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<p id="xdx_80D_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_znZu9y4b0C4i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">1.</td><td>Organization</td></tr></table> The Canary HBAR ETF (the “Trust”) is a Delaware statutory trust, formed on September 24, 2024, pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Nasdaq Stock Market, LLC (the “Exchange”) under the symbol “HBR.” The Trust operates pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”). CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). The Trust is managed and controlled by Canary Capital Group LLC (the “Sponsor”). The Trust is an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the Exchange. The Trust’s investment objective is to seek to provide exposure to the price of HBAR, the native asset of the Hedera Network (“HBAR”), held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of HBAR. In seeking to achieve its investment objective, the Trust holds HBAR and establishes its net asset value (“NAV”) on each business day by reference to the CoinDesk Hedera USD CCIXber 60m New York Rate (the “Pricing Benchmark”). The Pricing Benchmark is calculated by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average price of the HBAR-USD CCIXber Reference Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major HBAR trading platforms (“Constituent Platforms”). The Benchmark Provider publishes the Pricing Benchmark. The Trust is sponsored by the Sponsor.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">2.</td><td>Significant Accounting Policies</td></tr></table> Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in U.S. dollars. The Trust’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. The Trust is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust follows the significant accounting policies described below. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Cash Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing, non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. Investment Transactions and Investment Income The Trust purchases HBAR upon the creation of Shares and sells HBAR upon the redemption of Shares. Transactions are recorded on a trade date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred. Income Taxes The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits. Digital Asset Trading Platform Valuation US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value. The Trust identifies and determines the HBAR 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 HBAR based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zkTHN1P5Udd5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zTs784rLA4c1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zNfamjN7BQk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zhjDWDKThAG8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630_zNUyZuWCmAo7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">June 30, 2026 (Unaudited)</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_z4aO5PRmfWK5" style="vertical-align: bottom"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zn31HXaM49t3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="display: none"> <td style="display: none; width: 40%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49A_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z43DInn6qvh5" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49E_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z9uGv4HmexMi" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49C_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvPLBhDH2zDa" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49D_20251231_zFMShPNO4ti9" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">December 31, 2025</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zvdoFoyWPwId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zMIG3JFPMDkd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> There were no transfers between levels for the six months ended June 30, 2026 or for the period from October 27, 2025 (initial share purchase date) to December 31, 2025. The following tables summarize activity in HBAR for the six months ended June 30, 2026 and for the period from October 27, 2025 (initial share purchase date) to December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-weight: bold">Beginning balance as of January 1, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">473,456,805</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: 12%; text-align: right">50,616,211</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260101__20260630_zuhhd3H912g2" style="text-align: right" title="HBAR purchased">66,862,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetPurchase_pp0p0_c20260101__20260630_zRlxUC5ejZXk" style="text-align: right" title="Fair value, HBAR purchased">6,626,843</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">HBAR sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260101__20260630_z5Vh1WXc7As" style="text-align: right" title="HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pp0p0_di_c20260101__20260630_zrPdFzM1VrM6" style="text-align: right" title="Fair Value, HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260101__20260630_zrNy3WzRE6W6" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">125,515,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260101__20260630_z4pylFcAsXmf" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">11,800,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_987_ecustom--CryptoAssetDistributed_pip0_c20260101__20260630_z4mdjxfCCPkh" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260101__20260630_zHNOo7nAsGN2" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(2,624,662</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260101__20260630_zpbyS1SHhYV9" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(260,793</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_987_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260101__20260630_z9pLbJHVXnaf" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(22,391,501</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</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 id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260101__20260630_zoBq1r1P9Ztj" style="text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(234,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260101__20260630_z8C3sROZ1Znf" style="text-align: right" title="HBAR, ending balance">663,209,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260101__20260630_zNtLm3XcLr72" style="text-align: right" title="Fair value, ending balance">46,157,486</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Beginning balance as of October 27, 2025</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="width: 70%; text-align: left">HBAR purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_zKBjQeF8aGh8" style="width: 12%; text-align: right" title="HBAR purchased">115,036,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetPurchase_pp0p0_c20251028__20251231_zo3jQxozQgtb" style="width: 12%; text-align: right" title="Fair value, HBAR purchased">18,666,952</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">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_ziCb6Opu7oT9" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">358,760,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20251028__20251231_z7iN1sgOFJJb" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">69,409,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_98C_ecustom--CryptoAssetDistributed_pip0_c20251028__20251231_zu4yeMLpU7I2" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20251028__20251231_zSiqNpSPuwri" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(339,937</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20251028__20251231_zueCMaVqh8Ye" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(56,807</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_988_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20251028__20251231_zx0QTCA3Glf5" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(37,359,482</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20251028__20251231_zzp2D4m5pOm1" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(44,365</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zaSblVtfnR33" style="text-align: right" title="HBAR, ending balance">473,456,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20251028__20251231_zWHuZTYANHMf" style="text-align: right" title="Fair value, ending balance">50,616,211</td><td style="text-align: left"> </td></tr> </table> Calculation of NAV The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values HBAR held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. The Trust’s NAV per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares. Segment Reporting The Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of HBAR held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.

Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in U.S. dollars. The Trust’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. The Trust is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust follows the significant accounting policies described below.

Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

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

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

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

Digital Asset Trading Platform Valuation US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value. The Trust identifies and determines the HBAR 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 HBAR based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date. <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zkTHN1P5Udd5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zTs784rLA4c1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zNfamjN7BQk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zhjDWDKThAG8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630_zNUyZuWCmAo7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">June 30, 2026 (Unaudited)</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_z4aO5PRmfWK5" style="vertical-align: bottom"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zn31HXaM49t3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="display: none"> <td style="display: none; width: 40%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49A_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z43DInn6qvh5" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49E_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z9uGv4HmexMi" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49C_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvPLBhDH2zDa" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49D_20251231_zFMShPNO4ti9" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">December 31, 2025</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zvdoFoyWPwId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zMIG3JFPMDkd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> There were no transfers between levels for the six months ended June 30, 2026 or for the period from October 27, 2025 (initial share purchase date) to December 31, 2025. The following tables summarize activity in HBAR for the six months ended June 30, 2026 and for the period from October 27, 2025 (initial share purchase date) to December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-weight: bold">Beginning balance as of January 1, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">473,456,805</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: 12%; text-align: right">50,616,211</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260101__20260630_zuhhd3H912g2" style="text-align: right" title="HBAR purchased">66,862,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetPurchase_pp0p0_c20260101__20260630_zRlxUC5ejZXk" style="text-align: right" title="Fair value, HBAR purchased">6,626,843</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">HBAR sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260101__20260630_z5Vh1WXc7As" style="text-align: right" title="HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pp0p0_di_c20260101__20260630_zrPdFzM1VrM6" style="text-align: right" title="Fair Value, HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260101__20260630_zrNy3WzRE6W6" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">125,515,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260101__20260630_z4pylFcAsXmf" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">11,800,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_987_ecustom--CryptoAssetDistributed_pip0_c20260101__20260630_z4mdjxfCCPkh" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260101__20260630_zHNOo7nAsGN2" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(2,624,662</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260101__20260630_zpbyS1SHhYV9" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(260,793</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_987_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260101__20260630_z9pLbJHVXnaf" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(22,391,501</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</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 id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260101__20260630_zoBq1r1P9Ztj" style="text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(234,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260101__20260630_z8C3sROZ1Znf" style="text-align: right" title="HBAR, ending balance">663,209,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260101__20260630_zNtLm3XcLr72" style="text-align: right" title="Fair value, ending balance">46,157,486</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Beginning balance as of October 27, 2025</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="width: 70%; text-align: left">HBAR purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_zKBjQeF8aGh8" style="width: 12%; text-align: right" title="HBAR purchased">115,036,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetPurchase_pp0p0_c20251028__20251231_zo3jQxozQgtb" style="width: 12%; text-align: right" title="Fair value, HBAR purchased">18,666,952</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">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_ziCb6Opu7oT9" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">358,760,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20251028__20251231_z7iN1sgOFJJb" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">69,409,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_98C_ecustom--CryptoAssetDistributed_pip0_c20251028__20251231_zu4yeMLpU7I2" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20251028__20251231_zSiqNpSPuwri" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(339,937</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20251028__20251231_zueCMaVqh8Ye" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(56,807</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_988_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20251028__20251231_zx0QTCA3Glf5" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(37,359,482</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20251028__20251231_zzp2D4m5pOm1" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(44,365</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zaSblVtfnR33" style="text-align: right" title="HBAR, ending balance">473,456,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20251028__20251231_zWHuZTYANHMf" style="text-align: right" title="Fair value, ending balance">50,616,211</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zkTHN1P5Udd5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify">The following table presents information about the Trust’s assets measured at fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zTs784rLA4c1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zNfamjN7BQk7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zhjDWDKThAG8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260630_zNUyZuWCmAo7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">June 30, 2026 (Unaudited)</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_z4aO5PRmfWK5" style="vertical-align: bottom"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zn31HXaM49t3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">46,157,486</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="display: none"> <td style="display: none; width: 40%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49A_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z43DInn6qvh5" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49E_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z9uGv4HmexMi" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49C_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvPLBhDH2zDa" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td style="display: none; width: 1%"> </td> <td id="xdx_49D_20251231_zFMShPNO4ti9" style="display: none; width: 12%"> </td> <td style="display: none; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">December 31, 2025</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><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 id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zvdoFoyWPwId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> Assets</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><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 id="xdx_408_eus-gaap--CryptoAssetFairValue_iI_hsrt--CryptoAssetAxis__custom--HederaMember_zMIG3JFPMDkd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"> Investment in HBAR</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">50,616,211</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

46157486

50616211

The following tables summarize activity in HBAR for the six months ended June 30, 2026 and for the period from October 27, 2025 (initial share purchase date) to December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-weight: bold">Beginning balance as of January 1, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">473,456,805</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: 12%; text-align: right">50,616,211</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR purchased</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260101__20260630_zuhhd3H912g2" style="text-align: right" title="HBAR purchased">66,862,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CryptoAssetPurchase_pp0p0_c20260101__20260630_zRlxUC5ejZXk" style="text-align: right" title="Fair value, HBAR purchased">6,626,843</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">HBAR sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260101__20260630_z5Vh1WXc7As" style="text-align: right" title="HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--CryptoAssetSale_iN_pp0p0_di_c20260101__20260630_zrPdFzM1VrM6" style="text-align: right" title="Fair Value, HBAR sold for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260101__20260630_zrNy3WzRE6W6" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">125,515,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260101__20260630_z4pylFcAsXmf" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">11,800,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_987_ecustom--CryptoAssetDistributed_pip0_c20260101__20260630_z4mdjxfCCPkh" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260101__20260630_zHNOo7nAsGN2" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(2,624,662</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260101__20260630_zpbyS1SHhYV9" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(260,793</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_987_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260101__20260630_z9pLbJHVXnaf" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(22,391,501</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</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 id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260101__20260630_zoBq1r1P9Ztj" style="text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(234,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260101__20260630_z8C3sROZ1Znf" style="text-align: right" title="HBAR, ending balance">663,209,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260101__20260630_zNtLm3XcLr72" style="text-align: right" title="Fair value, ending balance">46,157,486</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">HBAR</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Beginning balance as of October 27, 2025</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="width: 70%; text-align: left">HBAR purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20251028__20251231_zKBjQeF8aGh8" style="width: 12%; text-align: right" title="HBAR purchased">115,036,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetPurchase_pp0p0_c20251028__20251231_zo3jQxozQgtb" style="width: 12%; text-align: right" title="Fair value, HBAR purchased">18,666,952</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">HBAR contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20251028__20251231_ziCb6Opu7oT9" style="text-align: right" title="HBAR contributed in-kind for the creation of Shares">358,760,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20251028__20251231_z7iN1sgOFJJb" style="text-align: right" title="Fair value, HBAR contributed in-kind for the creation of Shares">69,409,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">HBAR distributed in-kind for the redemption of Shares</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 id="xdx_98C_ecustom--CryptoAssetDistributed_pip0_c20251028__20251231_zu4yeMLpU7I2" style="text-align: right" title="Fair value, HBAR distributed in-kind for the redemption of Shares">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">HBAR transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20251028__20251231_zSiqNpSPuwri" style="text-align: right" title="HBAR transferred to pay the Sponsor fee">(339,937</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20251028__20251231_zueCMaVqh8Ye" style="text-align: right" title="Fair Value, HBAR transferred to pay the Sponsor fee">(56,807</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net change in unrealized appreciation (depreciation) in HBAR</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 id="xdx_988_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20251028__20251231_zx0QTCA3Glf5" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in HBAR">(37,359,482</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20251028__20251231_zzp2D4m5pOm1" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in HBAR transferred to pay Sponsor fee">(44,365</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Ending balance as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20251028__20251231_zaSblVtfnR33" style="text-align: right" title="HBAR, ending balance">473,456,805</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20251028__20251231_zWHuZTYANHMf" style="text-align: right" title="Fair value, ending balance">50,616,211</td><td style="text-align: left"> </td></tr> </table>

473456805

50616211

66862414

6626843

125515027

11800763

2624662 260793

-22391501

-234037

663209584

46157486

115036066

18666952

358760676

69409913

339937 56807

-37359482

-44365

473456805

50616211

Calculation of NAV The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values HBAR held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. The Trust’s NAV per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares.

Segment Reporting The Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of HBAR held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">3.</td><td>Trust Expenses and Other Agreements</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 40pt"></td><td style="width: 16pt">(a)</td><td style="text-align: justify">Sponsor</td></tr></table> The Trust pays the Sponsor an annual unified fee of 0.95% of the Trust’s HBAR Holdings (the “Sponsor Fee”). The Trust’s “HBAR Holdings” is the quantity of the Trust’s HBAR plus any cash or other assets held by the Trust represented in HBAR as calculated using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in HBAR as calculated using the Index Price. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s HBAR Holdings. Except for periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in HBAR and is payable monthly in HBAR or cash. To the extent there are any on-chain transaction fees incurred in connection with the transfers of HBAR to pay the Sponsor Fee, the Sponsor, and not the Trust, shall bear such fees. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees, and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. As partial consideration for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including: (i) the fees of the Trust’s third-party service providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer Agent, the Cash Custodian, the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will not be deemed to be a Sponsor-paid Expense. There is no cap on the amount of Sponsor-paid Expenses. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares. The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited to, brokerage and transaction costs associated with the sale or transfer of HBAR, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust, the Trust’s assets, or the interests of Shareholders, any indemnification of the Custodians or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”). To the extent on-chain transaction fees are incurred in connection with transfers or sales of HBAR to pay Extraordinary Expenses, the Trust will bear such fees, but to the extent there are any on-chain transaction fees incurred in connection with the transfers of HBAR to pay the Sponsor Fee or any Sponsor-paid Expenses, the Sponsor, and not the Trust, shall bear such fees. To the extent it does not have cash readily available, the Sponsor will cause the transfer or sale of HBAR in such quantity as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor or for payment of cash redemption proceeds to Authorized Participants (as defined below). The Trust will seek to transfer or sell HBAR at such times and in the smallest amounts required to permit such payments as they become due. With respect to transfers or sales necessary to pay Trust expenses and liabilities that are denominated other than in HBAR, the amount of HBAR transferred or sold may vary from time to time depending on the actual sales price of HBAR relative to the Trust’s expenses and liabilities (e.g., if the price of HBAR falls, the amount of HBAR needed to be transferred or sold to pay an expense or liability denominated in U.S. dollars will increase). To the extent the Trust must buy or sell HBAR, the Trust may do so through a third-party digital asset broker or dealer. The Sponsor will select third party brokers or dealers that it believes have implemented adequate AML, KYC and other legal compliance policies and procedures. Under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of HBAR incurred in connection with the fulfillment of a creation or redemption order. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 40pt"></td><td style="width: 16pt">(b)</td><td style="text-align: justify">Administrator, Custodians and Transfer Agent</td></tr></table> U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the “Administrator” and “Transfer Agent”) serves as administrator, transfer agent and accounting agent of the Trust pursuant to a Fund Servicing Agreement. Coinbase Custody Trust Company, LLC (the “Coinbase Custodian”) and BitGo Trust Company, Inc. (the “BitGo Custodian” and together with Coinbase Custodian, the “Custodians”) serve as the Trust’s Custodians. Under the Coinbase Custodial Services Agreement and the BitGo Custodial Services Agreement, the Custodians are responsible for safekeeping all the Trust’s HBAR allocated to each of the Custodians. The Custodians were selected by the Sponsor. The Sponsor is responsible for opening accounts with the Custodians that will hold the Trust’s HBAR (the “HBAR Accounts”), as well as facilitating the transfer or sale of HBAR required for the operation of the Trust. U.S. Bank, N.A., an affiliate of the Administrator and Transfer Agent serves as the cash custodian for the Trust (the “Cash Custodian”). The Cash Custodian is responsible for safekeeping all cash and other non-HBAR assets of the Trust. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 40pt"></td><td style="width: 16pt">(c)</td><td style="text-align: justify">Marketing Agent</td></tr></table> Paralel Distributors LLC is the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials, including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust. The Marketing Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of FINRA. With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 40pt"></td><td style="width: 16pt">(d)</td><td>Principal Financial Officer</td></tr></table> Employees of PINE Advisors LLC (“PINE”) serve as officers of the Trust. In consideration for these services, the Sponsor pays PINE an annual fee. The Sponsor also reimburses PINE for certain out-of-pocket expenses. 0.0095

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">4.</td><td>Capital Share Transactions</td></tr></table> The Trust is an exchange-traded product. The Trust issues Shares on a continuous basis and, when the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (a “Basket”) based on the quantity of HBAR attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). Certain financial firms are authorized to purchase or redeem Shares of the Trust (“Authorized Participants”). The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders may be denominated and settled in an amount of HBAR (“In-Kind Creation Order”) or in cash (“Cash Creation Order”). By placing an In-Kind Creation Order, an Authorized Participant agrees to facilitate the deposit of HBAR with the Custodian, either directly or indirectly through an Authorized Participant Designee. By placing a Cash Creation Order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. An Authorized Participant may not withdraw a creation order without the prior consent of the Sponsor in its discretion. The manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. Redemption orders are denominated and settled either in-kind (“In-Kind Redemption Order”) or in cash (“Cash Redemption Order”). By placing a redemption order, an Authorized Participant agrees to facilitate the deposit of Shares with the Transfer Agent. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled or delayed until the required Shares have been received. An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor in its discretion. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust. Shareholders who decide to buy or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and charges. Only Authorized Participants may place orders to create and redeem baskets through the Transfer Agent. The Transfer Agent coordinates with the Trust’s custodians to facilitate settlement of the Shares. Share activity for the three and six months ended June 30, 2026 were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260401__20260630_fKg_____zHggC4j4XgH4" style="width: 12%; text-align: right" title="Creations, Number of Shares">670,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260401__20260630_fKg_____z1BaV15XPKbk" style="width: 12%; text-align: right" title="Creations, Value of Shares">8,078,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260101__20260630_fKg_____zBGGaOXGydA1" style="width: 12%; text-align: right" title="Creations, Number of Shares">1,410,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260101__20260630_fKg_____z8Elo1GRq2yh" style="width: 12%; text-align: right" title="Creations, Value of Shares">18,427,612</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260401__20260630_fKg_____zeWV1p4YJqlg" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRepurchasedDuringPeriodValue_c20260401__20260630_fKg_____zy7AIP4fnqv9" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260101__20260630_fKg_____z2Vi1jx2yK76" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRepurchasedDuringPeriodValue_c20260101__20260630_fKg_____zXo7CWhXrd67" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in Shares created and redeemed</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260401__20260630_fKg_____z6rNE5JoY1v6" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">670,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260401__20260630_fKg_____zjrHS1lrAskd" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">8,078,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260101__20260630_fKg_____z3Qpm5MaDmX4" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">1,410,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260101__20260630_fKg_____zQ9AfW2lLvi4" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">18,427,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F0C_zC363LyJBvMd" style="text-align: justify">*</td> <td id="xdx_F10_zFKeWLSkTsfk" style="text-align: justify">No comparative periods have been presented as the initial share purchase date of the Trust was October 27, 2025.</td></tr> </table>

10000

Share activity for the three and six months ended June 30, 2026 were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260401__20260630_fKg_____zHggC4j4XgH4" style="width: 12%; text-align: right" title="Creations, Number of Shares">670,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260401__20260630_fKg_____z1BaV15XPKbk" style="width: 12%; text-align: right" title="Creations, Value of Shares">8,078,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260101__20260630_fKg_____zBGGaOXGydA1" style="width: 12%; text-align: right" title="Creations, Number of Shares">1,410,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260101__20260630_fKg_____z8Elo1GRq2yh" style="width: 12%; text-align: right" title="Creations, Value of Shares">18,427,612</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260401__20260630_fKg_____zeWV1p4YJqlg" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRepurchasedDuringPeriodValue_c20260401__20260630_fKg_____zy7AIP4fnqv9" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260101__20260630_fKg_____z2Vi1jx2yK76" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--StockRepurchasedDuringPeriodValue_c20260101__20260630_fKg_____zXo7CWhXrd67" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in Shares created and redeemed</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260401__20260630_fKg_____z6rNE5JoY1v6" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">670,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260401__20260630_fKg_____zjrHS1lrAskd" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">8,078,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260101__20260630_fKg_____z3Qpm5MaDmX4" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">1,410,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260101__20260630_fKg_____zQ9AfW2lLvi4" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">18,427,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F0C_zC363LyJBvMd" style="text-align: justify">*</td> <td id="xdx_F10_zFKeWLSkTsfk" style="text-align: justify">No comparative periods have been presented as the initial share purchase date of the Trust was October 27, 2025.</td></tr> </table>

670000

8078764

1410000

18427612

670000

8078764

1410000

18427612

<p id="xdx_80F_eus-gaap--InvestmentCompanyFinancialHighlightsTextBlock_z4dgC2E7bT8a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">5.</td><td style="text-align: justify">Financial Highlights</td></tr></table> <p id="xdx_89E_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zjYqW0JNOxv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify">The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026. The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zNd5Pf9HiYK8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630_z2V1PPr3VTM1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zUd5IttAnQ3k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Net Asset Value, Beginning of Period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">11.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">14.62</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_z5FXlTD4Biw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.06</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zLtl2bcx6Iii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Realized and Unrealized Gain (Loss) on Investments(b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.49</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5.09</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_zAILLGYjEKai" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.52</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5.15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_z51m9gwAvmS5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net Asset Value, End of Period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.47</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zm8bDaiCxyu2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Market Value Per Share(c)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.48</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.48</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_z856blUb38O7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total Return at Net Asset Value(d)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.99</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-35.21</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zh2U0Bjf1Duk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Return at Market Value(c)(d)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.41</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-35.19</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </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 id="xdx_409_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_z6b5RZpXnjJb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Ratios to Average Net Assets:(e)</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 id="xdx_40E_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_pid_dp_uRatio_z6qX13zTIf6a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expense Ratio(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uRatio_zCGkkysNMpme" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.95</td><td style="text-align: left">%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F00_zjcv7WA0h5Ga">*</td> <td id="xdx_F14_zFxPDvxAsXyc">No comparative financial highlights have been presented as the initial share purchase date of the Trust was October 27, 2025.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F0D_zyHgG5ceZRsa" style="width: 0.25in">(a)</td><td id="xdx_F15_zCJWbVtS0VKk" style="text-align: justify">Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F01_zV6wuX85OJo3" style="width: 0.25in">(b)</td><td id="xdx_F1B_zRBcxs87nVV1" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F0E_zch5bLTxvtYf" style="width: 0.25in">(c)</td><td id="xdx_F13_z1yGR2777aX9" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F06_zVryE9ORf8Nf" style="width: 0.25in">(d)</td><td id="xdx_F15_zPrPmfxm78u5" style="text-align: justify">Not annualized.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F07_zdUvKS5TZ2Cl" style="width: 0.25in">(e)</td><td id="xdx_F19_zyMCeHJR6534" style="text-align: justify">Annualized.</td></tr></table>

<p id="xdx_89E_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zjYqW0JNOxv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify">The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026. The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 40pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260401__20260630_zNd5Pf9HiYK8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260101__20260630_z2V1PPr3VTM1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30, 2026 (Unaudited)*</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zUd5IttAnQ3k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Net Asset Value, Beginning of Period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">11.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">14.62</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_z5FXlTD4Biw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)(a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.03</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.06</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zLtl2bcx6Iii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net Realized and Unrealized Gain (Loss) on Investments(b)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.49</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5.09</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_zAILLGYjEKai" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.52</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5.15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_z51m9gwAvmS5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net Asset Value, End of Period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.47</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zm8bDaiCxyu2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Market Value Per Share(c)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.48</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9.48</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_z856blUb38O7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total Return at Net Asset Value(d)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.99</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-35.21</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zh2U0Bjf1Duk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Return at Market Value(c)(d)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.41</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-35.19</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </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 id="xdx_409_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_z6b5RZpXnjJb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Ratios to Average Net Assets:(e)</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 id="xdx_40E_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_pid_dp_uRatio_z6qX13zTIf6a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expense Ratio(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uRatio_zCGkkysNMpme" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.95</td><td style="text-align: left">%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F00_zjcv7WA0h5Ga">*</td> <td id="xdx_F14_zFxPDvxAsXyc">No comparative financial highlights have been presented as the initial share purchase date of the Trust was October 27, 2025.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F0D_zyHgG5ceZRsa" style="width: 0.25in">(a)</td><td id="xdx_F15_zCJWbVtS0VKk" style="text-align: justify">Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F01_zV6wuX85OJo3" style="width: 0.25in">(b)</td><td id="xdx_F1B_zRBcxs87nVV1" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F0E_zch5bLTxvtYf" style="width: 0.25in">(c)</td><td id="xdx_F13_z1yGR2777aX9" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F06_zVryE9ORf8Nf" style="width: 0.25in">(d)</td><td id="xdx_F15_zPrPmfxm78u5" style="text-align: justify">Not annualized.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6in"></td><td id="xdx_F07_zdUvKS5TZ2Cl" style="width: 0.25in">(e)</td><td id="xdx_F19_zyMCeHJR6534" style="text-align: justify">Annualized.</td></tr></table>

11.99

14.62

-0.03

-0.06

-2.49

-5.09

-2.52

-5.15

9.47

9.48

-0.2099

-0.3521

-0.2041

-0.3519

0.0095

-0.0095

<p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zJTw1X06ubOd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 40pt; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">6.</td><td>Related Parties</td></tr></table> The Sponsor is considered to be a related party to the Trust. The Trust’s operations are supported by its Sponsor. As of June 30, 2026, the Sponsor did not own any Shares of the Trust. On June 9, 2026, the Sponsor and the Trustee entered into a Second Amended and Restated Trust Agreement (the “Second A/R Trust Agreement”). The Second A/R Trust Agreement authorizes the Trust to participate in a staking program. All staking rewards are paid to the Sponsor as additional compensation and are not included in the Trust’s NAV. The Sponsor has sole authority to direct and manage all aspects of any staking program, including the decision to cause the Trust to participate or not participate in any staking program, the selection of any staking provider, the terms and conditions of any staking arrangements, and the amount and timing of HBAR to be staked, in each case without the consent of the Trust, the Trustee, or any shareholder. All staking rewards received by or on behalf of the Trust are the sole property of the Sponsor and are not considered part of the Trust’s estate or included in the calculation of the Trust’s HBAR holdings, creation HBAR amount, or NAV. The Sponsor is not liable to the Trust or any shareholder or beneficial owner for any loss or liability arising out of or in connection with the Trust’s participation in any staking program, the selection of any staking provider, the amount of HBAR staked, or any slashing, penalty, or loss of staked HBAR, provided that the Sponsor acted in good faith and without fraud, gross negligence, bad faith, or willful misconduct. The Sponsor may amend, modify, waive, defer, or cancel such arrangements from time to time in its sole and absolute discretion. For the period June 12, 2026 (commencement of staking activity) through June 30, 2026, The staking program generated staking rewards of 649,021 HBAR representing a fair value of $45,165. As of June 30, 2026, 663,209,584 HBAR were staked representing a fair value of $46,157,486.

649021 45165

663209584

46157486

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">7.</td><td>Commitments and Contingent Liabilities</td></tr></table> In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. There were no commitments or contingencies required to be disclosed as of the date of the financial statements.

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">8.</td><td>Concentration Risk</td></tr></table> Substantially all of the Trust’s assets are holdings of HBAR, which creates a concentration risk associated with fluctuations in the price of HBAR. Accordingly, a decline in the price of HBAR will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of HBAR include negative perception of digital assets; a lack of stability and standardized regulation in the digital asset markets; the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government mandated regulation; and a loss of investor confidence.

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td><td style="width: 40pt">9.</td><td>Subsequent Events</td></tr></table> The Sponsor has evaluated subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments or disclosures to the financial statements were required.

false false false false No Par Value. No comparative financial statements have been presented as the initial share purchase date of the Trust was October 27, 2025. No comparative financial statements have been presented as the initial share purchase date of the Trust was October 27, 2025. No comparative periods have been presented as the initial share purchase date of the Trust was October 27, 2025. No comparative financial highlights have been presented as the initial share purchase date of the Trust was October 27, 2025. Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period. Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated. Not annualized. Annualized.