Basis of Preparation

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946), Financial Services - Investment Companies. The accompanying financial statements are stated in U.S. dollars and were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and with the instructions for Form 10-Q and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates. The Trust is an “emerging growth company” as that term is used in the Securities Act of 1933, and, as such, the Trust may elect to comply with certain reduced public company reporting requirements.

In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the financial statements for the period presented. As of June 30, 2026, the Trust had not yet commenced operations and had no activities other than the issuance of initial seed shares on April 1, 2026; accordingly, no Statement of Operations, Schedule of Investments, Financial Highlights or comparative financial statements are presented. Interim period results are not necessarily indicative of results for a full-year period.

Crypto Asset Transactions and Investment Income

Crypto asset transactions are accounted for on a trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Any change in net unrealized gain or loss is reported in the Statement of Operations. Commissions and other trading fees, if any, are reflected as an adjustment to cost or proceeds at the time of the transaction.

Calculation of Net Asset Value

The net asset value (NAV) of the Trust is equal to the total assets of the Trust, including, but not limited to, all crypto assets, payment stablecoins, cash, and cash equivalents, less total liabilities of the Trust. The NAV per share is calculated on a daily basis by dividing the NAV of the Trust by the number of shares then outstanding (Daily NAV per share). The Trust calculates the Daily NAV per share once each business day, at the close of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern Time, each day the NYSE is open for business. However, the Daily NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC.

The Sponsor has the authority to determine the Trust’s NAV. Subject to oversight of the Sponsor, the Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Trust as well as the daily valuation process, based on pricing sources selected by the Sponsor. In determining the Trust’s NAV, the Trust values each crypto asset and payment stablecoin held by the Trust based on a reference rate. The Administrator has engaged a third-party vendor to provide a reference rate for each crypto asset held by the Trust. Each reference rate aggregates the trade flow of the respective crypto asset on spot exchange platforms, during an observation window between 3:00 p.m. and 4:00 p.m. Eastern Time into the U.S. dollar price of the respective crypto asset, at 4:00 p.m. Eastern Time. If one or more reference rates from the primary vendor are not available or the Administrator determines that one or more reference rates are unreliable, then reference rates from another source may be used. Alternately, the Trust’s crypto asset holdings may be fair valued by the Administrator. The reference rate used in determining the value of each crypto asset when calculating the Daily NAV per share may not be consistent with GAAP. The NAV per share presented in the Trust’s periodic financial statements is determined in accordance with GAAP and may differ from the Daily NAV per share due to differences in valuation techniques applied under GAAP. Refer to Note 3 for details on valuation of crypto assets reported in the periodic financial statements.

Capital Transactions

The Trust issues and redeems shares in aggregations of 10,000 shares (Creation Units) on a continuous basis, at NAV per share, with Authorized Participants who have entered into agreements with the Trust’s distributor. Creation Units may be purchased or redeemed in exchange for cash or on an in-kind basis by Authorized Participants on each business day. Shares are not otherwise individually redeemable securities of the Trust. Once created, shares will generally trade in the secondary market at market prices that change throughout the day. Individual trust shares may be purchased and sold only on a national securities exchange through brokers. Shares may trade at prices greater or less than NAV per share.

The Trust had no operations other than sale and issuance of 800 initial seed shares of the Trust at $25 per share on April 1, 2026.