Holdings Limited. The ultimate parent company of 21co Holdings Limited is FalconX. Coinbase Custody Trust Company, LLC (the “Coinbase Custodian”), and BitGo Bank &amp; Trust, N.A. (the “BitGo Custodian”, and together with the Coinbase Custodian, as the context may require, the “DOT Custodians”, “Custodian”, and each, a “DOT Custodian”) are the custodians for the Trust and hold all of the Trust’s DOT on the Trust’s behalf. The transfer agent (the “Transfer Agent”), the administrator for the Trust (the “Administrator”), and the cash custodian (the “Cash Custodian”) is Bank of New York Mellon. Prior to Shares being listed on the Exchange on March 6, 2026, the administrator of the Trust was NAV Consulting, Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) representing fractional undivided beneficial interests in its net assets that trade on the Nasdaq Stock Market, LLC (the “Exchange”) under the ticker symbol “TDOT”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust’s investment objective is to seek to track the performance of DOT, as measured by the Pricing Benchmark, as adjusted for the Trust’s expenses and other liabilities, and to reflect rewards from staking a portion of the Trust’s DOT, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes. In seeking to achieve its investment objective, the Trust holds DOT and the Administrator values the Shares daily based on the Pricing Benchmark.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Web 3.0 Technologies Foundation, a Swiss Stiftung (the “Purchaser”), entered into a subscription agreement to purchase from the Trust 600,000 Shares, which have been adjusted to reflect the effect of the Reverse Share Split (as defined below), representing fractional undivided beneficial interests in the net assets of the Trust, for an aggregate purchase price equivalent to $52,631,796 in DOT. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On March 4, 2026, the Trust announced that the Sponsor approved a four (4)-for-one (1) reverse share split (the “Reverse Share Split”) of all of the Trust’s outstanding Shares. In connection with the Reverse Share Split, every four Shares that were held by the Trust’s beneficial owners (the “Record Holders”) at the close of business on March 4, 2026, automatically combined into one Share after market close on March 4, 2026. In addition, each Record Holder continued to hold the same percentage of the Trust’s outstanding Shares as held immediately prior to the Reverse Share Split, and the Reverse Share Split did not modify the rights or preferences of the Shares. The investment objective, strategy, and underlying holdings of the Trust remained unchanged. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On March 5, 2026, 21Shares US LLC (in such capacity, the “Initial Seed Creation Investor”), purchased initial seed creation baskets comprising 20,000 Shares (the “Initial Seed Creation Baskets”) at a price of $18.48 per Share. Total proceeds to the Trust from the sale of the Initial Seed Creation Baskets were $369,671. Delivery of the Initial Seed Creation Baskets was made on March 5, 2026. The proceeds of the sale were used by the Trust to purchase DOT immediately prior to the listing of the Shares on the Exchange. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fiscal year-end of the Trust is March 31.</p> 600000 52631796 (4)-for-one (1) 20000 18.48 369671 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Significant Accounting Policies</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Basis of Accounting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust uses fair value as its method of accounting for DOT in accordance with its classification as an investment company for accounting purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Accounting Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the financial statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable. Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected in the operating results of the Trust in the reporting period in which they become known.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Investment Valuation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust identifies and determines the DOT 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 DOT 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 Sponsor’s determination of the principal market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents information about the Trust’s assets measured at fair value as of March 31, 2026 and March 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2026</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_335846380">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_138743718">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2025</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_346936570">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_347182688">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cost basis of the investment in DOT recorded by the Trust for financial reporting purposes is the fair value of DOT at the time of purchase. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant (as defined below) from the sale of the corresponding Shares to investors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Investment Transactions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust considers investment transactions to be the receipt of DOT for Share creations and the delivery of DOT for Share redemptions or for payment of expenses in DOT. The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments and the net change in unrealized appreciation or depreciation on Sponsor Fee payable. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor Fee and the in-kind liabilities paid in connection to the Sponsor Fee in DOT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust recognizes staking rewards as revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Under the staking arrangements, the validator (e.g., the Custodian or other staking provider) is considered the customer, as it receives access to the Trust's staking capacity (i.e., the delegation of DOT), which represents the Trust's performance obligation. In exchange, the Trust is entitled to staking rewards generated by the Polkadot protocol, net of Validator fees. Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and the Trust receives rewards in their custodial account. The contract term is the length of each staking epoch. Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions as determined by the protocol). Staking rewards are received in DOT, which represents non-cash consideration. Non-cash consideration is measured at fair value at the inception of each contract, in accordance with ASC 606. Because the Trust is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after Validator fees are deducted. As such, the Trust presents staking revenue on a net basis, reflecting only the portion of protocol rewards to which it is entitled. Staking revenue is recorded as Staking Rewards on the Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust measures staking rewards at fair value using the Pricing Benchmark (as defined in Item 1) price as of 4:00 p.m. ET on the applicable measurement date, which is consistent with the Trust’s NAV determination policies and represents the point at which both the quantity and value of rewards can be reliably determined. The Trust concluded that earlier measurement is impracticable because the quantity of rewards is not determinable prior to completion of validation activities and becomes measurable only when sufficient information is available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust earns staking rewards by delegating a portion of its DOT on the Polkadot Network’s proof-of-stake consensus protocol. The Sponsor has entered into contractual arrangements with Coinbase Crypto Services, LLC (“Coinbase Crypto”) and Figment Inc., an Ontario corporation (“Figment” and together with Coinbase Crypto, the “Staking Services Providers”), to facilitate the staking of the Trust’s DOT. Each Staking Services Provider that generates staking rewards is entitled to compensation determined as a portion of the staking rewards (“Staking Provider Consideration”). The Staking Provider Consideration is paid directly to the Staking Services Provider from the staking rewards. The Sponsor, Staking Services Provider and DOT Custodians are expected to receive an aggregate of 26.5% of the staking rewards, with the remainder being retained by the Trust. Staking rewards represent variable consideration based on a variety of factors such as the amount of the DOT holdings the Trust has made available to the network, the staking yield, and other factors, for its contribution to the network. The Trust retains control of its DOT throughout the staking process. The delegation of DOT for staking purposes does not constitute a sale, transfer, or other derecognition event, as control of the DOT is not transferred to the validator or Staking Services Provider. Staking rewards are recorded as staking income recognized at fair value when earned. Because the Sponsor is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives a net staking rewards, after the Staking Provider Consideration is deducted (“Staking Rewards”). The rewards owed or paid to the Staking Services Providers reduce the amount of DOT rewards that are generated from the Trust’s staking activities (“Staking Activities”) that are available in the assets of the Trust. As such, the Trust presents staking rewards on a net basis, reflecting only the portion of protocol rewards to which it is entitled. Staking rewards are received in general daily at its Custodians’ account, as earned. The unbonding period for staked DOT is 28 days subject to the discretion of the Sponsor’s request to unstake such assets.. The Trust’s staked DOT is unable to be moved on the blockchain or traded during this period. Temporary lock-up periods or transfer restrictions from staking could limit the Trust’s ability to meet redemptions. For the year-ended March 31, 2026, the Trust staked an average of 73.81% of its DOT holdings on a daily basis. As of March 31, 2026, the Trust had staked 92.40% of its DOT holdings. The staked percentage as of any particular date, including at the end of a reporting period, may differ from the annual average. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Distributions to Shareholders</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust intends to pay cash distributions to Shareholders at least quarterly. Distributions are funded from staking rewards earned on the Trust’s DOT holdings. Staking rewards are recognized as income by the Trust on a daily basis as they accrue and are reflected in the Trust’s NAV prior to distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions to Shareholders are recorded on the ex-dividend date, which also serves as the record date. Shareholders of record as of the ex-dividend date are entitled to receive distributions paid on the applicable payment date. The amount of each distribution is based on the staking rewards actually earned by the Trust during the relevant period, net of the Staking Provider Consideration and the Staking Fee (as defined below). Distributions are reflected as a reduction of net assets as of the ex-dividend date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax character of distributions is determined annually in accordance with U.S. federal income tax regulations, which may differ from the treatment of such amounts for GAAP purposes. Any differences between the tax and tax basis of distributable amounts are reclassified within the components of net assets at year-end.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Calculation of NAV and NAV per Share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On each day other than when the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the DOT (as measured by reference to the Pricing Benchmark price) and other assets held by the Trust. The Administrator computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Federal Income Taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor and the Trustee will treat the Trust as a “grantor trust” for U.S. federal income tax purposes. As a grantor trust, the Trust can undertake only certain types of activities.  For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations. The Trust may receive income from investment activities that do not require such decision-making.  If staking is treated for U.S. federal income tax purposes as a passive ministerial and administrative activity, it should be permissible for the Trust. To that end, on November 10, 2025, the U.S. Treasury Department and the IRS issued a revenue procedure that provided a safe harbor for trusts that otherwise qualify as investment trusts and as grantor trusts to stake their digital assets without jeopardizing their tax status as investment trusts and grantor trusts for U.S. federal income tax purposes. The revenue procedure provides specific requirements that must be satisfied by a Trust in order to be eligible to rely on the safe harbor. The Trust intends to operate so it will qualify to be treated U.S. federal income tax purposes as a grantor trust.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the treatment of staking in a grantor trust, including interpretation of the requirements under the safe harbor, is still developing, there remains a risk of adverse regulatory or legal determinations that could affect the tax treatment of the Trust as a grantor trust or affect the Trust’s operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and will be treated as if it directly received a pro rata portion of the Trust’s income, gain, losses and deductions. If the Trust sells DOT (for example, to pay fees or expenses), such a sale is a taxable event to the shareholders of the Trust (“Shareholders”). Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the DOT held in the Trust at the time of the sale and may recognize gain or loss on such sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor has reviewed the tax positions as of March 31, 2026, and has determined that no provision for income tax is required in the Trust’s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Segment Reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust operates in <span style="-sec-ix-hidden:fc_1805662347">one</span> segment. The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus. The Chief Operating Decision Maker (“CODM”) is the <span style="-sec-ix-hidden:fc_1358833282">Chief Executive Officer</span> of the Sponsor. The CODM monitors the operating results of the Trust. The financial information that the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment is consistent with the financial information that is presented within the Trust’s financial statement. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expenses, the Sponsor Fee and the Staking Fee, are included in the accompanying Statements of Operations. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Basis of Accounting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP” or “GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust uses fair value as its method of accounting for DOT in accordance with its classification as an investment company for accounting purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Accounting Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the financial statements in conformity with US GAAP requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from such estimates as additional information becomes available or actual amounts may become determinable. Should actual results differ from those previously recognized, the recorded estimates will be revised accordingly with the impact reflected in the operating results of the Trust in the reporting period in which they become known.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash includes non-interest bearing, non-restricted cash maintained with one financial institution that does not exceed U.S. federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Investment Valuation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust identifies and determines the DOT 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 DOT 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 Sponsor’s determination of the principal market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents information about the Trust’s assets measured at fair value as of March 31, 2026 and March 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2026</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_335846380">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_138743718">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2025</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_346936570">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_347182688">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cost basis of the investment in DOT recorded by the Trust for financial reporting purposes is the fair value of DOT at the time of purchase. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant (as defined below) from the sale of the corresponding Shares to investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents information about the Trust’s assets measured at fair value as of March 31, 2026 and March 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2026</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">10,016,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_335846380">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_138743718">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Amount at</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurement Using</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">March 31, 2025</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 0.125in; font-weight: bold">Assets</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 0.25in; width: 52%; text-align: left">Investment in DOT</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_346936570">–</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden:fc_347182688">–</span></td> <td style="width: 1%; text-align: left"> </td> </tr></tbody></table> 10016332 10016332 28283575 28283575 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Investment Transactions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust considers investment transactions to be the receipt of DOT for Share creations and the delivery of DOT for Share redemptions or for payment of expenses in DOT. The Trust records its investments transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments and the net change in unrealized appreciation or depreciation on Sponsor Fee payable. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor Fee and the in-kind liabilities paid in connection to the Sponsor Fee in DOT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust recognizes staking rewards as revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). Under the staking arrangements, the validator (e.g., the Custodian or other staking provider) is considered the customer, as it receives access to the Trust's staking capacity (i.e., the delegation of DOT), which represents the Trust's performance obligation. In exchange, the Trust is entitled to staking rewards generated by the Polkadot protocol, net of Validator fees. Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and the Trust receives rewards in their custodial account. The contract term is the length of each staking epoch. Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions as determined by the protocol). Staking rewards are received in DOT, which represents non-cash consideration. Non-cash consideration is measured at fair value at the inception of each contract, in accordance with ASC 606. Because the Trust is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after Validator fees are deducted. As such, the Trust presents staking revenue on a net basis, reflecting only the portion of protocol rewards to which it is entitled. Staking revenue is recorded as Staking Rewards on the Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust measures staking rewards at fair value using the Pricing Benchmark (as defined in Item 1) price as of 4:00 p.m. ET on the applicable measurement date, which is consistent with the Trust’s NAV determination policies and represents the point at which both the quantity and value of rewards can be reliably determined. The Trust concluded that earlier measurement is impracticable because the quantity of rewards is not determinable prior to completion of validation activities and becomes measurable only when sufficient information is available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust earns staking rewards by delegating a portion of its DOT on the Polkadot Network’s proof-of-stake consensus protocol. The Sponsor has entered into contractual arrangements with Coinbase Crypto Services, LLC (“Coinbase Crypto”) and Figment Inc., an Ontario corporation (“Figment” and together with Coinbase Crypto, the “Staking Services Providers”), to facilitate the staking of the Trust’s DOT. Each Staking Services Provider that generates staking rewards is entitled to compensation determined as a portion of the staking rewards (“Staking Provider Consideration”). The Staking Provider Consideration is paid directly to the Staking Services Provider from the staking rewards. The Sponsor, Staking Services Provider and DOT Custodians are expected to receive an aggregate of 26.5% of the staking rewards, with the remainder being retained by the Trust. Staking rewards represent variable consideration based on a variety of factors such as the amount of the DOT holdings the Trust has made available to the network, the staking yield, and other factors, for its contribution to the network. The Trust retains control of its DOT throughout the staking process. The delegation of DOT for staking purposes does not constitute a sale, transfer, or other derecognition event, as control of the DOT is not transferred to the validator or Staking Services Provider. Staking rewards are recorded as staking income recognized at fair value when earned. Because the Sponsor is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives a net staking rewards, after the Staking Provider Consideration is deducted (“Staking Rewards”). The rewards owed or paid to the Staking Services Providers reduce the amount of DOT rewards that are generated from the Trust’s staking activities (“Staking Activities”) that are available in the assets of the Trust. As such, the Trust presents staking rewards on a net basis, reflecting only the portion of protocol rewards to which it is entitled. Staking rewards are received in general daily at its Custodians’ account, as earned. The unbonding period for staked DOT is 28 days subject to the discretion of the Sponsor’s request to unstake such assets.. The Trust’s staked DOT is unable to be moved on the blockchain or traded during this period. Temporary lock-up periods or transfer restrictions from staking could limit the Trust’s ability to meet redemptions. For the year-ended March 31, 2026, the Trust staked an average of 73.81% of its DOT holdings on a daily basis. As of March 31, 2026, the Trust had staked 92.40% of its DOT holdings. The staked percentage as of any particular date, including at the end of a reporting period, may differ from the annual average. </p> 0.265 0.7381 0.924 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Distributions to Shareholders</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust intends to pay cash distributions to Shareholders at least quarterly. Distributions are funded from staking rewards earned on the Trust’s DOT holdings. Staking rewards are recognized as income by the Trust on a daily basis as they accrue and are reflected in the Trust’s NAV prior to distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions to Shareholders are recorded on the ex-dividend date, which also serves as the record date. Shareholders of record as of the ex-dividend date are entitled to receive distributions paid on the applicable payment date. The amount of each distribution is based on the staking rewards actually earned by the Trust during the relevant period, net of the Staking Provider Consideration and the Staking Fee (as defined below). Distributions are reflected as a reduction of net assets as of the ex-dividend date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax character of distributions is determined annually in accordance with U.S. federal income tax regulations, which may differ from the treatment of such amounts for GAAP purposes. Any differences between the tax and tax basis of distributable amounts are reclassified within the components of net assets at year-end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Calculation of NAV and NAV per Share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On each day other than when the Exchange is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. ET, the NAV of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the DOT (as measured by reference to the Pricing Benchmark price) and other assets held by the Trust. The Administrator computes the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding on the date the computation is made.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Federal Income Taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor and the Trustee will treat the Trust as a “grantor trust” for U.S. federal income tax purposes. As a grantor trust, the Trust can undertake only certain types of activities.  For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations. The Trust may receive income from investment activities that do not require such decision-making.  If staking is treated for U.S. federal income tax purposes as a passive ministerial and administrative activity, it should be permissible for the Trust. To that end, on November 10, 2025, the U.S. Treasury Department and the IRS issued a revenue procedure that provided a safe harbor for trusts that otherwise qualify as investment trusts and as grantor trusts to stake their digital assets without jeopardizing their tax status as investment trusts and grantor trusts for U.S. federal income tax purposes. The revenue procedure provides specific requirements that must be satisfied by a Trust in order to be eligible to rely on the safe harbor. The Trust intends to operate so it will qualify to be treated U.S. federal income tax purposes as a grantor trust.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the treatment of staking in a grantor trust, including interpretation of the requirements under the safe harbor, is still developing, there remains a risk of adverse regulatory or legal determinations that could affect the tax treatment of the Trust as a grantor trust or affect the Trust’s operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and will be treated as if it directly received a pro rata portion of the Trust’s income, gain, losses and deductions. If the Trust sells DOT (for example, to pay fees or expenses), such a sale is a taxable event to the shareholders of the Trust (“Shareholders”). Upon a Shareholder’s sale of its Shares, the Shareholder will be treated as having sold the pro rata share of the DOT held in the Trust at the time of the sale and may recognize gain or loss on such sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor has reviewed the tax positions as of March 31, 2026, and has determined that no provision for income tax is required in the Trust’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Segment Reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust operates in <span style="-sec-ix-hidden:fc_1805662347">one</span> segment. The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus. The Chief Operating Decision Maker (“CODM”) is the <span style="-sec-ix-hidden:fc_1358833282">Chief Executive Officer</span> of the Sponsor. The CODM monitors the operating results of the Trust. The financial information that the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment is consistent with the financial information that is presented within the Trust’s financial statement. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expenses, the Sponsor Fee and the Staking Fee, are included in the accompanying Statements of Operations. </p> The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer of the Sponsor. The CODM monitors the operating results of the Trust. The financial information that the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment is consistent with the financial information that is presented within the Trust’s financial statement. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Fair Value of DOT</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following represents the changes in quantity of DOT and the respective fair value for the year ended March 31, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Quantity <br/> of DOT</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%">Beginning balance as of April 1, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,954,886.0000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT purchased for contributions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">601,711.7068</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">914,280</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT rewards received (net of Staking Provider Consideration)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">498,238.3218</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,441,809</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold for redemptions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1892386584">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1859373195">–</span></td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold to pay expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(155,520.5920</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(491,420</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net realized gain (loss) on investment in DOT sold to pay Sponsor fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1223574239">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(666,541</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net change in unrealized depreciation on investment in DOT</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1775334847">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(19,465,371</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance as of March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">7,899,315.4366</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">10,016,332</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following represents the changes in quantity of DOT and the respective fair value for the period January 3, 2025 (Commencement of Operations) through March 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Quantity <br/> of DOT</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in">Beginning balance as of January 3, 2025</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_881966174">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_933872396">–</span></td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">DOT received</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,827,026.0000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">52,631,796</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT received from staking rewards (net of Staking Provider Consideration)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138,148.8174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">716,839</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold to pay expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10,288.8174</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,100</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in unrealized depreciation on investment in DOT</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_723001046">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(25,011,960</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance as of March 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">6,954,886.0000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">28,283,575</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following represents the changes in quantity of DOT and the respective fair value for the year ended March 31, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Quantity <br/> of DOT</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%">Beginning balance as of April 1, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,954,886.0000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">28,283,575</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT purchased for contributions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">601,711.7068</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">914,280</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT rewards received (net of Staking Provider Consideration)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">498,238.3218</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,441,809</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold for redemptions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1892386584">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1859373195">–</span></td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold to pay expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(155,520.5920</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(491,420</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net realized gain (loss) on investment in DOT sold to pay Sponsor fee</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1223574239">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(666,541</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net change in unrealized depreciation on investment in DOT</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1775334847">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(19,465,371</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance as of March 31, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">7,899,315.4366</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">10,016,332</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following represents the changes in quantity of DOT and the respective fair value for the period January 3, 2025 (Commencement of Operations) through March 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Quantity <br/> of DOT</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in">Beginning balance as of January 3, 2025</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_881966174">–</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_933872396">–</span></td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">DOT received</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,827,026.0000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">52,631,796</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT received from staking rewards (net of Staking Provider Consideration)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138,148.8174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">716,839</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">DOT sold to pay expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10,288.8174</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,100</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in unrealized depreciation on investment in DOT</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_723001046">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(25,011,960</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance as of March 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">6,954,886.0000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">28,283,575</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> 6954886 28283575 601711.7068 914280 498238.3218 1441809 -155520.592 -491420 -666541 -19465371 7899315.4366 10016332 6827026 52631796 138148.8174 716839 -10288.8174 -53100 -25011960 6954886 28283575 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">4.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Trust Expenses</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust pays the unitary Sponsor fee of 0.30% of the Trust’s NAV (the “Sponsor Fee”). Prior to March 6, 2026, the Trust paid a unitary Sponsor fee of 2%. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in DOT weekly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV and the amount of DOT payable in respect of each daily accrual is determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Trust incurred Sponsor Fee for the years ended March 31, 2026, and 2025 of $420,647 and $174,074, respectively. The accrued liability as of March 31, 2026, and March 31, 2025 was $57,595 and $133,212, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As partial consideration for receipt of the Sponsor Fee, the Sponsor assumes and pays all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the fee payable to the marketing agent for services it provides to the Trust (the “Marketing Fee”), (ii) fees to the Administrator, if any, (iii) fees to the DOT Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trustee, (vi) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii) ordinary course legal fees and expenses but not litigation-related expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Securities Exchange Act of 1934 as amended (the “Exchange Act”), (x) printing and mailing costs, (xi) costs of maintaining the Sponsor’s website and (xii) applicable license fees (each, a “Sponsor-paid Expense,” and together, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, 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 or the interests of Shareholders, any indemnification of the DOT Custodian, Administrator or other agents, service providers or counterparties of the Trust, the fees and expenses related to the listing, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Trust Expenses”). In the Sponsor’s sole discretion, all or any portion of a Sponsor-paid Expense may be re-designated as an Additional Trust Expense if, among other reasons, the Sponsor determines that a Sponsor-paid Expense is an extraordinary, non-recurring expense of the Trust. The Trust shall not be responsible for paying any fees or expenses associated with the transfer of DOT as needed to pay the Sponsor Fee or Additional Trust Expenses.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <span style="font-family: Times New Roman, Times, Serif">In consideration for the Sponsor’s facilitation of staking, the Trust pays a portion of the staking rewards generated by the Trust’s Staking Activities after deduction of the Staking Provider Consideration to the Sponsor (“Staking Fee”). Prior to Shares being listed on the Exchange on March 6, 2026, the Trust paid 15% of the staking rewards generated by the Trust’s Staking Activities after deduction of the Staking Provider Consideration to the Sponsor. Following the listing of the Shares on the Exchange, the Sponsor, Staking Services Providers and DOT Custodians are expected to receive 26.5% of the staking rewards, with the remainder expected to be distributed directly to Shareholders. </span>Staking rewards earned prior to the listing of the Shares on the Exchange will not be distributed to Shareholders. <span style="font-family: Times New Roman, Times, Serif">The Staking Fee is accrued in DOT and converted to U.S. Dollars by reference to the Pricing Benchmark and is payable in DOT weekly in arrears. The Trust incurred Staking Fee for the year ended March 31, 2026 of $116,275 and for the period from January 3, 2025 (Commencement of Operations) through March 31, 2025 of $103,601. Staking fee payable as of March 31, 2026 and 2025 was $16,234 and $39,563 respectively. </span> </p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the Sponsor does not voluntarily assume expenses, they will be the responsibility of the Trust. The Sponsor will also pay the costs of the Trust’s organization and offering. The Trust is not obligated to repay any such costs related to the Trust’s organization and offering paid by the Sponsor.</p> 0.003 0.02 420647 174074 57595 133212 0.15 0.265 116275 103601 16234 39563 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="text-align: justify; width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in"><span style="font-size: 10pt">5.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Creation and Redemption of Shares</span></span></td> </tr></tbody></table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Trust creates and redeems Shares on a continuous basis but only in blocks consisting of 10,000 Shares (a “Basket”) or multiples thereof on the NAV of the date of the creation or redemption. Only “Authorized Participants”, which are registered broker-dealers who have entered into written agreements with the Sponsor and the Administrator, can place orders. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Authorized Participants may purchase Shares in cash by depositing cash in the Trust’s account with the Cash Custodian. This will cause the Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who may be an Authorized Participant or an affiliate of an Authorized Participant, and with whom the Sponsor has entered into an agreement on behalf of the Trust (each such third party, a “DOT Counterparty”), to (i) purchase the amount of DOT equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting DOT amount in the Trust’s accounts with the Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant’s designee of, DOT to the Trust’s accounts with a DOT Custodian in exchange for Shares.   </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When such an Authorized Participant redeems its Shares in cash, the Sponsor, on behalf of the Trust will direct a DOT Custodian to transfer DOT to a DOT Counterparty, who will sell the DOT to be executed, in the Sponsor’s reasonable efforts, at the Pricing Benchmark price used to calculate the Trust’s NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust’s account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through a DOT Custodian, will deliver DOT to the Authorized Participant or its designee in exchange for Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a period ending two (2) years (the “Lock-up Period”), the Purchaser (as defined in Item 1) has agreed that it shall not, without the prior written consent of the Sponsor, sell, transfer, assign, pledge, hypothecate or otherwise dispose of any of the Shares it holds, nor will the Purchaser seek to have the Trust or the Sponsor redeem the Shares during the Lock-up Period. Following expiration of the Lock-up Period, the Purchaser may, to the extent permitted by applicable laws, be permitted to redeem Shares in accordance with the Trust Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3, <br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Activity in Capital Shares:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%">Shares issued</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">50,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">600,000</span></td> <td style="width: 1%; text-align: left">#</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt">Shares redeemed</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_574317703">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1791765399">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Net Change in Capital Shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">50,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">600,000</span></td> <td style="padding-bottom: 2.5pt; text-align: left">#</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"><span style="font-size: 10pt">#</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On March 4, 2026, the Share Split occurred. Historical shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.</span></td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">January 3,<br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Activity in Capital Transactions:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Contributions for shares issued</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">914,280</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">52,631,796</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-align: left">Distributions for shares redeemed</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1126730975">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_307052192">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-align: left">Net Change in Capital Transactions</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">914,280</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">52,631,796</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DOT purchased payable represents the quantity of DOT purchased for the creation of Shares where the DOT has not yet settled. Generally, DOT is transferred within two Business Days of the trade date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2026</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2025</td> <td style="text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">DOT purchased payable</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_824349528">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_1118068752">-</span></td> <td style="text-align: left"> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DOT sold receivable represents the quantity of DOT sold for the redemption of Shares where the DOT has not yet been settled. Generally, DOT is transferred within two Business Days of the trade date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2026</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2025</td> <td style="text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">DOT sold receivable</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">         <span style="-sec-ix-hidden:fc_2119071356">-</span> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_1387986701">-</span></td> <td style="text-align: left"> </td> </tr></tbody></table> 10000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3, <br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Activity in Capital Shares:</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%">Shares issued</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">50,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span style="font-size: 10pt">600,000</span></td> <td style="width: 1%; text-align: left">#</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt">Shares redeemed</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_574317703">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1791765399">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt">Net Change in Capital Shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right">50,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">600,000</span></td> <td style="padding-bottom: 2.5pt; text-align: left">#</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"><span style="font-size: 10pt">#</span></td> <td style="text-align: justify"><span style="font-size: 10pt">On March 4, 2026, the Share Split occurred. Historical shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.</span></td> </tr></tbody> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">January 3,<br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31,<br/> 2025</td> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td style="font-weight: bold">Activity in Capital Transactions:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; text-align: left">Contributions for shares issued</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">914,280</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">52,631,796</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1.5pt; text-align: left">Distributions for shares redeemed</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1126730975">–</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden:fc_307052192">-</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt; text-align: left">Net Change in Capital Transactions</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">914,280</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">52,631,796</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody></table> 50000 600000 50000 600000 914280 52631796 914280 52631796 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DOT purchased payable represents the quantity of DOT purchased for the creation of Shares where the DOT has not yet settled. Generally, DOT is transferred within two Business Days of the trade date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2026</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2025</td> <td style="text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">DOT purchased payable</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_824349528">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_1118068752">-</span></td> <td style="text-align: left"> </td> </tr></tbody></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DOT sold receivable represents the quantity of DOT sold for the redemption of Shares where the DOT has not yet been settled. Generally, DOT is transferred within two Business Days of the trade date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2026</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">March 31, <br/> 2025</td> <td style="text-align: center; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="width: 76%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">DOT sold receivable</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">         <span style="-sec-ix-hidden:fc_2119071356">-</span> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">          <span style="-sec-ix-hidden:fc_1387986701">-</span></td> <td style="text-align: left"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">6.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Related Parties</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor is a related party to the Trust. The Trust’s operations are supported by its Sponsor, who is in turn supported by its parent company and affiliated companies and external service providers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of March 31, 2026, the Sponsor owned 20,000 Shares of the Trust. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.</p> 20000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">7.</span></td> <td><span style="text-decoration:underline">Financial Highlights</span> </td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Per Share Performance (for a Share outstanding throughout the period presented)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3,<br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Net asset value per Share, beginning of period</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">46.85</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87.72</td> <td style="width: 1%; text-align: left">⁽¹⁾</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net investment income (loss)⁽²⁾</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_783269343">1.50</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.72</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net change in realized and unrealized gain (loss)⁽³⁾</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(33.05</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(41.59</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Net change in net assets from operations</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(31.55</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(40.87</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Net asset value per Share, end of period</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">15.30</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">46.85</td> <td style="padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total return, at net asset value⁽⁴⁾⁽⁶⁾</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(67.34</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(46.60</td> <td style="text-align: left">)%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-decoration: underline; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-weight: bold;"><span style="text-decoration:underline">Ratio to average net assets⁽⁵⁾</span></span></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Gross expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1273810681">2.47</span></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.18</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1268468381">2.47</span></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.15</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net investment income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.16</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.06</td> <td style="text-align: left">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Represents the NAV per Share on January 3, 2025, commencement of operations. On March 4, 2026, the Share Split occurred. Historical Shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(2)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Calculated using average Shares outstanding.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(3)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The amount shown for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(4)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s return and ratios may vary from the above total returns and ratios based on the timing of capital contributions to and withdrawals from the Trust.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(5)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Annualized.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(6)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Not Annualized.</span></td> </tr></tbody> </table> <p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Per Share Performance (for a Share outstanding throughout the period presented)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> March 31,<br/> 2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3,<br/> 2025<br/> (Commencement<br/> of Operations)<br/> through <br/> March 31, <br/> 2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td> </tr><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 76%; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Net asset value per Share, beginning of period</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">46.85</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">87.72</td> <td style="width: 1%; text-align: left">⁽¹⁾</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net investment income (loss)⁽²⁾</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_783269343">1.50</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.72</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net change in realized and unrealized gain (loss)⁽³⁾</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(33.05</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(41.59</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Net change in net assets from operations</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(31.55</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(40.87</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Net asset value per Share, end of period</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">15.30</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right">46.85</td> <td style="padding-bottom: 4pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total return, at net asset value⁽⁴⁾⁽⁶⁾</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(67.34</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(46.60</td> <td style="text-align: left">)%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -9pt; padding-left: 9pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-weight: bold; text-decoration: underline; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-weight: bold;"><span style="text-decoration:underline">Ratio to average net assets⁽⁵⁾</span></span></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Gross expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1273810681">2.47</span></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.18</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1268468381">2.47</span></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.15</td> <td style="text-align: left">%</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net investment income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.16</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.06</td> <td style="text-align: left">%</td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tbody><tr style="vertical-align: top; text-align: justify"><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Represents the NAV per Share on January 3, 2025, commencement of operations. On March 4, 2026, the Share Split occurred. Historical Shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(2)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Calculated using average Shares outstanding.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(3)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The amount shown for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(4)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s return and ratios may vary from the above total returns and ratios based on the timing of capital contributions to and withdrawals from the Trust.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(5)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Annualized.</span></td> </tr><tr style="vertical-align: top; text-align: justify"><td style="text-align: left"><span style="font-size: 10pt">(6)</span></td> <td style="text-align: justify"><span style="font-size: 10pt">Not Annualized.</span></td> </tr></tbody> </table> 46.85 87.72 0.0072 -33.05 -41.59 -31.55 -40.87 15.3 46.85 -0.6734 -0.466 0.0318 0.0315 4.16 5.06 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">8.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Commitments and Contingent Liabilities</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">9.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Concentration Risk</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unlike other funds that may invest in diversified assets, the Trust’s investment strategy is concentrated in a single asset within a single asset class. This concentration maximizes the degree of the Trust’s exposure to a variety of market risks associated with DOT and digital assets. By concentrating its investment strategy solely in DOT, any losses suffered as a result of a decrease in the value of DOT can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">10.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Indemnification</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any DOT or other assets of the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates, and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Trust Agreement without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft, or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other person for any matters arising under the Trust Agreement. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Trust Agreement. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Trust Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Trust Agreement or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tbody><tr style="vertical-align: top"><td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-size: 10pt">11.</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Subsequent Events</span></span></td> </tr></tbody></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the issuance of the financial statements and has noted, except as provided below, no other events that would require adjustment or additional disclosure in the financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On April 17, 2026, the Sponsor redeemed the Initial Seed Creation Baskets of 20,000 Shares. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 4, 2026, the Trust entered into a staking services agreement with Figment Inc., an Ontario corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On May 14, 2026, the Trust made cash distributions to shareholders derived from a portion of the DOT received as Staking Rewards from the Trust’s staking activities, including in the amount of $65,844.71, or $0.090846 per Share. </p> 20000 65844.71 0.090846 On March 4, 2026, there was a 4-for-1 reverse share split – see Note 1. Historical shares outstanding and net asset value per share have been adjusted to reflect the 4-for-1 reverse share split on a retroactive basis. 92.40% of DOT held was staked as of March 31, 2026 – See Note 2. 100.00% of DOT held was staked as of March 31, 2025 – See Note 2. On March 4, 2026, there was a 4-for-1 reverse share split – see Note 1. Historical shares outstanding and net asset value per share have been adjusted to reflect the 4-for-1 reverse share split on a retroactive basis. On March 4, 2026, the Share Split occurred. Historical shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis. Represents the NAV per Share on January 3, 2025, commencement of operations. On March 4, 2026, the Share Split occurred. Historical Shares outstanding and NAV per share have been adjusted to reflect the Share Split on a retroactive basis. Calculated using average Shares outstanding. The amount shown for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust. Total return is calculated based on the change in value during the period and is not annualized. An individual shareholder’s return and ratios may vary from the above total returns and ratios based on the timing of capital contributions to and withdrawals from the Trust. Annualized. Not Annualized.